The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
nilimrra31
Volume 136
financial
•
1
ilrontrit
,
New York, Saturday, February 11 1933.
Number 3529
The Financial Situation
PIECE of news out of the ordinary has come
from Washington the present week. At a
time when new Government bureaus are constantly
being created and the activity of Government is
being extended in every direction, a committee of
the House of Representatives on Feb. 8 made a report strongly condemning Government competition
with private business and urging the ending of such
competition. The committee referred to was a
special committee which was appointed last summer for the express purpose of making an investigation and study of the subject. The committee was
headed by Joseph R. Shannon, Democrat, of Missouri. The preliminary report of the committee
states that its nation-wide survey had developed "at
least 232 items of trade, industry and personal and
professional service affected by governmental competition for which redress is sought." Seventeen
phases of direct competition are cited to show the
extent of Government competition, and 41 enterprises are listed as "exceptionally grievous cases."
Sweeping changes in 29 Government departments
and agencies are recommended to remove them from
competition with private business.
The changes recommended range from restricting
sales of merchandise at army posts to abolishing
the army, navy and Canal Zone transport service,
and newspaper accounts say that the changes in
some cases would revise regulations that have been
in force since the creation of certain Government
departments and agencies. These accounts also say
that while the report does not recommend abolition
of the Federal Farm Board, as had been expected,
the committee suggests that stabilization operations
be discontinued. The committee agreed unanimously in 27 recommendations, but E.E. Cox, Democrat, of Georgia, disapproved some of the Farm
Board proposals, as well as the one for the sale of
the Inland Waterways Barge Line.
Of the Inland Waterways Corp. the report says:
"The Corporation represents a vast warehousing
system, organized under a distinct pledge to pass
into private operation within a five-year period, and
steadily enlarging its capacity to compete unfairly
with heavily taxed, privately owned transportation." Referring to the developing tendency to expand Government owned plants and facilities for
"entrance into new forms of experimental production," the report comments to the following effect
on Muscle Shoals and the Hoover Dam project:
"Some 23 plans of the Reclamation Service are producing in excess of 234,000,000 kilowatt hours, half
of which is disposed of to customers within the
A
projects. You are now confronted with the disposition of Muscle Shoals and the urgent suggestion
that it shall be transformed into a vast generator
of electrical energy for competition with privately
owned utilities and the incidental and competitive
production of fertilizer, while the gigantic undertaking of the Hoover Dam will ultimately make that
tremendous project a distributer of electricity in
competition with private power."
As a whole, the committee feels that the evidence
"indicates that the operations of the Federal Government in the field of private enterprise have
reached a magnitude which threatens to reduce
private initiative, curtail the opportunities and infringe upon the earning powers of tax paying undertakings, while steadily increasing the levies upon
them." That this is no exaggeration and that there
is widespread opposition to the policy pursued in
that respect is made evident when we find that
among the sources of complaints registered with the
committee were the United States Chamber of Commerce, the National Manufacturers' Association,
and the Federation of American Business, and furthermore, that representatives of• railroad brotherhood organizations and other labor groups also testified during the hearings.
Such a report as this, in a period when the drift
and tendency are so strongly in the opposite direction, must be regarded as decidedly refreshing.
Whether Congress will give heed to the recommendations and suggestions in a troublous era like the
present may be doubted, since everybody is looking
to Washington for aid and relief, and the central
Government is regarded as the orte unfailing agency
for solving all the country's problems and removing
all its ills, but it is well to have the facts concerning
the spread of Government activity placed conspicuously upon record so that they will at all events
stand as a warning against carrying the practice
any further. It may be that the committee's recommendations go too far, and that in some fields Government activities and interference with business
cannot be altogether eliminated, but these are matters for separate study and consideration in each
instance, and certainly there are numerous instances
where Government activities are shown by the evidence to be distinctly harmful and an unquestionable departure from the principle that Government
operations should not interfere with the domain of
private business where that can be avoided.
In that category belong (to furnish only a few
illustrations) practices like the manufacture of
paste, mucilage, blank books and other "shelf items"
882
Financial
by the Government Printing Office, against which
restrictions are now urged; likewise the manufacture of paints and varnishes at the Norfolk, San
Francisco, Philadelphia, Charleston and other Navy
Yards, the cessation of which is demanded; discontinuance of warehousing of all goods except those
held for Government use; restriction of Army, Navy
and Marine bands to exclusively military functions;
prohibition of sales at military posts to civilian employees and others not in the military service;
awarding contracts for dredging harbor work, flood
control, levee work, &c., to private industry on competitive bids "at a substantial saving to the Government"; discontinuance of the Federal Barge Line
operated by the Inland Waterways Corp., and
liquidation by selling it to private enterprise;
and various other things of the same kind and
nature.
There is also merit in the suggestion that no
department or bureau be authorized to erect and
equip any new plant, or re-equip any existing one
for the manufacture of any commodity without the
specific approval of Congress and the establishment
of a standing House committee on Government competition to prevent further encroachments upon
private business fields. The investigations of the
Commission were very thorough and extensive, and
their recommendations and suggestions are all the
more significant inasmuch as the Commission shows
the customary leaning towards labor and labor
unions, since we are told that if private business
expects relief from Government competition it must
be prepared to meet requirements of public health
laws, oblige employees to work no longer than the
Government does, permit workers to organize, and
pay at least the prevailing wage schedules in their
respective localities.
HE strong stand taken by this Commission
against the extension of Government activities is in striking contrast with the unexpected
declaration of former Governor Alfred E. Smith in
favor of a United States Dictator of Public Works.
Mr. Smith likens the present industrial state of the
country to a state of war, and thinks a drastic step
of that kind is demanded, since it would cut all redtape in the carrying out of a relief program. He
thinks the occasion calls for tyrant rule, and he
made a plea to "shelve the Constitution while the
fight goes on." Mr. Smith,in public life, has always
displayed a great am,punt of common sense, but in
this instance he has evidently allowed the promptings of his heart to impair his sound sense and good
judgment. Speaking at a dinner of the Catholic
Conference on Industrial Problems, at the Hotel
Astor, on Tuesday evening, Feb. 7, just before departing for Washington to talk with the directorate
of the Reconstruction Finance Corporation, Mr.
Smith declared emphatically that if the country
means to get anywhere in fighting the depression
a Director-General of Public Works would have to
be appointed and be given power to cut red tape
and ignore regulatory statutes. Mr. Smith declared that the stagnation of business had wrought
more domestic havoc than two years' participation
in the World War, and asserted that war-time measures were needed to fight it even at the cost of temporary sacrifice of democratic principles. According
to the New York "Times" account of his address,
Mr. Smith spoke as follows:
T
Chronicle
Feb. 11 1933
"There is no use in appropriating public money
for public works ,to relieve the present liusiness depression if the Government is going to be tied down
to earth by red tape and statutes regulating the use
of public money on public works.
"Right here in the city private enterprise can
build an Empire State Building in one year. But
it took three years to put up a thirty-six-story public
building in Albany. First there had to be rulings
by the Attorney-General; then there were arguments
whether the marble was the kind specified in the
specifications, and then people who didn't know the
first thing about it got into a row over the kind of
elevators that were to be used.
"Now, I say, and I've said all along, that in a
depression we're in a state of war. This stagnation
of business, or whatever you call it, is doing more
damage at home to our own people than the Great
War of 1917 and 1918 ever did. The only thing to
do is to lay aside the red tape and the regulatory
statutes and do what a democracy must do when it
fights.
"And what does a democracy do in a war? It
becomes a tyrant, a despot, a real monarch. In the
World War we took our Constitution, wrapped it
up and laid it on the shelf and left it there until it
was over.
"Remember how the President told us we couldn't
use our automobiles on Sunday—gasless Sundays—
and we left them in the garage? Then they told us
we couldn't have sugar in our coffee, and everybody
went around with those little bottles of saccharine.
And there were meatless Wednesdays, when every
Wednesday was Ember Day. That wasn't so
hard for us Catholics, though, because we are
used to it.
"If we are going to get anywhere in this business
of getting out of the depression—of using public
funds to stimulate business we've got to appoint a
Director-General of Public "Works to wipe out these
laws and put the buildings up. If we don't like the
model,let's throw it away and get another."
There is a misconception here as to why the hardships imposed during the war, and to which the
whole population yielded such ready acquiescence,
were put into effect, and so drastically enforced.
There was a scarcity of everything, and there was
a fear that there would not be enough to go around—
enough perhaps for our own use, but not enough
also for the use of the Allies, and it must be remembered that we were in great measure obliged to provide for the supplies and necessities of the Allies
as well as for our own. For that reason sacrifices
were entailed. We bad to refrain from the use of
automobiles on Sunday because there was danger
that we would not have enough oil or gas to go
around, having regard for the needs of the Allies
as well as our own. We had to curtail the use of
coffee, of sugar, of meats, and of many other things
for the same reason. No such condition exists today. We are not confronted with a scarcity of anything. On the contrary, we have a superabundance
of all the prime essentials of life. Indeed, it has
been well said that we are called upon to deal with
an apparent paradox where there is plenty while
at the same time millions of unemployed are without the means of subsistence. During the war the
dictator, or "tyrant," with the disregard of Constitutional safeguards and limitations, found their
justification in the fact that the sparing use of
everything, even on the side of excessive caution,
was absolutely essential if the war was to be brought
to a successful conclusion. No such requirements
exist to-day; therefore, there is no need or justifica-
Financial Chronicle
Volume 136
tion for a dictator or for the arbitrary exercise of
power of any kind.
The situation to-day is one where huge amounts
of public funds, entailing heavy taxes, have to be
disposed of, with the purpose of providing directly
or indirectly for the relief of a suffering population.
The dispensing of public funds ought always to be
surrounded with all possible checks and safeguards.
To let a dictator step in and pay out hundreds of
millions, yea billions, without responsibility or
accountability, is the negation of common sense and
the violation of all the principles of safe and sound
administration of public affairs.
The Federal Government, through the Reconstruction Finance Corporation and some other agencies,
is now virtually making loans to everything and to
everybody, except the ordinary private inidividual.
No doubt in the making of such loans the policy
in a period of such urgency as now exists ought to
be broadminded and liberal, and the Government
cannot avoid running some risk, but that is a different thing from saying that there ought to be a
dictator who in his own way and at his own pleasure
could make loans indiscriminately and "cut red
tape," out of a desire not to overlook any applicant
whether deserving or not, and without taking ac-_
count whether the borrower can be depended upon
to make ultimate repayment and has sufficient character to warrant making any loan at all to him.
Resort to a dictatorship, or the disregard of constitutional provisions, ought to be left to Joseph
Stalin of Soviet Russia. There is no room or place
for anything of the kind in the United States, even
in times of extreme emergency.
--
RESIDENT-ELECT ROOSEVELT is still engaged in devising methods for dealing with the
country's economic problems. He is holding conferences galore to that end, but solution appears to
be still far distant, and candor compels the statement that that is why business recovery is apparently making no headway. This week Mr. Roosevelt
has invited the Governors of the 48 States of the
Union to confer with him at the White House, on
Monday, March 6, two days after his inauguration
as President of the United States, to discuss ways
and means of solving national problems in which
the governments of the States and the nation have
a common vital interest. The announcement of the
conference, made here late on Tuesday, Feb. 7, by
Colonel Louis McHenry Howe, Mr. Roosevelt's confidential adviser, was hailed, in political circles, the
newspapers tell us, as a "splendid start" for the new
Administration and as a move which would go far
toward restoring confidence and prosperity to the
nation. In the letter to the Governors, made public
by Colonel Howe, Mr. Roosevelt outlined five major
problems which he held should be considered, and
jointly solved by the nation and the States. These
five problems were listed as follows:
(a) Conflicting taxation by Federal and State
governments;
(b) Federal aid for unemployment relief;
(c) Mortgage foreclosures, especially on farm
lands;
(d) Better land use by afforestation, elimination
of marginal agricultural land, flood preventions, &c.;
(e) Reorganization and consolidation of local
government to decrease tax costs.
P
883
Mr. Roosevelt, in his letter, was careful to add
that it was possible that other subjects would occur
to the Governors or to him as being essential for
discussion. Nevertheless, he expressed the belief
that not more than one day would be required for
this informal meeting, which shows that he means
to act with his usual expedition. Taking up one
thing one day, another the next day, and so on, he
appears to have no end of advisers, and is evidently
determined to hear all sides of every question. Responses to this latest invitation have been very eager,
according to the newspapers, assuring a large attendance at the conference. At the same time,
Washington dispatches have informed the public
that the Senate Finance Committee will be ready
to begin hearings next Monday in a search for remedies for the depression, and that more than 50 leaders in business, finance and education have already
accepted invitations to give-an analysis of the :minitry's economic ills and to offer constructive plans
for their cure, including such men as Alfred E.
Smith, Dr. Nicholas Murray Butler and Bernard M.
Baruch.
All this is well enough, but the country's• chief
concern now is to learn definitely just what is to
be done in the way of the settlement of the different
questions that are to receive Congressional consideration, and the answer to that would appear to be
dependent entirely upon the course of Mr. Roosevelt
himself. It is a good thing to ask for advice, and
volunteers are always ready to give it. But there
is not always wisdom in a multitude of counsel, and
certainly the time has now arrived for resolute
action. The sooner Mr. Roosevelt can acquaint the
public with the position he means to take on the
various measures which are to receive action on the
part of Congress, the more grateful the public will
be to him. There can be no revival of business
activity until it is definitely known what new legislation is going to confront the business world. It is
uncertainty, more than anything else, that is now
retarding business progress, and Mr.Roosevelt alone
can remove this uncertainty.
HE matter of the embargo on wheat exports
from the United States caused by the depreciation of the Canadian dollar, and the discriminatory
tax of 6e. a bushel under the Ottawa agreements in
favor of Canadian wheat and against wheat grown
in the United States, continues to thrust itself
prominently forward. Much is made in the English
papers and in the Canadian papers of the way in
which Canadian exports of wheat to Great Britain
are increasing, but these observations fail to note
that United States exports of the grain to the United
Kingdom have almost entirely vanished. Many persons fail to understand just how depreciation of the
currency is operating to the advantage of the Dominion and against the United States. Winnipeg
dispatches last Saturday, and Sunday have served
to make the matter clear. In these dispatches we
were told that "weakness of the Canadian dollar
in New York improved export sales of Canadian
wheat last week." This weakness, it is added, developed about mid-week. How did this weakness
accrue to the advantage of the Dominion grower'of
wheat? The Winnipeg dispatches furnish the answer by saying that "English buyers were able to
cover their exchange cheaply and contracted for
quite good amounts of Canadian wheat, mostly out
T
884
Financial Chronicle
of Vancouver, B. C. This business was the largest
of the new year."
On Monday of the present week a new illustration
was furnished of the way in which the fluctuations
in the respective currencies of Canada and Great
Britain can be made to operate to the advantage of
Canadian grown wheat, while meanwhile wheat
from the United States remains completely out of
the reckoning. On Monday, for some reason, the
British authorities relinquished control of sterling
exchange, and as a result the British pound spurted
up over four cents, rising from $3.40 to $3.44 1/16.
The effect on Canadian wheat and on Canadian exports of the grain was instantaneous. The British
pound now had greater purchasing power, and, accordingly, it was possible for the British importer
to obtain for a given sum more Canadian wheat than
before, the Canadian dollar still remaining at the
same heavy discount. Thus we see that an advantage results when the depreciation of the Canadian
dollar increases and an advantage also results when
the British pound rises.
These fluctuations in exchange rates are beyond
our control and must be borne silently, if painfully,
inasmuch as the British ministry tell us that they
will not consider the subject of currency stabilization, but in addition there is the discriminatory tax
of 6c. a bushel in favor of Canada, and that is of a
different character. That is a wholly different handicap. It is a handicap deliberately imposed, and,
along with the depreciation of Canadian exchange,
has served to debar American grown wheat from the
British market, as we showed last week in this
article by reference to the British trade statistics.
There is no reason in the world why this discriminatory tax of 6c. a bushel, deliberately imposed, should
be borne in silence. On the contrary, it ought to be
most vociferously protested, especially at this time,
when Great Britain is asking the cancellation or reduction of the indebtedness owing to the United
States.
Feb. 11 1933
volume of Reserve credit outstanding, was raised
from $2,067,058,000 to $2,071,325,000.
Another feature of this week's return of the Federal Reserve banks is a further large increase in
the amount of Federal Reserve notes in circulation.
The further addition to Reserve note circulation
during the week has been no less than $43,221,000,
and this, combined with previous increases, extending back four weeks to Jan. 11, has served to raise
the total of Reserve notes in circulation from $2,687,024,000 Jan. 11 to $2,773,192,000 Feb. 8. This expansion of note circulation seems to have been related to the new banking troubles which have been
breaking out in different parts of the country. This
week the Hibernia Bank & Trust Co. at New Orleans
has been the victim of a run, owing to some unfortunate remarks of a Congressman, and we find that
the Federal Reserve Bank of Atlanta reports an
increase in Federal Reserve note circulation from
$98,347,000 to $111,136,000, while the Chicago Federal Reserve Bank shows its circulation up from
$695,774,000 to $705,563,000. All the other Federal
Reserve banks, with the exception of the Dallas Reserve institution, also show a larger volume of Reserve notes outstanding, but the increases are relatively light.
The Federal Reserve authorities report a total
increase in money in circulation during the week of
no less than $53,000,000, of which $43,221,000 evidently represents the increase in the amount of Federal Reserve notes in circulation. Gold reserves of
the 12 Reserve institutions are now decreasing from
week to week, the further decrease this week having
been from $3,255,174,000 Feb. 1 to $3,247,124,000.
The falling off is evidently due to the setting aside
under earmark of large amounts of gold from week
to week, and, in fact, from day to day, for foreign
account, this being presumably for Great Britain.
For the week ending Wednesday night the loss
through earmarking for foreign account reached
$22,536,000, and on Thursday a further loss in the
same way of $15,999,900 was reported.
Owing to the loss in gold reserves, concurrently
with an increase in the outstanding volume of Federal Reserve notes, the ratio of total reserves to deposit and Federal Reserve note liabilities combined
for the 12 Reserve institutions is a little lower this
week at 65.3% as against 65.6% last week. The
decrease in the ratio would have been larger except
that the deposit liabilities fell during the week from
$2,539,739,000 Feb. 1 to $2,499,670,000 Feb. 8. The
decrease in the deposits was due mainly to a reduction in the reserve account of the member banks,
which fell from $2,437,705,000 to $2,419,399,000.
Domestic acceptances held for account of foreign
central banks are a little smaller this week at $39,682,000 as against $40,655,000 a year ago; on Feb. 10
1932, the acceptance holdings for account of foreign
banks still aggregated $319,294,000. Foreign bank
deposits with the Reserve institutions increased
during the week from $37,542,000 to $44,930,000.
The amount of United States Government securities
held as part collateral for Federal Reserve notes increased during the week from $306,800,000 to
$316,200,000.
IT IS a matter for regret to find from the condition statements of the Federal Reserve banks
that during the week ending Wednesday night the
Federal Reserve banks again enlarged their holdings of United States Government securities, in the
amount of over $20,000,000, the total of such holdings having increased from $1,763,615,000 Feb. 1 to
$1,783,912,000 Feb. 8. Holdings of certificates and
bills were reduced from $1,008,547,000 to $963,847,000, while, on the other hand, holdings of Treasury notes were increased from $333,895,000 to
$399,171,000.
Some of the bills evidently ran off and were
replaced by the purchase of a large volume of the
new five-year issue of Treasury notes, put out last
month and bearing a coupon rate of only 2%%,
and which immediately commanded a premium. In
adding to their holdings of United States securities
the Reserve authorities were evidently influenced
by a desire not to let any contraction occur in the
volume of Reserve credit outstanding, as measured
by the total of bill and security holdings. The discount holdings of the 12 Reserve institutions, reflecting direct borrowing by the member banks, were
HE improvement which became apparent in the
reduced during the week from $268;690,000 to $252,report of business failures during the closing
640,000, and through the acquisition of $20,297,000
additional United States securities, the total of the months of last year was continued in January. Debill and security holdings, and therefore the total faults were less numerous in the month just closed
T
Volume 136
Financial Chronicle
885
of bringing about some rise in prices, though never
of very large proportions. On Monday the market,
after early weakness, was favorably affected by a
sudden rise in sterling exchange, the rate suddenly
bounding up over four cents to the pound, cable
transfers on London advancing from $3.40 to
$3.44 1 16, or the best level touched in months. This
/
was because of the abandonment of official control.
At the same time an upturn in wheat occurred due
to the strength in wheat in Winnipeg owing to the
increased purchasing power of the pound. The declaration of the regular quarterly dividend of 25c. a
share on General Motors common also served to
brighten sentiment, though in the absence of any
great amount of buying the stock market really did
little better than mark time.
The railroad list has been the strong feature all
through the week, the disposition being to think
that the railroads will before long again come into
their own. Railroad bonds have at the same time
been in good demand, and that has had the effect
of strengthening the entire bond list. The action
of the Union Pacific RR.in continuing the quarterly
dividend on common at 11 2 likewise served to
/%
strengthen confidence in railroad securities, and
there apparently has been considerable buying of
certain share properties, Union Pacific being in
special demand the latter part of the week. The
commodity markets have played little part in influencing stock speculation, though wheat at times
has acted as a mild stimulant, a rise having occurred
on Monday, as already related, and some further
advances later in the week,this latter being ascribed
to further damage to the growing winter wheat
crop, though there was a downward reaction again
after the extensive snowfall over the greater part of
the winter wheat belt; the May option for wheat at
Chicago yesterday closed at 47 c. against 463 the
/
1
2
4c.
close on Friday of last week. Cotton prices showed
a slightly rising tendency, and spot cotton here in
New York was quoted yesterday at 6.15c. as against
6.00c. on Friday of last week. Copper was a trifle
stronger, but without much change in the price
level. Steel production declined slightly, the "Iron
Age" reporting the steel mills engaged to a little
less than 19% of ingot capacity against somewhat
over 19% last week, the "Age" saying that "an increase in miscellaneous business was taking up some
of the slack caused by a decline in automobile tonnage." The slight recession from last week in steel
output was largely accounted for by the temporary
suspension of some of the Ford Motor Co.'s operations by reason of the strike of the employees of the
Briggs Co., which has been supplying car bodies to
the Ford plants, but which strike has now been completely overcome.
The reductions or suspensions of corporate dividend payments have been less conspicuous the present week. The maintenance of the old rate of distribution by the Union Pacific RR. and the General
Motors Corp. has already been referred to. The
rrHE New York stock market this week has dis- Lanston Monotype Machine Co. reduced the guarplayed a good tone, notwithstanding some erly dividend on its stock from $1.50 a share to $1 a
weakness on Saturday and Monday, and it has been share, and the Green Bay,& Western RR.declared an
/
devoid of any special feature. Trading has been of annual dividend of only 21 2% on the class A delimited volume, and there has been no buying of bentures and on the capital stock, as against previstock on any considerable scale, even though there. ous annual distributions of 5%. The Caterpillar
has been no extensive selling. The stock market evi- Tractor Co. suspended dividend payments on its
dently has been thoroughly liquidated, and as a con- capital stock, and the Ohio Oil Co. also omitted the
sequence, even very restricted buying has the effect quarterly dividend on its common stock. J. I. Case
than they were either in January of last year or
for that same month in 1931, and liabilities involved were also considerably reduced. The record, however, continued somewhat above normal,
just as it was in the last four months of 1932. Reports compiled by R. G. Dun & Co. show that there
were in January of this year 2,919 business failures
in the United States with a total defaulted indebtedness of $79,100,602. In January a year ago the
number was 3,458 owing $96,860,205, while in that
month in 1931 there were reported 3,316 for $94,608,212 of liabilities. The reduction in the number,
as well as in the indebtedness shown, it will be
seen, was quite substantial. There was an increase,
on the other hand, for January this year, over the
report for the closing month of 1932, but this is
practically always the case. As the close of the
year approaches insolvencies are generally more
numerous. A still higher total is recorded in the
opening month of the new year, both as to the
number and the liabilities shown. For the month
just closed, however, the comparison with December
is more favorable than it was last year.
It was in the trading division that the showing
in January was most improved. Trading failures
constitute about 75% of all business failures, and
last month the number was 2,182, compared with
2,595 in January 1932. The liabilities for the trading defaults last month amounted to $36,920,410
against $54,504,792 a year ago. The reduction here,
it will be observed, was very large. In manufacturing lines there were 565 failures last month involving $30,747,022, compared with 688 in January
of last year owing $31,679,673, while for the third
division, covering agents and brokers, 172 defaults
occurred against 175 a year ago, involving $11,433,170 Of indebtedness, compared with $10,675,740
in January 1932. Most of the larger trading classes
show fewer failures last month, this being especially
true of the grocery and food division; general stores;
clothing; dry goods; furniture dealers, and jewelry.
In these sections occurred nearly 60% of the trading
defaults. An increase was shown last month for
the drug division; for shoes and leather goods, and
in some of the less important lines. In the manufacturing classes the reductions last month were
mainly in the large lumber and clothing lines; in
machinery and tools; milling and baking; shoes and
leather goods, and hats, furs and gloves. There was
an increase again in the iron and steel division;
also, in printing and engraving, and stone, clay and
glassware.
The large failures last month were especially
heavy in the manufacturing class, and in the division
embracing agents and brokers. The total number
of the larger defaults (that is, those where the liabilities in each instance were $100,000 or more) was
116 in January this year against 156 a year ago,
involving $39,545,958 last month and $47,947,642
last year.
886
Financial Chronicle
Co. reduced the quarterly dividend on its 7% cumul.
pref. stock from $1.75 a share to $1 a share, and the
Bucyrus-Erie Co. reduced the dividend on its 7%
cumul. pref. stock to 50c. a share from $1 a share
paid on Jan. 3 last. Of the stocks sold on the New
York Stock Exchange 257 touched new low figures
for the year the present week and 108 shares recorded new high levels for the year. The call loan
rite on the Stock Exchange again remained unaltered all week at 1%.
Trading has again been light, not reaching a million shares on any day until Thursday. At the half.
day session on Saturday last, the dealings on the
New York Stock Exchange were 419,840 shares; on
Monday they were 670,621 shares; on Tuesday,
584,745 shares; on Wednesday, 723,726 shares; on
Thursday, 1,080,123 shares, and on Friday, 723,441
shares. On the New York Curb Exchange the sales
last Saturday were 73,205 shares; on Monday,
145,943 shares; on Tuesday, 106,695 shares; on
Wednesday, 91,195 shares; on Thursday, 141,525
shares, and on Friday, 140,925 shares.
As compared with Friday of last week, prices are
as a rule moderately higher. General Electric
%
closed yesterday at 14 against 133 on Friday of
/
last week; Brooklyn Union Gas at 7678 against
/
1
4
73%; North American at 25 against 24%; Standard Gas & Elec. at 11 against 11; Consolidated Gas
/
8
of N. Y. at 5314 against 51y ; Pacific Gas & Elec.
/
at 2878 against 2814; Columbia Gas & Elec. at 14%
/
/
against 1418; Electric Power & Light at 5% against
5%; Public Service of N. J. at 48% against 47%;
International Harvester at 1978 against 20%; J. I.
/
Case Threshing Machine at 4218 against 42' 8;
/
/
7
Sears, Roebuck & Co. at 1778 against 18; Montgom/
/
/
ery Ward & Co. at 1318 against 1278; Woolworth at
32% ex-div. against 33; Safeway Stores at 35
/
1
4
against 40; Western Union Telegraph at 23%
against 23%; American Tel. & Tel. at 102 against
/
1
4
/
10078; International Tel. & Tel. at 678 against 6;
/
American Can at 58 against 58; United States Industrial Alcohol at 19 against 18 ; Commercial
/
1
4
/
Solvents at 11 against 1058; Shattuck & Co. at 7 8
7
/
against 8, and Corn Products at 55 against 54.
Allied Chemical & Dye closed yesterday at 83%
against 82% on Friday of last week; Associated Dry
Goods at 4 bid against 4%;E.I. du Pont de Nemours
at 37% against 35%; National Cash Register "A"
at 7 against 7 bid; International Nickel at 8 against
7%; Timken Roller Bearing at 16% against 15%;
-Manville at 19% against 19%; Gillette Safety
Johns
Razor at 16% against 16%; National Dairy Products at 14 against 14; Texas Gulf Sulphur at 23%
/
against 22%; American & Foreign Power at 678
/
1
4
%;
against 5%; Freeport Texas at 24 against 223
United Gas Improvement at 19 against 18%; Na/
tional Biscuit at 36 against 3678; Coca-Cola at 83
/
1
4
against 77; Continental Can at 411/s against 40%;
8
Eastman Kodak at 57y against 56%; Gold Dust
Corp. at 14% against 14%; Standard Brands at
4
15 against 14%; Paramount Publix Corp. at 3
/
1
4
/
1
4
against /8; Westinghouse Elec. & Mfg. at 27
against 27%; Drug, Inc., at 37 against 34%; Co/
lumbian Carbon at 3178 against 30½; Reynolds
Tobacco class B at 28% against 31; Liggett & Myers
/
/
1
4
class B at 52% against 5778; Lorillard at 11
/
against 12%, and Yellow Truck & Coach at 31 8
against 3.
The steel shares have held up well. United States
/
/
Steel closed yesterday at 2778 against 2678 on Fri-
Feb. 11 1933
day of last week; United States Steel preferred at
5878 against 57 ; Bethlehem Steel at 14 against
/
/
1
4
/
1
4
14, and Vanadium at 12 against 11 . In the auto
/
1
4
/
1
4
group Auburn Auto closed yesterday at 42% against
41 on Friday of last week; General Motors at 133
/
1
4
%
against 12%; Chrysler at 1278 against 113%; Nash
/
Motors at 14% against 14%;Packard Motors at 2%
against 2%; Hupp Motors at 2% against 2%, and
Hudson Motor Car at 4 against 418 In the rubber
/
1
4
/.
group Goodyear Tire & Rubber closed yesterday at
12% against 12 on Friday of last week; B. F. Goodrich at 4 against 4; United States Rubber at 4%
/
1
4
against 378 and the preferred at 8% bid against 7%.
/,
The railroad shares have been a special feature
of strength throughout the week. Pennsylvania RR.
closed yesterday at 183 against 18% on Friday of
%
last week; Atchison Topeka & Santa Fe at 4478
/
/
against 4378; Atlantic Coast Line at 25 against
/
1
4
21%; Chicago Rock Island & Pacific at 478 against
/
4%; New York Central at 20 against 19%; Baltimore & Ohio at 12 against 11 ; New Haven at 16%
/
1
4
against 15%; Union Pacific at 76 against 74%;
Missouri Pacific at 3% against 23 Southern Pa4;
cific at 18 against 17%; Missouri-Kansas-Texas at
8% against 7%; Southern Railway at 6% against
5%; Chesapeake & Ohio at 30
/ against 2878;
1
4
/
/
Northern Pacific at 1618 against 153 and Great
%,
/.
Northern at 10% against 978
The oil shares have held steady. Standard Oil of
N.J. closed yesterday at 26% against 25% on Friday
of last week; Standard Oil of Calif. at 24% against
23%; Atlantic Refining at 15% against 15%; Texas
Corp. at 13 against 12%. In the copper group Anaconda Copper closed yesterday at 7% against 7%
on Friday of last week; Kennecott Copper at 9
%;
against 83 American Smelting & Refining at 12y
8
against 12; Phelps Dodge at 6% against 5; Cerro
de Pasco Copper at 7% against 7, and Calumet &
Hecla at 2% against 2%.
RENDS were mixed this week on stock exchanges in the leading European financial
centers. The London Stock Exchange was fairly
cheerful in most sessions, owing largely to continuance of the unusual interest in South African gold
mining stocks, occasioned by the lapse of South
Africa from the gold standard and the consequent
sharp gain in sterling profits of the companies. The
Paris Bourse was dull and quotations sagged because of the prevailing uncertainty regarding the
budget situation. Favorable tendencies prevailed
on the Berlin Boerse in view of indications by the
new Hitler Government that only conservative
action will be taken in regard to German interest
rates and other matters of financial importance.
Business indices in Great Britain and on the Continent show no change of any importance at the
present time. The gains registered in the final
quarter of last year have been maintained, and it is
still the opinion in London, reports state, that the
worst of the depression has been seen. The number
of unemployed, however, is again increasing in the
leading European industrial countries. Official returns for Great Britain, published Tuesday, show
that 2,903,065 persons were out of work toward the
end of January, an increase of 179,778 over the figures announced a month earlier. The total also
is 17,464 more than that of one year ago. French
unemployment is increasing sharply, it is believed,
as every week sees an addition of several thousand
T
Volume 136
Financial Chronicle
887
people to the list receiving State aid. The aggre- by the general public, while active industrial stocks
gate at the end of January was 315,364 against gained as much as four to five points in some in255,000 two months earlier. The registered unem- stances. The opening Thursday was favorable, but
ployed in Germany numbered 6,014,000 at the end the tendency was reversed in later dealings and
small net declines were recorded in most securities.
of last month, against 6,042,000 a year earlier.
was made by the London Stock Fixed interest issues remained in favor, any they
An active start
Exchange, Monday, owing to the heavy turnover of moved forward to a slight degree. Most issues imKaffir gold mining stocks. Brokers had difficulty proved slightly in an irregular session yesterday.
in executing the week-end accumulation of buying
LTHOUGH intensive discussions are in progorders, and prices again soared at first. Profitress in several quarters regarding the intertaking caused a reaction later, and gains and losses
governmental debt negotiations which are to begin
were about equally represented at the end. British
funds have been dull, while industrial stocks also soon after March 4, few official pronouncements
have been quiet. Many international issues moved on the situation have been made during the week
from
lower. The tendency was favorable in most sections, now ending. President-elect Roosevelt sailed
on the yacht NourTuesday. Activity in gold mining issues subsided to Jacksonville, Fla., last Saturday,
some degree, with the trend in this group irregular. mahal, for a 10-day vacation, and there have been
British industrial stocks were in good demand, and no important developments on this side in his
small advances were general. International issues absence. Just before sailing, however, Mr. Roosealso improved, but British funds were quiet and velt announced that the Senate and the House of
virtually unchanged. Business contracted further, Representatives will be kept informed of the course
Wednesday, but the tone remained good. Kaffir of actual negotiations after March 4, through "some
house. The announcemining shares were quiet and irregular, but the kind of committee" in either
floor of the
British industrial section was very firm, with to- ment was prompted by speeches on the
in which the hope was expressed
bacco, motor and textile issues in greatest demand. Senate, last week,
example of
Home rail stocks also improved on more favorable that Mr. Roosevelt will not follow the
President Wilson and keep the Senate in the dark
traffic returns. International issues were in favor
Mr.
owing to good overnight advices from New York. regarding negotiations with foreign countries.
Roosevelt explained, a dispatch to the New York
There was no noteworthy change in British funds.
coming
The cheerful tone was maintained Thursday, as "Times" said, that he would conduct the
and the inter- negotiations himself. An interesting commentary
well. British industrial stocks
a
• national issues showed best results. South African on the preliminary discussions is contained in
uncertain, while British funds Washington dispatch of Wednesday to the New
mining stocks were
ct
lost a little ground. Small losses occurred yester- York "Times," which asserts that President-ele
only with Sir Ronald LindRoosevelt conferred not
day in all sections of the London market.
direct
The Paris Bourse was dull, Monday, with an say, the British Ambassador, but also was in
touch, and rather frequently, with the British Prime
easier tendency in evidence owing to the widespread
intimated that
uncertainty regarding the budgetary plans and pro- Minister, Ramsay MacDonald. It is
the two leaders exchanged views on a "proper apposals of the new regime of Premier Daladier.
Rentes and bank stocks were especially heavy, and proach" to the debts discussions.
The proposed review of the British war debt setmost foreign issues also dropped sharply. Gold
tlement was considered by the Cabinet in London
mining stocks were active, but somewhat lower, on
Monday, immedireports of the movement in the London market. in a series of sessions beginning
Ronald Lindsay from
Trading again was on a small scale, Tuesday, but ately after the arrival of Sir
reported both in Washthe trend was better despite some uncertainty at the United States. It was
definite sugthe beginning of the session. Gold mining stocks ington and in London that one of the
the Ambassador during his diswere subjected to some further profit-taking, but gestions received by
Springs,
other international securities advanced. Smaller cussion with the President-elect at Warm
the advisability of "golden silence"
gains appeared in French industrial stocks. Prices Ga., concerned
problem.
in almost all groups drifted slowly lower on the in official quarters regarding the entire
The actual proceedings in London lend color to these
Bourse Wednesday. Rentes were quite weak, while
only
other issues kept fairly close to previous levels. In reports, as the Cabinet meetings were followed
small gains ap- by simple announcements that they bad taken place,
a further quiet session, Thursday,
peared. French securities were aided by a decision with no details furnished. It was persistently reGovof the Chamber not to increase the taxes on stock ported from London, however, that the British
offer of a lump-sum
sales. International securities were somewhat ernment probably will make an
lower. Industrial stocks were in demand yesterday, settlement of the debt through payment of a relatively small amount. The rumors caused interpellabut rentes and international issues dropped.
The Berlin Boerse was uneasy at the opening, tions in the British House of Commons, Tuesday
Monday, but the trend improved when Dr. Alfred and Wednesday, but no official information was
Hugenberg, as Minister of Food and Economics, made available. The questions were parried, Tuesissued a statement that the Hitler Government will day, by Chancellor of the Exchequer Neville Chamnot interfere with interest rates. Early losses were berlain and Foreign Secretary Sir John Simon.
recovered and gains of a point or two were regis- Geoffrey LeM. Mander, a Liberal Member of Parliatered for the day in most active stocks. The trend ment, asked the next day whether the Chancellor
remained favorable Tuesday, although public buy- of the Exchequer would consider the advisability
a final
ing was confined largely to the fixed-interest issues. of proposing to the American Government
not exceeding £100,000,000,
Stocks showed moderate improvement. The Boerse lump-sum settlement
Horewas quiet but firm in Wednesday's session. Good inclusive of the sum paid Dec. 15 last. Leslie
Secretary to the Treasury, readvances were scored in bonds on additional buying Belisha, Financial
A
888
Financial
Chronicle
Feb. 11 1933
plied that the Chancellor was aware of vario
us sug- brought to an end Feb. 8 by
the French Foreign
gestions to that effect, but did not consider
it ad- Minister, Joseph Paul-Bonco
ur, who reaffirmed
visable to express an opinion on them pendi
ng the French opposition to any prog
ram of arms reducforthcoming negotiations.
tion which is not accompanied by guara
ntees of
Sir Ronald Lindsay is expected to sail from South
- security against aggression. The
conference apampton early next week for return to his post
in peared to be hopelessly deadlocked
, and there were
Washington, and it is likely that his conve
rsations indications that an effort might
be made to end it
on the war debts with the Cabinet will be compl
eted altogether by adopting a treat
y embodying the
next Monday. He may be accompanied by finan
cial meager results so far attained.
experts to work on preliminaries, a London.
report
of Thursday to the New York "Times" states, while
AMPAIGNING for the parliamentary
one or more Cabinet members can be expec
elections
ted to
which are to be held in Germany on Marc
arrive in Washington early in March for the
h5
actual gained impetus this week, with the
country at large
negotiations. One result of the talks in Lond
on rather quiet, despite the intense
feelings evoked in
this week, the dispatch adds, is that the Cabin
et many quarters by the current
political developMinisters who have participated may be fairl
y de- ments. The Fascist Chancellor, Adolf
Hitler, and
scribed as sadder but wiser men than they
were his associates of the coalition regim
e of Nationalbefore Ambassador Lindsay came from Washi
ngton. Socialists and Nationalists, took steps
late last week
"They have ceased being unanimous in their
opinion to force elections for the State Diet
in Prussia conas to the attitude they should take toward the
currently with the national elections. Some
tempoUnited States in the debt negotiations, and they
are rary difficulties were encountered in
this respect,
frankly blue about the outcome," the dispatch said.
as the Prussian Diet refused, Feb.4,to declare
itself
The Cabinet 'Ministers are said to have been condissolved, and thus clear the way for the
State
vinced, as they never were convinced before, of the
plebiscite. The new Cabinet quickly swept
all oppovital significance of the fact that Congress holds
sition aside through issuance of a Presi
dental dethe key to the situation and that the United States cree,
Feb. 6, which divested the Prussian
Cabinet
President has no such control over Congress as the
of all powers and transferred them to Vice
-ChancelBritish Cabinet has over Parliament. The recent
lor Franz von Papen, who is also Reich
Commisantagonistic official statements in England on the
sioner for Prussia. This action was
based on a
debts were considered deplorable by Sir Ronal
d, provision of the Federal Constituti
on which sets
who is understood to have convinced Mr. MacDonforth that if a German State does not
fulfill the
ald, Mr. Baldwin and probably the other members
duties incumbent on it the President may
compel
of the Cabinet that the United States also has
a it to do so. Colonel von Papen's first
act under his
good case. "The Ambassador explained carefully
to new authority was to arrange for
the holding of a
the Ministers," the report indicates, "that it is
most State election concurrently with
the national elecdifficult, if not impossible, to convince the
harrassed tion. Republicans in the Reich
regarded this proAmericans that it would lessen their own
difficulties cedure as a flagrant breach
of the Weimar Conto forgive the debts owed to their own country."
stitution, and a request for a ruling by the Feder
--•-al
High Court at Leipzig immediately was made
by
ORLD disarmament problems and proposals
the deposed Prussian authorities.
again were discussed this week by
the
Several other measures were taken this week
Bureau of the General Disarmament Conference of
which are equally significant of the new Fasci
st
the League of Nations, in Geneva, but agreement on Gover
nment's tendency to suppress all opposition
.
a genuine measure of disarmament appears to be An unusu
ally severe decree for control of the press
as far off as ever. The Conference entered its second and of
public assemblies was issued Monday, over
year on Feb. 2, with the French plan up for immedi- the signa
ture of President Paul von Hindenburg
.
ate consideration. This proposal is based on the The authoritie
s received power to suspend newsusual French thesis that disarmament must follow papers for four
weeks and other periodicals for six
security. Captain Anthony Eden, of Great Britain, months on
grounds of incitement to treason,
beindicated on Feb. 3 that the London Government trayal
of military secrets, incitement to unlaw
ful
would refuse to accept any further definite commit- acts, provo
cation to violence, insulting the estab
ments in Europe, and thus could not sign the Euro- lished gover
nment or officials, mocking religion,
pean security pact proposed by France as one of the incitement
to a general strike or a strike involving
preliminary requirements for disarmament. Further a
vital industry, and the dissemination of delibe
ropposition to the French plan developed in an unex- ately
false news in cases where "publication would
pected quarter, Feb. 6, when the Polish representa- be liabl
e to jeopardize the interests of the State."
tive rejected it summarily as "too complicated."
Public meetings, under this decree, must be repor
ted
The attitude of the United States was defined as to the autho
rities 48 hours before the scheduled time
one of aloofness, the following day, by Ambassador
and they can be forbidden if they are regarded as
Hugh S. Gibson. A European pact is the basis of
dangerous to the public order. Such meetings also
the French plan, Mr. Gibson remarked, and the
can be discontinued by the police if speakers utter
United States, as a non-member of the League,
is sentiments which, if appearing in a newspaper,
not called upon to offer any comments before the woul
d subject it to suppression. Most of the Combasis is established. "For practical purposes," he munis newspapers
t
of Germany were suspended last
concluded, "it is sufficient to say at this time that
week on the ground that they were publishing statewhat the American Government can do is a matte
r ments violating statutory provisions for the mainteperhaps for future discussion, and what it will
be nance of law and order. The leading Socialist newsdisposed to do will largely be determined by
the paper was similarly barred for a period of three
measure of actual reduction the conference
may days, Feb. 3, while some election meetings were supachieve. The debate on the French proposals
was pressed the same day.
C
W
Volume 136
Financial Chronicle
889
Berlin was the scene of an impressive demonstra- ises of swift action were made in regard to requiretion, last Sunday, staged by the National-Socialists ments for passing the budget. The Chamber voted
in an obvious attempt to further their electioneering. confidence in the new Government by 370 to 200, the
A State funeral was held with all formal trappings Socialists lending their support, as their spokesman
for an obscure National-Socialist "storm trooper" put it, "without enthusiasm and without promise."
named Eberhard Maikowski, and a Berlin police- M. Daladier and his Radical-Socialist associates in
man, Joseph Zauritz, who were killed early last the new Cabinet moved speedily to get the troubleweek in political clashes. It is remarked in a Berlin some budget out of the way. Finance Minister
dispatch to the New York "Herald Tribune" that Georges Bonnet and Budget Minister Lucien LaZauritz was actually a Communist and was honored moureux proposed, Feb. 6, that the estimated budget
despite the vehement objections of his family. Chan- deficit of 5,500,000,000 francs be met by economies
cellor Hitler headed the funeral cortege in the brown aggregating 2,500,000,000 francs, with a further
uniform of his party, while the former Crown Prince, 1,500,000,000 francs to be realized from changes in
clad in the dress of a German army commander, also the tax system. The necessary remainder would be
was prominent in the procession. The coffins were obtained through suppression of tax dodging and
followed by 20,000 Fascists, and a throng of 500,000 from exceptional receipts under new stamp taxes.
watched the slow march through the city. Some The project of reducing the salaries of civil emdisorders were noted in various parts of the Reich, ployees, which occasioned the fall of the Cabinet
even while these events were taking place in Berlin. headed by Premier Paul-Bonconr, was carefully
Political fights last Sunday resulted in the deaths avoided. Discussion of the budget proposals was
of four persons throughout Germany, and injury started in the Chamber on Feb. 7. Rapid action was
to 40. There were further incidents of a like nature urged by Finance Minister Bonnet so that public
this week, but on a smaller scale. Some interest was confidence may be restored.
--•-aroused, Monday, by the announcement that ChanHE newly-elected Dail Eireann of the Irish Free
cellor Hitler had decided not to accept his salary
State assembled in Dublin for its first session,
of 48,000 marks annually, in the interest of national Wednesday, and after reappointing Eamon de Vaeconomy.
lera as President of the Executive Council, promptly
Since Chancellor Hitler assumed the leadership resumed consideration of bills left over from the last
in the Reich there have been several indications of session. Control of the lower house of the Free
a somewhat closer accord between Fascist Germany State Parliament was obtained in the general elecand Fascist Italy. The German Chancellor granted tion by the Irish Republicans, and it was a forean interview to Italian newspaper correspondents gone conclusion that Mr. de Valera would resume
on Feb. 3 in which he asserted that the two nations the Presidency. He was re-elected by a vote of 82
had much in common and that both were "demand- to 54, support being extended by the small group of
ing their rights as great nations." He pointed out Laborite members, as well as the 77 Republicans,
that he had consistently advocated warm relations while opposition was voiced mainly by former Presibetween the two countries as the leader of the Ger- dent William T. Cosgrave and his National party
man Nazis, and added, a Berlin dispatch to the New associates. The Center party provided the only surYork "Herald Tribune" said, that he would now prise of the occasion by announcing that it did not
work determinedly for the attainment of this goal. oppose Mr. de Valera's aims, and refraining from
"Close and energetic friendship" between the two voting in the balloting for the Presidency. Mr. Coscountries was said by the Chancellor to be essential grave expressed opposition to both the internal and
for European peace, and he promised that on the
external policies of the de Valera regime, claiming
German side "nothing would be omitted which
they had damaged trade and interfered with Irish
would be calculated to make this desirable co-opera- prosperity. After results of the division were antion between Germany and Italy a reality." In
nounced, President de Valera expressed his thanks
Rome,too, the belief prevailed that the appointment
to the Dail in a speech in Gaelic, saying he would
of a Fascist to the Reich Chancellorship would herdo his best for the country and the Irish people.
ald a totally new phase of Italo-German relations.
The most important task facing the new GovernIt was pointed out in a special cable to the New
ment,Dublic dispatches state, will be that of balancYork "Times," on Feb. 5, that there are some iming the budget without imposing too great a burportant divergencies in the policies of the two coun- den
on taxpayers. In the course of the campaign
tries, such as Italian objections to an Austro-GerPresident de Valera indicated that he contemplated
man customs union, but these were described as
utilization of the £4,000,000 land annuities withheld
much less important than the similarities. "Italy from
Great Britain for this purpose, through transstrongly believes a good working agreement can be
ferrence of the funds from the suspense account in
developed whereby Italy and Germany will be found
which they are now held. President de Valera's
on the same side in a majority of international ques- actions on this matter, and also on the Anglo-Irish
tions now under discussion," the dispatch said.
dispute regarding the annuities and the oath of
the British Crown, will
REMIER EDOUARD DALADIER, of France, allegiance to interest, a dispatch to thebe followed
New York
with intense
obtained sufficient support in the Chamber of
first official move was the
"Times" indicates. His
Deputies, Feb. 3, to assure his continuance in office
naming of the Cabinet, which follows:
for a few weeks, but there is no indication that the
Eamon de Valera
regime formed by the Radical-Socialist leader on President and Minister of External Affairs.
Vice-President and Minister of Local Government, Sean T.O'Kelly
McEntee
Jan. 28 will stabilize the French political situation. Minister of Finance, SeanCommerce, Sean Lemaas
and
of
by M. Daladier Minister of Industry Frank Aiken
The Ministerial declaration made
Defense,
Minister
Derrig
late last week was a colorless one, obviously drafted Minister of Education, Thomas Ryan
Minister of Agriculture, Dr. James
with the intention of avoiding serious opposition. Minister of Justice, Patrick J. RuttledgeConnolly
Minister of Lands and Fisheries, Joseph
Foreign affairs were hardly mentioned, while prom- Minister of Posts and Telegraphs, Gerald Boland
T
P
890
Financial Chronicle
Feb. 11 1933
URTHER efforts to conciliate the Sino-Japanese deposits fell off
£28,744,000 and other deposits indispute on Manchuria were made this week by creased £30,525,713.
The latter consists of bankers
the League of Nations Committee of Nineteen which accounts which
rose 02,937,357 and other accounts
the Assembly appointed for this purpose, but Ge- which decrease
d £2,411,644. The reserve ratio is
neva observers remain pessimistic regarding the about the same,
it is now at 30.99% while last week
results. The question of further action by the it was 30.86%;
a year ago it was 42.84%. Loans
League, after the report and recommendations of on government
securities increased £930,000 and
the Committee have been submitted, seems to be those on other securiti
es, £137,636. Other securities
coming up in a most disturbing fashion. The con- include discounts and
advances which rose £203,500
ciliation group considered, last Saturday, the terms and securities which
fell off £65,864. The rate of
which Tokio indicated might prove acceptable as a discount is unchanged
at 2%. Below we show the
basis for discussion. Japan had suggested omis- different items with
comparisons for previous years.
sion of the clause in the conciliation resolution
BANK OF ENGLAND'S COMPARATIVE STATEME
NT.
which favored non-recognition of Manchukuo, and
1933.
1932.
1931.
1930.
1929.
Feb.8.
Feb. 10.
Feb. 11.
had urged the Committee to declare that its function
Feb. 12.
Feb. 13.
is to assist but not conduct negotiations between Circulation
a357,380.000 346.519,212 347.245,425 348,003,176
352,698,006
deposits
13,500,000 16.435,197 13,502,637 17,937,246
China and Japan. The Committee rejected these Publicdeposits
Other
133,466,227 99,725,131 91,615,357 94.565,390 19.635.679
94,637.433
Bankers' accounts100,699,345 66,997,662 57.855,497
terms on the ground that they are not conciliatory,
59,083,652
Other accounts... 32,766,882 32,727,469 33.959.860 35,481,738 58.199,877
and continued the discussion of suitable recommen- Government scour 90,308,390 34,625,906 36,419,952 44,711,563 36,437,556
47,876,855
dations. Giuseppe Motta, of Switzerland, is under- Other securities.— 29,271,405 49,918,049 32,830,014 22,476,568 27,133,217
& advances 12,146,508 13,007,628 9,597,092 7.963,260
10,446.659
Securities
stood to have asked in the secret session whether
17,124,897 36,910,421 23,232,922 14,513.308
16.686.558
45.553,000 49,774,736 54,001,734 63,496,043
Japanese rejection of the recommendations would Reserve notes & coin 127,934,341 121,293,948 141.247,159 151,499,219 57.456,369
Coln and bullion_ _
150,154.375
automatically bring into play Article XVI of the proportion of reserve
to liabilities
30.99%
42.84%
51.37%
56.43%
50%
Covenant, providing for sanctions against an aggres- Bank rate
2%
6%
3%
434%
514%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank
sor nation. Sir Eric Drummond, as Secretary-Genof England
note
eral of the League, held that this would not neces- notesissues, adding at that time £234,199,000 to the amount of Bank of England
outstanding.
sarily follow. The feelings of the Japanese deleHERE1have been no changes the present week in
gates were aroused by this exchange, a Geneva disthe discount rates of any of the foreign Central
patch to the New York "Herald Tribune" asserts.
banks. Present rates at the leading centers are shown
"If that is the way the Committee of Nineteen is
thinking, let them enforce sanctions," Yosuke Mat- in the following table:
DISCOUNT RATES OF FOREIGN CENTRAL
suoka, head of the Japanese delegation, was quoted
BANKS.
saying. "What will be the result?" he added.
as
Rafe in
PreRate In
PreCountry. Effect
Dale
trims
"Another world war."
Country. Effect
Date
Wont
Feb.10 Established. Rate.
Feb.10 Established. Rate.
The Committee made an attempt to clarify the Austria_ _ - - 6 Aug. 23 1932 7 Holland_
_
.
Belgium
316 Jan. 13 1932 216 Hungary-- 234 Apr. 18 1932 3
416 Oct. 17 1932 5
issue between China and Japan, Thursday, and the Bulgaria
816 May 17 1932 916 India
July 7 1932 5
Chile
416 Aug. 23 1932 511 Ireland.... 4
3
question of the Japanese invasion of Jehol Prov- Colombia
June 30 1932 316
5
Sept. 19 1932 6
Italy
4
Jan. 9 1933 5
CzechosloJapan
4.38 Aug. 18 1932 5.11
ince was raised at the same time. In a letter to the
vakia
316 Jan. 25 1933 436 Lithuania
7
May 5 1932 711
Danzig....
July 12 1932 5
Norway
4
1
Japanese representatives, M. Bourquin, the Belgian Denmark _. 4 Oct. 12 1932 4 Poland — _ 6 Sept.20 1932 416
316
Oct.
1932 716
England_
June 30 1932 236
4 1932 7
President of the Committee, asked for a written Estonia _ _ 2 Jan. 29 1932 616 Portugal.— 614 Apr. 3 1932 8
534
Rumania. _ 7
Mar.
Finland-Jan.
1933 7
Spain
Oct.
1932 614
statement whether Japan accepted Chinese sover- France _ _ 6 Oct. 31 1931 2 Sweden.... 6 Sept.22 1932 4
216
9
316
1
Germany _
4
Sept.21 1932 5
Switzerland 2
Jan. 22 1931 216
eignty in Manchuria, as recommended in the Lytton Greece
Dec. 3 1932 10
9
report. Mr. Matsuoka did not refer the question to
In London open market discounts for short bills
Tokio. "It ought to have been clear from my on Friday were 13-16@%%, as against
11-16@%%
speeches here that we cannot accept that," he told on Friday of last week, and 4@15-16% for three
7
press correspondents. Later in the day Sir Eric months' bills, as against 9@13-16% on Friday of
Drummond is said to have informed Mr. Matsuoka last week. Money on call in London on Friday was
that the Committee desires•a satisfactory explana- %%. At Paris the open market rate remains
at
tion regarding the Japanese offensive against Jehol. 1%,and in Switzerland at
1327o.
/
An official statement by the Committee indicated
that the Secretary-General called "the attention of
HE Bank of France, in its weekly statement
the Japanese delegation verbally to reports of condated Feb. 3, reveals a decline in gold holdings
tinued military preparations and movements, which of 273,371,681 francs. Total
gold holdings now
the Committee considered would constitute aggrava- stand at 81,893,916,973 francs, in compari
son with
tion of the situation and would endanger,if not frus- 72,563,082,971 francs a year ago
and 55,632,073,995
trate, efforts for conciliation." While this debate francs two years ago. Credit balances
abroad fell
was in progress in Geneva, preparations for occupa- off 9,000,000 francs, while bills
bought abroad rose
tion of Jehol by Japanese and Manehukuan forces 1,000,000 francs. Notes in circulat
ion record a large
were pushed in Manchukuo. It remains the opinion gain, namely 1,248,000,000 francs,
raising the total
of military experts that the main drive will not of notes outstanding to 84,562,891,490
francs. Total
occur until the weather moderates to some degree. circulation a year ago was 84,438,
199,480 francs and
A suitable time is expected to arirve late this month the year before 77,772,473,510 francs.
French comor early in March.
mercial bills discounted and creditor current
accounts
show decreases of 580,000,000 francs and 2,073,00
0,HE Bank of England statement for the week 000 francs, while advances against securities
increased
ended Feb. 8 shows a gain of £812,812. This 87,000,000 francs. The proportion of gold
on hand
was somewhat offset by an expansion of £70,000 in to sight liabilities stands this week at
77.82%, in
circulation and so reserves rose only £742,000. The comparison with 65.25% last year
and 54.43% the
Bank of England now holds £127,934,341 of gold in previous year. Below we furnish a
comparison of the
comparison with £121,293,948 a year ago. Public various items for three years:
F
T
T
Volume 136
Financial Chronicle
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Feb.6 1931.
for Week.
Feb. 5 1932.
Feb. 3 1933.
Francs.
Francs.
Francs.
Francs.
Gold holdings_ _ _ _Deo. 273.371,681 81,893,916,973 72,563,082,971 55.632,073.995
bals. abr'd_Deo. 9,000,000 2,930,476,777 8,176,369.079 7,010,603.982
Credit
French commercial
bills discountedaDee.580,000.000 2,560,660,256 5,123,708,663 7,304,126,772
Bills bought abedbIne. 1,000,000 1,494.097,243 9,073,285,483 19,300.530,387
Adv. agst. securs_Ino. 87,000.000 2,623,837,782 2,824,812,850 2,976,534.732
Note circulation_ _Inc. 1248000,000 84,562,891,490 84,438,199,480 77,772,473,510
Cred. curs. aeons _ _Dec.2073000,000 20,670,215.141 26,770,369,780 24,430,999,950
Proportion of gold
on hand to sight
Inc.
liabilities
54.43%
0.35%
77.82%
65.25%
a Includes bills purchased in France. b Includes bills discounted abroad.
its statement for
THE Bank of Germany, inmarks. an increasethe
first quarter of February shows
in
gold and bullion of
Total bullion
385,000
is now at 822,288,000 marks, which compares with
928,288,000 marks a year ago and 2,244,110,000
marks in 1931. A decrease appears in reserve in
foreign currency of 2,713,000 marks, in bills of exchange and checks of 92,319,000 marks, in advances
of 13,139,000 marks, in other assets of 26,882,000
marks and in other daily maturing obligations of
29,359,000 marks. Notes in circulation show a
loss of 95,587,000 marks, bringing the total of the
item down to 3,302,218,000 marks. A year ago
circulation stood at 4,276,132,000 marks and two
years ago at 4,084,240,000 marks. The proportion
of gold and foreign currency to note circulation is
up to 28.4%, as compared with 25.1% last year and
59.8% the previous year. Silver and other coin,
notes on other German banks, investments and other
liabilities register increases of 9,532,000 marks,
4,809,000 marks,118,000 marks and 4,737,000 marks,
respectively. A comparison of the various items
for three years is furnished below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Feb. 7 1933. Feb.6 1932. Feb. 7 1931.
Assets—
Reichsmarks.
Reichsmarks. Reichsmarks. Reichsmarks.
Inc.
Gold and bullion
385,000 822,288,000 928,341.000 2,244,110,000
Of which depos.abr'd. Unchanged.
55.456,000 207,638,000
38,116,000
Res've In torn curr_ --Dec. 2,713,000
97.907.000 146,750.000 198.402,000
Bills of exch.& checks.Deo. 92,319,000 2,410,837,000 3,483.816,000 1,825,469.000
Silver and other coln_Ino. 9.532,000 260,163,000 140,474.000 178,357,000
Notes on oth.Ger.bks_Inc. 4.809,000
6,030,000
16,267.000
8,353,000
Dec. 13,139,000
Advances
66,200.000
79.396.000 129,038,000
Inc.
Investments
118,000 400,810,000 160,564,000 102,351,000
Dec. 26,882,000 815,499,000 971,184,000 549,715,000
Other assets
Notes in circulation—Dec. 95,587,000 3,302,218,000 4,276,132.000 4,084,240.000
Oth.dally matur.obilg.Dee. 29,359,000 315.557,000 332,941.000 270,805.000
Other liabilities
Inc. 4,737.000 770,052,000 869,893,000 331,899,000
Proper. of gold & torn
ourr.to note circurn.Inc.
0.8%
25.1%
59.8%
28.4%
in the New York money market
this week were of a minor character, with the
main feature still the extraordinarily low rates induced by open market operations of the Federal Reserve System. Yield rates on bankers' acceptances
were raised N% all round, yesterday, this step
generally being attributed to a lack of interest in the
obligations among the banks at the unprofitable
levels current. Call loans on the New York Stock
Exchange remained at 1% for all transactions.
Lowest levels quoted in the unofficial street market
Monday to Thursday,inclusive,
on call loans were
and N% yesterday. Time loans were dull and unchanged. An issue of $75,228,000 in 91-day discount bills was awarded by the Treasury, Monday,
at an average discount of only 0.18%. At the sale
yesterday of 75,202,000 bills, the average rate was
0.23%• Brokers' loans against stock and bond collateral declined $32,000,000 in the week to Wednesday
night, according to the tabulation of the Federal
Reserve Bank of New York. Gold movements in
the same period resulted in a net loss of $15,117,000
from the stocks of the country.
V
ARIATIONS
891
in detail with call loan rates on the
DEALINGExchange from day toweek both for new
Stock
day, 1% was the
ruling quotation all through the
loans and renewals. The time money market has
shown no change this week. Rates are quoted
nominally at IA% for 30 to 120 days, and %®1% for
3
five and six months. The market for commercial
paper has been extremely quiet this week as paper is
still scarce and there is little demand at this time.
Quotations for choice names of four to six months'
maturity are 13@1/2%. Names less well known
are 14%. On some very high-class paper occasional
transactions at 13.4 % are noted.
.
has
prime bankers'
THE market forlags. Ratesweek.acceptancesshort
Paper is
shown little activity this
were advanced on
and the demand
Friday % of 1% on all maturities in both the bid
and asked columns. A few dealers advanced their
rates as early as Thursday. The quotations of the
American Acceptance Council for bills up to and including three months are M% bid and %% asked; for
four months, %% bid and IA% asked; for five and
six months, / bid and 4% asked. The bill
78%
buying rate of the New York Reserve Bank is 1%
for 1 to 90 days; 11 8 for 91 to 120 days, and 13/2%
/
%
for maturities from 121 to 180 days. The Federal
Reserve banks show no change in their holdings of
acceptances, the total remaining at $31,338,000.
Their holdings of acceptances for foreign correspondents, decreased somewhat during the week from
$40,655,000 to $39,682,000. Open market rates for
acceptances are as follows:
Prime eligible bills
Priine eligible bills
SPOT DELIVERY.
—180 Days— —150 Days
--- —120 Days—
Asked.
Bids
itaeda
Bids
Asked.
Bid.
34
54
ti
Si
34
34
—90Days— —60Days— —30Days—
Bid.
Asked. Bid.
Asked.
Asked.
Bid.
34
34
Si
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
% bid
10c1
been no changes this week
banks.
THERE have ratesscheduleFederal Reserve in the
of the
rediscount
of rates now in effect
The following is the
for the various classes of paper at the different
Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
Feb. 10.
Date
Established.
Previous
Rate.
334
234
334
34
334
334
254
334
354
33-4
834
334
Oct. 17 1931
June 21 1932
Oct. 22 1931
Oct. 24 1931
Jan. 25 1932
Nov. 14 1931
June 25 1932
Oct. 22 1931
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
Oct. 21 1931
234
2
3
3
4
3
334
234
4
3
4
234
the past few
STERLING exchange, as duringfirmfigures, it is
weeks, continues exceptionally
and is prevented from
high
soaring to extremely
thought, only by the intervention of the London
authorities working in the various important foreign
exchange centers through the Exchange Equalization
Fund. The range this week has been between
3.3934 and 3.43% for bankers' sight bills, compared
with a range of from 3.383/ to 3.3934 last week. The
7
range for cable transfers has been between 3.39% and
3.44 1-16, compared with a range of from 3.385 to
%
3.397 a week ago. Sterling exchange was thought
A
to be exceptionally firm on Tuesday, Jan. 31, when
892
Financial Chronicle
the rate for cable transfers went to 3.40 1-16. On
Monday of this week the rate shot up to 3.44 1-16,
the best price since Oct. 17, due, according to market
opinion, to cessation of activity on the part of the
Exchange Equalization Fund. However, most transactions in the New York market were executed at a
fractionally lower figure. The sharp advance was
not pleasing to the London authorities and before
the close of the day the exchange control entered the
market in New York on the buying side to head off
a too precipitous reaction. It is generally thought
that the object of the control originally in leaving
sterling to the bullish influences was to arrest the
excessive speculation in gold mining shares in London
which has been gathering strength since the suspension of the gold standard in South Africa and the
linking of the South African pound to sterling.
The action of South Africa reduced the cost of labor
and other operating expenses in connection with gold
mining, since the gold mined would purchase more
currency, while expenses payable in currency did not
advance to a comparable extent. London strongly
fears that the gold speculation if left uncontrolled
may lead to trouble when the inevitable reaction sets
in. After Monday sterling fluctuated in New York
at a range of from 3.423/ to 3.43%. The Exchange
2
Equalization Fund evidently had taken no steps to
depress the rate, but was satisfied so long as it did
not go above 3.40.
Present quotations compare with a record low of
3.143/ on Nov. 29. In the early part of October the
London authorities held the rate steady at slightly
over 3.45. Consistent support was then withdrawn
owing to the expense, of maintaining the rate during
seasonal pressure and the Equalization Fund was
brought into play from time to time to maintain an
orderly market on the down side. Exchange traders
point out that on Dec. 7 1931 sterling reached the
year's low of 3.24 and that immediately after the
turn of the year the rate worked steadily upward
until it reached 3.833' on March 28 1932. It is the
general opinion of the market that the tendency of
sterling at present is fully as bullish as it was last
March and that if the market were left to itself there
would be runaway rates from day to day on the upside. It is believed that considerable New York
funds are going to the London market because of the
premium of 1 3-16 cents on forward sterling over spot.
This premium amounts to about 1% a year. American bankers sending funds to London and investing
the proceeds in 90-day bills can obtain a return of
about 1/%, as compared with about M% in this
market. Were it not for the extreme nervousness
caused in banking circles by the crises and tie-up of
funds in 1931, the flow of funds from New York and
other centers to London would be much greater than
it is at present.
The market has no way of gauging exactly the
operations of the Exchange Equalization Fund as no
official information is ever given out. Nor are the
earmarkings of gold in New York officially explained.
However, well informed bankers and foreign exchange
authorities are convinced that most of the gold earmarked in New York during the past few weeks has
been for the account of the Bank of England acting
for the Exchange Equalization Fund, which has been
selling sterling and buying dollars and converting the
dollars into actual metal from day to day. The
earmarking of gold in New York for account of the
Bank of England doesInot add to the gold reserves
Feb. 11 1933
of-thelBritish institution and will not increase them
unless, as was done recently with part of the Federal
Reserve Bank's gold in London arising from the war
debt payment in December, the Exchange Equalization Fund sells it directly to the Bank of England.
There is no way of knowing exactly the actual amount
of dollar exchange held by the British authorities in
New York, but conservative opinion placed this exchange at around $150,000,000, in addition to the
gold which is held under earmark. Gold so disposed
of by the fund should appear in the daily statement
of the Bank of England as "bars bought." On
Wednesday the Bank of England bought £804,801
of bar gold presumably from the Exchange Equalization Fund. This week the Bank of England shows
an increase in gold holdings of £812,812, the total
standing On Feb. 8 at £127,934,341, which compares
with £121,293,948 a year ago. The abundance of
funds in the London market is evidenced by the ease
in open market money rates. Two months' bills are
at %% to 13-16%, three-months' bills at 13-16% to
'%%,four-months'bills at %%,and six-months' bills
at 1%.
At the Port of New York the gold movement for
the week ended Feb. 8, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$5,851,000, of which $2,427,000 came from India,
$1,200,000 from England, $873,000 from Holland,
$997,000 from Canada, and $354,000 chiefly from
Latin-American countries. Gold exports totaled
$102,000, of which $100,000 was shipped to England
and $2,000 to Brazil. The Reserve Bank reported
an increase of $22,536,000 in gold earmarked for
foreign account. In tabular form the gold movement at the Port of New York for the week ended
Feb. 8, as reported by the Federal Reserve Bank of
New York, was as follows:
GOLD MOVEMENT AT NEW YORK, FEB. 2-FEB. 8, INCL.
Imports.
Exports.
$2,427,000from India
$100,000 to England
1,200,000 from England
2,000 to Brazil
873,000 from Holland
997,000 from Canada
354,000 chiefly from LatinAmerican countries
$5,851,000 total
$102,000 total
Net Change in Gold Earmarked for Foreign Account.
Increase: $22,538,000.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports or
exports of the metal, but gold held earmarked for
foreign account increased $15,999,900. Yesterday
$1,741,000 of gold was received, $967,500 of which
came from Chile and $773,500 came from Holland,
and there was an increase of $967,400 in gold earmarked for foreign accounts. For the week ended
Wednesday evening $1,670,000 of gold was received
at San Francisco from China. On Friday $876,000
more of gold was received from China at San Francisco.
Canadian exchange continues at a severe discount.
On Saturday last Montreal funds were at a discount
of 153 %,on Monday at 15 13-16%, on Tuesday at
4
153 %, on Wednesday at 163/
4
8%, on Thursday at
169'%, and on Friday at 16%%.
Referring to day-to-day rates, sterling exchange on
Saturday last was firm in a quiet market. Bankers'
sight was 3.39% ® 3.397 ;cable transfers 3.39% @
4
3.40. On Monday the pound was run up sharply.
The range was 3.43% ® 3.43% for bankers'sight and
3.43 ® 3.44 1-16 for cable transfers. On Tuesday
sterling was firm, although receding from the high
Volume 136
Financial Chronicle
of Monday. Bankers' sight was 3.42% ® 3.43;
cable transfers 3.423/ ® 3.433/ On Wednesday
g.
exchange was steady and quiet. The range was
3.42% ® 3.42% for bankers' sight and 3.42 11-16 ®
3.42 13-16 for cable transfers. On Thursday the
market continued steady. Bankers' sight was 3.423
4
/
® 3.4334; cable transfers 3.42% @ 3.433 s. On
Friday sterling was fractionally easier; the range was
3.42% ® 3.42% for bankers' sight and 3.42% ®
3.43 for cable transfers. Closing quotations on Friday were 3.42 11-16 for demand and 3.423 for cable
4
transfers. Commercial sight bills finished at 3.42;
60-day bills at 3.4238; 90-day bills at 3.423/ docu/
g;
ments for payment (60 days) at 3.423/, and seven8
day grain bills at 3.423 . Cotton and grain for pay%
ment closed at 3.423/
2
.
893
pared with a record low of 7,074,000,000 lire on
July 10. Gold reserves now amount to 5,857,000,000
lire and balances abroad amount to 1,307,000,000
lire. These figures compare with 5,676,000,000 lire
and 1,398,000,000 lire, respectively, on July 10. On
April last the Bank initiated a policy of acquiring
gold from the Italian people. Since then the Bank
has made a net gain of about 230,000,000 lire.in gold.
The London check rate on Paris closed at 87.75 on
Friday of this week, against 87.03 on Friday of last
week. In New York sight bills on the French centre
finished on Friday at 3.9032, against 3.9034 on Friday of last week; cable transfers at 3.90%, against
3.903 and commercial sight bills at 3.9034, against
%
3.903'. Antwerp belgas closed at 13.913/i for
bankers' sight bills and at 13.92 for cable transfers,
against 13.903 and 13.91. Final quotations for
XCHANGE on the Continental countries shows Berlin marks were 23.763' for bankers' sight bills and
no new developments of importance. French 23.77 for cable transfers, in comparison with 23.77
francs are inclined to relative firmness with respect to and 23.77%. Italian lire closed at 5.11% for bankers'
the dollar, owing largely to the fact that the Euro- sight bills and at 5.113 for cable transfers, against
%
pean markets have become somewhat skeptical with 5.11% and 5.11%. Austrian schillings closed at
regard to the dollar because of inflation talk in Wash- 14.103/ against 14.103/2; exchange on Czechoslo2
,
ington during the past few weeks. The demand for vakia 2.96%, against 2.96%; on Bucharest at 0.6034,
sterling in Paris is somewhat persistent. It is be- against 0.6034; on Poland at 11.223/, against
2
lieved that the francs which are thus accumulated for 11.223/, and on Finland at 1.513/2, against 1.
2
493/2.
British account are placed on deposit with the Bank Greek exchange closed at
for bankers' sight
0.5634
of France, while dollars which have been bought bills and at
0.563 for cable transfers, against 0.563
against sterling are converted partly into gold and and 0.56%.
partly into francs. If it Were not for the buying of
XCHANGE on the countries neutral during the
dollars by the British authorities, it is thought in the
war, except for a partial recovery in Danish
Paris market that the dollar would decline in terms
of francs, although the Franco-American balance of kroner, presents no new features. It will be recalled
payments is adverse to France. Despite the lull in that the Danish krone sold down as low as 15.08 last
gold exports from Paris to New York there is a further week, compared with a ruling rate for some weeks
decrease in the gold reserves of the Bank of France, previous around 17.00. Par of the krone is 26.80.
reflecting, it is thought, shipments of gold to private The recovery this week brought the unit to around
banks in Switzerland, Holland and Belgium, in 15.30, it having fluctuated between 15.16 and 15.32.
addition to a moderate domestic demand. This week Normal trading in Danish kroner seems to have been
the Bank of France shows a decrease in gold holdings resumed as the upward trend in the unit corresponded
of 273,371,681 francs, the total standing on Feb. 3 with the swings in Swedish and Norwegian exchange,
at 81,893,916,973 francs, which compares with the currencies of which countries are firmer owing to
72,563,082,971 francs on Feb. 5 1932 and with 28,- the firmness in sterling. Holland guilders are rela935,000,000 francs in June 1928 upon stabilization of tively steady and sold during the week around par
the unit. Despite the constant loss of gold through- (40.20) or just under. The guilder should be firmer
out the past several weeks, the Bank's ratio is at at this season but for the fact that there is a steady
the high level of 77.82%, which compares with outflow of Amsterdam funds to other markets seeking
77.47% on Jan. 27; with 65.25 on Feb. 5 1932, and higher yields than .are obtainable at home. The
with legal requirements of 35%.
Swiss franc is affected by the same causes. There is
German marks are steady as all mark exchange a plethora of funds in the Swiss banks which must go
operations are under the control of the Reichsbank, to outside short-term markets if they are not to rewhich endeavors to keep the mark anchored to the main unprofitably idle. Spanish pesetas, as during
dollar. The recent political changes in Germany several months past, continue steady, hardly related,
have had no bearing on mark exchange. The it would seem, to the major factors affecting the
Reichsbank shows a steadily improving condition. leading European foreign exchanges.
For the week ended Feb. 7 the Reichsbank shows
Bankers' sight on Amsterdam finished on Friday at
total gold holdings of 822,288,000 reichsmarks, an 40.143', against 40.19 on Friday of last week; cable
increase for the week of 385,000 reichsmarks. Gold transfers at 40.15, against 40.193/3, and commercial
holdings a year ago were 928,341,000 reichsmarks. sight bills at 40.10, against 40.153'. Swiss francs
The Bank's ratio has improved to 28.4%, compared closed at 19.30 for checks and at 19.3034 for cable
with 27.6% on Jan. 31 and with 25.1% a year ago. transfers, against 19.30% and 19.31. Copenhagen
The Berlin market is still hopeful that there will be a checks finished at 15.293' and cable transfers at
further reduction in the Reichsbank rate from the 15.30, against 15.173' and 15.18. Checks on
present 4%, but it seems doubtful if any change will Sweden closed at 18.33 and cable transfers at 18.333/3,
be made until after the elections in March.
against 18.393 and 18.40; while checks on Norway
Italian exchange is displaying firmness. The finished at 17.553/3 and cable transfers at 17.56,
statement of condition of the Bank of Italy continues against 17.393/i and 17.40. Spanish pesetas closed
to show an increase in gold reserves. Total reserves at 8.203' for bankers' sight bills and at 8.21 for cable
as of Jan. 31 amounted to 7,164,000,000 lire, corn- transfers, against 8.20 and 8.203/3.
E
E
894
Financial Chronicle
Feb. 11 1933
XCHANGE on the South American countries 22 5-16; Shanghai at 28@283., against 283/2; Manila
continues to be only nominally quoted and is at 49.70; against 49.70; Singapore at 39, against
hampered by restrictions of exchange control boards, 393j; Bombay at 25.95, against 25.70, and Calcutta
political disturbances and the general uncertainty at 25.95, against 25.70.
of international business conditions. Nevertheless
HE following table indicates the amount of gold
the export trade of all these countries continues to
improve and promises to attain high quantity levels
bullion in the principal European banks as of
in the next few months. Quite all these countries Feb. 9 1933, together with comparisons as of the
are seriously hampered by the unsatisfactory status corresponding dates in the four previous years:
of their external indebtedness and the inability to
Banks of1933.
1932.
1931,
1930.
1929.
float further loans in London and New York
£
£
£
£
£
Argentine paper pesos closed on Friday nominally England-- 127,934,341 121,293,948 141.247.159 151,463,219 150,154,375
France a _ _ _ 655,151.335 580,504,663 445,056.591 343,448,325 272,144,787
at 253 for bankers'sight bills, against 25% on Friday Germanyb_ 39,208,600 42,223,450 101,822.800 108,807,650 136,455,550
Spain
90,349,000
89.932,000
96.604.000 102,695.000 102,370,000
63,095.000
60,854,000
of last week; cable transfers at 25.80, against 25.80. Italy
57,297,000
56,133,000
54.640,000
Netherlands
86.045,000
72,728,000
36,341.000
36,628,000
36,213.000
Nat.Belg'm
74,427,000
72.408.000
Brazilian milreis are nominally quoted 7.45 for Switzerland 88,965,000 61,998,000 39,321,000 33,618,000 25.860,000
25,748.000
22,396,000 19.281,000
bankers' sight bills and 7.50 for cable transfers, Sweden__ _ _ 11.439,000 11,436.000 13.365,000 13,569,000 13.095,000
Denmark
7,397.000
8,160,000
9,552,000
9,574.000
10,112,000
against 7.45 and 7.50. Chilean exchange is nominally Norway- -- 8,015,000 6,559,000 8,134,000 8,146,000 8,159,000
Total week 1,252,026,276
974.488,550
quoted 63.', against 63/8. Peru is nominal at 17.50, Pray svapk.1 942 Ron .12R 1,128,097.061 073 R15 224 886,474,194 828,484,712
1 120 740 am
RAF 201 250 R21 AAR 022
a These are the gold ho dings of the Bank of France as reported in the new form
against 17.50.
of statement. b Gold ho
Bank of
of
E
T
the
dings
Germany are exclusive of gold held
abroad, the amount of which the present year is £1,905,800.
Eastern countries is
the
EXCHANGE on silver.FarThe in sterling and by
affected by the fluctuations
quotations
for
the
Chinese units are
comparatively steady, although ruling on average
fractionally easier. On Monday of last week silver
was quoted 26 cents an ounce in New York. On
the same day this week the quotation was 25 8c.,
on Tuesday 253/2c. and then moved up on Wednesday to 25%c., about the average price for the week.
Exchange on China responds rather promptly to the
posted prices for silver in London and New York.
The Indian rupee is firmer owing to the higher quotations for sterling to which the rupee is anchored.
Japanese yen have been fractionally firmer during
the week in sympathy with the stronger sterling
market.
Closing quotations for yen checks yesterday were
213, against 21 1-16 on Friday of last week. Hong
Kong closed at 21 13-16@22 1-16, against 22@
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
FEB.4 1933 TO FEB. 10 1933. INCLUSIVE.
Country and Monet
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United Hates Money.
Feb. 4.
Feb. 6.
Feb. 7.
Feb. 8.
Feb. 9.
Feb. 10.
EUROPE$
Austria.schnling
.139690
Belgium, belga
.139069
Bulgaria, ley
007200
Czechoslovakia, krone .029612
Denmark, krone
.151576
England, pound
sterling
3.399416
Finland. markka
.014740
France,franc
039043
Germany, reichsmari .237671
Greece, drachma
.005632
Holland, guilder
401962
174250
Hungary. pengo
Italy, lira
051156
Norway, krone
173941
Poland, zloty
111850
Portugal, escudo
.030700
Rumania,leu
005962
Spain. peseta
.081962
Sweden,krona
.183900
Switzerland. franc__ .193041
Yugoslavia, dinar- .013525
ASIAChinaChefoo tael
.293750
Hankow tael
.290000
Shanghai tad
.282812
.300416
Tientsin tael
.219843
Hong Kong dollar
Mexican dollar_ __ _ .200312
Tientsin or Pelyang
.200833
dollar
.200000
Yuan dollar
.256450
India. rupee
210325
Japan, yen
Singapore (8.8.) dollar .393250
NORTH AMER.Canada, dollar
.841406
Cuba, peso
999643
Mexico. peso (sliver). .290166
Newfoundland. dollar .838750
SOUTH AMER.Argentina, peso (gold) .585835
Brazil, milrels
076300
.060250
Chile, peso
.473333
Uruguay, peso
952400
Colombia, peso
OTHER
Australia, pound
New Zealand, pound_
South Africa. pound-_
$
.139940
.139126
.007200
.029612
.152953
$
$
$
.139690 .139690
.139101 .139103
.007200 .007200
.029615 .029612
.152553.152684
.139690
.139115
.007200
.029812
.152938
8
.139940
.139136
.007200
.029612
.152753
3.436208
.014766
.039059
.237717
.005630
.401969
.174250
.051192
.175423
.112000
.030820
.005960
.082028
.184707
.192978
.013562
3.4265.93
.014791
.039055
.237714
.005602
.402857
.174250
.051153
.174976
.111970
.030870
.005960
.028025
.183653
.192953
.013587
3.426541
.014841
.039035
.237696
.005616
.401882
.174250
.051150
.175169
.111950
.030870
.005962
.028025
.183642
.192946
.013625
3.429958
.014900
.039057
.237692
.005570
.401778
.175000
.051150
.175561
.111950
.030870
.005955
.028033
.183703
.192887
.013587
3.428291
.014833
.039054
.237632
.005589
.401467
.174250
.051132
.175430
.111990
.031050
.005960
.082021
.183230
.192933
.013600
.294791
.291041
.282656
.301041
.219375
.200937
.291458
.287708
.280625
.297708
.217968
.198437
.291250
.287500
.280625
.297916
.218125
.198437
.290625
.286875
.279531
.296875
.217187
.198125
.290416
.286666
.279375
.296666
.216875
.197500
.202083
.201250
.259425
.212475
.398125
.198750
.197916
.258650
.212875
.396875
.198750
.197916
.258725
.211875
.396250
.198750
.197916
.259040
.212350
.396250
.198333
.197500
.257465
.212275
.396250
.841562
.999893
.288833
.839000
.842045
.999956
.285833
.839875
.840937 .835312 .831406
1.000018 .999781 .999718
.282500 .282250 .283200
.838500 .832875 .828875
.585835
.076350
.060250
.473333
.952400
.585835
.076350
.060250
.473333
.952400
.585835
.076350
.060250
.473333
.952400
.585835
.076350
.060250
.473333
.952400
.585835
.076350
.060250
.473333
.952400
2 725416 2.729166 2.723958
2.732708 2.736250 2.731041
3 395312 3.394062 3.394062
Party Politics and the Budget in France
The Question of Security.
While the British Government has been considering how best to proceed under Mr. Roosevelt's invitation to discuss the question of the British war
debt, France has undergone another change of Ministry and the new Ministry has been wrestling with
the budget. Neither the change of Ministry nor
the question of balancing the budget has involved,
apparently, the issue of the French war debt to the
United States, that subject having been temporarily
shelved in expectation of a more favorable time for
taking it up. As far as public opinion goes, there
has been no change in the position that further
debt payments will not be made until the United
States holds out some promise of concessions.
Meantime the domestic situation, characterized by
acute party strife and widespread manifestations of
public agitation, has been sufficiently serious to
overshadow for the moment all other interests.
The Paul-Boncour Government, which took office
on Dec. 17 following the overthrow of the Herriot
Cabinet, was itself defeated on Jan. 28, by a vote of
390 to 193 in the Chamber of Deputies, because of
the refusal of the Socialists to support a proposed
cut of 5% in the salaries of civil service employees.
Until that issue was put to the test, the Socialists
had stood with the Government on a long list of
items in the budget, but what had been at best only
a compromise came to an end with the proposed
salary cut. Back of this immediate issue was a sharp
difference of opinion, only in part compromised,
between the Socialists and the Government regarding the registration of bondholders for purposes of
taxation, further encroachment upon the sinking
fund and changes in the inheritance tax laws, and
in addition the excitement occasioned by the announcement by Premier Paul-Boncour and Finance
Minister Cheron that evidence was at hand of a
systematic campaign, especially in the provinces,
for resistance to payment of taxes. The gravity of
the budget situation can be gathered from the report, made public the day before the Cabinet resigned, that the receipts for nine months of 1932
fell 3,722,000,000 francs below the estimate, and that
collections were nearly 5,500,000,000 francs below
those for the corresponding nine months of 1931.
The fall of the Paul-Boncour Ministry was by no
means unexpected, for it was regarded as little more
Volume 136
Financial Chronicle
than a stop-gap Ministry when it was formed, but
its defeat at a moment when the finances of the
country were in urgent need of wise and energetic
treatment brought much criticism upon the Socialists, and raised anew the question whether the
parliamentary system was not itself in need of overhauling. It was the second time in a few weeks
that the Socialists, led by Leon Blum, had overthrown a Ministry. They were mainly responsible
for the defeat of M. Herriot in December on the
question of the war debt payment, and they had now
turned out another Government because of a dispute
over the budget. Something, it was felt, was wrong
with a system that permitted a party which, while
numerically large, was 'heavily in a minority in the
Chamber, and which persistently refused to join any
coalition, to upset Governments at its pleasure unless they would do its bidding. The position of the
Socialists was the more indefensible because one of
the proposals of the budget which they refused to
accept was that for a 5% surtax on private incomes
in excess of about $2,000—a proposal which the
party,as the champion of Socialist principles, should
apparently have approved. The criticism that the
Government had refused to reduce the military,
naval and air expenditures to the extent which the
Socialists demanded, or to nationalize insurance
companies and the railways, failed to offset the fact
that the Government had been ousted, that the
budget had been left in the air, and that the deficit
was increasing at the rate of more than $1,000,000
a day.
The effect of the Government overthrow was intensified by public demonstrations indicative of
widespread popular irritation. On the day on which
the Government fell, some ten thousand members of
the National Federation of Taxpayers met at an
amusement park in Paris, where, according to the
correspondent of the New York "Herald Tribune,"
"they shouted approval of resolutions calling upon
the Government to reduce wasteful expenditures, to
lower taxes and to replenish the Treasury by means
of a national lottery." A group of several thousand
started for the Palais Bourbon, where the Chamber
of Deputies meets, and were dispersed by police and
the Republican Guard only after personal encounters
and a general scrimmage. The next day, Jan. 29,
a mass meeting of farmers, estimated to number
15,000, at Quimper, Brittany, voted an appeal to
President Lebrun setting forth that while Governmental expenditures had not diminished, taxes had
been increased. Similar demonstrations were held
at Lyons and Nice, the police in each case battling
with the crowds. On Jan. 30 large meetings of taxpayers at Paris demanded a reduction of taxes and
a readjustment of the tax burden. A national organization of civil servants, on the other hand, had
already protested against any reduction of their
salaries.
The new Cabinet headed by Edouard Daladier,
which was formed on Jan. 31, was made up almost
entirely of Radical Socialists, the party of which
M. Daladier is the official head. M. Daladier, who
was Minister of War in the Paul-Boncour Cabinet,
retains that office, with M. Paul-Boncour, who is
accounted an independent, as Minister of Foreign
Affairs and Georges Bonnet as'Minister of Finance.
Neither the shuffling of portfolios nor the introduction of some new members differentiates the new
Cabinet strikingly from its predecessor. Its party
895
complexion is more Radical Socialist, but it is still
dependent upon Socialist support to keep it in
office, and the price at which support will be given
is yet to be known. In addition to the Socialists, it
has also to reckon with the aggregation of parties
designated as the Right-Centre, to which the new
Cabinet is entirely unacceptable.
The Ministerial declaration of policy, read in the
Chamber of Deputies and the Senate on Feb. 3, was
colorless notwithstanding its promise of energetic
action in framing the budget and quieting unrest in
the country. On Feb. 5 the national council of the
Socialist party, after long debate, voted against
participation in the Government, but intimated its
disposition to support the Government for the timebeing. The provisional budget which was laid before
the Chamber on Tuesday, and later revised somewhat in committee in preparation for the debate
which was scheduled to begin on Saturday, appears
to be a measure designed to hold the Socialists in
line. In place of reductions in pensions and the
pay of civil servants a graduated surtax on Government salaries has been provided, the income tax
remains unchanged, and 508,000,000 francs have
been taken from the appropriations for war. A
reduction, largely, it would seem, on paper, has
been made in the estimated deficit, which is figured at 5,500,000,000 francs instead of 11,000,000,000 francs, the reduction being effected by
transfers of items from one account to another,
proposed Government economies of 2,500,000,000
francs, 1,500,000,000 francs expected to be derived from changes in the tax system, and other
sums from more thoroughgoing collection of taxes
and new receipts from a stamp tax. The remaining
deficit, whatever it may be, will probably be met
by a loan. Protests of organized •taxpayers and
Government employees have greeted the new proposals as they greeted the former ones, but the first
reaction of the Deputies appeared to be favorable.
The ministerial crisis has done nothing to
strengthen the position of France at Geneva, where
the advent of the Hitler Government in Germany,
indications of more cordial relations between Germany and Italy, and an unexpected difference of
opinion between France and Poland, have brought
the question of security again to the fore. The debates in the bureau of the Preparatory Commission
on Disarmament have shown, if possible, even less
agreement than before. A discussion on Jan. 31 of
the question of granting immunity to persons who.
secretly or openly, divulged information of violations of arms agreements was ridiculed by the British
delegate, on the ground that it was premature to
discuss immunity before agreeing about armaments.
The French delegate, on Feb. 2, proposed a discussion of so much of the French plans for disarmament and security as concerned Europe, after which
the United States and Great Britain should be asked
if they were willing to sign "undertakings to allow
the European agreement to function," to which the
British delegate replied, on Feb. 3, that "my Government conceives that in its membership in the
League of Nations and its signature of the Locarno
treaty it has gone as far as it could and should in
assuming definite commitments in Europe. I can
give no hint of encouragement, therefore, that it will
be possible for us to modify this attitude or undertake new obligations and new commitments to which
public opinion is unalterably opposed." The Bur-
896
Financial Chronicle
prise of the debate was the frank statement of the
Polish delegate, on Monday, that while the French
plan had much to commend it, the attitude of Italy,
Germany and Great Britain, as evidenced by remarks at the Conference, left no hope for the plan,
and that the plan itself was "open to too many objections" and "too complicated" to admit of working it into a general disarmament convention.
The relative silence of France in the past few
weeks is doubtless to be explained, in large part, by
its Cabinet crisis and its desire to await the outcome of debt negotiations between Great Britain and
the United States before itself raising the debt question again. Other recent events, however, have
given it concern. The success of Fascism in Germany has led Frenchmen to wonder whether France,
the home of individualism, may not after all need a
firmer Governmental control. The steady political
pressure of Italy in the Balkans is watched with increasing apprehension, and the obvious intention
of the British Government to keep as clear as possible of Continental entanglements is felt to be out
of harmony with the spirit of the Anglo-French
entente. The immediate effect, as far as European
relations are concerned, is to make the demand for
security more insistent. The German demand for
arms equality, if fully granted, would seem to make
France more secure, but the outlook for such a concession faded when Paul-Boncour, French Foreign
Minister, bluntly told the German delegate at Geneva on Thursday that the principle had not been
accepted by the Conference and that "we can concede equality only within a system of security."
With that declaration, France stands its ground and
awaits developments.
Gloria in Excelsis.
History is useless to us as a guide, even were all
its facts known and accessible, its psychological
factors transparent, and our interpretations infallible. Knowledge of the past can interpret
nothing of the present, but by the light of the present
we may interpret something of the past. By the
torch of faith only, a rare gifted one here and there
in moments of ecstatic immersion in superconsciousness may peer a little way into the future. Such
men are sent. They appear to us to arise quite
naturally from the common events and circumstances of their time, from their environment. To
themselves they appear as instruments of destiny,
as servants of providential aims. In their beginnings they seem simple enough and veiw their own
acts as but reasonable efforts for the successful conduct of life. Quite generally it is the case that all
such men for the greater part of their lives reject
any interpretation of their acts which would not
square with the fallibility, the reason, and the common sense of all men. Their conduct, they are sure,
arises from the necessity of living and from the circumstances of time and place and fellow contact.
These men are always strongly positive; paradoxically, more full of doubt than most. They are
inclined to reject everything that comes ready to
hand—conventions,laws, rules, creeds, cults, faiths,
and all opinions. They are covertly or openly rebellious, radical, fit subjects for persecution and
martyrdom. They desire to prove all things but
find themselves unable to prove anything by their
ordinary powers of reasoning. They stand aghast
before their inner promptings, which they are never
Feb. 11 1933
able to make fit into the plan of their education,
logic, or experience. Soon we come to see them
outwardly only. The real man covers himself with
mask and cloak of invisibility. In speech and behavior they appear like their neighbors. If anything, they seem not so much to copy their associates as to be the very prototype of all folk-ways, the
original, accepted standard to which all others feel
compelled to conform. So they are revered. Be
their circle ever so small, they are deferred to. As
their contacts widen, they come to be listened to by
puzzled audiences with more or less acceptance.
These men dissemble. They know they live in a
world of appearances, but they hesitate to show
themselves different from their fellows.
There is a sense in which the real life of all of
us, even the humblest, is secret and inner. In moments flashes of thought summon awe to our minds
and we feel ourselves creatures of an immensity
whose august and hidden purposes we but live to
serve. The difference between the lowliest and the
most exalted character would seem to consist only
in the intensity and the frequency with which sublime, overwhelming, illuminating moments arrest
attention in the course of the common affairs
of life.
In our modern times these arresting moments of
deeper thought and puzzling insight have been
termed "cosmic consciousness," by some "super.
consciousness," "subconsciousness," and "self-consciousness." In older time these states were given
other names, conveying the idea of the supernatural.
Changes of name to suit the susceptibilities of time
or place do not alter the character or manifestation
of phenomena. Libraries of volumes in every language have been written about this inner experience.
There will be a new one out presently. That it will
be classified under "psychology" and not under a
division of religious or supernatural signification
will neither add to nor detract from the validity, the
livingness, of the phenomena of deeper consciousness.
All exceptional skill and intellectual abilities
arise from congenital influences and acquirements.
In after life outward circumstances of environment
act as stimuli to the development of the inborn
trait. "What the child admires, the youth endeavors
and the man acquires." Schools are as nothing.
The mother's womb is the great university. The
deeply incised, indited but unwritten credentials of
this ineffable school win all audience, bring into
question and overthrow all schemes of planned education. What school could have taught Euclid
mathematics, Shakespeare drama, Angelo art, Faraday chemistry, Beethoven music, Lord Kelvin physics, Linnaeus botany, Adam Smith economics, the
elder Morgan finance, Carnegie industrial organization? Men are born, not made. All educational
institutions are but the hopeful aspirations to crystallize and attain for all the discoveries of the instructing faculty that was certified at birth.
But some men are twice born. In secret recesses
they receive the answer given to Nicodemus. These
men, twice born, or sent, or chosen, invariably receive their call against their will. Their lives testify
to incomparable persuasion that overpowers the
will. Their walk in life becomes onerous. The price
of rebirth is appalling; they fain would turn aside.
Supreme virtue is attached to it and therefore loneliness. These are the supermen.
Volume 136
Financial Chronicle
897
distributed on pay-roll account. Some part of this
colossal sum went into savings banks, building and
loan associations, and into other forms of investment; but the greater part was at once distributed
through various channels of trade. Either through
investment or in payment of current living expenses
all of it was kept busy. Not a dollar was permitted
to idle its time away in an unproductive till.
After the disposal of the pay-roll, the railroads
had left a fraction more than 52 cents of the original
/
dollar received. From this must be deducted 41 2
cents to pay for coal used as locomotive fuel. Since
the railroads consume about 23% of all the bituminous and 4% of the anthracite coal mined, it follows
that 23% of the miners in the soft coal industry
and 4% of those in the anthracite coal fields are as
directly dependent upon the railroads for a living
as if their names were carried on the railroad payroll. Therefore, a total of 92,800 coal miners with
their families look to the railroads as their only
visible means of support.
Equally dependent upon the railroads are the
47,600 workers required in the iron and steel industry, 17% of the output of which is for the railroads. These workmen and their families are exclusively supported by the money collected from the
public in freight charges and passenger fares.
In the same manner, approximately 33,600 men
are, in effect, employed and paid by the railroads
to produce 20% of the National output of lumber
which the carriers annually require.
In addition the list must include those who are
employed in the car and locomotive works to the
number of 45,000. These employees constitute an
important division of the railroad army, although
their names do not actually appear on the official
railroad pay-roll, for the number of cars and locomotives required is enormous.
By adding together these various classes of workers, which are wholly supported by the railroads
though not actually on the pay-roll, it is found that
they total approximately 219,000. Multiplying this
number by 4.1, the average number of persons per
family according to the census of 1930, and we have
a population of 897,900. Add railway employees
and their families calculated on the same basis and
it is discovered that more than one-thirtieth of the
Railway Dollars Come and Go—Carriers, a Col- population of the country is included in these catelection Agency for Commerce and Industry.
gories which are exclusively supported on the money
Our railroads constitute one of the largest dis- which the railroads collect from the public.
bursing agencies in the United States. The more
But even this is not all. In addition to the few
than three billion one hundred and fifty million major items already enumerated the railroads also
dollars which they received during the year 1932, consume 19% of all fuel oil produced in the United
stayed in the treasuries of the carriers hardly long States, 10% of all copper and brass and varying
enough to be counted before they were hurried out proportions of an astonishing long list of other
again to help turn the wheels of industry and com- articles.
Manufacturers of stationery and printing have a
merce. Very few or these busy dollars gravitated
lively interest in the purchasing power of railroads,
to the stockholders, who own the roads.
To substantiate this assertion let us begin with for a substantial part of their sales, $13,200,000,
wages which have a first claim on receipts. Twice is derived from that source. !Manufacturers of
a .month the "ghost walks," and the large group painters' supplies and chemicals, too, are interested.
of railway employees receives its portion of the Something like $17,800,000 of railroad earnings is
revenues. In 1932 the wage bill accounted for required to pay the producers of these articles.
Then there is the cement for all sorts of construcnearly 48% of the total operating revenues. In
order to realize how widespread this railroad dis- tion purposes totaling $3,000,000; electrical matertribution is it must be remembered that one person ials approximating $10,500,000; commissary supin each thirty-five over the age of ten gainfully em- plies, $14,500,000, and rubber and leather goods
totaling $5,000,000.
ployed is carried on the railroad pay-roll.
Altogether, these materials plus hundreds of
Of the aggregate amount collected by the Class I
was others call for more than 20 cents of each dollar of
railways in 1932, more than $1,500,000,000
We look for the race of superman to come, to lead
us out of want, perplexity, and trouble. There is no
such thing written in the book of life. Such a race
will never come. Superman cannot manifest himself by greater size, or strength, or intellectual
capacity, but only through the development of
secretly felt and secretly manifested forms of consciousness beyond the needs of earthly, mundane
affairs, beyond the reach of most of us because of
our vexed, harrassed, blind, sceptical and shortvisioned lives. The superman is always here, has
always been here. He passes but we see him not.
He instructs but we heed him not. He points the
way but we stone him, poison him, burn him, hang
him, or blow out his brains. Then by little and
little, less clearly in his own generation, ever more
clearly as time goes on, men come to discover that
in such and such a time and in such and such a place
a superman walked among his fellows and in due
course with a sad, yet joyful, smiling face, embraced
his martyrdom. Then books are written about him,
more books, whole libraries, in every language, all
in an endeavor to explain him. But none ever
explain him.
In time his life history becomes an open secret;
but the more open, the more secretly hidden and
the less understood. For all the time he walked
and talked and ate and drank with the citizen, he
walked and talked with unseen others, and had food
and drink his townsmen knew not of. After generations, such as this of to-day or that of any to-morrow,
can see for themselves that he shaped his course in
such a way and advised in so simple a manner that
were he but imitated in ever so little, poverty would
cease, every man's fortune would mend, national
wealth would be abundant and justly distributed,
peace and plenty would reign everywhere for reigning first in all men's hearts. With pain such a
superman made his great appeal: "With malice
toward none, with charity for all, with firmness in
the right as God gives us to see the right, let us
strive to finish the work we have begun." We never
can understand, yet let us praise him. Let us praise
him forever—Abraham Lincoln, first of all men in
kindness, love, and virtue; first in the hearts of all
mankind.
898
Financial Chronicle
railway revenues or approximately $695,000,000 a
year. The rest is soon told. On the diminishing remainder of the railroads' dollar the tax collector
has fixed his hungry eye. Ten years ago he was
satisfied with 5 cents of each dollar taken in; today
he demands about 8.9 cents, or a total of more than
$280,000,000 for 1932. In the past two decades railway taxes have increased 185%, while the dividends
paid by the railroads have decreased 78%.
So far about 71 cents of the railroads' dollar has
been accounted for, leaving 29 cents which is designated as "net railway operating income." This,
however, does not represent the income of railroads'
owners. Since more than 62% of railway capital
is borrowed there is a large sum to be paid in interest. This with other charges, such as rent for
leased roads,leaves to the railway owner an average
of a little more than five cents of each dollar. This
is not sufficient to make railway stocks attractive
to capital in competition with other forms of industry.
To summarize the situation everybody is interested in railroads as purchasers of whatever they
have to sell and the railroad revenues certainly
cover a multitude of purchases. If the carriers are
prosperous they are able to buy freely, quickening
the pulse of commerce and industry everywhere; if
they are not, they are obliged to do without even
necessary equipment, thus retarding trade and
causing incalculable loss.
Seed Loans and the Cotton Market.
The cotton market declined recently on a report
that the U. S. Department of Agriculture had accumulated over 600,000 bales of cotton as a result
of its seed loan operations authorized by Congress
when the depression set in. The cotton trade had
just begun to congratulate itself over the fact that
the huge holdings of stabilization cotton, owned by
the Federal Farm Board, were being gradually
wiped out by the Red Cross distribution of this
cotton for welfare relief purposes, and the news that
another large surplus supply of the staple has been
piled up by another Federal agency came as a
distinct shock to Southern interests. While the fact
was known that the Department of Agriculture had
been forced to take over some holdings of the staple,
in lieu of cash, for the re-payment of seed loans,
trade interests had no idea that so large a surplus
had been accumulated in this manner.
This accumulation of cotton by the Department
of Agriculture at Washington presents another
difficult problem to be solved before any attempt
can be made by friendly interests to put the price
of cotton to more profitable levels. It is well known
among the trade that one of the main depressing
influences in the cotton market for the past several
years has been the stabilization holdings of over a
million sales represented either by spots or futures.
Although this cotton was being held for higher
prices, the fact that it figured in the available supply
for the mills.in the event of an advance served to
check bullish speculation at times when conditions
seemed favorable for a rise. Even the distribution
of this stabilization cotton to the needy people of
the country for clothing involved hedging operations by the mills that has helped to hold the price
of cotton down, despite the considerably reduced
yield recorded this past season. With a further
Feb. 11 1933
surplus of 600,000 bales on hand, it is doubtful if
even the Red Cross can find use for such a bountiful
supply of goods as can be obtained by swapping this
cotton to the mills for the manufactured article.
To make matters worse, the news comes from
Washington that Congress, always benevolent and
paternalistic where the farmer vote is concerned,
has made another appropriation of $900,000 for
seed loans. While the money is to be distributed
over the country generally, a large portion of it
will be available for seed loans in the South. Already private reports are being received from various parts of the belt that the intention is to plant
a larger acreage in cotton this year, unless the allotment plan of farm relief is passed by Congress and
becomes a law. The availability of seed loans from
the Government will encourage this tendency to go
ahead and plant a full acreage in cotton. Such a
course on the part of cotton growers will, of a certainty, lead to over-production, which, in turn, will
result in still less profitable prices for the Southern
staple.
On the other hand, if the allotment plan is put
into effect by Congress, the processing tax that is
to be imposed will undoubtedly tend to check the
demand for manufactured goods from consumers.
Hence, even though a compulsory cut of 20% should
be made in cotton acreage as compared with last
year, the prospective reduced consumption will still
leave a large surplus on hand at the end of next
season. Of course, there is a chance of improvement in world conditions generally that may induce
foreign spinners to come in and stock up on cotton
at the lower price levels now prevailing. Obviously,
the allotment plan will work to the detriment of
both producers and consumers of cotton, just as the
Farm Board plan has. The best minds in the cotton
business agree that what the cotton-growing industry needs is to be let alone, free from the political
coddling of Congress. The cotton grower has
worked out his own salvation in former times when
there was no such thing as a Federal Farm Board
or seed loans, and he can do so again if Federal
interference is eliminated.
A Time to Bury Grouches.
Poverty is the fertile soil which produces
grouches. As long as people are well-to-do and
have the means of satisfying their wants and desires they are happy and contented, but when deprivation is enforced discontent takes possession
of the human mind. Scarcely any citizen of the
United States has escaped hardships imposed by
reason of the present depression, and practically all
of the people are in the same boat, although there
are degrees of suffering. Dissatisfaction is a propelling influence at present, and it is directed at
pretty much everything from the Government,
national, State and municipal, down to one's
neighbor.
What may indeed become a serious factor is a
growing animosity among neighboring States.
Long ago Americans were impressed with the doctrine that in union there is strength, but divided
we fall. There is especial need, therefore, at this
time to quell friction among States and to restore
harmony which has long prevailed and under which,
since the Civil War, the United States has grown
to be a powerful nation.
Volume 136
Financial Chronicle
Aside from the astounding proposition of a North
Dakota legislator that the United States of America should be divided into two distinct and separate
parts,the Northern and Eastern States to constitute
one country, and all the rest of the States to form
a new nation, there are rumblings of friction and
dissatisfaction in many other sections. Dissensions
undoubtedly arise because of the trials and tribulations which have followed in the wake of the depression that began in the second half of 1929.
Hard times are the mother of discontent. Everybody is disgruntled now because of the marked contrast between the period of unprecedented prosperity prior to the collapse in 1929 and the era of
hardship from which we are now suffering.
The well-to-do blame the wage earner and the
laborer denounces the employer, whereas either they
are all at fault or all are blameless for conditions
they apparently could not possibly prevent.
The same influences which are affecting individuals separately are working to create discontent
among the States which represent the respective inhabitants en masse. Aside from the questions of
slavery and the right of a State to cecede, harmony
has prevailed since the adoption of the Constitution
in 1787, a harmony which has promoted the welfare
of the whole Union.
Now, however, owing to the irritable condition in
which the people find themselves every possible
grievance is seized upon and magnified. Each person nurses his individual grouch and is inclined to
blame any person save himself for his dilemma.
The States of New York and New Jersey find
themselves involved in a dispute over the question
of lighterage in the Port of New York, the latter
State insisting that cargoes should be carried from
ships to the New York side of the river without cost
to shipper or receiver, while New Jersey, and for
that matter Pennsylvania also, asserts that a charge
for such service should be imposed, as otherwise
business interests in New Jersey and Pennsylvania
will lose the advantage they possess of direct loading and discharging of cargoes to and from piers
and the holds of vessels which come alongside the
docks for discharge and receipt of cargoes. At
899
present the extra cost of lighterage at New York is
absorbed by the railroads.
By way of contrast, attention may be directed to
the Controversy between the States of New York,
New Jersey and Pennsylvania as to the right of
New York to divert water from the upper portion of
the Delaware River. In a business-like and friendly
way all of the parties presented their claims in
court and abided by the decision of the judges.
At the moment there appears to be a rivalry
among a number of States respecting the granting
of divorces, each of the rival States seeking to obtain
the lucrative business by offering more favorable
terms to persons seeking to cancel marriage relations.
Users of motor trucks and buses have calmed
inter-State traffic on the highways to grow amazingly. Strange as it may seem, New Jersey and
Pennsylvania, adjoining States, are in conflict over
regulations for motor traffic and reciprocal recognition of the rights of motorists in one State who
possess licenses issued by the adjoining State. As
Pennsylvania is surrounded by six States, the controversy is likely to be far-reaching unless mutual
concessions are made which will protect the traveling and shipping public from injustice and hardships.
Issues are also arising in numerous States
respecting the foreclosure of mortgages upon real
estate, involving questions which may become interState.
The movement of commerce among the States
ought to be just as free from friction as is the
transportation and delivery of the mails. Under the
Constitution a great many rights are reserved to
the States, but as neighbors and as parts which
make up the Union, each State ought to have due
respect and consideration for the welfare of all
adjoining Commonwealths; otherwise chaos will result. It is a good time to throw off the grouches,
to be more considerate towards others and to work
hard and intelligently to do one's bit towards getting
the whole country back to normal through the
elimination of selfishness and the adoption of a
broad philanthropical policy.
Gross and Net Earnings of United States Railroads for the
Month of December
December, the closing month of 1932, maintained in operating
expenses (without including taxes), in
the characteristics for which all the later months amount of $46,826,630, or 19.95%, leaving the net
of the year were distinguished in showing continued for December 1932 $4,372,095 better than for 1931,
heavy shrinkage in gross revenues (following an increase of 8.17%. But that is about the only
tremendous losses in the same month of the three comfort to be derived from the showing, namely that
previous years) but offset by reductions in ex- the reduction in expenses has been carried to such
penditures that have served to that extent to counter- lengths that it has prevented further losses in the
balance the further contraction in gross receipts net. The net as a matter of fact remains dismally
low; and the continued shrinkage in the gross
as far at least as net results are concerned. This
revenues (indicating that the volume of tonnage
record of heavily curtailed expenditures has been
still continues on the down grade) is highly disa feature in the whole of the last four months of couraging.
Until the volume of traffic records imthe year 1932 and in December the cut in expenses provement and gross revenues cease declining, the
reached such proportions as to completely wipe out outlook for the railroads
will remain poor. On the
the new loss in the gross, leaving the net for De- other hand, should traffic recover and with it gross
cember 1932 somewhat larger than the enormously revenues, and should expenses concurrently conreduced net of the year preceding. Stated in brief, tinue to be cut, the future of the roads would quickly
gross revenues from operations fell $42,454,535 take on a brighter aspect. That prospect would apbelow the amount for December 1931, a decrease of pear to be definitely drawing nearer and after a
14.73%, but this was accompanied by a reduction few of the early months of 1933 have passed into
900
•
Sinancial Chronicle
history, realization of this improved prospect would
seem to be assured.
It is the fact that the record of losses extends
back so far and has been so long continued, that
encourages the hope that a turning point must be
within hailing distance. It is the same fact, however, that makes the present exceedingly low levels
of both gross and net earnings so extremely depressing. That earnings could fall away in such
fashion as has happened to be the.case for several
successive years, would have been deemed unbelievable prior to the industrial collapse from which the
country has been suffering since then. The record
of cumulative losses, in gross and net revenues
alike, continued month after month and year after
year is without parallel in history. We have already
seen that the further loss in the gross in December
1932 was $42,454,535, but this was after a loss in
December 1931, as compared with 1930 of $89,259,333, and a loss in 1930 of $91,220,835, and a
loss even in 1929 of $27,767,999. The falling off in
1929 reflected the slump in trade and industry
which followed as the immediate result of the crash
on the Stock Exchange a month or two earlier in
that year. In the net likewise the losses have continued year after year until the check which has
now come in December 1932, when, as already
stated, a small recovery (in amount of $4,372,095)
occurred. But this was after $32,841,593 loss in
1931; $25,567,928 loss in 1930, and $32,186,071 loss
in 1929. The result altogether is that the amount
of the gross for December 1932 is down to $245,751,231, as against $525,820,708 in 1926. The net
at $57,854,695 for December 1932 compares with
$138,501,238 in 1928. In both instances the 1932
figures are less than 50% of the former figures and
in the case of the gross it is necessary to go back
to 1914 to find an amount so small as that for 1932.
Such comparisons as these tell the story of the decline in railroad traffic and railroad revenues in a
graphic fashion.
1931.
1932.
Montleof Dezember—
Inc. (+) or Dec. (—).
241.806
241,950
—144 —0.06%
Miles of:road (166)
$245,751,231 $288,205,768 —$42,454,535 —14.73%
Gross earnings
187,898,536 234,723,186 —48,828,630 —19.95%
Operating expenses
81.45%
78.46%
—4.99% I
Ratio of expenses to earnings- c
$57,854,895 $53,482,600 +84,372,095 +8.17%
Net earnings
As in previous months, the explanation of the
remarkable falling off in the revenues of the railroads is found in the industrial Collapse under
which the country has been struggling for almost
four years. This has extended to all classes of
traffic and to all sections of the country. The
surprising fact has been that the industrial paralysis
widened and extended during the whole of the period
beginning with the closing months of 1929. Railroad revenues have been dwindling simply because
there was so little traffic to move. This last in
turn followed from the circumstance that in the
ever widening of the industrial prostration, no
business was being done to create the traffic. Trade
and business had come almost to a complete standstill even in December 1931 and it seemed almost
impossible that still lower depths could be reached
in December 1932, yet that is precisely what did
happen as is made so palpably evident from the results we are reviewing. As a matter of fact, there
had been startling contraction back in the closing
months of 1930, business activity in many lines having then fallen away to almost nothing and advantage
having been taken of the Christmas holidays at that
time to shut down altogether, so that the very nadir
Feb. 11 1933
of business collapse appeared to have been reached,
but December 1931, impossible as it had seemed,
was to witness a still lower depth, while now for
December 1932 a step still nearer to complete cessation of industrial activity of every kind has become
part of the record.
The statistical evidence in support of these statements is found on every side and they tell a story
of the breakdown in the country's industrial machinery which is as convincing as it is overwhelming. Automobile production in the course of years
has suffered drastic curtailment, though less so in
December than in the earlier months of the year,
the number of motor vehicles turned out in December 1932 having •been 107,403 against 121,541
in December 1931; 155,601 in December 1930; 120,007 in December 1929 and 244,116 in December 1928.
In the winter months the automobile output is always at a low ebb, the season for outdoor use of the
car on a large scale having passed. The figures for
the full year tell the story better as to the extent
to which production of automobiles has been reduced by unfavorable business conditions. For the
full calendar year 1932 the output of motor vehicles
was 1,370,728 against 2,389,738 in the calendar
year 1931; 3,354,870 in 1930 and no less than 5,358,420 in 1929. The make of pig iron in December
of the previous year (1931), as also the output of
raw steel, had fallen to the lowest figures recorded
in over ten years, yet in December 1932 were to
show even greater contraction. In other words, the
make of iron in December 1932 was no more than
546,080 tons. This compares with 980,376 tons in
December 1931; with 1,965,690 tons in December
1930; with 2,836,916 tons in December 1929 and with
3,369,846 tons in December 1928. In other words,
the production of pig iron in December 1932 was
less than one-fifth of what it had been only four
years previously in December 1928. The production of steel ingots in the United States in December 1932 fell to only 844,618 tons, as against 1,301,211 tons in December 1931; 1,979,547 tons in
December 1930; 2,903,012 tons in December 1929,
and 4,018,208 tons in December 1928. Here too, it
will be observed, the 1932 product was but little
more than one-fifth of what it had been four years
before.
Coal production, as it happened,in December 1932
was a trifle heavier than what it had been the year
before, but that is not saying much, since it was so
small in this previous year. The amount of bituminous coal mined in December 1932 is reported at 31,110,000 net tons. This compares with 30,579,000
tons in December 1931, but with 40,222,000 tons in
December 1930. If we go further back we find even
larger totals to compare with, the quantity of coal
mined in December 1929 having been 47,046,000 tons.
The production of Pennsylvania anthracite for December 1932 is reported at 5,089,000 tons, as against
4,679,000 tons in December 1931, but comparing with
6,050,000 tons in December 1930.
It is needless to say that building activity was on
a small scale indeed. According to the statistics
collected by S. W. Straus & Co., building permits
in 574 cities and towns of the United States in December 1929 involved a contemplated outlay of only
$26,534,461. This compares with $53,230,671, the
amount for 533 cities in December 1931; with
$131,090,287 in December 1930; $152,157,998 in December 1929, and $254,039,456 in December 1928.
Volume 136
Financial Chronicle
901
The statistics collected by the F. W.Dodge Corpora- Atchison $464,767; the Chicago & North West $451,tion, and which relate to the construction contracts 821; the Wabash Railway $448,716; the Lehigh
awarded in the 37 States East of the Rocky Moun- Valley $395,534, &c., &c. In the following we bring
tains, tell the same story. In December 1932 these together all changes for amounts in excess of $100,contracts represented a money value of $81,219,300, 000 for the separate roads, whether increases or dewhich compares with $136,851,600, for December creases:
1931; $249,435,500 in December 1930; $316,368,100 PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF DECEMBER 1932.
in December 1929 and $432,756,300 in December
Decrease.
Increase.
$383,744
$553,149 Texas & Pacific
Chesapeake & Ohio
1928. This evidences enormous shrinkage in new
Chicago Great Western.._
339,284
316,706
$553,149 Denver & Rio Gr West
Total (1 road)
building work; and lumber production, or the cut
Florida East Coast
278.390
276,571
Decrease. Central of Georgia
of lumber, suffered corresponding contraction. The Pennsylvania
269,760
$5,936,122 Alton
269,486
a3,777,182 Colorado & South (2 rds)
New York Central
National Lumber Manufacturers' Association re- Southern Pacific(2 roads) 3,015,594 Western Pacific
267,875
266.613
(4 roads)._ 2,085,609 N Y Chicago & St Louis
Pacific
ports the cut of lumber for the five weeks ending UnionTop & S Fe (3 rds) 1,719.347 Los Angeles & Salt Lake 248,695
Atch
221,480
1.717,097 Elgin Joliet & Eastern
Baltimore & Ohio
217,085
Dec. 31 1932 at 405,739,000 feet against 471,962,000 Chicago Burl & Quincy-- 1.613.172 Erie RR (3 roads)
210,564
NYNH& Hartford-- 1,467,550 Minn St P & S S M
205,114
feet for the same period of 1931; a decrease of 14%, Chicago & North West_ 1.418,573 Grand Trunk Western
193,493
Chicago MU St P & Pac 1.116,923 Delaware & Hudson
and says that the decrease as compared with 1930 Chicago R I& Pac(2rds) 1,067,219 Chicago Indianap & Lou 178,826
173.687
835,641 Wabash
Missouri Pacific
172.683
767,950 Maine Central
has been 47%, while a year ago it was then stated Atlantic Coast Line
169,876
767.124 Lehigh Valley
Railway
Southern
167.515
757,889 Chicago St P M & Om_ _
Reading Company
that there had been a contraction of 61.4%, as com- Illinois Central
158,700
711,296 Norfolk & Western
158,691
706.708 Rich Fred & Potomac__
Northern Pacific
pared with the cut two years previously.
131,718
704.677 N 0 Tex & Mex (3 rds).
Great Northern
129,902
627,330 Nash Chatt & St Louis__
Delaware Lack & WestThe Western grain movement, as it happened was Boston & Maine
128,809
619.851 Cin N 0 & Tex Pac_ _ __
607,704 Internat Great Northern
a little heavier in December 1932 than in December Louisville & Nashville- 604,521 Pittsburgh & Lake Erie_ 125,678
119.911
St Louis-San Fr (3 roads)
119,636
467,003 Indiana Harbor Belt_ _
St Louis Southwestern
1931, but in this preceding year the movement had Long Island
112,931
448,747 Pere Marquette
112.443
448,743 Kansas City Southern
Valley-been at very low levels. Farmers evidently held Yazoo & MissLine
102,104
420.507 Louisiana & Arkansas-Seaboard Air
back their grain in both years because of the low Central RR of New Jersey 395.645 Total(73 roads)
$41,442,383
388.689
Missouri-Kansas
-Texasprices prevailing. We give the details of the grain
a These figures cover the operations of the New York Central and the
Chicago & Sc. Louis. Michigan Central,
movement further below and will note here merely leased lines-Cleveland Cincinnati Indianapolis & Terre Haute. IncludCincinnati Northern and Evansville
ing Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result is a
that the receipts of wheat, corn, oats, barley and decrease of $3,777,182.
rye, combined, at the Western primary markets for PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF DECEMBER 1932.
the five weeks ending Dec. 31 1932, aggregated 37,Decrease.
Increase
New York Central
41,671,048 Southern Pacific(2 roads) $865,814
376,000 bushels in 1932 as against 32,813,000 in Chesapeake & Ohio
788,624
Pacific(4 roads)._
1,222,780 Union
654.610
& Ohio
1,082,995 NYNH& Hartford.... _
1931; going back a little further, however, it is Baltimore Railway
434,633
Southern
871,929 Great Northern
Southwestern
Louisville
779,520
• found that in 1930 the receipts for the correspond- Norfolk && Nashville_ _ _ 646.631 St LouisBurl & Quincy_ _ 352.026
342,511
_
Chicago
Western
315.319
New Jersey
Central
(3 rds)
• ing five weeks aggregated 55,267,000 bushels; in Atch Top & S FeWest. _ 464,767 Florida RR ofCoast
247,078
East
Chicago & North
451,821
246.746
Wabash Railway
448,716 Missouri Pacific
224.224
• the five weeks of 1929 they footed up 76,931,000 Lehigh Valley
395,534 Chicago Mil St P & Pac
219.253
Burlington Rock Island355,448 Chicago Great Western _ _
211.565
bushels and in the five week of 1928, 88,702,000 Illinois Central
(3 rds)284,095 St Louis-San Fr
175,947
Chicago St P M & Om
233.615 San Diego & Arizona__.
171.295
bushels.
Grand Trunk Western_
188.419 Yazoo & Miss Valley......
164,035
N Y Chicago & St Louis
163,293 Kansas Okla & Gulf
137.598
As a sort of composite picture of the general Wheeling & Lake Erie_ - 154,59.) Northern Pacific
132,856
Pere Marquette
150,523 Delaware & Hudson112,489
111,811 Union RR of Penna.. shrinkage in business, we may observe that the Erie (3 roads)
111,632
Pennsylvania
105.036
Los Angeles & Salt Lake
figures of carloadings reported by the American
104.344
Western Pacific
101,946
Atlantic Coast Line
Railway Association show that for the five weeks
$6,219,581
Total(28 roads)
Total (22 roads)
$9,677,535
ending Dec. 31 the loading of revenue freight on
New ork Cencral and the
a These figures cover the operations of
the railroads of the United States footed up only leased lines- Cleveland Cincinnati ChicagotheSr. Louis, Michigan Central,
&
Evansville Indianapolis & Terre Haute. IncludCincinnati Northern and
2,486,832 cars as against 2,774,783 cars in 1931; ing Pittsburgh & Lake Erie and the Indiana Harbor Belt,the result is an
increase of $1,750,050.
3,396,442 cars in 1930; 4,137,016 cars in 1929 and
When the roads are arranged in groups or geo4,271,282 cars in 1928.
the
In the case of the separate roads the feature in graphical divisions, according to their location,
again the part played by rethe comparisons with the gross and net earnings distinctive feature is
the
of the previous year is, as would be expected from duced expenses in improving the comparisons of
the case of the comparisons of
the efforts made to reduce expenses, the numerous net earnings. In
the
instances where gains in net earnings are reported the gross earnings only the roads embraced in
. Pocahontas region as a group are able to show imin face of heavy losses in gross revenues. The list
of roads showing losses in gross revenues, on top proved gross revenues. On the other hand, in the
of the losses sustained in the three previous years, comparisons of the net earnings the roads in the
is a formidable one, while the number of roads with Great Lakes region, the Central Eastern region, the
gains of consequences in gross revenues is very Southern region and the Pocahontas region, all are
limited, there being indeed only one instance where able to show improved net results and the total for
an increase for $100,000 or above is shown, namely all the districts combined of course also shows imthe Chesapeake & Ohio, which enlarged its gross, as proved net earnings. Our summary by groups is
compared with the preceding year, in the sum of given below. As previously explained we group the
$553,149. On the other hand, in the case of the net roads to conform to the classification of the Interearnings, the number of roads reporting increases State Commerce Commission. The boundaries of
for amount of $100,000 or over is almost as numer- the different groups and regions are indicated in
ous as the roads reporting decreases. Among the the foot note to the table.
SUMMARY BY GROUPS.
roads showing considerable increases in net (in most
-Gross Earnings
District and Region.
Inc.(+) or Dec.(-)
1931.
1932.
Month of Decembercases in face of reduced gross earnings) may be menEastern District
12,061.813 14,463,842 -2,402,029 -16.61
tioned the New York Central with a gain in net of New England region (10 roads)
51.540,829 57,379,147 -5.838,318 -10.17
Great Lakes region (29 roads)
the Chesapeake & Ohio, with $1,222,780; Central Eastern region (26 roads)._ 50,256,721 60,357,724 -10,101,003 -16.74
$1,671,048;
113,859,363 132,200,713 -18,341,350 -13.87
Total(65 roads)
the Baltimore & Ohio with $1,082,995; the Southern
Southern District
31,021,703 36,097,817 -5,076,114 -14.06
Southern region (30 roads)
Railway with $871,929; the Louisville & Nashville Pocahontas region (4 roads)
15,625,541 15,336,832
+288,709 +1S8
with $779,520; the Norfolk & Western $646,631; the
46,647,244 51,434,649 -4.787.405 -9.31
Total(34 roads)
902
Financial Chronicle
District and Region.
Gross Earnings
Month of Dec.1932.
1931.
Inc.(4.) or Dec(-)
I" Western DistrictS
Northwestern region (17roads)
25,847,968 31,099.538
Central Western region (21 roads).- 38.280,226 48,156.421 -5.251.570 -16.89
-9.876.195 -20.51
Southwestern region (29 roads)
21,116,430 25,314,445 -4,198,015 -16.58
Total(67 roads)
85.244.624 104,570.404 -19.325,780 -18.48
Total all districts (166 roads)
245,751,231 288,205.766 -42.454.535 -14.73
District and Region.
AlonthofEw.-- -Mileage----1932.
Eastern District1932.
1931.
$
New England region- 7,273 7,304 3.687.452
Great Lakes region_ 27,290 27.226 12,085.116
Central Eastern region 25,508 25,512 11,310,909
Total
60,071 60,042 27,083,477
Southern District
Southern region
39,805 40,007 7,733.961
Pocahontas region_ _ _ 6,102 6,108 7.072,644
Total
Western District
Northwestern region_
Central West. region_
Southwestern region
Total
Net Earnings
1931. Inc.(+) or Dec.(-)
4,088.553 --401.101
8,887.333 +3.197,783
10,510,236 +800.673
-23,486,122 +3.597,355
-9.81
+3.5.98
+7.62
+15.32
6,079,462 +1.654.499 +25.16
5.161,894 +1,910.750 +37.01
45,907 46.115 14,806,605 11,241.356 +3,565,249 +31.72
48,820 48,766 3,975,902 4,309.651 -333,749 -7.74
52,019 52,003 7,967,376 10.098.137 -2,130,761 -21.10
34,989 35,024 4,021,335 4.347,334 -32.5.999 -7.50
135.828 135.793 15,964,613 18.755,122 -2.790,509 -14.88
Total all districts_
241.806 241,950 57.854,695 53,482,600 +4.372.095 +8.17
NOTE.
-We have changed our grouping of the
cation of the Inter-State Commerce Commission roads to conform to the classifi, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Begion.-ThLg region comprises the New England
States.
Great Lakes Region.
-This region comprises toe section on the Canadian boundary
between New England and the westerly shore of
Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.
-This region comprises the section
Lakes Region, east of a line from Chicago through Peoria tosouth of the Great
St.
Mississippi River to the mouth of the Ohio River, and north of the Louis and the
Parkersburg, W. Va., and a line thence to the southwadern cornerOhio River to
of Maryland
and by the Potomac River to Its mouth.
SOUTHERN DISTRICT.
SoWhern Region.-Thts region comprises the section east of the
Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a
following the eastern boundary of Kentucky and the southern boundary line thence
of Virginia
to the Atlantic.
Pocahontas Repion.-Tbiti region comprises the section north
of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to
W. Va., and south of a line from Parkersburg to the southwestern cornerParkersburg.
of Maryland
and thence by the Potomac River to its mouth.
WESTERN DISTRICT.
Northwestern Region.-Thts region comprises the section adjoining
Canada lying
west of the Great Lakes Region, north of a line from Chicago
to Omaha and thence
to P )rtlaad and by the Columbia River to the Pacific.
Central 4
7es:ern Region.
-This region comprises the section south of the NorthWs rn Radon, west of a line from Chicago to Peoria and
north of a Hoe from St. Louis to Kansas City and thencethence to St. Louis, and
to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Itenon.-Tble region comprises the section lying
between the Mississippi River south of St. Louis and a line from St. Louis to
to El Paso and by the Rio Grande to the Gulf of Mexico. Kansas City and thence
As already pointed out, Western roads, taking
them collectively, had a somewhat larger grain
traffic in December 1932 than in the same month
of the previous year. With the exception of oats,
the movement of which ran smaller than in December
1931, the increases extended in greater or less degree to all the different cereals. Thus, for the five
weeks ending Dec. 31 1932, the receipts of wheat
at the Western primary markets were 15,596,000
bushels, against 15,043,000 bushels in the corresponding five weeks of 1931; the receipts of corn
13,303,000 bushels, against 11,284,000 bushels; the
receipts of oats 3,994,000 bushels, as compared with
4,017,000 bushels; of barley 3,767,000, against 2,029,000, and of rye 716,000, against 440,000 bushels.
Altogether, the receipts at the Western primary
markets of the five cereals, wheat, corn, oats, barley
and rye, for the five weeks of December 1932 aggregated 37,376,000 bushels, as against 32,813,000
bushels in the same period of 1931, but with immensely larger totals in all the immediately preceding years, as already indicated further above. In
the subjoined table we give the details of the Western
grain movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
Five Weeks
Ended
Incur
Wheat
Corn
Oats
Barley
Dec. 31. (Bbls4
(Bush.)
(Bush.)
(Bush.)
(Bush.)
Chicago
1932 -- 853.000
355.000 4,657,000
719.000
550.000
488.000 4.190.000 1,040.000
1931 ---- 727,000
369.000
Minneapolis
4.684,000
1932
470.000
733,000 1,651,000
1931
3,115.000
740,000
268,000
698,000
Duluth
1932 __
2,799,000
18.000
312,000
296.000
1931 ____
415.000
164.000
19,000
32,000
Milwaukee
1932
35,000
36.003
381.000
55.000
910,000
1931
64.000
20.000
444,000
120.000
502.000
Toledo
1932 __-_
355.000
140.000
397,000
2.000
1931 _
816.000
279.000
784.000
18.000
Detroit
f932
88.000
36.000
30.000
64.000
1931 ____
126,000
46.000
59,000
44,000
Bye
(Bush.)
43,000
18,000
305.000
280.000
276,000
109.000
54.000
4.000
3.000
6.000
30.000
17.000
Feb. 11 1933
Five Weeks
Ended
Flour
Wheat
Dec. 31. (Bats.)
(Bush.)
Indianapolis and Omaha
1932 _
990,000
1931 1,448.000
St. Louis
1932 --__ 671,000 1.092,000
1931 --- 594.000 2,095,000
Peoria
1932 -_-_ 224.000
109,000
1931 ---- 207.000
10,000
Kansas City
1932 ...
54,000 3,894,000
1931 --35,000 4,679.000
St. Joseph
1932 -_161.000
1931 -_
328.000
Wichita
1932 _
989,000
1931 ____
1,384,000
Sioux City
1932 ____
44,000
1931 119.000
Corn
(Bush.)
Oats
(Bush.)
Barley
(Bush.)
3,249.000
1,929,000
820,000
706,000
8,000
1,741.000
1,228.000
360.000
466.000
183,000
237,000
1,323,000
919.000
134.000
190,000
65,000
116.000
877,000
730,000
128.000
134,000
311,000
181.000
263.000
163.000
13.000
20,000
2,000
4,000
Rye
(Bush.)
3,000
6.000
3.000
2,000
87.000
414.000
41.000
43,000
64,000
3,000
Total all
1932 --- 1,837.000 15.598.000 13,303,000
1931 -___ 1,627.000 15.043.000 11,284,000 3,994.000 3,767.000
4,017.000 2.029,000
2,000
716.000
440,000
On the other hand, Western roads in December
suffered a heavy falling off in their livestock movement as compared with the same month in 1931. At
Chicago the receipts comprised only 12,261 carloads against 18,609 carloads in December 1931; at
Omaha, only 2,626 carloads against 4,829 cars, and
at Kansas City, but 3,493 carloads against 5,156.
Coming now to the Southern cotton traffic, this
fell below that of December 1931 both in the movement of the staple overland and the receipts at the
Southern outports. Gross shipments overland during December 1932 were 65,166 bales as against
76,849 bales in December 1931; 142,249 bales in December 1930; 150,261 bales in December 1929;
171,900 bales in December 1928, and 138,903 bales in
December 1927. At the Southern outports, the receipts of cotton reached only 1,039,511 bales in December 1932 as against 1,113,458 bales in December
1931, but comparing with 888,213 bales in December
1930; 1,107,014 bales in December 1929; 1,260,645
bales in December 1928, and 695,985 bales in December 1927, as will be seen by the table we now
present:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN DECEMBER
FOR
SIX YEARS, 1927 TO 1932, INCLUSIVE.
Month of December.
Ports.
1932.
Galveston
Houston, de
Corpus Christi
Beaumont
New Orleans
Moble
Pensacola
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Jacksonville
Total
1931.
254,001
383,267
9,572
2.513
284.436
45.655
9,881
8,910
293
12.283
9.253
10.105
8.157
1.185
302.089
366,869
13,48
3.379
305.455
62.812
3.368
25.448
1,231
7,895
9.768
4,256
5,770
1.270
1.039.511 1,113,458
1930.
1929.
1928.
1927.
421,172
384.668
8.337
206,941
234,110
1,423
281.217
41.393
143
40.097
152,908
16.841
633
29.465
16.071
2,034
24,991
40.522
12.358
27,682
888,213 1.107,014 1.260,645
695.985
165,789 270,032
288.431 417,108
10.097
10,641
4.002
215,439 230,402
86,595
58.472
4,548
2,978
65.705
42.928
23,434
1,451
6.541
16.149
32
24,570
1.502
18,599
29,782
13,624
RESULTS FOR EARLIER YEARS.
It has been indicated further above that December 1932
is the fourth successive year where there has been a large
shrinkage of earnings, making a cumulative loss for these
four years for the month of December one of the most
noteworthy in railroad history. The shrinkage in the gross
for December 1932 we have seen was $42,454,535, though
this was converted into a gain of $4,372,095 in net through
a cutting down of expenses. The falling off for December 1931 was $89,259,333 in gross and $32,841,593 in net and
it followed $91,220,835 falling off in gross and $25,567,928
falling off in net, in December 1930, and $27,767,999 in
gross, and $32,186,071 in net, in December 1929. It seems
proper to point out, however, that the falling off in earnings
In December 1929 quite generally came after gains in
gross
and net in the previous year. In this previous year (1928)
virtually all circumstances and conditions combine
d to
bring about favorable results, and our compilations
then
showed $27,178,944 gain in gross earnings attended
by a reduction in expenses of $21,265,477, thus
yielding a gain
Volume 136
Financial Chronicle
Gross Earnings.
Net Earnings.
Dec.
Year
Given.
11.1110111111.111111116111
11110111,111111111001. 1 0.1
903
tables each year—a portion of the railroad mileage of the
country being then always unrepresented in the totals owing
to the refusal of some of the roads at that time to give out
Monthly figures for publication. As remarked further above,
owing to the heavy losses sustained in 1932, 1931, 1930 and
1929, the 1932 total of the gross is the smallest since 1914.
NS82ZT4".L"4"4!.t.°.."'R ClN NNNN Cl NeJMO
S.
.
00000000000000000000010000
MC
in net in the large sum of $48,444,421, or over 54%. On
thd other hand, it must also be borne in mind that these
gains followed a heavy loss in gross in December 1927
and, in the case of the net, losses in both 1927 and 1926.
In December 1927 our compilations recorded $59,294,705
falling off in gross and $28,169,018 in net. In December
1926 the exhibit was a poor one, there having then been
only $2,943,972 gain in gross with $15,267,349 loss in net.
In the years prior to 1926 likewise the December showing
was somewhat disappointing. In December 1925 the exhibit was quite an indifferent one, due to the strike at the
anthracite mines, with the complete stoppage of the mining
of hard coal involved, this having operated to pull down
the earnings of the anthracite carriers, all of which suffered
heavy losses in gross and net alike at that time. Stated
in brief, our compilations for December 1925 showed no
more than $18,591,184 increase in gross, or 3.69%, and $10,354,676 increase in net, or 8.34%, notwithstanding the country was then enjoying great prosperity. In the previous
Year, too, the improvement was rather moderate, our tables
for December 1924 having shown only $11,308,819 gain in
gross, or 2.29%, though the net earnings of the roads by
reasons of the growing efficiency with which they were
being operated, increased $17,998,730, or 16.90%. On the
other hand, this followed losses in both gross and net in
the year preceding (1923). The contraction in the gross in
December 1923 (as compared with 1922) was not large, relatively speaking, being $19,212,804, or 3.75%, but it testified
to a slackening in trade, of which much had been heard in
the summer and autumn of 1923. This falling off of $19,212,804 in the gross was attended by a reduction in expenses
of $16,773,652, leaving, nevertheless, a small falling off in
the net, viz.: $2,439,152.
In considering this shrinkage in gross and net, however,
in December 1923, the circumstance should not be overlooked that comparison then was with extremely heavy
totals in the year preceding (1922)—so much so that some
falling off in traffic and revenues was rendered inevitable,
the moment the slackening of trade made its influence
felt. In reviewing the results for December of this year
(1922), we noted as an interesting fact that as the country
got farther away from the disturbing influence of the
coal miners' strike of the previous spring and summer, and
of the railway shopmen's strike of the summer; the returns
of earnings were becoming better. The addition to the
grubs in December 1922 over December 1921 was no less
than $87,735.590, or 20.66%, and though this was attended
by an augmentation in expenses in amount of $52,530,924,
there remained an increase in the net of $35,204,666, or
45.87%.
There was, however, a qualifying consideration, to take
Into account in connection with the big gain made in December 1922. Comparison was with a period of intense business depression in the previous year, our tabulations for
December 1921 having shown $120,615,992 falling off in the
gross earnings, though accompanied by a curtailment in expenses in the huge sum of $144,215,090, leaving, hence, a
gain in net of $23.599,098. As it happened, too, this gain
in the net in December 1921 followed a moderate gain in
the net in December 1920, making the December statement
for 1922 the third consecutive one in which improvement in
the net had been recorded.
It should be added that the improvement in the net in
December 1920 followed entirely from the higher schedules
of passenger and freight rates which had then been put
Into effect a short while before. In December of that year
business depression had already begun and a marked falling
off in traffic had occurred. But owing to the advance in
rates referred to, the falling off in traffic was obscured.
Our tabulations for December 1920 showed a gain of $96,078,439 in gross and of $13,804,825 in the net. Moreover,
this small gain in net succeeded a whole series of losses
in net in the same month of the years immediately preceding.
Below we furnish the December summaries for each year
back to 1906. For 1910, 1909 and 1908 we use the InterState Commerce totals, but for the preceding years (when
the Commission had not yet begun to require monthly earnings) we give the results just as registered by our own
s
Year
Inc. (+) or
Preceding. Dec.(—).
$
$
Year
Given.
$
Year
Inc. (+) Of
Preceding. Dec.(—)•
$
8
135,735,226 124,733,435 +11,001,791 43,831,182 42,943,900
+887.282
132,199,762 141,312,429 —9.112,667 34,354,158 45,998,206 —11,644.048
205,777,451 194,222,311 +11,555,140 68,495,740 51,533.086 +16,962.654
222,692.092 205,971,898 +16,720,194 68,467,305 68,653,301
—185,990
236,835,304 220,870.151 +15,965.153 70,357,004 67,858.550 +2.498.454
233,614,912 232,275,177 +1,339,735 61,22.5,377 56,766,970 +4.458,407
263,768,603 234,087,361 +29.681,242 81.701,974 72,932,360 +8,769,614
254,218,891 266,224,678 —12,005,787 68,800.026 82,622,271 —13,822,245
232,598,369 258,285,270 —25,686,901 61.134,950 68,274,222 —7,139,272
295,202,018 232,763,070 +62,438,948 105,878,758 61,186,558 +44,692,200
262,171,169 242,064,235 +20,106,934 83,237,395 86,302,108 —3,064,713
343,875,052 317,836,386 +26,038,666 85,715,727 103,520,028 —17,004,301
438,365,327 335.607,571 +102757756 44,738,149 85,767,019 —41,028,870
451,991,330 440,481,121 +11,510,209 38,536,432 44,919,752 —6,383,320
539,197,615 443,124,176 +96,073,439 51,322,679 37,517,854 +13.804,825
406,864,055 527,480,047 —120615992 67,849,188 44.250,090 +23.599.098
512,433,733 424,698.143 +87,735.590 111,942.758 76.738,093 +35,204,666
493,099.550 512,312,354 —19,212,804 106,248,158 108,687,310 —2,439,152
504,818,559 493,509,641 +11,308,918 124,480,894 106,482,164 +17,998,730
523,041,764 504,450,480 +18,591,184 134,445,634 124,090.958 +10.354.676
525,411,572 522,467,600 +2.943,972 119,237,349 134,504,698 —15,267,349
460,526,003 525,820,708 —59,294.705 90,351,147 118,520,165 —28,169,018
495,574,485 468.395,541 +27,178,944 138,293,445 89.849,024 +48,444,421
468,182,822 495,950,821 —27,767,999 106,345,167 138,501,238 —32.186,071
377,473,702 468,694,537 —91,220.835 80.419,419 105,987,347 —25.567,928
288.239,790 377.499,123 —89.259,333 *47,141,248 79.982.841 —32,841,593
OA IC PIF 1 Gal 000 0/1F "RR —A0
SOS 020
07 12,11. 000 4.02 to, A1111
.Lt R70 flOR
Note —In 1906 the number o roads included for the month of December was 96;
In 1907,89;in 1908 the returns were based 00 232.007 miles of road; in 1909, 239,481;
In 1910, 241,364; in 1911. 238 561; in 1912, 238,072; in 1913, 243.322; In 1914
246,807; in 1915, 248,437; in 916, 216,811; In 1917, 247.988; in 1918, 232,774;
in 1919, 233,899; in 1920, 229,422; in 1921, 225,619: in 1922, 235,920: in 1923,
235,379; In 1924, 236.196; in 1925, 236,959; In 1926, 236,982; in 1927, 238,552; In
1928,240,337; In 1929, 241,964; in 1930. 242,677; in 1931, 242,639; in 1932. 241.806.
•The Chicago & Alton, In its return for 1931, included in expenses 36.453,714 for
dismantled equipment. In its return for December 1932, in giving comparative
figures for 1931, this item has been omitted from the expenses of the latter year,
This will explain the wide difference In the 1931 totals In the respective comparison
Railroads of United States Earn Only 134i% on
Their Property Investment During Calendar
Year 1932.
Class I railroads in 1932 had a net railway operating income of $334,324,999, which was a return of 1.25% on their
property investment, according to complete reports for the
year just filed by the carriers with the Bureau of Railway
Economics and made public Feb. 8. In 1931 the net railway operating income was $537,945,488, or 2.00% on their
property investment. Property investment is the value of
road and equipment as shown by the books of the railroads,
including materials, supplies and cash. The net railway
operating income is what is left after the payment of operating expenses, taxes and equipment rentals but before interest and other fixed charges are paid. This compilation as
to earnings in 1932 is based on reports from 167 Class I
railroads representing a total mileage of 242,138 miles.
The reduction in the net railway operating income in 1932,
compared with the preceding year, resulted, it is stated,
from a decline in traffic largely resulting from business conditions that existed during the year. The reduction would
have been much greater, however, had it not been for drastic
reductions which the rail carriers made in their operating
expenses. Compared with a reduction in 1932 of more than
24% under 1931 in the volume of freight traffic carried by
the railroads, was a reduction of 25.4% in the gross revenues
and a decrease of 25.5% in operating expenses.
Passenger traffic in 1932 was the smallest for any year
since 1900. Passenger revenues in 1932 amounted to $377,094,345, which was a decrease of $173,906,628, or 31.6%
compared with 1931. Particulars follow:
I Gross operating revenues of the Class I railroads in 1932 amounted to
$3.161.928.659 compared with $4,236.421.341 in 1931, a decrease of 25.4%.
Operating expenses in 1932 totaled $2.429,385,918, compared with
$3,259.295,115 in 1931. a decrease of 25.6%.
Class I railroads in 1932 paid $279,284.244 in taxes, a decrease of $28,723.397. or 9.3% under the total tax bill of the Class I railroads in 1931.
Fifty-nine Class I railroads operated at a loss in 1932. of which 17 were
in the Eastern, 15 in the Southern and 27 in the Western district.
For the month of December. 1932. the net railway operating income of
the Class I railroads amounted to $32,856,895, which was at the annual rate
of return of 2.01% on their property investment. In December,
1931.
their net railway operating income was $27,618,392, or 1.68% on their
property investment.
Gross operating revenues for the month of December amounted
to
$246.062,200, compared with $288.645,768 in December. 1931. or a
decrease of 14.8%. Operating expenses in December totaled
$188,205.333,
compared with 8235,206,477 in the same month the year before, or a decrease of 20%.
Eastern District.
The net railway operating income for the Class I railroads
in the Eastern
District in 1932 amounted to $220.167.223, which was at
the rate of return
of 1.78% on their property investment. In 1931 their
net railway operating income was $278.018.371, or 2.26% on their
property investment.
Gross operating revenues of the Class I railroads in the
Eastern District in
904
Financial Chronicle
oper1932 totaled $1,618,671,591. a decrease of 23.8% below 1931, while
ating expenses totaled $1,199,328,810, a decrease of 26.5% below 1931.
r• Class I railroads in the Eastern District for the month of December
had a net railway operating income of $19,784,211, compared with 914.129,183 in December 1931.
Southern District.
Class I railroads in the Southern District in 1932 had a net railway
operating income of $26,347,968, which was at the rate of return of 0.79%
income
on their property investment. In 1931 the net railway operating
operating
amounted to $44,662,533, which was a return of 1.34%. Gross
revenues of the Class I railroads in the Southern District in 1932 amounted
expenses
to $379,255,568, a decrease of 26.7% under 1931, while operating
totaled $312,957,273, a decrease of 26.5%.
the SouthThe net railway operating income of the Class I railroads in
the same month
ern District in December amounted to $5,944,693, while in
In 1931 it was $3,683,655.
Western District.
railway operClass I railroads in the Western District in 1932 had a net
on their property
ating income of $87,809,808, which was a return of 0.79%
had a net railway operinvestment. In 1931, the railroads in that district
their property investating income of $215,264,584, a return of 1.92% on
railroads in the Western
ment. Gross operating revenues of the Class I
Feb. 11 1933
District in 1932 amounted to $1,164,001,500, a decrease of 27.1% under
the year before, while operating expenses totaled $917,099,835, a decrease
of 23.7% compared with 1931.
For the month of December the net railway operating income of the
Class I railroads in the Western District amounted to $7,127,991. The net
railway operating income of the same roads in December 1931 totaled
$9.805,554.
CLASS I RAILI OADS—UN,TED STATES.
Incr. or
Deer.
1931.
1932.
Month of December—
288,645,768 —rfl.8
s246162.200
Total operating revenue
. 3
2 03%
235,206,477 —20.0
188,205,13
Total operating expenses
16,270,583 —3.1
15,760,341
Taxes
27,618,392 +19.0
32,856,895
Net railway operating income
81.49%
76.49%
Operating ratio. per cent
Op
::::
1.68%
Rate ofreturn on property investm't_
12 Months Ended Dec. 31—
3,161.928,659 4,236,421,341 —25.4
Total operating revenues
2,429,385,918 3,259.295,115 —25.5
Total operating expenses
—9.3
308,007,641
279,284,244
Taxes
9 .04 8
715 % —f2
537, 6 48
334,324,999
Net railway operating income
cent
Operating ratio, per
71. 7.1.
---28
83
6.
2.00%
Rate ofreturn on property investml-
The New Capital Flotations in the United States During the Month
of January.
The meager character of the new financing done in January
illustrates anew the unfavorable conditions under which
the floating of new issues of securities is being conducted,
while at the same time emphasizing again the point we have
been making month after month recently, that in these
times the bringing out of new issues of securities in the
ordinary way must be studied in conjunction with the
financing done by the United States Government, this latter
having become of overshadowing prominence, in no small
part because it is in no inconsiderable degree superseding ordinary financing. Much corporate and municipal
financing is now done through the Reconstruction Finance
Corporation, which in turn disposes of its obligations to the
United States Government. In addition, the United
States is all the time being obliged to do,considerable borrowing on its own account, because of the growing budget
deficit and also to meet constantly maturing short-term
obligations. In brief, much of the financing formerly done
in the ordinary way through corporate undertakings and by
States and municipalities is now being done by the United
States through the Reconstruction Finance Corporation and
other Government agencies. It should not be forgotten,
either, that the United States presents its offerings in very
tempting form, stripping them of all requirements to pay
income taxes, not merely the normal income taxes but the
surtaxes as well, which last is an important consideration
now that the income tax rates have been so very greatly
raised. For all these various reasons attention must first
be given to the new issues brought out by the United States
Government in any analysis and review of the demands made
upon the money and investment markets.
The truth is new financing by the United States now
represents larger new debt creation than all other sources
of new capital issues combined. The shrinking in the volume
of new capital issues brought out in the ordinary way is of
course easily explained. It is due to the fact that general
investment and market conditions nave continued highly
unfavorable, making it risky business to undertake the
floating of new securities, even those of a very choice type.
In a measure, also, the Government has really been preempting the ground and certainly it has been occupying
the investment field to the disadvantage of ordinary financing, a matter of no small consequence, especially in view of
the fact that owing to the prevailing loss of confidence in
security values generally, the demand on the part of the
investing public has been almost entirely for the highest and
best type of security investment—and obviously nothing
could be higher or better than a United States obligation,
though that does not mean that such an obligation may not
suffer sharp depreciation on occasions, as the investor has
learned from sad experience. In recent months, certainly,
United States Government financing has been of far larger
magnitude than the ordinary financing as represented by
the borrowings of corporations, municipalities, farm loan
emissions and the like. Therefore, we now pursue the
practice of dealing with it before dealing with our compilations relating to ordinary financing.
In any study of new financing the important point is to
know how much of the financing represents distinctly new
capital, as distinguished from issues made to provide for the
taking up and retiring of issues already outstanding, and
which are to be replaced by the new issues. And this is
particularly true with reference to the placing of United
States Government securities. Treasury bills are all the
time maturing, having a life usually of only 90 to 93 days,
and have to be replaced with other issues, while Treasury
certificates of indebtedness are another form of short-term
borrowing which has to be periodically renewed without
swelling the outstanding aggregate of indebtedness. So long
as the Government was showing huge budget surpluses and
the Government indebtedness was as a result being steadily
and largely reduced, the matter was of little consequence,
but now that there is a budget deficit running into billions
a year, it is important to know the extent to which the
Government itself is obliged to have recourse to the investment and money markets.
During January new obligations brought out by the
United States Treasury consisted of an offering of $250,000,4
000 of five-year Treasury notes bearing only 25 % interest,
the lowest rate at which such obligations were ever floated,
and on which the allotments were $277,516,600, and $144,372,000 of the proceeds of which went to retire maturing
issues of certificates of indebtedness. In addition, there
were three separate offerings of Treasury bills, sold on a
discount basis, all to take up maturing issues and involving
therefore no new capital and no addition to the public debt.
The details of these issues follow immediately below.
New Treasury Offerings During the Month of January 1933.
On Jan. 4 Secretary of the Treasury Mills offered in the
amount of $75,000,000, or thereabouts, a new issue of
91-day Treasury bills dated Jan. 11 1933 and due April 12
1933. The total amount applied for was $229,845,000.
The amount of bids accepted was $75,090,000. The average
price was 99.948, the average rate on a bank discount basis
being 0:20%. Issued to refund maturing bills.
Mr. Mills on Jan. 11 announced a second offering of
91-day Treasury bills in the amount of $75,000,000, or thereabouts. The bills were dated Jan. 18 1933 and will mature
April 19 1933. Applications for this issue amounted to
$339,567,000, of which $75,032,000 was accepted. The bills
were issued at an average price of 99.941, the average rate
on a discount basis being 0.24%. Issued to refund maturing bills.
The third Treasury bill offering of the month was announced by Secretary of the Treasury Mills on Jan. 17.
Tenders of $427,740,000 were received to this offering of
$80,000,000, or thereabouts, of 91-day Treasury bills dated
Jan..25 1933 and maturing April 26 1933. The total amount
of bids accepted was $80,020,000. The average price was
99.954, the average rate on a bank discount basis being
0.18%. The proceeds of this issue were used to retire bills
maturing Jan. 25.
On Jan. 22 Mr. Mills gave notice of an offering of fiveyear 2%% Treasury notes (series A, 1938) in the amount of
$250,000,000, or thereabouts. The new notes were dated
Feb. 1 1933 and will mature Feb. 1 1938. Subscriptions
to the issue amounted to $7,802,843,600, of which $277,516,600 were allotted. The notes were offered at par. This
offering was used in part to retire $144,372,000 of 3%
certificates maturing on Feb. 1.
As mentioned in our previous article, our compilations of
new financing do not take account of the, various loans
Financial Chronicle
Volume 136
made by the Reconstruction Finance Corporation, as the
funds used by the latter are all provided by the Federal
Government, the borrowings of which are recorded in the
above.
In the following we show the Treasury financing done
during the month of January in tabular form. The four
offerings disposed of by the Government aggregated $507,658,600, of which $374,514,000 went to take up existing
issues and $133,144,600 constituted new indebtedness.
UNITED STATES TREASURY FINANCING DURING JANUARY.
Date
Offered. Dated.
fan.
Ian.
Tan.
Ian.
Amount
Applied for.
Due.
4 Jan.
11 Jan.
17 Jan.
22 Feb.
Amount
Accepted.
11 91 days
$229,845,000
18 91 days
339,567,000
25 91 days
427.740,000
1 5 years 7.892.843.600
• Average rate on a bank discount basis
Price.
Yield.
$75,090,000 Average 99.948 .0.20%
75,032.000 Average 99.941 .0.24%
80,020,000 Average 99.954 .0.18%
277.516.600
2.625%
100
USE OF FUNDS.
Date
Offered.
Jan.
Jan.
Jan.
Jan.
4
11
17
22
Type of
Security.
Treasury bills
Treasury bills
Treasury bills
2%% Treasury notes
Total Amount
Refunding.
Accepted.
$75,090,000
75,032,000
80,020,000
277,516,600
New
Indebtedness.
875,090.000
75,032,000
80,020.000
144,372,000 5133,144,600
Taking up now our tables of ordinary financing for the
month of January we find that the amount of the new issues
brought out during the month aggregated no more than
$109,962,630, and that $45,352,850 of this represented refunding or the taking up of old issues outstanding, leaving
the strictly new capital provided as no more than $64,609,780.
The total of all the issues brought out at $109,962,630
compares with $157,920,365,the amount of the new financing
done in December; with $76,400,465 in November, when
the amount was exceptionally small; with $124,061,660 in
October; with $138,606,966 in September, and with $169,482,692 last August. For the benefit of the reader we will
say that our compilations, as always, include the stock, bond
and note issues by corporations, by holding, investment and
trading companies, and by States and municipalities,
foreign and domestic, and also farm loan emissions.
How small present totals are appears when comparisons
are made with corresponding figures for previous years. In
January 1932 new financing had already dropped to diminutive levels, and yet the new capital issues then brought out
footed up nearly double the amount of those for the present
year, or $198,911,814; and only $14,042,000 of this was for
refunding purposes, leaving $184,869,814 of strictly new
capital. In January 1931 the new capital issues brought
out were $648,855,186, and back in January 1929 the total
was $1,066,404,861, of which $148,255,792 was for refunding, leaving no less than $918,149,069 of new capital
at that time.
The corporate issues the present year in January dropped
to the insignificant amount of $64,517,000, of which $42,360,000 was to replace outstanding issues, leaving only
$22,157,000 of new capital. Financing by States and municipalities was also extremely light, comprising no more than
$35,945,630, though this is independent of $53,273,816 of
advances made (as far as can be closely computed) by the
Reconstruction Finance Corporation, this covering advances
either actually made to States and municipalities during
January or proposed during the month. There were, of
course, no foreign issues of any kind floated in the American
market either by corporations or foreign Governments, not
even any on behalf of the Dominion of Canada.
Proceeding now with our analysis of the corporate offerings
made during January, we note that public utility issues
amounted to $44,925,000, or nearly 70% of the corporate
total which was, as already stated, $64,517,000. The public
utility total of $44,925,000 shows a decided increase over the
previous month's total of only $3,123,600. Railroad financing during January was limited to a single offering of
$12,000,000, which compares with $15,000,000 for Dece71ben Industrial and miscellaneous issues brought out in
January aggregated $7,592,000, as compared to $10,720,625
for that group in December.
Total corporate issues of all kinds during January were, as
already mentioned, $64,517,000, of which long-term issues
comprised $49,925,000; short-term issues $11,342,000, and
stock issues only $3,250,000.
The portion of the month's financing raised for refunding
purposes was $42,360,000, or more than 65% of the tar
In December the refunding portion was $18,445,600, or
about 64% of the total. In January of 1932 the amount for
refunding was only $1,500,000, or slightly over 3% of the
905
total for that month. The $42,360,000 raised for refunding
in January (1933) comprised $27,568,000 new long-term
issues to refund existing long-term issues; $3,950,000 new
long-term issues to refund existing short-term issues;
$4,342,000 new short-term issues to replace existing longterm securities, and $6,500,000 of new short-term issues to
replace existing short-term debt. There was but one large
refunding issue among the January flotations, this being the
$11,250,000 Union Electric Light & Power Co. (Mo.) gen.
mtge. 4 2s 1957, the entire proceeds of which were for
refunding.
The largest corporate issue during January was $12,000,000
Cincinnati Union Terminal Co. 1st mtge. 5s C 1957, offered
at par. This represented the only railroad financing done
during the month. Public utility issues of prominence in
January were: $11,250,000 Union Electric Light & Power
1
Co. (Mo.) gen. mtge. 43s, 1957, issued at 97%, to yield
4.69%; $8,500,000 Washington Gas Light Co.(Washington,
D. C.) ref. mtge. 5s, 1958, priced at 941 , to yield 5.42%;
4
$8,000,000 Ohio Edison Co. 1st & cons. mtge. 5s, 1960,
issued at 96, to yield 5.25%, and $5,500,000 Hackensack
Water Co. five-year 5% see. cony. notes, Jan. 1 1938,
offered at 96%, yielding about 5.75%. The only industrial
issue in January worthy of mention was $2,500,000 Freeport
Texas Co. 6% cum. cony. pref. stock offered at par ($100).
As already stated, no foreign offerings of any description
were marketed in this country during January. Included
in the month's financing was an issue of $9,500,000 Federal
collateral trust debenIntermediate Credit Banks 2
tures, dated Jan. 16 1933, and maturing in six and nine
months, offered at price on application.
Two issues, carrying a convertible privilege, were floated
during January. These issues were:
$5.500,000 Hackensack Water Co. five-year 5% sec. cony. notes, Jan. 1
1938 (convertible into a like principal amount of gen. & ref.
mtge. 53i% bonds, B, June 15 1977 at any time up to JUDO
30 1937).
2,500,000 Freeport Texas Co. 6% cum. cony. pref. stock (convertible
into common stock up to Feb. 1 1945, at rate of 3)4 shares of
common for each share of preferred if converted on or before
Feb. 1 1938, and at rate of 2% shares of common for each share
of preferred ifconverted thereafter and on or before Feb. 1 1945/•
No new fixed investment trust offerings were announced
during January. In our December article we stated that
an issue of General Investors Trust shares was offered by
R. L. Day & Co. of Boston. This was an error; the shares
were offered by Charles A. Day & Co., of Boston.
The following is a complete summary of the new financing
—corporate, State and city, foreign government, as well as
farm loan issues—for January. It should be noted that
in the case of the corporate offerings we subdivide the figures
so as to show the long-term and the short-term issues separately, and we also separate common stock from preferred
stock, and likewise show by themselves the Canadian corporate issues, as well as the other foreign corporate flotations:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1933.
MONTH OF JANUARY.
New Capital. Refunding.
Corporate:
Domestio—
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Canadian—
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other foreign—
Long term bonds and notes
Short term_
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other ioreign Government
Farm loan Issues
Municipal, States. cities.
United States Poeseesions Ac
Total.
s
$
18,407,000
500,000
2,500,000
750,000
31,518,000
10,842,000
49,925,000
11,342.000
2,500,000
750,000
22.157,000
42,360.000
64,517.000
9,500,000
*32.952,780
*2,992,850
1.500,000
*35,945,630
$
Grand total
64.609.780
45.352.850
109.952.630
•Figures do not Include 853,273,816 Reconstruction Finance Corporation admurdeipallties, either actually made or proposed during JanuarY•
vances to
In the elaborate and comprehensive tables on the succeeding page we compare the foregoing figures for 1933 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
Following the full-page tables we give complete details
of the new capital flotations during January, including
every issue of any kind brought out in that month..
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JANUARY FOR FIVE YEARS.
MONTH OF JANUARY.
1933.
1932.
New Capital. Refunding.
Total.
New Capital. Refunding.
CorporateDomestic$
$
$
$
$
41,345.000
18,407,000
31.518.000
Long term bonds and notes_ _ _
49.925.000
500,000
10.842.000
11,342,000
Short term
900.000
1,500.000
2,500.000
4,250.000
Preferred stocks
2.500.000
Common stocks
750,000
750,000
168,750
Canadian
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other foreign
Long term bonds and notes_
Short term
Preferred stocks
Common stocks
22,157,000
42,360.000
64.517.000
Total corporate
46,663.750
1.500,000
Canadian Government
Other foreign Government_
9.500.000
9.500,000
12,500.000
Farm loan issues
*32.952.780
si.9b2,850 .35,945,630
138,206.064
Municipal, States, cities. &c...
42,000
United States Possessions_
64.609.780
45,352.850 109,962,630
Grand total
184.869.814
14.042,000
* Figures do not include 553.273.816 Reconstruction Finance Corporation advances to municipalities,
Total.
41.345 000
2,400.000
4.250 000
168.750
1931.
New Capital. Refunding.
217.543.000
17 002.750
26.503.779
18,798,750
174.692.000
6,166.000
Total.
1930.
New Capital. Refunding.
Total.
436,002.500
48,267.000
4.475,000
122,338.054
44,193,000
10,903,000
480,195,500
59,170,000
4,475.000
122,338,054
70,000.000
70,000.000
392,235,000
23,168,750
26,503,779
18.798,750
13,000,000
18,000,000
31,000,000
1929.
New Capital. Refunding.
$
250,174,500
56,703,500
10,834.000
4,726.000
105,638.850
22,478.900
437.679,596
58,638,792
Total.
306.878.000
15,560.000
128.117.750
496.318.388
5.000.000
48,163,750
399.848,279
12.000,000
180,858,000
580.706.279
12,000.000
12.500.000
138,248.064
5,500.000
49,310,407
1.338.500
5.500,000
50.648.907
198.911.814
466.658.686 182,196.500 648.855,186
either actual y made or proposed during January.
5.900,000
4.000,000
50.000,000
11.100,000
5,900,000
50.000.000
11,100,000
4:=
4,000,000
5,000,000
629,082.554
7.142 000
4,000,000
73,096.000
2,158,000
702,178,554
9.300,000
4,000,000
107.919,314
1.500,000
749.643,868
1,923,500
109,842.814
1,500,000
826,821,368
77,177.500
3,000,000
828,326,946
15.750,000
3.000.000
970,874,138
3.750.000
15,750,000
73,752,123
320,000
918,149,069
75,710,723
1.958,600
320,000
148,255.792 1.066.404,861
142.547,192
3.750.000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JANUARY FOR FIVE YEARS.
1932.
Refunding.
$
Total.
New Capital.
$
40.270,000
122.160,000
145.241 000
15.250.000
300.000
1931.
Refunding.
3
52.844.000
120.928.000
50,492,000
Total.
175.004,000
266.169.000
15.250.000
300.000
1930.
New Capital. Refunding.
7.395.000
348.000,000
53.08£i.000
9.000.000
105,000
Total.
New Capital.
1929.
Refunding.
Total.
60.483,000
357.000,000
48.836.000
36.650.000
18,853.500
850.000
19,100.000
1,600.000
58.285.000
1.000.000
1.000.000
15.000.000
64,950,000
265,274,500
56.703,500
19,100,000
2,000 000
61,065.000
1,000.000
7,000,000
15.000 000
64.950.000
321,978,000
2,609.000
3,781,000
6.390,000
12,777.ono
32,500.000
2,246,500
61,613.000
69.150 000
21,100,000
50.492,000
745,000
920.000
4,520.000
23,362.500
23,362.500
41,345,000
500.000
337.543,000
174,692,000
500.000
512,235,000
60.000.000
9,500.000
449.002,500
60,000,000
9,500,000
511,195,500
2,250.000
14,575,000
4.425.000
19,000,000
37,372,000
3.000.000
10,128.000
47,500,000
3.000,000
400,000
791.000
950,000
200.000
1.500.000
2.468.750
600.000
6,600.000
600,000
7.000,000
150,000
200,000
709.000
1,518.750
4,295,000
375.000
4,670,000
4,920,000
2,400,000
17.002.750
6,166.000
23.168,750
1.400.000
53.267.000
10.903.000
1,400.000
64,170.000
3,305,000
10.834,000
945.000
4,726,000
4.250.000
15.560,000
2,100,000
2,100.000
38,938,779
38,938.779
87,500.000
21.502,000
87.500.000
21,502,000
91,319.476
8,063.500
8,225,000
4.567.500
99.544,476
12,631,000
150.000
150.000
2,931,250
2,931,250
1,032.500
2.168,750
1,032,500
992,750
650.000
2,274.804
160,000
992,750
650,000
2.274.801
160,000
2,168,750
10,503,000
117,039.910
8,185,000
2,615,000
1.362,000
52,669,420
13,885.272
408,500
11.865,000
169,709.330
22,070,272
3,023.500
2.400.000
45,302,529
2,400,000
45,302,529
3,250,000
10 483.500
126.813.054
3,250,000
10,483.500
126.813,054
9,900,000
262.013.500
42.579.060
552,218,446
81.117,692
9,900,000
262,013,500
42,579.060
633,336,138
175.004.000
324,107,779
15,250,000
300.000
7,395.000
472,872.000
24.502.000
60,483.000
492.000.000
24,502.000
48,836,000
130.578,476
26.917.000
12.777.000
44.506.000
6,814,000
61,613.000
175.084.476
33.731.000
791.000
1.870.000
53.623.250
1.500.000
8,021,250
1,592,750
7.995.000
2.274.804
27,817,500
1,362.000
52.669,420
14.285,272
3,188.500
180.858,000
2.900.000
580.706.279
63,250,000
21,383 500
629,082.554
10.503,000
136.139.910
9.785.000
375.000
65,820.000
1.000,000
10.900.000
63,250,000
277,013,500
21,383,500
110.834.060
73,096.000 A702.178,554 at 828 326,946
11,865.000
188,809.330
24.070.272
69,008,500
1,000,000
16.900,000
277,013,500
111.779,060
970.874,138
1,075.000
49,925.000
7.000.000
4,342,000
750.000
1.075,000
41,345,000
1,500.000
150.000
11.342.000
3.250,000
3.250,000
900.000
1.500.000
4.418.750
12.000.000
44.925.000
4,342,000
43,120.000
3.250.000
1.500.000
44,620,000
150.000
1,225.000
2.168.750
46.663,750
3.600.000
4,418,750
150.000
64.517.000
apgIOJCIO IPpireLILI
New Capital.
Total.
3
$
12.000.000
40.270,000
37,925.000
1.225.000
2.168.750
1.500 000
48.163.750
122,160.000
198.754,779
15.250 000
300.000
53.623.250
709.000
6.151.250
2,900,000
399.848,279
52.844.000
125,353,000
62,193,000
53.088,000
19,128.000
505,000
1,592,750
8,500,000
2,274.804
28,192,500
400.000
2,780,000
6.000,000
4,920.000
6.000.000
945,000
142,547,192
IT6I II 'gad'
1933.
MONTH OF JANUARY.
New Capital. Refunding.
Long Term Bonds and Notes
12.000.000
Railroads
6.407.000 -31:518:060
Public utilities
steel, coal, copper, &c
Iron,
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing_
Oil
Land. buildings. &c
Rubber
Shipping
Inv. trusts, trading, holding, &c
Miscellaneous
18,407,000
31.518,000
Total
Short Term Bonds and Notes
Railroads
500.000
6.500.000
Public utilities
4.342.000
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing_
Oil
Land, buildings. &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
500,000
10,842.000
Total
Stocks
Railroads
Public utilities
Iron, steel, coal. copper. &c
Equipment manufacturers
Motors and accessories
3.250.000
Other industrial & manufacturing_
Oil
Land. buildings, &c
Rubber
Shipping
Inv. trusts, trading. holding, &c
Miscellaneous
Total
3,250,000
Total
Railroads
12.000.000
Public utilities
6.907,000
38.018.000
Iron, steel, coal, copper. &c
4,342.000
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing_
3,250,000
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding. &c
Miscellaneous
Total corporate securities
22,157.000
42,360.000
Financial Chronicle
Volume 136
907
DETAILS OF NEW CAPITAL FLOTATIONS DURING JANUARY 1933.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
To Yield
About.
Railroads
12,000,000 Repay R.F.C.loan; construction__ 100
Public Utilities
5,000,000 Refunding; additions, extensions--
5.00 The Cincinnati Union Terminal Co. 1st Mtge. C 5s, 1957. Offered by J. P. Morgan de Co.;
Kuhn, Loeb & Co.; First National Bank, N. Y.and National City Co.
4.12 Consolidated Gas Electric Light & Power Co. of Baltimore 1st Ref. Mtge. 4s, 1981. Offered by
Aldred es Co.; Lee, Higginson Corp.: Chase Harris Forbes Corp.: Brown Brothers Harriman &
Co.; the First of Boston Corporation of Mass.' Jackson & Curtis; Spencer Trask dr Co.: White,
Weld & Co.: Blyth & Co., Inc. and Chase &
5.00 Dallas Power & Light Co. 58 .1.1, 1952. Offered by Lee, Higginson Corp.; Chase Harris Forbes
Corp. and Coffin dr Burr, Inc.
6.35 Lake Erie Power & Light Co. 1st & Ref. Mtge. 68 C, 1952. Offered by Coffin & Burr, Inc. and
F. L. Putnam dr Co., Inc.
5.52 Lowell Gas Light Co. 1st Mtge. 5 As, 1947. Offered by Halsey Stuart & Co., Inc.
5.25 Ohio Edison Co. 1st & Cons. Mtge. 58, 1960. Offered by Drexel & Co.and Bonbright dr Co.. Inc.
4.17 Providence Gas Co. 1st Mtge. 48 B. 1963. Offered by Lee, Higginson Corp.; White Weld & Co.and
Industrial Trust Co., Providence.
4.69 Union Electric Light & Power Co.(Mo.) Gen. Mtge. 434s, 1957. Offered by Dillon, Read de Co.:
Chase Harris Forbes Corp.; Spencer Trask dr Co.; Bankers Trust Co.: Stone & Webster and
Biodget, Inc.; N. W. Harris Co., Inc. and Blyth & Co., Inc.
5.42 Washington Gas Light Co.(Waskington. D. C.) Ref. Mtge. 5s, 1958. Offered by Chase Harris
Forbes Corp.; National City Co.: H. M. Byllesby & Co., Inc.; the N. W. Harris Co.. Inc. and
E. H. Rollins & Sons. Inc.
97,1
500,000 General corporation purposes---- 100
475.000 Impts.; addn's; expenditures
950.000 Refunding
8,000,000 Refunding; addn's; Improvements_
3,250,000 Refunding; other corporate purp
11,250,000 Refund bonds dr real est. notes
8,500,000 Refunding; other Corp. purposes
Company and Issue and by Whom Offered.
96
99A
96
97
9731
9411
37,925,000
SHORT.TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Public Utilities
-5,500,000 Retire, short term notes; other
corporate purposes
1,500,000 Refunding
Price.
To Yield
About.
5.75 Hackensack Water Co. Five-Year 5% Sec. Cony. Notes Jan. 1 1938. (Convertible into a like Principal amount of gen. eft ref. mtge. 5%% bonds B June 15 1977 at any time up to June 30 1937.)
Offered by White, Weld & Co.: Kean, Taylor & Co. and Roosevelt & Son.
8.00 New York Water Service Corp. Three-Year 6% Notes Nov. 30 1935. Offered to holders of company's one-year 6% notes due Nov. 30 1932.
9631
100
7,000,000
Iron, Steel, Coal, Copper,&c.
4,342,000 Refunding
Company and Issue and by Whom Offered.
100
6.00 Lehigh Valley Coal Co. Five-Year 6% Notes Jan. 1 1938. Offered to holders of company's let
Mtge. 4% and 5% bonds maturing Jan. 1 1933.
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
Other Indus. and him—
2,500.000 Construct new plant; ext. of fedi--
•750,000shs Construct new plant; wkg. capital_
(a) Amount Price
To Yield
Invoked. Per Share. About.
2,500,000 100
750,000
1
Company and Issue and by Whom Offered.
6.00 Freeport Texas Co. 6% Cum. Cony. Pref. (Convertible into common stock at any time
on or before Feb. 1 1945, at rate of 33 shares of common for each share of preferred up
to Feb. 1 1938 and at rate 01 234 shares COMMOn thereafter loud Feb. 1 1945.) Offered
by Kidder, Peabody & Co.
The Lockman Brewing Co.(Ohio) Class A stock. Offered by Carruthers de Back, Ctn.
3.250,000
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
Price.
To Yield
About.
Offered lat
-
9,500,000 Federal Intermediate Credit Banks 234%
coll, trust deb. dated Jan. 16 1933 and due in
6 and 9 months. to provide funds for loan
purposes
Price on applIca'n Charles R. Dunn. Fiscal Agent, New York.
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No. (s) Amount
of Shares. Involved. Price,
To Yield
About
Company and Issue and by IYhom Offered.
40,000 she.
100.000 2.50
___%_ Acme Brewing Co. (Calif.) Common stock. Offered by E. Graham Elliott & Co., Los Angeles.
•Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes
of common stocks are computed at their offering prices,
The Course of the Bond Market.
After selling off in the early part of the week, bonds
turned upward on Tuesday and made a marked recovery
during Thursday's trading, when transactions were the
heaviest in a month's time. Railroad bonds, particularly
the more speculative issues, led the advance. At the same
time, hearings were being held in Washington before the
Senate banking sub-committee regarding loans by the
Reconstruction Finance Corporation to the railroads. Also
on Thursday the directors of Union Pacific Railroad Company voted to continue the company's dividend at the $6
annual rate. Utility and industrial bonds did not participate
to as great an extent as railroad bonds in the rise, but made
some gains. Moody's averages of 120 domestic bonds
closed the week at 83.23, compared with 82.38 a week ago
and 83.11 two weeks ago.
Net changes in U. S. Government obligations during the
past week were limited to small fractions, with a general
tendency to weakness. Short term quotations were practically unchanged. Moody's average of prices of seven long
term Treasury issues was 103.37 on Friday, compared with
103.77 the week before and 103.66 two weeks ago.
Railroad bonds tended toward weakness during the first
half of the past week but strength predominated during
the second half, particularly in the more speculative issues.
Fluctuations in high grade bonds were limited for the most
part to fractional changes, but gains up to five points were
registered for a large number of second grade and low grade
issues. .Among the latter were the obligations of the Missouri Pacific which strengthened on report of an early
voluntary readjustment of capitalization and fixed charges
not entailing receivership. The 5s, 1977,advanced from 22%
to 243/2 and the St. Louis, Iron Mountain & Southern 4s,
1933, from 47 to 52. Bonds depending for their position on
the price of Chesapeake & Ohio common stock improved,
Chesapeake Corporation 5s, 1947, from 71% to 74% and
3
/
Alleghany Corporation 5s, 1944,from 325i to 35%. Chicago
& North Western 5s, 1933, advanced from 60% to 67%,
on the announcement of approval of a large loan from the
Reconstruction Finance Corporation, part of which would
be used to pay one-half of the maturing principal in cash,
the other half to be paid in General Mortgage bonds. Southern Railway 4s, 1956, advanced from 20% to 23 and
Baltimore & Ohio 5s, 1995, from 38% to 433/s. Moody's
index of 40 railroad bonds closed at 77.77 on Friday; was
76.25 the Friday before, and 76.25 two weeks ago.
After moving about in a more or less uncertain manner
in the early part of the week, utility bonds went ahead on
Thursday with the rest of the market. Bonds showing
marked strength on that day were Birmingham Gas 53,
1959; Indiana Hydro-Electric 5s, 1958, and West Penn
Electric 5s, 2030. There was unusually heavy trading in
American & Foreign Power 5s, 2030, which gained one point
for the day. The securities of Associated Telephone Utilities
Company and affiliated companies were somewhat weak,
due to application for receivership for the parent company.
Moody's index of 40 utility bonds stood at 85.99 on Friday,
85.99 the week before and 87.56 two weeks ago.
Industrial bonds were somewhat higher in some instances,
with the general market this week, but were affected in
other cases by unfavorable circumstances. Rubber company
bonds held relatively well in the face of a further reduction
in tire prices although moderately lower levels prevailed for
the Goodyear, Goodrich, Firestone and Fisk issues. The
bonds and notes of U. S. Rubber Company steadied after
Feb. 11 1933
Financial Chronicle
908
the sharp decline of the previous week, which presumably
reflected the uncertainty regarding payment of the large
6% note issue maturing June 1 1933. Better grade steel
matter of fact, the market as a whole was relatively strong,
advances being recorded in Austrian, Australian, Brazilian,
Finnish, Norwegian, Polish and even Peruvian bonds.
bonds have not generally declined to lower prices as might
have been expected from the very large operating losses
too, lost several points.
currently being reported for 1932. In most cases steel
companies have maintained sound current finances, removing the danger of interest omission, despite large losses.
Argentine issues fell off somewhat, while Danish obligations,
Japanese bonds showed irregular
price movements, while Italian bonds moved fractionaly
'
Canadian dollar issues also were down. Moody s
lower.
averages show relatively good gains in price over the past
week for all ratings, but very pronounced gains for the lowest
Bondholders apparently generally assume that business will
improve before the financial strength is alarmingly depleted.
rated foreign bonds.
Medium grade oils were irregular but did not generally
continue the declines of the previous week. Transmission
at 10.05% on Friday, compared with 10.20% a week ago
and 9.88% two weeks ago.
bonds were steady except for the General Cable 53'2s, 1947,
which were down to 3 points at 50. Among motor issues,
-point rally to 373/2. These
Studebaker 6s, 1942, had a 4
bonds have been moving over a wide range recently. Moody's
Municipal bonds during the past week remained firm,
with activity limited. Dealers' stocks were low and caution
generally prevailed. New York City issues were firm, with
short terms quoted on a 44% basis, contrasted with a 43i%
basis early in the week. Suit was instituted against the City
of Calgary to enforce payment in U. S. funds on obligations
index of industrial bonds stood at 86.25 on Friday, compared
with 85.48 and 86.38 one and two weeks ago, respectively.
Last week's foreign bond market was characterized by a
As a
noticeable recovery in German government issues.
dur Jan. 1 1933.
Moody's computed bond prices and bond yield averages
are shown in the tables below:
MOODY'S BOND YIELD AVERAGES.
(Based on Individual Closing Prices.)
MOODY'S BOND PRICES.'
(Based on Average Yields.)
1933
Daily
Averages.
All
120 Domestics by Ratings.
120
Domes
Baa.
A.
Aa.
Awl.
tic.
120 Domestics
by Groups
RR.
P. U. /mien,
83.23
83.11
82.50
82.38
82.14
82.26
82.38
82.50
83.11
105.89
105.89
105.89
105.72
105.37
105.37
105.37
105.54
105.89
92.68
92.82
92.39
92.25
92.10
92.39
92.53
92.68
92.82
81.54
81.54
80.72
80.49
80.26
80.60
80.49
80.60
82.18
62.48
62.25
61.41
61.49
61.11
61.26
61.34
61.56
62.40
77.77
77.55
76.57
76.35
75.92
76.25
76.25
76.46
77.00
85.99
86.12
85.87
85.99
85.74
85.99
85.99
86.25
86.91
86.25
86.25
85.61
85.48
85.35
85.23
85.48
85.48
85.99
83.11
82.99
83.85
81.66
82.62
57.57
93.55
62.56
105.54 92.39
105.03 91.81
105.54 92.25
104.85 90.69
103.99 89.72
85.61 71.38
108.96 101.64
87.96 76.03
81.18
81.07
81.90
79.34
78.55
54.43
92.97
69.87
62.95
63.11
64.31
61.56
67.86
37.94
78.55
42.58
76.25
75.09
75.71
71.96
78.99
47.58
95.18
53.22
87.56
88.23
89.17
88.23
87.69
65.71
96.85
73.55
86.38
86.64
87.56
86.38
85.61
62.09
90.55
63.74
71.67
91.39
79.91
69.49
54.37
68.31
76.78
70.24
02 00
lelst 17
Inn 02
09 In
7229
0172
0172
an 66
120 Domestics
by Groups.
AU
120 Domestics by Rai ngs.
1933
120
Domes.Dafiy
Baa.
A.
Aa.
Aaa.
Averages. M.
Feb. 10._
9__
8__
7__
6__
4__
3__
2._
I__
Weekly
.
Jan. 27_
20._
13._
6__
Low 1932
High 1932
Low 1931
High 1931
Yr. AgoFeb.10'32
2 Yrs.Ago
5.94
6.95
6.00
6.01
6.03
6.02
6.81
6.00
5.95
4.40
4.40
4.40
4.41
4.43
4.43
4.43
4.42
4.40
5.95
5.96
5.89
6.07
5.99
8.74
5.17
8.05
4.42
4.45
4.42
4.46
4.51
5.75
4.34
5.57
7.00
5.32
R1
rwh 11,
219
4.43
RR.
40
ForP. U. Indus. dims.
6.08
6.08
6.15
6.17
6.19
6.16
6.17
6.16
6.11
8.06
8.09
8.20
8.19
8.24
8.22
8.21
8.18
8.07
6.41
6.43
6.52
6.54
6.58
6.55
6.55
6.53
6.48
5.72
5.71
5.73
5.72
5.74
5.72
5.72
5.70
5.65
5.70
5.70
5.75
5.76
5.77
5.78
5.76
5.76
5.72
10.05
10.04
10.08
10.19
10.19
10.22
10.20
10.11
10.03
6.11
6.12
8.05
6.27
6.34
9.23
5.21
8.41
8.00
7.98
7.83
8.18
7.41
12.96
6.34
11.64
6.55
6.66
6.60
6.97
8.30
10.49
5.06
9.43
5.60
5.55
5.48
5.55
5.59
7.66
4.95
6.81
5.69
5.67
5.60
5.69
5.75
8.11
5.38
7.90
9.88
9.85
9.62
9.98
9.38
15.83
6.57
16.53
7.23
9.24
7.36
6.50
7.15
13.21
5.27
meg000tmeg .toon.fftat.
eineacienm eaciNmw,Ro.4
Feb...10
9
8
7
6
4
3
2
1
Weekly
Jan. 27
20
13
s
HIgh 1932
Low 1932
High 1931
Low 1931
Year Ago
Feb. 10, 1932
Two Years Ago....... ,, ,flq,
The average yield on 40 bonds stood
6.36
5.09
5.09
5.38
6.89
eNotc-These prime are computed from average yields on the basis of one "ideal" bond (4b% coupon, maturing in 31 years) and do not purport to show either
the relative
the average level or the average movement of actual price quotations. 'They merely serve to Illustrate In a more comprehensive way the relative levels and
movement of yield averages, the latter being the truer picture of the bond market.
:The last complete list of bonds used In computing these Indexes was published In the "Chronicle" on January 14, 1933, Page 222. For Moody's Index of bond prices
by months back to 1928, refer to the "Chronicle" of Feb.8, 1932, page 907.
Indications of Business Activity
THE STATE OF TRADE -COMMERCIAL EPITOME.
Friday Night, Feb. 10 1933.
Business in general in the United States remains for the
Great storms have interfered with it to
most part quiet.
some extent.
They were of blizzard size and the severest
of the winter, spreading over most of the country. Exceptions, however, to the general slowness of trade appear
here and there.
Morevoer, mercantile failures in January
this year were 15.6% less in number and 18% less in money
involved than in January last year.
of automobiles increased 5%.
The January output
The steel production at
Youngstown, Ohio, has just risen to 23% and in the Cleveland district to 43%.
The stock market has latterly ad-
there are very quiet.
Textile factories are doing fairly well
and rayon plants are very active. It appears, too, that
many wool and worsted mills are busier than they were a
year ago.
Shoe manufacturing is increasing and sales are
up to those of last year, but are mostly of cheap goods.
The
consumption of wool in Dec. is stated as having been 27%
larger than in the same month of 1931.
In Minneapolis
trade is slow both at wholesale and retail.
In Kansas City
trade was helped by colder weather, though dollar volume
continued below that of last year.
In Philadelphia the out-
put of shoes increased and textile orders were also somewhat
larger.
Barter between producer and wage earner is being sys"
tematized by business associations. "Share-the-work drives
are said to be having good results among the unemployed.
In Chicago sales of automobiles increased after an unex-
San Francisco reports coast business dull and eggs are the
lowest there in 10 years; beneficial rains have fallen. At
Louisville, Ky., tobacco manufacturing companies have re-
pectedly good attendance at the automobile show and wholesale trade there rather exceeded expectations. Retail trade
sumed production on full time after the lay-off at the first of
the year, but other manufacturing lines there are on curtailed
aggressiveness
was irregular, the sales apparently varying according to the
of the advertising. Steel production remained unchanged. In Cleveland business in some lines
schedules. At Jacksonville, Fla., there has been increased
freight and passenger traffic but low prices have hit local
produce markets and one third of the celery crop will probably
was reported better. Steel mills were working at 43%, a
gain of 2%. At Youngstown the output was up to 23% and
tin plate mills to 45. Finished steel prices were irregular but
be plowed under. Tomato growers protest against any lowering of the tariff. At Richmond, Va., both wholesale and
retail business is quiet including that in clothing.
was rather steadier. Automobile registrations in
Cleveland in Jan. exceeded those of Jan. last year by about
10%. Clothing makers were operating at near capacity on
spring goods. At St. Louis retail business is slow, but
Wheat has latterly advanced because of a severe drop in
the temperatures of the winter wheat belt and a fear that considerable damage may have been done though it is also true
vanced on larger transactions with bonds also more active
and higher.
scrap
merchants are stimulating it as much as possible by vigorous
advertising and some industries show improvement. The
lead and zinc trades, however, remain much depressed because of the low prices prevailing. Boston reports business
in New England as marking time. Clothing and allied lines
that heavy snows have fallen, thereby in some measure relieving the drouth in parts of the belt, and reactions have
occurred. Corn has advanced whenever wheat has and of
other grains the same may be said. Cotton has been more
or less unsettled but on the whole has recoiled from levels
below 6 cents as selling has fallen off whenever the price
Volume 136
Financial Chronicle
dropped very much under that figure. It is also stressed in
Washington talk that a pool may be authorized to take over
some 3,500,000 bales of Farm Board cotton and hold them
off the market next season as a possible offset to any increase
in the crop. There has been a big movement from towns and
cities back to cotton farms and it seems a natural inference
that the cotton acreage is bound to be correspondingly increased but the idea is that the pooling of the quantity of
cotton mentioned would offset this, and a,ccordingry the proposal has had a more or less bullish effect on cotton prices
this week. Other factors favorable to its strength have been
the strength in stocks and grain, increased activity in cotton
goods at an advance in prices and reports that more than
30,000,000 yards of gray cloth have been sold within a few
days.
The stock market on the 4th declined a fraction on trading
in 419,840 shares and bonds were weak and irregular. German bonds led the decline with a drop of 154 to 2 points.
The total bond transactions were $5,010,000. It was a day
of no really interesting events. On the 6th inst. stocks
declined at first but rallied later with wheat and a sharp rise
in German bonds, closing at a fraction higher. The General
Motors Company did not reduce its dividend on its common
stock as some had expected and this had a heartening effect
on Wall Street. Sterling rose 35 cents. The sales of
4
stocks were 670,621 shares. Domestic and some foreign
bonds were irregular and U. S. government bonds were
easier. German bonds were 254 to 3 points higher and in
general most foreign bonds acted less depressed than recently. The total transactions in bonds were $9,330,000.
On the 7th stocks made a fractional advance with business,
however, amounting to only 584,745 shares. The market
was without striking incident. Some ignored the fact that
General Motors declared the usual dividend. Domestic and
foreign bonds were higher in irregular fashion but German
bonds were 1 to 3 points up showing a distinctly firm tone.
United States Government issues were a bit irregular.
On the 8th stocks had a fractional advance, but the tr• in
was still small, reaching only 723,725 shares. Grain was
higher and cotton firm. The real event of the day, so far as
there was any, was a rise in foreign bonds, again led by
German issues but also attended by brisk buying of South
American bonds. Total sales were $9,600,000. London's
stock market was cheerful, Paris a bit depressed, but Berlin,
where a recovery has latterly been under way, continued to
rise. Stocks on the 9th advanced further, 1 to 3 points with
growing hopes of a better trade this spring and the sales up
to 1,080,123 shares. Bonds were up in many cases 2 to 4
points for domestic corporation bonds with total sales increased to $13,100,000, the largest in a month. German
and French bonds reacted a little after the recent hurried
advance and United States Government issues were irregular. Taken altogether, it was a more hopeful day in Wall
Street. The dividend on the preferred stock of the J. I.
Case Co. was reduced for the quarter from $1.75 to $1 but
this was announced after the close of the market.
To-day after an early show of strength, stocks reacted
with wheat in the afternoon and closed irregularly lower.
Trading became increasingly dull on the decline and the
volume of trading sagged back to 723,441 shares. Week-end
news was about evenly distributed as far as bullish or bearish
factors were concerned. Tobacco stocks were weak on further
talk of price cutting of cigarettes. U. S. Steel reacted on the
tonnage report showing a drop of 69,496 tons in unfilled
orders, and the American Tel. & Tel. report, although pretty
well discounted, showed a sizable discrepancy between yearly
earnings and dividends paid. On the other hand, railroad
stooks acted well, tractions were steady, and motor production for January showed an increase. It is worthy of note
that leaving out the Ford production, General Motors
apparently manufactured 62% of the total output for the
month. Bonds were dull and as a rule slightly lower. U. S.
Government issues declined, as did Canadian and German
bonds. The action of some Canadian municipalities recently
in meeting obligations payable in United States funds with
Canadian dollars at their prevalent discount can hardly
fail to have a depressing effect on all Canadian bonds even
though such action is deprecated by the Dominion government. Domestic issues were irregular. Total sales amounted
to approximately $9,800.000.
As to the weather, on the 4th rains occurred in the South
Atlantic and East Gulf region and snows in the middle Atlantic States. It snowed in N. Y. City all day and into the
night with temperatures of 28 to 35. Temperatures fell in
909
the upper lake region and in the Ohio and middle Mississippi
Valleys. Kansas City had 10 to 36, Cleveland 28 to 32,
Chicago 18, Omaha zero to 12, Boston 28 to 38, Philadelphia
32 to 34. On the 5th New York had a 57
-mile gale and a
sudden drop in the temperature to 15. Two deaths occurred
from slippery pavements. The snow and ice were difficult
to remove and 13,357 jobless found work on Sunday. In
all 23,057 employees of the Department of Sanitation divided into 12 hour shifts worked to clear the dangerous streets
after a new snow fall early on the 5th. In Chicago it was
down to zero. In Minnesota heavy snows fell and at Duluth
it was 10 below zero and St. Paul 18 below. Fargo, N. D.,
had 8 below. Nebraska and Iowa were not so cold. In
general there was a noticeable reaction throughout the country and the prolonged spell of extraordinarily mild weather.
On the 6th it was warmer and pleasant here.
On the 7th the N. Y. temperatures were 28 to 44 but a
cold blizzard struck the Central West, the worst storm in
years. In Chicago a snowfall of 10 inches closed the schools
to 500,000 pupils and a fall in the temperature to 10 degrees
below zero there was predicted. It was actually 55 below
in Wyoming. Duluth, Minn. was 30 below and Minneapolis
22 below, its coldest day in four years. The blizzard swept
up from North Texas, Oklahoma, Kansas and Missouri,
striking Chicago on the 7th. As far south as Oklahoma the
schools were closed. Snow was predicted for Memphis,
Tenn. Roads were blocked some times by drifts 16 feet
high and 43 airplanes it turned out failed to make their
scheduled arrivals or departures at the airdrome at Newark,
N. J. A cold wave was predicted for New York City for
the night of the 8th.
On the 8th it was 63 degrees here, the warmest Feb. 8th
ever recorded,but the threatened cold wave came later with
a drop to 27 degrees in 8 hours and to 18 by 3 a. m. But no
snow came. West of the Appalachians, however, the country
was blanketed heavily with snow and temperatures ranged
from zero down to 55 degrees below zero, the latter in Wyoming. It was 49 below in Minnesota, 45 on Pikes Peak,
41 at Leadville, Colorado, 38 below in North Dakota and
18 below in Iowa. A number of persons were frozen to death.
Airplane, bus and railroad traffic was virtually paralyzed in
many sections. Chicago had 2 below. But Alaska had 28
above as against 65 below two weeks ago. Boston had 66
above. In California citrus crops had to be protected from
the cold wave.
The temperature fell to 11 degrees here on the 9th or a
drop of 52 degrees in 16 hours. Late on the 9th somewhat
warmer weather was promised. Meanhwile the severest
cold wave of the winter gripped almost the entire country.
Heavy snow storms occurred in western New York; 2
to 6 inches falling in the Rochester and Syracuse areas,
where it was 4 below zero. It was zero to 16 below in other
parts of northern New York. There were deaths from the
cold all over the country and lodging houses were jammed with
the unemployed. In Chicago it was 6 to 18 below zero and
27 people died of the cold. Boston had 10 to 26 above and
Philadelphia, 16 to 26. It was intensely cold in California
and much damage was done to fruit crops.
To-day it was 10 to 22 degrees here. Overnight it was 10
to 26 at Boston,8 below to 2 below zero at Chicago; 2 below
to 4 above at Cleveland; 4 to 10 above at Cincinnati; 12
below to 2 below zero at Detroit; 6 below at Milwaukee;
2 to 8 above at Indianapolis;6 below to 10 above at Bismarck;
2 to 6 above at Kansas City; 10 below to 2 below at St. Paul;
14 to 6 below at Denver; 10 below to 4 above at Salt Lake
City; 44 to 58 at Los Angeles; 18 to 24 at Portland, Ore.;
42 to 58 at San Francisco; 24 to 28 at Seattle. and 10 below
to 6 above at Winnipeg.
Loading 1of Railroad :Revenue Freight Still [Small.
Loading of revenue freight for the week ended on Jan. 28
totaled 472,088 cars, the Car Service Division of the American Railway Association announced on Feb. 4. This was a
decrease of 24,346 cars below the preceding week, 88,255
cars below the corresponding week in 1932 and 247,309 ears
under the same period in 1931. Details follow:
Miscellaneous freight loading for the week of Jan. 28 totaled 152,580 cars,
a decrease of 4,891 cars below the preceding week, 30,437 cars under the
corresponding week in 1932 and 97,869 cars under the same week in 1931.
Loading of merchandise less than carload lot freight totaled 160,768 cars,
an increase of 469 cars above the preceding week but 27,206 cars below the
corresponding week last year and 50,171 cars under the same week two
years ago.
Grain and grain products loading for the week totaled 25,254 cars,
1,503 cars below the preceding week, 7,727 cars below the corresponding
week last year and 17,274 cars below the same week in 1931. In the western
Districts alone, grain and grain products loading tor the week ended on
Financial Chronicle
910
Jan. 28 totaled 15,828 cars, a decrease 01 5,752 cars below the same week
last year.
Forest products loading totaled 14,171 ears, 377 cars below the preceding
week, 4.793 cars under the same week in 1932 and 21,852 cars below the
corresponding week in 1931.
Ore loading amounted to 1,493 cars, a decrease of 794 cars below the week
before, 1,323 cars below the corresponding week In 1932 and 4,142 cars
under the same week In 1931.
Coal loading amounted to 95.993 cars, a decrease of 16.074 cars below
the preceding week. 12.168 cars below the corresponding week In 1932, and
45.711 cars under the same week in 1931.
Coke loading amounted to 4,441 cars. 926 cars below the preceding week,
764 cars below the same week last year and 4,457 cars below the same week
two years ago.
Live stock loading amounted to 17,388 cars, a decrease of 250 cars below
the preceding week, 3,837 cars below the same week last year and 5,833
cars below the same week two years ago. In the Western Districts alone,
loading of live stock for the week ended on Jan. 28 totaled 13,757 cars, a
decrease of 3,208 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared with the same week in 1932 and 1931.
Loading of revenue freight in 1933 compared with the two previous years
follows:
Feb. 11 1933
1933.
1931.
571,678
572,649
562,101
560,343
713,128
725,212
715,474
719,397
1.910,496
Total
1932.
435,652
506,322
496,434
472,088
Week ended Jan. 7
Week ended Jan. 14
Week ended Jan. 21
Week ended Jan. 28
2.266.771
2.873.211
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended Jan. 28. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind those
of the general totals-that is, are for the week ended Jan. 21.
During the latter period a total of 21 roads showed increases
over the corresponding week last year, the most important
of which were the Chesapeake & Ohio Ry., the Norfolk &
Western By., the Delaware & Hudson Co. and the Pere
Marquette Ry.
-WEEK ENDED JAN. 21.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
Railroads.
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
1933.
- 1933.
1932.
2,405
3,536
9,297
740
3,533
12,454
569
318
4,133
8,071
2,273
1,773
9,685
793
310
4,921
9,131
2,141
2,088
11,099
045
23,295
27,958
32,534
27,046
30,635
.4,600
7,755
10,156
135
1,127
6,794
1,476
16,844
1,979
294
267
4,323
7,925
11,165
135
1,294
7,117
1,434
18,686
1,666
358
335
7,624
8,413
14,337
194
1,611
9,640
2,342
25,232
1,640
467
470
5,173
4,462
11.248
1,520
801
5,768
28
21,878
1,864
27
181
6,199
5,749
11,806
1,855
897
5,770
18
24,215
1,727
17
218
51,427
54,438
71,970
52,950
58,471
382
1,352
7,152
*16
178
200
1.167
3,039
5,210
2,805
3,571
4.020
2,486
937
4,713
2,511
547
1,496
8,175
47
229
251
1,149
3,013
5,875
3,336
4,093
3,995
3,200
820
5,225
2,500
584
1,805
9,400
46
274
250
1,943
3,643
6,013
4,788
4,670
4,791
4.680
1,251
6,244
2,990
883
1,540
10,249
41
71
2.467
1,056
5,511
7,648
122
7.347
4,221
3,522
553
6,452
1,568
951
1,814
10.093
90
90
2,455
1,074
5,821
8,266
152
7.881
3,927
4,063
710
6,668
1,976
39,739
43,951
54,272
53,251
56,032
Grand total Eastern DistriCt- 114,461
126,347
158.776
133,247
145,138
Allegheny District
22,619
Baltimore & Ohio
636
Bessemer & Lake Erie
223
Buffalo Creek & Gauley
5,138
Central RR. of New Jersey.-__
_
Cornwall.
Cumberland & Pennsylvania....
270
186
Ligonier Valley
892
Long Island
47,469
Pennsylvania System
10,107
Reading Co
2,991
Union (Pittsburgh)
53
West Virginia Northern
2,403
Western Maryland
24,845
826
138
5,347
309
299
195
1,144
57,154
12,391
4,845
61
2,979
33,853
1,376
211
8,699
3
490
163
1,198
72.360
16,607
7,961
81
3.263
11,054
630
5
8,606
40
22
8
2.532
27,512
13,247
591
12,173
981
4
9,755
69
15
8
2,895
31,923
15,248
944
3,361
92,987
110,533
146,265
67,608
77,587
1931.
267
608
604
3,088
215
1,130
742
267
686
18,403
15,682
106
152
1,883
2,639
776
454
216
689
648
3,865
314
1,055
935
404
1,037
22,278
23,647
116
190
2,218
3,274
686
730
1933.
1932.
3,572
Eastern District
Group A:
Bangor dr Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N.H.& Hartford-Rutland
Total
Group B:
Delaware & Hudson
Delaware Lackawanna & West..
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pitts. Shawmut &NorthernTotal
•
Group C:
Ann Arbor
Chicago Ind. & Louisville
Cleve. Cin. Chic. & St. LouisCentral Indiana
Detroit & Mackinac
Detroit & Toledo Shore LineDetroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louts_
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia
Wabash
Wheeling & Lake Erie
Total
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup A:
Atlanta Coast Line
Clinchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Seaboard Air Line
Southern System
Winston-Salem SouthboundTotal
Group B:
Alabama Tenn.& Northern- -Atlanta Birmingham & Coast--West.RR.of Ala
Atl.& W.P.
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville dr Nashville
Macon Dublin & Savannah...-.
Mississippi Central
Mobile & Ohio
Nashville Chatt.& St. Louis.-New Orleans-Great Northern__
Tennessee Central
17,540
14,429
758
2,729
23,305
17,022
833
3,876
5,545
3,150
954
504
4,991
3,154
1,219
338
36,844
35.456
45,036
10,153
9,702
7,915
829
306
129
53
1,310
467
300
6,274
17,948
144
8,936
894
333
204
53
1,517
537
387
7,187
19,563
190
12,041
1,302
571
182
93
1,785
536
395
8.962
24,086
203
3,961
1,325
802
294
89
923
712
3,206
3,061
9,859
543
4,217
1,05)
750
265
66
1,041
796
3,468
3,066
10,206
907
35,675
39,801
50,156
24,775
25,841
142
573
784
1,963
142
548
1,098
278
665
7,402
3,070
393
213
1,052
1,921
301
636
222
636
919
2,116
181
493
1,152
288
565
7,406
3,369
333
234
962
1,884
248
519
44,286
47,702
62,311
21,241
21,527
Grand total Southern District--
79,961
87,503
112,467
46,016
47,368
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St.Paul & Pacific._
Chic. St. Paul Minn.& Omaha_
Duluth Missabe & Northern....
Duluth South Shore & Atlantic.
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern__
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie-Northern Pacific
Spokane Portland & Seattle-.
499
11,754
1,966
14,963
2,879
396
364
2,585
204
7,129
458
1,475
3,972
7,114
a668
1,017
13,751
2,473
17,491
3,158
470
403
3,243
274
7,503
522
1,825
4,431
7.811
811
1,609
18,777
2,810
21,719
5,016
976
911
5,718
288
9,692
549
2,488
5,879
10,013
962
1,248
6,725
1,821
5,387
1,949
55
307
3,235
125
1,400
269
1,179
1,469
1,439
915
1,129
8,145
2,244
6,413
2,444
90
285
4,157
131
1,720
353
1,231
1,623
1,745
1,016
56,426
65,183
87,407
27,523
32,726
17,365
2,381
129
12.340
10.127
2,297
824
2,088
337
1,235
328
105
9,816
253
264
10,023
654
792
19,662
3,145
152
15,547
12.972
2.675
1,309
2.608
464
1,965
461
104
12.227
236
267
12,880
767
1,112
23,813
3,520
213
21,283
15,137
3,121
1,312
3,560
532
1,243
642
105
16,396
307
263
14,389
848
1,323
3,557
1,406
24
4,843
5,347
1,705
709
1,257
12.
1,013
220
60
2,399
276
980
4,649
7
954
3,809
1,697
27
5.496
6,470
1,835
786
1,571
2
775
220
84
3,347
206
676
5,564
9
1,233
71.358
88.553
108.007
29,118
33,807
86
135
190
1,502
55
2,070
169
1,410
1,089
231
653
65
4,352
12,859
52
138
7.150
82,161
572
4,725
3,380
a1,344
19
138
168
285
1,810
81
1,682
233
1,538
1,328
270
735
73
4.640
13,813
40
127
7,669
2,452
635
5.800
3,539
1,446
24
44,397
48,526
Total
Total
Central Western District
Atch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy._
Chicago Rock Island & Pacific
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western.
Denver & Salt Lake
Fort Worth & Denver City --Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph dr.Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
18,234
14,654
706
3,250
156
595
605
2,720
199
970
862
239
666
16,836
15,384
125
141
1,614
2,374
447
353
Southwestern District
Alton & 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.Louls
Weatherford Min.Wells & N.W.
Total
CC
ON
.N
4 o act
OWNA.ON-41
;-Cl0000lOW.i.WW.-.No..oNANNNON.O
2,111
3,163
7,856
534
2,450
11,326
518
1932.
mceolzww.
1,489
2,695
6,539
558
2,319
9,183
512
1933.
2,663
570
94
1,006
33
2,124
780
1,466
959
437
162
403
2,244
7,093
25
71
2,717
1,332
327
2,531
3,469
2,048
49
67,516 I
29,012
32,593
to0
1931.
Total Loads Received
from Connections.
ae
N.-0000-40.Pw.00=0w00.
1932.
Total Revenue
Freight Loaded.
Railroads.
*Figures of preceding week
Slight Decrease Noted in Wholesale Price Index of
United States Department of Labor During Week
Ended Feb. 4.
The Bureau of Labor Statistics of the U. S. Department
of Labor announces that its index number of wholesale prices
for the week ended Feb. 4 stands at 60.0 as compared with
60.4 for the week ended Jan. 28, showing a decrease of
0.7 of 1%. Continuing, the Bureau said:
These index numbers are derived from price quotations of 784 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 ending Jan. 7, 14, 21, 28 and Feb. 4 1933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS 01' JAN. 7, 14.
21, 28, AND FEB. 4 1933.
(1926=100.0.)
Week Ending
Jan. 7. Jan. 14. Jan. 21. Jan. 28. Feb. 4.
MI 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
61.9
43.8
58.1
68.9
52.7
68.1
79.1
70.7
72.0
73.3
61.4
62.0
45.2
58.2
69.2
52.3
67.8
79.0
70.6
72.1
73.3
61.5
61.2
43.0
56.0
69.0
51.9
67.6
78.2
70.3
71.9
72.8
60.8
60.4
41.3
54.1
68.6
51.8
65.2
78.2
70.2
71.9
72.8
60.8
60.0
40.2
53.6
68.3
51.4
64.7
78.1
70.0
71.8
72.8
60.8
Larger Than Seasonal Decrease Reported in Department
Store Sales from January to December by Federal
Reserve Board.
Preliminary figures on the value of department store
sales show a decrease from December to January of somewhat more than the estimated seasonal amount. The Federal Reserve Board's index, which makes allowance both
for number of business days and for usual seasonal changes,
was 59 in January on the basis of the 1923-1925 average as
100, compared with 62 in December and 65 in November.
The Board, in announcing this on Feb. 10, added:
In comparison with a year ago the value of sales for January, according
to the preliminary figures, was 24% smaller.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
January.*
Number of
Reporting
Stores.
Number
of
Cities.
-27
-25
-22
-22
-18
-23
-25
-23
-21
-20
-18
-27
48
54
30
29
50
19
, 60
21
16
19
22
71
24
27
12
13
21
13
33
9
10
14
10
25
-24
Total
439
211
*Figures preliminary; in most districts the month had the same number of business
days this year and last year.
Moody's Daily Index of Staple Commodity Prices.
The Daily Index of Staple Commodity Prices, compiled
by Moody's Investors Service, showed a sharp recovery from
the low points reached last week and then eased off during
the last two days. Last Saturday, the first day of the week
in review, saw the culmination of the depressing influences of
last week, when a new low mark was set on three successive
days, the last one being 78.7. The Index then recovered
sharply, reaching 81.6 on Wednesday, most of the gain being
due to an increase of almost 25% in hog prices as a result of
greatly reduced arrivals in Chicago during the extreme cold.
Wheat and cotton also advanced on the weather reports.
During the last two days hogs and wheat lost part of their
gains, and this more than offset slight gains in some of the
other commodities.
At the close of the week, nine of the fifteen commodities
showed gains of varying proportions, wool and silver were
slightly lower, while steel, copper, lead and coffee were
unchanged.
The movement of the Index for each day of the past week,
with comparisons, is shown below:
78.7
79.7
80.9
81.6
81.3
81.1
Week ago Fri. Feb. 3
2 wks. ago Fri. Jan. 27
Feb. 13
Year ago
1932-33 Range.
Low
Feb. 4 1933
High
Sept. 6 1932
78.9
81.0
96.4
78.7
103.9
New York Federal Reserve Bank's Indexes of Business
Activity.
"Little change in general business activity and the distribution of goods occurred during the first half of January,
as compared with the December level," said the Federal
Reserve Bank of New York in its Feb. 1 "Monthly Review."
The Bank added:
Car loadings of merchandise and miscellaneous freight increased slightly
even after seasonal adjustment, while the movement of bulk freight declined, reflecting chiefly reduced coal shipments. Department store sales
in the metropolitan area of New York during the first half of January
showed approximately the same decline from a year previous as was reported in the two preceding months. Electric power production, however,
was reduced somewhat from December to January, although the average
seasonal experience In recent years indicates no change between these
two months.
About an equal number of declines and advances from November to
December occurred in this bank's seasonally adjusted indexes of general
business activity. The volume of check transactions showed more than
the usual increase, car loadings of bulk freight advanced in contrast to the
usual reduction, and the movement of merchandise and miscellaneous
freight showed little change other than seasonal. On the other hand, sales
of department stores and chain stores other than grocery chains failed to
rise as much as usual from November to December, and the number of
business failures increased somewhat more than Is usual. Electric power
production and sales of chain grocery stores showed little change other than
seasonal.
(Adjusted for seasonal variations, for usual year to year growth, and where
necessary for price changes.)
Dec. 1931. Oct. 1932. Nov. 1932. Dec. 1932.
Primary Distribution
Car loadings, merchandise do min_
Car loadings, other
Exports
Imports
Waterways traffic
Wholesale trade
65
61
56
76
47
91
55
53
47
54
41
76
53
53
43
58
42
75
Distribution to Consumer
Department store sales, 2d Dist..„
Chain grocery sales
Other chain store sales
Mail order house sales
Advertising
Gasoline consumption
Passenger automobile regLstrations_
85
77
80
68
67
80
52
76
68
76
67
55
67
239
72
64
70
62
54
70
23p
53
58
45p
5 1)
4
40
85
68
64
67
52
29p
General Business Activity
Bank debits, outside of N.Y.City_
Bank flebits, New York City
Velocity of bank deposits, outside
of New York City
Velocity of bank deposits, N. Y. C..
Shares sold on N. Y. Stock Exch_
Life Insurance paid for
Electric power
Employment in the United States_
Business failures
Building contracts
New corporations formed in New
York State
Real estate transfers
73
68
57
53
54
42
58
53
83
71
126
103
78
71
114
36
74
54
71
80
67
62
110
25
67
39
53
82
689
63
95
30
70
48
57
77
689
62
99
23
80
54
78
49
79
40
General price levels
Composite index of wages*
Cost or 'brine* r
140
196
146r
131
178
134r
130
1779
132r
128
1759
132r
Preliminary. r Revised. * 1913 average equals 100.
Federal Reserve District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas City
Dallas
San Francisco
Sat.
Feb. 4
Mon. Feb. 6
Tues. Feb. 7
Wed. Feb. 8
Thurs. Feb. 9
Fri.
Feb. 10
911
Financial Chronicle
Volume 136
5.
Commodity Prices Again Lower During Week Ended
Feb. 4, According to National Fertilizer Association-Fourth Consecutive Decline.
Wholesale commodity prices were again lower during the
latest week according to the index of the National Fertilizer
Association. The decline during the week was smaller
than either of the two preceding weeks. The drop during
the latest week, ended Feb. 4, was three points. One
week ago the index declined six points and two weeks ago
10 points. The index has now declined for four consecutive
weeks. It last advanced during the week of Jan. 7. The
latest index number, 56.0, is a record low. A month ago
the index stood at 58.2, while at this time last year it was
63.7. (The three-year average 1926-1928 equals 100.0.)
The Association also noted under date of Feb. 6:
Only one of the 14 groups listed in the index advanced during the latest
week, six groups declined and seven showed no change. The declining
grouts were foods, grains, feeds and livestock, textiles, metals, fats and
oils and miscellaneous commodities. None of the groups showed very
large declines and the one group that advanced, building materials, moved
up but slightly.
During the latest week there were 32 price declines and 15 price advances.
During the preceding week there were 18 declines and 22 advances. Among
the individual commodities there were no sharp breaks or pronounced
advances. Such commodities that were affected indicated for the most
Part a general easing of prices with only scattering upturns. Listed among
the declining commodities during the latest week were lard, butter, vegetable oils, eggs, cheese, wheat, cottonseed meal, hogs, lambs, foodstuffs,
zinc, rubber, calfskins, hides, cotton, cotton yarns, burlap and silk. Important commodities that advanced included wool, corn, cattle, silver,
gravel and coffee.
-BASED ON 476 COMMODITY
WEEKLY WHOLESALE PRICE INDEX
PRICES (1926-1928=100)•
Per Cent
Each Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group.
Foods
Fuel
Grains, feeds and livestockTextiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drags
Fertilizer mateilals
Mixed fertilizer
Agricultural Implements... _.
All croumi combined
Latest
Week
Feb. 4
1933.
Preceding
Week.
Month
Ago.
Year
ago.
54.0
53.3
36.6
41.8
60.3
86.9
71.4
66.8
77.3
38.3
87.3
60.6
65.3
91.7
54.8
53.3
36.8
42.5
60.5
86.9
71.0
66.9
77.3
39.0
87.3
60.6
65.3
91.7
58.6
57.7
35.8
43.1
60.7
86.6
70.8
67.4
77.4
46.5
87.3
61.7
67.9
91.8
67.3
58.9
49.1
49.7
62.4
89.1
72.4
72.4
82.2
45.6
88.8
70.2
79.1
92.7
56.0
56.3
58.2
63.7
Advance of 1.0 in Annalist Wholesale Commodity Price
Index Reflects Rally in Steers and Hogs.
A rally of 1.0 point lifted The Annalist Weekly Index of
Wholesale Commodity Prices to 81.3 on Tuesday, Feb. 7,
from the post-war low of 80.3 the week previous. The
"Annalist" further says:
While both the farm and the food products and the miscellaneous group
indices rose, the gain was chiefly in farm products, a rally in livestock prices
lifting the group index to 63.5 from its low of 60.9 the week previous.
912
Financial Chronicle
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
(Unadjusted for Seasonal Variation) (1913=100)
Feb. 7, 1933.
Jan. 31, 1933.
Feb. 9, 1932.
63.5
86.2
*6.51
105.8
93.8
106.6
95.2
69.7
81.3
60.9
8.5.9
t65.2
105.8
93.9
106.6
95.2
69.5
80.3
76.0
94.9
79.4
124.6
95.9
107.6
98.5
82.3
92.0
11160
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
*Provisional.
tRevised.
Business Failures in January.
Unlike the failure record for January of 1932, the present
analysis for the first month of 1933 is conspicuous because of
a decided decline in both number and liabilities. The figures
are the most encouraging for any January since 1930. The
total number of commercial failures for the entire nation for
January, as reported by R. G. Dun & Co., are 2,919 and
these firms defaulted for $79,100,602. Compared with the
3,458 failures of Jan. 1932, a decline of 15.6% is shown
while the liabilities are 18% lower.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
Number.
1931.
1930.
2.489
2,073
2.273
2,758
2,195
2,862
2,525
2,031
2,124
4th quarter- 6,815
September
&ugust
!lily
3d quarter
lune
iday
April
2d quarter
March
February
January
1932.
1931.
1930.
364.188,643 $73,212,950 $83,683,361
53,621,127 60,659,612 55,260,730
52,869,974 70,680,436 56.296,577
7,315
6,680 8170,679,744 8204,532,998 $195,240,668
2,182
2,796
2,596
1,936
1.944
1,983
1,963
1,913
2,028
$56.127,634 347,255,650 846,947,021
77,031,212 53,025,132 49,180.653
87,189.639 60,997,853 39,826.417
7,574
5,863
5,904 $220,348,485 $161,278,635 $135,954,091
2,688
2,738
2,816
1,993
2,248
2,383
2,026
2,179
2,198
8,292
6,624
6,403 $261,763,666 $155,894,995 $167,731,532
2,951
2,732
3,458
2,604
2,563
3,316
2,347
2,262
2,759
$76,931,452 $51,655,643 $63,130,762
83,763,521 53,371,212 55,541,462
101,068,693 50,868,135 49,059,308
$93,760,311 860,388,550 $56,846,015
84,900,106 59,607,612 51,326,365
96,860,205 94,608,212 61,185,171
1st auarter
9.141 8.483 7.368 3275.520.622 3214.802.374 3169.857.551
--Failures, 2,919; liabilities, $79,100,602.
Jan. 1933
FAILURES BY BRANCHES OF BUSINESS
-JANUARY 1933.
Number.
Liabilities
I
n
Total United States
565
• 0.01 ONNWONNC401
g N., ,, mc.N. N.0N,-.-00
ManufacturersIron, steel and foundries
33
Machinery and tools
35
Woolens, Carpets. etc
5
Dottorui and lace
2
Lumber and building lines....
62
so
:nothing furnishings
Hats, gloves and furs
18
15
Morales's and drugs
Paints
2
Printing and engraving
40
Milling and bakers
39
Leather and shoes
18
robacco
21
Hones, clay and glass
22
(II other
203
m
..
1933.
Total manufacturing
Traders3eneral stores
3rocerles, meat and fish
Efotels and restaurants
robacco
:nothing and furnishings
Dry goods and carpets
3hoes and luggage
Furniture and crockery
Hardware,stoves and tools
Dhemicals and drugs
'flints
Fewelry and clocks
looks and papers
lets, gloves and furs
Ul other
a on
.
'Total trading
)ther commercial
1933.
1932.
1931.
$
$
8
11 81,438,938 8537,738 8491,912
33 1,886,957 2,794.677 27,412,438
10
291.968
510,300 1,058,287
1 2,518,175
151,239
800,000
76 4,255,181 6,444,917 3,290,353
84 1,296,755 2,399,620 1,150,894
29
278,089
841,816
475,317
6
242,841
582,953
466,000
4
43,699
253,000
31,810
21
923,093
652,477
602,592
32
418,066 1,124,946
412,359
17 2,310,478 1,032,846
427,032
379,239
6
710,887
36,901
11 1,007,085
130.174 2,059,487
270 13,456,460 13,512,083 8.917,475
688
611 30.747,022 31,679,673 47,632,817
1931.
169 195 220 3,600,291 4,957,197 6,483,521
383 407 350 4,261,589 4,960,705 3,247,743
94 111
92 1,378,950 7,362,609 5,417,887
18
38
164,116
34
357,326
410,732
374 611 490 4,698,531 9,705,736 6,925,551
154 225 244 3,868,664 4,571,515 3,806,933
106
68 122
892,712 1,082,934 1,177,881
92 120 127 3,151,847 2,661,007 2,296,590
75
77
940,083 1,312,590 1,133,206
89
147 115 113 1,698,472 2,210,442 1,119,783
13
5
4
106,970
43,631
35,108
91 114 111 1,288,746 2,813,057 1,819,416
37
29
15
334,008
555,814
141,037
27
22
632,559
21
473,095
273,506
410 450 509 9,902,872 11,437,134 8,782,018
2 182 2,595 2,541 36,920,410 54.504.792 43,070,912
172 175 164 11,433,170 10,675,740 3,904,483
9 Gla a
ace a
alit 70
inn
RA9 OA
win 905 ild
AAR 919
Electric Production Off 14,723,000 Kwh. During Week
Ended Feb. 4 1933
According to the National Electric Light Association, the
production of electricity by the electric light and power
industry of the United States was 1,454,913,000 kwh. compared with 1,469,636,000 kwh. in the preceding week and
1,588,853,000 kwh. in the corresponding period in 1932.
The percentage decrease as compared with last year was
8.4% as against 7.5% for the previous week.
PER CENT. CHANGES.
Major GeoprapMe Regions.
Atlantic Seaboard
5 New England (alone)
Central Industrial
Pacific Coast
Total United Stater
Weeks!-
1933.
Week of-
Jan. 14 1,495.116,000 Jan. 16
Jan. 21. 1_484,089.000 Jan. 23
Jan. 28 1,469,636,000 Jan. 30
Feb. 4 1,454,913,000 Feb. 6
Feb. 11
Feb. 13
Feb. 18
Feb. 20
Feb. 25
Feb. 27
Mar. 4
Mar. 5
1932.
Week of-
1.602.482 000 Jan. 17
1,598.201 000 Jan. 24
1,588,967 000 Jan. 31
1,588,853 000 Feb. 7
1,578,817 000 Feb. 14
1,545.459 000 Feb. 21
1,512.158,000 Feb. 28
1.519.679,000 Mar. 7
1931.
1,716,822,000
1,712,786,000
1,687,180.000
1,670,016,000
1.683,712,000
1,680,029,000
1,833,353,000
1 684 125 000
Under
1932.
-6.7%
-7.1%
-7.5%
-8.4%
Months-
1932.
1931.
1930.
1929,
1932
Under
1931.
January -February .-March.
April
May
June
July
August
September
October
November
December
7,014,066.000
6,518.245,000
6,781,347,000
6,303,425,000
6,212,090.000
6,130.077.000
6,112,175,000
6.310,687,000
6,317,733,000
6.633,885.000
6,507,534,000
7.439,883,000
6.705,564,000
7,381,004,000
7,193,691.000
7,183,341,000
7,070,729,000
7.286,578,000
7,188,088,000
7,099.421.000
7,331.380,000
8,971,644.000
7,288,025,000
8,021.749.000
7.086.788,000
7.580,335,000
7,416,191,000
7,494,807,000
7,239,697,000
7,363,730.000
7,391,196,000
7.337,106.000
7,718,787,000
7,270,112.000
7,566,601,000
7.585.334,000
6.850,855,000
7,380.263,000
7,285,350,000
7,486,63.5,000
7.220,279.000
7,484,727.000
7,772,878.000
7.523.395,000
8,133,485,000
7,681,822,000
7,871.121.000
5.7%
86.1%
8.2%
12.4%
13.5%
13.3%
16.1%
11S%
11.0%
9.5%
6.7%
'rm..,
QA AR? GAO
nnn RO
dA7 A00 non OA 07? lov/ nnn
•
0
0
a Change computed on basks of average daily reports.
NAL-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are based
on about 70%.
Liabilities.
1932.
December
:stovember
Dotober
Feb. 11 1933
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 1932 is as follows:
Week End. Week End.
Feb. 4 1933, Jan.28 1933
-7.8
-8.1
-11.0
-8.8
-10.9
-5.2
-8.4
-7.5
-6.5
Farm Export Volume Still Above Pre-War Shipments,
According to United States Department of Agriculture.
Combined volume exports of 44 farm products in December 1932, were 16% above pre-war shipments, but less than
In November, and less than in December a year ago when
the volume was 43% above pre-war exports, according to
the Bureau of Agricultural Economics, 13. S. Department
of Agriculture, which continued as follows under date of
Feb. 7:
Cotton exports in December were 52% above pre-war shipments, fruit
152% above, end lard 26% above. All other farm commodities were
exported in smaller volume than in pre-war years, hams and bacon showing the largest decrease. The export volume of all farm commodities except cotton, in Derember, was 67% of pre-war.
Exports of wheat and flour shrunk to the lowest point in more than
two decades. Only 3,549,000 bushels of wheat, including flour, was exported in December. Approximately half of these shipments was Farm
Board wheat sent to Brazil. Exports of wheat and flour aggregated only
28,636,000 bushels in the six months ended Dec. 31, as against 82,315,000
bushels in the corresponding period of 1931.
Exports of cotton in December were at a peak figure for the year, total
exports aggregating 1,098,000 bales.
Shipments in December 1931,
totaled 1,244,000 bales. Exports of cotton for the six months ended
Dec. 31 aggregated 4,971,000 bales compared with 4,531,000 bales for the
last six months of 1931.
Increase of 255,000 Horsepower in Capacity of WaterPower Plants During 1932 Reported by Department
of the Interior.
The total capacity of water wheels at water power plants
in the United States on Jan. 1 1933, according to the annual
report just released by the Depaatment of the Interior through
the Geological Survey, was 15,817,941 horsepower, an increase during the year of 255,000 horsepower, or 1.6%. In
announcing this under date of Feb. 6, the Department
stated that the States showing an increase of more than
10,000 horsepower during the year are Pennsylvania,
86,000; Michigan, 30,000; Texas, 16,000; Washington,
42,000, and California, 40,000. The Department also said:
An estimate based on the present practice of Installation of water wheels
at fully developed water-power sites indicates that water wheels with a
capacity of about 80,000,000 horsepower would be required to make use of
all the water power in the United States. Less than 20% of the nation's
water-power resources, therefore, is developed at the present time.
The United States leads the world in capacity of installed water wheels.
Canada, with a total capacity of water wheels of 7.045,000 horsepower,
ranks second. The combined capacity of water wheels in Canada and the
United States-22,800,000 horsepower-is about equal to that of the rest
of the world.
The complete report shows the total capacity of water wheels In plants of
1(0 horsepower or more by States and main divisions of the United States,
segregated between public-utility companies and manufacturing companies,
the trend in development in different sections of the country, and the rank
of the 10 leading States in developed water power from 1921 to 1933.
Decline of 25% Reported in Industrial Activity in
Boston Federal Reserve District Between 1931 and
1932-Business Activity During December at Lowest
Level Since July.
"Between 1931 and 1932 industrial activity in New
England decreased 25%," stated the Federal Reserve Bank
of Boston in its "Monthly Review" of Feb. 1, "but during
the last six months of 1932 some measure of stability was
evident in many industries, while in the final half of 1931
a constant contraction had taken place in physical production." The Bank also said:
Volume 136
Financial Chronicle
When allowances for customary seasonal changes had been made, business activity in this district during December was lower than in any month
since July, but exceeded the levels of May. June and July.
The building industry in New England during 1932 continued the downward trend of 1931. The volume of commercial and industrial building
contracts awarded dropped from 9,783,000 square feet in 1930 to 5,307,000
square feet in 1931, and in 1932 amounted to only 2,251,000 square feet.
The decline in two years was 77.0%. A similar condition prevailed in
residential contracts awarded in this district, with a decline from 23,383,000
square feet in 1930 to 9,634,000 square feet in 1932, a decrease of 58.8%•
The value of total building contracts awarded in New England during
1931 was more than $295,000,000. compared with about $114,000,000 in
1932, and the total value decreased 61.4%, therefore, between 1931 and
1932.
The textile industry In this district operated at lower levels during 1932
than in 1931, and each month on an average about 56,700 bales of raw
cotton were used by mills in manufacturing processes. The average
monthly consumption for 1926-27-28 was around 128,000 bales. Woolen
and worsted mills in this district consumed during 1932 an avreage of
17,630.000 pounds of raw wool, compared with 22,250,000 pounds for the
average month of 1926-27-28.
Although total New England production of boots and shoes during
December was about 18% lower than in November and about 5% less
than for December a year ago, during the entire year 1932 production was
about 112,400,000 pairs, an increase of 1.2% having occurred over 1931
Production of 111,060,000 pairs. The 1931 volume was nearly 6% greater
than that of 1930.
In December, according to the Department of Labor and Industries.
the average number of persons employed in manufacturing establishments
in Massachusetts was 3.8% less than in November. The average weekly
Payroll also decreased by 3.8% between November and December. and
therefore the average weekly earnings per person employed remained unchanged at $17.03. In Rhode Island a decrease of 4.7% was reported
between November and December In the number of workers in manufacturing Plants.
The volume of new life insurance declined 19.0%, new car registrations
decreased 43.0% and sales of New England reporting retail establishments
were 20% smaller in 1932 than in the preceding year.
913
Food and Tobacco Industries Seasonally Lower.
Food and tobacco concerns were operating with seasonally reduced forces
during January. The bakery products and beverages divisions, with a
few persons being added, were the only branches going against the general
trend. Large seasonal losses were again reported by canneries. The
candy industry, which had shown an unusual rise in December, yielded to
seasonal influences and let go a large number of workers. Many employees
were also laid off by tobacco factories.
All Other Industries Move Downward.
The furs, leather and rubber goods group reported a continuation of its
seasonally depressed state of employment. All the branches of the stone,
clay and glass, wood manufactures, pulp and paper, and printing and paper
goods groups showed losses. The tendency in the chemicals, oils and paints
group continued downward, and water, light and power plants let go a
number of persons.
New York City Again Registers General Decline.
Employment in New York City factories suffered another general decline
during January. In the metal industries, all divisions, excepting automobiles and automobile parts, railroad equipment and repair shops, and
boat and ship building, reported losses. Seasonal curtailment continued
in the furs, leather and rubber goods groups. Further reductions in employment occurred in the stone, clay and glass, wood manufactures, printing
and paper goods, and textile industries. Decreases occurred also in food
.
and tobacco, chemicals, oils and paints, and water, light and power plants.
A small net rise took place in the clothing and millinery group, where
makers of men's clothing and women's headwear were taking on help for
the spring season.
Up-State Cities Show Losses.
Rochester reported a seasonal upswing in the men's clothing industry,
and was the only major industrial centre to show a gain in employment
and payrolls during January. The other centres all reported reductions.
Buffalo and Syracuse had slight net losses in employment, but payrolls
were decreased 4% and 3%, respectively. Heavy losses in both employment and payrolls, occurring in Albany-Schenectady-Troy and in Utica,
were due mainly to curtailment in the metal and textile industries. Binghamton reported a 1% loss in numbers employed, but total payrolls were
decreased more than 8%.
FACTORY EMPLOYMENT IN NEW YORK STATE.
Factory Employment in New York State Declined
(Preliminary.) • •
More than Usual for December to January Period- .
Percentage change
Decline of 6% Reported in Wage Payments During
Dec. 1932 to Jan. 1933.
industry.
Period by New York State Department of Labor.
Total State.
N. 1. City.
Employment in New York State factories showed a
greater than usual seasonal decline during the December
to January period, according to a statement issued Feb. ii
by Industrial Commissioner Frances Perkins. The drop in
numbers employed amounted to 3%, as compared with the
average December-January loss for the 18 years, 1915-1932,
of approximately 1.5%. Total wage payments were reduced 6% during the period, against the average DecemberJanuary decrease for the 18 years of about 3%. As compared with the low points reached in July 1932, January
employment was 5.7% higher and wage payments were
1.5% greater. Reports from 1,667 representative New York
State factories form the basis for this analysis. Commissioner Perkins statement continued:
The January losses reduced the New York State index of factory employment, with the average for 1925-1927 taken as 100, to 55.4. 14.8% below
a year ago. The index of total factory payrolls, also computed with the
1925-1927 average as the base, was lowered to 40.0. a reduction of 26.7%
from a year ago. Except for a small net rise in clothing and millinery, all
major industrial groups displayed downward tendencies. In New York
City the employment decline was more severe than in the State as a whole,
but the decrease in total payrolls was less, the losses in that city being
3.4% and 4.7%, respectively.
A comparison of the figures of the cost of living in New York State. as
published by the U. S. Bureau of Labor Statistics, and the average weekly
earnings of New York State factory employees indicates that per capita
weekly earnings have fallen at a faster rate during 1932 than have living
costs. During the year the cost of living fell 7.8%, while average weekly
earnings of employed factory workers were reduced by 12.6%. Preliminary computations for January show that average weekly earnings were
further reduced in that month, dropping from $21.62 in December to $20.94.
Metal Employment Continues Downward.
Employment In the metal industries showed a continuation of its December downward movement. The group as a whole let go 3.2% of its working
forces. Continued losses were reported by the silverware and jewelry,
brass, copper and aluminum, iron and steel, structural and architectural
Iron, sheet metal and hardware, firearms, tools and cutlery, machinery
and electrical apparatus, and automobiles and airplanes divisions. Railroad equipment and repair shops, which had taken on a few persons the
previous month, joined the decline this month. A few increases were
shown, however. The cooking, heating and ventilating apparatus industry
recalled a large part of the workers who had been laid off in December.
One of the plants which had been shut down reopened. Makers of instruments and appliances also recalled part of the employees they had let go
the previous month, while gains continued to be reported by firms in the
boat and ship building classification.
Small Net Rise in Clothing and Millinery.
Clothing and millinery factories presented conflicting movements this
month, with a few divisions showing seasonal increases, while others were
reporting further decreases. The net result was a small rise which was
below seasonal expectations. Increases due to the beginning of the spring
manufacturing season were shown by makers of men's clothing and women's
headwear. Laundries and cleaning establishments were also a little buster.
Manufacturers of women's clothing, who usually take on help in January,
were still cutting their forces. Employment in the remaining divisions
comprising the group remained seasonally depressed.
Textile Employment Again Lower.
Seasonal factors were influencing textile mill employment during January, resulting in an extension of the December decline. All branches of
the textile industry curtailed operations. Employment in cotton goods
mills was unusually hard hit, with approximately 17% or the December
working forces being laid off during January.
Stone, clay and glass
Miscellaneous stone and minerals
Lime,cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural Iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating, ventilating apparatus
Machinery and electrical apparatus
Automobiles, airplanes, Ace
Railroad equipment and repair shops..
Boat and shipbuilding
Instruments and appliances
Wood manufactures
Slaw and planing mills
Furniture and cabinet work
Pianos and other musical instruments.
Miscellaneous wood, &c
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Gloves, bags canvas goods
Rubber and gutta petcha
Pearl, horn, bone, &a
Chemicals, oils, paints. dm
Drugs and industrial chemicals
Paints and colors
011 products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens. carpets, felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery products
Candy
Beverages
Tobacco
Water, light and power
'Fetal
-10.1
-7.6
-15.2
-10.6
-3.2
-5.3
-5.6
-13.1
-10.0
-3.7
-19.4
+47.3
-5.2
-11.5
-1.4
+11.6
+3.4
-11.1
-7.3
-11.2
-30.0
-3.8
-3.0
-2.8
-17.2
-1.0
-10.4
-3.6
-0.1
+3.7
-2.2
-1.1
-1.3
--3.9
-4.0
-8.6
-24.2
-26.0
-3.1
-31.4
-29.0
-2.9
-16.4
-8.9
-6.0
-3.1
+0.2
+2.7
+12.9
-12.9
-1.6
-22.1
-36.9
-4.7
-6.1
-4.2
-1.2
-3.7
-1.7
-2.3
+0.3
-3.1
-1.7
-14.4
+1.8
-2.0
-8.3
-3.8
-1.2
-3.9
-0.9
-15.8
-16.7
-5.8
-2.1
+0.8
+7.2
-11.0
-2.3
-4.7
+23.5
-11.8
+0.9
-5.1
-9.3
-2.2
-0.7
+0.6
-18.4
+0.4
-9.6
-0.7
-10.9
+0.7
+6.1
-12.8
-2.6
-6.4
+23.5
-12.2
+1.6
-6.7
-2.6
-19.1
-1.4
-0.8
+0.6
+1.7
-12.3
-1.4
-3.0
Usual Seasonal Slackness Evident in Trade and Industry in Philadelphia Federal Reserve District
December Output of Manufacturers Declined
Sharper than Expected.
"Trade and industry have been passing through a period
of the usual seasonal slackness, which is probably more
marked at present than in other years, principally because of
the relatively low levels of activity as compared with more
normal times," according to the Philadelphia Federal Reserve Bank, in reviewing business and financial conditions
in the Third District in its Feb. 1 "Business Review." The
Financial Chronicle
914
Bank noted that the "output of manufacturers in December
continued downward more sharply than was to be expected,
although the December figure was appreciably higher than
the record low reached last year." Continuing, the Bank
also said:
Production of anthracite showed exceptionally large gains, while that of
bituminous coal declined from November to December. Building and
construction continues in unsatisfactory volumes, although awards of
contracts registered gains in the last quarter of the year, which, however,
did not continue in early January. Retail business was larger, while sales at
wholesale were a trifle smaller than the estimated seasonal amount for
December. Shipments of commodities by rail were more than well sustained in the last month of the year. Business liquidations increased substantially at the end of the year. Virtually all indicators for 1932 as a
whole showed noticeable declines when compared with the previous four
years.
Industrial and other employment showed about the usual seasonal decline from November to December, while total payrolls of representative
Industries, trades and services combined registered practically no change,
declines in such principal industries as manufacturing and bituminous
coal mining being offset by gains in wage payments of the anthracite industry, public utilities and retail trade. Preliminary inquiries indicate
that there was little improvement in the employment situation during the
first part of January.
lanufacturing.
Activity in most manufacturing industries has slackened considerably
as is usual at the turn of the year. This year-end quiet appeared more
pronounced than in other years, owing chiefly to an unusually long drawn
out period of business depression, as reflected by reduced sales and declining
prices of commodities.
Sales of factory products showed further seasonal decreases since the
middle of last month. Unfilled orders also have decreased, although in several instances more favorable developments have been taking place in
January. This is especially noticeable from reports of certain metal, textile
and food industries. Commodity prices continued to reflect weakness,
even though the rate of change in recent weeks has not been as marked
as In the previous three years. Payments of accounts have declined and
continued smaller than in the preceding year.
Year-end inventory listing discloses that stocks of finished goods at representative factories were considerably reduced as compared with the preceding four years. This fact is also borne out by national data indicating
that the manufacturing industry as a whole is in a fairly strong statistical
position. Inventories of raw materials held by local factories likewise
showed a further decline in December, when they were smaller than in recent
years. The seasonal increase in stocks of raw materials in the country
since the fall has not been as sharp as in the previous three years, and the
total volume at the beginning of this year was smaller than a year earlier.
Factory employment in this district as in the country showed somewhat
more than the usual seasonal decline from November to December, and in
January there was little improvement in the demand for workers by factories
in general. In Pennsylvania factory employment, payrolls, and olierating
time decline about 3% from November to December. This change was
somewhat less favorable than at the same time in 1931, but a little more
favorable than in 1929 and 1930, particularly with respect to wage payments. The following percentages computed from average index numbers
of employment and payrolls in Pennsylvania give yearly comparisons for
the past five years:
Payroitt,
Employment.
year.
(1923-25-100.)
Index.
Per Cent Change
from
Previous Year.
Index.
Per Cent Change
from
Previous Year.
92.7
98.8
90.4
75.1
62.7
-3.8
+6.6
-8.5
-16.9
-16.5
93.6
104.5
87.6
60.8
39.5
-4.4
+11.6
-16.2
-30.6
-35.0
1928
1929
1930
1931
1932
Output of factory products continued downward. This bank's preliminary index number, which allows for the number of working days and
seasonal changes, dropped from 57 in November to 55% of the 1923-25
average in December, a decline of about 4% more than is commonly to be
expected. In spite of the continuous recession in the last quarter of 1932,
the December index was over 3% higher than the low point reached at the
end of the first half of the year. The table below, which is derived from
annual average indexes, presents a comparison of changes in productive
activity during the past five years:
Year.
Index Number Per Cent Change
from
(1923-25=400)
Annual Average, Previous Year.
-1.8
101.8
1928
110.4
+8.4
1929
-12.8
96.8
1930
-20.4
76.7
1931
-22.6
59.4p
1982
p Preliminary.
The metal industry as a whole, which sustained probably the severest
losses since 1929, showed a decided upward tendency in the last four
months of 1932, so that the December seasonally adjusted index number
was 17% above the low point reached in August. Most of the remaining
groups of manufactures registered more than customary declines from
November to December.
Production of electric power, after rising for two successive months, declined more sharply than was to be expected, the seasonally adjusted index
decreasing from 181 in November to 166% of the 1923-25 average in
December. The decline in sales of electrical energy to industry was no
greater than usual, while changes in the sales to other consumers apparently
failed to measure up to expectations.
Business Conditions in Fourth Federal Reserve District-Cleveland Federal Reserve Bank Reports
General Level During Three Weeks of January
Considerably Above Low Level of Midsummer 1932
-Decrease of 27% Noted in Dollar Volume of
Department Store Sales in December.
In its Feb. 1 "Monthly Business Review" the Federal
Reserve Bank of Cleveland states that "the weeks immediately preceding and following the holiday season usually
Feb. 11 1933
are so replete with irregularities that no marked trend in
general business activity is discernible in recent weeks.
Despite the low level of current operations," continues the
Bank, "the period just passed was little different in this
respect from more normal years. On account of inventory
taking, year-end adjustments, sales, &c., production in
many industries dropped sharply in the last week of December and the first few days of the new year, but operations were resumed in many eases so that by the third week
of January the general level of business in the Fourth
(Cleveland) District and the entire country, was still considerably above the low point touched in midsummer of
1932." The Bank further reviewed business conditions in
the Cleveland District as follows:
The chiefsustaining element preceding and following the turn of the year,
particularly in this district, was the automobile industry, which was engaged in new model production. As a result, steel operations averaged
higher in this section than in the entire country for the month ending with
the third week of January, and at the close of the period Cleveland mills
were producing at 41% of capacity, with other local centres, excluding
Pittsburgh, operating at a rate equal to or better than the 18% reported
for the entire country.
Industrial employment in Ohio was unchanged in December from the
preceding month and in western Pennsylvania there was an increase in the
number of hours worked. In the first three weeks of January there was
an increase in employment in some sections, particularly where Automobile
supplies are made. At 51 identical Toledo factories the number of employees was higher than for two years.
Life insurance sales in December in Ohio and Pennsylvania were down
35% from the same month a year earlier, whereas the reduction in the entire
year was only 24%. Postal receipts at nine cities in the district were off
12% in December from a year ago.
Building activity contracted sharply in December in this district, awards
amounting to only slightly over half the volume reported in November
and they were 64% below December 1931. Residential building was °if
75% in December from a year previous and down 66% in the entire year.
All other types of building, except public utilities, showed sizeable reductions both from November and a year ago. A further decline in building
awards was indicated in the reports covering the first two weeks of 1933.
Retail trade in December was down 27% in dollar volume from the same
month of 1931 and the reduction in the entire year was 26.6%.
Coal production slackened in the first part of January, partly on account
of reduced household demand brought on by moderate weather. Output
of Fourth District mines in December was 2.5% greater than in the closing
month of 1931.
Operations at local tire factories increased in the first part of January
entirely a seasonal expansion in anticipation of dealers adding to their
spring season. Very little buying under the spring-datstocks prior to the
ing plan was done in the closing months of 1932. Most clothing factories
were operating at capacity levels in early January on orders for spring delivery. The season started much latex than usual.
Reopening of the tobacco auction floors in early January was accompanied
by higher prices than prevailed at the beginning of the selling season.
Sales have been in good volume and prices are nearly 50% higher than the
average price received for the 1931 crop.
Regarding the rubber and tire industry in its District,
the Bank said the following:
The tire industry of this district was operating at a slightly higher rate
In the first half of January than in the two closing months of 1932, when
output was very limited. In November. the latest month for which complete data are available, production was lower than for any month since
1921, but the decline from the corresponding month of the preceding year
was 8%, according to figures supplied by the Rubber Manufacturers' Association. This reduction was smaller than the cumulative decline of 17%
shown for the 11-month period.
The expansion in operations in the first part of January was entirely of a
seasonal nature and therefore indicated no change in the trend of tire production. Factories were increasing their inventories in anticipation of the
usual dealer stocking-up, but on the basis of current demand stocks now
are largo. As was pointed out last month, there has been very little buying
under the spring-dating plan. In addition to the reasons previously given
for the lack of such buying, the gradual taking over of tire sales by oil companies (which buy only for current needs) at the expense of the independent
tire dealer is a factor.
The tire industry is very much affected by the decline in this year's
automobile registrations, estimates of which range from 1.000.000 to 2,000,000 cars. Replacement tire sales are the most profitable to tire companies,
and with such a sharp reduction in cars in operation and a decline in gasoline
consumption, a further contraction in tire production la looked for by the
trade.
December crude rubber consumption was 16,990 long tons, compared
with 21,910 tons in November and 21.409 tons in December 1931. Consumption in the entire year was 313,122 tons, a reduction of 10% from
1931. This was lower than since 1923 and for the first year since the war
there was less rubber taken by domestic factories than in the rest of the
world. Consumption of rubber by plants in foreign countries increased in
1932.
Imports of crude rubber in December were up 5.5% from November,
but were down 45.0% from December 1931. As the year ended stocks
were 20.3% higher than on the corresponding date of 1931.
Employment at Ohio rubber factories increased 1% in December, but
was only 59% of the 1926 monthly average and in the entire year averaged
8% below 1931.
The following is the Bank's views on wholesale and retail
trade conditions in the District:
Retail.
The dollar volume of department store sales in this district increased by
less than the usual amount in December and was 27% below the corresponding period of 1931. In the first half of the month pre-Christmas buying
lagged, but a spurt in sales in the week immediately preceding the holiday
increased the total for the month so that the percentage decline from the
closing period of the preceding year was approximately the same as the
falling-off in sales in the entire year when they were down 26.6%.
The seasonally adjusted index of dollar sales in this district receded to
53.8% of the 1923-1925 monthly average in December, but even at that
level it was above the low point touched in August. In December 1931.
the index of sales was 73.
Volume
136
Financial Chronicle
Though dollar volume was very depressed in all sections of the district
because of the drop in prices and the fact that buying in many cases was
done in price classes below those in which it had been customary to purchase
In preceding years, the number of transactions held up quite well, according
to reports.
Christmas buying this past season apparently was confined to the more
practical articles, for sales in the individual departments such as woolen
dress goods, shoes, underwear, negligees, domestics, men's furnishings and
house furnishings showed smaller declines in dollar volume than the fallingoff in total sales.
Less buying was done on credit in December than in either November or
December 1931, the ratio of credit to total sales being 51% compared with
56.1 in November and 52.3 in the closing period of 1931.
The dollar volume of stocks (valued at retail prices) declined by slightly
more than the usual seasonal amount in December and at the end of the
year, after allowing for seasonal variations, was only 54% of the 1923-1925
monthly average.
Collections declined slightly, only 31.6% of accounts outstanding at
the end of November being paid during December, compared with a collection ratio of 32.8% a year earlier.
Sales at 46 reporting furniture stores were 37% smaller
in December
than a year previous and were down 39% in the 12
-month period: Sales
of wearing apparel stores were down 30% in both December and the entire
year from similar periods of 1931.
Chain grocery sales, per individual unit operated, made a very favorable
showing in December, being up 11% from November and only 2% below
December 1931. For the year, sales were down 8%,which is less than the
average decline in food prices. December chain drug sales
were 12%
below the closing month of 1931, and in the year were down 13%. Compared with the base (monthly average of the three years 1923-1925
), sales
in 1932 were down approximately 25%•
Wholesale.
All lines of reporting wholesale trade except drugs declined in December,
4% reduction in all sales being greater than was reported in 1931 or 1930,
but less than the falling-off in preceding years. Dollar sales of 71 firms
were only 48% of the 1923-1925 monthly average, a reduction of
about 23%
from December 1931.
gLCompared with the same periods of the preceding year, dollar wholesale
grocery sales were down 23% in December and 22% in the year. In the
Individual cities declines ranged from 17% in Erie, Pennsylvania.
to 25%
in Akron for the entire year. Stocks were down 17% in value
in the past
year. Accounts receivable were 10% smaller than at the end of
1931.
Dry goods sales showed the most pronounced loss from 1931, being down
33% in December and 35% in the 12
-month period. Hardware sales were
reduced by 25% in volume in both December
and the entire year.
Drug sales increased 14% in the closing month
of 1932 from November.
a seasonal change, and amounted to 80%
of the 1923-1925 monthly average, which, however, was 8% below
December 1931. In the entire year
wholesale drug sales were 15.9% below
the volume reported in 1931.4.4
Sales of Merchandise
at both Wholesale and Retail
Declined Sharply in 1932, Accordi
ng to Federal
Reserve Bank of Kansas City-Conditi
ons in
December Reviewed.
The Federal Reserve Bank of Kansas City,in its "Monthly
Review" of Feb. 1, states that "annual returns and estimates
of 1932 Tenth (Kansas City) District operations disclose
sharp reductions in sales of merchandise, both
at wholesale
and retail; extremely light marketings of grain and
livestock;
output of flour, crude oil, bituminous coal, cement,
and
zinc and lead running under that of recent
years; and
building operations about 20% of normal."
Continuing,
the Bank also says:
Crop yields on the whole were
fairly satisfactory, but with prices of most
items below pro-war levels, gross
cash income was the lowest in many
years.
Liquidation of indebtedness
continued throughout the year, reporting
member banks showing a
decrease for the period of 25.1% in their loans
and discounts.
Such favorable adjustments
as have taken place during the year
are Primarily of a negative character
. Uncertainties as to the future, reduced
purchasing power and constant
and continuous price recessions have resulted in reductions of inventorie
s and supplies to an abnormally low point.
The year closed with mercantil
e stocks at the lowest levels in years
and
with cold storage holdings of all
commodities substantially below the fiveyear average. Winter wheat
acreage was again reduced, and with present
prospects the poorest in years, a
yield somewhat short of domestic requiremente is now forecast. Livestock
feeding operations are not as extensive
as in recent years and farmers
have with rare exceptions an abundance
of
cheap feeds on hand. Agricultur
al commodity prices closed the year at
such low levels that further recessions
are by necessity closely restricted.
December witnessed a further
reduction in member bank loans and in
member bank borrowings from the
Federal Reserve Bank. Holiday
trade at 33 department stores located
throughout the district was seasonally
the heaviest of the year, but dollar
sales were 23.8% less than a year ago.
Wholesale trade was seasonally dull
with all lines except drugs reporting
a smaller sales volume than a year
ago. Flour, crude oil and cement production declined and coal output increased
both as compared to November
this year and December 1931. Marketing
s of grain and livestock were
comparatively light. Building operation
s registered a new low. Farm
work was retarded by snow and extreme
temperatures, but livestock losses
were small. Winter wheat deteriorated
somewhat during the month and
a moisture deficiency exists generally.
As to wholesale and retail trade conditions,
the Bank
reports:
Retail.
December, as usual, was the peak month of the
year in
sales, but the seasonal increase of 49.2% as compared department store
to November was
somewhat less than in the two preceding years,
although exceeding that of
1929. Sales in dollars, which make no alloawnce for price
declines, were
23.8% smaller than in December 1931. Total sales for
the year 1932 were
22.3% less than in the preceding year.
Stocks, showing a normal reduction of 19.3% between
Nov. 30 and
Dec. 31. were on the latter date 20.5% smaller than one year
earlier, with
the index for this district, standing at 64.1% of the 1925 average
of 100.
Collections in December were equal to 34.8% of amounts
outstanding on
Nov. 30 as compared to 35.2% in November this year and
37.6% in December 1931.
915
Wholesale.
Of the five reporting wholesale lines (dry goods, groceries,
hardware.
furniture and drugs), all but the latter reported their December
lar volume of sales as substantially smaller than in December 1932 dola year ago,
and as usual, somewhat smaller than in the previous
month. Drug sales
were somewhat larger than in either of the former periods
of comparison.
Decreases in sales for the year 1932 as compared to 1931
were as follows:
dry goods, 19.3; groceries, 21; hardware, 26.7; furniture
, 40.6; and drugs.
15.7%.
Inventories without exception were reduced during the month
and the
year and as of Dec. 31 were the lowest for that date in years.
Slight Improvement Noted in Business Activity in
California During December Over November by
California State Chamber of Commerce-Small
Decrease Reported in Employment.
California business activity, as reflected by the major
business barometers during December, showed a slight improvement over the previous month, according to a survey
made by the Research Department of the California State
Chamber of Commerce. Allowing for the NovemberDecember seasonal changes, the survey continues, bank
debits, department store sales, and new automobile sales
moved to higher levels. Carloadings declined 9%. The
decrease in factory employment was small. Building
permits continued on the same level as during the previous
month. The survey also reported:
The agricultural outlook has been improved by the recent rains
which
relieved the drouth situation. It has placed the soil in better condition
for
farm operations and improved pasturage and range prospects.
Total value of farm production during 1932 is estimated to be
about
$388,763,000, a decline of 17% from 1931 and 50% from 1929. The
decreases were due largely to lower prices and curtailed demand for
farm
products. Farm value of fruits from 1931 to 1932 declined 9%;
field
crops, 12%; vegetable crops. 17%. and livestock and livestock
products
marketed, 25%.
.
Employment in manufacturing establishments during December
was
5.7% less than in November as compared with the normal seasonal
decline
of 5%, with the result that the seasonally adjusted index
showed only a
small recession. The various groups that showed gains from
November to
December, after allowing for seasonal influences. were: Metals
and machinery, 4.7%; wood manufactures, 5.8%, and chemicals and oil,
0.6%.
Those that showed decreases were: Foods.0.3%;leather
and rubber. 0.9%;
printing and paper, 1.0%; clothing, 10.3%. and stone and
clay, 4.2%•
Average monthly employment in the principal manufacturing
industries
during 1932 receded 15% from the 1931 level and 39% from 1929.
Total value of building permits for 51 California cities decreased
17.4%
from November. Excluding the Golden Gate Bridge permits,
the remaining value showed a gain of 7.4% which corresponds to the
normally expected November-December seasonal gain. Public work continued
as the
major activity in the construction industry. Aggregate value
of building
permits for 1932 was 50% less than the previous year, while
the cost of
construction decllned about 11%.
California department store sales advanced more than seasonally
from
November to December. The adjusted index showed a gain of
9%. The
1932 sales were 23% less than 1931. Clothing prices, June
1932, dropped
about 12% from June 1931.
Automobile sales declined less than the normal November
-December
seasonal expectation. Consequently the adjusted index advanced
12.7%.
The 1932 sales were 48% under 1931.
Carloadings during December declined more than seasonally. The
adjusted index was 9% under November. Annual carloadings were about
25% under 1931.
Bank debits for 14 California cities showed a gain of 21% over November
as compared with a seasonal gain of 11%. Excluding Los Angeles, San
Francisco, and Oakland, the total bank debits for the remaining 11 cities
advanced 18% as compared with the normal seasonal advance of 8%.
The 1932 totals were about 28% less than 1931. The General Price Level
ndex for the United States dropped 12% from 1931 to 1932.
Number of New Charters in Texas During January
Increased 18% over December, According to University of Texas.
New charters granted in Texas by the Secretary of State
during the month of January totaled 140, an increase of
18% over the number for December, which was 119, according to the University of Texas Bureau of Business Research.
In announcing this on Feb.6, the University stated that the
total authorized capital stock, however, was only $2,829,000
during January, as compared with $3,411,000 for the month
of December, and $2,834,000 in January a year ago. The
announcement also said:
The number of corporations with authorized capital
stock of $100,000
or more decreased from II in December to nine in January.
In January
last year only four companies with authorized capital
stock of $100,000
or more were incorporated.
Of the total number of new incorporations,
42 were in the merchandising
group; this total was twice as large as that
for December and compared
with 53 for January a year ago. Oil companie
s accounted for 28 new charters, manufacturers for 16 and real estate
and building firms for 11 for the
month of January.
Twenty-three out-of
-State corporations received permits to operate in
Texas, with only one exception the
largest number for any one month since
last June.
Business at Lumber Mills Above Average of Januar
y
But Below Corresponding Week of
1932.
Orders received at the lumber mills
during the week
ended Feb. 4 1933 were about the same
in volume as the
previous week; 9% above the weekly
average of January
and 16% below orders booked during
the first February
New
916
week of 1932,according to telegraphic reports to the National
Lumber Manufacturers Association from regional associations covering the operations of 713 leading softwood and
hardwood mills. This new business totaled 117,079,000
feet during the week ended Feb. 4 1933. Production as
reported by the same mills was 88,440,000 feet, which was
3% above.the average of January and 1% above the production of the corresponding week of 1932. The Association's
statement continues:
of capacity,
Production was 19% of capacity and new business was 25%
previous week.
these being the same percentages as were reported for the
of corresProduction of the five weeks of 1933 to date, was 9% below that
during
ponding weeks of 1932 and new business was 24% below that booked
the same weeks last year.
ended Feb. 4 reported new business appreAll regions during the week
being nearly 2%
ciably above production, that in the Western Pine region
cut and shiptimes greater. The total report showed orders 32% above
ments 13% above.
and West
Compared with last year, Southern Pine. Southern hardwood
the SouthCoast regions showed heavier cut during the current week. Only
gain
ern Pine mills reported increase in orders this year over last; their
being 2%.
were 24% below those of Feb. 6 1932
Stocks at softwood mills on Feb. 4
the
being this year the equivalent of 109 days' average production of
reporting mills, compared with 142 days' last year.
softwood
Lumber orders reported for the week ended Feb 4 1933 by 412
same
mills totaled 103,040,000 feet, or 32% above the production of the
feet, or
mills. Shipments as reported for the same week were 84.672.000
8% above production. Production was 78,047,000 feet.
14,039,000 feet,
Reports from 319 hardwood mills give new business as
the same week were
or 35% above production. Shipments as reported for
WM 10,393,000 feet.
14,886,000 feet, or 43% above production. Production
Unfilled Orders.
orders of 382,666.000 feet,
Reports from 359 softwood mills give unfilled
. The 534 identical
on Feb. 4 1933, or the equivalent of 14 days' production
unfilled orders as 452,987,000
mills (softwood and hardwood) reported
production, as
feet on Feb. 4 1933, or the equivalent of 15 days' average
compared with 546,123.000 feet or the equivalent of 18 days' average
production on similar date a year ago.
Last week's production of 403 identical softwood mills was 77,449,000
y
feet, and a year ago it was 76.733.000 feet; shipments were respectivel
0 feet
84,002,000 feet and 106,337,000; and orders received 102,096,00
and 118,533,000. In the case of hardwoods, 190 identical mills reported
shipproduction last week and a year ago 9,187,000 feet and 9,279,000;
ments 12,203,000 feet and 16,379,000; and orders 12,084,000 feet and
16,890,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 178 mills reporting
for the week ended February 4:
Shipments.
Unshipped Orders.
New Business.
Feet.
Feet.
Feet.
Coastwise and
Domestic cargo
Domestic cargo
latercoastal. 16,157.000
delivery_ _ 28.792,000 delivery__ -. 107.285.000 Export
12,145,000
94,469,000
14,461.000 Foreign
Export
12,502,000
47,093,000 Rail
12,264.000 Rail
Rail
3,977,000
Local
3,977,000
Local
44,780,000
248,847,000 Total
59,494.000 Total
Total
Production for the week was 49,251,000 feet. Production was 22% and
for the previous
new business 27% of capacity,compared with 21% and 26%
week.
Southern Pine.
Orleans that for 102
The Southern Pine Association reported from New
, and orders 4%
mills reporting, shipments were 6% above production
New business taken during
above production and 2% below shipments.
(previous week 24,372,000 at 100
the week amounted to 20,895,000 feet
(previous week 21,413.000); and producmills): shipments 21,231,000 feet
week 18.946,000). Production was 33%
tion 20,052,000 feet (previous
31% and 40% for the previous
and orders 34% of capacity, compared with
101 mills were 60,053.000
week. Orders on hand at the end of the week at
in production of 13%,
feet. The 101 identical mills reported an increase
2%, as compared with the same week
and in new business an increase of
year ago.
Western Pine.
Ore., that for
The Western Pine Association reported from Portland,
production, and orders
107 mills reporting, shipments were 98% above
shipments. New business taken
144% above production and 23% above
(previous week 19.549,000
during the week amounted to 20.662,000 feet
(previous week 17,934,000); and
at 115 mills); shipments 16.831,000 feet
. Production was
production 8,482,000 feet (previous week 10,415,000)
with 8% and 15% for the previous
7% and orders 17% of capacity,compared
of the week at 107 mills were 88.772.000
week. Orders on hand at the end
decrease in production of 19%,
feet. The 106 identical mills reported a
compared with the same week
and in new business a decrease of 30%, as
a year ago.
Northern Pine.
s, Minn., reported
The Northern Pine Manufacturers of Minneapoli
feet and new business
no production from seven mills; shipments 1,273,000
business 33% less than for
1.435,000 feet. The same mills reported new
the same week last year.
Northern Hemlock.
ers Association. of
The Northern Hemlock and Hardwood Manufactur
mills as 262,000 feet, shipOshkosh. Wis., reported production from 18
feet. Orders were 6% of capacity comments 557.000 and orders 554.000
a
pared with 3% the previous week. The 17 identical mills reported loss
in new business, compared with
of 64% in production and a loss of 28%
the same week a year ago.
Hardwood Reports.
of Memphis, Tenn., reported
The Harwood Manufacturers Institute,
feet. shipments 13.888.000 and
production from 301 mills as 9,995,000
18% and orders 24% of capacity,
new business 13.145.000. Production was
week. The 173 identical mills
compared with 17% and 22% the previous
business 25% less than for the
reported production 9% greater and new
same week last year.
Manufacturers Association. of
The Northern Hemlock and Hardwood
mills as 398,000 feet, shipOshkosh. Wis., reported production from 18
Orders were 14% of capacity.
manta 998.000 and orders 894.000 feet.
17 identical mills reported a
compared with 12% the previous week. The
of 55% in orders, compared
decrease of 66% in production and a decrease
the same week last year.
with
Feb. 11 1933
Financial Chronicle
Lumber Output for the Four Weeks Ended Jan. 28
1933, as Reported by an Average of 591 Mills, Off
11% as Compared With the Same Period in 1932—
Shipments Declined 29%, While Orders Were 25%
Lower.
We give herewith data on identical mills for the four weeks
ended Jan. 28 1933 as reported by the National Lumber
Manufacturers Association:
An average of 591 mills reported as follows to the National Lumber
Trade Barometer for the four weeks ended Jan. 28 1933:
Production.
(In 1,000 Bd. Ft.)
Softwoods
Hardwoods
Shipments.
Orders Rec'd.
1933.
1932.
1933,
1932.
1933.
1932.
305,453
29,140
338,930
36,979
335,915
45,006
476,120
60.983
371,444
37,833
484,910
61,316
334,593 375,909 380,921 537,103 409,297 546,226
Production during the four weeks ended Jan. 28 1933. was 11% below
the
corresponding weeks of 1932, as reported by these mills and 49% below
cut
record of comparable mills for the same period of 1933. 1933 softwood
was 10% below that of the same weeks of 1932 and hardwood cut was 21%
below.
Shipments in the four weeks ended Jan. 28 1933, were 29% below those
of corresponding weeks of 1932, softwoods showing 29% decline and hardwoods 26% decline.
25%
Orders received during the four weeks ended Jan. 28 1933 were
orders for
below those of corresponding weeks of 1932 and 49% below
and hardwoods,
similar weeks of 1933. Softwoods showed 23% decline
38% decline.
four weeks ended Jan. 28
The production of the reporting mills in the
their three-year average production
1933 was 17% of capacity and 45% of
(same weeks of 1933-32-33.)
344 softwood mills were
On Jan. 28 1933. gross stocks as reported by
of 109 days' average production of
2,873,279,000 feet or the equivalent
3,778.273,000 feet on Jan. 30 1932, the
the reporting mills, compared with
.
equivalent of 142 days' average production
528 mills (cutting either
On Jan. 28 1933, unfilled orders as reported by
0 feet or the equivalent
hardwoods or softwoods or both) were 440.367,00
compared with 553,515,000 feet on
of 15 days' average production, as
of 19 days' average production.
Jan. 30 1932, the equivalent
Total lumber
Automobile Body Workers Strike at Hudson Motor
Car Plant-6,000 Made Idle as Shop is Forced to
Close—Demands Listed by 3,000 Strikers—Shop
Reopens Later with Half Force.
Three thousand automobile body workers at the Hudson
Motor Car Co.'s plant at Detroit, Mich., went on strike
Feb. 7. According to the New York "Times" of Feb. 8,
"the plant went into full production Feb. 6 after a partial
shutdown of several weeks. While the strike closed it again
Feb.7,officers expressed the hope of adjusting the grievances
within a few days. Advices from Detroit, Feb. 7, to the
"Times" said that the employes made the following 12
demands:
and a bonus of 150% on the basis
A 20% increase in all day-rate wages
of volume produced.
with an additional five cents
A 30% increase in all hourly rate wages,
an hour for night workers.
week.
-hour day and a five-day
An eight
all overtime, and "double time" for
Payment of "time and a half" for
all work on holidays and Sundays.
men" on all assembly lines.
An adequate number of "relief
in all departments.
New stock and tools to be supplied
Adequate ventilation.
to lose jobs until absent 10 days.
In case of absence, employes not
time called to work.
At least one hour's pay for each
ns and fingerprinting.
Abolition of repeated physical examinatio
in all departments.
Recognition of grievance committees
on grievance committee.
No penalty against men serving
According to the advices, an official of the company
commented on the demands as follows:
than 20% above those paid in other body
Our wages are already better
-hour day and five-day week, we will favor that.
Plante. As to the eight
holidays and pay and a half for overtime
The demand for double pay on
,
the e days.
Is hardly valid, because overtime is rive
we feel that we must insist on dealing
As to a grievance committee,
have plenty of relief men on all our lines.
with each employe directly. We
called to work, to pay one-fourth Of
It is our practice, whenever men are
workman is Immediately sent home. Our
an hour's wage, even when the
examinations is solely in the interest
object in having repeated physical
of the health of the men.
The advices also said:
m. and the company suspended work in
The strike took place at 11 a.
noon, throwing out of employment an
the assembly plants soon after
additional 3,000 men.
had been rapidly increasing, according
Production in the assembly plants
President in charge of manufacturing, and
to Max F. Wollering, Vice
before the end of the current week,
would have reached full proportions
to have reported. This would have brought
when 2,000 additional men were
the total number employed to 8,000.
Additional advices from Detroit, Feb. 8, to the "Times"
said that a general call was issued on that day by Max F.
Wollering for all employees of record to return to work
Feb. 9. The workers were assured that the situation would
be adjusted to their satisfaction. In response to this call,
about half of the strikers returned to their jobs on Feb. 9.
Advices from Detroit on that day said that production was
being resumed on a greatly decreased schedule. The advices,
noted in the "Times," added:
Volume 136
Financial Chronicle
Officials of the company said that 1,000 men
were at work in the body
plant and 2,000 in the main factory.
Since most of the work is synchronized, many
of the men who returned
could not be used, as, with the reduced force,
there were more than were
needed in some departments. Consequently
they were sent home and
instructed to return Feb. 10. At the main
plant, where 3,000 workmen
were made idle because of the body workers'strike,
operations were resumed
on Feb. 9 in all departments with the
exception of those which are dependent on bodies. Nearly 2,000 were workin
g Feb.9 in this plant.
Strike at Briggs Manufacturing Company Whic
h Closed
Ford Motor Co. Plants Terminated
—Briggs Firm
Re-opens with Approximately 3,000 Men.
The Ford Motor Co.closed down on Jan.
26forcing 150,000
men out of employment because of
a strike at the Briggs
Manufacturing Company's plant at
Detroit, which with the
Murray Corp. of America has been suppl
ying bodies for Ford
Cars. The Detroit "Free Press" of Jan.
27 noted:
Fifty thousand
of the men thrown out of work
are located in the Detroit
area, with 100,000 in other parts of
the country.
The Ford company announced
Jan. 26 that its plants trom coast to coast
had been compelled to close.
The strike also affected 6.000 men
in the Briggs plant and 4.000 in the
Murray plant. Officials of the
two plants stated that 90% of the men who
walked out were ready to return
to work,but had been prevented from doing
so by agitators.
The Ford company has been going
into production upon the new models,
but officials explained Jan. 26
that it was impossible to continue unless
bodies were delivered. The strike
shut off entirely the body supply and
necessitated the shutting down of
the mechanical division at the River
Rouge plant, and of the assembly
plants throughout the country.
For several weeks the Briggs plant
has been manufacturing parts for the
Murray Corporation in addition
to delivering to the Rouge plant many
bodies daily. The closing of the
former plant for this reason necessitated
the closing of the latter. All
bodies and all parts made by the two concerns were for the new Ford models.
On Jan. 31 some strikers returned to work at the Briggs
plant as noted in advices from Detroi that day
t
to the New
York "Times" which said:
Nearly 1,300 men and women, mostly
strikers, have gone to work in the
two main plants of the Briggs
Manufacturing Co., according to a company
announcement made Jan. 31, and
the production of automobile bodies,
halted for a week by the strike, has
been resumed on a sm411 scale
News of this caused the Ford Motor
Co., whose plants at Detroit employing 45.000 men and whose assembl
ing plants throughout the country employing thousands of other workers
have been closed down for lack of the
bodies which the Briggs company
has been furnishing, to plan to resume
operations early next week.
With this prospect, the Ford
ultimatum to the Briggs ofticials that if
they did not quickly begin delivering
bodies the Ford company would begin
making its own was held in abeyance.
General Manager Henry E. Hund
of the Briggs company announced that
bodies were being turned out on the
assembly line at the initial rate of eight
an hour. He said that 1,200 men and
women had gone to work at the
Highland Park plant and 1,096 at
the Mack Avenue plant.
Advices from Detroit, Feb. 6, to the "Times" noted
that
although about 300 strikers were on picket
duty at the Briggs
auto body plants on that day the factories opene
d at the
usual hour with a force of about 3,000 worker
s. There was
no disorder.
The paper previously quoted, contained
the following
advice from Detroit, Feb. 9:
At the Highland Park plant of the
Briggs Manufacturing Company, no
strikers were in evidence. The few
policemen on duty had no difficulty in
getting the Briggs workers into the
plant.
In a statement issued Feb. 9, Walter
0. Briggs, President of the Brigga
Manufacturing Company, said
in part:
The published statement of the
strikers' committee fully confirms what
this company has said about the strike
from the outset, namely, that it
was incited and led by Communist
the Communist leadership of this agitators. We are pleased to learn that
strike has been exposed and disavowed
by the victims of it.
The statement added that if former
Briggs employees want the Jobs that
stlll remain open their individual applica
tions will be considered.
Increase of 38% Reported in Outp
ut of Passenger
Cars and Trucks by Motor Chamb
er—Production
During January Estimated at 115,915
Units.
For the first time since August 1931,
the passenger car
and truck output of members of the Nation
al Automobile
Chamber of Commerce exceeded that of
the corresponding
month in the preceding year, accord
ing to the preliminary
estimate on January production
released by the Chamber
Feb. 9. The Chamber also reported:
The January output of members was
estimated at 115,915 units, which
was 5% over the production for
January 1932, and 38% above
the output for last December.
January production exceeded the
output for every month last year
except March and April.
The operations of only one major producer
are not included in the
figures which are hosed on reports of factory
shipments to dealers.
Trial Shipment of Wheat from Canada
Shipped
Through United Statel Ports Denied
British
Preference.
A trial shipment of,wheat from Canada aboard the steamship Britc.nnica from New York has been refused the
British
reference of six cents a bushel, according to Associated
Press
cablegrams from London yesterday (Feb. 10) which
further
stated:
917
Otticial confirmation was given to-day
of the withholding of the preference. The test shipment arrived at
Liverpool two weeks ago.
The shipment was seen as a test of whethe
r Canadian wheat shipped
through United States ports would be regarde
d by customs officials as complying with regulations under which the
preference was granted.
The decision was made by customs official
s in London. minor officers at
Liverpool not desiring to be connected with
the
wheat importers throughout this country and important decision which
exporters in America were
anxiously awaiting.
It had been anticipated the shipment would
gain the preference because
details supposed to have been overlooked in the
shipping of a previous test
load from Canada on the steamship Laconia last
December were included
in the Britannic's order.
The main requirement is that the wheat shall be definite
ly consigned
through to the United Kingdom at the time it leaves
Canadian territory.
bearing concrete proof of its Canadian origin.
The preference was not granted the Laconia shipment because
it did not
adequately prove to have been on through consignment
from Canada
and to have originated in the Dominion. No announcement
was made
to-day by the Lustozns Commissioners as to why the prefere
nce was refused
the Britannic's shipment.
As a result of the ruling, British wheat importers believe
it will be necessary in the future to ship Canadian wheat direct
from Canadian ports to be
eligible for the preference.
In the New York "Journal of Commerce" of Feb. 10 it
was
reported from Winnipeg, Manitoba that export
ers on the
Grain Exchange are puzzled over Britain's secon
d refusal to
accept wheat through New York as complying
with preference conditions. The Winnipeg advices added:
Smith Murphy sent the last cargo test via the
Britannic to Charlton &
Bagshaw. As there was no question of complia
nce with every known
regulation in the last test, members of Canadian
grain industry using the
Buffalo-New York route are not expected to make
another test until they
have studied the final decision of British Custom
s Department. Much
disappointment was displayed on receipt of decisio
n to-day.
First Year's Operations of Dominion Agricultur
al
Credit Corporation—Progress Reported.
From the Montreal "Gazette" we take the follow
ing from
Regina Jan. 6:
Reports of steady expansion during the
first year's operations were presented directors of the Domini
on Agricultural Credit Corporation during
their meeting here.
Organized Oct. 28 1931, to assist farmers desirou
s of entering more diversified lines of farming the organization
apart from home office officials, now
has 350 local committees stretch
ing across the three prairie provinces.
representative of approximately 1,000 workers
each rendering assistance at
trading points.
During the past year 6,346 sheep,
all selected animals, were distributed
along with 1,335 cattle. No large
flocks or herds were sent any one farmer,
the sheep ranging in lots of25 up while
the smallest herd of cattle numbered
5. The stock was supplied on a three-y
ear payment plan with balances arranged at nominal rates of interest.
Probably the outstanding feature
of the report given by H. 0. Powell.
Vice-President and Managing directo
r, was that which In part pointed out
that settlements maturing in Octobe
r and November of last year, despite
the depression, had been settled
satisfactorily and promptly.
Flour Output Lower in January.
General Mills, Inc., in presenting its summa
ry of flour
milling activities from figures repres
enting approximately
90% of all flour mills in the principal
flour producing centres,
reports that 5,253,819 barrels of flour were produced
during
the month of January 1933, compared with 5,5g.5
,140 barrels
in the preceding month, 5,724,825 barrels in Novem
ber last
and 5,466,486 barrels in January 1932.
During the seven months ended Jan. 31 1933 production
amounted to 39,474,763 barrels of flour, as against
44,303,165
barrels during the corresponding period a year
ago. The
summary of General Mills, Inc. follows:
PRODUCTION OF FLOUR (NUMBER OF BARRELS).
—Month of January-- —7 Mos.End. Jan.311933.
1932.
1933.
1932.
Northwest
1,235,270 1,368,587 9,643,507 12,040,082
Southwest
1,960,687 1,913,542 13,981,848 15,276,546
Lake Central and Southern
1.790,797 1,768.369 13,769,702 14,097,055
Pacific Coast
267,065
415.988 2,079.706 2,889,482
Grand total
5,253,819 5,466,486 39,474.763 44,303,165
Note.—Thls authoritative compilation
stately 90% of the mills In principal flour of flour milling activity represents apprortproducing centres.
Coffee Prices Reduced 2 Cents a Pound by
Atlantic &
Pacific Tea Company.
A 2 cent reduction in the price of its three blends
of coffee
was announced by the Eastern division of the Great
Atlantic
& Pacific Tea Co. The new prices of the
three grades,
which were heretofore 27, 23 and 21 cents a
pound, are now
25, 21 and 19 cents. It was said that the
cuts were due to
general readjustments in A & P coffee operat
ions.
Sugar Distribution in the Unite
d States Fell Off
4.13% in 1932.
Sugar consumption in the United States during
December
1932 amounted to 365,986 long tons, raw
sugar value,
compared with 420,493 tons consumed in
December 1931.
This is a decrease of 54,507 tons or 12.96
%, according to
a report issued by B. W. Dyer & Co. of
this city, sugar
economists and brokers. Distribution of
sugar in the
United States during the year 1932 amoun
ted to 5,640,543
918
ed with
tons, a decrease of 243,115 tons, or 4.13%, compar
distribution amounted to 5,883,658 tons.
1931, when
s' deliveries
The Dyer report shows a decrease in refiner
while the
8.45% and 2.80% in domestic beet deliveries,
of
and insular white sugar shows an
distribution of foreign
increase of 28.21%.
the report from
An important influence in stiffening the market was
financed by the GovernWashington of a proposal to pool all cotton being
to reduce production
ment and distribute a share to each grower agreeing
from the market.
to the extent of participation in the cotton now being held
Farm Board,
As estimates place the quantity being financed by the Federal
ately 3,500.the Department of Agriculture and other agencies at approxim
crop could be expected
000 bales, a reduction of that amount in this year's
Senators proto exert a considerable leverage on prices, according to the
posing the plan.
Price
Coffee Only Commodity Selling Currently Above
Coffee
Level of Year Ago According to New York
ies of
and Sugar Exchange-"Defense" Activit
of Brazil.
National Coffee Council
ge, Inc., in an
The New York Coffee and Sugar Exchan
major comannouncement issued Feb. 4 states that of all
ily traded in New York, including commod
modities current
s, and the foodstuffs, metals,
ties traded on futures market
one to be selling
textiles and miscellaneous groups, the only
that of a year ago is coffee. The
at a price level above
cents
at
most widely used coffee, the Santos 4s, is quoted 93 cents
the New York spot market compared with 9
a pound in
said:
a pound a year ago. The announcement also
when other commodities
The maintenance of a high price level for coffee
ed to the "Defense" activities
are universally lower is generally attribut
Since the policy of destruction
of the National Coffee Council of Brazil.
been 13,000,000 bags of coffee
was instituted in June 1931 there have
under the direction of the
destroyed by burning and otherwise in Brazil
efforts have included limiting
National Coffee Council. The "defense"
interior warehouses; buying in Brazilof receipts in Brazilian ports from the
propaganda for increased consumption
ian ports to support the market:
consumers of coffee have been operating
in consuming countries. World
basis, giving to spot markets a consistently
on a "hand to mouth" supply
strong undertone.
Exchange indicate a decided improvement
Statistics compiled by this
coffee over a year ago. The U. S. visible
in the statistical position of
bags compared with 1,771,000 bags a
supply of free coffee is 1,172,000
including about 25,000.000 bags in
year ago. The world's visible supply,
now 31,000,500 bags compared with
Brazilian interior warehouses, is
world's visible supply, exclusive of the
37,259,000 bags a year ago. The
bags compared with 5,455,000 bags
Interior stocks of Brazil, is 5,154,000
a year ago.
cents a pound whirl the revolution
Santos coffee sold as high as 153-i
for 1932 was 8% cents a pound. The allwas on last summer. The low
established in October 1931.
time low was 73i cents a pound,
New Coffee Control Studied.
From Rio de Janeiro, Feb. 7, a cablegram to the New
York "Times" said:
the Coffee
p The Government is reported toabe considering dissolution of Ministry
place special department under the
Council and creating in its
ent direct control of the coffee
of Agriculture, thus allowing the Governm
situation.
Cuban Coffee Exports Advance in 1932.
e
Cuban coffee exports during 1932 were greatly in advanc
cs recently
of these of the year before, according to statisti
ture,
made public by the Cuban Department of Agricul
uffs
says a report to the Commerce Department's Foodst
a.
Division from Commercial Attache Albert F. Nufer, Havan
on Feb. 7 added:
The Department
pounds valued at $1,163,921 during 1932
Exports totaled 13,157,059
valued at $153 during 1931, according to
as compared with 774 pounds
68%.or 9,037,257 pounds, of the coffee
Cuban statistics. Approximately
States, it is reported.
exported was sent to the United
believed to have declined sharply during
Imports of coffee into Cuba are
are not available, it is thought that very
the year. While final figures
from foreign countries, and these consisted
small quantities were purchased
for blending purposes, it is stated.
only of fancy washed grades used
.
s
Brazil Has 2,660,000,000 Coffee Trees-Lead World
trees under cultivation,
Brazil has 2,660,000,000 coffee
gs, according
or more than half of the world's coffee plantin
an Coffee Exporters' Assoto figures compiled by the Brazili
rce Department's
ciation and forwarded to the Comme
, the DepartFoodstuffs Division. In making this known
Jan. 26 said:
ment on
showed, with 453,000,000 trees, followed
ir Colombia comes next, the census
160,000,000: Venezuela, with 155,000,'Ardor by Indies Hollandezas, with
with 80,000,000 trees each; Africa
060: Guatemala, Salvador and Mexico
India Ingleza, with 35,000,000, and
Oriental Ingleza, with 50,000,000;
Costa Rica, 32,000,000 trees.
trees; Cuba, 27,240,000; Madagascar
Nicaragua is listed with 28,000,000
Puerto Rico and Angola, 20,000,000
and Abyssinia, 25,000,000 trees each;
00 trees.
each. and Belgian Congo, 10.000,0
is estimated on the above basis at
Total world plantings of coffee trees
4,004,240,000, it was indicated.
Brazilian plantings with 1,335,000,000
The State of Sao Paulo leads
s occur in the State of Minas Gerae,
trees. The next largest planting
trees.
with a total of 575,000,000
's Rise-Washington
New Pooling Plan Aids Cotton
g,
Report Affecting 3,500,000 Bales, with Less Sellin
Spurs Upturn.
6) to the lowest
After having dropped on Monday (Feb.
two months, prices on the Cotton Exchange
level in about
on the previous day
continued on Feb. 7 the recovery begun
net gains of 5 to 9 points, said the New York
and made
"Times" of Feb. 8 which observed:
Feb. 11 1933
Financial Chronicle
From the "Times" of Feb. 10 we quote:
y and, after
Prices on the Cotton Exchange improved again yesterda
with gains of 3
reaching the previous high quotations of the week, ended
to 6 points.
the committee
Reports from Washington indicating favorable action by
million bales of
considering the formation of a pool to take over several
influenced
cotton and to reduce correspondingly the size of the next crop
the market, as did uncertainty over the fate of farm legislation.
Imports of Raw Silk Increased During January
Approximate Deliveries to American Mills Below
Same Period Last Year-Inventories Continue to
Rise.
According to the Silk Association of America, Inc., raw
silk imports during the month of January 1933 totaled 53,114
ing month
bales, compared with 45,453 bales in the preced
year.
and 52,238 bales in the corresponding period last
Approximate deliveries to American mills amounted to 46,204
bales
bales as against 58,793 bales in January 1932 and 40,548
of Jan. 31 1933
in December 1932. Stocks at warehouses as
previous and
were 69,747 bales, against 62,905 bales a year
tion's statement
62,837 bales a month ago. The Associa
follows
RAW SILK IN STORAGE.
public warehouses in New York City and Hoboken)
(As reported by the principal
European. Japan. All Other. Total.
Figures in Bales.)
5,980 62,837
2,845 54,012
In storage Jan. 1 1933
4,475 53,114
832 47,807
Imports, month of January 1933..x
-3,677 101,819 10.455 115,961
January 1933
Total available during
7,090 69,747
59,996
2,661
In storage Feb. 1 1933_z
Approximate deliveries to American mills 1,016
,
during January 19334
SUMMARY.
Imports During the Menth.z
41,823
3,365
46,204
Storage at End of Month.x
1933.
January
February
March
April
May
June
July
August
September
October
November
December
Total
Average monthly-
1932.
1931.
1933.
1932.
1931.
53 114
52,238
53,574
38,886
30,953
34,233
31,355
36,055
61,412
56,859
58,775
47,422
45,453
49,294
47,827
57,391
29,446
42,264
46,825
37,315
58,411
48,040
70,490
67,999
50,617
69,747
62,905
70,570
62,675
57,849
59,159
53,048
50,721
52,228
49,393
54,465
57,932
62,837
51,814
45,399
47,407
35,497
32,688
37,352
29,921
41,878
36,099
49,921
07,275
69,460
53,114
547,195
45,600
605,919
50,493
57,815
45,393
Approximate Deliveries
to AMAMI:Al lls.y
Approximate Amount of Japan
Silk in Transit at Close
of Month.
1933.
January
February
March
April
May
June
July
August
September
October
November
December
1932.
1931.
1933.
1932.
46,204
58,793
45,909
46,761
35,779
32,923
37,466
38,382
59,905
59,694
53,703
43,955
40,548
55,910
54,242
55,383
41,356
45,073
42,161
44,746
46,454
53,819
56,668
50,645
48,432
25,700
48,500
31,000
28,800
34,800
30,800
31,100
42,200
43,400
42,800
44,700
50,200
51,400
1931.
37.700
37,700
21,300
24,800
36,900
33,400
41,600
40,500
53,200
59,700
50,800
53,900
46,204 553,818 594,889
Total
40,958
40.058
49,574
46,151
Monthly average
to 5 inclusive, Asiatic man tests Nos.
x Covered by European manifests Nos. 1z Includes 594 bales held a terminals
s.
1 to 18 inclusive. Y Includes re-export
Raw Silk Exchange
at end of month. Stocks at warehouses include National
certified stocks 2,100 bales.
n
Plan for Distribution of Government-Owned Cotto
by American National Red Cross Signed by
President Hoover.
President Hoover Feb. 8 signed the Jones bill (H. R.
13607) authorizing distribution of Government-owned cotton
ations
to the American National Red Cross and other organiz
of distressed. The "United States Daily" of Feb.9
for relief
stated:
ded
unexpen
Besides making available approximately $4,500,000 of
an act of
balances of an appropriation made for similar purposes under
an additional sum of 84,100,000, and
July 5 1932 it also appropriates
such purposes shall
provides that any additional amounts necessary for
Farm Board, established
be paid from the revolving fund of the Federal
Act.
by the Agricultural Marketing
apparel.
The bill permits cotton to be used for providing cloth, wearing
and distressed people of
bedding, comforters and blankets for the needy
d by the Federal Farm Board
the country. The cotton is to be delivere
ion and the bill provides for
through the Cotton Stabilization Corporat
gly.
adjustment of its loans to that Corporation accordin
Congressional action on the bill to turn over 350,000 bales
clothing
of Farm Board cotton to the Red Cross to provide
needy was completed on Jan. 20 when the Senate
for the
Volume 136
Financial Chronicle
agreed to minor amendments made by the House. Congress
last July provided 500,000 bales for the purpose, taking it
likewise from the stabilization stocks accumulated by the
Board.
House
Approves Resolution Providing for Cotton
Classification.
Approval was given by the House on Feb. 7 to a resolution
authorizing the Secretary of Agriculture to provide additional facilities for the classification of cotton under the
United States Cotton Standards Act. Washington advices
Feb. 7 to the New York "Journal of Commerce" said:
The measure was sponsored by Representative Fulmer (Dem.), North
Carolina. and has the approval of the Department of Agriculture and the
Federal Farm Board.
Under its terms the Secretary Is authorized to Issue licenses to sample
cotton to any person upon presentation of satisfactory evidence of competency. The Secretary also would prescribe by regulation the conditions
under which licenses may be issued and may require any licensed sampler
to give bond for the faithful performance of his duties and for the protection of persons affected and may prescribe the conditions under which
Cotton shall be sampled for the purpose of classification by officers of the
Department of Agriculture or by licensed cotton classifiers.
919
is brought to a point where it is in balance with demand, the
balancing of gasoline production with demand necessarily
follows. "You cannot make gasoline if you cannot get crude
oil," he stated, adding that ,"Hot oil, that is, oil moving
in violation of proration restrictions, is the basic trouble of
the American industry to-day. Stricter enforcement of the
conservation laws and the elimination of this stolen oil
through better policing of the oil fields of the country, with
a consequent change in attitude from one of general distrust
to one of understanding and confidence, are the solutions of
the problem. At the moment the outlook for the oil industry
is gloomy. Its future depends on the success or failure of
conservation," he concluded.
The Humble Oil & Refining Co. this week offered to purchase 25% of the net quantity of East Texas crude oil in
storage with the Humble Pipe Line Co. as of Feb. 1, for
the account of the respective producers and royalty owners
in the East Texas field. The purchase is authorized at
50c. a barrel. In addition, for that portion of oil so purchased, the Humble company will pay the 10c. a barrel
gathering charge heretofore assessed by the Humble Pipe
Line Co. The offer is subject to acceptance before Feb. 28.
Petroleum and Its Products-Use of Military in OklaPrices of Typical Crudes per Barrel at Wells.
homa Oil Fields Hit by Supreme Court Ruling
(All gravities where A. P. I. degrees are not shown.)
Oil Men May Sue to Recover Special Assessments Bradford, Pa
21.47 Eldorado, Ark 40
20.52
Corning.
.75 Rusk Tex., 40 and over
.52
Levied for Support of Field Troops-Thirty-day Illinois Pa
.62 Salt Creek. Wyo.. 40 and over
.52
.60 Darst Creek
Shutdown of Texas, Oklahoma and Kansas Urged Western Kentucky
.40-.50
Mid-Continent, Okla., 40 and
Midland Dist.. Mich
.70
-Royal Dutch-Shell Director Comments on Amerabove
.52 Sunburst, Mont
1.05
Hutchinson. Tex., 40 and over
.52 Santa Fe Springs, Calif.,40 and over 1.00
ican Situation.
SOindiet0O, TeX.. 40 and over
.52 Huntington. Calif., 26
1.00
Winkler, Tex
.50 Petrol's, Canada
1.75
The use of state militia in the Oklahoma oil fields is hit Smackover, Ark., 24 and over
.52
by a decision of the Oklahoma Supreme Court, which this
week reversed a decision of the Oklahoma County District REFINED PRODUCTS-GASOLINE PRICES REDUCED IN BOSTON
AND PENNSYLVANIA-TANK CAR MARKET EASY
-HEATCourt. The Supreme Court rules that the District Court has
ING OILS IMPROVED-MARINE FUELS STEADY
-KEROfull authority to enjoin military forces from interfering with
SENE ACTIVE.
production of oil in the Oklahoma City field, "on occasions
Keen competition in the Boston area brought on a reducwhere such military action constitutes taking of property
without due process of law, in violation of the Oklahoma tion in gasoline tank wagon and service station prices this
week. On Wednesday the Standard Oil Co. of New York
constitution."
cut service station prices 1c. a gallon in the Boston area,
With this opinion, Col. Cicero L. Murray, Commander
and tank waaon prices Mc. a gallon. The general situation
of the troops enforcing proration, declared himself in agreethroughout New England is reported to be weakening, with
saying that "the militia has no authority to take over
ment,
the price struoture in danger of showing a widespread reducproperty unlawfully, as expressed herein." He added,
tion. Price cuts have also been made in eastern Pennsylhowever, that the ruling did not affect the situation in Okla,
vania, excluding Philadelphia, and Delaware, where the
h ma City. "We have always acted as an agent of the comAtlantic Refining Co. has posted a reduction of lc. a gallon,
mission and have carried out its orders. When the comand a cut of 13c. a gallon in western Pennsylvania.
mission makes an order we execute or enforce it, and that if a
The tank car price situation in the New York area remains
lawful act."
unchanged, and with no noticeable improvement promised
Nevertheless, the Supreme Court held that "the trial court
for the immediate future. The uncertainty of the situation
had jurisdiction of the subject matter to restrain the defendis further enhanced by reports of sales being made even under
ants, Col. Cicero Murray and those under his command."
the present low quoted prices for tank car deliveries.
Six of the nine State Justices concurred in the opinion
The sharp drop in the temperature in the last few days
holding that the Governor did not have the power through
brought forth an appreciable improvement in the heating
the military to impose a tax upon operators in the field to pay
oil demand, for both domestic and industrial consumption.
expenses of the National Guard assigned to enforce the proPrices have tightened somewhat, but only to established
ration program. As a result, speculation is arising as to
levels.
whether or not oil executives will now file suits to recover
Marine fuel oils are moving more steadily with Grade C
money paid by them on assessments levied against pipe
the
bunker fuel oil firm at 75c. a barrel, and Diesel at $1.65 a
line runs and production for this military expenditure.
The executive orders of Governor Murray calling out the barrel, both prices in bulk, at refineries.
The change in the weather has also benefitted the kerosene
militia for enforcing laws of the state, do not constitute due
market. A good volume of spot business is being put through
process of law or authorize the militia to deprive an owner
at 53.(c. a gallon, in bulk, for 41-43 water white.
of his property without due process of law, the Oklahoma
Reports from Chicago show weaker markets developing
Court ruled, pointing out that where there is no adequate
there, due to a generally prevailing belief in that territory
remedy at law, equity will afford relief to an owner of pro- that
crude oil prices are headed for still lower levels. Bulk
perty to prevent militia from unlawfully interfering theregasoline quotations are lower, with low octane quoted at
with, and district courts are authorized to grant such relief.
2c. to 2V,c. a gallon, off a fraction from last week's prices.
The Supremo Court's rulings were occasioned in the suit
Price changes follow:
involving the Russell Petroleum Corporation, and suggested
Feb. 8.-Atlantic Refining CO. reduces gasoline prices lc. a gallon, n
that there was nothing in the records to show that the Russell eastern Pennsylvania and Delaware. and IMc. in western Pennsylvania.
company had overproduced oil Regally or was attempting Philadelphia is not affected by change.
Feb. S.
-Standard Oil Co. of New York reduces service
to do so, these being questions of fact to be determined price 13c., and tank wagon price Mc. a gallon, In Boston station gasoline
area.
neither by the Governor nor the military, but by the CorporaGasoline, Service Station, Tax Included.
tion Commission and the Supreme Court.
New York
$ 128
5.135 Cleveland
3.185 New Orleans
Atlanta
19 Denver
12
18 Philadelphia
There has been no improvement in the general crude Baltimore
.13 Detroit
135 San Francisco:
situation, and prices continue unchanged from the low levels Boston
139
Third grade
145 Houston
17
Buffalo
Above 65 octane- 180
145 Jacksonville
195
established several weeks ago. Thurman Hill, of the Kansas Chicago
Premium
155
14 Kansas City
.214
.147 St. Louis
.165 Minneapolis
14,
Service Commission, in a letter to Governor Landon, Cincinnati
Public
Kerosene,41-43
advocates a thirty-day shut-down of all Kansas, Texas, and N. Y.(Bayonne)...._3 Water White, Tank Car Lots. F.O.B. Refinery.
S.02*.03J New Orleans,ez__-_$.03)4
033.iChicago
Tulsa
Oklahoma fields. He further suggests changes in proration North Texas
03 I Los Ans..ex- .0434-.06
04%-.03%
laws, giving enforcement bodies power to determine the
Fuel Oil. F.O.B. Refinery or Terminal.
D
Gulf Coast C
$.60
average cost of producing oil, and curtail production where N. Y,(Bayonne)- 3.75 California 27 plus5.76-1.00 Chicago 18-22
Bunker C
D...42H-.50
1.651New orleans C
.80 Philadelphia C
Diesel 28-30
.70
the price paid is below the actual cost.
Gas Oil. F.O.B. Refinery or Terminal.
J. B. A. Kessler, director of Royal Dutch-Shell, in an
I Chicago-N.Y.(Bayonne)I Tulsa
5.01)i
interview in New York, declared that if crude oil production
28 plus G 0--$.03M-.041 32-38 G 0
$ 01% I
sa
Financial Chronicle
920
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
$.04-.04 m
N. V.(Bayonne)Chicago
N. Y.(Bayonne)New Orleans,ex. .05-.05ii
Pan-Am. Pet. Co_3.06
Standard Oil, N..1..04-.043j
Shell Eastern Pet_ .0534 Arkansas
Motor, 60 oc05-.07
California
tane
$ 0534 New YorkColonial-Beacon-. .053<( Los Angeles. ex_ 0404-.07
Motor, 65 oo05-.053I
.07 Gulf ports
time
Crew Levick
.0534
05-.0534
.05% Tulsa
Motor,standard .0534
z Texas
.0534
Stand. Oil, N. Y_ .0534
Gulf
.0534 Pennsylvania...
4
Tide Water Oil Co .05M
Republic 011
..0534
Richfield 011 (Cal) .0634
Warner-Quin. Co_ .0534
•Below 65 octane. z"Fire Chief" 5.0534.
Crude Oil Output Higher-Inventories Continue to
Increase.
The American Petroleum Institute estimates that the daily
average crude oil production for the week ended Feb. 4
1933 was 2,028,250 barrels, compared with 2,008,700 barrels
per day during the previous week, an average of 2,015,800
barrels daily during the four weeks ended Feb. 4 and an
average daily output of 2,152,700 barrels for the week ended
Feb. 6 1932.
Stocks of motor fuel at all points increased from 53,211,000
barrels at Jan. 28 to 54,287,000 barrels at Feb. 4 1933, or a
gain of 1,076,000 barrels, as compared with an increase of
664,000 barrels in the preceding week.
Reports received for the week ended Feb. 4 1933 from
refining companies controlling 91.6% of the 3,856,300 barrels
estimated daily potential refining capacity of the United
States, indicate that 2,006,000 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,36,996,000
barrels of gasoline and 126,202,000 barrels of gas and fuel
oil. Gasoline at bulk terminals amounted to 11,404,000
barrels and 1,487,000 barrels were in water borne transit in
or between districts. Cracked gasoline production by companies owning 95.4% of the potential charging capacity of
all cracking units, averaged 393,000 barrels daily during
the week.
The report for the week ended Feb.4 1933 follows in detail:
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures In Barrels of 42 Gallons Each.)
Week
Ended
Feb. 4
1933.
387,000
96.100
45,150
46,250
24,400
157.250
56.000
295.100
49.950
30.000
31,500
135,400
33,550
91.000
15,700
31,450
5,650
2.650
36,850
457,300
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern (not Including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Week
Ended
Jan. 28
1933.
370,100
94,100
46.200
46,250
24,400
157.800
48.500
294.100
51.650
29,900
32,150
134,500
34.400
89.900
15,300
31.300
5.500
2.700
36,550
463,400
Average
4 Weeks
Ended
Feb. 4
1933.
383.200
92,600
45,000
46.450
24,350
158.650
50,250
288.150
50.250
29,650
32,000
132.900
35.150
91.700
15,450
31,600
5,550
2,700
33.200
467.000
Week
Ended
Feb.6
19 32
396.100
98.050
50,350
48.350
25,300
176.700
49.600
349,250
51,400
28,350
33.500
114.350
29.950
106.050
15.300
34.900
7.300
3,650
35,550
499.700
2.028,250 2,008,700 2,015.800 2.152,700
Total
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS, AND GAS AND
FUEL OIL STOCKS, WEEK ENDED FEB. 4 1933.
(Figures in Barrels of 42 Gallons.)
Daily Refining Capacity
of Plants.
District.
Reporting.
Potential
Rate.
East Coast
Appalachian
Ind., Ill., Ky.Okla.. Wls., Mo.
Inland Texas_ _ _
Texas Gulf
Louisiana Gulf
North La.
-Ark..
Rocky Mountain
California
Total.
%
644,700 638,700 99.1
144,700 135,000 95.0
434,900 424.000 97.5
459,300 390,000 84.9
315,300 177.700 56.4
555,000 542.000 97.7
146,000 142,000 97.3
89,300
79,000 88.5
152.000 138,000 90.8
915,100 866,100 94.6
Crude Runs
to Stills.
%
Daily OperAverage. Wed.
450.000
72,000
257.000
189.000
79,000
427,000
84,000
41,000
30.000
377,000
a Motor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
70.5 13.939.000 7.537.000
53.3 1,932,000
941.000
60.6 7,462,000 3,343,000
48.5 4,931,000 2,935,000
44.5 1,513,000 2,205.000
78.8 6.261.000 6,836.000
59.2 1.539,000 2.328.000
528.000
278,000
51.9
530.000
21.7 1.314,000
43.5 15.118,000 99.019,000
Totals week:
Feb. 4 1933 3,856,300 3.532,500 91.6 2,006,000 56.8 e54287000 126,202.000
Jan. 28 1933 3.856.300 3.532.500 91.6 2.098.000 59.4 53.211.000 126.209.000
a Below are set out estimates of total motor fuel stocks on U. S. Bureau of Mines
baste for week of Jan. 28 1933, compared with certain February 1932 Bureau figures:
55,400,000 barrels
A. P.1. estimate B. dv M. basis, week Feb. 4 1933,1s
60,189.003 barrels
U. S. B. of M. motor fuel stocks, Feb. 1 932
65,442.000 barrels
U. S. B.of M. motor fuel Mocks, Feb. 29 1932
f
b Estimated to permit Comparison with A. P. I. Economics reports, which la o
Bureau of Mines basis.
c Includes 36,996,000 barrels at refineries. 11,404,000 at bulk terminals. 1.487.000 barrels in transit, and 4,400,000 barrels of other motor fuel stocks.
Feb. 11 1933
barrel, effective as of Jan. 18," says the review, "is costing
the oil farmer or royalty owner $47,800 daily, and the oil
operator,$334,700 daily in the areas affected, in which about
1,530,000 barrels a day of crude oil is being produced, or a
total of $382,500. Yet the royalty owner is receiving $49,725
a day and the oil operator $348,075 a day, or a total of $397,800 a day more than he was receiving in July 1931." The
review also notes:
This is not such a discouraging situation when it can be taken into consideration that stocks of refinable crude have declined approximately
55 000,000 barrels during that period. Compare this with other industries
and it is not half bad.
The average price of 36 degree mid-continent crude to-day is 44 cents.
It was 18 cents in July 1931. It should bring 31.32% to insure a fair profit
to the industry and allow adequate charge-offs for the exploring of new
fields, engineering work. dm.
Thurman Hill, that constructive thinker of the Public Service Com-day
mission of Kansas, in a letter to Governor Landon, advocated a 30
shut
-down in which Texas and Oklahoma would Join, and further suggested change in proration laws, giving enforcement bodies power to
determine the average cost of producing oil, and curtail production where
price paid is below cost. This is thinking along the right line.
Imports of Petroleum Off 61,000 Barrels in January
1933.
According to figures collected by the American Petroleum
Institute, imports of petroleum (crude and refined) at the
principal ports amounted to 3,381,000 barrels for the month
of January 1933,a daily average of 109,064 barrels, compared
with 4,442,000 barrels, a daily average of 143,290 barrels,
during the month of December 1932. The Institute's
statement follows:
IMPORTS OF PETROLEUM AT PRINCIPAL UNITED STATES PORTS
(CRUDE AND REFINED OILS).
(Barrels of 42 Gallons.)
Month.
At Atlantic Coast Ports
Baltimore
Boston
New York
Philadelphia
OthersTotal
Daily average
At Gulf Coast Ports
Total
Daily average
At All United States Ports
Total
1
1932,
237.000
135.000
1.990.000
797.000
205,000
442.000
64,000
2,614.000
873.000
287,000
425.000
435.000
1,499.000
577.000
267,000
2,238.000
950.000
221.000
3,364.000
108.516
4,280 000
138.064
2,768.000
92,267
3,844,000
124.000
:17,000
548
y162.000
5,226
:64.000
2,133
3,381.000
109 084
4.442.000
143 200
2,832,000
04 Ann
62.010.
2.003
3.906.1100
Inn non
Received at Port Arthur. y 65.000 barrels at New Orleans and 97,000 barrels
at Port Arthur. z Received at New Orleans.
DISTRIBUTION OF TOTAL IMPORTS.
(Barrels of 42 Gallons.)
Month.
Jan. 1933. Dec. 1932. Nov. 1932 Oct.
1932,
Crude
Gasoline
Kerosene
Gas oil
Fuel oil
2,033,000
1,348,000
39.000
1.220.000
948.000
1,187,000
Total
3.381.000
4.442.000
21)1321100
3 OR 000
3,128,000
55,000
1,829.000
55,000
2,596.000
62,000
61,000
Receipts of California Oil at Atlantic and Gulf Coast
Ports Again Increased During January.
Receipts of California oil (crude and refined) at Atlantic
and Gulf Coast ports for the month of January 1933 totaled
1,400,000 barrels, a daily average of 45,161 barrels, compared with 1,186,000 barrels, a daily average of 38,258 barrels) during the previous month. The detailed statement
follows:
RECEIPTS OF CALIFORNIA OIL AT ATLANTIC AND GULF COAST
PORTS (CRUDE AND REFINED
(Barrels of 42 Gallons.)
Month ofAt Atlantic Coast PbrtsBaltimore
Boston
New York
PhlladeliAlla
Others
Jan. 1933. Dec. 1932. Nov. 1932. Oct.
30.000
46.000
648.000
116.000
560.000
1 400,000
Total
45,161
Daily average
At Gull Coast Ports
Total
Daily average
At Atlantic and GulfCoastPortsTotal
1,400.000
Daily average
45,161
1932.
128,000
140,000
486,000
165,000
255,000
651.000
233.000
71.000
74,000
38.000
448.000
290,000
333,000
1,034,000
33.355
1.095.000
36.5011
1,183,000
38,161
1,095.000
36.500
1,183,000
38,161
:152,000
4,903
1,186.000
38,258
DISTRIBUTION OF TOTAL CALIFORNIA OIL RECEIPTS.
(Barrels of 42 Gallons.)
Month of-
Oil Operators Still Receiving $348,075 More Per Day
Than in July 1931.
With all the difficulties that have arisen in the oil industry
it is in much better shape than it was in July 1931, it is
pointed out in the T. S. Hose weekly report of the oil industry. "The drastic cut in crude, averaging 25 cents a
Jan. 1933. Dee. 1932. Nov. 1932 Oct.
At Atlantic Coast Ports
Gasoline
Kerosene
Gas oil
F, el oil
Lubricants
.r.-0..1
Jan. 1933 Dec. 1932. Nov. 1932
632.000
336,000
424,000
8.000
1.400.000
Oct.
1932a
455.000
105.000
:225,000
x401,000
710,000
71,000
201,000
105,000
8.000
904.000
78,000
201,000
11101 non
1 non non
1 ..,. 'Inn
Received at Port Arthur (75,000 barrels of fuel oil and 77,00(1 barrels of gas oil)'
Financial Chronicle
Volume 136
January Slab Zinc Production Highest Since April
1932—Shipments Again Fall Off—Inventories Gain.
According to the American Zinc Institute, Inc., production
of slab zinc in January, 1933, was the highest since April
1932, amounting to 19,859 short tons, compared with 18,489
tons in December last and 22,471 tons in January 1932.
Shipments decreased from 15,582 short tons in December to
15,040 tons in January 1933. The latter figure also compares with 22,404 tons shipped during the corresponding
month last year.
Inventories at Jan. 31 1933 totaled 129,524 short tons of
slab zinc, as against 124,705 tons a month earlier and 129,909
tons a year ago. The Institute's statement follows:
SLAB ZINC STATISTICS (ALL GRADES). 1931, 1932 AND 1933.
(Tons of 2,000 Lb-)
Shirred
During
Month.
32.522
29,562
32.328
29.137
25.688
23,483
21,365
21,467
21.327
21.548
20,443
21,868
31,064
30,249
35,224
27,418
25,851
27,604
28,460
23,599
20,860
21,181
19.963
23,041
Total for Yr. 300,738
Monthly aver_ 25.062
Retorts
Arge.
Unfilled
Stock at snip- Oreraf0 Retorts Orders.
End of red for End of Durtng End of
Month, Export. Month. Month. Month.
314,514
26,210
Total for yr.
Monthly aver_
1933.
January
22,404
21,851
22.503
18,032
18,050
14,971
12.841
16,360
20,638
19,152
16.000
15,582
213.247
17,771
15,040
a Export shipments are
129,524
33,235
33,118
31,821
26.672
20.622
19.022
19.266
19.305
20.417
21,374
19,428
19,875
32,737
3.3.453
30,647
26,765
20.632
19,898
17.920
18.140
19.752
19,809
18.245
18,223
30,251
32,737
31.216
38.150
31.146
33.086
24,815
20,503
15.388
18,365
21.355
18,273
23.680
23.099
26,166
31
0
0
0
0
20
0
39
20
20
20
20
22,044
21,752
22,016
20.796
20,850
18,742
18.295
14,514
14,915
17,369
19.753
21,023
170
14
129.909
129,532
129.477
132.020
132.575
134.027
135,902
133,153
125.775
121,840
121.798
124,705
1
0
0
0
20
0
20
0
0
0
0
0
41
3
218,384
18.199
19,859
145,070
144,389
141,493
143,212
143.049
138.928
131,833
129,701
130,168
130,535
131.015
129,842
19,339
18,560
17.190
40
22,660
21.970
6,313
Inductee In tot:.1 sh pment.s.
......
1932.
January
February
March
A pill
May
June
July
August
September
October
November
December .. _
cc 040 0.wu.Cs m
1931.
January
February
March
Aprii
May
June
July
August
September
October
November..December._
W0.0.WW4.C.XON..N
Produced
During
Month.
Month.
24,232
23,118
23.712
20,821
19,837
16,116
16.949
18,017
16,028
10,333
8.640
b8,478
b Corrected Ilgure.
World Crude Oil Production in 1932 Estimated at
1,293,829,801 Barrels, a Falling Off of 4.75% as
Compared With the Preceding Year, According
to "World Petroleum"—United States Produced
603i% of World Output as Against 62% in 1931.
World crude oil production for the year 1932 decreased
61,555,711 barrels (42 U. S. gallons) or 4.75% as a result of
conservation efforts in the United States according to official
government figures reported to "World Petroleum." Production for the world during 1932 amounted to 1,293,829,801
barrels against 1,355,385,512 barrels in 1931. The United
States produced 60.51%, or 782,665,000 barrels of this total
against 62.1% or 850,275,000 barrels in 1931, a decrease of
67,610,000 barrels.
Efforts to bring production into balance with decreased
consumption resulted in decreases in the United States,
Venezuela, Mexico, Columbia, Peru, Poland, Sarawak,
Egypt, Ecuador, and Canada. Russia also showed a decrease
of 6,623,400 barrels from 156,342,900 barrels in 1931 to
149,719,500 barrels in 1932 as the result of failure to obtain
equipment abroad and disorganization of personnel in the
oil industry at home.
The following table, according to "World Petroleum,"
shows production for 1931 and 1932 by countries for the
world:
WORLD CRUDE OIL PRODUCTION—OFFICIAL FIGURES
FOR 1932.
(In U. S. Barrels, Converted at 7 Barrels per Ton Where Government
Returns are
Issued in Tons.]
Country—
1932.
1031.
Country-1932.
1931.
11. S
782.665.000 850,275.000 Poland
3.905,230
4,397.760
R118/1111
149.719,500 156.342.900 Sarawak ___
2,274,043
3,338.472
Veneauria _ 118.635.671 120,069,462 Japan and
Roumania_ 50,491,205
46,333,945
Taiwan
2,340.000
1,884.285
45,122,455
Persia_
40.253.486 Egypt
1,742,370
1,845,938
32,802,285
Mexico
33,038,853 Ecuador____
1.573,857
1,750,633
Dutch East
Canada_ --1.054,373
1.583.339
39,584.027
Indies_
32,818,346 Germany.._
1,824.019
1,778.602
16,384,956
Colombia
18.237.190 Iraq
1,200.000
1,200.000
13,166,900
11.709,759 Prance
Argentina
552.000
512.862
9,899.266
10,102,116 Others
Peru
432.000
338.700
10,023,780
9.743,763
Trinidad_ _
8,436,864
7.830,101
Brit, India_
Total_
1,293.820.801 1.355,385,512
Of the world production for 1932 the United States produced 60.51%.
South America 13.08%. Asia 7.56%, Europe 15.96%. Mexico 2 54%, and
aH others 0.35%.
The outstanding factors affecting the production of crude oil In 1932.
continues "World Petroleum," were the concentration on curtailment in
the United States resulting in a decrease of 67,610.000 barrels from the
previous year, the failure of the Sovieta not only to reach the quota set by
the revised rive-Year Plan but even to equal the crude oil Iroduction
the previous year; the trade readjustment in shipments from Venezuela
a
921
necessitated by the enactment of excise taxes on oil imported into the
United States resulting in shipments from Venezuela replacing exports from
the United States where possible; the marked increase of 4.157.260
barrels
In Roumania immediately preceding successful efforts on the part
of international oil interests to reach an agreement for the stabilization of
exports
from that country; increased production in Argentina where a program
of
National self-sufficiency has been inaugurated; and a small increase
in
German production of crude, due to the development of new
fields in
Thuringia.
[Figures published by "World Petroleum" are obtained direct from
the
governments of the producing countries monthly unless otherwise indicated.]
Interest in Domestic Copper Improves—Zinc Under
Pressure—Lead Is Unchanged.
According to "Metal and Mineral Markets" for Feb. 9,
the market for major non-ferrous metals, taken as a whole,
is showing more life, though all of the developments of the
week could hardly have been construed as favorable. The
moderate improvement in domestic sales of copper, referred
to in the two preceding issues of this paper, continued in the
last week, and the price was maintained on the 5c. delivered
basis. Export business in copper again was fair. Lead
sales suffered a setback in the domestic market, but this
failed to shake the confidence of producers, who regard
the outlook as more encouraging so far as the price structure
is concerned. Zinc sold at lower levels on increased offerings of prompt shipment material by weak holders. The
January statistics of the zinc industry revealed a substantial
increase in stocks on hand. Tin met with a steady call,
and with sterling exchange higher, better prices were realized.
Silver was quiet and about unchanged. The same publication says:
Copper Prices Steady.
Influenced by a combination of circumstances, including
a possible
Increase in business volume with the advent of spring, the
threat of inflation, foreign buying in which Japan has been a factor,
and prospects
of further curtailment in domestic production resulting chiefly
from the
pressure of currently low prices, inquiry for copper made further
gains
during the last week. Demand was chiefly for second-quarter
metal on
the basis of 5c., delivered Connecticut. The tonnage sold at the price
named was nothing to get excited about, but showed clearly that the
trend In recent weeks has been upward. There was some inquiry
for thirdquarter metal, but sellers were not interested in the more forward
position
at current quotations.
The export market attracted more attention than
usual. European
buyers bought copper in fair quantities almost daily,
and the tonnage
disposed of in that direction was sufficient to sustain values, the
range for
the week being 4.925c. to 5.05c., c.i.f, usual ports.
Japan came into the
market for a good tonnage, a development that
few in the industry expected. Evidently Japan has reversed her position
and Is now a buyer
instead of seller.
"There is still no indication from official quarters as
to when the duty
of 2d. per pound on non-Empire electrolytic copper
Is to be imposed."
according to the 'Metal Bulletin," London. "It is
now reported that
nothing is likely to be done before August, and that
the possibility of the
duty never being impased at all cannot be ignored. We gather
that the
matter has been left almost entirely to the joint committee
of Empire
producers and consumers in this country, the Government taking the view
that what satisfies this joint committee will satisfy them. It is by no
means certain that under present conditions Empire producers desire the
duty at all."
Mount Lyell Mining, operating In Tasmania, produced 10,956 tons of
copper in the year ended Sept. 30 1932. This compares with an output
of 10,033 tons in the previous year. Ore reserves at end of fiscal year
were 4,285,653 tons, averaging 2.74% copper.
Lead Less Active.
Following the fair buying of the preceding week, the volume of lead sales
experienced a moderate decline during the past seven-day period. Most
of the business was for carload lots, although one fair-sized order was
booked. Resumption of the hand-to-mouth buying tactics of consumers
was reflected by the insistence on prompt shipment in almost every instance. Prices were maintained in all directions at 3c.. New York, the
contract settling basis of the American Smelting & Refining Co., and
2.87;ic.. St. Louis. Sheet, pipe and general manufacturers were the
principal buyers.
Sales of pig lead for January shipment, according to statistics circulating among producers, totaled about 15,000 tons: those for February
shipment have reached about 9.000 tons. According to the American
Bureau of Metal Statistics world lead production declined 220.6.37 tons in
1932, the total for the year being 1.292.074 tons, compared with 1.512.711
tons in 1931. Stocks of lead at the works of smelters and refiners in the
United States Increased from 259,069 tons on Dec. 1 of last year to
262,800
tons on Jan. 1 1933.
Zinc Stocks Increase.
The January statistics of the American Zinc Institute showed a gain
of 4,819 tons in stocks on hand. Production increased from 18,489 tons
In December to 19.859 tons in January. Shipments held
around 15.000
tons. The statistics served to add to the uncertainty over the
outlook.
and some forced selling caused the market to fall to 2.625c. for
prime
western, St. Louis, on Feb. 7. Yesterday, however, zinc sold in fair
volume at 2.70c., near-by positions. Sales for the week ended Feb.
4
amounted to about 1,200 tons. The increase in stocks occurred in prime
western. The supply of high grade zinc was reduced during January.
Unfilled orders during the month declined about 2.000 tons.
The statistics of the Institute for December and January, in tons,
follow:
December.
January.
Production
11.489
19.8h9
Production, daily rate
596
641
ShIpments_a
15.582
15.040
Stocks
124.705
129.524
Unfilled orders
8.478
6.313
Retorts operating end of month
21.023
22.660
Retorts, average for month
20.372
21.970
a Export of 20 tons for both December and January
Included in totals.
The International Zinc Cartel will meet in Brussels
on Feb. 14 to see
if an accord on production can be reached.
Fair visitors.
Although work has been resumed in the body plant of the Briggs mfg. Co
bodies for Ford cars, the
at Highland Park, Mich., which is supplying
Rouge may not be lifted
suspension at the Ford Motor Co.'s own plant at
situation at Detroit has been
for several days. Meanwhile, the labor
Tuesday at the body plant of the Hudson
aggravated by a strike declared
Motor Car Co.. which has resulted in the closing of the entire Hudson works.
With an early settlement of the automobile industry's difficulties, the steel
industry would look for a continuance of the moderate gains in business that
have been in evidence during recent weeks. Sufficient tonnage from other
sources is expected to offset whatever losses may occur through a scaling
down of automobile schedules this month.
The Chevrolet company, which has released orders for 45,000 tons of
motor car trade. Its February
steel, continues the centre of attention in the
the second month
schedule of 55.000 cars compares with 42.000 produced In
17. when the new models were
last year. and its retail deliveries from Dec.
announced, to Jan. 31 totaled about 55,000 units. Chevrolet estimates a
1932.
1933 output of 450.000 cars against 378,000 in
in the country
Pig iron shipments are growing at Chicago. but elsewhere
in this branch of the industry. An eastern steel
extreme dullness prevails
company has bought 25.000 tons of Indian basic pig Iron, presumably at a
price well below that quoted on domestic iron.
Scrap prices are showing a firmer tendency in some markets even without
the benefit of much consumer buying. At l'ittsburgh an advance of 25e. in
the "Iron
the average price of heavy melting steel has occurred, bringing
Age" composite up to $6.83. the level of early January. The composite
prices for pig iron and finished steel are unchanged at $13.56 a gross ton and
1.923c. a lb. respectively.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Based on steel bars, beams, tank plates.
Feb. 7 1933. 1.923c. a Lb.
wire, rails, black pipe and sheets.
1.923c.
One week ago
1.948e. These products make 85% of the
One month ago
iritt .
1.92nc. Uul ge: States output.
One year ago
Low.
1.923e, Jan. 17
1 9480. Jan. 3
1933
1.926o. Feb. 2
1 9770. Oct. 4
1932
1.945e. Dee, 29
2.0370. Jan. 13
1931
.018c. Dec. 9
2
2 2730. Jan. 7
1930
2.2x3c. Oct. 29
2.3170. Apr. 2
1929
2.2170. July 17
2.286c. Dec. 11
1928
.212o. Nov. I
2
2.4020, Jan. 4
1927
Pig Iron.
Based on average of baste iron at Valley
Feb. 7 1933, $13.56 a Gross Ton.
$13.56 furnace foundry irons at Chicago,
One week ago
Philadelphia, Buffalo, Valley and Blr13.56
month ago
One
14.64 taInghaai.
One year ago
Pig iron production increased 3.9% in January, which
ended with a net gain of three in the number of blast furnace
stacks active, states "Steel" of Cleveland, Feb. 6. Daily
18,348 gross tons, compared with 17,650 tons in December,
and the month's total 568,785 tons, against 5-17,179 tons
in December. "Steel" adds:
A year ago, when the daily rate was 31,336 tons, production declined.
the reverse of the current showing. Out of 291 potential stacks in the
country. 45 were In blast on Jan. 31. January output represented 13%
of capacity, a rise of half a point over December.
The net gain of three in active stacks being entirely at steelworks, the
steady improvement reported in steel production in January is confirmed.
But in the past week the rising curve of steelmaking operations has flattened
out and the average of 19% attained in the week ended Jan. 28 was barely
maintained in the week ended Feb. 4.
Chicago mills, laggards through January, expanded four points last
week to 19%; Youngstown rebounded five points to 20; Pittsburgh gained
one point to 17. Cleveland. meanwhile, sagged three points to 38%,
eastern l'ennsylvania two to II, Birmingham 10 to 20. and Buffalo six to 16
The January rise had its origin in a rebound from the extreme low of the
holidays, a slight gain in miscellaneous requirements, and automotive
releases which on the whole slightly topped those of December. In most
lines and In practically all districts January bookings and shipments topped
those of December.
In the past woek, partly owing to the strike at Detroit. automotive demand slackened, and general needs ebbed. For many sellers last week was as
dull as the August low of the depression. This week, with Ford scheduled
to resume, automotive releases will expand. Chevrolet has swelled its
February program by 10,000 units.
For several weeks It has been the theory of producers that February
would be quiet pending determination of the political situation and the
placing of railroad business for spring. Another week may tell whether
the break In the rise Is only a pause or indicative of something deeper.
Plate and structural business has been outstanding the past few days.
Cleveland reports inquiry for 400 beer tanks, requiring 4.000 tons of plates;
Chicago notes an encouraging growth in general demand: at Pittsburgh,
10 barges taking 1.550 tons are active and Hoover dam work requires 3.000
tons: 396 brewery tanks active at New York aggregate 3.000 tons of plates.
Including 21.500 tons for the St. John's l'ark terminal In New York
for the New York Central railroad, structural awards last week went to
30.496 tons, largest since the third week of December. Five Federal projects
totaling 25.000 tons, are out for figures at Pittsburgh.
Raw materials continue more promising than finished products. Pig
Iron shipments in January expanded more rapidly than production, indicating some lessening of stocks. The call for scrap has been markedly heavier
and in the blast furnace grades a noticeable shortage Is developing, with a
consequent firming of prices. Indicative of this, the steelworks scrap
Composite of "Steel" Is up 4 cents to $6.29.
Export demand for scrap Is higher. Italy, Danzig and Japan are current
buyers. Japan ceasing to buy on the Pacific coast but taking cargoes out
of Atlantic ports. More Dutch iron has been entered in New England.
To unsettled prices is ascribed some blame for the withdrawal of finished
steel buyers. Sheets, especially galvanized, continue soft, and the weaknese
In light cold-rolled sheets has carried cold-rolled strip down several dollars
a ton. The recent break in wire products has not entirely clarified the,
situation; shading continues, and full extras for mixed carloads are not
always charged. Heavy finished steel quotations are generally firm,
but the sheet and wire adjustments have made some buyers cautious.
"Steel's" iron and steel composite is off 19 cents this week to 828.38
and the finished steel composite is down 40 cents to $45.30.
Steel Backlog at Record Low.
Unfilled orders of subsidiaries of United States Stool Corp.
were at a now low on Jan. 31 when the total was reported at
only 1,898,644 tons. The previous record low was 1,966,302
tons which was at July 31 1932. As explained at that time
consideration is not given to figures prior to Doc. 31 1907,
which were calculated differently and therefore not comparable. The present figure is a decrease of 69,496 tons
since Doc. 31 1932 when tho backlog was 1,968,140 tons.
A year ago at Jan. 31 the unfilled tonnage was 2,648,150
tons. Below we show the figures by months since Jan.
1928. Figures for earlier periods may be found in the
"Chronicle" of April 14 1928, page 2243.
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION.
End of
Month.
1933.
January._ 1,898.644
February
March
April
May
June
July
August
September_
October
November_
December -
1932,
1931,
1930.
2.648,150
2,545,629
2.472,413
2,326,926
2.177.162
2,034,768
1,966,302
1,969.595
1,985.090
1,997.040
1,968,301
1,968,140
4,132.351
3,965,194
3,995,330
3,897,729
3.620,452
3,479,323
3.404,816
3,169,457
3,144,833
3,119,432
3,933,891
2,735,353
4,468,710
4,479,748
4,570,653
4.354.220
4,059,227
3,968,064
4.022,055
3,580,204
3,424,338
3.481,763
3,639,636
3,943,596
1929,
" 3r4
Pig Iron production last month amounted to 568.785 gross tons against
546.080 tons in December. or a daily rate of 18.348 tons compared with
17.615 tons in the preceding month. Merchant iron output declined last
month, the gain in steel-making iron having amounted to almost 13% On
Feb. 1 there were 46 furnaces In blast making iron at the rate of 19.220
tons a day against 42 in blast on Jan. 1 with a daily producing rate of
15,810 tons.
Steel ingot production last month was better than in any month since
last May excepting October and November. However, January did not
quite recover to the level of November. when the daily average was 39.031
tons. The rate of production last month was 17.78% against 18.05 in
November and 15.02% in December.
This week's steel ingot producing rate for the entire country Is estimated
at a shade under 19%. a slight recession from last week, which is mainly
accounted for by a falling off in orders from some automobile manufacturers
and the continued suspension of a part of the Ford Motor Co.'s steel releases.
However. In some districts, notably at Chicago. an increase in miscellaneous business is taking up some of the slack caused by a decline in
automobile tonnage. New business in major consuming channels other than
the motor car trade is making an appearance. Fabricated structural steel
contracts this week have expanded to more than 27.000 tons, of which
21.500 tons are for a freight warehouse In New York for the New York
Central RR., while structural steel inquiries on which bids are to be taken
shortly total nearly 90.000 tons, including 50.675 tons for a section of the
San Francisco-Oakland bridge and 28.000 tons for a transmission line from
Boulder Canyon to Los Angeles. An oil company is lathe market for tanks
that will require 5.000 tons of plates. Plate rollings at Pittsburgh have been
Improved by recent orders aggregating several thousand tons for caisson
pipe, river barges and Hoover dam work.
Railroad buying of steel Is still lacking, but there are some assurances of
inquiries for rails about March 1. The New York Central has 85.000 tons of
rails on its 1933 budget, but the actual amount to be bought may be scaled
down. A formal inquiry Is expected within a month. New equipment may
surface railways to handle World's
be required for Chicago's elevated and
Steel Scrap.
Based on No. 1 heavy melting steel
Feb. 7 1933, 56.83 a Gross Ton.
quotations at Pittsburgh, Philadelphia
One week ago
$6.75
6.92
and Chicago.
One month ago
8.33
One year ago
Low.
Hioh.
$6.75 Jan. 3
16.83 Jan, 10
1933
6.42 July 5
.
1..33
18 50 Jan. 162
1932
7.62 Dee. 29
3
9 1
10 0
15.00 Feb. 18
11.25 Dec. 9
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Dec. 31
1928
15.25 Jan. 11
13.08 Nov. 22
1927
0
=.4.X00P.,
10A0
Steel Ingot Output Increased 19.1% and Pig Iron Production 4.1% in January-Steel Operations Now
Slightly Under 19% of Capacity-Price of Steel
Scrap Higher.
With a 4.1% gain in pig iron production and a 19.1%
increase in steel ingot output, January fulfilled the usual
seasonal expectations on a percentage basis, though the actual
tonnage improvement was small owing to the low December
base with which January figures are compared, states the
"Iron Age" of Feb. 9.
In January 1932, pig iron output receded slightly from
that of the preceding month, while steel ingot output went
up 12.2%. In January 1931, the increase in pig iron was
3% and that in ingots was 19.1%, precisely the same as in
the past month. The "Iron Age"further reports as follows:
Low.
$13.56 Jan. 3
13.56 Dec. 6
15.79 Dec. 15
15.90 Dee. 16
18.21 Dec. 17
17.04 July 24
17.54 Nov. I
High.
$13.56 Jan. 3
14.81 Jan, 5
15.90 Jan, 6
18.21 Jan, 7
18.71 May 14
18.59 Nov. 27
19.71 Jan. 4
1933
1932
1931
1930
1929
1928
1927
t
Tin in Demand.
On the basis of the scale of trading that has prevailed in the domestic
tin market during recent months, sales last week might be said to constitute a good volume of business. Although several small-lot purchases
were booked on every trading day of the week, buying was particularly
active on Tuesday. when a total of about 100 tons changed hands. Prices
Closely parallel the fluctuations in sterling exchange, returning at the close
yesterday to a level slightly above that in effect at the beginning of the
seven-day period.
Chinese tin. 99%, prompt shipment, closed as follows: Feb. 2. 22.35c.;
Feb. 3. 22.40c.; Feb. 4, 22.40c.; Feb. 6, 22.60c.; Feb. 7, 22.575c.; Feb. 8,
22.475c.
Feb. 11 1933
Financial Chronicle
0
x .0. .
o 0,ItA
922
1928.
4,275,947
4,398,189
4,335,206
3,872,133
3.416,822
3,637,009
3,570,927
3,624,043
3,698,368
3.751,030
3,643,000
3,976,712
Steel Ingot Production Increases in January.
Production of steel ingots in January, according to the
American Iron & Steel Institute calculations, aggregated
1,006,297 tons, as compared with 844,618 tons in December,
an increase of 161,679 tons. In January 1932 the output
amounted to 1,459,450 tons. For the 26 working days in
January 1933 daily output approximated 38,704 tons and
for the same number of operating days in December, 32,485
tons. In January 1932, which also contained 26 working
days, output approximated 56,133 tons per day. Below
we furnish the monthly figures contained in the report of
the Institute for the months since January 1932:
MONTHLY PRODUCTION OF STEEL INGOTS. JANUARY 1932 TO
-GROSS TONS.
JANUARY 1933
Reported by companies which made 95.33% of the open-hearth and Bessemer
steel ingot production In 1931.
Months.
Calculated Roof
Monthly
Monthly WorkOutput
Bessemer. Companies Output All lag
Reporting, Companies. Days.
160.633
157,067
193,944
144.197
103,593
100,249
102,872
97.323
124.970
132,876
128.844
82,652
1,230.661
1,232,568
1.149.307
1,036,227
950,785
755,123
652.650
696,206
804,556
885,773
838,559
722,522
1.391,294
1,389,635
1,343,251
1,180.424
1,054,378
855,372
755.522
793.529
929,526
1,018.649
967,403
805,174
=,,,CCONt-CcDCD.
NNNNNNNNNNNN
1932.
Jan
Feb
March _
April
May
June
July
Aug
Sept
Oct
Nov
Dec
OpenHearth.
1,459.450
1,457.710
1,409,054
1,238.250
1,106.030
897.275
792,533
832.402
975.061
1,068,550
1,014,794
844.618
Approx. Per
Cent
Daily
Output Operaeta Cos. tion.a
56,133
58.308
52.187
47.625
42,540
34.511
31,701
30.830
37.502
41,098
39,031
32,485
25.96
26.96
24.13
22.02
19.67
15.96
14.66
14.26
17.34
19.00
18.05
15.02
41,973
non owl
Inn nnn
orn ono
1 nnix 9557
RR 704
Furnaces in operation on Feb. 1 numbered 46, making iron at the rate
of 19,220 tons daily, against 42 on Jan 1, with a daily operating rate of
15,810 tons.
There were few furnace changes during the month. Fo-.r furnaces
Furnaces put in
were put in operation and t one blown out or banked
blast included one Ohio unit of the Carnegie Steel Co . one Monmsen of
Steel Co., one of the Colorado Fuel & Iron Co.. and one
the Pittsburgh
of the Shonango Furnace Co.
PRODUCTION OF CORE PIG IRON A ND OF FERROMANUANESE.
(Gross Tom-)
Psiromanganese.Y
1933.
568.785
January
February
March
April
May
June
1932.
972.784
964.260
967.235
852.897
783.554
628,064
Half year
July
August
September
October
November
December
8.810
1932.
11,250
4,010
4,900
481
5,219
7,702
33,562
2,299
3,414
2,212
2,302
5,746
7.807
6,168,814
672,296
530.576
592,589
644.8P8
631,280
546.080
57.342
Year
8,686.443
a These totals do not Include charcoal pig iron. The 1931 production of this
Iron was 46.213 gross tons. y Included in pig Iron figures.
-GROSS TONS.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
Mer- Total
Steel
Works chants •
Met.
Steel
Works chants • Total
1932-25,124 6.256 31,340
January
25,000 7.251 33.251
February
21,044 7,157 31,201
March
23.143 5.287 26.430
April
20,818 4.658 25,276
May
14,845 6,090 20,935
June
15,132 3.329 18,461
luly
14.045 3.070 17,115
August
16.540 3.213 19,753
35.189 12.012 47.201 September
July
16,514 4,286 20,400
31.739 9,569 41,308 October
August
- 16.607 4,435 21.042
29.979 8,985 38.964 November.
September
13.941 3.674 17,615
0 797 7.051 37.848 December
October
1933
31.024 5,758 36,782
November
15,746 2.602 18,348
24,847 6,778 31.825 January
Deeemner
• Includes pig Iron made for the marke by steel companies.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1928-GROSS TONS.
92,573
100.004
103,215
108,183
105,931
102,733
101,763
99.091
101.180
102,077
108,832
110,084
104.705
103.382
91,209
101,390
104,715
106.062
104,283
97,804
100,891
85,146
81,417
75,890
69,831
62,237
53.732
86.025
1931.
1932.
1933,
31,380
33,251
31.201
24,430
25.276
20.935
28,412
18.461
17.115
19,753
20,800
21.042
17,815
23.772
14,348
*WWIr
I.,14b0VoDWG,
C4.M.0000,NN.CTO
January
February
March
April
MaY
June
First MK months_ _
July
August
September
October
November
December
12 mos. average_ --
1930.
1929.
PWWWWA4..Q0.==.00.
1928.
55.299
60.950
65,556
67,317
64.325
54,621
-a
•-• .o“ON1, .+
9,418
11.332
11,481
13,439
13.212
11,209
0%
45.883
49.618
54.975
53.878
51,113
43,413
..wvcAcA,-04-coo-4.-44.
1931
January
February
March
April
May
June
closing
Stocks on the lake docks and unbilled loads declined during the
last year.
quarter of 1932 and were less than on the corresponding date of
BITUMINOUS cowl.,
SUMMARY OF COMMERCIAL STOCKS OF
INCLUDING STOCKS IN RETAIL YARDS.
% of Change.
Daily Pig Iron Output Gained 4% in January.
January production of coke pig iron was 568,785 gross
tons compared with the December total of 546,080 tons,
according to the "Iron Age" of Feb. 9. The January daily
rate, at 18,348 tons, showed a gain of 4.1% over the December figure of 17,615 (tons,) adds the "Age," continuing:
Pig Iron.:
Oct. 1.
Although stocks on Jan. 1 1 933 were 2,1 62,000 tons snore than on
they were 16.4% less than a year ago. Moreover, because of the higher rate
less on
of consumption, the stocks In terms of days supply were 21.1%
beginning
Jan. 1 than on Oct. 1. Measured In this way, the stocks at the
days
of
a
ago,ne year were sufficient to last 30 days, as compared with 37
17 75
96
a The figures of "per cent of operation" are based on the annual mac ty as of
Dee. 31 1931 of 67,473,630 gross tons for 13essemer and open-hearth steel Ingots.
1933.
Bituminous Coal Stocks on Hand on Jan. 1 1933
Lower Than at Any Corresponding Date Since 1920
-Industrial Consumption Increased 3.4% in
December 1932.
According to the United States Bureau of Mines, Department of Commerce, the tonnage of bituminous coal in stock
on Jan. 1 1933, was lower than at any corresponding date
since 1920, following the great strike of 1919. The total
amount in the hands of commercial consumers and retail
dealers is estimated at 29,666,000 tons. On Oct. 1 1932
the date of the last complete survey, there were 27,504,000
tons in storage (see V.135). In October production advanced
sharply in anticipation of the heating season, and 2,534,000
tons were added to stock piles during the month, raising the
total reserves to 30,038,000 tons on Nov. 1. Production
during November and December was not quite sufficient to
meet the increasing demand after the arrival of colder
weather, and reserves declined 372,000 tons between Nov. 1
and Dec. 31. The Bureau continues:
19.41
1
Total_. 10,954,937 1,529,220 12,484,157 13,095,727 312
1933.
C,.„
923
Financial Chronicle
Volume 136
Jan. 1
1932.
Oct. 1
1932.
Nov. 1
1932.
From From
Precious Year
Quarter Ago.
Jan. 1
1933.a
%
%
Consumers stocks:I.
-18.4
Industrial. tons ._ _ 27,600,000 20,804,000 21,838,000 22,516,000 +8.2 -9.5
Retail dealers, tons 7,900,000 6,700,000 8,200,000 7,150.000 +6.7 -16.4
Total tons
35,500,000 27,504.000 30,038,000 29,666,000 +7.9 -18.9
30 days -21.1
32 days
38 days
Days supply, total_ 37 days
transit:
Coal in
1,494,000 -3.9 -17.9
Unbilled loads,ton-s 1,820,000 1,555,000 1,677,000
On lake docks. tons 8.634 000 7.029 000 7.809.000 8.803.000 -3.2 -21.2
a Subject to revision. b Coal in the bins of householders Is not Included. Figures
from
for Industrial consumers are given below. Figures for retailers estimated
ample data. The estimated total is subject to a possible variation of from 3 to 7%,
Bituminous Coal,
During November industrial consumers were gradually building up their
reserves, and their stocks rose to 23,000,000 tons on Dec. 1. In December.
however, industrial consumption was In excess of receipts, and 484.000
tons was withdrawn from storage, leaving a balance of 22,516.000 tons on
hand at the beginning of the new year. The largest elements in the Decemof
ber decline were a reduction of 7% In stocks at by-product coke ovens and
nearly 16% in stocks at cement plants. Stocks at steel and coal-gas plants,
on the other hand, increased slightly.
in
Largely because of the longer month, the total industrial consumption
precedDecember shows an increase of 3.4% in comparison with the month
normally
ing. With the exception of the cement plants, whose requirements
increase.
decline in winter, all the important consuming groups shared in the
COAL
INDUSTRIAL CONSUMPTION AND STOCKS OF BITUMINOUS
IN THE UNITED STATES.
U. S. Bureau of
[Determined jointly by F. G. Tryon, Coal Statistics Section, National AssociaCommittee,
Mines, and Thomas W. Harris Jr., Chairman, Coal
tion of Purchasing Agents).
December 1932 I Norember 1932
(Revised)
(Preliminary)
% of
Change.
Net Tons.
Stocks, End of Month at
Electric power ut lities_ a
By-product coke ovens_ b
teel and rolling mills.b
Cement mills.b
Coal-gas retorts_b
Other industrial.c
Railroad fueLd
Total industrial stocks
Industrial Consumption by:
Electric power uthitles_a
By-product coke ovens.b
Beehive coke ovens_ b
Steel and rolling mills.b
Cement mills_b
Coal-gas retorts.b
Other industrial_c
Railroad fuel_d
Total "Industrial consumption"__ --
4,560,000
4,710,000
a792.000
270,000
488,000
-2.3
-7.0
+1.3
-15.6
+0.2
1 12,160,000
12,180,000
-0.2
22,516,000
23,000,000
-2.1
2,468,000
2,582,000
144,000
649,000
219,000
223,000
2.320,000
2,532,000
126,000
625,000
323,000
220,000
+6.4
+2.0
+17.5
+3.8
-33.2
+1.4
14.333.000
13,840,000
+3.9
20,672,000
19,991,000
+3.4
4,455,000
4,382,000
802,000
228,000
489,000
Net Tons,
Additional Known Consumption:
Coal mine fuel
Bunker fuel, foreign trade
2:56.000 I
93,000 I
292,000
104,000
+1.4
-10.6
Days Supply,
Days Supply on hand at:
Electric power utilities
By-product coke ovens
Steel and rolling mill
Cement mills
Coal-gas retorts
Other industrial
Railroad fuel
Total Industrial
--5.1
--5.4
23
59
1,6
38
25
07
31
22
+28.0
+1.5
-3.2
+4.5
34
35
-2.9
56
53
38
32
68
ao
.o
a Collected by the U.S. Geological Sur Ty. b Collected by U.S. Bureau of Mines
c Estimate based on reports collected Jo ntly by the National Association of Purchasing Agents and the U. S. Bureau of Mines from a selected list of 2,000 representative manufacturing plants. The concerns reporting are chiefly large consumers and afford a satisfactory basis for estimate. Subject to revision. d Collected
by the American Railway Association. e November figures revised by inclusion of
certain additional plants.
924
Financial Chronicle
Anthracite, Coke and Retail Bituminous.
Retail Stocks.
-Information on stocks of domestic fuel is summarized In
the following table. It was not feasible to canvass all retail coal merchants,
but reports were obtained from 393 large dealers scattered throughout the
country whose operations show the trend clearly.
Since Oct. 1 retail stocks of anthracite have declined sharply, while
stocks of soft coal show a small increase. Because of the Increased demand
due to colder weather, however, stocks of both anthracite and bituminous
coal in terms of days supply were conspicuously below the Oct. I level.
Retail stocks of both hard and soft coal were likewise decidedly less than
on the corresponding date a year ago.
Anthracite in Producers' Yards.
-Producers' stocks of hard coal on Jan. 1
were 23.4% less than on Oct. 1 and were 43.6% less than on Jan. 1 1932.
Anthracite on Upper Lake Docks.
-Stocks of anthracite on the commercial
docks of Lakes Superior and Michigan show a decrease of 38.4%, as compared with last year.
Producers' Stocks of Coke.
-Operators of merchant by-product coke plants
report 1.835.000 tons of coke on hand Jan. I, as compared with 2.455,000
tons a year ago, a decrease of 25.3%.
SUMMARY OF STOCKS OF DOMESTIC COAL AND COKE.
% of Change.
Jan.
1932.
Oct.
1932.
Nov.
1932.
Jan.
1933.
From
Oct. 1.
From
Year
Ago.
Retailers' Stocks, 393
Large Dealers:
Anthracite, net tons_ 880,055 678,247 661,776 527,167
Anthr., days supply a
34
54
42
60
Bituminous, net tons 1,080,470 878,585 1,047,748 915,169
Bitum.. days supply a
22
31
40
24
Coke, net tons
83,448
82,074 132,511 111,907
Coke, days supply-a36
46
35
78
Anthracite In producers'
storage yards
3,073,074 2,626,811 2,260.998 1.732,216
Anthracite on upper lake
docks
631,733 491,308 479,512 388,873
By-product coke on hand
at mornhnnt nInnin
2.455.486 2.258.739 2,135,289 1,835,073
%
-22.3
--43.3
+4.2
-45.0
+36.3
-53.8
%
--40.1
-37.0
-15.3
-29.0
+34.1
+2.9
-23.4
-43.6
--20.8
Feb. 11 1933
ESTIMATED WEEKLY AND TOTAL ANNUAL PRODUCTION
OF COAL
By STATES (NET TONS)
-(Three Ciphers Omitted).
Week Ended,
State.
Alabama
Arkansas
Colorado
Total Calendar Year.
Jan. 21 Jan. 14 Jan. 23
1933. 1933. 1932. 1932.a 1931.b 1930.b 1929.b
184
c55
121
745
289
68
d126
506
158
34
9
194
57
103
796
299
74
134
528
186
35
13
Virginia
Washington
W. Virginia-Southern e
Northern_ t
Wyoming
Other States
1,529
67
8
89
190
35
1,336
300
80
7
30
1,388
333
76
7
173 7,850 11,999 15,570 17,944
64 1,050 1,154 1.533 1,695
141 5,564 6,604 8,197 9,921
842 32,360 44,303 53,731 60,658
233 12,400 14,295 16,490 18,344
75 3,430 3,389 3,893 4,241
134 1.865
1,987 2.430 2.976
432 26,250 31,384 40,294 46,025
165 9.360 8,580 10,915 14,437
34 1,370 2,006 2,271 2.649
8
355
359
661
805
d
3,795 3.621 3,853 4.030
51 2,155 2,378 3,022 3,408
32 1,220 1,553 1,969 2.623
.50 1,485 1,519 1,700 1,862
365 13,350 20,411 22.552 23,689
Cs
1,326
1,908 2,794 3,774
1,500 76,028 97.659 124.463 143,516
60 3,240 4,721 5,130 5,406
10
620
716
834 1,101
95 2,850 3,350 4,256 5.161
163 8,025 9,699 10.907 12,748
39 1.625 1.846 2,302 2,521
1,187 64.164 76,328 90,376 101.950
420 19,601 25,145 31,097 36,569
105 4,140 4,994 6,098 6,705
5
189
182
199
231
Total bituminous coal_
Pennsylvania anthracite_
6,413
1,001
6,716
1,029
6,383 305,667 382,089 467,526 534,989
818 49,350 59,646 69,385 73,828
Illinois
Indiana
Iowa
Kansas
Kentucky-Eastern
Western
Maryland
Michignn
Missouri
Montana
New Mexico
North Dakota
Ohio
Oklahoma
Pennsylvania (bitum.)
Tennessee
Texas
Utan
d
48
26
56
367
0
d
47
27
53
414
0
1,594
69
9
66
184
Total coal
7.414 7.745 7.201 355 017 441 735 5311 al 1 mist 517
a Estimated. b Final lgures, c Arkansas and Oklahoma combined. d
Kansa/
and Missouri combined. e Includes opera Ions On he N. & W., C. dc
0., V rgintan;
E. & M., and 11. C. & G. f Rest of State, Including Panhandle.
--38.4
Receipts of American and Foreign Anthracite by Retail
Coal Dealers in Massachusetts.
According to data received by the Department of Labor
and Industries of the Commonwealth of Massachusetts from
Bituminous Coal Production Continues to Decline
- retail coal dealers in that State, receipts of American anthraAnthracite Output Slightly Higher Than a cite during the four months ended Nov. 30 1932
amounted to
Year Ago.
924,000 net tons as compared with 1,055,859 tons in the
According to the United States Bureau of Mines Depart- same period in 1931. Receipts of foreign anthracite totaled
ment of Commerce, production of coal continued to decline 122,000 tons as against 117,979 tons in 1931.
Receipts of American anthracite during the eight months
In the week ended Jan. 28 1933, bituminous output falling
below the figure for the corresponding period in 1932. ended Nov. 30 last declined to 1,803,000 net tons as comBituminous coal production for the week under review pared with 2,245,520 tons in the corresponding period in
amounted, according to estimates, to 5,727,000 net tons, 1931. Receipts of foreign anthracite totaled 262,000 tons
compared with 6,413,000 tons in the preceding week and as against 244,464 tons during the eight months ended
Nov.
6,411,000 tons in the corresponding period last year.
30 1931.
Anthracite production during the week ended Jan. 28
Stocks on hand of American and foreign anthracite as of
1933 is estimated at 814,000 net tons, against 1,001,000 tons Dec. 1 1931 were 497,879 net tons as compared with 613,877
in the previous week and 808,000 tons in the week ended tons a year previous.
Jan. 30 1932.
DOMESTIC-SIZE ANTHRACITE STATISTICS TO DECEMBER
1932
FOR COMMONWEALTH OF MASSACHUSETTS.
According to estimates, production of bituminous coal
(/n Net Tons.)
1932,
1931.
1930.
during the calendar year 1932 amounted to 305,667,000 net Stocks on hand April 1
235,527
361.281
346.384
2.065.000 2.989.984
2.899,012
tons, compared with 382,089,000 tons in 1931, 467,526,000 Receipts,April to Nov..Inclusive_
Total
2.300.527 2.851,265 3,250.396
tons in 1930 and 534.989,000 tons in 1929. Anthracite output Stocks in dealers' yards Dec
1
497.879
613.877
630.125
during 1932 totaled 49,350,000 tons, as against 59,646,000
Delivered to consumers. April to
November,Inclusive(8 months)_ _ _ xl.802,698
tons in the previous year, 69,385,000 tons in 1930 and
2,237.388
2.620.271
Subject to slight revision. (Includes American and foreign anthracite.)
73,828,000 tons in 1929.
-18.8
-25.3
a At current rate of deliveries to customers.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Coal Year to Date.
Week Ended
Jan. 28
1933.c
Jan. 21
I933.d
Jan. 30
1932.
1932-33.
1931-32.
1929-30.
Bltum. coal a:
Weekly total 5,727,000 6.413,000 6,411,000 242,495,000 302,552,000 440,312,000
Daily avge_ _ 948.000 1,069,000 1,069.000
955,000 1,189,000 1,730,000
Penn. anth. b
Weekly total 814,000 1,001,000 808,000 40,136.000 46,972.000 61.770.00
Daily avge_ _ 135,700 166,800 134,700
159,900
187,100
246,100
Beehive coke:
Weekly total
18.600
16.900
20,700
586,200
789.800 5.167,600
Daily avge__
3,100
3,450
2,272
2,817
3,061
20.029
•Includes lignite, coal made Into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision. d Revised.
MEMORANDUM RELATIVE TO FUEL SITUATION AS OF
DEC. 1
1932. REPORTED BY RETAIL FUEL DEALERS IN TIIE
COMMONWEALTH OF MASSACIIUSETTS (NET TONS).
-4 fonths--8 lonths
Period Ended Nov. 301932.
1931.
1932.
1931.
American anthracite, receipts_ _ _ _ 924,000 1.055,859
1.803.000 2.245.520
Foreign anthracite, receipts
122.000 117.979 262,000 244.464
Total receipts
1,046,000 1,173.838 2.065.000 2.489.984
Sim La on hand as of Dec. 1
1932.
1931.
American anthracite, large sizes
377.061 481.817
Pea size
19.819
25.887
Buckwheat No. I
23,508
32.254
Buckwheat No.2
7,701
5.491
Foreign anthracite
69.790
68.428
Total anthracite
997.879 613,877
Domestic Deliveries, Other Fuels. Aug. 1 to Nov. 30.
1932.
1931.
Coke (net tons)
163.909
115.995
Fuel oils (gallons)
18.578.699
Dag coal sales
4,145,836 bags
3,282.961 bags
Current Events and Discussions
The Week w•th the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ending Feb. 8, as reported by
the Federal Reserve banks, was $2,069,000,000, a decrease
of $10,000,000 compared with the preceding week and an
increase of $262,000,000 compared with the corresponding
week in 1932. After noting these facts, the Federal Reserve
Board proceeds as follows:
On Feb. 8 total reserve bank credit amounted to $2,085.000.000, an
Increase of 815.000.000 for the week. This increase corresponds with an
increase of $53.000.000 in money in circulation and a decrease of 313.000.000
in monetary gold stock. offset In part by an Increase of $33.000,000 in
Treasury currency, adjusted, and a decrease of $19,000,000 In member
bank reserve balances.
Holdings of discounted bills declined 813.000.000 at the
Federal Reserve
Bank of San Francisco, $9.000,000 at New York and
316.000,000 at all
Federal Reserve banks. The System's holdings of bills
bought in open
market and of United States bonds show no change for the
week, while
holdings of United States Treasury notes increased
$65,000,000 and those
of Treasury certificates and bills decreased $45.000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the
Federal
Reserve banks was changed to show the amount of
Reserve
Bank credit outstanding and certain other items not
included
in the condition statement, such as monetary gold stocks
and
money in circulation. The Federal Reserve Board's
tion of the changes, together with the definition ofexplanathe
ferent items, was published in the May 31 1930 issue of difthe
"Chronicle" on page 3797.
The statement in full for the week ended Feb. 8, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
977 and 978.
Changes in the amount of reserve bank credit outstanding
and in related items during the week and the year ending
Feb.8 1933, were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Feb.8 1933.
2
253,000.000
31.000.000
1.784.000.000
17,000,000
TOTAL RES'VE BANK CREDIT 2,085,000.000
4.535,000.000
Monetary gold stock
1 918.000,000
Treasury currency adjusted
5.705.000,000
Money In circulation
2 419.000,000
Member bank reserve balances
Unexpended capital funds, non-mem413,000.000
ber deposits, do
Increase (+) or Decrease (—)
Since
Feb.11933. Feb. 10 1032.
$
$
—16.000.000 —566.000.000
—138.000.000
+20,000.000 +1.043.000.000
—31.000.000
+10,000,000
+15,000.000
—13.000.000
+33,000.000
+53.000.000
—18,000,000
+306.000.000
+132.000.000
+154,000.000
+79.000.000
+514.000.000
—2,000,000
Returns of Member Banks intNew York City and
Chicago—Brokers' Loans.
with the returns for June 1927, the Federal
Beginning
to
Reserve Board also commenced- give out the figures of
the member banks in New York City, as well as those in
'Chicago, on Thursday, simultaneously with thefigures 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 bank";
in the different cities included cannot be got ready.
Below is the statement for the New York City member
forilie
banks and that for the Chicago member banks,current week, as thus issued in advance:of the full statement
Of the member banks, which latter will not be available until
-New York City statement,
.
—
the coming Monday The
--'Toans of reporting member
course, also includes the brokers
The grand aggregate of brokers' loans the present
banks.
week shows a decrease of $32,000,000, the total of these
mloans on Feb. 8 1933 standing at $422,000,000 as co—
pared with $331,000,000 on July 27 1932, the low record for
all time since these loans have been first compiled in isrr.
Loans "for own account" decreased from $438,000,000 to
$405,000,000, while loans "for account of out-of-town banks"
remain unchanged at $11,000,000 but loans "for account of
Others" increased from $5,000,000 to $6,000,000.
CENTRAL
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN
RESERVE CITIES.
New York.
Feb.8 1933. Feb. 1 1933. Feb. 10 1932.
Loans and 1nvestments—total
7,073,000,000 7,222.000.000 6.638.000.000
Loans—total
3,405.000.000 3,521,000.000 4.292.000.000
On securities
All other
Investments—total
U.8. Government securities
Other securities
1,606.000.000 1.643.000.000 2,124,000.000
1,799.000.000 1,878.000,000 2,168.000.000
3.668,000.000 3.701.000,000 2,346.000.000
2.572,000,000 2,600.000,000 1,520.000.000
1.096,000.000 1.101.000.000 826,000,000
Reserve with Federal Reserve Bank__ 924.000.000 967.000.000 646.000.000
34,000.000
50.000,000
38.000.000
Cash In vault
5 717,000.000 5.862.000,000 4.744.000.000
Net demand deposits
849,000.000 859.000.000 757.000.000
Time deposits
92,000.000 114.000,000 219,000,000
Government deposits
Due from banks
Due to banks
78.000.000
75.000.000
1.537.000.000 1.655.000,000
99.000.000
819,000.000
15,000,000
Borrowings from Federal Reserve Bank.
Loans on secur. to brokers & dealers:
405.000,000
For own account
For account of out-of-town banks.... 11.000.000
6,000.000
For account of others
438.000.000
11.000.000
5.000,000
401,000.000
78.000.000
7.000.000
422.000.000
454.000.000
486,000,000
Total
On demand
On time
Loans and investments—total
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
925
Financial Chronicle
Volume 136
242,000,000 278,000.000 369.000.000
180,000,000 178,000.000 117,000.000
Chicago.
1 051,000.000 1,019.000,000 1,499,000.000
640.000.000
641.000,000 1.036.000,000
1143,000,000
297,000,000
349.000.000
292.000,000
595.000,000
441,000.000
411.000,000
378.000.000
463.000.000
213.000.000
198,000,000
181,000.000
197,000.000
250,000.000
213,000.000
simultaneously with the figures for the Reserve banks themselves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Feb. 1.
reporting
The Federal Reserve Board's condition statement of weekly
Increase for the week of
member banks in leading cities on Feb. 3 shows an
of $20.000,000 in invest$126.000.000 in loans, offset in part by a decrease
with Federal
ments, also decreases of $87.000.000 in reserve balances
deposits and increases of
Reserve banks and $37,000,000 in net demand
$5,000.000 in borrowings from
557.000.000 in Government deposits and
Federal Reserve banks.
banks in
Loans on securities increased $80,000,000 at reporting member
and $86.000.000
the New York district, $6.000,000 in the Boston district
increased $41.000.000
at all reporting member banks. "All other" loans
In New York district and $40,000.000 at all reporting banks.
Holdings of United States Government securities increased $15.000.000
district.
in the Cleveland district and declined 529.000,000 In the New York
Richmond district
$17,000,000 in the Chicago district. $14,000.000 in the
Holdings of other securities Inand $30,000.000 at all reporting banks.
creased $8.000,000 in the Minneapolis district and $10.000.000 at all re'
porting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $81,000.000 on Feb. 1, the principal change for the week
being an Increase of 54,000,000 at the Federal Reserve Bank of San
Francisco.
reporting
A summary of the principal assets and liabilities of weekly
the year ending
member banks, together with changes during the week and
Feb. 3 1933,follows:
Increase (+) or Decrease (—)
Sines
Feb. 3 1932.
Jan.25 1933.
Feb. 1 1933.
$
$
2
000 +106.000,000 —1,254,000.000
Loans and investments—total__18,725.000,
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
Reserve with F.IL banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowingsfrom F. R.banks
10.166.000,000
+126,000.000 —2.664.000.000
4,259,000,000
5,907,000.000
+86,000.000 —1,315.000.000
+40,000,000 —1,349.000.000
8.599,000.000
--20,000,000 +1,410.000.000
5,253,000,000
3,306,000,000
—30.000.000 +1,328.000.000
+82.000.000
+10,000.000
1,994,000,000
193,000,000
---87,000.000
--18,000.000
4-534.000.000
—27,000,000
11.899,000.000
5,648,000.000
300,000,000
--37.000.000
--8,000,000
A-57,000.000
1-733,000.000
--103.000.000
--154.000,000
1.832,000,000
3,558,000,000
81,000,000
—1.000.000 +914,000,000
+34.000.000 +1,201.000.000
+5,000,000
—411.000.000
Record Mining-Stock Trading Taxes
Toronto's New Tickers
The new high-speed tickers of the Toronto Standard Stock
and Mining Exchange, in use on Feb. 6 for the frist time,
were,according to advices from Toronto that day to the New
York "Times" taxed to capacity by the most active trading
in shares in nearly four years, gold stocks holding the centre
of the stage. The dispatch added:
filled,
After buying orders which accumulated over the week-end, had been
appeared, but the
bringing rises in most of the market leaders, profit-taking
market closed somewhat better than at the end of last week.
and of
The facilities on the floor of the Exchange. recently augmented,
to their limit all
brokerage offices and their telephone services were used
record since May 27
day. The turnover was 1,815,000 shares, the highest
1929. There were 4,220 separate transactions, the largest number since
compilations of trading on the Exchange began.
From Toronto Feb. 4 Canadian Press despatches said:
The Standard Mining Market to-day had its most exciting Saturday
session in the last five years. Quotations on gold shares bobbed about
like a leaf in a gale, variations of 10 and 15 points showing between sales
in some cases. The tape did not stop a second throughout the two hours.
It carried no bid and asked prices, having time only for actual sales.
The high-priced gold shares still hold the stage for volume. Lake Shore
got up to a new high, above $39, Dome pushed above $18. McIntyre above
$27. Hollinger above $8, Wright Hargreaves and Pioneer above $5 and
Teckhughes to about $4.8.5. There was a slight sell-off from these prices
before the close.
The secondary group. especially Sylvanite, Howey and Ventures were
in active demand and much stronger. The other favorites in recent sessions were under fair accumulation. Noranda was just as active as the
straight gold shares. but it made less headway on the upside, touching only
$25 for a 35c. rise. Nickel lagged, while Falconbrldge gained 5 cents and
the other base metals were quiet.
Stock of Money in the Country.
The Treasury Department at Washington has issued the
303,000.000 310,000,000 149.000.000
Reserve with Federal Reserve Bank
17,000,000
17,000,000
18,000,000
Cash in vault
customary monthly statement showing the stock of money
923.000.000 928,000.000 979.000.000
in the country and the amount in circulation after deducting
Net demand deposits
317.000.000 320.000.000 390.000,000
Time deposits
the moneys held in the United States Treasury and by Fed11,000.000
9.000,000
9.000,000
Government deposits
eral Reserve banks and agents. It is important to note
89.000.000
309,000,000
275,000,000
011e from banks
287,000,000 293.000.000 234.000,000
that, beginning with the statement of Dec. 31 1927, several
Due to banks
3,000,000
very important changes have been made. They are as
Borrowings from Federal Reserve Bank_
follows: (1) The statement is dated for the end of the
Complete Returns of the Member Banks of the Federal month instead of for the first of the month;(2) gold held by
Reserve System for the Preceding Week.
Federal Reserve banks under earmark for foreign account
As explained above, the statements for the New York is now excluded, and gold held abroad for Federal Reserve
and Chicago memberi,banks are now given out on Thursday, banks is now included; and (3) minor coin (nickels and
926
Financial Chronicle
cents) has been added. On this basis the figures this time,
which are for Dec. 31 1932, show that the money in circulation at that date (including, of course, what is held in
bank vaults of member banks of the Federal Reserve System)
was $5,674,941,484, as against $5,647,569,816 on Nov. 30
1932 and $5,646,772,888 on Dec. 31 1931, and comparing
with $5,698,214,612 on Oct. 311920. Just before the outbreak of the World War, that is on June 30 1914, the total
was only $3,459,434,174. The following is the full statement:
g
•
0C1
'''
0
0
.6
00000
0
0 0
OD
08 8
,:. ....
-
C0mcC0CO
Cl 4.
M
Cl
0<14
c
ci
eo M a.
P.. .,,i4
,G)
N 00
lc CO
. 0h,
. h .
0
Oboes
. ..-3 0 0
GG
05
Cc
00
h CO , CO
ICO 00 h GO 00 CI GO .
0
.
...
4
Nha.t.0.
CC
.4 0 •-•
i..: . 66 4
N.
r.
6 ..i
r- n n 0
se sr m •-•3 0
.N h
g
6
a m
a
h CC h C3
i- CO GO 0
..
06 .
.
CO 7 CO A
.
0 0 0
0
0 CI cl 0
....
a.
n N
OF-
-.
6 o6 66
GO 0
CO
GS
CS
5-I
co sc CI 00 CO 0
NNVOIOIG 1
,
vi cd
. 66
6
.
0 h <0 GS 0
0 0
,
I. 00
5t3
00
USCS 00 CO CO '001
0
00 CI •-• N 0
0
00 M N 0 h
0<lN00000
66 4.4 6
Cl
0 0 CC
0
.
9
A
0
0
CO
0
.
0
A
h
0
..-7
A
0
0
CI
0
69 *
A
tc
,
0
....
"Ci
0 51i a
.
CO
. vs
N 0N
...7
•-7
.
oo co 6 0 0
co
O
GO
01 GO CI 01 0 .0
0
0 0 0 0 0
0
C;
CO
CO CI A h 00
0
0003000
66
C)C)6 oi oi
6
-
. .
. 6.
. g
-
cc
CI
6
A
ri
'..
g
0
N
GO
6 cc CONOCO
01 Cc CI 0 00 0
. . 0 * •-• CO
GO
55
0
N
.
•
.
co
SO
.
A
co
.
,
tc
CO
C0
CO
0
00
CO
CI
Cl
6
03
CO 0
. CS 0
0
01
. CO 30 00
•-•
NNO0G000
6
6 ci 4
6
010C
h
. CO A
. 00
ccs
CO
—Cl GO a 0
..1
v..
14
tz
0
‘. . ,,, a
N C., C
.,
1
Es
535
. h
00
C
0CO6;
0
.
0005
co
GO
0
0;
CO
N0
CO
Es
,:r.:6,6,4
,..
00-0c...,
cc.*
N
. €0 €0 GO
8. „ .,.0 40
9 .9<.. ,
,
00 .
.
4
C3Mh 01
0
000000000
4 4
6
.6 o, c0 co .-. 0, m
6 r: ci
.
el
I; .
•, • . *
t
c:, N 0 c
,,
, CO 4 .. N
o
•
.
0
.
.0 30)3
..-.M.COO
0.
3
OI' 71
.:.1
C
A
a
o - .0
.0
P -6
A
ilt4.523
0=0
CO
CO N h 0
0000
.
01
N
. 5.• 0 0
CO
V
. CO GO 5Ic
0
6
CO CO GS 0 Cl
0 00 GO 0 0 ,
5t
Cl
Cl
6 si 466
6 6
6
ttc ct
01
. A 51.
0
01
F000000
1 PA
4
802
•ce:;
6
0055000N
GO 5/7 a a 3-7 V
GC GC CI GI V
:as
bEl
0550C
vg;'7,=312?
-4
0
9,451.735.753
9,421,224,505
8,479,620,824,
5.396.596,677'
3.797,825.099
1,007,084,483
Held for
Federal
Reserve
Bank,
and
Agents.
Total.
CO
6
6
CO
pi
6
r:
0
.
CO
0 n e., n ,i;6 oi ")6 .
CC CS
0
.
h
C'S.
. CO CI GO
GO
F-csi .'i a .i cs. ,d
4
'0
,.
C-;
..1 ›.,
64 6
a. a. m sr .
CO 0 CS 0 .
.
0 h h VI h N
00 . h
0 •-•
4
0
N
. .00
M
Cl
513
CO
A
GO
g
Amt. Held in Saes Against
Trust Against United States
Gold and Siker
Notes
Certificates (& (and Treasury
Treas'; Notes
Notes
0/ 1890).
0/ 1890).
oi
511
6 oi 6
CO
6 a. n oo . 4. m a .0 m
CS F- a. 0 m m
.
eI. m a h N
C0 CO
•-: ...7
tS
=C
CO
0
00
CO 00
. CO N
OG
.OSCINOCCC
30 0 CO
C'S
5
a
c0'000 CO
.
CO
0
.
0
O N NQ
N
. CO
07 A .-7 A
CS CC 0 0
AMMN
CO 0 CO 0
0; Oi VO 0
Ti
GO
0
CO
CO
C;
5
5
h
CO
CO
.
CO
0
0
0 GC A 0 CO 0
N.000V
9.704.030,113 c3,7:2128-1-08
1 5
S
i
6 M c.;6 ei ecI 6
.
4. m ., es ., 0
.
0 0
. CO
MONEY HELD IN THE TREASURY.
GI
1
I
3
.0.00000
S•C000h
.
h GO CI
0,
In Circulatton.f
I
MONEY OUTSIDE OF THE TREASURY.
a
2,01.5,664,790 5,647.569.816
1,931,465.187 5,646,772.888
1.063.216.0805,698,214.612
953.321,522 4,172,945,914
3,459,434.174
816.266,721
0
' C.)
CZ.
CI CO
§
eg
ri2;101..IAZ
(-)
•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 held In trust
against gold and silver certificates and Treasury notes of 1890 Is included under
gold coin and bullion and standard silver dollars, respectively.
c The amount of money held in trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining It with
total money outside of the Treasury to arrive at the stock of money in the United
States.
d This total includes $40,394,941 gold deposited for the redemption of Federal
Reserve notes ($959,845 in process of redemption), $37,956,593 lawful money deposited for the redemption of National bank notes ($17,917,464 in process of redemption, including notes chargeable to the retirement fund ),$1,350 lawful money
deposited for the retirement of additional circulation (Act of May 30 1908), and
533,069,105 lawful money deposited as a reserve for postal savings deposits.
e Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
f The money in circulation Includes any paper currency held outside the continental limits of the United States.
Note.—Gold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
silver dollars held in the Treasury for their redemption; United States notes are
secured by a gold reserve of $158,039,088 held in the Treasury. This reserve fund
may also be used for the redemption of Treasury notes of 1890, which are also secured
dollar for dollar by standard silver dollars held in the Treasury; these notes are
being canceled and retired on receipt. Federal reserve notes are obligations of the
United States and a first lien on all the assets of the issuing Federal Reserve bank.
Federal Reserve notes are secured by the deposit with Federal Reserve 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 direct obligations of the United States if so authorized by a majority vote of the Federal Reserve
Board. Federal Reserve banks must maintain a gold reserve of at least 40%.
Including the gold redemption fund which must be deposited with the United States
Treasurer, against Federal Reserve notes In actual circulation. Lawful money has
been deposited with the Treasurer of the United States for retirement of all outstanding Federal Reserve bank notes. National bank notes are secured by United
Feb. 11 1933
States bonds except where lawful money has been deposited with
the Treasurer
of the United States for their retirement. A 5% fund is also maintained in lawful
money with the Treasurer of the United States for the redemption of National
bank notes secured by Government bonds.
British Treasury Abandons Control of Sterling to
Discourage Boom in Gold Mining Shares.
The following cablegram from London Feb. 6 is from the
Now York "Times :
In order to discourage the boom in gold mining shares, partly based on
foreign speculation, the British Treasury to
-day abandoned control of sterling. Immediately there was a sharp rise in the rate against all gold exchanges.
The heavy purchases of sterling which made It necessary for the au'
thorities to withdraw support to a large extent were for French account.
French buying is based in part on fear of a growing Government budget.
The boom in gold mining shares is not favored by banking authorities
who fear a crash when the gold premium finally is eliminated. In the event
of a crash deliveries might be endangered.
An item bearing on the rush for gold mining stocks appeared in our issue of Feb. 4, p. 737
Under date of Feb. 4 a wireless message from London to
the Now York "Times," stated:
The London Stock Exchange witnessed to-day what was described as
easily the biggest Saturday since the war, with the Kaffir boom the highest
since the recent gold rush began. When the Exchange closed at 12:30,
hundreds of brokers started the biggest street market the London financial
district has ever seen.
Throgmorton Street was jammed solid with excited brokers, many bareheaded, oblivious of the drizzling rain. A solitary bobble tried to control
the milling crowd and was soon reinforced, but even the additional police
were unable to keep the street clear for traffic. Only a six-ton truck with
a police escort was able to crawl through.
Clerks leaning from office windows joined in the bedlam, shouting orders
and quotations to the surging mass in the street. Everybody was buying
or selling South African gold mine shares as fast as he could. To outsiders
the amazing scene resembled a betting ring at a big race meeting lacking
only the bookmakers with their satchels of money.
The fortunes being made on the rise in quotations which have already
taken place during the week are rendered all the more spectacular by the
way prices soared to-day, all reaching new high records.
Next Thursday is settlement clay, when the lucky speculators will receive
the profits on their past fortnight's deals. It is believed likely to prove the
biggest settlement day on the London Stock Exchange since the 1928 industrial boom.
From the Now York "Times of Feb. 7 we take the following:
Acting to check the boom in gold stocks on the London stock market,
the official control yesterday stepped out of the sterling market and allowed the pound to rise to the best price since Oct. 17, at $3.4454„ up 44
cents from Saturday's final price. The manoeuvre had the double effect of
making it more expensive for foreign money to be sent to London to join
the speculation and of cutting down the premium on gold In terms of sterling. which formed the basis of the speculation.
After its first pent-up rush to higher levels the pound reacted to $3.43%.
where it closed, with a net gain of 3% cents. At that level the control
entered the market here on the buying side to head off a too- precipitous
reaction.
The speculation in gold mining shares in London has been gathering
strength since the suspension of the gold standard in South Africa and the
linking of the South African pound with sterling. This step reduced the
costs of labor and other operating expenses at the South African mines,
since the gold mined would purchase more currency, while expenses, Payable in currency, did not advance a comparable amount. Lately tho boom
had reached a point where funds were being attracted from abroad and
where there were fears of an uncontrolled speculation leading to trouble
when the inevitable reaction set in.
At yesterday's best price sterling was almost back to the price at which
it had been pegged for approximately two months last year during the warloan-conversion operation and from which it fell with increasing speed in
late October and November, reaching the record low of $3.14% at the end
of the latter month.
Payment of Lump Sum of E100,000,000 on British Debts
to U. S. Proposed by Liberal Member of House of
Commons—British Ambassador Sir Ronald Lindsay
Reports on Position of U. S.—Lump Sum Payment
Lacking Concessions Opposed by Senator Borah.
Payment of £100,000,000, currently about $339,000,000,
in a lump sum to the United States as full and final settlement of Great Britain's war debt was proposed in the British
House of Commons on Feb.8 by Geoffrey Mander,a Liberal.
Associated Press advices from London Feb.8 went on to say:
A representative of Neville Chamberlain, Chancellor of the Exchequer,
said in the Chancellor's absence that Mr. Chamberlain was aware of various
suggestions of that nature but that he would express no opinion upon them
pending the debts negotiations at Washington next month.
Great Britain's debt to America now stands at approximately $4.499,520.000. The payment proposed by Mr. Mander, therefore, would effect final
settlement on a basis of something less than 10%, approximately the scale
on which the Lausanne conference settled the German reparations.
Would Include December Pay.
This payment would include the $95,000,000 paid last Dec. 15.
Mr. Mender made the proposal In an indirect manner In the form of a
question to the Chancellor of the Exchequer, so as to conform to Paliamentary procedure, Mr. Mander asked whether the Chancellor would consider the advisability of such a proposal.
Mr. Mender made the proposal as a private member of the Commons on
his own responsibility.
Major Leslie Bore-Belisha, Financial Secretary of the Treasury, made
the non-committal answer for the Chancellor.
Cabinet in Session.
Meanwhile, Sir Ronald Lindsay, Ambassador to the United States, conferred for two hours with the Cabinet this afternoon, and it was announced
that the debt discussion will be resumed to-morrow.
Volume 136
Financial Chronicle
ton in about a week. Final
Sir Ronald will leave London for Washing
before his departure. It is
approval of the British program was planned
payment by all European
expected to include a proposal for a single final
debtors.
plan in behalf of Italy.
That England was considering presenting such a
quarters. (PresiFrance and the smaller debtors was disclosed in informed
with each debtor nation
dent-elect Roosevelt's intention has been to deal
separately).
Settlement for Europe.
$1.250.000,000 and
It was learned that a lump sum payment of between
as settlement for
$2.000.000.000 was considered by the British Cabinet
was to have been
the total European debt of about $11,000,000.000 which
paid over a period extending through the next fifty years.
Cabinet, Mr.
Sir Ronald has already met with the "Big Five" of the
Runciman and
MacDonald, Neville, Chamberlain, Sir John Simon. Walter
Stanley Baldwin.
residence this
The full Cabinet went into session at the Prime Minister's
morning to hear the "Big Five's" report upon its consultations.
the matters disNo official announcements were expected concerning
in Parliament to
cussed. Mr. Chamberlain and Sir John parried attempts
learn how the Cabinet members were attacking the problem.
927
pride and making
This is the first case of a victor country swallowing its
n susceptibilities
such an agreement with the League. To soothe Rumania
avoid giving the
the agreement is carefully worded so as to appear to
League Commisioners in Austria
League advisers the power granted to the
will enjoy real power
and Hungary. It is considered, however, that they
can if it is dissatisfied
thanks to a provision whereby the Finance Committee
t will ever wish a recall
recall all its advisers. It is doubted whether Buchares
so dangerous to its credit.
t. Rumania was pushed
No League loans are connected with this agreemen
and by France, to whom she turned
into it by the pressure of bondholders
advisers first. Financial circles
for a loan and who told her to get League
Rumania's credit everywhere.
here predict to-day's agreement will help
"New Lausanne Agreement."
ton would be
The plan Sir Ronald was expected to take back to Washing
to the nations
In the nature of a "new Lausanne agreement" applying
obligated to the United States.
German reparaThe provisional Lausanne agreement, under which
desired by European
tions were scaled down 90% to $750,000,000, was
the United States.
signatory nations as a model for a final settlement with
of the German
Their contention is that since they have wiped out most
with similar relief.
reparations, the United States should provide them
1 1922. Faced
The British viewpoint goes back to Balfour note of Aug.
in the next year,
with the necessity of funding her debt with United States
with her own debtors.
Great Britain laid down a principle for dealing
that she would be
This principle, as expressed in the Balfour note, was sufficient to cover
content with a total sum from her Allies and Germany
her own payment to the United States.
States totaled more
Although Great Britain's borrowings from the United
greatly exceeded that
than $4,000.000,000, her advances to the Allies
from
-Under date of Jan. 28 Associated Press advices
Geneva stated:
with the approval of Rumania, has
The League of Nations Council,
that country described as a new
adopted a plan of financial assistance for
will name a financial adviser
departure in League co-operation. The Council for financial reform which
plan
collaborate with Rumanian officials On a
to
reconstruction.
will be the basis for Rumania's economic
to be no international loan.
The new feature lies in the fact that there is
adviser it was to supervises
Heretofore when the League assigned a financial
loan.
London,
Sir Robert Horne, in Talk Broadcast From
Silver—Says Low Price
Urges Rise in Value of
in
Perpetuates Trade Slump—Hopes for Action
Aids Silver Market in New
United States—Plea
York.
a suppleMany Britons believe the larger use of silver as
currency to gold will aid stabilization in many parts
mentary
Chancellor
of the world,said Sir Robert Horne,former British
29 which
of the Exchequer, in a talk from London on Jan.
United States over a National Broadwas rebroadcast in the
casting Co. network.
s of the
Stating that Sir Robert spoke under the auspice
amount.
New York "Times" of
Forum, the
The departure on Jan. 31 of Sir Ronald Lindsay for International Radio
lt Jan. 30 went on to say:
London after a conference with President-elect Roosve
His talk as received here was in part as follows:
led in our
on the war debts, was noted in our issue of Feb. 4, page 737.
is in a condition of confusion unparalle
"The whole
perplexing It all isl
6 and has since held experience. Allworld
Sir Ronald arrived in London on Feb.
mankind Is in deep distress, and how
Man Le
more generously than ever hefore.
daily conferences with the Cabinet. In a Washington dis- Nature is yielding her fruit previous period of history. Science and invenmore
"Journal of Commerce" it tion competent than at any
on of wealth
producti
patch Feb. 8 to the New York
have supplied more devices for increasing the
was stated:
than the most ardent dreamer ever fancied.
every country are enduring
"And yet multitudes of deserving people In
and statesmen strive conpoignant and bitter hardships while politicians
countries of the
tinuously, but with no apparent success, to rid their
haunting nightmare of unemployment.
is puzzling, cer"While there is much in our present condition that
has shrunk to a
tain things are obvious enough. The trade of the world
nation has declined
skeleton of what it was, and the export trade of every
in a startling degree.
Internal Production Slump.
in most countries. It
"Similarly, internal production has withered
above
reached its peak in 1929. In that year world production was 47% vast
spite of the
that of 1913. In 1912 it is back at the figure of 1913 in that date, has
since
expansion of the machinery of production which,
taken place.
g statistics of unem"These conditions sufficiently explain the appallin
ployment in the world to-day.
from the manufacturer.
"The man who lives on the soil can no longer buy
cannot meet his establishHe in his turn finds his trade so constricted that he
yment stalks like a malevolent
ment charges and he shuts down. Unemplo streets, and it is lasting so
City
spectre alike through country lanes and
despair.
long that the world is almost numb with
intention to employ all reason"The British Government has declared its prices. I shall not elaborate
wholesale commodity
able measures to raise
can judge, the policy of the Governthis matter further because,so far as I
to the same object.
ment of the United States is directed
for expanding credit in the
"You have embarked on many schemes
power in the possession of the
expectation that an increased purchasing commodities and thus augment
demand for
League of Nations Loan Committee (London) Holds People will create a greater
the course of making the intheir value, while we in Britain have taken
that the large mass of people
sident Members.
Series of Meetings with Non-Re
terest on money lent by the banks so low
of materials, thus tending
may borrow freely and begin to lay in stocks
An announcement issued Feb. 9 by Speyer & Co. said:
to raise the price.
(formed for the protection of
The League Loans Committee (London).
, while there are other delaying
"Unfortunately, in both our countries
t confidence to take adbondholders of loans issued under the auspices of the League of Nations).
factors, people have not yet acquired sufficien
The depression has continued
announce that they have held a series of meetings during the last fortnight
vantage of the facilities offered to them.
dent members.
citizens are still in a hesito take advantage of the presence in London of the non-resi
so long and public spirit is so shattered that our
to be shaken out of their
viz.. Mr. Eliot Wadsworth of Boston,(U. S. A.), Dr. Crena de Iongh of
tating rather than a hopeful mood. They require
believe that now is the time to
Amsterdam, and Dr. Nathan representing Signor Bianchini of the Italian
despondency or at least to be induced to
not wish to find that prices
Bankers' Association.
get into the market with purchases if they do
The committee took this opportunity to review the general lines of their
have risen again.
develop in the future.
policy to date and to consider how their policy should
Washington Plan Welcomed.
The committee examined the position in each of the debtor countries now in
rejoice at the invitation which
"Having these considerations in view, I
default on League loans, paying particular attention in this; connection to
conveyed to British
of
the Government of the United States has recently
Greece, which has recently, after some delay, carried out the first part
at Washington early in
Ministers to send representatives to a meeting
Loans Committee last
the obligation it undertook towards the League
y policies. Such a
March to discuss, among other things, monetar
September.
Our two countries
discussion will, I am sure, perform a great service. influence of prices,
committee also considered their position in regard to the Legaue of
The
are thinking along similar lines on the question of
Nations and took certain steps with a view to developing their collaboration
have a profound
and even if no other peoples ally themselves with us, I
with other creditors of the debtor countries.
that their object
conviction that a joint declaration by America and Britain their monetary
Is to raise the wholesale price of commodities and that and stimulate
end, will itself tend to start
policy will be designed to
League of Nations to Advise Rumania on Finance— a movement in the desiredthat
direction.
I personally hope our
Appointment of Aides to
Agreement Initialed for
"There is another important topic upon which
the end of the monetwo countries may possibly be found collaborating at
Act for Four Fiscal Years.
of silver. There are many of us in
conference—that
to the New York tarycountry who hope Is, the question will be pressed because we believe
Under date of Jan. 23 Geneva advices
that the question
this
any other
that the rehabilitation of silver would help more rapidly that
"Times" stated:
trade which in
single device to raise commodity prices and restore some
to-night between the League of Nations
An agreement was initialed here
in the value of
recent years has disappeared owing to the abnormal decline
ent whereby the League
Finance Committee and the Rumanian Governm
silver.
tion" for four fiscal
gives Rumania "technical and consultative co-opera
the world
"It should be kept in mind that one-half of the population of
by the League of a
nt. Deyears beginning in April. This involves appointment
in India and China hold silver as their sole value for investme
a corps of assistants who will counsel
financial adviser for Rumania with
Government sales
preciation in the value of silver in recent years through
reorganizing its finances, putting its budget in order, running
values of
Bucharest in
of discarded silver coin in the silver countries has lessened the
the National Bank, and other matters.
y are
Senators to-day rose to the suggestions from abroad that seemingl
public opinion in
taking more definite form, designed perhaps to draw out
flat, lump sum
America, to make known their unalterable opposition to
United States.
settlements of the European war debt obligations due the
s Committee,
• Senator Borah, chairman of the Senate Foreign Relation
which barred conto-day voiced his opposition to any scheme of payment
cessions in return.
nt and may be
Senator Johnson stands prepared to oppose such settleme
were loaded down
expected to stress extent to which American investors
ging the
with worthless foreign securities in the past as a means of discoura
is expected to
purchase of like bonds in the future. In this connection he
recall the revelations made before a searching Senate inquiry.
emphatic in
House Democratic Floor Leader Rainey, Illinois, equally
seek to
his opposition to such a settlement, added that should England
the lump sum, it
float a bond issue in this country to raise money to pay
buy the British bonds; they
_would be found "the American investors won't
have been stung enough on foreign bonds here."
Apparently, State Department officials are without information concernd
ing the lump sum proposals. Not only has no such suggestion emanate
of
from the present Administration, it is asserted, but if this is in the mind
are without knowledge of the fact.
President-elect Roosevelt, these officials
It has been variously reported here that the British would propose settlement of war obligations to the United States in the payment of between
$1.250,000,000 and $2,000,000,000. One Senator to-day asserted that
these reports were merely "trial battens," designed to draw out expressions
from Congress
928
Financial Chronicle
savings of a thousand million of people In
the East, and It has Imposed a
check upon purchases which would have
been made from the factories of
America and Great Britain.
"ffsome of the leading nations were to adopt
again the bimetallic standard
of silver and gold which worked admira
bly in America and on the Continent
of Europe down to the year 18;3—or even
short of that, if they were to
constitute silver a part of their metalli
c reserves—this degenerating process
would be reversed, silver would retriev
e something of its own value, and
the silver holder would feel himself able
to spend again.
"1 have not time to indicate other
spheres in which our Interests in
America and England are similar.
We are In many respects in parallel
positions. We were together the great
lenders to those who fought alongside
of us In the war. We have both made
great concessions to our debtors. and
If by any chance complete cancellation
of International war debts were
now to come about, the amount which
we would each have given up would
not differ very greatly."
Referring to the effect on the silver market in
New York
of Sir Robert's talk, the "Times," of Jan. 31
said:
A rally in the outside markets coupled with
the plea made in England by
Sir Robert Horne for a larger use of silver
as currency, aided the silver
market yesterday. Prices for futures closed
from 40 to 52 points higher.
In good activity. There were 1.325.000
ounces traded. London cable
prices advanced one eighth of a shilling
, while the New York market
was up three-eighths of a cent.
France and Turkey to Mint Silver While
Scandinavia
and Baltic Countries Restrict Use.
France now has a silver coinage program under
way and
Turkey may soon initiate one, while variou other
s
European
countries are gradually restricting the use of
silver for
subsidiary coinage, according to the Finance and Inves
tment
Division of the Department of Commerce. The Depar
tment
on Jan. 31 also had the following to say:
The coinage program in France outlined in the law
of 1928 providing for
the Issuance of silver coins to replace 3.000.000.000
francs in small paper
notes and withdraw them from circulation by the end
of 1932. has been
extended for a period of one year by a recent
act of the French Government
according to H. M. Bratter of the Finance
and Investment Division.
As the French Mint had coined only
1.370.000.000 francs in silver by
the end of 1932. the Bank of France found It
impossible to retire the small
notes from circulation. Coinage will therefo
re be continued during 1933.
It is said that one reason why the Government
favors the issuance of
silver is that it will improve the balance sheet of
the Bank of France. since
the silver coins, unlike the notes, require no gold
reserve.
A bill will shortly be presented to the Turkish
National Assembly authorizing the Mint to strike 24.000.000 Turkish pounds
of silver, according
to a report from Trade Commissioner Henry E.
Stebbins. Istanbul.
According to the bill, the silver coins will
replace the one pound note,
It is reported. The new silver COWS will be in
denominations of 25, 50 and
NO piasters. (There are 300 piaster
s to the Turkish pound.) Other
tractional money now in circulation
will be replaced by silver pieces of
5 and 10 plasters and bronze coins of 20 and
10 pares (that is, one-half
piaster Avid one-quarter plaster) the report
states.
Norway has not minted any silver coins since
1920. when the law specifying the use of copper-nickel coins was enacte
d, Mr. Brener declared.
Since the members of the Scandananan Moneta
ry Union. Denmark Norway and Sweden. have similar currency system
s. It is unlikely that the
monetary use of silver will be increased
there except by Joint action. The
subsidiary coins of the three countries are
no longer legal tender outside
the country of issue, according to the agreement
of 1924, though the par
Value of the currency unit is the same in each of
the countries.
Although there is no legal restriction on the coinage
of subsidiary silver
Money by the Swedish mint, it Is Mr. Bratter's opinion
that the coinage
will not be expanded. Swedish silver coins In circulation
are estimated at
51.832.000 kroner, which represents about 7.150.000
fine ounces of silver
In monetary use in that country.
No silver money is used now in Finland. the monetary law of
1925 making
no mention of silver coins. The Bank of Finland sold all silver
coins in its
possession to Finnish silversmiths by the end of 1927
and no legislation
Is contemplated which would provide for the monetary
use of silver in
Finland.
Because of counterfeiting difficulties with its two-kr
oone silver coin.
Estonia is now considering a law authorizing "the
minting of subsidiary
coins of silver, copper, nickel or their alloys." Under
this bill, silver need
not be employed tor the minting of coins. "the
two kroone and one kroone
Subsidiary coins may be minted of silver of a finenes
s of at least five hundred
thousands, or else of some other metal."
Estonia's circulation of silver
on May 1 1932 amounted to 2,018.368 kroone
, composed entirely of
of two-kroone pieces, it is stated.
Great Britain Not Prepared at Present to Retur
n to
Gold Standard, Prime Minister MacDonald
Tells
House.
Prime Minister MacDonald again told the
British House
of Commons on Feb. 9 that for the present
Great Britain
was not prepared to return to the gold
standard, thus
probably eliminating any American
hope of raising this
question effectively during the confe
rence at Washington
next month. Associated Press accou
nts from London
Feb. 9 went on to say:
Answering an inquiry about an announ
cement by Sir Frederick LeithRoss. British member of the preparatory commis
sion
nomic Conference, outlining conditions under which for the World EcoGreat Britain would
return to gold, Mr. MacDonald said:
"I should like to make it clear that these statem
ents do not indicate that
Great Britain is prepared to return to the
gold standard in the present
circumstances.
"On the contrary,they make it plain,in the words
used by the preparatory
committee of experts at Geneva, that there
are a number of economic as
well as financial conditions which must be
fulfilled before restoration of
the international gold standard can be a practic
al possibility."
Speculation was aroused in Parliamentar
y circles to
-night as to whether
Sir Ronald Lindsay, Ambassador to the United States,
who is conferring
with the Government on the debts issue, had commun
icated again with
President-elect Roosevelt.
Feb. 11 1933
He remained at the Foreign Office
with Sir John Simon. the Foreign
Secretary, most of the day, while
the
pally concerned with the debts issue five members of the Cabinet princicontinued their deliberations without
him. It was made known that Sir
Ronald would meet the Cabinet committee again to-morrow.
Apparently it has been decided definit
ely that Mr. MacDonald will head
the British mission to Washington
and that it will include Neville Chain.
berlain. Chancellor of the Excheq
uer, and Waiter Runciman, President
of the Board of Trade.
These arrangements may be change
d, however, for the budget will be a
matter of immediate concern in April
and
Chamberlain to stay at home. It probab it might be necessary for Mr.
ly could be arranged to have him
go to Washington at least for a few
weeks, returning if his presence should
be required.
Next week, it was reported, a preliminary
delegation of financial experts
from Government offices will leave for
Washington with Sir Ronald to
assist him in clearing up routine matters
before the conferences begin.
Regret-in Washington by Senators at
Prime Minister
MacDonald's Statement on Obsta
cles in Way of
Return to Gold Standard.
Regret was expressed by some members
of the Senate
Finance Committee on Feb. 9 over Prime
Minister MacDonald's statement that a number of economic
and financial
conditions stand in the way of the British
returning to the
gold standard at this time. Associated Press
advices from
Washington Feb. 9 said:
Senator Walsh of Massachusetts was the most
outspoken in his comment
on the statement.
"It is to be regretted." he said. "that Premier
MacDonald continues
to assert that there Is little prospect for Great Britain
returning to the gold
standard.
"In my opinion, the political relationship betwee
n Great Britain and
this country would be promoted and greatly strengt
hened by an agreement
between the two nations as to stabilization of the
currencies.
"As there appears to be little likelihood of our
Government turning
away from the gold standard, the difficulties that
these different currencies
cause are bound to increase and to prevent closer
trade relationships."
Mr. MacDonald's statement was termed by Chairm
an Somers of the
House Coinage Committee "the practical view for
Great Britain to take."
He added that it was "to our interest to have her
go on the gold standard
at once." saying the United States would be in a
batter condition to compete
on world markets.
"But Great Britain can't go on a gold standa
rd until her debts are adjusted." he continued. "She hasn't sufficient gold
at present to give her
currency a nominal gold value.
"There is some question in my mind If Great
Britain will ever go to gold
ag in. If we revalue silver through any action
of ours she will be forced
to a metal standard, gold or silver."
Mr. Somers's committee has been investigating
monetization of silver.
Economic Agenda Proposes Return to
Gold Standard
-Stabilization of Currency Set Down
for Con:
sideration by Delegates to World Confe
_
_ rence.
Recommendations that the world shoul
d return to a
satisfactory international monetary standard
are
in the agenda drawn up for the World Economic containia
Conference,
an official copy of which has been received by
the Department of State. Making this known, the
"United States
Daily" of Feb. 10 said:
The world conference will have to conside
r how tho conditions for
successful restoration ofa free gold
standard can best be so filled,
according
to the recommendations of the Lausanne
conference held to draw
agenda.
up the
Steps Towards Stabilized Currenc
y.
Conditions under which the gold
standard may be restored, as set
forth
In the agenda, follow:
(a) Solution of major outstanding
political problems.
(b) Measures to make it possible for
countries whose reserves are Inadequate to obtain satisfactory reserve
: 1. Settlement of inter-gover
nmental
debts. 2. Return to a reasonable
freedom in movement of goods and
services. 3. Return to freedom in
foreign exchange markets and in the
movement of capital.
(c) General understanding to insure better
working of the gold standard
In the future.
(d) Each country must take steps to insure
internal economic equilibrium
by: 1. Balancing all budgets. 2. Insuring
of healthy conditions in Internal
money and capital market to avoid inflati
on. 3. Insure sufficient flexibility
to the National economy without which an
international monetary standard
can not function.
Favored Position of Some Nations.
In actual practice certain countries are in a key
position to re-establish
free cold standard thus influencing other countri
es, the world conference
agenda stated.
The Department of Commerce also has received an
official copy of the
official agenda of the conference. The text probably
will be made available
for publication Feb. 10, it was stated orally at both
Departments.
Senate:Votes $1.50,000 for_Participation7in
World
Monetary and Economic Conference.
The U. S. Senate on Feb. 9 voted $150,000 fUn
State's participation in the W-rld Monetary and
o
.
Cotiferenee7 With little discussion, it approved Economio
a resolution
1Sy Chairm=Borah Of-the- Foreign Relations
Committee
and'sentit to the House, according -to Associ
ated Press
_advices fn Washington.
- -.
O Senator King of Utah was assured by Mr. Borah
that thi;
resolution was sufficiently broad to provide
funds for a
Conference in the United States, as it specif
ied only that the
conference be held in 1933, without designating
any place.
Volume 136
Financial Chronicle
929
France Raises Treasury Bond Interest Rates.
A copyright cablegram from Paris Feb. 4 is taken as follows from the New York "Herald Tribune:"
do their written work in German characters, excepting only foreign languagee
where Roman letters will be tolerated. Nearly all newspapers in Germany
will use the old black letter, but most of the scientific books and periodicals
are printed in Roman type.
Money rates were easy in the Paris free market, while the French Government, whose credit is at present very low, was obliged to Increase the
Interest on treasury bonds. Faced with the need of fresh money in the
time of the year when tax returns are particularly low, the Ministry of
Finances decreed one-month bonds would pay 1%% instead of 154%i
from three months to a year, 2Si% instead of 2%. This is significant of
difficulties confronting the treasury, especially as at the same moment dayto-day money receded from 18% %. Money for discounts was obtained on a
very narrow market. of I Y., to 11g %.
National defense bonds, which were such a threat to the treasury before
Poincare, but now are issued for only two years, pay 234 %. Together
with treasury bonds they form the floating debt which is steadily increasing
since last spring. The total of national defense appears more or Inxs stable
around a billion dollars. The total of treasury bonds must not be far from
$500.000,000 and is likely to grow since Parliament thus far has failed to
balance the budget.
The treasury lived through January with a deficit of $35,000,000 and the
same shortage will be maintained during February, since the budget is not
yet voted. Obstacles to the vote are as formidable as before.
Despite the State's financial difficulties, the franc remains fairly firm In
money ci cult which unceasingly runs through London. Paris and New
York. In an effort to prevent a rise in sterling. London's equalization fund
sells this currency, buying francs then exchanges francs against dollars.
On the Paris market the dollar oscillates between 25.606 and 25.625,
remaining below the export gold point. It is considered here that the
dollar would decline if London did not buy it. Gold exodus from France
continues at a slow tempo. For the week ended Jan. 27 the gold stock
holding of the Bank of France sank another five and one-half million dollars.
Nethertheless coverage Is still high-77.47%.
The Bourse naturally suffers from local financial troubles and Wall
Street's heaviness. Attention is centered on gold mines which are also
Soaring here. Rentes were affected by the treasury's uneasiness. Foreign
securities reflecting London's and Wall Street's movement caused French
stocks to recede slowly. Since the end of December, the index number of
French stocks passed from 243 to 236.
Hungarian Bankers Win Standstill Interest Cut—
Austria Winds Up Controlled Foreign Clearings.
Under the above head the New York "Herald Tribune"
published the following from Vienna, Feb. 5:
Friedrich Koranyi, President of the Hungarian committee for foreign
debts, announced at a meeting of Budapest bankers at the standstill parleys
in London that Amerinin. English and Swiss creditors had agreed to a 1%
reduction in the interest rate and to a 5% sinking fund quota. Until further
notice refundments are to be made in pengoes without any exchange risk
Issue of $50,000,000 Over-Bid in Italy—Reconstruction
Bonds Backed by State Quickly Taken—Lottery
Aids Transaction.
Under date of Feb. 7 a wireless message from Rome
(Italy) to the New York "Times" said:
An issue of $50,000,000 worth of State-guaranteed bonds by the new
Institute of Industrial Reconstruction was oversubscribed to-day only a
few hours after it was offered to the public.
The industrial North, especially Milan, as usual contributed the heaviest
Investment. but the bonds proved extremely popular also in the South.
Part of the enthusiasm for the bonds was undoubtedly on account of the
lottery. with $1.300.000 in prizes, run in connection with it. Offered at
910. the bonds yield an interest slightly below 5%.
The ease with which the new issue was absorbed is taken as an indication
that there are considerable savings throughout Italy seeking investment,
and this is confirmed by constantly increasing deposits in banks. It also
Indicates that investors have a marked preference for State securities after
severe losses suffered by many in the stock market.
Earlier advices (Jan. 31) to the same paper stated:
Only a week after its organization the Institute for Industrial Reconstruction announced to-day it would place on the market approximately $50,000.000 worth of bonds, to be applied to the relief of those Italian industries
standing in urgent need of capital. The bonds are to be offered to the public
next Monday. but a consortium of leading Italian banks has already
,
'
guarantee their total absorption. The bonds will be guaranteed by part of
the yearly subvention granted by the government to the new institute.
The bonds will be amortized in twenty years and will bear 4 % interest,
but as they are to be issued at 91. the actual rate of interest is almost 5%.
The bondholders, moreover, will participate yearly in a lottery which proved
popular in connection with recent Issues of treasury bonds. For the first
five years prizes amounting yearly to $1,300,000 will be drawn and allotted
to bondholders. Among these will be five prizes of $50,000 each.
for debtors.
Austria is winding up Its officially controlled clearings with foreign
countries, which dinsatisfied everybody. The Hungarian Central Bank is
preparing to take similar steps for the same reason.
The economic committee of the Hungarian Parliament decided on the
prolongation of the moratorium till Dec 22. The Hungarian Government
is making a heroic effort to remove 150.000.000 pengoes from the budget
deficit by 25 to 100% increase of taxes, 50 to 100% increases of import
tariffs on luxury goods and drastic cuts on public salaries.
Hungary's foreign creditors are encouraging the government's project to
restore stability and have consented to grant a loan of 65.000.000 pengoes
in treasury bonds out of untransferred pengoes. amounts which accumulated in blocked creditors' deposits at the Central Bank. Industrialists
and big landowners also consented to contribute 45.000.000 pengoes for
reconstructing purposes. Of these funds 70.000,000 pengoes will be employed for productive investments undertaken to provide additional work
and get rid of stagnation.
New Austrian Loan Scored in Commons—Members of
Parliament Say Great Britain Has Wasted
£4,000,000 in Effort to Keep Nation Solvent.
From London, Feb. 7, a wireless message to the New York
"Times" said:
The Austrian loan bill, which the House of Commons gave second reading
to-day, aroused bitter and belated protests from many who held that in a
futile effort to keep Austria solvent £4,000.000 of British money had been
thrown away.
The Commons had approved the financial resolution on which the bill was
based before Christmas and the government subsequently ratified the
agreement.
Government spokesmen to-day stoutly contended that a now loan would
rehabilitate Austria and thus save the former loans granted.
Sir Arthur Samuel and George Lambert, among others, held that it would
be better to let Austria go bankrupt sooner rather than later and argued
that the new loan was intended merely to protect the Bank of England
from the blunder of an earlier and imprudent loan. The debate left the
impression that the members would never again consent to a similar
undertaking.
Declares 9% Dividend.
The National Bank of Hungary declared a 9% dividend
on Feb. 6, according to Associated Press advices from
Budapest.
Bank of Hungary
Purchase for Cancellation of $219,000 Bonds of Hungarian 7% Loan of 1924.
Speyer & Co., as American fiscal agents for the 73'%
State Loan of Kingdom of Hungary of 1924, have purchased
for account of the Hungarian Government during the fiscal
year ended Feb. 1 1933 $219,000 bonds of this loan for
cancellation through the sinking fund. Out of an original
issue of $9,000,000 bonds, there remain outstanding $6,578,600 bonds.
Death of Carl Fuerstenberg, German Banker.
Carl Fuerstenberg, prominent German banker, died of
pneumonia yesterday (Feb. 10) at the age of 82, Associated
Press cablegrams from Berlin said:
Antwerp(Belgium) Grain Market Will Be Re-established
-War Pit to Start Again at End of Month.
—Pre
The following (Associated Press) from Antwerp (Belgium)
is from the New York "Herald Tribune:
One of the pillars of the Berlin Stock Exchange, Carl Fuerstenberg, was
almost as well known throughout Germany for his sarcastic wit as for his
personal integrity and his business genius.
His banking house. the Berliner Handels Gesellschaft, owed Its strong
position to the skill with which he piloted it through the dangerous inflation
period which wrecked many other financial houses after the World War.
Born in Danzig, Aug. 28 1850, the son of a merchant in amber goods,
young Fuerstenberg entered a small local bank as junior clerk, and afterwards, still in his twenties, earned his managerial spurs in such leading
Berlin houses as the Dlsconto Gesellschaft and S. Bleichroeder.
By concentrating his operations upon the domestic market, he achieved
both fame and fortune. Up to the age of 78 he was an active partner in
the Berliner Handels Gesellschaft which he had joined 45 years previously,
and he remained afterwards on the board of directors as successor to the
late privy Counselor Felix Deutsch.
be
The Antwerp grain market, as it existed before the war, is to
re-established at the end of February, says the newspaper "Metropole,"
liquidation.
with the Banque Union Financiere D'Anvers as the house of
quoted as folThe unit for transactions for wheat is to be 100 tons, to be
inspection: Red
lows: Hard Winter 1 and 2, with certificate of seaboard
Manitoba. with Dominion cerWinter 1 and 2. with similar certificate;
tificate; north spring wheat with seaboard certificate, and also the following
wheats after analysis, La Plata, South Russian, Rumanian, Bulgarian.
Jugoslavian and Hungarian.
Quotations are to be in Belgian francs, each point representing 12.5
centimes a 100 kilograms. Deliveries are to be listed for March. May.
July. September and December. The Antwerp market will be open on Saturdays from 12.30 until 12.45 p. m. and the market will be held in Brussels
on Wednesdays from 2.45 until 3.10 p. m. For Indian corn (maize) and
barley the unit for transaction will be 50 tons.
New State of Bavaria Loan.
From the "Wall Street Journal" of Feb. 9 we take the
following from Berlin:
Debts Discussion Accepted by Italy—Ambassador Rosso
Delivers Mussolini's Reply to United States Proposal—Sets up No Conditions.
From Rome, Italy advices Jan. 31 to the New York
"Times" stated:
The State of Bavaria has issued a rm. 40,000,000 conversion loan, with
coupon of6%,to run for 10 years. The loan is offered at 928%.
German Script to Be Compulsory.
In its Feb. 5 issue, the New York "Times" published the
following special correspondence from Brunswick, Jan. 25:
duty by the
The exclusive use of German script is enjoined as a patriotic
order of the Minister of
Nazi Government of the State of Brunswick. An
schools must
Education directs that henceforth pupils in the secondary
An official communique announced to-day that Premier Mussolini, in his
double capacity as head ot the government and Foreign Minister, had Instructed the new Italian Ambassador in Washington, Augusto Rosso to
agree to the United States Government's proposal to discuss debts after
the Democratic administration is inaugurated. The Italian acceptance is
unconditional.
No decision has been made yet as to the composition of the Italian delegation or even as to who will head it. It is understood, howevw, that the
930
Financial Chronicle
delegation will be accompanied by many experts
capable of discussing not
only the debts but all general economic problems
connected with them.
Ambassador Rosso Is to make tinal arrangements
in Washington as to the
date on which It is desired that the delegation
shall arrive.
Meanwhie it is denied that Italy will insist
on a lump sum settlement.
While such a solution would probably be acceptable
to Italy. final Italian
policy in the matter has not yet been settled.
Equally unfounded, It is
said, are reports printed in some papers that
Italy will offer $100,000,000 in
final settlement of the debt.
Roumania Accepts Invitation to Participate in
Washington Conference on War Debts.
Roumania was on Feb. 8 added to the list of countries
extended an invitation on behalf of President-elect Roosevelt
to present their claims for review to the new Administration
after the conclusion of the proposed debt negotiations with
Great Britain. The New York "Journal of Commerce" in
Its Washington advices Feb. 8 in the matter added:
Calling at the State Department, Minister Davila of
that country was
presented by Secretary ot State Stinson with a reply
to the inquiry which
the former had submitted about a week ago. The
debt of Roumania to
the United States approximates $64.000,000 with
$1,000,000 of that sum
due in June.
How Central Europe Stands on Its Debt—Only
Czechoslovakia and Poland Meet All Payments—No Hint
of Lapsing.
From Paris the "Wall Street Journal" of Feb. 4 reported
the following:
The actual situation in regard to the external long-term
State debts of
Central European countries follows:
Rumania Is negotiating with bondholders for suspension of
sinking fund
payments for one or two years, but will continue to pay interest.
Juga Slavia has suspended all transfer, but is regularly
paying Interest
and sinking fund into a blocked dinar account. Bondholder
s are negotiating
for a partial resumption of interest transter, with the
probability of success
within a few weeks.
Greece is transferring 30% and is paying 35%
more Into a blocked
drachma account. Negotiations have been delayed
by internal political
troubles, but will be resumed shortly.
Bulgaria is transferring 40%, instead of 50% as
previously, with the
approval of the League of Nations and bondholders.
The balance of payments in leva are being invested in treasury bills.
Hungary has ceased both transfer and pengo payments
and has reemployed pengoes formerly deposited in the blocked account.
Austria has maintained interest payments. Sinking
futid payments are
in arrears. but Austria hopes to make good on them shortly.
Czechoslovakia and l'oland continue to meet all
their obligations, with no
hint of either making any request tor relief.
Poland on Gold Basis—Bank's Shareholders
Vote to
End Exchange Standard—Earmarking of
Gold at
New York Federal Reserve Bank.
From the New York "Times" we quote the
following
from Warsaw Feb. 9:
Gold became the sole cover of the Polish zloty as the
Bank of Poland
abandoned the gold-exchange standard to-day. The
hank's status changed
a shareholders' general meeting. The directors
were authorized to
exchange foreign currency, notes and checks, serving as the
zloty's reserve,
into metal gold. Simultaneously the obligatory reserve was
lowered from
40 to 30%. making possible an increase by nearly $70,000.000
the present
low note circulation of some 8130.000.000 and expand bank
credit facilities.
Together with silver and copper coins, Poland's entire money
circulation
On Jan. 31 amounted to $160.600.000, or 85 per capita.
An 8% dividend was voted by the bank for 1932. Its
president, Dr.
Wroblewski, former. Minister to the United States, emphatical
ly declared
that banks and the government were against any kind of
inflation.
at
Noting that the Federal Reserve Bank of New York
reported on Feb.9 a loss of $15,999,900 gold through
earmarking of that amount for foreign account, the New
York
"Times" on Feb. 10 said:
The operation, the largest of its kind since last Spring,
was
by the financial community with the return of Poland to the full connected
gold standard instead of the gold-exchange standard, announced in Europe
Feb. 9 as
effective on Feb. 8.
The "Times" further said in part:
It was thought likely that by way of strengthening its
position at the
time of this important step. the Bank of Poland had converted
into gold the
foreign exchange reserves which it held. The amount earmarked
appeared,
however, a little large for the Polish bank of issue, and it
was considered
likely that it included some earmarking for the account of
other foreign
banks.
Poland's Gold Holdings.
The Bank of Poland in Its statement as of Dec. 20 last
reported gold
holdings of 501.527,000 zlotys, or 856,271.330, of which
212,591.000
zlotys were held abroad. It listed foreign currencies amounting to
129,711,000 zlotys, or 814,553,575, a sum nearly $1,500,000 below the
amount
earmarked yesterday. A considerable part of these foreign
currency
holdings, if not all, are believed to be dollar balances. The
Bank of
Poland last year acquired a large amount of dollars at a discount at
a time
when alarmist reports from Paris about the imminent fall of the
dollar
from the gold standard caused a panic for a few days among Polish
citizens
who owned dollars.
The action of Poland in returning to the full gold standard
was approved in Wall Street, although not regarded as a matter of
great international moment. The abondonment of the gold-exchange standard,
under which foreign currencies redeemable in gold were used as
currency
reserves by central banks, was made inevitable by the collapse
of the
pound sterling, which had been the currency most widely used as
foreign
exchange reserves by countries on a gold-exchange standard. The
recent
report of the gold delegation of the League of Nations called for a return
to the full gold standard.
Feb. 11 1933
Poland Plans to Send Debt Mission.
An Associated Press cablegram from Warsaw, Poland,
Jan. 27 said:
Poland expects to send a delegation to the
United States to discuss the
debt problem. M. Holynski, a member of the Chamber
of Deputies, said
to-day. Ile was speaking in connection
with the Treasury Department
budget in the Budget Commission of the Sejm.
Report that Finland's Mortgage Bank Has Reached
Agreement with American Creditors to Reduce
Interest Rate on Outstanding Loans.
From Helsingfors, Feb. 8 a wireless message to the New
York "Times" said:
The newspapers report that Finland's Mortgage Bank
has reached an
agreement with. American creditors, who consented to substantial
reduction
ot the interest rate on outstanding loans. The negotiations were
mainly
carried out in Berlin between the American creditors' representat
ive and
Governor Ryti of the Finnish bank.
Finland Aids Farmers—Parliament Passes Measures
Expected to Save 3,000,
From Helsingfors (Finland) Feb. 1, a wireless message
to the New York "Times" stated:
To alleviate the agricultural crisis Parliament has passed a measure
providing for compulsory consolidation of farmers' debts and lower Interest
rates and another measure extending State mortgage loans to distressed
farmers. These measures are expected to save 3,000 farmers from ruin.
Further relief measures are urged because it Is estimated that, before
the present measures were passed. 16 500 farmers faced bankruptcy this
year. A total of 3,537 farms were sold in 1932 to pay off mortgages, the
Increase over 1931 exceeding 50%. The State in 1932 purchased 623 farms
from_defaulting owners.
Danish Farmers Benefit—New Exchange Rate Causes
Rise in Butter and Egg Prices.
The following from Copenhagen Feb. 2 is from the New
York "Times":
Farmers are deriving immediate benefit from the new exchange rate.
prices of butter and eggs rising about 10%.
The Government and the Socialist and Radical parties regard the present
rate of 22.50 per krone to the pound as a minimum below which the krone
must not be allowed to fall.
The Left apparently interprets the present rate as one beyond which
the krone must not rise, at any rate not in the early future.
From the statistical viewpoint, it seems that the present rate represents undervaluation of the krone. Conservatives appear to believe the
currency will tend to appreciate, some banks showing reluctance to buy
sterling at the present level.
A delegation of farmers stated to-day that about 2,000 foreclosures on
farm property were pending in South Jutland, where two mortgage institutions demanded that the deposit rates be cut to 21i and 3%, respec,
tively, so as to permit conversion of agricultural loans at about 3%%
with the aid of the National Bank.
Greek Government Plows Land for Farmers.
The Greek Government will plow land for any farmer
at a fixed sum per acre, says a report to the Commerce Department's Agricultural Implements Division from Assistant
Commercial Attache R. B. Curran, Athens. The Department on Jan. 27 likewise said:
Started in 1929 by the Department of Agriculture in order that the
small farmer might get the benefit of deep plowing, this Service of Mechanical Cultivation now has about 50 tractors which are rented out at a charge
of 75 cents per acre for 6-7 inch plowing and $1.50 per acre for deeper
plowing.
More than 6.000 acres, including a large amount of arid land not culti•
vated in the past, has been plowed under in this way during the past two
years, it was stated.
About a year ago the farm service bought about 31 tractors from Germany
for the cultivation of the recently drained lakes in Northern Macedonia.
It is reported in local farm circles that the Government may purchase
additional units of the crawler type of tractors in a year or two.
External Sinking Fund Gold Bonds of Province of
Buenos Aires (Argentina) Dealt in "Flat" on New
York Stock Exchange.
Under date of Feb. 1, Ashbel Green, Secretary of the New
York Stock Exchange, issued the following announcement:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Province of Buenos Aires 6A% External Sinking Fund Gold Bonds of
1030.
due 1961—Interest.
Feb. 11933.
Notice having been received that the interest due Feb. 11933,on
Province
of Buenos Aires 6% external sinking fund gold bonds of 1930, due
1961,
Is not being paid:
The Committee on Securities rules that beginning Wednesday,
Feb. 1
1933, and until further notice the said bonds shall be dealt in "Flat"
and
to be a delivery must carry the Feb. 1 1933, and subsequent coupons.
ASHBEL GREEN, Secretary,
Argentine Failures in Month.
According to Buenos Aires advices Feb. 1 to tho Now York
"Times" bankruptcies in Argentina in January amounted
to 19,683,922 pesos, compared with 39,549,000 pesos in
December and 12,416,035 pesos in January 1932.
Volume 136
Financial Chronicle
Tenders Asked for Purchase of Argentine Government
0
6W7 External Bonds Through Sinking Fund.
The Chase National Bank of the City of New York,
acting for the fiscal agents, is inviting tenders of Government
of the Argentine National external sinking fund 532% gold
bonds, issue of Feb. 1 1928 due Aug. 11962, for sale to it, at
prices below par, of these bonds sufficient to exhaust the sum
of $139,957 available in the sinking fund. Proposals, which
should be sent to the trust department of the Bank at 11
Broad St., will be received up to 3 p. m.on March 3.
Tenders Asked for Amortization of $778,500 Argentine
Gold Pesos—Tenders also Asked for Argentine
External 6% Gold Bonds.
J. P. Morgan & Co. are notifying holders of bonds of the
Argentine Government 5% internal gold loan 1909 that they
will receive tenders for the amortization on or before March
31 1933 of $778,500 Argentine gold pesos, or £155,700
nominal capital of this loan. Each £200 bond has a par
value of $973 and tenders below par will be 'received by
J. P. Morgan & Co. at 23 Wall St. up'to 3 p. m. on Feb. 15
1933, and also in London by Baring Brothers & Co., Ltd.
and in Buenos Aires by Credito Publico Nacional. Tenders
will be opened in London on Feb. 17 1933.
J.P. Morgan & Co. and National City Bank,fiscal agents
for Government of Argentine Nation external sinking fund
6% gold bonds issue of Feb. 1 1927, sanitary works loan due
Feb. 1 1961, are inviting tenders of these bonds, at a flat
price below par, in an amount sufficient to exhaust the sum
of $199,887 available in the sinking fund. Proposals, which
should be sent to either J. P. Morgan & Co., 23 Wall St.,
or to the head office of the Bank,55 Wall St., will be received
up to 3 p. m. on March 3 1933.
Chile Lays Up All Battleships in Drastic
Economy Measure.
From the New York "Times" we take the following from
Santiago, Chile, Jan. 18:
Chile has laid up all of her battleships until more prosperous days.
This is the result of drastic economy measures, particularly in the army
and navy taken by the government to improve the budget situation.
The dreadnought Almirante Latorre is tied up at Talcahuano. where
and lines have been carrying electricity to the ship tor her maintenance,
but these lines have now been shut down. Other battleships have been
virtually dismantled.
The appropriations for the Naval Academy and other naval institutions
have been sharply reduced, with corresponding reductions in their personnel.
Czechoslovakia Considering Gradual Removal of
Foreign Exchange on Certain Commodities.
That Czechoslovakia is considering measures aiming at the
gradual removal of foreign exchange restrictions is the opinion
in local financial and business circles, it is made known in a
report to the Commerce Department from its Prague office.
The Department in its advices Feb. 3 added:
Moratorium Accord Reported Reached in Bogota—
Foreign Banks in Colombia Said to Have Agreed to
Formula for Co-operation with Regime.
The following Bogota cablegram, Feb. 1, is from the
New York "Times":
Foreign banks reached an understanding with the government yesterday
en the 1932 three-year moratorium law effecting certain classes of private
debts, and the text of a contract between Finance Minister Jaramiilo and
the banks, including six foreign, was approved by a Presidential decree
yesterday.
The agreement provides that all banks accept until June 1935, payments
on debts contracted prior to 1932, half in cash and half in government domestic bonds of outstanding issues paying 7%. The Bank of the Republic
promises to buy at par 25% of the bonds so accepted up to a maximum of
sight millions. It also accepts them as security for loans at par value.
Charging not more than 5% interest, up to a maximum of 75% of the capital
and reserves of each borrowing bank.
El Pais reports the government is studying the possibility of increasing
the War Department's appropriation and economizing in other departments. There is no news here of the Amazon expeditionary force or developments on the Leticia question.
Chile Plans to Consolidate Foreign Debt—Resume
Paying.
A cablegram as follows from Santiago, Chile, Feb. 1,
Is from the New York "Times":
The government soon will begin studying a vast project drawn up by the
Amortization Bank for the consolidation of Chile's foreign debt, It was
announced to-day. The plan is said to call for reduction of the existing
Service and gradual formation of a special fund to re-establish in the near
future payments overdue since Chile suspended Its debt service.
Although it has been insistently rumored that Finance Minister Gustavo
Ross, when in London and Faris recently. prepared the ground for consolidation of Chile's debts with the co-operation of British capital, the announcement of a complete proposal soon to be submitted caused widespread
interest, although the details were not disclosed.
Tax Rises Asked in Chile—Finance Minister Tells
Congress Foreigners Won't Help.
• The following cablegram from Santiago, Chile, Feb. 6, la
from the New York "Times:"
Finance Minister Gustavo Ross explained to Congress to-day that unless
drastic measures to balance the budget were approved, the country would
be "lost." as a result of irresponsible administrations of recent years, when
nations: expenditures rose to figures almost impossible to consider.
The message to Congress outlines a new policy of heavy taxation. including levies on real estate, tariff reforms, taxes on tobacco, alcoholic
beverages and business operations of every description.
The Finance Minister said It was out of the question to contemplate
"foreign loans or other such measures, He asserted every citizen must
face the issue bravely, shouldering the burden of new taxes which are
Inevitable in the absence of any hope of relief in other quarters.
Chile to Work Farms on Co-operative Plan—Central
Bank Announces Decision—Cosach Board Gets
Full Powers.
Under date of Feb. 1 a cablegram from Santiago, Chile,
to the New York "Times" said:
to carry out
intends
A Central Bank bulletin to day says the government
U a measure et national salvation an energetic volley of agricultural
931
sion and development, including the collective exploitation of uncultivated
areas without consideration of individual ownership.
The bulletin points out that Chile's export deficit is becoming worse as
the months go by. while exchange control partly paralyzes industrial
development. It says the heavy budget deficit is a serious obstacle to
progress. which it Is impossible to settle no matter how great reductions are
made in salaries and expenses and therefore it is necessary to contemplate
further taxation.
The bulletin expressed no faith in the rapid improvement of the copper
or nitrate business, although it hopes the dissolution of Cosach, the Nitrate
Corporation of Chile, gradually, will being better conditions.
expao-
The Foreign Exchange Commission has prepared a list of about 120 tariff
Items which were to be placed on the "free" list at the end of Januzary.
This action is to be followed by removal of exchange restrictions on good.
Imported from countries which do not place any restrictions on Czechoslovakian goods.
The Commission's "free" list include the textile raw materials which
-permit requirements, and
have recently been released from payment
commodities on which import duties have been increased in January. On
extended to about 25 tariff
the other hand. payment
-permits are to be
items including commodities the imports of which have as yet been free
although they are produced locally in sufficient quantities.
After the new free list is published, a second list is to follow. It is
expected locally that the present import restrictions will be reduced to the
lowest possible limits by July. About one-third of all Czechoslovak will
have to remain subject to import and payment permits, while at the
present time about three-foruths fall under restrictive measures.
R. W. Owen Appeals to State Department at Washington in Behalf of Group of Holders of Dollar Bonds
of Colombia—R. W. Child, Chairman of Another
Group of Bond Holders Opposed to Move.
Richard Washburn Child, as head of a committee formed
for holders of American dollar bonds of departments and
municipalities in Colombia, all of which are in default,
issued a formal statement on Feb. 9 taking a definite stand
against "invoking the aid of the United States Government
as a collection agency in South American debt defaults."
From the New York "Times" of Feb. 10, we quote:
He said his committee desired to deal directly with the Colombian
Government, and that one ot its members Judge William H. Jackson. was
now in Colombia. He added that be himself was contemplating a trip
there soon.
Mr. Child's committee announced yesterday that its Secretary. Douglas
Bradford. at 120 Wall St.. would send a special report on the Colombian
situation to bondholders who asked for the report.
In the Feb.7issue of that paper it was noted that on Feb.6
former Senator Robert L. Owen of Oklahoma, as Chairman
of the independent bondholders committee of the departments and municipalities of Colombia, sent a letter to
Secretary of State Stimson asking that the State Department
take steps to safeguard the bondholders. It added:
The communication points out that the American Minist,r at Heade.
Colombia, reported that pursuant to a decree issued by the Colombian
Government, the Bank o: the Republic In October returned to the Department of Antic:mule, the largest of the debtor States, funds which had been
deposited with it for service on the foreign debt. The American Minister
reported that the money returned would be used In part to complete the
. .
municipal palace at Medellin.
Senator Owen, who was here yesterday, said that with all American
dollar bond issues of the various Colombian departments and municipalities
in default, there was evidence that the issues were being bought back at the
present low prices quoted. This rcpatriation of the bonds he said, was
being done through Individuals. He urged that American holders should
not dispose or their bonds at the present levels, which are around 10 cents
on the dollar.
Mr. Owen's letter to Secretary Stimson follows:
Feb.6 1933.
Hon. Henry L. Stimson,
Secretary m State,
State Department.,
Washington, 1). 0.
Your attention is called to Decree 970. June 4 of the Government of
Colombia taken from the Official Diary. bin,' 7 19,17.as follows:
•' 5. L'hereas until now the foreign creditors have not accepted the dieposition adopted on the Decree 1951.
6 iilerreas under such conditions and circumstances the prolonged Immobility of large sums of money would prejudice the national life without
advantage to any.
932
Financial Chronicle
7. Whereas having been fully ascertained that these sums of money would
Improve the position of the debtor of political subdivisions and consequently
maintain their solvency which would be to the benefit of the creditors.
It Is decreed:
The Banco de la Republica would be empowered to return to the depositors
the amounts which the political sub-divisions had deposited in order to
comply with Article 2 of Decree 1951 of 1931. inasmuch as it is believed that
the respective form would be beneficial by the employment and transposition which would give to the country the return of this sum."
Your attention Is further called to the report of the American Minister
of Bogota Jefferson Caffrey, Nov. 10 1932. as follows:
The Vice-Consul at Medellin reports that on Oct. 1 1932. the Bank of
the Republic returned to the Department of Antioquia 762.011 pesos
which had been deposited as service on the foreign debt for the months of
November and December 19:11 and January 1932. Of this sum the Department's share was 339.971 pesos and the railway's share was 442,040
pees. The money will be used to repair. improve and complete highways
and railroads in the Department, as well as to complete the municipal
palace at Medellin.
On behalf of the independent bondholders committee of the departments
and municipalities of the Republic of Colombia. we enter a vigorous protest
against the diversion ot trust funds in violation of trust agreements entered
Into between the Department of Antioquia and International Acceptance
Bank. Inc. and Guaranty Trust Company ot New York. bankers. and
International Acceptance Securities & Trust Co.. fiscal agent, of July 13
1927 and of the terms a the supplemental agreement of June 4 1928. for
7% 31-year external secured sinking fund gold bonds due Oct. 1 1957 and
between the Department of Antioquia and Blair & Co.. fiscal agent. of
July 1 1925 for 7% 20-year external secured sinking fund gold bonds due
July 1 1945.
In view of the action of the Department in giving its implied assent to
the sale of these bonds to the public, we trust that the Department will
feel an interest and take proper steps to protect our rights in the premises.
Not only is the failure to pay the interest due and provide a sinking fund
•breach of contract and returning of the money actually paid to the Bank
of the Republic a breach of the trust agreement but the diversion of such
funds to unproductive purposes in improvements of the municipal palace
Is entirely unjustified on any theory ot the case. These actions were taken
before the formation of the independent bondholders committee and have
only been brought to our attention upon an Investigation of this matter.
The withholding of theme funds from servicing of the bonds and the diversion of such funds has impaired the market value of these bonds, has discouraged the bondholders and induced some of them to sacrifice their holdings.
I The bondholders, until recently, have had no proper representation and
this appeal is now being made to the Department of State' with a view to
subsequent action such as may be found necessary to safeguard the interests
of the bondholders in such a manner as justice and equity require.
Yours respectfully.
ROBERT L. OWEN,Chairman.
Feb. 11 1933
Interests In New York, and logically our dollar bonds should
move to
greater extent in sympathy with rates ruling In the British
capital.
This does not mean that Australia is out of the tangle of the depression,
since each country, large or small, the world over, is but a unit in
the international machine. Until the machine as a whole is back into
gear again
no individual country can claim to be running smoothly. The
hope of the
world. therekre, is centered in the forthcoming international
economic
conference To that conference Is allotted the task of adjusting
the wheels
and cogs of international finance and trade.
First to feel the depression. Australia was the first to commence
placing
her house in order. The housecleaning began as the result of
what is called
the Premiers' Plan. The Prime Minister and Treasurer of the
Commonwealth. with the Premiers and Treasurers of the six States,
used as a basis
a report compiled by a committee of economists and Treasury
officers. Be
fore the details of the plan were settled, and in order to
make it effective,
the leaders of opposing political parties were invited to the
Premiers conference.
At that time Australia was facing adverse conditions
provoked by a
National In come of about £100 per head In 1928-29. with
oversea obligations
fixed for the most part In sterling of about £5 per head:
with imports of
about £27 per head in 1926-27. falling to £23 per head in
1928 29; with
exports of commodities, which for some years had failed to pay for
imports,
and in 1928-29 were £21 per head: with a standing net debt of interest
obligations and balance of visable trade, which had been met by oversea
longterm loans averaging about £5 per head for some years, helped by
some investmeet of private capital from oversea, and with deficits in Government
finance for the' Commonwealth and all States which for 1929-30
totaled
about Cl 155. per head.
With these adverse conditions In evidence Australia also faced the
brunt
of a world fall In commodity prices, a fall in export prices, a total cessation
ot oversea Icing-term loans (which had hitherto balanced interest obligations
overseas), and Government deficits.
The l'remiers' Plan, as adopted, embraced a reduction of 20% In
all
adjustable expenditure; conversion of Internal debts on the basis of 22
1
4%
reduction of interest; the securing of additioanl revenue by taxation, both
Commonwealth and State; a reduction of batik and savings bank deposits
and advances, and relief In respect of private mortgages. It was recognized
that taxation equally must make a maximum contribution. ordinary direct
taxation having nearly reached the limit In some States. The plan agreed
upon was regarded as an indivisible whole, the carrying out of any one part
being dependent upon the carrying out of all parts. It involve.' sacrifices
by every member of the community.
Following this sacrifice, with the load of the Federal and State governments carried by all citizens, came the revival of business confidence
and
activity now in evidence In Australia. It reached a stage which encouraged
the Government of the Commonwealth to reduce taxation soon after the
commencement of the present 1932-33 fiscal year. Australia's
external
trade position has changed from an adverse balance of approximately
g10.000.000 sterling in 1930-31 to a surplus of approximately
L40.000.000
Peso Slumps in Mexico City.
for the fiscal year 1931-32. With the present season's exports of
wool,
meat, butter and other primary products, arriving in Europe. the
Associated Press advices Feb. 9 from Mexico City stated: exchange
adverse
rate promises to show signs of easing. Trade Improvement since
The Mexican peso slipped to-day and closed at 28.2 cents (American). Its
the Ottawa agreements came into force promises to be an additional factor
normal value Is about 47 cents. It had been steady between 3 and 3.20
of direct value to Australia.
to the dollar for nearly a year. but it closed to-day at 3.55c. Newspapers
The Federal deficit of cio.000.000 In 1930-31 gave way to a sante, of
blamed speculation tor the decline.
/1.314.000 In 1931-32. At the end of November last a surplus of /2.972.000
showed an increase of f265.000 on the position at the end of October.
It
D. M. Dow Before British Luncheon Club in New York was this improvement which encouraged the Government to reduce taxation. Therefore, given prices representing a fair margin of profit on the
Recites Successful Measures Through "Premiers' cost of production of wool, meat, wheat, butter and
fruit. Australia
Plan" to Overcome Adverse Conditions in Aus- hope for a closer return to conditions experienced in years preceding can
the
tralia—Believes "Governors' Plan" Might Similarly depression.
In meeting oversee obligations, and in the very serious efforts to
plats
Help United States.
her house in order. Australia was not unmindful of her unemployed,
and
The Official Secretary for Australia, D. M.Dow, who was no evidence of acute distress has been reported. Latest reports from
Australia record the spending of more money in Christmas
shopping
the guest of the British Luncheon Club of New York on the period before the depression. and American manufacturers 'Inca
will be
Jan. 26, upon the occasion of the celebration of Australia Interested In the sudden demand for new automobiles. This latter development
Day, told of Australia's measures to overcome adverse con- tralia is due to the fact that a very large percentage of cars in use in Atm.
are over five years old, and many even over eight
years old. Da
ditions, through the adoption of the "Premiers' Plan," which posits in trading banks and savings banks have Increased
to a most gratifying
embraced a reduction of 20% in all adjustable expenditure; extent, and generally the patriotic response to the demands of the Premiers'
encouraging evidence of steady progress.
conversion of internal debts on the basis of 22% reduction Plan is allowingwe
In Australia
have taken ideas from the United
of interest; additional revenue by taxation, a reduction of them with profit to our country. On the other hand,States and applied
the United States
bank deposits and advances, and relief in respect to private has adopted ideas. the Australian ballot for example, to be credited to
Australian initiative.
mortgages. Mr. Dow stated that "in Australia we have as the Premiers' I'lan A Governors' l'ian might help the United State/
helped Australia. The success which has
taken ideas from the United States and applied them with the sacrifice distributed over the whole community of Australian followed
citizens,
profit to our country. On the other hand, the United States might be accepted, at least, as of suggestive value, since the vastness of the
field In this country demands a more Intimate understanding as
betweett
has adopted ideas, the Australian ballot, for example, to be each and every State of the
Union. The success of the Premier's Plan
credited to Australian initiative. A Governors' Plan might was due solely to the hearty co-operation of the States. Perth, Western
help the United States as the Premiers' Plan helped Aus- Australia and Sydney, New South Waits. over 2.000 miles apart, are rowing
In the same boat,
tralia." The British Consul-General, Gerald Campbell out. San Franciscoand without impertinence. It may be permissible to Point
and New York under a Governors'
(President of the British Luncheon (lub). presided at the time to the swing of the stroke oar In Washington. Plan would be keeping
Some years ago, on a voyage from Vancouver to Sydney, one of the
celebration. In the course of his address Mr. Dow said:
steamer passengers was a very wealthy New Yorker
At the first glimpse
Australia Day stands for the birth of Australia. On Jan. 26 1788.
of the Australian coast line. globe-trotting Australians. returning to their
the
British flag was unfurled at Sydney Cove. and on that (lay
captain Arthur
home land, displayed marked exuberance. In reply to the New Yorker's
num, took formal possession of the land where he had
decided to plant
Inquiry: "Why all the excitement?", he was handed a pair of statutes, with
his new settlement On the same spot on the same day In 1901
the declarathe itiformation. "There's Australia. God's own country. the greatest
tion of the Commonwealth or austraila wan proclaimed.
Therefore,
country In the world, and at large as the United States." "Clive me the
Jan. 20 is the anniversary of both the foundation of the first
settlement
glasses.- said the New Yorker. "let me .00k at. It; If I like It I'll buy it."
and the anclamation of the Commonwealth
Around that eke to day
Needless to add that offer was made prior to the depression. Australia Is
lithe City of Sydney. with over 1.000.000 inhabitants, and within
sight of
still the property of the Australian peop.e. and through good, bad and
the spot whore Phillip Mat f.ew the Union Jack Is the mammoth new
Indifferent years. the words of the motto under our Coat of Arms continue
bridge
Which spans 4ydney'a beanelfui harbor.
to express Australia's spirit. Never before have Australians expressed
On this day set 'year Australia was able to claim the distinction of having
with such emphasis the words "Advance Australia."
reared rioane.si hurt' en which had given new heart
to citizens of the
Cemmemwealth
Rut In the following month. February. the CommonAustralia Cut Charges 0,530,000—Hoover Moratorium
wealth Government was called upon to combat the disrupt ng policy of the
State Government then in power In New South Wales Conditions beMakes Possible 1931-32 Budget Surplus of $1,300.000.
came so bad that Australian securities In New York dropped to the thirties.
From the "Wall Street Journal" of Jan. 31 we take the
lerenilahs of the hour were loud ,n expressing lamentation. Ausand the
Australia could not recover
tralia wee on the rake
following from Melbourne (Australia):
It was a pity to
see such a fine country rushing to a precipice over which It would crash
As a result of the conversion of Australia's Internal debt, the
average
Where are these Jeremiah., on thin Aestralla
to inevitable destruction
annual interest rate was reduced from LS 5s 10d per £100 to f.3 les 9d,
Day? VX het of Australian securities which were down to the thirties, and
equal to about £7.530.000 a year. At the name time, other
measures
which have men since to the elghtins. and to even higher rates, on the
were taken to reduce all adjustable Government expenditures, Federal
and
New York Stork Exchanger It should be noted that Australia', securities
State by about 211%. In reviewing transactions of 1931 32 the
Commonheld In London advanced to even higher rates than those ruling In New
wealth Auditor General states that the surplus of £l.300.000
shown In
aigmfleana of this development is centred m the fact that
York. The
Commonwealth revenue accounts for 1931-32. as compared with
the
Australian securities held In London cover a much wider field than SiMilae ciency of £10.757.000 for 1930-31. was a great achievement, but states defithat
r
Volume 136
Financial Chronicle
the Hoover moratorium made this surplus possible. Otherwise, there
would have been a deficiency of £4,600,000, Including bank exchange.
he says.
Additional savings contemplated under the emergency legislation of
October 1932. providing for a further reduction in salaries. alterations In
conditions attaching to old-age and invalid pensions, and the suspension
of the gold bonus, would go far toward maintaining equilibrium between
revenue and expenditure, even should war debt payments again become
necessary.
Unemployment Cost Heavy.
In some of the States, great difficulties would have to be overcome before
accounts cou:d be balanced. The heavy cost of unemployment was the
most serious problem. As taxation was already unduly heavy, almost
the only solution was to make deeper cuts in expenditure. and explore the
possibility of savings In the cost of social services. There were also possible
cases of overlapping in Commonwealth and State activities which might be
brought within review.
In the form of bounties, grants, export guarantees, endowments and
pool-losses. various Australian primary industries have been assisted to
the extent of £11.651.367 in the 12 years ended June 30 1932. During
1931-32. there was an expenditure of £3,296,464 from the loan fund to provide a wheat bounty.
933
"If I were given the chance." General Smuts declared. "I would make
every endeavor not to put the South African party in power, but to form
a National Government. pooling all the resources of the country. I
desired this 12 years ago. I appeal to the Nationalists to meet the wishes
of the country, especially those Nationalists who are dissatisfied with the
present state of things. Furthermore. I only ask Premier Hertzog to keep
his promise to resign if the gold standard was dropped."
Premier Hertzog argued that the present Government was devoted to
racial reconciliation and the only thing necessary was for the English-speaking South Africans to join the Nationalist party, which supports the present
Government.
The Natmnalist caucus to-day expelled a member named Steytler because he had advocated a National Government, and this may lead to a
deep rift In the National party.
Bank Deposits Show Increase.
Banking returns for the September quarter continue to reveal a tendency
for accumulation of fixed deposits and a decline in advances to traders.
Industrial enterprise, calling for employment of any considerable portion
of available funds, is lacking.
Deposits of the ordinary banks In Australia increased £12141710 last
year. while the Commonwealth Bank deposits show an increase of £74711.753. Advances and securities Increased by £10933553. On Sept. 30
last, fixed deposits in ordinary banks totaled £186,920.718. compared
With £179.065.711 a year previously.
Through the medium of treasury bills, however, the banks have been
enabled to utilize substantial sums on an interest-earning basis in financing
the require:ileums of governments
Securities held by the ordinary banks
total £48.081.968. an increase of £20.105.271. compared with a year ago.
as a result of the support given to the governments in discounting treasury
bills.
Union of South Africa Abolishes Surtaxes on Imported
Goods.
Under date of Jan. 24 the Department of Commerce at
Washington said:
Effective Jan. 21 1933. the Union of South Africa abolished the privilege
duty of 5% ad valorem and the surtax of 74% ad valorem on chargeable
imported goods. with a few specified exceptions according to cablegrams
from Consul-General Irving N. ',Innen, Capetown. made public by the
Commerce Department.
The primage duty was Imposed on Oct. 30 1931 in order to provide funds
for the payment of a subsidy on exports of South African primary products,
thus largely offsetting the price handicap in sailing to depreciated currency
markets: and surtax. Imposed on March 24 1932. was designed to increase
the Government revenue. On Dec. 28 1932 the Union of South Africa
went off the gold standard.
New Zealand Inflation Reported as Sending Prices
and Stocks Soaring.
The following (Associated Press) from Wellington, N. Z.,
Jan. 21, is from the New York "Times":
Egypt Loses Suit Over Gold Payment—Mixed Tribunal
at Cairo Finds Coupons on Unified Debt Must Be
Met at Par.
According to a Cairo, Egypt, cablegram Jan. 21 to the
New York "Times," the Mixed Tribunal there, presided
over by an Italian judge with one British and one Egyptian
associate, decided late that night that the Egyptian Government must redeem coupons of the Egyptian unified public
debt bonds in gold. The cablegram went on to say:
Prices of commodities, stock market shares and transportation rates
have taken a marked else since Thursday's Cabinet order raising the exchange rate of the New Zealand pound.
Quotations on the stork market bounded up to and In some cases over
par, wire and Iron values Increased local produce prices moved higher
immediately the measure beaune known throughout the country and freight
rates to overseas and Australfan ports advanced by 1.5%•
The action against the Government was Instituted by the Italian and
/Pre ch Commissioners of the l'ublic Debt Administration
When Egypt went off the gold standard because her currency was
linked with the British pound the French and Italian Commit:Molten:
of the Public Debt Administration demanded gold for coupons of the
The Government refused so the proceedings
Unified public debt bonds
were Inst•tutod by the Commissioners and Individuals holding a large
amount of unified bonds.
After several hours' deliberation, the Judges announced their decislon
against the Government. The Court hastened to hand out its decision
to-night to prevent specu'ation in the unified bonds on the Bourse
The Government will appeal to the Court of Appeal of the Mixed Tribunal in Alexandria.
Effective .1an. 20 1933 the New Zealand Government has ordered that
the New Zealand rate of exchange for telegraphic transfers on londrin shall
be raised to 125 pounds and other rates are to be raised corrysponilingly.
according to a report to the Commerce Department from Trade CAny3missioner Julian B. Foster Wellington.
This means that It will now rake 12.5 New Zealand pounds to purchase•
hundred pounds sterling. Hitherto the rate has been approximately 110
New Zealand pounds per 100 pounds sterling
The batiks will cm-operate upon the understanding that the Government
will indemnify them against losses. The cost of all imported goods is
expected to he severely affected.
Since Imports from the United States are at present practically limited tO
necessities that cannot be obtained elsewhere our trade will not be further
materially affected. Local manufacturers may benefit.
Union of South Africa Discontinues Collection of
Most Depreciated Currency Duties.
Under date of Jan. 31 an announcement by the Department of Commerce at Washington stated:
Pending the formulation of new regulations. the Union of South Africa,
following upon Its departure from the gold standard on Dec. 28. has disContinued the collection of depreciated currency antidumping duties on
imports for which the bill of lading is dated after Dee. 30 te‘cept from
Countries whose currency Is depreciated at least IA% more than the Routh
African pound). according to a radiogram to the Department of Commerce
from Commercial Attache Samuel H. Day. Johannesburg.
'
On Jan. 28 the Union of South African pound was quoted at United
States $3.311. a depreciation of about 30%.
These depreciated currency duties had been imposed under several
orders issued by South Africa during 1932. and applied to selected lists
of imports from specified countries. The amount of duty chargeable was
equivalent to the amount by which the currency of the indicated foreign
countries had depreciated. In excess of 10%, as compared with the South
African pound. which was then at par.
The depreciated currency countries on whose goods the duties had
hitherto been levied were United Kingdom. Irish Free State. Canada.
Australia. New Zealand. British India Denmark, Norway, Sweden,
Argentina, Uruguay, Japan and Mozambique.
Coalition Urged in South Africa—General Smuts Says
Premier Promised to Quit if Gold Were Dropped—
Asks Cabinet to Quit—Says Emergency Exists.
Although General Jan C. Smuts, head of the South African
party, in presenting a motion in the South African Assembly on Jan. 24 calling on the Government to resign and help
form a National Coalition Government, spoke in gravest
terms, declaring a state of emerg my existed, debate was
adjourned that night with little prospect of the Government's
defeat. according to Cape Town advices Jan. 24 to the New
York "Times." which further reported:
General Smuts paid Premier Flertzog himself might take the initiative
The Premier• retort was
and become head of a National Government
There
sn amendment calling for a vote of confidence in the administration
Was no cause for a National Government he declared, denying the assertion
that It would "tone down racial feeling."
Rate of Exchange for New Zealand Pound Raised.
The Department of Commerce issued the following on
Jan. 24:
An item in the matter appeared in our issue of Jan. 21,
page 414.
Market Value of Bonds Listed on the New York Stock
Exchange—Figures for Feb. 1 1933.
The New York Stock Exchange issued the following announcement on Feb. 9, showing the total market value and
the average market price of all listed bonds on the Exchange:
As of Feb 1 1933 there were 1,539 bond hones aggregating $41.172.601.809 par value listed on the New York Stock Exchange, with a total market
value of 332.456.657.292.
This compares with 1,549 bond issues aggregating $41,304,596,305 par value listed on the Exchange Jan. 1, with a total
market value of $31,918,066,155.
In the following table listed bonds are classified by governmental and industrial groups, with the aggregate market
value and average price for each:
Marks: Value.
$15.511.907.735
3.782.036.972
6.427.4140.861
3.359 764.542
2.003.301.276
1.372.185.906
All bonds
$103.nt
62.67
59.148
514.93
62.63
57.95
3:32.45e.1t57.292
United States Government
Foreign government
Railroad Industry (t1 tilted SMUG)
Utilities (United States)
Ind-atrial (United !hates)
Foreign companies
Anrraee
Price.
$714.53
The following table, compiled- by us, shows the total
market value and the total average price of bonds listed on
the Exchange for each month since Jan. 1 1932:
1932—
Jan. 1
Feb. l
Mar. 1
Apr. 1
Mas 1
Jun. 1
July 1
Aug 1
Markel
ValUt,
S37.841u,4..5.S06
38.371.920.610
39.347.050.1M
39,794,349.770
33.14114n.6311.41t14
36.8541.62. 210
37.353.339.937
25 eta 329.620
.4err.
Price.
$72.29
73.45
75 Si
76.12
74 441
70.62
71 71
74.27
1932—
Sept 1
Oct. 1
Nov.1
Dee. 1
Afarta
Fame.
Aver.
Pries.
$411.072.839.336
40.132.203 261
39.517.0011.993
38.095.183.063
$77.27
77.60
76.38
72.91
1933—
Jail I____-_ $.31.918.065.155
Feb. 1
32_456.s57.2v2
$77.27
78.83
934
Financial Chronicle
15 Building and Loan Stocks Admitted to Trading on
Milwaukee Grain and Stock Exchange-Unique
Trading Privilege Operative Feb. 1.
Fifteen building and loan stocks were admitted to trading
on the Milwaukee Grain and Stock Exchange on Jan. 24,
according to the Milwaukee "Sentinel" of Jan. 25, from
which we also quote:
Feb. 1 will be the first time In the history of building and loan associations. It is believed here, that shares of such organizations have been traded
on an exchange. Stocks listed include those of the following associations:
Mutual
Welfare
Integrity
Modern Mutual
Citizens Mutual Metropolitan
North Avenue
Security
Northern
Atlas Mutual
North Shore
Lakeside
Sterling
Upper Third Street
Badger
There are about 100 building and loan associations in Milwaukee County.
The groups selected for listing were chosen as being the largest with shares
held by the public. The exchange expects to list others later.
Future listing of building and loan stocks will be on application of brokers
sr building and loan associations.
Market Value of Listed Stocks on New York Stock
Exchange Feb. 1, $23,073,194,091, Compared with
-Classification of Listed
$22,767,636,718 Jan. 1
Stocks.
As of Feb. 1 1933, there were 1,231 stock issues aggregating 1,302,692,848 shares listed on the New York Stock
Exchange, with a total market value of $23,073,194,091.
This compares with 1,237 stock issues aggregating 1,311,881,157 shares listed on the Exchange Jan. 1 with a total
market value of $22,767,636,718 and with 1,242 stock issues
aggregating 1,312,148,772 shares with a total market value
of $22,259,137,174 on Dec. 1. In making public the Feb. 1
figures on Feb. 6, the Exchange said:
As of Feb. 1 1933, New York Stock Exchange member borrowings on
security collateral amounted to 5359.341,058. The ratio of security loans
to market values of all listed stocks on this date was therefore 1.56%.
As of Jan. 1 1933, New York Stock Exchange member borrowings on
security collateral amounted to $346.804.658. The ratio of security loans
to market values of all listed stocks on that date was therefore 1.52%.
In the following table, listed stocks are classified by leading
Industrial groups, with the aggregate market value and average price for each:
February 1 1933.
Market
Value.
Autos and accessories
Financial
Chemicals
Buildings
Electrical equipment
manufctrigFods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding Iron)
Petroleum
Paper and publishing
Retail merchandising
Railroads and equipments
Steel, iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel.& radlo)Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous business
Leather and boots
Tobacco
Garments
1J- B. companies operating abroad
Foreign companies (Incl. Cuba & Can.)
All listed stocks
Aver
Price.
1,073.569.660 9.86
749,820,261 13.96
1,875.367.955 28.18
133.316,469 8.46
607,828.053 14.87
1,638.432.983 23.25
139.121,440 13.86
214.055,349 19.06
60.229.956 3.19
28,176.448 6.62
613,859,401 12.89
534,399.775 8.87
2,187.080,936 11.96
104,306,494 6.50
1,195,910,312 18.82
2,635,760.243 22.88
783.870.893 20.00
97.615.994 8.80
2.265.269.568 32.74
1.428,962,249 14.57
2,288,797,175 60.87
128.620.782 12.65
141,484,602 7.94
140.508.076 13.16
5.755,405 2.75
9.102.357 2.70
50.926.646 11.36
149.601.984 21.66
1.067.614,634 41.10
8,826.199 6.78
335,707.451 10.20
379.294.341 10.19
January! 1933.
Market
Value,
Aver.
Prie41.
5
1,072,493,480 9.84
740,161,463 13.59
1,839,695,851 27.64
133,246.393 8.45
604.957,911 14.80
1,652,742,966 23.30
138,723,804 13.40
198.992.744 17.72
71,157,266 3.77
29.093,150 5.80
585,067.936 12.26
528,477.102 8.77
2,262.379,659 12.37
100.075,650 6.24
1,217,252,897 17.11
2.335,608,223 20.37
768.132,127 19.59
101.872,241 9.19
2,320,818.280 33.54
1,464.614,905 14.93
2.290.302,558 61.08
116.850,838 11.49
142,024,284 7.96
136,354,908 12.77
5.840,950 2.79
8,492,068 2.52
51,110,800 11.40
135.596.858 19.63
973,204.618 37.44
8,396,535 6.45
309,202,916 9.39
424,695.307 9.49
23,073,194.091 17.71 22.767,636,718 17.35
Total Short Interest on New York Stock Exchange
During January 1933.
The New York Stock Exchange issued on Feb. 4, its compilation showing the short interest on stooks during January.
Under the ruling of the Exchange made on Sept. 16, calling
for weekly instead of daily reports of the short positions of
members (as noted in our issue of Sept. 24, page 2083), the
figures show the short position existing at the opening of
business each Monday during January. The highest total
for the month was reported on Jan. 30 at 1,845.047, which
compares with the high total for December of 1,888.306
reported on Dec. 19. The announcement by the Exchange
follows:
The following statistics, which have been compiled from information
secured by the New Vork Stock Exchange from Its members, show the
total short interest existing at the opening of business on each Monday
during January 1933:
Jan. 3
*1.796.976 Jan. 23
1.829.702
Jan. 9
1.741).3(14 Jan. 30
1.845.047
Jan 16
1.783.536
•Last published figure.
Feb. 11 1933
Mark A. Noble of Mark A. Noble & Co. Elected President
of Bank Stock and Unlisted Dealers' Association
Other Elections Also Announced.
It was announced that at the annual election of officers
and directors of the Bank Stock and Unlisted Dealers'
Association, Mark A. Noble, of Mark A. Noble & Co.,
was elected President, Frank Y. Cannon and Clinton Gilbert
were elected Vice-Presidents, and Harry D. McMillan and
Oliver J. Troster were made Treasurer and Secretary,
respectively. According to the announcement, Arthur C.
Badeau of F. H. Hatch & Co., A. C. Doty of Doty, Fay 8o
Co., R. F. Gladwin of R. F. Gladwin & Co. and Frank
Thomas of Munds, Winslow & Potter were elected directors
for three years. Meyer Willett was elected for a period
of two years to fill out the unexpired term of the late Ralph
Bristol.
The complete list of governors was announced as follows:
Arthur 0. Badeau, F. H. Hatch & Co.
Frank Y. Cannon, C. E. Doyle & Co.
A. C. Doty, Doty, Fay & Co.
Clinton Gilbert, Clinton Gilbert & Co.
R. F. Gladwin, R. F. Gladwin & Co.
Charles M. Kearns, Kearns & Williams.
Harry D. McMillan, L. A. Norton & Co.
Mark A. Noble. Mark A. Noble & Co.
Richard C. Rice, J. K. Rice. Jr.. & Co.
Frank Thomas, Munds. Winslow & Potter.
Oliver J. Treater, Holt, Rose & Truster.
Meyer Willett, Bristol & Willett.
New York Stock Exchange Makes Further Rulings on
Austrian Bonds-All Transactions in Bonds of
City of Vienna and Provinces of Lower Austria,
Upper Austria and Styria Shall Be "Flat."
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following releases under date of Jan. 26:
NEW YORK STOCK EXCHANGE.
Committe on Securlies.
Province of Styria
-Interest.
External Secured Sinking Fund 7% Gold Bonds, Due 1946
Jan. 26 1933.
ruling of this Committee dated Aug.! 1932, contained in
Referring to the
-544. In the matter of the non-payment 01 interest on Province
circular SEC
of Styria External Secured Sinking Fund 7% Gold Bonds, due 1946:
The Committee on Securities further rules that beginning Wednesday.
Feb. 1 1933. the said bonds may be dealt in as follows:
(1) "with Aug. 1 1932. and subsequent coupons attached":
(2) "with all unmatured coupons (I. e.. coupons, the due dates of which
have not been reached) attached":
That bids and offers shall be considered as being for bonds "with Aug. 1
1932. and subsequent coupons attached- unless otherwise specified at the
time of transaction.
AU transactions In the bonds shall be "flat."
Committee on Securities.
City of Vienna
-Interest.
External Loan Sinking Fund 6% Gold Bonds, Due 1952
Jan. 26 1933.
Referring to the ruling of this Committee dated Nov. 1 1932. contained
In circular SEC
-607. in the matter of the non-payment of interest on City
of Vienna External Loan Sinking Fund 6% Gold Bonds. due 1952:
The Committee on Securities further rules that beginning Wednesday.
Feb. 11933, the said bonds may be dealt In as follows:
(1) "with Nov. 1 1932. and subsequent coupons attached":
(2) "with all unmatured coupons (1. e., coupons, the due dates of which
have not been reached) attached":
That bids and offers shall be considered as being for bonds "with Nov.1
1932, and subsequent coupons attached" unless otherwise specified at the
time of transaction.
All transactions In the bonds shall be "flat."
Committee on Securities,
Province of Upper Austria
-Interest.
External Secured Sinking Fund 634% Gold Bonds,Due 1957
Jan. 26 1933.
Referring to the ruling ofthis Committee dated Dec. 15 1932. contained
In circular SEC
-641. in the matter of the non-payment of Interest on
Province of Upper Austria External Secured Sinking Fund 614% Gold
Bonds. due 1957:
The Committee on Securities further rules that beginning Wednesday.
Feb. 11933. the said bonds may be dealt In as follows:
(1) "with Dec. 15 1932. and subsequent coupons attached";
(2) "with all unmatured coupons (I. e., coupons, the due dates of which
have not been reached) attached":
That bids and offers shall be considered as being for bonds "with Dec.
15 1932. and subsequent coupons attached" unless otherwise specified at
the time of transaction.
All transactions In the bonds shall be "flat."
Committee on Securities.
Province of Lower Austria
-Interest.
Secured Sinking Fund 754% Gold Bonds, Due 1950
Jan. 26 1933.
Referring to the ruling of this Committee dated Dec. 1 1932. contained
In circular 6E0-630. In the matter of the non-payment of intermit on
Province of Lower Austria Secured Sinking Fund 734% Gold Bonds. due
1950:
The Committee on Securities further rules that beginning Wednesday.
Feb. 1 1913. the said bonds may be dealt in as follows:
(1) "with Dec. 1 1932. and subsequent coupons attached":
(2) "with all unmatured coupons (1. e., coupons, the due dates of which
have not been reached) attached.%
Volume 136
Financial Chronicle
F That bids and offers shall be considered as being for bonds with"
Dec.
11932. and subsequent coupons attached" unless otherwise specified at
the time of transaction.
"AB transactions in the bonds shall be "flat."
ASHBEL GREEN, Secretary.
Further Rulings Made by New York Stock Exchange
on Two Issues of Bonds of Hungarian Consolidated
Municipal Loan.
The following announcements were issued by the New
York Stock Exchange on Jan. 26 through its Secretary,
Ashbel Green:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Hungarian Consolidated Municipal Loan
-Year 7% Secured Sinking Fund Gold Bonds, External
20
Loan of 1926. Due
1946—Interest.
Jan. 26 1933.
Referring to the ruling of this committee dated July
1 1932, contained
in circular SEC
-512. in the matter of non-payment on Hungarian Consolidated Municipal Loan 20
-Year 7% Secured Sinking Fund Gold Bonds,
External Loan of 1926. due 1946:
The Committee on Securities further rules that beginnin
g Wednesday.
Feb. 11933. the said bonds may be dealt In as follows:
(1) "with July 1 1932. and subsequent coupons
attached":
(2) "with all unmatured coupons (I. e., coupons,the due dates
of which
have not been reached) attached":
That bids and offers shall be considered as being for bonds
"with July 1
1932. and subsequent coupons attached" unless otherwise specified
at the
time of transaction,
All transactions in the bonds shall be dealt "flat."
Committee on Securities.
Hungarian Consolidated Municipal Loan
20
-Year 734% Secured Sinking Fund Gold Bonds,Due 1945—Interest.
Jan. 26 1933.
Referring to the ruling of this Committee dated Jan. 1933, containe
3
d
In circular SEC-600. In the matter of the non-pay
ment of Interest on
Hungarian Consolidated Municipal Loan
-Year 734% Secured Sinking
20
Fund Gold Bonds, due 1945:
The Committee on Securities further rules that beginnin Wednesd
g
ay,
Feb. 1 1933. the said bonds may be dealt in
as follows:
(1) "with Jan. 1 1933. and subsequent coupons
%`.4=la
attached":
(2) "with all unmatured coupons (1. e.. coupons,
the due dates of which
have not been reached) attached
":
That bids and offers shall be consider
ed as being for bonds "with Jan. 1
1933. and subsequent coupons attache
d" unless otherwise specified at the
time of transaction.
All transactions in the bonds shall be "flat."
ASHBEL GREEN, Secretary.
Circulars SEC-512 dated July 1 1932 and SEC-660 dated
Jan. 3 1933 were noted in our issues of July 9, page 207 and
Jan. 14, page 256, respectively.
San Francisco Curb Exchange Expels J. A. Friedman
and the San Francisco Brokerage Firm of Williams
& Friedman.
The San Francisco, Calif., Curb Exchange announced
on Jan. 31 the expulsion of Jaynes T. Friedman and
the
San Francisco brokerage firm of Williams & Friedman,
under regulations covering insolvency and violati
on of the
constitution and rules of the Exchan
ge, according to Associated Press advices from San Francisco
on the date named.
R. S. Hecht Re-elected President
New Orleans Clearing
House.
Rudolf S. Hecht, President of the Hibern
ia Bank & Trust
Co. was re-elected President of the New
Orleans Clearing
House Association, Jan. 26, at the annual
meeting of the
Association, and Oliver G. Lucas, Presid
ent of the Canal
Bank & Trust Co., was re-elected its Vice-Pr
esident. J. D.
O'Keefe, President of the Whitney banks; Lyn H.
Dinkins,
President of the Inter-State and Banking Co.,
and John
Legier, President of the American Bank & Trust
Co.,
designated to serve with the President and Vice-Presi were
members of the committee of management. J. H. dent as
Peterson
was re-elected Manager-Examiner of the association.
Merger of Four New York Commodity
Exchanges
Made Effective by Approval of National
Raw
Silk Exchange.
The National Raw Silk Exchange by an overwh
elming
vote Feb. 9 decided to merge with Hide, Metal and
Rubber
Exchanges to form Commodities Exchange, Inc. The
other
three exchanges involved having already approved
the
merger, the action of the Silk members made the
consolidation effective and binding upon all the exchanges.
An
announcement in the matter, issued Feb. 10, said:
I Although the Silk Exchange cast the largest number of ballots
In favor
Of the merger, the vote was not unanimous as was the case with
the other
three exchanges. The Silk vote was 204 for merging. 15
against
The next step In the merger is the mechanical consolidation
of the four
Exchanges into a single organization operating on our floor
Pending the
completion of this, each Exchange will continue to operate as a
separate unit.
935
A previous item on the merger was referred to in our issue
of Jan. 28, page 590.
Report to New York Legislature of Joint
Legislative
Banking Committee—State Reserve Savings
Bank
Urged by Committee Headed by Senator Chene
y.
The creation of a State Reserve Savings Bank,
with an
emergency fund of $100,000,000 drawn from
members to
insure stability of individual savings institutions, was
urged
in the report of the Joint Legislative Committee on Bankin
g,
submitted to the New York State Legislature on Jan.
17.
From the Albany advices Jan. 17 to the New York "Time
s"
we quote:
The committee: headed by Senator Nelson W. Cheney of
Erie. recommended the establishment of a State body similar in some
respects to the
Federal Reserve System which would be controlled by a
governing board
elected by the savings banks. The Reserve Bank would
have power to
call upon every savings bank In the State for funds up to
an amount equal to
3% of its deposit liability.
At the same time the committee recommended
granting similar emergency powers to the savings and loan bank of
the State of New York.
This organization would also have power to build
up a reserve fund In an
effort to give greater liquidity to the savings and loan
association.
After many months of Inquiry on the question of
segregation of thrift
accounts in commercial banks, the committee suggeste
d that until National as well as State banks required segregation, the
State banks should
be prohibited from paying interest on accounts under a small,
fixed minimum
The report contended that this would send the small accounts
into savings
banks, and meanwhile it urged conferences with National
banking authorities looking toward closer co-operation.
Realty Bond Curbs Urged,
The Cheney committee urged further investigation of the
sale of real
estate bond issues and the negotiations for settleme
nt by bondholders'
committees after defaults.
Declaring that the real estate bond question was
"serious". with over
half of the ten billion dollars worth of these bonds
owned by the public in
default, the committee asserted that some
kind of supervision of the bondholder committees should be established
to protect the smaller investor.
The Cheney committee recommended further
study of this problem before
presentation of legislation.
While it Is understood that the Cheney
committee's life will be extended.
Senator Schackno. Bronx Democrat, has introduc
ed a resolution to create
a new legislative committee to investigate this
problem specifically. There
is a disposition among Republican leaders
to entrust the real estate bond
Investigation to the Cheney committee for further
work, however.
A new moratorium on enforcement of
the provisions governing the
legality of railroad bonds for investm
ent by savings banks and insurance
companies was recommended. The committ
ee urged that the railroad
bonds continued on the legal list last year remain
on the list for another year.
The report also urged legislation to carry
out several recommendations
of State Superintendent of Banks Broderic
k. Bills to effect some of these
recommendations are already pending
before both houses.
Summary of Report.
Following Is a summary made by the committ
ee of its report:
To give greater liquidity to our savings
institutions. it recommends the
creation of a reserve savings bank, of which
every savings bank in the
State should be a member. This reserve bank
should have the power to call
upon every savings bank In the State for
funds up to an amount equal to
3% of its deposit liability. This would give the
reserve bank an emergency
fund of more than 5100.000.000, which could
be used if necessary for the
making of loans to or the purchase of assets of
any savings bank In need of
cash, so as to Immediately check a run and prevent
it from spreading to
other neighboring institutions. The reserve bank would
be controlled by a
board of governors elected by all the savings banks In
the State voting by
districts.
The committee also recommends granting similar emergen
cy powers to
the savings and loan bank of the State of New York. It would require
every
savings and loan association to become a member of that bank
and to set
aside a reserve equal to 3% of its liabilities to shareholders. One-thir
d of
this reserve would be paid over to the savings and loan bank
and the other
two-thirds would be subject to the call of the bank at any
time for an emergency. This legislation would give great liquidity to
our savings and
loan association.
The committee again urges upon the banks the desirabil
ity of forming
strong. regional clearing-house associations.
It believes that the banks
of any region of the State could, by forming an associati
on like the New
York City Clearing House, bring to themselves
the same benefits which the
New York City Clearing House has brought to
its members.
Would Permit Reopenings.
Under the present law, banks in New York City can
loan money to
an individual or corporation to an amount not greater
than 25% of the
bank's capital and surplus, while a bank located elsewhere
in the State may
make such a loan at 40% of its capital and surplus.
The committee sees
DO reason for this distincti
on, and recommends that all such loans be limited
to 25% of a bank's capital and surplus.
The committee recommends the passage of
Assemblyman James R.
Robinson's bill, which would, under proper safeguar
ds, permit a bank closed
by the superintendent to again resume business
. Such a law would have
saved many communities from the great
hardships which always accompany
the closing of the only bank in the
community.
The committee recommends that power
be given to the superintendent
to borrow money on the assets of a
bank which he has closed for liquidation.
This would make it unnecessary
for the department to sacrifice assets in
order to raise money and the
depositors would not have to wait as they
often do now before riscevtng
a dividend which may be warranted by she
assets of the bank
The committee recommends
that the railroad bonds which were continued on the legal list until
1933 he continued until 1934.
It also recommends that inasmuc
h as State deposits in State banks are
preferred under the common law the State
bank receiving such deposit
be not required to give security therefor
provided such deposit does not exceed 10% of the bank's capital
and surplus. The State now pays for the
security In loss of interest received
, and gains nothing as the deposits are
preferred under the law.
Asks Discretion in Closings.
The power to close a bank should be discreti
onary with the superintendent.
It has been seriously contended that the
superintendent has no discretion
936
Financial Chronicle
In such a case: to end this contention, the committee recommends adding
to the law the words "in his discretion."
The committee believes it unwise to compel segregation of thrift accounts
in State banks without a like law governing National banks. It suggests
that a rule by the Banking Board prohibiting commercial banks (in cities
where there are savings banks) from paying interest upon accounts under a
as
fixed minimum would accomplish the purposes sought by segregation,
small interest accounts would all be driven Into the savings banks where
of the United States
they belong One-half of all the depositors in the Bank
had accounts of less than $100. If no interest could have been paid on these
small thrift accounts they would obviously have gone into those savings
banks where interest is paid.
The committee recommends that no bank be permitted to make any
loan to an affiliated company in an amount greater than 10% of the capital
and surplus of the bank and then only when the loan is properly and Aequately secured. It also recommends that whenever a bank is being exam'
hied its affiliates must also be examined.
Charter Rivalry Deplored.
a
The Superintendent, upon the nomination of any bank. designates
interpreted
depositary for the reserves of that bank but as the present law Is
its capital
a bank cannot deposit with such depositary mon- than 10% of
reand surplus A bank which already has a large reserve on deposit may
cash which should be deposited at once with
ceive a considerable amount of
the
Its reserve depositary, and yet such deposit would result in breaking
Jaw as interpreted. The committee recommends that the limit of a deposit
capital and
with a reserve depositary be Increased to 50% of the bank's
surplus.
We feel that It would be a great misertune if ever again there should be a
rivalry between the National bank and State depattmenta in the granting of
charters, and we feel that the time Is propitious for greater harmony between the two banking systems In this State. and we urge upon the Banking
the
Board the dmiability of conference with the Federal authorities for
purpose of securing uniformity in the rules and regulations to be promulgated
concerning the granting of new charters and for the establishment of good
banking practices among all the banks In this State.
We also urge the Banking Board to seriously consider what stets should
business of banking
be taken in the future to interest additional capital in the
to act as directors.
and to make It less difficult to secure the right kind or men
additional bur:tene and
We are satisfied that this cannot be done by laying
subject
penalties upon those responsible for our banking institutions. The
should be given profound study.
.
Realty Band Defaults' Serious.'
Your committee is stli considering the serious questions which have
issues. The
arisen as a result of the default upon many real estate bond
magnitude and seriousness of the problem may be gauged from the fact
that the public own ahout. $10.000.000.000 of thew bonds, of which we are
of these
informed over one half are to-day In default. There are millions
In this
unfortuuate investors In this country and many of them reside
them these defaulted buuds represent the
State. For a large number of
saving,' of a lifetime.
investments for
In many Instances thane bonds were originally sold an legal
Investment
trustees and your committee has been authorized to Investigate
investments for trustee's and having
companies and the question of legal
found that many of these bondholders* committees are exercising the powers
of trustees without the supervision placed upon trust. companies and others
Clothed with %such powers, has felt that an investigation of the present
situation will bring to light the weaknesses in the existing laws concerning
legal Investments for trustees.
We are reliably tnfornied that In many Instances after a default in these
bonds the same company which originally issued them has formed a bondholders committee to manage the property.
Exploitation Is Alleged.
Thus a committee purporting to act for the protection of the Interests of
the issuing comthe bondholders Is In fact engaged In making money for
commissions,
pany by the management of the real estate. the payment of
fees and expenses
Insurance and the like. There is no supervision over the
is is have control of the lists of
of such committees. These companies of
secure them. The
bondholders and it is almost Impossible for others to
bondholder cannot
deposit agreements are otten drawn so that a depositing
rived by the committee.
Withdraw his bond without paying various charges
by the very persons who
Many bondholders to-day are being exploited
induced by excessive
profited by the sale of these bonds, which sales were
amounting to
appraisals and glowing representation.); in many Instances
have had a demisrepresentation. In some cases these Iseuing companies
and bondholders
partment for the buying and selling of defaulted bonds:
forced to Ilimidate hame sold their bonds at a price fixed by the company.
With many issues the bondholders have learned of default only after a large
arrearage of taxes has becomes lien upon the property.
From the information we have already received we feel that there should
,
be some supervision of these committee' to protect the interests of small
bondholders, but no legislation should be offered until after a thorough
and legal problems Involved; Your committee has
study of the economic
further hearings scheduled for this month, after which it hopes to be able to
report its conclusions upon this subject.
The proposal for the creation of a central organization
for savings banks was referred to in our issue of Oct. 1,
page 2261.
President Kinsey of Savings Banks Association of State
of New York Explains Plan to Create Central
Savings Fund in Behalf of Mutual Savings Banks
of New York State.
In a statement issued Feb.6 with respect to the plan for a
central fund for savings banks, Henry R. Kinsey, President
of the Savings Banks Association of the State of New York,
said that "in considering the various proposals which have
been made for a central fund plan, we have kept in mind
three objectives which we believe vital to the achievement
of our purpose. First: the right to act co-operatively,
second: the establishment of an immediately available
minimum fund, and third: the setting up of some device
whereby this fund could be immediately expanded by a
demand call on member banks." Mr. Kinsey went on to say:
be used by the mutual savings
The plan to create a central savings fund to
of any member bank in need of
bapks of New York State for the benefit
withdrawal of deposits Is still, in its
immediate funds to meet exceptional
Feb. 11 1933
essential qualities. unchanged. There have been two major revisions, but
the above-mentioned objectives are the same. These changes have been
made only after most careful consideration of all the factors Involved by
the special committee selected by the Association for that purpose.
The present plan, which now is in the hands of our Legislative Committee
and which will be submitted to the Cheney Joint Legislative Committee
this week Is the last of several revisions of the tentative plan presented at
the Association's annual meeting last September. It calls for a voluntary
agreement among the banks rather than for a special. incorporated institution. In addition, certain questionable trust powers embodied in the
original proposal, to be vested in the governing board of the central institution, have been eliminated.
These two revisions have been evolved because many of our banks believed that any machinery necessary to carry out our fundamental purpose
should be as simple as possible. Our fundamental purpose Is now, and
always has been, clear. It is to set up a fund from which a loan could be
made to any savings bank. using the mortgages or other securities of that
bank as collateral. This would enable a savings bank to maintain abundant
cash without having to sell any of its mort-sages or other investments.
The present plan follows the traditional principle of voluntary co-operation which has enabled the mutual savings banks of this State to go successfully through good times and had for over 20 years. It was never intended
to set up a guarantee fund nor to make the plan ma datory on any savings
bank not wishing to participate. Neither of these features has been embodied in any of the proposals considered by us.
Only two steps are necessary to put the present plan into effective operation: the first is the adoption of an amendment to the state Banking Law
to permit savings banks jointly to participate in mortgage discount action,
designed to aid any savings bank in need of funds to meet unusual depositors'
demands.
Secondly. If and when the Legislature and the Governor approve such
an amendment to the banking law. our banks will he in a position to sign
an agreement for a period of one year. with a provision for renewal up to
flee years. (Massachusetts. which recently adopted a central fund measure;
placed a limit of five years on the life of the bill.) This agreement would
bind each participating hank to sunscribe I -40th of I% of its deposit
liability to an immediately available fund. and each participating bank
would be subject to a demand call for any further amount up to 1% of Its
deposit liability. In addition, each hank may. If it. should become necessary. contribute a larger per cent of its deposit liability, at the discretion
of Its trustees.
The proposed amendment, with the agreement based thereon. Is in line
with the Mortgage Liquidity Fund plan under which we have operated
successfully for several years. strengthened and Improved in accordance with
the experience of our banks. This plan was unanimously approved by the
118 of our 140 hanks represented at the inidavinter conference on Jan. 25.
The amendment to the Association's Constitution and Ily-Laws would
aet up in each of our five regional tcroups a I emmittee on Standard Practices, having the essential characteristics or the New York Clearing house,
Each or the Aeseeljaiotes grouts would elect from its membership a committee of three tnembers which would have power, subject to approval of a
majority of all the members composing the group, to recommend standard
practices for the protection of the Interests of its members and for the maintenance of sound banking. In this way a State-wide committee on standard practices also would he set up. to be composed of se%en members
chosen from the standing group committees.
of all the money deposited In all types of banks in this country, oneeighth is on deposit in the mutual savings banks of New York Stale. Our
ability to manage successfully this huge sum of money Is based largely on
the mutual cooperation which has been characterisi le of t he relationships
of New York state savings banks for years. We beilevee that the Interests
of our depositors can best be served through the establishment of a fund
In which, after a certain minimum amount Is assured, the extent of further
participation of any bank will be unlimited but voluntary.
Boston Banks Reported as Refusing Postal Savings
Funds.
From the New York "Evening Post" we take the following from Boston, Feb. 6:
On notification from Washington that he would have S1.000.000 In postal
savings funds available for deposit with banks in the Boston postal district,
Postmaster Hurley canvassed eleven Boston banks, and Nutiel he could
place only about $250.000 with three banks. one 0, which stated It would
In reality prefer not to take a deposit.
The other eight banks declared they already were so well supplied with
cash that they could not profitably invest the government funds.
With short-t•rin money rates at current extremely low levels, most banks
would find the postal savings deposit a losing proposition.
Part Payment in Scrip to Be Made in Atlantic City
(N. J.) to City Employees.
From Atlantic City, N.J., Feb.8, the New York "Times"
reported the following:
Part payment In scrip will be made to 1.500 city employee's, to whom
about $800.000 In back pay Is due. on Feb. 16, Mayor Harry Bacharach
announced to-day.
Scrip notes not in excess of $350.000 will be issued by the city Flightyfive per cent of the total pay due to Jan I will be paid in scrip, while the
remaining 15% will be In cash. Sums under $10; or odd amounts, will be
in cash.
The notes will be In various denominations from $I to $100 and can be
used for the payment of all municipal obligations. such an taxes. licenses,
building permits and Water Department bills. They will be Issued against
delinquent taxes and will bear 4% Interest.
About 1 100 mutecipal employees will receive all money due them up to
Jan. I. A total of 400 teachers will get salaries for six weeks, two in November and four In December. They will still have six weeks' pay coming
to them from the last Meal year. No provision has been made to permit
payment to cover this period or to reimburse any of the employees beyond
Jan. 1.
Banks Call Moratorium in Huntington, Ind.—Business
Holiday Declared by Mayor.
Associated Press adviees from Huntington. Ind., Jan. 24
were published a* follows in the New York "Evening Post":
The two local banks. the First State and the Citizens State. to-day deelated a moratorium and their action was followed by a proclamation bY
Mayor Zaelx T. Dungan declaring a business holiday,
Volume 136
Financial Chronicle
The Mayor and bank officers said the 'ength of
the moratorium and
holiday was problematical. Bank oMcera said the
institutions would he
reopened as soon as a sufficient number of depositor
s sign waivers on their
right of withdrawal.
The Huntington Trust and Savings Bank was
closed last Saturday. its
affairs have been placed in the hands of the
State Banking Department.
Mount Carmel, Ill., Ends 9
-Day Business Holiday—
Reopening of American-First National Bank.
A business holiday of a week and two days ended
at
Mount Carmel, Ill., on Feb. 4, with all busines
s places
opening and the town's only bank, the Americ
an-First
National, resuming business on a limited basis. Associa
ted
Press accounts from that city further said:
The holiday was declared by Mayor
T. B. Wright after directors of the
bank said it was hopeless to try to keep
It open in the face of continue
withdrawals.
Closing all commercial activity except
food and drug stores, transportation and other necessary business offices
the citizens of Mount Carmel
set about to obtain pledges from all
bank depositors not to withdraw their
money and to deposit new money
to keep the bank from timing.
Maas meetings, rallies, conferences and
the work of soliciting Pledges
united the citizenry in the common
task of preserving the town's business
from disaster which would follow
in the wake of a bank failure.
The hank opened this morning
to receive the newly pledged deposits
and to enable it to clear checks to carry
on business activities, although
no withdrawals were allowed. Officers said
the newly pledged &posits
would be kept separate and not
be included in the bank's assets, thus
assuring no loss of the new deposits
If the bank shouLt ciase later.
Large crowds were In town to-da shopping
y
and discussing the results
of the business holiday
The following from Mt. Carmel, Ill., is from the "Wall
Street Journal" of Jan. 27:
Following meetings of the Mt. Carmel
City Council business men and
the citizens general y Wednesday evening,
the council declared an emergency
business; moratorium for one week, or
until Feb 2. Ortieery stores and meat
market will remain open until
noon but other business places including the
bank will remain closed.
Moratorium Is for the purpose
of enabling the bank to recover deposits
which have been recently withdraw
n by a number ot depositors and put. in
safety deposit boxes. according to T.
B. Wright. mayor, who added that
the batik is in first-class contlitiou.
A citizens protective association was
formed, headed by E. J. Crey,
manager of the 11/C141
C Penney store.
There are about 100 business houses
In the community.
Banking Moratorium Not to Be Recognized in
Illinois.
According to Associated Press accounts from Springfield,
Feb. 3, State Auditor Edward J. Barrett said
on that
day that banking moratoriums would not be recognized
by
his office. He is quoted as saying:
In regard to the prevalent idea of the legality
of a moratorium, there
Is no warrant II1 the law for the declaration of
a moratorium by banks,
groups or municipalities, and consequently
moratoriums will not be recognized by this office.
The following from Springfield, III., Feb. 3,
is from the
Chicago "Journal of Commerce":
937
through the establishment of martial law, could
suspend the collection
of debts.
"On Oct. 20 1931 I Instructed the Rural Credit Bureau
to refrain from
foreclosure of State loans In cases where the mortgago
r farm occupant
was unable to pay and manifested a genuine desire to
remain on the land.
I also secured a promise of co operation in that respect
from the Minnesota
Association of Mortgage Loan Companies.
"Negotiations are now being conducted with mortgage
owners throughout
the State for the cessation of foreclosures, and the establis
hment of debt
commissions. These debt commissions. Vend when
established, will result,
I believe. In suspension of foreclosures and In a readjust
ment of many debts.
"I have asked the Legislature to pass certain
remedial legislation with
reference to foreclosures. The introduction or
passage of resolutions is a
mere idle gesture, meaning nothing, and only designed
to deceive the farmer.
If the zeal for 'resoluting' were extended to the
passage of the legislation
hereinbefore referred to, something constructive
might be accomplished."
Scrip for North Carolina—Will Be Legal Tende
r for
County Debts and Taxes.
From the New York "Times" of Feb. 5 we take the
following special correspondence from Fayetteville, N.
C.,
Feb. 2:
Scrip has made its first appearance In the
Carolinas. The Cumberland
County Conumssioners have decided to use
an issue of $5.000 to pay the
county's small debts, such as fees to Jurymen
and witnesses. Merchants
and others agreed to accept the scrip.
A bill was rushed through the State Legislatu
re permitting county taxes
to be paid with scrip. Denominations here are
25 cents. 50 cents. SI and
55. A stamp costing 2 cents will be affixed to the reverse
side of each piece
of scrip every time it changes hands. When the
stamps total the face
value of the bill, it will be redeemed.
Nebraska Starts Novel Banking Experiment — Bill
Signed by Governor Permits Limited Operations
After Insolvency.
The signature of Governor Bryan to a bill that was shot
rapidly through both houses of the Legislature
launches
Nebraska upon a novel experiment in banking. said a Lincoln, Neb.. dispatch. Feb. 3, to the Chicag "Journ
o
al of
Commerce," which also had the following to say:
In
operation it permits failed banks to continue
to do business after
they have been declared insolvent
and have been taken over by the State
Banking Department.
The bill provides that when 83%
of the depositors and unsecured
creditors agree, an organisation
will be set up which will. after setting
aside for more leisurely liquiditti
on than is possible at present all assets
of the bank, keep the hank open
and permit it to do a limited banking
business. It will be permitted to
receive deposits and pay cheeks. hut
will not be allowed to make loans.
It is expected that in actual practice
the law will afford a much easier way
than at present exists for such
Institutions to resume. In time, its full
functions with its slate cleared.
A number of communities are now without
banking I trilities. and this
law will permit the reopening of banks
now closed, where the agreement
has been entered into, so that hoarding
will end. There are 25 of these
where it is hoped to arrange for reopening.
Most of these have been closed
In the last four months. A number of
wobbly banks are expected also to
seek this haven.
Banking moratoriums are not authorized
by law In Illinois and will not
be recognized by him. State Auditor Barrett
announced yesterday. "Banks
suspending business will be deemed to
be in the control of the state Auditor
for examination, he said. 'and will
not be permitted to reopen until an
examination has been completed and
then only on the Auditor's authority
and consent."
New Bank Statute Clarified as to Deposits in Iowa
Money Received Under "Frozen" Operation Must
Be Kept Separate, Attorney-General Rules.
The following. from Des Moines, Iowa, Feb. 7, is from
the New York "Times":
Mayor of Galva (Ill.), Orders Busine
ss Holiday.
Galva is taking a 15-day business holiday
, according to an
Associated Press dispatch from this
city published in the
New York "Sun". which said:
Attorney-Oeneral Edward L. O'Connor has riled that new deposits
accepted by hanks after they begin "frozen" operation under the new Tows
banking law much be kept intact and separate, even if receivership or
reorganisation should be effected later.
In opinions requested by I, A. Andrew, State Superintendent of
Banking. Mr. O'Connor held that the new law creates two distinct trusts
for a bank which asks to be managed by the State Department of Banking
under the new law.
Bank Officers Bev TruAt.
One trust, to the depositors and creditors of the hank before its management is taken over, remains In the hands of the hank officers.
The second trust, to the new depositors of the hank, Is held
by the
State Superintendent of Fla-king as the institution's manager. if receivership or reorganisation occurs, the State Superintendent of Banking must
hold the new deposits ready for call. Be suggested that new assets
be
held liquid.
Immediate Matributton.
The opinion held that under receivership the new deposit funds
should
be distributed immediatels. in the event of reorganisation
the deposits
could he turned over to a new bank only upon permission
of the depositors.
In a third opinion, Lehan T. Ryan, Assistant Attorney
-General. held
that county poor funds deposited In a hank before it
is taken over by the
State Banking Department are not expected from
the provisions that old
deposits cannot be withdrawn while the hank
is being liquidated. The
opinion held that the new banking law
made no specific exception for
public funds deposits.
F By proclamation of Mayor
Charles P. Hiner, all business houses.
except
those usually conducted on legal
holidays, will be cloned for fifteen days.
erten',e yesterday.
Mayor Biller said he felt It his duty "to protect
the hank of our city as
well as the citizens by abating the spirit of
unrest that
Injure existing financial houses and bring economic chaos to might possibly
us all."
State Bank Holiday Is Viewed as Illegal by
Minnesota
Governor—Refuses to Sign Proposed
Bill—Also
Asserts He Is Without Power to Declar
e Moratorium on Farm Mortgages.
Governor Olson of Minnesota returned to the
Legislature
without his approval on Feb. 3 a bill to permit
State bank
holidays up to 15 days. He said it might be
classed as
emergency legislation, but that he could not agree
to the
indefinite granting of such extraordinary power
to the
Commissioner of Banks. The foregoing is from St.
Paul
advices Feb. 4 to the "United States Daily," which
also
bad the following to say:
The Governor also has hawed a statement declaring that ha has
no power
o declare a moratorium on farm mortgages, and asserted that the
introduction or passage of resolutions by the Leguitature "Is
a mere Idle gesture,
meaning nothing and only designed to deceive the farmer."
lie said that something constructive might he accomplished if the
Legislators would enact the legislation he
has recommended. The statement
foilows In full text
••I have been salted by various persons to declare a moratorium
on the
foreclosure of farm mortgages. A proclamation by a Governor
suspending
the foreclosure or mortgages is without legal sanction and would be brushed
aside by the courts. Not even the President of the United States. except
Issue of Scrip Money Proposed in Iowa—
Counties
Would Pay Workers With Stamps Under Plan.
The following from Des Moines, Iowa, Feb. 9, is
from the
"United States Daily:"
Counties wou d be pesmit-ed to home
-tamp moiler or scrip under
Provisions of a bill Introduced in the Iowa
Legislature by Represen
tative
0..1 Zyistra and Senator 0 It Roelofa.
The county would issue stamp money to its
workers In exchange for their
services
The stamp money would circulate in
trade. a 2 cent redemption
stamp bought from the county being Attached
at each transaction
When SO stamps were attached the scrip
wool,' be redeemed by the county
with the money obtained from the sale ot
the stamps, each Piece ot
serif)
having the par value of $1. Cities and
towns In the county would also be
938
Financial Chronicle
able to avail themselves of the plan, which is expected by the authors of
the bill to provide employment through use of the general social credit. It Is
Intended particularly for use in connection with poor relief.
Discounts to encourage banks and others to aid in keeping the scrip in
circulation are provided. The scrip would be printed by the State to assure
uniformity. The stamp method would replace tax funds, according to the
a
plan. It could be inaugurated by the county board of supervisors on
petition of 10% of the voters.
"Labor Currency."
A recent issue of the "Wall Street Journal" had the
following to say in a Detroit dispatch:
Issuance of construction of "labor currency" for controled inflation was
advocated here by Morton R. Hunter, l'resident of the Hunter Machinery
against the
Co. Milwaukee, as the Milwaukee plan of taking the offensive
depression. The proposal was presented to the resolutions committee of 36
Highway and
National organizations meeting here as a part of the National
Building Congress.
It is proposed to Issue the currency In payment of executed contracts
for not more than 90% of the total cost of labor, materials and supplies
used on any public works projects; 10% would be paid In the present
currency.
Issuance of Scrip Money in Knoxville, Tenn., and
Other Southern Cities.
City-issued scrip money, development of man's age-old
custom of bartering goods for services, has come into extensive use in many Southern cities, having in some instances
attained a greater turnover than cash said Associated Press
accounts from Knoxville, Tenn., Feb. 5, published in the
New York "Times" which also had the following to say:
for shelter and food
In addition, the practice of exchanging services
The city
has grown up in localities where formal scrip has not been issued.
scrip monthly to meet
of
of Knoxville has been issuing $134000 worth
to pay for city supplies.
pay rolls. and additional amounts
Of the slightly more than $1000000 issued since June 14 1932, half
has been turned in as payments for taxes The paper bears 6% Interest and
will become redeemable Feb. 15 and March 15.
Virtually all Knoxville busInass firms accept the scrip at par value and
pass it on to employees. Merchants say that its use has stimulated trade
and that it has reached a greater turnover than cash.
Christmas Use at Atlanta.
The city of Atlanta issued $400,000 worth of the paper just before
Merchants coChristmas to pay November salaries of city employees.
operated in receiving the scrip in payment for goods and banks credited
depositors with cash to the paper's par value.
In Alabama the scripts used extensively in several cities and towns. The
Selma City Council authorized $5.000 worth of the paper and Roanoke haa
$5410 in city scrip in circulation. Dothan. Ala., user] city scrip of $I denomination to pay for relief of the city's unemployed. Dothan uses the
each
3 cent stamp system, whereby a stamp Is attached to the note before
transaction. When 36 transactions have occurred and the note bears 35
is redeemable at face value.
stamps, the scrip
Bessemer. Talladega and several other Alabama cities are considering
Issue of some form of scrip. Practically all plans are based on redemption
after 36 3 cent stamps have been attached to the Si certificates.
Sparta, Oa., also has issued scrip on the stamp plan.
In Richmond. Va.. the Citizens Exchange gives scrip to the unemployed in exchange for work. The workers in turn barter the scrip for food,
clothing and other necessities. The Richmond plan requires 40 hours of
loafers. More
free work as an "initiation fee" to discourage and eliminate
paper, while the Citizens Exthan 100 persons now are partaking of the
Change has about 600 additional applications on hand.
Certificates Issued in Louisiana.
to care for school teachers'
Some Louisiana parishes have issued scrip
Commission has issued $7.500.000 In
salaries. and the Louisiana Highway
contractors and other
certificates of indebtedness since the fall of 1931 to pay
worth of indebteddebtors. Louisiana State University issued $1.000.000
on the new medical
ness certificates a year ago to complete payments
The full amount was repaid by a
school, field house and women's dormitory.
recent bond sale.
scale, and
Cumberland County in North Carolina uses scrip on a small
the city of Charleston, S. O., used the paper several months last year,
redeeming it on Dec. 1.
So far as is known, no scrip is being used In Mississippi. but school teachers
In several counties receive no pay, and are sheltered and fed at the homes of
patrons.
Cut in Interest Rate Urged Upon Banks by New Jersey
Commissioner of Banking—Calls for Maximum of
3% on Time Deposits.
"I strongly recommend that you consider bringing the
interest rate to be paid during the year on time deposits
and time certificates of deposits to a point not in excess of
3% per annum."
This statement, said the Newark "News" of Feb. 1, was
made by William H. Kelly, State Commissioner of Banking
and Insurance, to those in charge of the banks over which
he has supervision. The "News" went on to say:
Members of the
The usual rate on savings In this vicinity is 3
Newark Clearing (loose. which Includes all the commercial banks in the
of from 30 days to three
city. pay 114% on time certificates of deposit
months and 2% on time certificates for more than three months. These
28 1931.
rates were announced May
The last previous request similar to that of Commissioner Kelly was
in January 1932 asked that
made by his predecessor. Frank 11. Smith, who
the time rate be reduced from 4 to 31.4%.
Kelly said: "It Is no doubt obv.ous
In his letter to banks. Commissioner
under present conditions is not
to you that a rate greater than this (3%)
it Is lustsible
justified. While in some cases of Individual institutions
In excess of this per cent
to maintain an Interest rate on time deposits
expenses. the payment of such higher
based solely on current earnings and
due consideration of the very
Interest rates; on this basis only and without
owned, as well as known
important factors of depreciation in securities
Feb. 11 1933
and potential losses on loans, is not good business and is open to criticism.
return
"The experience of the last two years clearly indicates that the
In values will be a slow. tedious process and, therefore. every consideration
of sound banking at this time requires the transfer to reserve or undivided
profits of the maximum amounts realized from banking operations, these
funds to be held to meet losses incurred through depreciation of securities
or from other causes. The financial standing of your institution deserves
your greatest consideration, which can best bo demonstrated by every
act of conservatism at your command.
"There are obvious reasons which make it necessary for institutions
operating in the same areas to take this action uniformly and I urge you
to support this suggestion before your local Clearing House Association and
your county bankers' association."
New England Reported as Having Higher Percentage
of Country's Savings Deposits Than in 1929.
The research department of the New England Council
announced on Feb. 6 that "after three years of depression"
New England has a higher percentage of the country's
savings deposits than in 1929. Associated Press advices
from Boston Feb. 6 from which we quote added:
The recently completed studies of the Council's research department
savings
showed that in 1929. New England savings banks held 16.7% of the
deposits of the country. In 1932. the Council found, the savings deposita
to 18.6% of the country's total.
of New Englanders amounted
In 1929 the savings deposits in New England amounted to 8570 eer
capita, more than double that of the entire country, in which per capita
savings amounted to $235.
In 1932 per capita figures for New England stood at $546 as compared
with $194 for the entire nation.
Interest Rates Reduced by Syracuse (N. Y.) Banks.
Banks that are members of the Clearing House Association
in Syracuse announced on Feb. 8 (according to Associated
Press advices) that "conforming with the action of banks
in Utica and Rochester and the trend toward lower intarest
rates on deposits throughout the country" and "effective
April 1, interest will be paid at a rate not to exceed 3% per
annum." Five banks are affected.
Savings Banks in Rochester (N. Y.) Reduce Interest
Rates on Mortgages.
The four savings banks of Rochester announced on Jan. 26
a reduction of 32 of 1% in interest rate on all mortgages,
effective immediately, said the Savings Banks' Association
of the State of New York on Feb. 3, which further stated:
This means a saving of $500,000 annually to approximately 30.000
property owners in Rochester and vicinity. On the same day, the commercial banks as well as the four savings banks of the city announced •
reduction from 344_te 3% in dividends on all deposit accounts.
Interest Rate Lowered by Pittsburgh Banks.
Pittsburgh advices Feb. 2, published in the Chicago "Daily
News" said:
Mellon National Bank and the First National Bank hero have notified
depositors of a reduction of Interest on demand deposits to 144% from 2%.
Other banks are expected to follow suit. Conditions in the money market
is given as the reason for the cut.
Interest Rates on Savings Accounts Cut by Baltimore
Clearing House Association.
From the Baltimore "Sun" of Feb. 1 we take the following:
The Baltimore Clearing House has ruled that the maximum Interest
rate on savings accounts of member banks and their associates will be
3% beginning next March 1. The present Clearing House rate Is 33.4%
and has been In effem since June 1 1931. The action follows a reduction
In the rate on savings accounts made independently by a group of local
banks last December and put Into effect on Jan. 1. The Clearing House
ruling will apply to virtually all the commercial banks and trust companies
In the city. Mutual savings banks previously reduced their rates effective
the first of the year.
Washington Clearing House Cuts Demand Deposit
Rate.
Member and associate member banks in the Washington
(D. C.) Clearing House Association have decided against
the payment of greater than %% interest on demand
deposits, according to Washington advices Feb. 8 to the
New York "Journal of Commerce," which further reported:
In computing balances they will deduct an amount no less than the 10%
Reserve
reserve required by law to be maintained by member banks In
such interest
cities and carried as a reserve against demand deposits. No
less than $1.000. computed as above. The
will be paid on balances of
as of Feb. 1 last.
new rule becomes effective
Governor Lehman of New York Reappoints Seven
Members of State Banking Board—One Now
Appointee.
The reappointment of seven members of the Now York
State Banking Board has been announced by Governor
Lehman. He has sent the seven names and the name
of George L. Burr or New York City, a new appointee, to
the Senate for confirmation, according to the Savings I3anks'
Association of the State of New York. Mr. Burr fills the
Volume 136
Financial Chronicle
vacancy caused by the resignation of William H. Woodin.
Those reappointed are: Henry R. Kinsey, Brooklyn; Morris
L. Ernst, New York City; George Overocker, Poughkeepsie;
Harold Lyle Reed, Ithaca; Perry E. Wurst, Buffalo; Mortimer N. Buckner, New York City and Henry R. Talmage,
Riverhead.
Reduction in Interest on Foreign Deposits.
At a meeting of the Informal Group on Foreign Interest
Rates held Jan. 23 it was agreed to reduce the interest rate
on all current accounts to Yi of 1% and on time accounts to
M of 1%, effective Jan. 25. The Chairman of the Counsel
is Gordon S. Rentschler, President of the National City
Bank of New York.
Chase National Bank of New York Reduces Interest
Rate on Thrift Accounts—Action Follows That of
National City Bank.
The Chase National Bank of New York will reduce the
rate of interest paid by it on thrift accounts from 3% to 2%,
effective Feb. 1, the new rate to apply on all accounts up
to $15,000. Its decision (notes the New York "Times")
follows an announcement made last week by the National
City Bank that, effective on Feb. 1, it would maintain a
split rate on thrift accounts, paying 3% on the first $1,000
and 2% on the balance up to $15,000. At present the City,
like the Chase, is paying 3% on all thrift deposits. The
"Times" of Jan. 25 added:
This reduction in interest on thrift accounts Is part of the general downward revision of interest rates which in the last week has embraced a cut in
Interest paid by clearing house banks on domestic and foreign deposits to
one-half the previous level, a reduction in bankers' bill rates to X of 1%. a
low record, and advance Intimations from the savings bankers of the city
that interest for the current quarter will probably be declared at the rate
of 3% against 35i% paid for the last quarter of last year.
The action of the National City Bank was referred to in
our Jan. 21 issue, page 440. The reduction in interest rates
by the New York Clearing House Association was indicated
in our Jan. 21 issue, page 417.
Bowery Savings Bank of State of New York Places New
Limitation on Deposits in New Accounts—Maximum $2,000.
From the Feb. 3 "Bulletin" of the Savings Banks Association of State of New York we take the following:
Beginning on Monday, Jan. 30, and continuing until
further notice,
the Bowery Savings Bank placed certain limitations on deposits
In new
accounts. All new accounts opened on that
day and thereafter may not
exceed a maximum of $2,000. This in no
way affects accounts opened
prior to Jan. 30, which may be built up to the legal limit
of $7.500. Officers of the bank say that this policy is in line with
their desire to invest a
fair proportion of their funds in Government securities
on which the yield
Is smaller than on some other forms of investment, and
that they are taking
this means of slowing up their growth in
new deposits. On the first two
days this ruling became effective at the Bowery's
three offices, $249.286
excess offerings were directed to other savings
banks.
The Bowery Savings Bank on Jan.
31, passed the $600,000,000 mark
In resources.
Cut in Savings Bank Interest Rate Probable in Greater
New York.
When asked to comment on reports to the effect that
the
mutual savings banks in Greater New York are
contemplating a reduction of the dividend rate paid on deposits,
Paul W. Albright, General Secretary of the Savings Banks
Association of the State of New York had the following to
say on Jan. 23:
While it is not customary for savings banks to declare the rate
of dividend
for the current quarter so far In advance, the consensus of
opinion Is that
the dividend rate in the savings banks in Greater New York for the
current
quarter ending March 31 will be at the rate of3% per annum.
This action. If taken, will be in accord with the general lowering
of returns on money under current business conditions. The interest
rates on
savings deposits in other parts of the country have reached
as low as 2%
In many of the larger cities. One of the most recent issues of Government
bonds was offered at X of 1%—the lowest In history—and savings
banks
have always been large investors in Government securities. There has
been a
materially lower yield In all types of legal investments for savings
banks,and
in the case of interest on balances carried by savings banks in commercial
depositories the rate is now X of 1%.
This action, if taken, Is consistent with sound banking practice and the
reduction is assumed In most instances to be anticipated by our savings
bank
depositors. These depositors have evidenced their confidence by
always
showing a consistent preference for the safety and liquidity of their funds
rather than the rate of return paid on such savings accounts.
December and Year-End Savings Bank Totals in New
York State Show Gain in Deposits and Accounts.
A gain of $2,760,799 in amount of deposits and an increase
in number of open accounts of 8,029 was registered during
December in the savings banks of the State, it was reported
on Jan. 14 by the Savings Banks Association of the State
of New York. The Association's reports do not include
Christmas Club and school savings accounts. It is stated
939
that the usual trend of gains in deposits during December
is once more in effect after the loss in December 1931, when
deposits were off $7,698,212. The trend of increasing accounts during December has been uninterrupted since
monthly reports have been tabulated.
Savings bankers view transactions this December more
stable than last, that though total new money deposited in
December 1931 exceeded that put in this year, the withdrawals were far greater in 1931. They interpreted favorably the resumption of a gain in deposits, after the unseasonal withdrawal of last December. But for the final
payment during December of Christmas Club savings,
amounting to $3,003,425, the banks, it is observed, would
have shown a still greater gain, Association officials pointed
out.
Returns on the year's transactions in savings banks were
also released Jan. 14 by the Savings Banks Association. The
expectation that there would be a record total for money on
deposit as of Jan. 1 1933 in the savings banks reporting regularly each month, was confirmed by the total figure of
$5,299,784,583, showing a gain of $54,063,000 as compared
with the estimated gain of $55,000,000.
The number of depositors in the savings banks also reached
the expected high on Jan. 1 1933, with 5,782,129 open accounts, an increase over the totals of Jan. 1 1932 of 50,979.
Mutual Savings Banks—Their History and Record—
Date of Organization of First in United States 1815.
An outgrowth of the chaotic period following the war of
1812 was the formation of a system of Mutual Savings Banks.
The history of this group of institutions, formed by wealthy
philanthropic citizens for the benefit of the thrifty, is concisely told in a brochure just published by Gertler, Devlet &
Co., brokers in municipal bonds. Donald D. Mackey, Economist, prepared the text.
The original banks were the Bank for Savings in New
York, the Provident Institution for Savings in Boston, the
Philadelphia Savings Fund Society, and the Savings Bank
of Baltimore. The text of this booklet calls attention to the
strict laws and rigid regulations governing these institutions. Numerically there are few Mutual Savings Banks,
only about 600, but their deposits and assets are enormous.
Their growth is vividly portrayed by the fact that deposits
have continuously increased from $1,138,576 in 1820 to
$8,868,000,000 in 1928, due to the appreciation of the facilities they offer the thrifty.
The booklet shows further the stability of these institutions in periods of economic and financial stress, the care
with which they guard their deposits and surplus, the foresight in making investments, and the watch kept over their
investments. It likewise discusses what are termed legal
investments.
Change in Federal Reserve Act to Permit Federal
Reserve Banks to Purchase Tax Anticipation
Warrants Sought by City Comptroller Szymczak
of Chicago.
A change in the Federal Reserve Act to permit Federal
Reserve banks to purchase tax anticipation warrants was
advocated by M. S. Szymczak, Comptroller of the City of
Chicago, in a statement issued at Chicago on Feb. 3 incident
to the drive of the Citizen's Committee to sell $42,000,000 of
the 1932 tax warrants. Mr.Szymczak urged that legislation
which is now before Congress bang these lines be enacted,
and cited the City of Chicago as an example of the benefit
municipalities generally would —derive from such a law.
eince 1930,Wid txthe City of Chicago has lost a OM
maWmated to be in excess of $95,000,000 for its tax
anticipation warrants because of the fact thatthe outlying
banks which have been closed since that year, normaffir
bOuglitUbout $25,000,000 of these warrants —In addition
—
four of the large loop banks which ordinarily took about
$35,000,000 of warrants annually, have discontinued operation. These two situations, coupled with the fact that the
remaining large looeS— now forced to maintain a more
anks
liquid position than formerly, cannot take their nora
annual requirements of about $35,000,000, indicate the
tremendous new markets for tax warrants which had had
to be sought out, he said.
Mr. Szymczak estimated that he believed that if such
legislation were enacted, the local Chicago Federal Reserve
banks would be able to purchase from $40,000,000 to $50,000,000 of these tax warrants, which, he baid, at the present
time would greatly relieve the financial strain. He pointed
940
Financial Chronicle
out, however, that the Citizens' Committee is voing aggressively forward with its plan to sell $42,000,000 of the 1932
warrants which, he explained, are limited by law to only
50% of the 1932 tax levy, as against 75% and more for
fo mer years. He said that approximately $10,000,000 of
the $42,000,000 had been sold for investment and tax
purposes in less than two weeks' time.
George M. Reynolds Resigns as Director of Federal
Reserve Bank of Chicago—James R. Leavell, President of Continental Illinois National Bank &
Trust Co., Likely Successor.
The resignation of George M. Reynolds as a director of
Federal Reserve Bank of Chicago was accepted by the
board of directors on Jan. 27 according to the Chicago
"Journal of Commerce" of Jan. 28, which adds:
Air. Reynolds's resignation was entered several days ago, preparatory
to his withdrawing from active participation in Chicago banking. He
plans to spend considerable of his time in California.
Earlier in the month he had relinquished his position as Chairman of
the board of the Continental Illinois Bank Ss Trust Co. and subsequently
as Chairman of the Clearing House Committee of Chicago Clearing House
Association.
James R. Leavell, President of Continental bank, is mentioned as most
likely to succeed Mr. Reynolds as director of the Federal Reserve Bank
here. A canvass of several large banks In the downtown area reveals that
Mr. Leaved will receive the support of these institutions.
With his retirement from the directorate of Chicago Reserve Bank.
Mr. Reynolds leaves a post he has held continuously since the bank was
established 19 years ago. Prior to the formation of the Chicago bank he
had been active for more than two years co-operating with Congress and
banking committees in formulating plans of operation in establishing the
Federal Reserve System.
The director elected to succeed Mr. Reynolds will be named to fill the
balance of his three-year term, which expires at the end of 1933. The election procedure is rather lengthy and probably will require close to two
months.
Election of Class A and B Directors of Federal Reserve
Banks—Appointment of Class C Directors Also
Chairmen and Deputy Chairmen.
In its January "Bulletin" the Federal Reserve Board
made the following announcement regarding the election
and appointment of Directors and Chairmen and Deputy
Chairmen of the Federal Reserve Banks:
Election of Class A and Class B Directors.
The member banks have elected the following as Class A and Class B
directors of Federal Reserve Banks for the 3 year term beginning Jan. 1
1933:
Class A.
Boston—Alfred L. Ripley (re-elected).
York—Edward K. Mills.
New
Philadelphia—Joseph Wayne Jr. (re-elected).
Cleveland—Robert A. Wardrep (re-elected).
Richmond—L. E. Johnson (re-elected).
Atlanta—G. C.. Ware (re-elected).
Chicago—George J. Schaller (re-elected).
St. Louis—John G. Lonsdale (re-elected).
Minneapolis—H. R. Kibbee (re-elected).
Kansas City—E E. Mullaney (re-elected).
Dallas—Alf Morris.
San Francisco—T. H. Ramsay (re-elected).
Class B.
Boston—Philip R. Allen (re-elected).
Edward J. Frost.a
New York—Walter C. Teagle.
Philadelphia—Arthur W. Sewall (re-elected).
Cleveland—George D. Crabbs (reelected).
Richmond—D. R. Coker (re-elected).
Charles C. Reed.b
Atlanta—Leon C. Simon (re-elected).
Chicago—Nicholas H. Noyes.
St. Louis—M. P. Sturdivant (re-elected).
Minneapolis—i. E. O'Connell (re-elected).
Kansas City—L. E. Phillips (re-elected).
Dallas—John D. Middleton.
San Francisco—A. B. C. Dohrmann (re-elected).
•Elected to succeed A. Farwell Bemis, resigned, term expires Dee. 31 1933.
b Elected to succeed W. M. Addison, resigned, term expires Dee. 31 1933.
Appointment of Class C Directors.
The Federal Reserve Board has appointed the following as Class 0
directors of Federal Reserve Banks for the 3
-year term beginning Jan. 1
1933:
Boston—Frederic H. Curtiss (re-appointed).
New York—Owen D. Young (re-appointed).
Philadelphia—Richard L. Austin (re-aPpointed)•
Cleveland—George DeCamp (re-appointed).
Richmond—William W. Boston (re-appoLnted).
Atlanta—Oscar Newton (re-appointed).
Chicago—James Simpson (re-appointed.)
St. Louis—John R. Stanley.
Minneapolis—John It. Mitchell (re-appointed).
Kansas City—M. L. McClure (re-appointed).
Dallas—E. R. Brown (re-appointed).
San Francisco—Isaac B. Newton (re-appointed).
Appointment of Chairmen and Deputy Chairmen.
The Federal Reserve Board has designated the following as Federal
Reserve Agents and Chairmen of the boards of directors of Federal Reserve
banks for terms of one year. beginning Jan. 1 1933:
Boston—Frederic H. Curtiss.
New York—J. H. Case.
Philadelphia—Richard L. Austin.
Cleveland—George DeCamp.
Feb. 11 1933
Richmond—William W. Hoxton.
Atlanta—Oscar Newton.
Chicago—Eugene M. Stevens.
St. Louis—John S. Wood.
Minneapolis—John R. Mitchell.
Kansas City—M. L. McClure.
Dallas—C. C. Walsh.
San Francisco—Isaac B. Newton.
The Federal Reserve Board has appointed the following as Deputy
Chairmen of Federal Reserve banks for terms of one year. beginning Jan. 1
1933:
Boston—Allen Hollis.
New York—Owen D. Young.
Philadelphia—Alba B. Johnson.
Cleveland—L. B. Williams.
Richmond—Frederic A. Delano.
Atlanta—W. H. Rettig.
Chicago—James Simpson.
St. Louis—Paul Dillard,
Minneapolis—Homer P. Clark.
Kansas City—II. M. Langworthy.
Dallas—S. B. Perkins.
San Francisco—Walton N. Moore.
The death of Mr. Mitchell, Chairman of the Board of the
Federal Reserve Bank of Minneapolis, was noted in our
issue of Feb. 4. page, 757.
Text of Glass Bill as Passed by Senate—Provides Branch
Banking Provisions for National Banks in States
Authorizing State Bank Branches.
As was indicated in our issue of Jan. 28, page 594, the
Glass Banking Bill, which, among other things, authorizes
the establishment by National banks of branches in States
where such authority is granted to State banks. The measure, as we indicated in our item of a week ago, requires
the divorcement of security affiliates from National banks
within five years' time. It likewise provides for licensing
holding companies for bank stocks and limits their voting
power. Under the bill, if enacted into law, there would
be set up a liquidating corporation to expedite the winding
up of the affairs of closed banks. The bill would also seek
to keep Federal Reserve credit out of speculative channels.
The following is the text of the bill as passed by the
Senate:
S. 4412.
AN ACT
To provide for the safer and more effective use of the assets of Federal
Reserve banks and of national associations, to regulate interbank control,
to prevent the undue diversion of funds into speculative operations, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That the short title of this Act
shall be the "Banking Act of 1933."
Sec. 2. As used in this Act and in any provision of law amended by
this Act—
(a) The terms "bank," "National bank," "national banking association," "member bank," "board," "district," and "Reserve bank" shall
have the meanirgs assigned to them in Section 1 of the Federal Reserve
Act, as amended.
(b) Except where otherwise specifically provided, the term "affiliate'
'
'
shall include any corporation, business trust, association, or other similar
organization—
(1) Of which a member bank, directly or indirectly, owns or controls
either a majority of the voting shares or more than 50 per centum of the
number of shares voted for the election of its directors, trustees, or other
persons exercising similar functions at the preceding election, or controls
In any manner the election of a majority of its directors, trustees, or
other persons exercising similar functions; or
(2) Of which control is held, directly or indirectly, through stock
ownership or in any other manner, by the shareholders of a member bank
who own or control either a majority of the shares of such bank or more
than 50 per centum of the number of shares voted for the election of
directors of such bank at the preceding election, or by trustees for the
benefit of the shareholders of any such bank ; or
(3) Of which a majority of its directors, trustees, or other persons
exercising similar functions are directors of any one member bank.
(c) The term "holding company affiliate" shall include any corporation, business trust, association, or other similar organization—
(1) Which owns or controls, directly or indirectly, either a majority
of the shares of capital stock of a member bank or more than 50 per
centum of the number of shares voted for the election of directors of any
one bank at the preceding election, or controls in any manner the election
of a majority of the directors of any one bank ; or
(2) For the benefit of whose shareholders or members all or substantially all the capital stock of a member bank is held by trustees.
Sec. 3. (a) The fourth paragraph after paragraph "Eighth" of Section 4
of the Federal Reserve Act, as amended, is amended to read as follows:
"Said board of directors shall administer the affairs of said bank fairly
and impartially and without discrimination in favor of or against any
member bank or banks and may, subject to the provisions of law and the
orders of the Federal Reserve Board, extend to each member bank such
discounts, advancements, and accommodations as may be safely and
reasonably made with due regard for the claims and dernands of other
member banks, the maintenance of sound credit conditions, and the
The Federal
accommodation of commerce, industry, and agriculture.
Reserve Board may prescribe regulations further defining within the
limitations of this Act the conditions under which discounts, advancements,
and accommodations may be extended to member banks. Each Federal
Reserve bank shall keep itself informed of the general character and
amount of the loans and investments of its member banks with a view to
ascertaining whether undue use is being made of bank credit for the
speculative carrying of or trading in securities, real estate, or commodities, or for any other purpose inconsistent with the maintenance of
sound credit conditions; and, in determining whether to grant or refuse
Volume 136
Financial Chronicle
advances, rediscounts or other credit accommodations, the Federal Reserve
bank shall give consideration to such information. The Chairman of the
Federal Reserve bank shall report to the Federal Reserve Board any
such undue use of bank credit by any member bank, together with his
recommendation. Whenever, in the judgment of the Federal
Reserve
Board, any member bank is making such undue use of bank credit,
the
Board 'may, in its discretion, after reasonable notice and an opportunity
for a hearing, suspend such bank from the use of the credit facilities of
the Federal Reserve System and may terminate such suspension or may
renew it from time to time."
(b) The paragraph of Section 4 of the Federal Reserve Act, as amended,
which commences with the words "The Federal Reserve Board
shall
classify" is amended by inserting before the period at the end thereof
a colon and the following: "Provided, That whenever any two or more
member banks within the same Federal Reserve district are affiliated
with the same holding company affiliate, participation by such member
banks in any such nomination or election shall be confined to one of
such banks, which may be designated for the purpose by such holding
company affiliate."
Sec. 4. The first paragraph of Section 7 of the Federal Reserve Act,
as amended, is amended, effective July 1 1932, to read as follows:
"After all necessary expenses of a Federal Reserve bank shall have
been paid or provided for, the stockholders shall be entitled to receive
an annual dividend of 6 per cent= on the paid-in capital stock, which
dividend shall be cumulative. After the aforesaid dividend claims have
been fully met, the net earnings shall be paid into the surplus fund of
the Federal Reserve bank."
Sec. 5. (a) The second paragraph of Section 9 of the Federal Reserve
Act, as amended, is amended by adding at the end thereof the following:
"Provided, however, That nothing herein contained shall prevent any State
member hank from establishing and operating branches in the United
States or any dependency or insular possession thereof or in any foreign
country, on the same terms and conditions and subject to the same limitations and restrictions as are applicable to the establishment of branches by
National banks."
(b) Section 9 of the Federal Reserve Act, as amended, is further
amended by adding at the end thereof the following new paragraphs:
"Each bank admitted to membership under this section shall obtain
from each of its affiliates other than member banks and furnish to the
Federal Reserve bank of its district and to the Federal Reserve Board
not less than three reports during each year. Such reports shall be in
such form as the Federal Reserve Board may prescribe, shall be verified
by the oath or affirmation of the President or such other officer as may
be designated by the Board of Directors of such affiliate to verify such
reports, and shall disclose the information hereinafter provided for as of
dates identical with those fixed by the Federal Reserve Board for reports
of the condition of the affiliated member bank. Each such report of an
affiliate shall be transmitted as herein provided at the same time as the
corresponding report of the affiliated member bank, except that the Federal
Reserve Board may, in its discretion, extend such time for good cause
shown. Each such report shall contain such information as in the judgment of the Federal Reserve Board shall be necessary to disclose fully the
relations between such affiliate and such bank and to enable the Board
to inform itself as to the effect of such relations upon the affairs of
such bank. The reports of such affiliates shall be published by the bank
under the same conditions as govern its own condition reports.
"Any such affiliated member bank may be required to obtain from any
such affiliate such additional reports as in the opinion of its Federal
Reserve bank or the Federal Reserve Board may be necessary in order
to obtain a full and complete knowledge of the condition of the affiliated
member bank. Such additional reports shall be transmitted to the
Federal Reserve bank and the Federal Reserve Board and shall be in such
form as the Federal Reserve Board may prescribe.
"Any such affiliated member bank which fails to obtain from any of its
affiliates and furnish any report provided for by the two preceding paragraphs of this section shall be subject to a penalty of $100 for each day
during which such failure continues, which, by direction of the Federal
Reserve Board, may be collected, by suit or otherwise, by the Federal
Reserve bank of the district in which such member bank is located. For
the purposes of this paragraph and the two preceding paragraphs of this
section, the term 'affiliate' shall include holding company affiliates as
well as other affiliates.
"State member banks shall be subject to the same limitations and conditions with respect to the purchasing, selling, underwriting, and holding
of investment securities and stock as are applicable in the case of
National banks under paragraph 'Seventh' of section 5136 of the Revised
Statutes, as amended.
"A'ter five years from the date of the enactment of the Banking Act
of 1933, no certificate representing the stock of any State member bank
shall represent the stock of any other corporation, except a member bank,
nor shall the ownership, sale, or transfer of any certificate representing
the stock of any such bank be conditioned in any manner whatsoever
upon the ownership, sale, or transfer of a certificate representing
the
stock of any other corporation, except a member bank.
"Each State member hank affiliated with a holding company
affiliate
shall obtain from such holding company affiliate, within such
time as
the Federal Reserve Board shall prescribe, an agreement that such
holding
company affiliate shall be subject to the same conditions
and limitations
as are applicable under Section 5144 of the Revised Statutes, as
amended,
In the case of holding company affiliates of National banks. A
copy of
each such agreement shall he filed with the Federal
Reserve Board. Upon
the failure of a State member hank affiliated with a holding
company
affiliate to obtain such an agreement within the time so
prescribed, the
Federal Reserve Board shall require such bank to surrender its stock
in the
Federal Reserve hank and to forfeit all rights and
privileges of membership in the Federal Reserve System as provided in this section. Whenever the Federal Reserve Board shall have revoked the voting permit of
any such holding company affiliate, the Federal Reserve Board may, in
Its discretion, require any or all State member banks affiliated with
such holding company affiliate to surrender their stock in the Federal
Reserve bank and to forfeit all rights and privileges of membership
in the
Federal Reserve System as provided in this section.
"In connection with examinations of State member banks, examiners
selected or approved by the Federal Reserve Board shall snake such
examinations of the affairs of all affiliates of such hanks as shall be
necessary to disclose fully the relations between such banks and their
affiliates and the effect of such relations upon the affairs of such banks.
The expense of examination of affiliates of any State member bank may,
In the discretion of the Federal Reserve Board, be assessed against such
bank and, when so assessed, shall be paid by such bank. In the event of
the refusal to give any information requested in the course of the examination of any such affiliate, or in the event of the refusal to permit such
examination, or in the event of the refusal to pay any expense so assessed,
941
the Federal Reserve Board may, in its discretion, require any or all
State member banks affiliated with such affiliate to surrender their
stock in the Federal Reserve bank and to forfeit all rights and privileges
of membership in the Federal Reserve System, as provided in this
section."
Sec. 6. (a) The first paragraph of Section 10 of the Federal Reserve
Act, as amended, is amended to read as follows:
"A Federal Reserve Board is hereby created which shall consist of
seven members, including the Comptroller of the Currency, who shall
be a member ex officio, and six members appointed by the President of
the United States, by and with the advice and consent of the Senate. In
selecting the six appointive members of the Federal Reserve Board, not
more than one of whom shall be selected from any one Federal Reserve
district, the President shall have due regard to a fair representation of
the financial, agricultural, industrial, and commercaa1 interests, and
geographical divisions of the country, and at least two of such members
shall be persons of tested banking experience. The six members of the
Federal Reserve Board appointed by the President and confirmed as
afcresaid shall devote their entire time to the business of the Federal
Rcserve Board and shall each receive an annual salary of $12,000, payable
monthly, together with actual necessary traveling expenses, and the Comptrcller of the Currency, as ex officio member of the Federal Reserve
Board, shall, in addition to the salary now paid him as Comptroller of
the Currency, receive the sum of $7,000 annually for his services as a
member oh said Board."
(L) The second paragraph of Section 10 of the Federal Reserve Act,
as aracnded, is amended to read as follows:
"The Comptroller of the Currency shall be ineligible during the time
he is in office and for two years thereafter to hold any office, position,
or employment in any member bank. The appointive members of the
Federal Reserve Board shall he ineligible during the time they are in
office and for two years thereafter to hold any office, position, or
employment in any member bank, except that this restriction shall not
apply to a member who has served the full term for which he was
appointed. Upon the expiration of the term of any appointive member
of the Federal Reserve Board in office when this paragraph as amended
takes effect, the President shall fix the term of the successor to such
member at not to exceed 12 years, as designated by the President at the
time of nomination, but in such manner as to provide for the expiration
of the term of not more than one appointive member in any two-year
period, and thereafter each appointive member shall hold office for a
term of 12 years from the expiration of the term of his predecessor.
Of the six persons thus appointed, one shall be designated by the President as Governor and one as Vice-Governor of the Federal Reserve Board.
The Governor of the Federal Reserve Board, subject to its supervision,
shall be its active executive officer. Each member of the Federal Reserve
Board shall within 15 days after notice of appointment make and subscribe
to the oath of office."
(c) The fourth paragraph of Section 10 of the Federal Reserve Act, as
amended, is amended to read as follows:
"The principal offices of the Board shall be in the District of Columbia.
At meetings of the Board the Governor shall preside as Chairman, and,
in his absence, the Vice-Governor shall preside. In the absence of both
the Governor and the Vice-Governor, the Board shall elect a member to
act as Chairman pro tempore. No member of the Federal Reserve Board
shall he an officer or director of any bank, banking institution, trust
company, or Federal Reserve bank or hold stock in any bank, banking
iratitution, or trust company; and before entering upon his duties as a
member of the Federal Reserve Board he shall certify under oath that
he has complied with this requirement and such certification shall be
filed with the Secretary of the Board. Whenever a vacancy shall occur,
other than by expiration of term, among the six members of the Federal
Reserve Board appointed hv the President as above provided. a successor
shall be appointed by the President, by and with the advice and consent
of the Senate, to fill such vacancy, and when appointed he shall hold
office for the unexpired term of his predecessor."
Sec. 7. The Federal Reserve Act, as amended, is amended by inresting
between Sections 12 and 13 thereof the following new sections:
"See. 12A. (a) There is hereby created a Federal Open Market Committee (hereinafter referred to as the Committee), which shall consist
of as many members as there are Federal Reserve districts. Each Federal
Reserve bank, he its Board of Directors, shall annually select one member
of said Committee. The meetings of said Committee shall be held at
Washington, District of Columbia, at least four times each year, upon the
call of the Governor of the Federal Reserve Board or at the request of any
three members of the Committee, and, in the discretion of the Board,
may be attended by the members of the Board.
"(b) No Federal Reserve bank shall engage in open market operations
uncle* Section 14 of this Act Parent in accordance with resolutions adopted
by the Committee and approved by the Federal Reserve Board as hereinafter provided. The Committee shall consider, adopt, and transmit to
the several Federal Reserve banks resolutions relating to the open market
transactions of such hanks and the relations of the Federal Reserve System
with foreign central or other foreign banks. Every such resolution shall
be reported to the Federal Reserve Board and be subject to its approval.
"(c) The time, character, and volume of all purchases and sales of
paper described in Section 14 of this Act as eligible for open market operations shall he governed with a view to accommodating commerce and business and with regard to their bearing upon the general credit situation
of the country.
"(d) If any Federal Reserve bank shall decide not to participate in open
market operations recommended and approved as provided in paragraph (b)
hereof, it shall file with the Chairman of the Committee within 30 days a
notice of its decision, and transmit a copy thereof to the Federal Reserve
Board.
"Sec. 1213. (a) There is hereby created a Federal Liquidating Corporation (hereinafter referred to as the Corporation), whose duty it shall be
to purchase, hold, and liquidate as hereinafter provided, the assets of
National banks which have been closed by action of the Comptroller of the
Currency, or by vote of their directors, and the assets of State member
banks which have been closed by action of the appropriate State authorities,
or by vote of their directors.
"(b) The management of the Corporation shall be vested in a Board of
Directors consisting of five members, one of whom shall be the Comptroller
of the Currency. one a member of the Federal Reserve Board designated by
the Board for the purpose, and three selected annually by the Governors
of the 12 Federal Reserve banks under such procedure as may be
prescribed
by the Federal Reserve Board. No member of such Board of
Directors shall
receive any additional compensation for his services as such
member.
"(c) There is hereby authorised to be appropriated,
out of any money
in the Treasury not otherwise appropriated, the sum of
$125,000,000, which
shall be available for payment by the Secretary of the
Treasury for capital
stock of the corporation in an equal amount, which
shall be subscribed
942
Financial Chronicle
for by him on behalf of the United States. Payments upon such subscription shall be subject to call in whole or in part by the Board of Directors
of the Corporation. Such stock shall be in addition to the amount of
capital stock required to be subscribed for by Federal Reserve banks
and member banks as hereinafter provided and the United States shall
be entitled to the payment of dividends on such stock to the same extent
as member banks are entitled to such payment on the Class A stock of
the Corporation held by them. Receipts for payments by the United States
for or on account of such stock shall be issued by the Corporation to the
Secretary of the Treasury, and shall be evidence of the stock ownership
of the United States.
"(d) The capital stock of the Corporation shall be divided into shares of
$100 each. Certificates of stock of the Corporation shall be of two classes,
Class A and Class B. Class A stock shall be held by member banks only
and they shall be entitled to payment of dividends out of net earnings
at the rate of six per centum per annum on the capital stock paid in by
them, which dividends shall be cumulative, or to the extent of 30 per
centum of such net earnings in any one year, whichever amount shall be
the greater, but such stock shall have no vote at meetings of stockholders.
Class B stock shall be held by Federal Reserve banks only and shall not
be entitled to the payment of dividends. Every Federal Reserve bank
shall subscribe to shares of Class B stock in the Corporation to an amount
equal to one-fourth of the surplus of such bank on July 1 1932, and its
sotscriptions shall be accompanied by a certified check payable to the
Corporation in an amount equal to one-half of such subscription. The
remainder of such subscription shall be subject to call from time to time
by the Board of Directors upon 90 days' notice.
"(e) Every member bank shall subscribe to the Class A capital stock
of the Corporation in an amount equal to one-fourth of one per centum of
its total net outstanding time and demand deposits on July 1 1932, as
computed in accordance with regulations of the Federal Reserve Board
governing the computation of reserves. One-half of such subscription shall
be paid in full within 90 days after receipt of notice from the Chairman
of the Board of Directors of the Corporation, and the remainder of such
subscription shall be subject to call from time to time by the Board of
Directors of the Corporation.
"(f) The amount of the outstanding Class A stock of the Corporation
held by member banks shall be annually adjusted as hereinafter provided
as of the last preceding call date as member banks increase their time and
demand deposits or as additional banks become members, and such stock
may be decreased in amount as member banks reduce their time and
demand deposits or cease to be members. Shares of the capital stock
of the Corporation owned by member banks shall not be transferred or
hypothecated. When a member bank increases its time and demand
deposits, it shall, at the beginning of each calendar year, subscribe for an
additional amount of capital stock of the Corporation equal to one-fourth
of one per centum of such increase in deposits. One-half of the amount
of such additional stock shall be paid for at the time of the subscription
therefor and the balance shall be subject to call by the Board of Directors
of the Corporation. A bank admitted to membership in the Federal
Reserve System at any time after the organization of the Corporation shall
be required to subscribe for an amount of Class A capital stock equal to
one-fourth of one per centum of the time and demand deposits of the
applicant bank as of the date of such admission, paying therefor its par
value plus one-half of one per centum a month from the period of the
last dividend on the Class A stock of the Corporation. When a member
bank reduces its time and demand deposits it shall surrender, not later
than the let day of January thereafter, a proportionate amount of its
holdings in the capital stock of the Corporation, and when a member bank
voluntarily liquidates it shall surrender all its holdings of the capital
stock of the Corporation and be released from its stock subscription not
previously called. The shares so surrendered shall be canceled and the
member bank shall receive in payment therefor, under regulations to be
prescribed by the Federal Reserve Board, a sum equal to its cash-paid
subscriptions on the shares surrendered and its proportionate share of
dividends not to exceed one-half of one per centum a month, from the
period of the last dividend on such stock, less any liability of such
member bank to the Corporation.
"(g) If any member bank shall be declared insolvent, the stock held by
It in the Corporation shall be canceled, without impairment of the
liability of such bank, and all cash-paid subscriptions on such stock, with
Its proportionate share of dividends not to exceed one-half of one per
centum per month from the period of last dividend on such stock shall
be first applied to all debts of the insolvent bank or the receiver thereof
to the Corporation, and the balance, if any, shall be paid to the receiver
of the insolvent bank.
"(h) Upon the date of enactment of the Banking Act of 1933, the
Corporation shall become a body corporate and as such shall have
power—
"First, to adopt and use a corporate seal.
"Second, to have succession until dissolved by an Act of Congress.
"Third, to make contracts.
"Fourth, to sue and be sued, complain and defend, in any court of
law or equity, State or Federal.
"Fifth, to appoint by its Board of Directors such officers and employees
as are not otherwise provided for in this section, to define their duties,
fix their compensation, require bonds of them and fix the penalty thereof,
and to dismiss at pleasure such officers or employees. Nothing in this
or any other Act shall be construed to prevent the appointment and compensation as an officer or employee of the Corporation of any officer or
employee of the United States in any board, commission, independent
establishment, or executive department thereof.
"Sixth, to prescribe by its Board of Directors, by-laws not inconsistent
with law, regulating the manner in which its general business may be
conducted, and the privileges granted to it by law may be exercised and
enjoyed.
"Seventh, to exercise by its Board of Directors, or duly authorized
officers or agents, all powers specifically granted by the provisions of
this section and such incidental powers as shall be necessary to carry out
the powers so granted.
"(i) The Board of Directors shall administer the affairs of the Corporation fairly and impartially and without discrimination in favor of or
against any member bank or banks, and may, subject to the provisions of
law, extend to each National bank which is closed by action of the Comp•
troller of the Currency, or by vote of its directors, and to each State
member bank which is closed by action of the appropriate State authorities,
or by vote of its directors, such accommodations as may be safely and
reasonably made with due regard for the claims and demands of other
member banks. The Board of Directors of the Corporation shall determine
and prescribe the manner in which its obligations shall be incurred and
Its expenses allowed and paid. The Corporation shall be entitled to the
executive
free use of the United States mails in the same manner as the
of
depzrtments of the Government. The Corporation, with the consent
Feb. 11 1933
any Federal Reserve bank or of any board, commission, independent establishment, or executive department of the Government, including any field
service thereof, may avail itself of the use of information, services, and
facilities thereof in carrying out the provisions of this section.
"(j) Whenever any member bank shall have been closed by action of its
Board of Directors, the Comptroller of the Currency, or the appropriate
State authority, as the case may be, the receiver may tender the assets
of such bank to the Corporation which may purchase the same, or make a
loan on the security thereof, in whole or in part, as in the determination
of its Board of Directors the prompt and economical liquidation of the
assets of such bank may require, on the basis of such valuations as
may be agreed upon by a valuation committee of three members consisting
of the receiver of such bank, a member to be named by the Board of
Directors of such bank, and a person to be chosen by the receiver and
the member named by such Board of Directors. It shall be the duty of
the Corporation to proceed to realize as rapidly as possible, having due
regard to the condition of credit in the district in which such bank is
located, upon any assets so purchased, and if the net amount realized
from the sale or other disposition of such assets exceeds the sum paid
therefor, the Corporation shall make an additional payment to the
receiver of the bank equal to the amount of such excess, if any, after
deducting a liquidation fee of eight per centum of the sum thus realized;
but any income derived by the Corporation from such assets shall be the
property of the Corporation. Money of the Corporation not otherwise
employed shall be invested in securities of the Government of the United
States, except that for temporary periods, in the discretion of the Board
of Directors, funds of the Corporation may be deposited subject to check
In any Federal Reserve bank or with the Treasurer of the United States.
When designated for that purpose by the Secretary of the Treasury, the
Corporation shall be a depositary of public moneys, except receipts from
customs, under such regulations as may be prescribed by the said Secretary,
and may also be employed as a financial agent of the Government. It
shall perform all such reasonable duties as depositary of public moneys
and financial agent of the Government as may be required of it.
"(k) The Corporation may, in its discretion, purchase the assets ot
banks in the hands of receivers on the date of its organization, but on
the same conditions and terms as. are applicable in the case of assets of
banks which may fail or be closed after such date. Nothing herein contained shall be construed to prevent the Corporation from making loans
to National banks closed by action of the Comptroller of the Currency,
or by vote of their directors, or to State member banks closed by action
of the appropriate State authorities, or by vote of their directors, or
from entering into negotiations to secure the reopening of such banks.
"(I) Receivers or liquidators of member banks which are now or may
hereafter become insolvent or suspended shall be entitled to offer the
assets of such banks for sale to the Corporation or as security for
loans from the Corporation, upon receiving permission from the appropriate
State authority in accordance with express provision of State law in the
case of State member banks, or from the Comptraller of the Currency
in the case of National banks. The proceeds of every such sale or loan
shall be utilized for the same purposes and in the same manner as other
funds realized from the liquidation of the assets of such banks. The
Comptroller of the Currency may, in his discretion, pay dividends on
proved claims at any time after the expiration of the period of advertisement made pursuant to Section 5235 of the Revised Statutes, and no
liability shall attach to the Comptroller of the Currency or to the receiver
of any National bank by reason of any such payment for failure to pay
dividends to a claimant whose claim is not proved at the time of any
such payment.
"(m) The Corporation is authorized and empowered to issue and to
have outstanding at any one time in an amount aggregating not more
than twice the amount of its capital, its notes, debentures, bonds, or
other such obligations, to be redeemable at the option of the Corporation
before maturity in such manner as may be stipulated in such obligations,
and to bear such rate or rates of interest, and to mature at such time
or times as may be determined by the Corporation: Provided, That the
Corporation may sell on a discount basis short-term obligations payable at
such
maturity without interest. The notes, debentures, bonds, and other
obligations of the Corporation may be secured by assets of the Corporation
In such manner as shall be prescribed by its Board of Directors. Such
obligations may be offered for sale at such price or prices as the Corporation may determine.
"(n) All notes, debentures, bonds, or other such obligations issued by
th-t Corporation shall be exempt, both as to principal and interest, from
all taxation (except estate and inheritance taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession
thereof, or by any State, county, municipality, or local taxing authority.
The Corporation, including its franchise, its capital, reserves, and surplus,
rind its income, shall be exempt from all taxation now or hereafter imposed
by the United States, by any Territory, dependency, or possession thereof,
or by any State, county, municipality, or local taxing authority, except
that any real property of the corporation shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according
to its value as other real property is taxed.
"(o) In order that the Corporation may be supplied with such forms of
notes, debentures, bonds, or other such obligations as it may need for
Issuance under this Act, the Secretary of the Treasury is authorized to
prepare such forms as shall be suitable and approved by the Corporation,
to be held in the Treasury subject to delivery, upon order of the Corporation. The engraved plates, dies, bed pieces, and other material
executed in connection therewith shall remain in the custody of the
Sectetary of the Treasury. The Corporation shall reimburse the Secretary
of the Treasury for any expenses incurred in the preparation, custody.
and delivery of such notes, debentures, bonds, or other such obligations.
"(p) The Corporation shall annually make a report of its operations
to the Congress as scan as practicable after the 1st day of January In
each year
"(q) Whoever, for the purpose of obtaining any loan from the corporation, or any extension or renewal thereof, or the acceptance, release, Or
substitution of security therefor, or for the purpose of inducing the Corporation to purchase any assets, or for the purpose of influencing in any
way the action of the Corporation under this section, makes any statement knowing it to be false, willfully overvalues any security, shall be
punished by a fine of not more than $5,000 or by imprisonment for not
more than two years, or both.
"(r) Whoever (1) falsely makes, forges, or counterfeits any obligation or coupon, in imitation of or purporting to be an obligation or coupon
issued by the Corporation, or (2) passes, utters, or publishes, or attempts
to pass, utter, or publish, any false, forged, or counterfeited obligmtfon or
coupon purporting to have been issued by the Corporation, knowing the
same to be false, forged, or counterfeited, or (3) falsely alters any obligation or coupon issued or purporting to have been issued by the Corporation,
or (4) passes, utters, or publishes, or attempts to pass, utter, or publish,
Volume 136
Financial Chronicle
as true, any falsely altered or spurious obligation or coupon, issued or put.
porting to have been issued by the Corporation, knowing the same to be
falsely altered or spurious, shall be punished by a fine of not more than
$10,000 or by imprisonment for not more than five years, or both.
"(s) Whoever, being connected in any capacity with the Corporation,
(1) embezzles, abstracts, purloins, or willfully misapplies any moneys,
funds, securities, or other things of value, whether belonging to it or
pledged, or otherwise intrusted to it, or (2) with intent to defraud the
corporation or any other body, politic or corporate, or any individual, or
to deceive any officer, auditor, or examiner of the corporation, makes any
false entry in any book, report, or statement of or to the Corporation, or
without being duly authorized draws any order or issues, puts
forth
or assigns any note, debenture, bond, or other such obligation,
or draft, bill
of exchange, mortgage, judgment, or decree thereof,
shall be punished
by a fine of not more than $10,000 or by imprisonment for
not more
than five years, or both.
"(t) No individual, association, partnership, or corporation
shall use the
words 'Federal Liquidating Corporation,' or a combination
of these three
words, as the name or a part thereof under which he or it shall
do business.
Every individual, partnership, association, or corporation
violating this
subdivision shall be punished by a fine of not exceeding $1,000
or by imprisonment not exceeding one year, or both.
"(u) The provisions of Sections 112, 113, 114, 115, 116,
and 117 of
the Criminal Code of the United States (U. S. C., title 18, Ch. 5,
Secs.
202 to 207, inclusive), in so far as applicable, are extended to apply
to
contracts or agreements with the Corporation under this section, which
for the purposes hereof shall be held to include loans, advances, extensions,
and renewals thereof, and acceptances, releases, and substitutions
of
security therefor, purchases or sales of assets, and all contracts and
agreements pertaining to the same.
"(v) The Secret Service Division of the Treasury Department is authorized to detect, arrest, and deliver into the custody of the United
States
Marshal having jurisdiction any person committing any of the offenses
punishable under this section."
Sec. 8. The seventh paragraph of Section 13 of the Federal Reserve
Aa, as amended, is amended to read as follows:
"Any Federal Reserve bank may make advances to its member banks
on their promissary notes for a period not exceeding 15 days at rates to be
established by such Federal Reserve bank, subject to the review and
determination of the Federal Reserve Board, provided such promissory
notes are secured by such notes, drafts, bills of exchange, or bankers'
acceptances as are eligible for rediscount or for purchase by Federal
Reserve banks under the provisions of this Act, or by the deposit or
pledge of bonds or notes of the United States. If any member bank
to
v.hich any such advance has been made shall, during the life or
continuance of such advance, and despite an official warning of the
Reserve
bank of the district or of the Federal Reserve Board to the contrary,
increase its outstanding loans secured by collateral in the form of
stocks,
bonds, debentures, or other such obligations, or loans made
to members of
any organized stock exchange, investment house, or dealer in
seurities,
upon any obligation, note, or bill, secured or unsecured, for the
purpose
of purchasing and/or carrying stocks, bonds, or other investment
securities
(except obligations of the United States) such advance shall be
deemed
immediately due and payable, and such member bank shall be
ineligible
as a borrower at the Reserve bank of the district under the
provisions
of this paragraph for such period as the Federal Reserve Board
shall
determine."
Sec. 9. Section 14 of the Federal Reserve Act, as
amended, is
amended by adding at the end thereof the following new paragraphs:
"(g) The Federal Reserve Board shall exercise special
supervision over
all relationships and transactions of any kind entered into
by any Federal
Reserve bank with any foreign bank or banker, or with any
group of
foreign banks or bankers, and all such relationships and
transactions
shall be subject to such regulations, conditions, and limitations
as the
Board may prescribe. No officer or other representative
of any Federal
Reserve bank shall conduct negotiations of any kind with
the officers or
representatives of any foreign bank or banker without
first obtaining
the permission of the Federal Reserve Board. The
Federal Reserve Board
shall have the right, in its discretion, to be represented
in any conference
or negotiations by such representative or
representatives as the Board may
designate. A full report of all conferences or
negotiations, and all understandings or agreements arrived at or transactions
agreed upon, and all
other material facts appertaining to such
conferences or negotiations, shall
be filed with the Federal Reserve Board in
writing by a duly authorized
officer of each Federal Reserve bank which shall
have participated in such
conferences or negotiations."
Sec. 10. Section 19 of the Federal Reserve Act,
as amended, is amended
by inserting after the sixth paragraph thereof the
following new paragraph:
"No member bank shall act as the medium or
agent of any nonbanking
corporation, partnership, association, business
trust, or individual in
making loans on the security of stocks, bonds, and other
investment securities to brokers or dealers in stocks, bonds, and other
investment securities.
Every violation of this provision by any member bank
shall be punishable
by a fine of not more than $100 per day during the
continuance of such
violation; and such fine may be collected, by suit or
otherwise, by the
Federal Reserve bank of the district in which such member
bank is
located."
Sec. 11. Section 22 of the Federal Reserve Act, as amended, is
further
amended by adding at the end thereof two new subsections (g)
and (h),
reading as follows:
"(g) No executive officer of any member bank shall borrow
from or
otherwise become indebted to any member bank of which
he is an
executive officer, and no member bank shall make any loan or
extend
credit in any other manner to any of its own executive officers.
If any
executive officer of any member bank borrow from or if he be
or become
Indebted to any bank other than a member bank of which he is
an
executive officer, he shall make a written report to the Chairman
of
the Board of Directors of the member bank of Nvii ch he is an executive
officer, stating the date and amount of such loan or indebtedness, the
security therefor, and the purpose for which the proceeds have been or
are to be used. Any executive officer of any member bank violating the
provisions of this subsection shall be deemed guilty of a misdemeanor and
shall be imprisoned not exceeding one year or fined not more than $5,000,
or both ; and any member bank violating the provisions of this subsection
shall be fined not more than $10,000 and may be fined a further sum
equal to the amount so loaned or credit so extended.
"(h) If a spouse, a brother, or a sister, a lineal ancestor, or a direct
descendant of an executive officer of any member bank borrow from
or if he or she be or become indebted to such member bank, such executive
officer shall make a written report to the Chairman of the Board of
Directors of the member bank of which he is an executive officer, stating
the date and amount of such loan or indebtedness, the security therefor
and the purpose for which the proceeds have been or are to be used. Any
943
executive officer of any member bank violating the provisions of this
subsection shall be deemed guilty of a misdemeanor and shall be imprisoned
not exceeding one year or fined not more than $5,000, or both."
Sec. 12. The Federal Reserve Act, as amended, is amended by inserting
between Sections 23 and 24 thereof the following new section:
"Sec. 23A. No member bank shall (1) make any loan or any extension
of credit to, or purchase securities under repurchase agreement from, any
of its affiliates, cu (2) invest any of its funds in the capital stock, bonds,
debentures, or other such obligations of any such affiliate, or (3) accept
the capital stock, bonds, debentures, or other such obligations of any
such affiliate as collateral security for advances made to any person, partnership, association, or corporation, if, in the case of any such affiliate,
the aggregate amount of such loans, extensions of credit, repurchase agreements, investments, and advances against such collateral security will
exceed 10 per centum of the capital stock and surplus of such member
bank, or if, in the case of all such affiliates, the aggregate amount of
such loans, extensions of credits, repurchase agreements, investments and
advances against such collateral security will exceed 20 per centum of the
capital stock and surplus of such member bank.
"Within the foregoing limitations, each loan or extension of credit of
any kind or character to an affiliate shall be secured by collateral in
the form of stocks, bonds, debentures, or other such obligations having
a market value at the time of making the loan or extension of credit of at
least 20 per centum more than the amount of the loan or extension of
credit, or of at least 10 per centum more than the amount of the loan or
extension of credit if it is secured by obligations of any State, or of
any political subdivision or agency thereof: Provided, That the provisions
of this paragraph shall not apply to loans or extensions of credit secured
by obligations of the United States Government, the Federal Intermediate
Credit banks, or the Federal Land banks, or by such notes, drafts, bills of
exchange, or bankers' acceptances as are eligible for rediscount or for
purchase by Federal Reserve banks. A loan or extension of credit to a
director, officer, clerk, or other employee or any representative of any
such affiliate shall be deemed a loan to the affiliate to the extent that
the proceeds of such loan are used for the benefit of, or transfer to, the
affiliate.
"For the purposes of this section the term 'affiliate' shall include holding
company affiliates as well as other affiliates, and the provisions of this
section shall not apply to any affiliate (1) engaged solely in holding the
bank premises of the member bank with winch it is affiliated, (2) engaged
solely in conducting a safe-deposit business or the business of an agricultural credit corporation or livestock loan company, (3) in the capital
stock of which a national banking association is authorized to invest
pursuant to Section 25 of the Federal Reserve Act, as amended, or (4)
organized under Section 25 (a) of the Federal Reserve Act, as amended;
but as to any such affiliate, member banks shall continue to be subject
to other provisions of law applicable to loans by such banks and investments by such banks in stocks, bonds, debentures, or other such
obligations."
Sec. 13. The Federal Reserve Act, as amended, is amended by inserting
between Section 24 and Section 25 thereof the following new section:
"Sec. 24A. Hereafter no National bank, without the approval of the
Comptroller of the Currency, and no State member bank, without the
approval of the Federal Reserve Board, shall (1) invest in bank premises,
or in the stock, bonds, debentures, or other such obligations of any
corporation holding the premises of such bank, or (2) make loans to or
upon the security of the stock of any such corporation, if the aggregate
of all such investments and loans will exceed the amount of the capital
stock of such bank."
Sec. 14. The Federal Reserve Act, as amended, is further amended by
inserting after Section 25 (a) thereof the following new section:
"Sec. 25. (b) Notwithstanding any other provision of law all suits
of a civil nature at common law or in equity to which any corporation
organized under the laws of the United States shall be a party, arising
out of transactions involving international or foreign banking, or banking
in a dependency or insular possession of the United States, or out of other
international or foreign financial operations, either directly or through
the agency, ownership, or control of branches or local institutions in
dependencies or insular possessions of the United States or in foreign
countries, shall be deemed to arise under the laws of the United States,
and the district courts of the United States shall have original jurisdiction
of all such suits; and any defendant in any such suit may, at any time
before the trial thereof, remove such suits from a State court into the
District court of the United States for the proper district by following the
procedure for the removal of causes otherwise provided by law."
Sec. 15. Paragraph "Seventh" of Section 5136 of the Revised Statutes,
as amended, is amended to read as follows:
"Seventh. To exercise by its Board of Directors or duly authorized
officers or agents, subject to law, all such incidental powers as shall be
necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of
debt ; by receiving deposits; by buying and selling exchange, coin, and
bullion; by loaning money on personal security; and by obtaining, issuing,
and circulating notes according to the provisions of this title; and generally
by engaging irs all forms of banking business and undertaking all types
of banking transactions that may, by the laws of the State in which such
bank is situated, be permitted to banks of deposit and discount organized
and incorporated under the laws of such State, except in so far as they
may be forbidden by the provisions of any Act of Congress. The business
of dealing in investment securities by the association shall be limited to
purchasing and selling such securities without recourse, solely upon the
order, and for the account of, customers, and in no case for its own
account, and the association shall not underwrite any issue of securities:
Provided, That the association may purchase for its own account investment securities under such limitations and restrictions as the Comptroller
of the Currency may by regulation prescribe, but in no event (1) shall
the total amount of any issue of investment securities of any one obligor
or maker purchased after this section as amended takes affect and held
by the association for its own account exceed at any time 10 per centum
of the total amount of such issue outstanding, but this limitation shall
not apply to any such issue the total amount of which does not exceed
$100,000 and does not exceed 50 per centum of the capital of the association, nor (2) shall the total amount of the investment securities of any
one obligor or maker purchased after this section as amended takes effect
and held by the association for its own account exceed at any time 15 per
centum of the amount of the capital stock of the association actually paid
In and unimpaired and 25 per centum of its unimpaired surplus fund. As
used in this section the term 'investment securities' shall mean marketable
obligations evidencing indebtedness of any person, co-partnership, association, or corporation in the form of bonds, notes and/or debentures commonly known as investment securities under such further definition of
the term 'investment securities' as may by regulation be prescribed by
the Comptroller of the Currency. Except as hereinafter provided or other-
944
Financial Chronicle
wise permitted by law, nothing herein contained shall authorize the purchase by the association of any shares of stock of any corporation. The
limitations herein contained as to investment securities shall not apply to
obligations of the United States, or obligations of any State or of any
political subdivision thereof, or obligations issued under authority of the
Federal Farm Loan Act, as amended: Provided, That in carrying on the
business commonly known as the safe-deposit business the association shall
not invest in the capital stock of a corporation organized under the law
of any State to conduct a safe-deposit business in an amount in excess
of 15 per centum of the capital stock of the association actually paid in
and unimpaired and 15 per centum of its unimpaired surplus."
This section shall take effect five years after the date of the approval
of this Act.
Sec. 16. (a) Section 5138 of the Revised Statutes, as amended, is
amended to read as follows:
"Sec. 5138. After this section as amended takes effect, no National banking association shall be organized with a less capital than $100,000, except
that such associations with a capital of not less than $50,000 may be
organized in any place the population of which does not exceed six
No such association shall be organized in a city
thousand inhabitants
the population of which exceeds fifty thousand persons with a capital of
less than $200,000, except that in the outlying districts of such a city
where the State laws permit the organization of State hanks with a capital
of $100,000 or less, National banking associations now organized or
hereafter organized may, with the approval of the Comptroller of the
Currency, have a capital of not less than $100,000."
(b) The tenth paragraph of Section 9 of the Federal Reserve Act, as
amended, is amended as read as follows:
"No applying bank shall be admitted to membership in a Federal
Reserve bank unless it possesses a paid-up unimpaired capital sufficient
to entitle it to become a National banking association in the place where
it is situated under the provisions of the National Bank Act, as
amended."
Sec. 17. Section 5139 of the Revised Statutes, as amended, is amended
by adding at the end thereof the following new paragraph;
"After five years from the date of the enactment of the Banking Act of
1933, no certificate representing the stock of any such association shall
represent the stock of any other corporation, except a member bank, nor
shall the owner.hip, sale, or transfer of any certificate representing the
stock of any such association be conditioned in any manner whatsover
upon the ownership, sale, or transfer of a certificate representing the stock
of any other corporation, except a member bank."
Sec. 18. Section 5144 of the Revised States, as amended, is amended
to read as follows:
"Sec. 5144. In all elections of directors and in deciding all questions
at meetings of shareholders, each shareholder shall be entitled to one vote
on each share of stock held by him; except (1) the shares of its own
stock held by a National bank as trustee shall not be voted, and (2) shares
controlled by any holding company affiliate of a National bank shall not
be voted unless such holding company affiliate shall have first obtained
a voting permit as hereinafter provided, which permit is in force at the
time such shares are voted. Shareholders may vote by proxies duly
authorized in writing; but no officer, clerk, teller, or bookkeeper of such
bank shall act as proxy; and no shareholder whose liability is past due
and unpaid shall be allowed to vote.
"For the purposes of this section shares shall be deemed to be controlled
by a holding company affiliate if they are owned or controlled directly
or indirectly by such holding company affiliate, or held by any trustee
for the benefit of the shareholders or members thereof.
"Any such holding company affiliate may make application to the
Federal Reserve Board for a voting permit entitling it to cast one vote
at all elections of directors and in deciding all questions at meetings of
shareholders of such bank on each share of stock controlled by it or
authorizing the trustee or trustees holding the stock for its benefit or for
the benefit of its shareholders so to vote the same. The Federal Reserve
Board may, in its discretion, grant or withhold such permit as the public
interest may require. In acting upon such application, the Board shall
consider the financial condition of the applicant, the general character
of its management, and the probable effect of the granting of such permit
upon the affairs of such bank, but no such permit shall be granted except
upon the following conditions:
"(a) Every such holding company affiliate shall, In making the application for such permit, agree (1) to receive, on dates identical with those
fixed for the examination of banks with which it is affiliated, examiners
duly authorized to examine such banks, who shall make such examinations of such holding company affiliate as shall be necessary to disclose
fully the relations between such banks and such holding company affiliate
and the effect of such relations upon the affairs of such banks, such examinations to be at the expense of the holding company affiliate so examined;
(2) that the reports of such examiners shall contain such information as
shall be necessary to disclose fully the relations between such affiliate and
such banks and the effect of such relations upon the affairs of such banks;
(3) that such examiners may examine each bank owned or controlled by
the holding company affiliate, both individually and in conjunction with
other banks owned or controlled by such holding company affiliate; and
(4) that publication of individual or consolidated statements of condition
of such banks may be required;
"(b) After five years after the enactment of the Banking Act of 1933,
every such holding company affiliate (1) shall possess, and shall continue to possess during the life of such permit, free and clear of any
lien, pledge, or hypothecation of any nature, readily marketable assets other
than bank stock in an amount not less than 12 per centum of the aggregate
par value of all bank stocks controlled by such holding company affiliate,
which amount shall be increased by not less than 2 per centum per annum
of such aggregate per value until such assets shall amount to 25 per
centum of the aggregate par value of such bank stocks; and (2) shall
reinvest in readily marketable assets other than bank stock all net
earnings over and above 6 per centum per annum on the book value of
its own shares outstanding until such assets shall amount to such 25 per
centum of the aggregate par value of all bank stocks controlled by It;
"(c)Notwithstanding the foregoing provisions of this section, after five
years after the enactment of the Banking Act of 1933, (I) any such holding
company affiliate the shareholders or members of which shall be individually and severally liable in proportion to the number of shores of
such holding company affiliate held by them respectively, In addition
to amounts invested therein, for all statutory liability imposed on such
holding company affiliate by reason of its control of shares of stock of
banks, shall be required only to establish and maintain out of net
earnings over and above 6 per centum per annum on the book value of its
own shares outstanding a reserve of readily marketable assets in an
amount not less than 12 per centum of the aggregate par value of bank
etocks controlled by It, and (2) the assets required by this section to be
possessed by such holding company affiliate may be used by it for replace-
Feb. 11 1933
ment of capital in banks affiliated with it and for losses incurred in such
banks, but any deficiency in such assets resulting from such use shall
be made up within such period as the Federal Reserve Board may by
regulation prescribe;
"(d) Every officer, director, agent, and employee of every such holding
company offiliate shall be subject to the same penalties for false entries
in any book, report, or statement of such holding company affiliate as are
applicable to officers, directors, agents, and employees of member banks
under Section 6209 of the Revised Statutes, as amended; and
"(e) Every such holding company affiliate shall, in its application for
such voting permit, (1) show that it does not own, control, or have any
interest in, and is not participating in the management or direction of, any
corporation, business trust, association, or other similar organization
formed for the purpose of, or engaged principally in, the issue, flotation,
underwriting, public sale, or distribution, at wholesole or retail or through
syndicate participation, of stocks, bonds, debentures, notes, or other
securities of any sort (hereinafter referred to as securities company);
(2) agree that during the period that the permit remains in force it will
not acquire any ownership, control, or interest in any such securities
company or participate in the management or direction thereof ; (3) agree
that if, at the time of filing the application for such permit, it owns,
controls, or has on interest in, or is paticipating in the management or
direction of, any such securities company, it will, within five years after the
filing of such application, divest itself of its ownership, control, and
Interest in such securities company and will cease participating In the
management or direction thereof, and will not thereafter, during the
period that the permit remains in force, acquire any further ownership,
control, or interest in any such securities company or participate in the
management or direction thereof; and (4) agree that thenceforth it will
declare dividends only out of actual net earnings.
"If at any time it shall appear to the Federal Reserve Board that any
holding company affiliate has violated any of the provisions of the
Banking Act of 1933 or of any agreement made pursuant to this section,
the Federal Reserve Board may, in its discretion, revoke any such
voting permit after giving 60 days' notice by registered mail of its intention to the holding company affiliate and affording it an opportunity to be
heard. Whenever the Federal Reserve Board shall have revoked any such
voting permit, no National bank whose stock is controlled by the holding
company affiliate whose permit is so revoked shall receive deposits of
public moneys of the United States, nor shall any such National bank pay
any further dividend to such holding company affiliate upon any shares of
such bank controlled by such holding company affiliate.
"Whenever the Federal Reserve Board shall have revoked any voting
permit as hereinbefore provided, the rights, privileges, and franchises of
any or all National banks the stock of which is controlled by such holding
company affiliate shall, in the discretion of the Federal Reserve Board, be
subject to forfeiture in accordance with Section 2 of the Federal Reserve
Act, as amended."
Sec. 19. After five years from the date of the enactment of this Act, no
member bank shall be affiliated in any manner described in Section 2 (b)
hereof with any corporation, association, business trust, or other similar
organization engaged principally in the issue, flotation, underwriting,
public sale, or distribution at wholesale or retail or through syndicate
participation of stocks, bonds, debentures, notes, or other securities.
For every violation of this section the member bank involved shall be
subject to a penalty not exceeding $1,000 per day for each day during
which such violation continues. Such penalty may be assessed by the
Federal Reserve Board, in its discretion, and, when so assessed, may be
collected by the Federal Reserve bank by suit or otherwise.
If any such violation shall continue for six calendar months after the
member bank shall have been warned by the Federal Reserve Board to
discontinue the same, (a) in the case of a National bank, all the rights,
privileges, and franchises granted to it under the National Bank Act may
be forfeited in the manner prescribed in Section 2 of the Federal Reserve
Act, as amended, or, (b) in the case of a State member bank, all of its
rights and privileges of membership in the Federal Reserve System may
be forefeited in the manner prescribed In Section 9 of the Federal Reserve
Act, as amended.
Sec. 20. Paragraph (c) of Section 5155 of the Revised Statutes, as
amended, is amended to read as follows:
"(e) A national banking association may, with the approval of the
Comptroller of the Currency, establish and operate new branches within
the limits of the city, town, or village, or at any point within the State
In which said association is situated, if such establishment and operation
are at the time expressly authorized to State banks by the law of the
State in question and subject to the restrictions as to location Imposed
by the law of the State on State banks. No such association shall
establish a branch outside of the city, town, or village in which it Is
situated unless it has a paid-in and unimpaired capital stock of not less
than $500,000: Provided, That in States with a population of less than
one million, and which have no cities located therein with a population
exceeding one hundred thousand, the capital shall be not less than
$250,000."
Paragraph (d) of Section 5155 of the Revised Statutes, as amended,
Is amended to read as follows:
"(d) The aggregate capital of every national banking association and
Its branches shall at no time be less than the aggregate minimum capital
required by law for the establishment of an equal number of national
banking associations situated in the various places where such association
and its branches are situated."
Sec. 21. Sections 1 and 3 of the Act entitled "An Act to provide for the
consolidation of national banking associations," approved Nov. 7 1918, as
amended, are amended by striking out the words "county, city, town, or
village" wherever they occur in each such section, and inserting in lieu
thereof the words "State, county, city, town, or village."
Sec. 22. The first two sentences of Section 5197 of the Revised Statutes
are amended to read as follows:
"Any association may take, receive, reserve, and charge on any loan
or discount made, or upon any notes, bills of exchange, or other evidences
of debt, interest at the rate allowed by the laws of the State, Territory,
or District where the bank is located, or at a rate of 1 per centum in
excess of the discount rate on 90-day commercial paper in effect at the
Federal Reserve bank in the Federal Reserve district where the bank is
located, whichever may be the greater, and no more, except that where
by the laws of any State a different rate is limited for banks organized
under State laws, the rate so limited shall be allowed for associations
organized or existing in any such State under this title. When no rate is
fixed by the laws of the State, or Territory, or District, the bank may
take, receive, reserve, or charge a rate not exceeding 7 per centum. or 1 per
centum in excess of the discount rate on 90-day commercial paper in effect
at the Federal Reserve bank in the Federal Reserve district where the
bank is located, whichever may be the greater, and such interest may be
Volume 136
Financial Chronicle
taken in advance, reckoning the days for which the note, bill, or other
evidence of debt has to run."
Sec. 23. The second sentence of the first paragraph of Section 6200 of
the Revised Statutes, as amended, is amended by inserting before the period
at the end thereof the following: "and shall include in the case of obligations of a corporation all obligations of all subsidiaries thereof in which
such corporation owns or controls a majority interest."
Sec. 24. Section 5211 of the Revised Statutes, as amended, is amended
by adding at the end thereof the following new paragraph:
"Each national banking association shall obtain from each of its
affiliates other than member banks and furnish to the Comptroller of the
Currency not less than three reports during each year, in such form as the
Comptroller may prescribe, verified by the oath or affirmation of the
President or such other officer as may be designated by the Board of
Directors of such affiliate to verify such reports, disclosing the information
hereinafter provided for as of dates identical with those for which
the
Comptroller shall during such year require the reports of the condition
of the association. For the purpose of this section the term 'affiliate'
shall include holding company affiliates as well as other affiliates. Each
such report of an affiliate shall be transmitted to the Comptroller
at the
same time as the corresponding report of the association, except
that
the Comptroller may, in his discretion, extend such time for good cause
shown. Each such report shall contain such information as in the
judgment of the Comptroller of the Currency shall be necessary to disclose
fully the relations between such affiliate and such bank and to enable
the Comptroller to inform himself as to the effect of such relations upon
the affairs of such bank. The reports of such affiliates shall be published
by the association under the same conditions as govern its own condition
reports. The Comptroller shall also have power to call for additional
reports with respect to any such affiliate whenever in his judgment the
same are necessary in order to obtain a full and complete knowledge
of
the conditions of the association with which it is affiliated. Such additional
reports shall be transmitted to the Comptroller of the Currency in such
form as he may prescribe. Any such affiliated bank which fails to obtain
and furnish any report required under this section shall be subject to a
penalty of $100 for each day during which such failure continues."
Sec. 25. (a) The first paragraph of Section 6240 of the Revised Statutes,
as amended, is amended by inserting before the period at the end thereof a
colon and the following proviso: "Provided, That in making the examination of any National bank the examiners shall include such an examination of the affairs of all its affiliates other than member banks as shall
be necessary to disclose fully the relations between such bank and such
affiliates and the effect of such relations upon the affairs of such bank;
and in the event of the refusal to give any information required in the
course of the examination of any such affiliate, or in the event of the
refusal to permit such examination, all the rights, privileges, and franchises of the bank shall be subject to forfeiture in accordance with
Section 2 of the Federal Reserve Act, as amended. The Comptroller of
the Currency shall have power, and he is hereby authorized, to publish
the report of his examination of any national banking association or
affiliate width shall not within one hundred and twenty days
after
notification of the recommendations or suggestions of the Comptroller,
based on said examination, have complied with the same to his satisfaction.
Ninety days' notice prior to such publicity shall be given to the bank
or
affiliate."
(b) Section 6240 of the Revised Statutes, as amended, is
further
amended by adding after the first paragraph thereof the following
new
paragraph:
"The examiner making the examination of
any affiliate of a National
bank shall have power to make a thorough examination of all the affairs
of
the affiliate, and in doing so he shall have power to administer
oaths and
to examine any of the officers, directors, employees, and
agents thereof
under oath and to make a report of his findings
to the Comptroller of the
Currency. The expense of examinations of such affiliates
may be assessed
by the Comptroller of the Currency upon the affiliates examied
in proportion to assets or resources held by the affiliates upon
the dates of
examinction of the various affiliates
. If any such affiliate shall refuse
to pay such expenses or shall fail to do so within 60 days
after the date
of such assessment, then such expenses may be
assessed against the
affiliated National bank, and, when so assessed, shall
be paid by such
National bank: Provided, however, That, if the
affiliation is with two or
more National banks, such expenses may be assessed
against, and collected
from, any or all of such National banks
in such proportions as the
Comptroller of the Cureney may prescribe.
If any affiliate of a National
bank shall refuse to permit an examiner to make
an examination of the
affiliate or shall refuse to give any information
required in the course of
ally such mmination, the National bank with
which it is affiliated shall
be sub.:ect to a penalty of not mere than $100 for each
day that any
such refusal shall continue. Such penalty may be assessed
by the
Comptroller of the Currency and collected in
the same manner as expenses
of examinations."
Sec. 26. In any case in which, in the
opinion of the Comptroller of the
Currency, it would be to the advantage of the depositors and
unsecured
creditors of any national banking association whose business has
been
closed, for such association to resume business upon the retention by
the
association, for a reasonable period to be prescribed by the
Comptroller,
of all or any part of its deposits, the Comptroller is authorized, in his
discretion, to permit the association to resume business if depositors and
unsecured creditors of the association representing at least 85 per centum
of its total deposit and unsecured credit liabilities consent in writing to
such retention of deposits. Nothing in this section shall be construed
to affect In any manner any powers of the Comptroller under the
provisions of law in force on the date of enactment of this Act with
respect to the reorganization of national banking associations.
Sec. 27. Whenever, in the opinion of the Comptroller of the Currency,
any director or officer of a National bank, or of a bank or trust company
doing business in the District of Columbia, or whenever, in the opinion
of a Federal Reserve Agent, any director or officer of a State member
bank in his district shall have continued to violate any law relating to
such bank or trust company or shall have continued unsafe or unsound
practices in conducting the business of such bank or trust company, after
having been warned by the Comptroller of the Currency or the Federal
Reserve Agent, as the case may be, to discontinue such violations of law
or such unsafe or unsound practices, the Comptroller of the Currency or
the Federal Reserve Agent, as the case may be, may certify the facts
to the Federal Reserve Board. in any such case the Federal Reserve
Board may cause notice to be served upon such director or officer to
appear before such Board to show cause why he should not be removed
from office. A copy of such order shall be sent to each director of the
bank affected, by registered mail. If after granting the accused director
or officer a reasonable opportunity to be heard, the Federal Reserve
Board finds that he has continued to violate any law relating to such
bank or trust company or has continued unsafe or unsound practices
945
in conducting the business of such bank or trust company after having
been warned by the Comptroller of the Currency or the Federal Reserve
Agent to discontinue such violation of law or such unsafe or unsound
practices, the Federal Reserve Board, in its discretion, may order that
such director or officer be removed from office
. A copy of such order
shall be served upon such director or officer. A copy of such order shall
also be served upon the bank of which he is a director or officer, whereupon
such director or office shall cease to be a director or officer of such bank:
Provided, That such order and the findings of fact upon which it is based
shall not be made public or disclosed to anyone except the director or
officer involved and the directors of the bank involved, otherwise than in
connection with proceedings for a violation of this section. Any such
director or officer removed from office as herein provided who thereafter
participates in any manner in the management of such bank shall be
fined not more than $5,000 or imprisoned for not more than five years,
or both, in the discretion of the court.
Sec. 28. The right to alter, amend, or repeal this Act is hereby expressly
reserved. If any provision of this Act, or the application thereof to any
person or circumstances, is held invalid, the remainder of the Act, and
the application of such provision to other persons or circumstances, shall
not be affected thereby.
Passed the Senate Jan. 10 (calendar day, Jan. 25) 1933.
Total Subscriptions of $7,802,843,600-Received to Offering of $250,000,000 or Thereabouts of Five-year
2% Treasury Notes—Subscriptions Accepted
$277,516,600.
Secretary of the Treasury Mills announced on Feb. 4
final subscription and allotment figures with respect to the
Feb. 1 offering of 2%% Treasury notes of series A-1938,
offered to the amount of $250,000,000 or thereabouts on
Jan. 22. Total cash subscriptions received (allotted on a
graduated scale) $7,678,922,700; total exchange subscriptions received (allotted 62%) $123,920,900; total subscriptions received $7,802,843,600, and total subscriptions allotted, $277,516,600. The latter figure includes $76,852,000
allotted on $123,920,900 exchange subscriptions.
The offering was referred to in our issue of Jan. 28, page
598, and as was indicated therein the notes were designed in
part to meet $144,372,000 of 3
certificates maturing
Feb. 1 and $13,000,000 in interest payments on the public
debt due and payable Feb. 1. From the Washington advices Feb.3 to the New York "Times" we quote the following:
Subscriptions from the New York Reserve District amounted to 33.894.975,000. Subscriptions in payment of which maturing certificates were
tendered amounted to $104,394.000. and cash subscriptions $3,999,279.900.
The amount allotted the District was $160,572,600.
For other Federal Reserve districts the figures were:
Total Cash
Total Sub.
Total Sub,
District—
Sub. Received,
Received.
Allotted.
Boston
$576,281.700
3580.813,700
822.302.100
Philadelphia
728.204,600
728,938,100
17.362.000
Cleveland
494.418.000
495.648,000
12,735.500
Richmond
132,180.600
133,915.100
5.860.100
Atlanta
433,652.000
433.890.500
13.283.400
Chicago
568,336,000
573,190,500
19.582.500
St. Louis
112.913.500
113.204,000
3.604.500
Kansas City
62.421.100
62.922.100
1.976.400
Minneapolis
34,258,200
35,266,700
1,735.700
Dallas
132,800,400
132.878.400
3,701,400
San Francisco
507,451.100
14,705 300
511,766,100
Treasury
95.100
1.030.500
1.130.500
537.678,922.700
* Includes Second District totals.
.$7.802,843,600
*$277.516.600
Tenders of $234,790,000 Received to Offering of $75,000,000 or Thereabouts of 91-day Treasury Bills
Dated Feb. 8—Bids Accepted $75,228,000—Average
Price 0.18%.
Tenders of $234,790,000 were received to the offering of
$75,000,000 or thereabouts of 91-day Treasury bills dated
Feb. 8, to which we referred in our issue of Feb. 4, page 753.
The amount of bids accepted was $75,228,000; the average
price of bills to be issued is 99.955, the average rate on a
bank discount basis being about 0.18%. This was also the
average price of the last previous issue (an offering of $80,000,000 or thereabouts), noted in these columns Jan. 28,
page 599. Secretary Mills' announcement of the results
of the $75,000,000 offering of bills dated Feb. 8 follows:
Secretary ot the Treasury Mills announced to-day that the tenders .or
$75.000,000, or thereabouts. of 91-day Treasury bills, dated Feb. 8 1933,
and maturing May 10 1933, which were °tiered on Feb 2, were
opened
at the Federal Reserve banks on Feb. 6.
The total amount applied for was 3231.790.000. The highest bid made
was 99.975, equivalent to an interest rate of about 0.10% on an annual
basis. The lowest bid accepted was 99.950, equivalent to an interest
rate of about 0.20% on an annual basis. Only part of the amount
bid for
at the latter price was accepted. The total amount of bids accepted was
375.228.000. The average price of Treasury bills to be issued is 99.955.
The average rate on a bank discount basis is about 0.18%.
1 Offering of $75,000,000 or Thereabouts of 91-day
.
Treasury Bills Dated Feb. 15 1933.
A new issue of 91-day Treasury bills to the amount
of
$75,000,000 or thereabouts was made public on Feb. 8 by
Secretary of the Treasury Mills. The new bills, which
will be dated Feb. 15 and mature May 17 1933, will be
used
to retire a block of $75,480,000 maturing bills. Tenders
were received at the Federal Reserve banks or their branches
946
Financial Chronicle
up to 2 p. m. Eastern standard time yesterday (Feb. 10).
On the maturity date of the new issue, the face amount
will be payable without interest. They will be issued in
bearer form only, and in amounts or denominations of
$1,000, $10,000, $100,000, $500,000 and $1,000,000 (maturity value). In.his announcement, Secretary Mills said
In part:
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on
the basis of 100, with not more than three decimal places. e. g.. 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Feb. 10 1933.
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof.
Payments at the price offered for Treasury bills allotted must be made
at the Federal Reserve banks in cash or other immediately available .unds
on Feb. 15 1933.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction,
imor otherwise recognized, for the purposes of any tax now or hereafter
posed by the United States or any of its possessions.
Ogden L. Mills, Secretary of the Treasury, announced
yesterday that the tenders had totaled $281,122,000. The
highest bid made was 99.975, equivalent to an interest rate
of about 0.10% on an annual basis. The lowest bid accepted
was 99.938, equivalent to an interest rate of about 0.25%
on an annual basis. Only part of the amount bid for at the
latter price was accepted. The total amount of bids accepted
was $75,202,000. The average price of Treasury bills to be
issued is 99.942, and the average rate on a bank discount
basis is about 0.23%.
Representative Hull Proposes Constitutional Amendment to Bar Issuance of Tax-Exempt Federal,
State or City Bonds—War Exception Provided—
Outstanding Issues Not Affected.
A constitutional amendment to bar the issuance of taxexempt securities by Federal, State or local governments
was proposed in a joint resolution introduced by Senator
Hull of Tennessee on Feb. 8. From a Washington dispatch
that date to the New York "Times" we quote:
Under the amendment such issues hereafter would be completely forbidden, except that Congress might authorize tax-exempt obligations in
war-time.
Tax-exempt issues outstanding at the time the amendment was ratified
would retain their status.
The proposed amendment reads:
"Income derived from securities issued and from salaries and fees paid
by or under the authority of the United States or any State may be included
in any tax on incomes levied by the United States or in any tax on incomes
of its residents levied by any State, except to the extent that, prior to the
ratification of this article,incomefrom any such securities has been exempted
from taxation at the time of their issuance by the Government issuing or
authorizing them; provided that the Congress may exempt from any such
tax. Federal. State or local, for a period not exceeding five years, income
from any securities hereafter issued under the exigencies of war."
$36,000.000.000 Outstanding.
To illustrate new revenue which would be available, Senator Hull said
that there are now outstanding about $36,000.000,000 worth of Federal,
State and local securities "largely exempt from all taxation."
"The United States ought not to contract away its power to tax wealth
by tax-exemptions," Senator Hull said. "It is unwise to create a class in
this country which cannot be reached for tax purposes. Such policy is
utterly inconsistent and at war with any system of graduated income
surtaxes. and it would ultimately destroy the latter.
"In the event of war it would be an unspeakable tragedy for the nation
to have locked up in tax-exempt securities $40,000,000,000 to $75,000.000.000 owned by a privileged class, which could not be reached even for
the most urgent and emergency war tax."
Mr. Hull said it was impracticable to undertake to compute the net
difference between the amount of revenue derived from the surtax on
bonds and the saving in reduced interest from tax-exempt bonds.
"Our tax-exempt policy, Federal, State and local," he declared. "has
not only encouraged extravagant expenditures and unnecessary increases
of debt. but it is driving the nation into a condition wherein there is gradually
arising a great idle class living on tax-exempt Incomes."
Describes Technical Side.
The technical side of his plan was explained as follows by Senator Hull;
"There can, of course, be no contractual exemption without a contract.
"Broadly speaking, there are three classes of cases to be considered:
"The first is where an act authorizing obligations declares that they
shall be exempt from taxation. This is the practice used in authorizing
certain of our Liberty bonds and Treasury certificates.
"The second is where, at the time of the issuance of obligations, there
is a general act providing that obligations of the kind issued shall be exempt
from taxation. This class Is frequent in State legislation.
"The third class is where, at the time of the issuance, obligations of the
kind are not expressly named, or are even expressly excepted, without
being declared exempt. This class is relatively rare under our modern
statutes.
"In the first class the contract is clear. In the second class there is
probably a contractual exemption, depending upon the precise wording
Feb. 11 1933
and intent of the law. In the third class there is no contract, as it Is neither
expressed nor intended.
Doubts Change in Value.
"A State can grant no contractual exemption from Federal taxation
upon State bonds, nor, so far as I recall, has the Federal Government ever
attempted to grant a contractual exemption from State taxation of Federal
bonds.
"Our only contractual exemptions, therefore, are (1) exemption from
Federal taxation on Federal bonds, and (2) exemptions from State taxation
on State and municipal bonds.
"The application of surtax to public securities will not materially change
their relative price level. Those subject to income surtax find tax-exempt
securities correspondingly valuable to themselves, but these surtax payers
are relatively so few in number that the demand for tax-free exemptions by
them is not sufficient to maintain a price level much above that of public
securities subject to surtaxes."
Secretary of Treasury Mills Feels Contractors and
Others Would Block Ratification of Representative
Hull's Plan to Bar Tax-Exempt Bonds—Change
Favored by Treasury Head, but He Would Oppose
Making It Retroactive.
Contractors and other large spenders of money would
block ratification of a constitutional amendment permitting
the taxing of tax-exempt securities, Secretary of the Treasury
Mills declared on Feb. 9 in commenting on a resolution
introduced by Senator Hull. As to Secretary Mills' views,
a Washington dispatch Feb. 9 to the New York "Times"
said:
Although favoring such an amendment, Mr. Mills saw no hope for ratification and felt that even if ratification did come it would be too late to
help the government in its present emergency.
Referring to contractors and other large spenders. Mr. Mills said:
"They are the boys who fight it and, what's more, they will beat R.
It would be a splendid thing U we had no tax-exempt securities, but it isn't
going to come about.
Opposition would also arise among State officials and among individuals
and organizations who have been urging State and local bond issues to
finance construction aimed at unemployment relief, It was believed.
Mr. Mills thought that Senator Hull's resolution was" a little like planting the century plant," but he went on to say that Federal finances would
have been in better condition to-day had tax-exempt securities been wiped
out ten years ago.
He recalled that as a member of the Home he had favored such a move
and a bill looking toward amending the Constitution was passed by the
House; no further action was taken.
Opposes All Retroactive Action.
Elimination of the tax-exempt feature of government securities would
cause the Treasury to pay a higher interest rate, but Mr. Mills emphasized
that this was not a proper point of view from which to approach the problem.
The law provides that interest on any bond issue of the government
Is subject to surtax if the holder has more than $5.000 of the bonds. Most
large investors have more than that amount and are forced to make heavy
payment of surtax. Short-term issues,including notes,certificates and bills,
are free from all taxation except estate and inheritance under the second
Liberty Loan Act.
Mr. Mills would oppose any legislation toward further taxation of government securities which would be retroactive in nature.
He explained that the government had made a contract with investors
that their securities of short-term nature would be subject only to estate
and inheritance taxes and any change that would apply to outstanding
Issues would constitute a violation of that contract.
Mellon Urged Further Exemption.
A total of $25,265,000,000 in tax exempt securities were outstanding
Dec. 31 1931, of which $18,301.000,000 had been lamed by States and
local governments. The remainder was in securities issued by banks under
the jurisdiction of the Federal Farm Loan Board and by insular possessions.
The Federal Government now has outstanding about $5,011.000.000
ecurities exempt from all but estate and inheritance taxes and $7,000,000.
000 exempt from all but estate, inheritance and surtaxes.
from exempts for 1930 as indicated by indiThe income in interest
vidual and corporation tax returns was $798,553,463.
The Liberty Loan Act provides for taxation of government issues and
sets forth the exemptions, State and local tax exempts cannot be taxed
without a consitutional amendment.
HouselPasses Bill Continuing Federal Gasoline Tax
for Another Year.
Under a suspension of the rules requiring a two-thirds
vote for passage the House passed on Jan. 30 the bill continuing for another year (to June 30 1934) the tax of one cent
a gallon on gasoline. Stating that opponents of the gasoline tax went down to defeat stubbornly, a dispatch Jan. 30
to the New York "Times" said:
Speaker Garner, on a division vote, ruled that 136 had voted aye and
49 no.
Representative Rankin then challenged the vote on the ground of no
quorum. but Mr. Garner, after a hurried count, said there were 281 members present. Only 42 would support Mr. Rankin's demand for a roll
Mil, so the division vote stood.
Held Only Tax Bill of Session.
The additional income from the gasoline tax is expected to amount
to $137,000,000 in the next fiscal year, and it was described by opponents
to-day as the only tax bill the Democrats would attempt to put through
at this Session.
During the debate on the bill in the House it was noted
by Representative Collier that "the verbiage of the bill
may mislead some of the members. All the taxes in Section
617 (of the Revenue Act of 1932) expire in 1934, except
gasoline, which was especially exempted, and we simply
Financial Chronicle
Volume 136
remove the exemption
Collier further said:
by this bill." Representative
In the first month of July last we collected very little money from the
gasoline tax because the taxpayer had 30 days in which to pay, but in
the months of August, September. October, November and December
we have collected $63,000,000, and it is estimated that this tax will bring
In 5137.000,000 by the first of July of this year. The experts state that
by reason of the fact that we collected so little the first month, the $137.000.000 is practically based on a period of 11 months, and I think we can
estimate about $145,000.000 to 5150.000,000 as the amount to be received
from this tax from July I 1933 to July 1 1934.
The bill as passed by the House on Jan. 30 follows:
H. R. 14416.
(Report No. 1937.1
A BILL.
To make the Federal gasoline tax effective until June 30 1934.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, that Section 629 of the Revenue
Act of 1932 is amended by striking out the following: ", or after June 30
1933 in the case of articles taxable under Section 617, relating to the tax on
gasoline."
Sec. 2. Section 617 of the Revenue Act of 1932 (relating to the tax
on gasoline) is amended by adding at the end thereof a new subsection
to read as follows:
"(d) Refund of the tax imposed by this section may be made to a State,
Or political subdivision thereof, in the amount of any tax under this section
which has been paid with respect to the sale of gasoline purchased by it
after this subsection takes effect for use solely in the exercise of an essential governmental function."
Bankers Reported as Disagreeing With Representative
Hull on Prohibition Against Tax-Exempt Securities.
From the New York "Times" of Feb. 10 we take the
•
following:
Senator Hull's amendment would make virtually all outstanding obligations taxable, contrary to the belief he'd in some quarters. David M.
Wood of Thomson, Wood & Hoffman, municipal bond attorneys, declared
yesterday.
ki He said that under the amendment the government could tax State and
municipal bonds, and States could levy on Federal obligations.
' The municipal banking community yesterday took issue in general with
Mr. Hull's view that a class was being created in this country which could
not be reached for tax purposes. Bankers felt that, contrary to public
opinion, tax-exempt bonds were not largely held by citizens in the millionaire class.
The experience of bankers who have served on protective committees
for municipal bonds has been that the great majority of private investors
hold comparatively few such betide. The chief holders of municipals are
insurance companies, savings banks, fraternal orders, sinking funds and
pension funds, with the corporations subject only to a tax ot only 1354%•
The view was expressed that while the adoption of the proposed amendment to the Federal Constitution would not greatly affect the present
municipal market, it would undoubtedly affect borrowing costs of municipalities where refunding had to be done,and necessarily affect new Federal
financing.
Raises Duty on Rubber Shoes—
Orders Assessment of Tariff Against Sale Price
in United States Instead of Foreign Value—Japan
and Czechoslovakia Chiefly Affected.
An increase in the duties on rubber footwear, to be obtained by assessing the duty against the American selling
price instead of the foreign value, was ordered in a proclamation issued by President Hoover on Feb. 1. Associated
Press advices from Washington Feb. 1 to the New York
"Times" further said:
President Hoover
The proclamation, following the majority recommendation of the Tariff
Commission, applies to fabric upper and rubber-soled footwear, on which
the present rate of 35% will be assessed against the American selling price,
and boots, shoes and other footwear wholly or in chief of value of rubber,
on which the 25% duty will be assessed against the American rather than
the foreign value.
The tariff increase is designed to afford relief to American manufacturers
from the competition of countries whose currencies have depreciated.
The Tariff Commission's study was made after manufacturers in New
England, New York and Ohio had complained that the fall of foreign
currencies made the present tariff ineffective.
Stiff Competition Cited.
"Competition in the United States from foreign sources became important
1932, during which the volume of imports of footwear
during the year
increased, while unit import prices decreased," the Commission's report
said.
"For footwear having fabric uppers and rubber soles, the Commission
found that Japan is the principal competing country for oxfords and sandals,
and Czechoslovakia for lace-to-toe shoes. With respect to boots, shoes and
other footwear, wholly or in chief value of rubber, the Commission finds
that Czechoslovakia is tbe principal competing country."
The Commission said that due to depreciated currency in Japan it was
difficult to obtain exact data on the cost of production, and suggested a
further investigation.
A dissenting opinion by Commissioner Page held that"no great emergency
exists in the case of rubber or of rubber-soled footwear."
Rise Takes Effect March 3.
The increases, the Commission said, were the maximum permitted by
law and would become effective March 3. Under the flexible provision
of the Tariff Act, no increase in excess of 50% can be made by Presidential
proclamation.
Statistics gathered by the Customs Bureau showed that in the first eight
months of 1932 imports of rubber-soled shoes from Japan totaled 2,467.664
irs as compared with 1,074,096 pairs in 1930. The value of the imports
jumped from $138.013 in 1931 to $250.485 in 1932.
American manufacturers protested, at hearings conducted by ComMissioner Eble of the Customs Bureau. that Japanese rubber-soled footwear was selling in he United States at retail prices below the cost of raw
materials to the American manufacturer.
947
President Hoover's Criticism of Supply Bills.
A White House statement issued Jan. 30, criticizing Congress, asserted that bills thus far reported out of committee
exceed budget estimates by $163,319,642. The statement
follows:
"The appropriation bills for the next fiscal year for the State, Justice,
Commerce and Labor Departments, together with the independent offices
bill, have now been reported out from the House Appropriations Committee. The President recommended total appropriations for these services
of $1,058,741,556, including permanent appropriations amounting to $81,104,553 or $977,637,003 excluding permanent appropriations.
"The House Committee recommended $1,106,172,818, excluding permanent appropriations, or $128,535,815 increase over the President's
recommendations. To this should be added $1,268,480 for deferments which
will be required in the fiscal year making a total increase for these services
of $129,804,296.
"Since the statement of Jan. 20, which showed on the same basis net
increases of about $35,000,000 for the Departments of Agriculture, Interior, Postoffice, Treasury and War, further action by the House on the
War Department bill has modified this figure to about $33,500,000.
"The totals of the increases over the President's recommendations to
date are therefore $163,319,642 and if finally adopted by the Congress
will make an increase in the estimated deficit by that amount."
The statement it was noted in a Washington dispatch
Jan. 30 to the New York "Times" was supplemental to the
President's recent criticism of the failure of Congress to
reduce expenditures and give him authority to effect savings
by consolidation and elimination of Government Bureaus,
United States Supreme Court Upholds Tariff Commis..
sion Upheld in Refusal to Disclose Data—Decides
That Denial of Figures to Interested Party Did
Not Invalidate Procedure—Privilege of Secrecy
Sustained.
The United States Tariff Commission is not compelled to
disclose information relative to a producer's cost of production when called upon to do so by an interested third party,
according to decision Feb. 6 by the Supreme Court of the
United States. Reporting this the "United States Daily"
Feb. 7 added
The decision was rendered by Associate Justice Cardoso in the case
of Norwegian Nitrogen Products Co. v. The United States of America.
No. 272. Associate Justice McReynolds dissented, but did not file a
dissenting opinion.
Review of Proceedings.
On May 6 1924 the President of the United States proclaimed an increase
in the rate of duty on sodium nitrate. The proclamation was made after
an investigation and report by the Tariff Commission under the flexible
tariff provision of the Tariff Act of 1922.
The duty was assessed by the custom officer in accordance with the
proclamation. Protests were filed by the Norwegian company, which ill
the exclusive agent within the. United States of the leading exporter to
this country of the commodity affected.
Lower Court Rulings.
The protests were made upon the ground that the Tariff Commission
in investigating the costs of production in the United States and Norway
had not given the petitioner the hearing prescribed by statute, and that
all that followed was of no validity. The Customs Court over-ruled the
protests and this judgment was affirmed by the Court of Customs and
Patent Appeals.
A protest against the tariff duty then in existence had been lodged with
the Tariff Commission by the American Nitrogen Products Co. At the
request of agents of the Commission, the complaining company made a
full disclosure of Its costs of production, subject to a pledge of secrecy,
the manufacturers taking the position, to which the Commission acceded,
that costa were trade secrets, to be withheld from competitors.
Requests for Cost Data.
The petitioner in the case at various times during hearings before the
Commission, made formal requests to the effect that he be supplied with
all information regarding costs of production which had been turned over
to the Commission by the American company. In each instance the Commission ruled that this information could not be disclosed.
Mr.Justice Cardozo in setting forth the question which confronted the
Supreme Court said:
Statutory Requirements.
"The decision of this case hinges upon our answer to the question whether
the petitioner has been 'heard' in accordance with the statute. Does the
requirement of a hearing mean that every producer or importer affected
by a tariff may explore at will the data collected by the Commission as to
the capital, the wages, the cost of material and manufacture, in the business
of any other person similarly affected, and may cross-examine investigators
and competitors upon the data thus laid bare? If something less than this
is exacted, is there still a minimum of disclosure without which the purposes
of the hearing will be thwarted altogether, and was this minimum attained
by what was done by the Commission here?"
After looking to history, analogy and administrative practice to determine
how the first question should be answered, the Associate Justice concluded:
"The tokens of intention set down in this opinion have a force in combination that 113 denied to any one of them alone. They impel us to the
holding that within the meaning of this Act the 'hearing' assured to one
affected by a change of duty does not Include a privilege to ransack the
records of the Commission, and to subject its confidential agents to an
examination as to all that they have learned.
"There was no thought to revoiution ze the practice of investigating
bodies generally and of this one in particular. Hearings had once been
Optional. By the new statute they became mandatory. The form remained
the same."
Finally. the Court. after reviewing the manner in which the Commission
conducted the hearing, held that nothing which took place during the proceedings could lead to the conclusion that the Commission had been arbitrary In any sense of the word, or that it had denied a fair hearing in a
basic or primary sense.
948
Financial Chronicle
President-Elect Roosevelt Invites State Governors to
Confer with Him in Washington March 6—Taxation
Unemployment Relief, Mortgage Foreclosures, to
Be Considered—Response by Governors.
An invitation to all the State Governors to confer with
him in Washington, on March 6, has been extended by
President-elect Franklin D. Roosevelt. Announcement of
the proposed conference was made on Feb. 7 by Mr. Roosevelt's Secretary, Louis McHenry Howe. It is stated that
the proposed conference is without precedence. The invitation was written on Mr. Roosevelt's personal stationary,
bearing his New York City address. Among the matters
which he suggested for discussion are taxation, unemployment relief, mortgage foreclosures, &c. As made public, the
letter follows:
49 East Sixty-fifth Street,
New York City.
Because so many Governors will be in Washington on March 4, I want
to take that opportunity of holding a conference in relation to a number
of matters in which the Federal Government and the State governments are
mutually interested
. For that reason I want to invite you to come to
the White House on Monday, March 6, at 11 a. m., to attend an informal
conference.
It is my thought that we should discuss for our mutual benefit certain
subjects, such as:
(a) Conflicting taxation by Federal and State governments;
(b) Federal aid for unemployment relict;
(c) Mortgage foreclosures, especially on farm lands, and
(d) Better land use by afforestation, elimination of marginal agriculture
land, flood preventations, &c.;
(e) Reorganization and consolidation of local government to decrease
tax costs.
It is possible that other subjects will occur to the Governors or to me
as being essential for discussion.
I do not believe that more than one day will be required for this
Informal meeting. But it will give me the opportunity of having the
pleasure of meeting many of the Chief Executives of the States. I hope
much that you will be able not only to come to the inauguration but also
to stay over through Monday for this meeting at the White House.
Will you be good enough to send a letter to me at the above address,
letting me know whether you can come?
With my sincere regards,
Faithfully yours,
FRANKLIN D. ROOSEVELT.
In the New York "Herald Tribune" of Feb. 8 it was noted
that of the 48 Governors, 38 are Democrats, eight are
Republicans, Governor Floyd B. Olson of Minnesota is a
Farmer-Laborite, and Governor Julius L. Meier of Oregon
Is an independent. As to the response to the invitation, the
same paper on Feb. 9 stated:
Telegraphic dispatches yesterday indicated that the conference of Governors which has been called by President-elect Franklin D. Roosevelt for
March 6 in Washington will be largely aRended and that the attendance
.
will include some of the Republican Governors
So far there have been only two definite refusals. One was from
Governor William H. ("Alfalfa Bill") Murray of Oklahoma, who explained that inasmuch as the new National administration is Mr. Roosevelt's "the responsibility for it is on him." The Oklahoma Governor
framed his refusal in the friendly phrase that "if my ideas were not the
same as those of the new President I would be charged with trying to
embarrass him."
The other refusal came from Governor Edwin C. Johnson, of Colorado,
who, like Governor Murray, is a Democrat. Governor Johnson characterized the meeting as a "junket" and gave it as his opinion that "the State
would save many dollars during the next two years by keeping public
officials at home." His own decision was that he would stay at home and
"attend to my own knitting."
Other Governors were sympathetic with Mr. Roosevelt's suggestion but
were not sure the affairs of their own State would permit them to leave
their respective capitols.
One Republican, Governor O. Douglass Buck of Delaware, announced
his intention of attending the conference. Others, all Democrats, who
save signified their readiness to join in the deliberations are as follows:
.
Governors Herbert H. Lehman, New York; A Harry Moore, New Jersey;
Joseph B. Ely, Massachusetts; William A. Comstock, Michigan; John G.
Pollard, Virginia; Wilbur L. Cross, Connecticut; Gifford Pinchot, Pennsylvania; Ruby Laffoon, Kentucky; Louis J. Brann, Maine; George White,
Ohio; Clyde L. Herring, Iowa, and Eugene Talmadge, Georgia.
Comments of various Governors indicated that an effort to prevent
duplication between Federal and State taxation will be one of the issues
of major interest. Unemployment relief will be another, and in that
connection Governor Moore of New Jersey suggested yesterday an increase
in recruiting for the Army and Navy.
Governor Ely of Massachusetts, who was one of the bitterest opponents
of the nomination of Mr. Roosevelt for the Presidency, said he would have
some suggestions in addition to those already advanced by Mr. Roosevelt
but he declined to make them public in advance.
Governors in East Asked to Confer by New Jersey
Executive—Meeting to Study County and City
Finances Called for Feb. 17-18,
Governor Moore of New Jersey has invited the Governors
of seven Eastern States to attend a conference Feb. 17 and
18 to consider the financial problems of the municipal and
county governments, according to Trenton advices Jan. 28
to the "United States Daily" from which we also quote:
The invitation was extended to Governors Lehman, of New York; Ely,
of Massachusetts; Ritchie of Maryland; Pinchot, of Pennsylvania; Cross,
of Connecticut; Buck of Delaware, and Green, of Rhode Island. Presidentelect Roosevelt and Governor White, of Ohio, also were invited to attend.
Feb. 11 1933
Presidential Power Voted by Senate to Reorganize
Bureaus—Provision Written into Treasury-Post
Office Bill as One Phase of General Economy
Program—Garner Plan to Give President-Elect
Roosevelt "Dictatorship" Over Federal Economies.
Indicating that the bestowal on President-elect Roosevelt
of practically dictatorial powers over the nation's purse
strings for the first two years of his administration as the only
way to insure drastic economies in governmental expenditures is proposed by Democratic leaders of the House. A
Washington dispatch, Feb. 9, to the New York "Times"
said:
At the instance of Speaker Garner, Representative Buchanan of Texas
was preparing to-day an amendment to the economy sections of the Treasury-l'ost Office supply bill proposing such broad and absolute authority
for governmental reorganization that Representative Snell, the Republican
leader. was prompted to remark:
"We had better abolish Congress."
Going much further than the economy amendment of the Senate, the
proposal of House leaders, in making Mr. Roosevelt almost complete
ruler of the Government's spending, would reserve to Congress only a
slender veto power. Chief among new powers with which the House
leaders would clothe the new President are:
Authority to reduce or suspend by Executive order any of the so-called
"contractual" appropriations, made under direct authority of existing
law, such as veterans'compensation, mail contracts, commitments for public
works and the like.
l'ower to abolish or consolidate the major departments of the Government as well as executive bureaus and agencies.
Authority to hold up and impound any specific appropriations made by
Congress.
Authority to put the reorganization plan or any parts thereof into immediate effect, whether Congress is in session or not.
l'ower to reduce at will any salaries in the Federal establishment.
Speaker Garner declared this grant of sweeping powers to the Executive
was the "only" way Congress could effect an appreciable retrenchment.
In Government spending, adding that he knew Mr. Roosevelt would take
the authority and use it to balance the budget.
Roosevelt Held Ready to Act.
He recalled that the President-elect had said at a New York conference
that he would accept powers, and was not afraid of being called a "dictator."
The Speaker waved aside the contentions of certain Senate leaders that
authority could not be granted to set aside specific authorizations of the
Congress.
"It is my opinion that the power of this amendment can be broadened
to extend economies into fields not contemplated by the Senate." the
Speaker said.
"The power has got to be given the Executive. Congress either has not
the ingenuity or the disposition to do it. And I say here, I have positive
knowledge that the incoming President will so use these powers as to balance
the budget."
Mr. Buchanan said that, when the Treasury-Post Office bill was returned
from conference for a vote on the economic sections written in by the
Senate. he would move to concur in the Senate's economy proposals with
an amendment, the amendment being the grant of dictatorial powers as he
outlined them to-day.
Yesterday (the 10th) the "World-Telegram" published
the following (United Press) from Washington Feb. 10:
Rising opposition threatened to-day to overwhelm Speaker Garner's
proposal to give President-elect Roosevelt virtually dictatorial powers
when he assumes office.
The House ended a tumultuous protest against the plan by sending the
Treasury-Post Office appropriations bill to conference, a preliminary step
to final pa&sage. But the rebellion that swept the House floor indicated
that Congress was not yet willing to abrogate its control over fiscal matters.
Mr. Garner's plan would give Mr. Roosevelt "unlimited" authority to
reduce appropriations and an unchecked authority completely to reorganize
the Federal Government.
To day's protests indicated it might be killed in conference with a Senate
committee. If it is reported back to the House it will be the subject of
strenuous debate.
Minority Leader Snell provoked the rebellion. He brought word from
the White House earlier in the day that President Hoover opposed the plan.
When the matter was brought up In the House Chairman John J. Cochran
!D.. Mo.) of the Expenditures Committee and Chairman John J. Rankin
(D., Miss.) of the Veterans Committee bolted the Garner leadership and
supported Mr. Sash's opposition to the dictatorship Idea.
The proposal to give the Chief Executive broad powers
for Governmental reorganization for two years was placed
In the hands of the House and Senate conference committees,
Feb. 8, as a result of Senate action at a preceding night
session which wrote into the annual Treasury-Post Office
appropriation bill a general economy program before the
bill was passed, according to the "United States Daily" of
Feb. 9, which added:
After 12 days of discussion, four of which were devoted to the economy
rider on the appropriation bill, the Senate put the $961,000,000 measure
into form for return to the House and attempts at agreement between
the two bodies on the numerous proposals for effecting economy in Government expenses.
Economy Provisions.
The hub of the economy plans was held in Senate debate to be the
reorganization proposal, although the mandatory saving of 5% of appropriations voted each spending agency was declared by its supporters to
hold forth assurance of positive curtailment of outgo.
No estimate as to the total savings from the 6% clause had been compiled when the Senate finished its work beyond the computation that as
regards the Treasury and Post Office Departments, the first major supply
bill to receive attention, Senator Bratton (Dem.), of New Mexico, author
of the amendment, figures that $45,000,000 would be saved in the coming
fiscal year.
Procedure Outlined,
The Senate plan giving the broad powers to the President was drafted,
according to its sponsor, Senator Byrnes (Dem.), of South Carolina, so
that "it is difficult for Congress to override the President's action."
Volume 136
Financial Chronicle
It provides that the President may make any and all changes in the
direction of abolition, merger or consolidation, except as to the 10 major
executive departments, and that to reject them Congress must act
affirmatively.
Consequently, the procedure will be this: The President by executive
order, makes the changes he deems advisable and they will become operative In 60 days unless Congress passes a bill or joint resolution to
the contrary. But Senator Byrnes reminded the Senate the President's
approval is required on any bill or joint resolution, and if he should veto
the measure disapproving his own action, a two-thirds vote would be
required to stop the changes which the President had made. A twothirds vote is necessary to override any veto.
Emergency Declared.
Before finally approving the amendment relating to powers of reorganization, the Senate inserted as a preamble a declaration that a
National emergency existed. The amendment proposed by Senator Copeland (Dem.), of New York, follows in full text:
"The Congress hereby declares that a serious emergency exists by
reason of the general economic depression ; that it is imperative to reduce
drastically all Government expenses during such emergency; and that
such reduction may be accomplished in great measure by proceeding immediately under the provisions of this title."
Vacancies Not to Be Filled.
In presenting that amendment, Senator Copeland explained he was doing so to make it more unlikely that provisions of the reorganization
program would be declared unconstitutional. By the declaration of an
emergency, Senator Copeland said it would be made clear to any Court
that emergency powers of the Government under the Constitution were
being utilized.
Besides enactment of the reorganization program, the Senate voted to
continue an order of the current year in which vacancies in Government
pay rolls may not be filled, and it refused to repeal the provision of the
current year that prohibits married women from holding Government posts
when their husbands also are employed by the Government.
Opposition to Jones Farm Allotment Bill Voiced by
New York State Chamber of Commerce.
Characterizing the Jones farm relief bill now before Congress as an "economic monstrosity" and as "the most extraordinary and complicated scheme the world has over seen,"
the Chamber of Commerce of the State of New York on
Feb. 2 by an almost unanimous vote opposed the measure
on the ground that it would create an unjust, inequitable
and exorbitant sales tax on the necessities of life and impede
a return of prosperity. A joint report from the Committees
on Internal Trade and Improvements and on Taxation,
presented by Elon H. Hooker, Chairman of the former
committee, said in part:
The futility of government efforts to maintain prices of staple commodities has been demonstrated on numerous occasions in various sections
of the world Notable among these have been the Stevenson Plan for controlling rubber, the coffee valorization schemes in Brazil. various sugar
control scheme; In Cuba, silk control in Japan and the wheat pools In
Australia and Canada.
But. In spite of world-wide experience and the monumental folly of the
Farm Board undertaking, a still greater calamity is now threatened the
Nation by the measure in Congress, called the National Emergency Agricultural Act, providing for a domestic allotment plan for helping agriculture. This is probably the most extraordinary and complicated scheme
the world has ever seen. It has so many ramifications that the dire consequence; of its adoption cannot be quickly enumerated, and only its more
important aspects will be dealt with hero.
History shows that depressions, sooner or later, disappear through the
working of common and ordinary economic principles. Governmental
panaceas have always been futile, and delay recovery. What is needed Is
government action which will decrease taxation and reduce public expenditures corresponding to the drop in business activity and changed economic
conditions.
Farmers and Millers Hit Allotment Aid—Macaroni
Interests Also Join in Denouncing Bill as "Club"
to Increase Prices.
Indications that the domestic allotment plan for farm
relief will never be enacted into law were furthered at
hearings on the proposed legislation before the Senate
Agricultural Committee on Jan. 31, when farmers, millers
and macaroni manufacturers joined in vigorous opposition
to its provisions, according to a Washington dispatch to
the New York "Journal of Commerce," which went on
to say:
Indorsement of the general principles of the proposed legislation, which
has passed the House and is being considered before presentation to the
Senate, was given the Committee by T. S. Hogan, Midland, Tex., who
contended that governmental fixing of agricultural prices is necessary
to tide farmers over the present period of economic depression.
Fred .1. Llogliarn, Federal Mills. Lockport, N. Y., representing the
Millers' National Federation, predicted that the purpose of the legislation would be defeated because of consumer resentment against the
tax it Imposes on agricultural commodities, and because it would tend
to Increase production.
Tells of Substitutions.
Interests of the miller and farmer are identical in respect to any measures
to promote consumption and dispose of the surplus of agricultural products
that now exists, Mr. Lingharn stated. lie asserted, however, that consumers already struggling under the burden of reduced purchasing power
would resent the Imposition of a tax of from $3 to $4 per barrel, the measure
would place on wheat flour. harm to the milling industry, because
of substitution of other vegetable products for flour if the bill is enacted,
was seen by the witness.
Buying power would he concentrated rather than distributed under
the bill, he contended. Ile also prophesied that the foreign governments
would Invoke antidumping laws against importation of wheat flour from
the United States if the bill is made law, because export flour would be
949
selling for about one-half the price at which it would sell in the United
States.
Under the terms of the bill, the millers' representatives argued, consumers would have to pay sales taxes amounting to approximately $1.340,000.000. He added that bootlegging of commodities would be hard
to control after passage of the measure.
W. J. Miller, Topeka, Kans., representing the Kansas Live Stock
Association, opposed inclusion of hogs, on the ground "that it is not right
to make Kansas producers cut their production to aid less efficient producers." There is no overproduction of hogs, he charged, "only a lack
of buying power."
Calls Legislation "Club".
The witness resented "this club type of enforced legislation," stating
that it would turn the normal method of business of the producers he
represented upside down. Tax reductions, lowering of farm mortgages,
safer banks, and international agreements to stimulate trade were advocated as relief measures by the live stock producer, who told the Committee he was "absolutely not connected with packing interests."
President Hoover Signs Bill Authorizing $90,000,000
for Crop Production Loans.
The House to-day approved the crop production loan bill,
making $90,000,000 of Reconstruction Corporation funds
available for advances to farmers in 1933 was signed by
President Hoover on Feb. 4. The bill, which passed the
Senate on Dec. 22, passed the House in amended form on
Jan. 16. To adjust the differences the bill was sent to conference, and on Jan. 24 the conference report was agreed to
by both the House and Senate. On Feb. 4 Associated Press
advices from Washington stated:
Opponents including Representative Snell of New York, minority leader
of the House, attacked it on the ground it would serve to increase agricultural surpluses already large and burdensome.
The bill provides that the Secretary of Agriculture may lend the money
to farmers in return for a lien on the crop. Formulation of rules and
regulations is placed in the hands of the Secretary.
A cut in production of as much as 30% may be required by the Secretary
in return for a loan, but the law does not compel him to make that stipulation. The measure also provides $1.000.000 for loans for live-stock feed in
drought-ridden areas, the borrower to give a lien on the live stock.
At the White House it was said that the President had received a report
on the bill to-day from the Department of Agriculture and he approved it
within a short time after a visit from Secretary Hyde,
The measure, as finally approved by Congress, was a compromise between
the bill authorizing $75.600.000 passed by the House and one calling for
more than $100.000,000 approved by the Senate.
Measures for production loans to farmers have been passed virtually
every year since 1921, but the sums were comparatively small until 1930,
when about $60,000.000 was voted after a severe drouth which seared large
sections in the South and West.
Rules laid down by the Department of Agriculture last year limited the
amount an individual farmer might borrow to $400 and those to landlords
with tenants to $1.600.
The primary purpose of the bill is to furnish funds for crop production,
but money may also be loaned under Its terms for harvesting.
The following is the text of the bill as enacted into law.
IS. 51601
AN ACT.
(To provide for loans to farmers for crop production and harvesting during
the year 1933, and for other purposes.]
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That the Secretary of Agriculture is
hereby authorized and directed to request the Reconstruction Finance
Corporation to advance to him the balance of the sum authorized to be
allocated to the Secretary of Agriculture under Section 2 of the Act of
Jan. 22 1932, and the Reconstruction Finance Corporation is directed to
make such advances regardless of the amounts of notes, debentures, bonds.
or other obligations of such corporation that may be outstanding at the
time of making such advances, and the Secretary of Agriculture is further
authorized to request the corporation to return all sums heretofore returned
and (or) released to the corporation by the Secretary of Agriculture, except
so much as may have been used by the corporation to establish agricultural
credit corporations under Section 201 (e) of the Act of July 21 1932. which
sums, together with the sums collected or to be collected from loans made
by the Secretary of Agriculture during the year 1932 under said Section
2 of the Act of Jan. 22 1932, shall be available to the Secretary of Agriculture to make loans to farmers during the year 1933 for crop production,
planting, fallowing, and cultivation, and in drouth and storm stricken areas
not to exceed $1,000,000 for feed for farm livestock. Provided, however,
That the total sums used for the purposes of this Act shall not exceed
$90.000.000. Due consideration shall be given to the requirements of the
truck-farming industry in the trucking areas of the various States.
Section 2. (a) A first lien on all crops growing or to be planted, grown.
and harvested during the year 1933. or on livestock, shall be required as
security for such loan. Such loan shall be made through such agencies
upon such terms and conditions and subject to such regulations as the
Secretary of Agriculture shall prescribe.
(b) The Secretary of Agriculture may require as a condition to the making of any loan that the borrower agree to reduce his acreage or production
program on such basis, not to exceed 30%. as may be determined by the
Secretary of Agriculture, and may provide that any such limitation shall
not apply to the farmer, tenant, or share cropper who in 1932 planted not
more than a minimum acreage of such crops as shall be designated by the
Secretary of Agriculture.
Section 3 (a) The moneys authorized to be loaned by the Secretary of
Agriculture under this resolution are declared to be Impressed with a trust
to accomplish the purposes provided for by this resolution, namely, the
production, planting, fallowing, cultivation of crops, and feed for farm
livestock, which trust shall continue until the moneys loaned pursuant to
this resolution have been used for the purposes contemplated by this
resolutton, and it shall be unlawful for any person to make any material
false representation for the purpose of obtaining any loan or to assist in
obtaining such loan or to dispose of or assist in disposing of any crops given
as security for any loan made under authority of this resolution, except
for the account of the Secretary of Agriculture, and for the purpose of
carrying out the provisions of this resolution.
(b) it shall be unlawful for any person to charge a fee for the purpose of
preparing or assisting in the preparation of any papers elan applicant for a
loan under the provisions of this resolution.
950
Financial Chronicle
(c) Any person violating any of the provisions of this resolution shall be
guilty of a misdemeanor and shall, upon conviction thereof, be punished
by a fine not exceeding $1,000 or by imprisonment not exceeding six months,
or both.
Approved, Feb. 4 1033.
City Homes to Get Mortgage Aid, According to President Ecker of Metropolitan Life Insurance Co.—
To Be Dealt with on "Case Basis" as in Case of
Farms.
Promising the same policy of co-operation for urban home
owners who are having difficulty in meeting mortgage
payments as he had previously pledged to farmers, Frederic
H. Ecker, President of the Metropolitan Life Insurance
Co., warned on Feb. 1 in a copyrighted interview with the
Associated Press that the whole question of leniency for
borrowers was "a difficult and complex question." We
quote from the New York "Times" of Feb. 2, which further
said:
"I am reluctant to talk about it." he said, "because there is so much
possibility of misunderstanding or of misinterpretation. In fact, I feel
that the prominence given to insurance company practices which will call
for leniency in handling farm mortgages may possibly be misunderstood.
"This action does not imply that creditors are letting down the bars
or that borrowers are under less moral obligation than before to pay off
their debts. But it does mean that the utmost in co-operation Is being
sought between creditors and debtors.
IVents Loans Kept Sound.
"The big thing—and there is danger of overlooking it—is that the best
interests of the home owner, be it in urban property or farm property, rest
should continue in
on the necessity that mortgage loans of that character
the future to be looked upon as in the past, as loans of sound character.
help the borrower, the law should not go too far to
"In its endeavor to
the extreme, thus making it difficult for a home owner to get credit in a
perfectly legitimate way. It should not strike down the present restrictions
which furnish ordinary safeguards for creditors. To do so would act to dry
up the source of credit supply.
"It is unthinkable that any legislative action which might undermine
the binding moral force of mortgage contracts would be contemplated. But
in discussing ways and means of relief for burdened debtors, it Is important,
I think, to stress the fact that debt obligations may be relieved, but by no
means dismissed."
Policy of Leniency.
Mr. Ecker said the Metropolitan Life and most of the other big insuron farm mortgages,
ance companies had been following a policy of leniency
particularly in the last two years. The Metropolitan, he added, also had
dealing with mortgages on urban and suburban
tried to be considerate in
homes.
"With regard to urban home owners who are having difficulty meeting
mortgage payments." he said, "we shall follow so far as possible the same
policy as with regard to farm loans, recognizing, of course, their somewhat
different status. Our foremost interest of course, is in handling and investing the fund for which the company acts as trustee. That fund is
made up of payments from the company's policy holders. In making investments, every trustee must exercise his best judgment.
"That necessarily leads to a case basis of handling individual mortgage investments. That, in turn, means that we must handle each individual loan on its own merits and in a way to obtain the best results
possible both for the borrower and for all others concerned."
Mr. Ecker declared that the country's paramount needs were food and
shelter for the unemployed and preservation of our existing institutions
against the temptation to seek legislative short-cuts to prosperity.
Hull Bill Making Available $650,000,000 for Two-Year
Moratorium on Farm Mortgage Foreclosures Reported by Senate Sub-Committee—Loans Through
Reconstruction Finance Corporation and Joint
Stock Land Banks.
The Hull bill (S. 5591), designed to prevent further foreclosures of mortgaged farm lands for a period of two years,
was reported favorably to the Senate Committee on Banking
and Currency Feb. 9 by its sub-committee dealing with farm
mortgage questions. According to the "United States
Daily" of Feb. 10, before reporting the bill, however, the
sub-committee wrote into it amendments requiring the mortgage holder to agree to limit his right to foreclose under the
mortgage for the period in which Federal funds are advanced.
He also would be required under another amendment to
make concession as to interest rates by agreeing not to charge
moro than 4% during the period on the principal of the debt.
The following is from the same account:
Interest Rate Fixed.
The bill would make available a total of$650.000,000 from the funds of the
Reconstruction Finance Corporation, and the Interest rate was fixed by the
sub-committee at 314 %. A total of $500,000,000 would be handled by
the regional offices of the Reconstruction Finance Corporation and the
remainder would be available for loans to Federal Joint Stock Land banks
In order that they can participate in the movement to prevent foreclosures
and yet retain their solvency.
Immediately after the sub-committee action, Senator Norbeck (Rep.) of
South Dakota issued a call for a special meeting of the full committee, of
which he is Chairman, for Feb. 10, at which consideration will be given to
proposal.
Loans Available to Farmers.
The loans may be made under the terms of the bill to any farmer who is in
default more than six months in the payment of mortgage Interest and
instalments accruing under the terms of the mortgage or for taxes that are
delinquent more than 12 months. Interest and penalties on the delinquent
taxes may also be covered by the loans.
Funds so loaned against the farm property will be paid to the mortgage
holder, but the mortgage holder must make a concession on interest rates
Feb. 11 1933
so that during the period of two years the farmer will not be charged more
than 4%. The theory of this, according to Senator Hull (Dem.). of Tennessee, author of the bill, was that mortgage holders should carry part of
the burden if they are to receive cash they otherwise would not obtain,
Federal Loan Agencies,
A total of $500.000,000 is available for the loan on mortgages through
regional credit offices of the Reconstruction Finance Corporation, and the
other $150.000.000 is to be supplied to the Joint Stock Land banks.
The loans to the Joint Stock Land banks would be made under the same
terms and conditions and for the same length of time as those handled
through the regional credit corporations of the Reconstruction FinanCe
Corporation. Loans may be made under this section also to receivers of
Joint Stock Land banks as a means of easing the strain that was said to
obtain where receivers hold mortgages that are delinquent. Any loan made
to a Joint Stock Land bank or receiver of such bank, however, must be
secured and provision is made for appraisal of the collateral offered by the
Land Bank when it obtains a loan.
New Officers of Santa Fe (New Mexico) Branch of
Regional Agricultural Credit Corporation of
Wichita, Kan.
The Reconstruction Finance Corporation announced on
Feb. 1 the appointment of the following officers of the Santa
Fe, New Mexico, branch of the Regional Agricultural Credit
Corporation of Wichita, Kan. The Santa Fe office is
located in District No. 9, which includes the States of New
Mexico, Colorado, Oklahoma, and Kansas, the principal
office being at Wichita, Kan.
Manager:
A. T. Esgate.
Committee:
L. A. Hughes, Chairman. Chairman First National Bank,Santa Fe,N.M.
G. L. Rogers, Vice-President, First National Bank, Albuquerque, N. M.
T. E. Mitchell. cattleman. Albert, N. M.
H. B. Jones, President, First National Bank, Tucumeari, N. M.
Albert T. Woods. farmer and public utilities, Artesia. N. M.
J. Van Houten. President, First National Bank. Raton, N. M.
Frank R. Coon. President, Mimbres Valley Bank. Denning, N. M.
Clarence Iden, wholesale grocer. Las Vegas, N. M.
Victor Ulibarri, merchant, Tierra Manilla, N. M.
Carl P. Nolan, Insurance. Gallup, N. M.
W. F. Wailer, showman. Roswell, N. M.
.1. E. Rehiburg, farmer. Anthony. N. M.
C. W. Floyd, Executive Vice-President & Manager, Wichita. Kan. office.
A. T. Esgate, Manager Santa Fe branch office of Regional Agricultural
Credit Corporation of Wichita, ICan.
Home Loan Banks Set Officers for 1933—H. G. Zander
Appointed Chairman, Evanston, Ill., Bank Board—
H. S. Kissel Reappointed.
A recent announcement by the National Association of
Real Estate Boards said:
Directorates of the 12 Regional Home Loan banks, with but four exceptions, were reappointed for 103:1. according to an announcement mad,
Jan. 4 by Franklin W. Fort, Chairman of the Federal Home Loan Bank
Board.
Henry G. Zander, Chicago, former President of the National Association
of Real Estate Boards, and previously Vice-Chairman of the Seventh
District Home Loan Bank, Evanston, Ill., has been appointed Chairman
of the Evanston Bank Board, succeeding S. F. Phillips, of Danville. Ill.
Harry S. Kissel, Springfield, Ohio. also a past President of the Association, was reappointed Chairman of the Cincinnati bank. Term. two
yews. As previously announced. Mr. Zander will talk on the relationship
of the new Home Loan Reserve system to future real estate financing
In an address to he given before the Mortgage and Finance Division of
the National Association of Real Estate Boards at its coming Washington
meeting.
Applications for loans totaling $13,600.000 have been approved by
the Home Loan Bank Board at the last public statement made by the
Chairman, Dec. 23. Ile reported that 197 applications for lines of credit
estimated to total approximately $34,000,000 had been received by the
Board, all these approved by the district banks which sent them In.
Average requested loan for a home financing institution, $150,000; largest
loan so far approved, $300;000.
Reconstruction Finance Corporation Lends $1,600,000
to Reopen the Twelve Nevada Banks Known as
the Wingfield Chain of Banks.
Announcement was made in Reno, Nev., on Feb. 4 that
the Reconstruction Finance Corporation has granted a request for a loan of $1,500,000 which will be used to refinance
and reopen the twelve closed banks in the Nevada group
controlled by the George Wingfield interests. Associated
Press advices from Reno on Feb. 4, authority for the foregoing, went on to say:
William Woodburn. counsel for the Wingfield banks, confirmed a statement by Victor Palmer, chairman or a San Francisco, Calif., committee
assisting in the reorganization plan, that the Reconstruction Board has
granted a loan.
Complete details ot the plan as finally approved by the Federal corporation, were not immediately made known here, but in general It provides for
the setting up of a stockholders' mortgage corporation and a banking corporation which would operate branch banks throughout the State. Depositors in the closed banlm would control both corporations.
A second dispatch by the Associated Press from Reno on
the same date (Feb. 4) contained further particulars, as
follows:
It is proposed to form a large mortgage company and an entirely new
bank, located in Reno with branch offices in other cities where Wingfield
banks have boon operating. Betore the plan can become operative, how-
Volume 136
Financial Chronicle
ever, the State Legislature must first remove a prohibition against branch
banking.
Banking officials said the new institution would have a capital stock of
$500,000 and a surplus and reserve of $500,000.
In addition to its loans, which would be made up of selected securities
from the present WinglleId banks, it would have cash and cash items of
$2,380.387.
On opening it would owe the present depositors of the Wingfield banks
$4.839.789.
When they closed recently, the various Wingfield banks owed their
depositors approximately $14,000,000.
Our last reference to the so-called Wingfield chain of
banks (which closed under the recent Nevada Bank Holiday)
appeared in the "Chronicle" of Dec. 17 1932, page 4150.
Report by Reconstruction Finance Corporation of
Operations for the Fourth Quarter of 1932—Advances During that Period $330,145,572—Repayments $104,219,783—Supplemental Figures Covering Period from Feb. 2 1932 to Dec. 31 1932.
A report of the operations of the Reconstruction Finance
Corporation for the fourth quarter of 1932 was made available by the Corporation under date of Feb. 3. This report
shows that during that period the Corporation advanced
$330,145,572 and received repayments of $104,219,783.
The increase in the amount outstanding at the end of the
fourth quarter, as compared with the end of the third quarter, was $225,925,789.
Supplementing the earlier figures given out by the Corporation, covering its operations from Feb.2 1932 to Dec. 31
1932 (referred to in our issue of Feb. 4, page 762), the Corporation under date of Feb. 3 issued further figures for the
period indicated in which it is shown that from Feb. 2 to
Dec. 31 loans of $1,937,667,972 were authorized, while
loans of $1,524,747,138 were authorized. Of the total
disbursed, $300,023,234 is shown as having been repaid,
leaving $1,224,723,904 outstanding on Dec. 311932. Regarding the report we quote as follows from the Washington
account Feb. 3 to the New York "Times":
17% of Bank Loans to Small Cities.
A special compilation showed that of the year's authorizations of $949,858.000 to banks and trust companies, $146,221,779. or 15.4%. went to
101 borrowers in cities of 3.000.000 or over.
At the other end of the scale, $168,350.477 went to 3,962 Institutions in
cities of less than 5.000. This amount represented 17.7% of total authorizations and in number of institutions 17%•
Banks and trust companies included in the compilation numbered 5.582.
While loan authorizations were somewhat less, the Corporation received
10.583 applications for $2.168.135.528 under Section 5 of the Act alone,
which includes only banks and related financial institutions and the railroads.
Of this amount.$1.188.957.192 was sought by banks and trust companies.
$507,768.715 by railroads, $167,546,665 by mortgage loan companies,
$128 956.768 by building and loan associations and 5103,164.531 by insurance companies.
More applications under Section 5 were received during April than any
other month. The Corporation in that period. handled 1.529 requests for
a total of $290.516.090.
In June the number of applications had dropped to 1,323. but the amount
Involved was $376.886.359. . . .
From the organization of the Corporation on Feb. 2 1932 to Dec. 31,
Inclusive, the Corporation authorized, under Section 5 of the Act, 10.070
separate loans to 6.767 institutions, aggregating $1.623,704.844.44.
A total of $949.858.000.09 went to 5,582 banks and trust companies,
Including $56,113,587.05 to aid in the reorganization or liquidation of 535
closed banks; $99,780,044.75 to 877 building and loan associations: $83.048.931.66 to 101 insurance companies; $93,761,902.61 to 85 mortgage
loan companies.
Other authorizations included $472.446 to three credit unions;$29,000,000
to nine Federal Land banks; $6,297,000 to 14 Joint Stock Land banks;
$3.619,850.98 to 15 Agricultural Credit corporations; $7.285,972.50 to
two Regional Agricultural Credit corporations; $13,145.602.85 to 17 Livestock Credit corporations and $337,435,093 to 62 railroads, including $18,040.125 to eight railroad receivers.
The Corporation's report for the fourth quarter and the
period from Feb. 2 to Dee. 31 1932 follows:
RECONSTRUCTION FINANCE CORPORATION.
Washington.
February 3 1933.
Pursuant to the provisions of Section 15 of the Reconstruction Finance
Corporation Act, the Corporation has the honor to submit its report covering its operations for the fourth quarter of 1932, Oct. 1 to Dec. 31 1932,
Inclusive, and for the period from the organization of the Corporation on
Feb. 2 1932 to Dec. 31 1932. inclusive.
During the fourth quarter of 1932 the Corporation authorized, under
Section 5 of the Reconstruction Finance Corporation Act, 1 882 loans.
These loans, together with increases during the quarter of loans previously
authorized. aggregated $214.843,326.42, as follows:
$96.451.710.43 to banks and trust companies (including $11.935,078.05
to aid in the reorganization or liquidation of closed banks).
12.141.306.32 to building and loan associations.
7,855.731.66 to insurance companies.
10,990.902.61 to mortgage loan companies.
67,446.00 to credit unions.
4,246.000.00 to Joint Stock Land banks.
1.556.476.35 to Agricultural Credit corporations.
7.285.972.50 (rediscounts) to Regional Agricultural Credit corporations.
1.179.620 55 to Livestock Credit corporations.
).
73.068.160.00 to railroads (including $1,510,530.00 to railroad receivers
During the fourth quarter, the Corporation, under the Emergency Relief
and Construction Act of 1932. madefunds available for purposes of relief and
work relief, and authorized loans or contracts aggregating 5173.902.956.91.
as follows:
951
Under the provisions of Section 1, Title I, of the Act. $77.159,502.00 was
made available for purposes of relief and work relief.
Under the provisions orSection 201(a), Title II. loans or contracts totaling
$93,467,534.24 were authorized for self-liquidating projects; and
Under the provisions of Section 201(d), Title II, loans aggregating $3.275.920.67 were authorized to aid in financing the carrying and orderly
marketing of agricultural commodities and livestock produced in the
United States.
Under both the Reconstruction Finance Corporation Act and the Emergency Relief and Construction Act of 1932, the Corporation, during the
fourth quarter, made funds available for purposes of relief and work relief.
and authorized loans or contracts, as follows: 2.088 authorizations aggregating $388.746,283.33. Cancellations or withdrawals during the fourth
quarter of loans authorized from Feb. 2 to Dec. 31 1932. inclusive. aggregated $25.117,892.75.
During the fourth quarter the Corporation advanced $330,145,572.39
and received repayments in the aggregate amount of $104.219,783.08.
The increase in the amount outstanding at the end of the fourth quarter
as compared with the end of the third quarter was $225.925.789.31.
During the entire period from the organization of the Corporation on
Feb. 2 1932 to Dec. 31 1932, inclusive, the Corporation authorized, under
Section 5 of the Reconstruction Finance Corporation Act, 10.070 separate
loans to 6,767 institutions, aggregating 51,623,704.844.44. as follows:
$949,858.09 to 5.582 banks and trust companies (including $56,113,587.05 to aid in the reorganization or liquidation of 535
closed banks).
99.780,044.75 to 877 building and loan associations.
83.048,931.66 to 101 insurance companies.
93.761.902.61 to 85 mortgage loan companies.
472,446.00 to three credit unions.
29,000.000.00 to nine Federal Land banks.
6,297,000.00 to 14 Joint Stock Land banks.
3.619.850.98 to 15 Agricultural Credit corporations.
7.285,972.50 (rediscounts) to two Regional Agricultural Credit corpus.
13,145,602.85 to 17 Livestock Credit corporations; and
337.435,093.00 to 62 railroads (Including 518,040,125.00 to eight railroad receivers).
From July 21 1932, the date of the enactment of the Emergency Relief
and Construction Act of 1932. to Dec. 31 1932 the Corporation made funds
available for purposes of relief and work relief, and authorized loans or
contracts to 98 Institutions in the aggregate amount of $313.963,128.13.
as follows:
Under the provisions of Section 1, Title I, $112,614,673.22 was made
available to 36 States and two Territories for purposes of relief and
work relief.
Under the provisions of Section 201(a), Title II. loans aggregating $146,572,534.24 were authorized to 50 institutions for self-liquidating
projects; and
Under the provisions of Section 201(d). Title II. loans aggregating $54,775.920.67 were authorized to 10 institutions to aid in financing the
carrying and orderly marketing of agricultural commodities and livestock produced in the United States.
During the entire period from Feb. 2 to Dec. 31 1932, inclusive, under
both the Reconstruction Finance Corporation Act and the Emergency Relief
and Construction Act of 1932, the Corporation made funds available for
purposes of relief and work relief, and authorized loans or contracts, as
follows: 10,319 authorizations aggregating 51.937.667.972.57.
Of the total amount authorized. $69.727,054.35 was later withdrawn or
canceled.
At the close of Dec. 31 1932 the Corporation had advanced 51.524.747,138.82 and repayments amounted to $300.023,234.47. leaving 51.224.723,904.35 outstanding on the books of the Corporation.
In addition, the Corporation had outstanding on Dec. 31 1932 agreements to make loans totaling $89,896.29 upon the performance of specified
conditions.
During the fourth quarter the Corporation allocated and made available
$21,000.000 to the Secretary of Agriculture in accordance with the provisions of Section 2 of the Reconstruction Finance Corporation Act, making a total of $131.000,000 so allocated from Feb. 2 to Dec. 311932. Inclusive. Of this sum $75.000,000 had been paid over to the Secretary of
Agriculture as of Dec. 31 1932. During the fourth quarter the Secretary
of Agriculture returned $15.000,000 of the amount paid over.
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 Finance Corporation Act. During the fourth quarter the
Corporation subscribed for the capital of the Regional Agricultural Credit
corporations in the aggregate amount of $44.000.000. Of this sum,
542.000.000 was paid in by the Reconstruction Finance Corporation 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(s)
of the Emergency Relief and Construction Act of 1932, the Corporation
during the fourth quarter created the following three Regional Agricultural
credit corporations to serve the indicated Federal Land bank districts:
District No. 1 (New York, New Jersey, Vermont, New Hampshire, Maine.
Massachusetts, Connecticut and Rhode Island): Regional Agricultural Credit Corporation of Albany, N. Y. (with a branch office at
Bangor, Maine).
District No. 2 (Pennsylvania, Maryland. Delaware, Virginia and West
Virginia): Regional Agricultural Credit Corporation of Baltimore, Md.
During the fourth quarter the Corporation created branches of Regional
Agricultural Credit corporations as follows:
At Reno, Nevada—A branch of the Regional Agricultural Credit Corporation of Salt Lake City, Utah.
At Santa Fe, New Mexico—A branch of the Regional Agricultural Credit
Corporation of Wichita, Kansas.
A temporary agency of the Regional Agricultural Credit Corporation of
Baltimore. Maryland. was established at San Juan, Puerto Rico.
Section 2 of the Reconstruction Finance Corporation Act, as amended
by the Federal Home Loan Bank Act, provides that—
"In order to enable the Secretary of the Treasury to make payments
upon stock of Federal Home Loan banks subscribed for by him in accordance with the Federal Home Loan Bank Act, the sum of 5125,000.000,
or so much thereof as may be necessary for such purpose, is hereby allocated
and made available to the Secretary of the Treasury out of the capital of
the Corporation and(or) the proceeds of notes, debentures, bonds and other
obligations issued by the Corporation."
At the close of business Dec. 31 1932 the Corporation had allocated and
made available 5820.000 to the Secretary of the Treasury in accordance
with the above provisions.
During October $75.000.000 of the $250.000.000 "Third Series" 334%
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 334%
notes of throe series issued by the Corporation and sold to the Secretor/
of 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 5675.000.000 matured
on Oct. 27 and the board of directors on that date authorized the issuance
Financial Chronicle
952
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 3%%
per annum. Of this amount $675.000,000 was accepted by the Secretary
of the,Tre,asury in exchange for the Corporation's outstanding notes in an
equivalent principal amount. Subsequently, during the quarter, the Secretary of the Treasury purchased $135,000,000 of the remaining $325,000,000
"Series A" notes, making a total of $810,000,000 out of the $1,000,000,000
"Series A" notes outstanding at the close of business Dec. 31 1932.
The following tables are attached hereto:
Table 1.
-Aggregate loans to each class of borrower during the fourth
quarter, Oct. 1 to Dec. 31 1932, inclusive, and from Feb. 2 to Dec. 31 1932,
Inclusive.
Table 2.
-Number of new borrowers, by States and classes, during the
fourth quarter, Oct. 1 to Dec. 31 1932, inclusive.
-Number of loans authorized, by States and classes, during the
Table 3.
fourth quarter, Oct. 1 to Dec. 31 1932. inclusive.
Table 4.
-Number of borrowers, by States and classes, Feb. 2 to Dec. 31
1932. inclusive.
Table 5.
-Number of loans authorized, by States and classes, Feb. 2
to Dec. 31 1932, inclusive.
-Statement of cash receipts and expenditures of the CorporaTable 6.
tion during the fourth quarter, Oct. 1 to Dec. 31 1932, inclusive. (Corporation's accounts with the Treasurer of the United States.)
-Statement of cash receipts and expenditures of the CorporaTable 7.
tion, Feb. 2 to Dec. 31 1932, inclusive. (Corporation's accounts with the
Treasurer of the United States.)
Table 8.
-Statement of condition of the Corporation as of the close of
business Dec. 31 1932.
Table 9.
-Names and compensation of directors, officers, and employees
of the Reconstruction Finance Corporation receiving from that Corporation more than $400 per month, as of Dec. 31 1932.
Feb. 11 1933
Table 10.
-Names and compensation of officers and employees of Regional Agricultural Credit corporations receiving more than $400 per month
as of Dec. 31 1932.
Table 11.
-Number of borrowers and amount of loans authorized under
Section 5 of the Reconstruction Finance Corporation Act to banks and
trust companies and to all institutions, by population groups, for the year
1932.
Table 12.
-Number and amount of applications received under Section 5
of the Reconstruction Finance Corporation Act in 1932, by months and
classes.
Table 13.
-Amount of loans authorized, disbursed, repaid and outstanding in 1932 under Section 5 of the Reconstruction Finance Corporation
Act and under the Emergency Relief and Construction Act of 1932, by
months and classes.
Table 14.
-Number of loans authorized and number of new borrowers
under Section 5 of the Reconstruction Finance Corporation Act and under
the Emergency Relief and Construction Act of 1932, by months and classes.
Respectfully,
ATLEE POMERENE, Chairman.
GEORGE R. °DORSEY, Secretary.
The President of the Senate.
The Speaker of the House of Representatives.
Among the tables which accompanied the above, we can
make room here only for Tables 1, 6 and 7. Incidentally,
we might state that Table 8 appeared in the "Chronicle"
of Feb. 4, page 780.
TABLE I.
AGGREGATE LOANS TO EACH CLASS OF BORROWER DURING THE FOURTH QUARTER, OCT. 1 TO DEC.31 1932, INCLUSIVE, AND DURING THE
PERIOD FROM FEB. 2 TO DEC. 31 1932, INCLUSIVE.
AUTHORIZED.
(a)
ADVANCED.
REPAID.
CLASS.
Fourth
Quarter.
Feb. 2 to
Dec. 31.
Fourth
Quarter.(b)
Feb. 2 to
Dec. 31.
Fourth
Quarter.
(b)
Feb. 2 to
Dec. 31.
OUTSTANDING.
Increase for
Quarter.
(b)
December 31
1932.
$
$S
$
E
$
$
$
$
Under Section 501 the Reconstruction
Finance Corporation Act
c96,451,710.43 c949,858,000.09 44,290,279.93 850,882,060.02 83.874,368.28 256,284,353.11 60.415,911.65 594.597.706.91
Banks and trust companies
12,141,306.32
99.780,044.75 13,622,130.48
93,933,114.67 4,622,425.06 9,683,776.91 8,999.705.42
84.249,337.76
Building and loan associations
7,855,731.66
83,048.931.66 8,604,299.82
68,037,618.92 3,388.354.04 5,588,738.52 5,215,945.78
62,448.880.40
Insurance companies
88,332.020.39 6,254,850.66 11,290.207.36 1,591,170.97
77,041,813.03
Mortgage loan companies
10.990.902.61
93.761.902.61 7,846,021.63
3,285.00
8.838.00
67,446.00
472,446.00
63,461.00
66,746.00
440,098.00
431,260.00
Credit union
29,000,000.00 7,050,000.00
18,500,000.00
7,050,000.00
Federal Land banks
18.500,000.00
30,583.44
62,544.32 1.201,453.06
4,246,000.00
6,297,000.00 1,232,036.50
2,527.845.62
2,465,301.30
Joint Stock Land banks
994,811.43 1,082,310.40
1,556,476.35
3,619,850.98 1,696,413.63
3,456,627.33
701,602.20
2,374,316.93
Agricultural Credit corporations
655.03
7,285,972.50 5,372,062.60
655.03 5.371,407.57
5.372,062.60
5,371,407.57
Regional Agricultural Credit corpora'ns_ 7,285,972.50
1,179,620.55
11,810.403.61 2,736,994.53 4.066,791.16 d1,615.543.64
13,145,602.85 1,121,450.89
7.743,612.45
Livestock Credit corporations
73,068.160.00 337,435,093.00 56,259,698.48 284,311,271.48 2,197,998.66 11.839,562.71 54,061,699.82 272,471,708.77
Railroads (including receivers)
Total, Section 5 of R. F. C. Act
214,843,326.42 1,623,704,844.44 247,161,139.96 1.427,603.122.64 104,104,326.13 299,907,777.52 143,056,813.83 1,127,695,345.12
Under the Emergency Relief and
Construction Act of 1932E1(31f-liquidating projects under Section
201(a), Title II
g93,467,534.24 g146,572,534.24 15,737,000.00
Financing of agricultural commodities
and livestock. Sec. 201(d). Title II_ 3,275.920.67
54,775,920.67 1,439,974.09
Amounts made available for relief and
work relief under Sec. 1, Title I____ 77.159,502.00 112,614,673.22 65,807,458.34
Total, Emergency Relief and Con173,902,956.91
struction Act of 1932
Grand total
313,963,128.13 82,984,432.43
15,737,000.00
15,737,000.00
1,439,974.09
115,456.95
97,144,016.18
15,737,000.00
115,456.95
1.324,517.14
1,324,517.14
65,807,458.34
79,967,042.09
115,456,95
79,967,042.09
115,456.95 82.868,975.48
97,028,559.23
e388746,283.33 f1937,667,972.57 330.145,572.39 1.524,747,138.82 104,219,783.08 300,023,234.47 225,925,789.31 1,224,723,904.35
a The Corporation had outstanding on Dec. 31 1932 agreements to make loans (no Included in the above figures) upon the performance of specified conditions,
as follows: Banks and trust companies, $89,896.29.
b These amounts apply to loans authorized prior to Oct. 1 1932, as well as to loans authorized during the fourth quarter.
c Loans to banks and trust companies include loans to aid In reorganization or liquidation of closed banks, as follows: $11,935,078.05 during the fourth Quarter
$56,113,587.05 during the period from Feb. 2 to Dec. 31 1932, Inclusive.
and
d Decrease.
e Cancellations or withdrawals during the fourth quarter of loans authorized from Feb. 2 to Dec. 31 1932, inclusive. aggregated $25,117,892.75, as follows: Bank.
and trust companies. $14,950,681.50; building and loan associations, $1,399,949.28; insurance companies, $619,208.96: mortgage loan companies, $1,141,908.16; credit
unions, $700.00: Federal Land banks, 55,500,000.00; Joint Stock Land Banks, $319,954.68: Agricultural Credit corporations, $29,034.99; Livestock Credit corporations. $481,603.24: railroads (including receivers), $174,740.00; self-liquidating projects, $190,000.00: and financing of agricultural commodities and livestock
$310,111.94. Loans or parts of loans, which were authorized prior to Oct. 1 1932, were rescinded during the fourth quarter as follows: Banks and trust companies.
$90,000.00; and mortgage loan companies, $1,075,000.00. Such reeissions have not been deducted from authorizations shown above for the fourth quarter. inasmuch
as they applied to loans authorized during the preceding quarters.
f Includes loans authorized which were subsequently canceled or withdrawn. aggregating $69.727.054.35. as follows: Banks and trust companies, 352,905,684.59
building and loan associations. $3,413,557.31; insurance companies, $3,122,883.44: mortgage loan companies, $2,446,194.40; credit unions, $32,348,00; Federal Land
banks, $5.500.000.00; Joint stock Land banks, $319,954.68; Agricultural Credit corporations, $42,875.80; Livestock Credit corporations, 51378,704.19; railroads (including receivers), $264,740.00; self-liquidating Projects, $190,000.00, and financing of agricultural commodities and livestock. $310,111.94.
g Includes authorization of two loans aggregating $241.404.37 temporarily suspended pending further consideration.
TABLE 6.
STATEMENT OF CASH RECEIPTS AND EXPENDITURES,
OCT.1 1932 TO DEC.311932,INCLUSIVE.
(Corporation's Accounts with Treasurer of United States.)
Cash balance at the close of business Sept. 30 1932, as per
the books of the Treasurer of the Corporation
$31,545.053.18
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 close of business Sept.30 1032.._ $31.538,706.65
Receipts
Sale of"First Series" 3%% notes
$75.000,000.00
Sale of"Series A"334% notes
135,000,000.00
Loan repayments:
Banks and trust COS. (incl. receivers)
83,874.368.28
Credit unions
3,285.00
Building and loan associations
4,622.425.06
companies
Insurance
3,388,354.04
Joint Stock Land banks
30,583.44
Livestock Credit corporations
2,736,994.53
Mortgageloan companies
6,254,850.66
Regional Agricultural Credit corporations
655.03
994.811.43
Other Agricultural Credit corporations
2,197,998.66
Railroads
Institutions under Section 201(d)
115,456.95
13,209,884.28
Interest and discount collected
38.062.89
Reimbursable expense collected
118,281.84
Collections on collateral to rediscounts
Funds received from See'y of Agriculture- 15,000,000.00
Funds of Regional Agricultural Credit corps. 26,000,000.00
Amountserroneously deposited
10.500.00
Repayments of amount erroneously charged
5,000.00
to Corporation by Federal Reserve Bank..
368,026.32
Unallocated
368,969.538.41
5400.508,245.06
Expenditures
Loan disbursements:
Banks and trust cos. (incl. receivers)...-$144,038,261.51
Credit union
66,746.00
Building and loan associations
13,622.130.48
Insurance companies
8.604,299.82
Federal Land banks
7,050,000.00
Joint Stock Land banks
1,232.036.50
Livestock Credit corporations
1.121,450.89
Mortgage loan companies
7,846.021.63
Regional Agricultual Credit corporations
5,372,062.60
Other Agricultural Credit corporations...
1,696,413.63
Railroads (including receivers)
56.259,698.48
For self-liquidating projects under Section 201(a)(bonds and certificates purchased, par $15,777,000)
15,737,000.00
To institutions under Section 201(cll.__ _
1,439,974.09
Relief disbursements
65,807,458.34
Payment of subscriptions to capital of Regional Agricultural Credit corporations_ _ 42,000,000.00
Withdrawal by Regional Agricultural Credit
corporations of funds held for them
9,500,000.00
Interest paid on "
First Series." "Second
Series" and"
Third Series" 3X % notes_ _
7,608,904.11
Refund of amounts erroneously deposited
13,637.70
Refund of int. on acc't of overpayments.,.
9,605.22
Refund of unearned discount
839.39
Release ofcash collateral to rediscounts_ _
44,215.95
Interest paid on cash collateral to redisc'ts..
216.25
Int. on suspended credits
-Mtge.loans.. __ _
44.73
Release of funds held in suspense
148,277.33
Advances for expenses-Regional Agricultural Credit corporations
460,000.00
Allocated and paid to the Sec. of the Treas.
to purchase stock of Fed. Home L'n Bks_
820,000.00
Accrued interest on bonds received in connection with relief disbusesments
1,995.41
Accrued interest on bonds purchased (selfliquidating projects)
177,692.85
Volume 136
Deposit with bid ?or purchase of bonds (selfliquidating projects)
Increase in petty cash funds
Disbursement erroneously charged to Corporation by Federal Reserve Bank—Repaid Dec. 1 1932
Furniture and fixtures
Expense—General
Expense—Loan agency
Expense—Custodian
Expense—Regional Agricultural Credit
corporations
Reimbursable expense
Financial Chronicle
$40,300.00
4,300.00
5,000.00
79.638.16
683,330.04
608,033.31
274,052.63
114,038.16
92,642.62
$392.580.317.83
$7.927,927.23
Cash balance at the close of business Dec.31 1932
Note—In addition to funds on deposit with the Treasurer of the United
States, custodian banks held in suspense funds which amounted to $2,166,056.35 at the close of business Sept. 30 1932, and $1,464,285.96 at the
close of business Dec. 31 1932.
TABLE 7.
STATEMENT OF CASH RECEIPTS AND EXPENDITURES OF THE
CORPORATION,FEB.2 1932 TO DEC.31 1932, INCLUSIVE.
(Corporation's Accounts with Treasurer of United States.)
Receipts—
$a00,000.f 00.00
Sale of capital stock
notes
25b.t.00,011.00
Sale of "First Series" 33.
250.000.000.00
Bale of "Second Series" 33% notes
.10.LO
175,000,1
Sale of "Third Series" 3%% notes
135,000.000.00
Sales of "Series A"3%% notes
Loan repayments:
Banks and trust cos. (incl. receivers)— 256,284,353.11
8,838.00
Credit unions
9,683.776.91
Building and loan associations
6.588,738.52
Insurance companies
62,544.32
Joint Stock Land banks
4,066,791.16
Livestock Credit corporations
11,290.207.36
Mortgage loan companies
655.03
1 egional Agricul. Credit corporations
1.082,310.40
Other Agricul. Credit corporations
11,839.562.71
Railroads
115,456.95
Institutions under Section 201(d)
21,052.079.50
Interest and discount collected
77,585.19
Reimbursable expense collected
209.575.13
Collections on collateral to rediscounts_
Funds reciived from Sec's of Agriculture_ 15,000.000.00
26.000.000.00
Funds of Regional Agile. Credit corp'ns
Refund of amount erroneously charged to
5,000.00
Corporation by federal Reserve Board_
13,637.70
Amounts erroneously deposited
905,497.69
Unallocated
81.673,286.609.68
Expenditures—
$15,010,000.00
Paid to Secretary of Agriculture
Loan disbursements—
Banks and trust cos. (Incl. receivers)—$850.570,240.33
440,098.00
Credit unions
93,933,114.67
Building and loan associations
68.037,618.92
Insurance companies
18.500.000.00
Federal Land banks
2.527,845.62
Joint Stock Land banks
11.810.403.61
Livestock Credit corporations
88.332.020.39
Mortgage loan companies
5.372,162.60
Regional ,,gricul. Credit corporations
3,456.627.33
Other agricul. Credit corporations_ _ _ _
284,311,271.48
Railroads ,including receivers)
For self liquidating projects under Section 201(a) (Bonds and certificates
1..).737.00( .00
purchased. par $15,777,000)
1,439,974.09
To institutions under Section 201(c1)..79,967,042.09
Relief disbursements
Payment of subscriptions to capital of Regional ,,gricul. Credit corporations_ _ _ 42,000,000.00
Withdrawal by Regional Agricul. Credit
9,500.000.00
corps, of funds held for them
Interest paid on "First. Series," "Second
7,608,904.11
Series" and "Third Series" 3%% notes
13,637.70
Refund of amounts erroneously deposited
9,755.35
Refund of int. on acc't.of overpayments_
7,215.53
Refund of unearned discount
87,217.54
Release of cash collaterallto rediscounts
326.01
Interest paid on cash collat. to redisc'ts_
44.73
Int. on suspended credits—liltge. loans
152,459.11
Release of funds held in suspense
Advances for expenses—Regional Agricul460.000.00
tural Credit corporations
Allocated and paid to the Sec'y of Treas,
820,000.00
to purch, stk. of Fed. Nome L'n Banks
Accrued int, on bondseand county notes
received in connection with relief dis2,212.49
bursements
Accrued int. on bondsspurchased (self177.692.85
liquidating projects)
Deposits with bid for purchase of bonds
40,300.00
(self-liquidating projects)
6,400.00
Increase in petty cash funds
Disbursement erroneously charged to Cor5,000.00
poration by Fed. Reserve,Bank
337,597.04
Furniture and fixtures
1,640,184.07
Expense—General
2.092,387.92
Expense—Loan agency
687.677.38
Expense—Custodian
114.038.16
Expense—Regional Agricul. corporation_
179,635.54
Reimbursable expense
677.79
Miscellaneous
$1.665.358.682.45
37.927,927.23
Cash balance at close of business Dec. 31 1932
Note.—ln addition to funds on deposit with the Treasurer of the United
States, custodian banks held insuspense funds which amounted to $1,464.285.96 at the close of buainessIDec. 311932.
Year's Moratorium on'‘Farm Foreclosures
in Wood County, Ohio.
Associated1Pressladvices.,Feb. 4 from Bowling Green,
'Ohio, said:
A 3 ear's mr ratorium on foreclosures was granted by two Wood County
financial institutions to-day.
The Bank of Wood County and the Inter-County Finance Co., after
formed a debt protective
a meeting here with a grcup cf farmers who have
organization, agreed to attempt no more foreclosures for a year without
committee recently appointed by Governor
the consent of a mediation
White.
Meanwhile, in Erie County. 100 farmers gathered at Camp Avery,
and personal property of
near Sandusky, and bought the implements
long-term lease.
Lemuel Sands for 37.80,later returning them to him under a
Interest Rate on Farm Mortgages Reduced in Dayton,
Youngstown and Akron, Ohio.
Associated Press accounts from Dayton, Ohio, on Jan. 31
stated:
largest of 18 building
The Mutual Home and Savings Association,
announced to-day it had reducedi s
and loan associations in Dayton,
953
interest rate on mortgages from 7% to 4%%, effective as of Jan. 1 1933.
The new rate will be in effect for the current year.
The reduction will apply to all mortgages, regardless of whether there
Is any delinquency on the part of the payer, provided the interest charges
on the mortgage have been met by June 1 of this year.
Through the reduction, Ezra F. Kimmel, President of the association,
said the board hopes to receive a sufficient amount of regular payments
on mortgages to make it possible to maintain the present dividend rate of
3% and to permit larger withdrawals by depositors.
Though the savings to borrowers on mortgages will amount to more
than $1,000,000 a year, officials of the association declined to reveal the
exact amount of savings to be effected or the value of the mortgages.
The Dollar Savings & Trust Co. has reduced interest rate
from 7% to 6% on all loans, effective March 1 said a Youngstown (Ohio) dispatch to the "Wall Street Journal" of Feb.
8, which further stated:
"It is evident that under present conditions a 7% interest rate on mortgages and other loans is too high," officials of the bank stated. "Price
levels have fallen. Every one's income is reduced. Sound banking
recognizes economic trends. Accordingly, there should be a lowering of
rates to borrowers as there must be lowering of interest rates for depositors.
"The Dollar Savings & Trust Co. has determined that on and after
March 1 1933 the rate on all of its present 7% mortgage and other loans
will be reduced to 6%."
Akron Banks Reduce Mortgage Interest Rates.
From Akron, Ohio, Associated Press accounts said:
I The five bank members of the Akron Clearing House Association to-day
announced reduction of the mortgage interest rate from 7 to 6%.
The reduction applies to all 7% mortgages held by the banks provided
Interest and taxes have been up to the beginning of the current interest
period. It ItleaDS a saving of more than a quarter of a million dollars to
Akron working men and women who are buying their homes, George W.
Merz, president of the Clearing House, said.
The action is the first of this kind taken by any organized clearing house
In Ohio, bank officials said. The Clearing House's five member banks are
the only commercial banks in the city.
Indiana Moratorium on Property Sales on Which
Taxes Are Delinquent.
The Indiana House of Representatives concurred on
Jan. 19 in a Senate amendment to the bill declaring a oneyear moratorium on the sale of property on which taxes
have become delinquent. It was stated in Associated
Press advices from Indianapolis Jan. 19 that under the
provisions of the bill there will be no sales of property on
which taxes have become delinquent until the second
Monday in February 1934.
Arkansas Bars Suit on Home Mortgages—Suspends
Courts' Jurisdiction for Two Years.
The following from Little Rock, Ark., Jan. 31, is from the
New York "Times":
A mortgage moratorium measure passed by the Arkansas Legislature
to-day suspends for two years the jurisdiction of circuit and chancery
courts in mortgage foreclosure proceedings involving any homestead.
Another measure passed would prevent deficiency judgments in foreclosure
cases and would permit appointment of property owners as receivers for
their own property.
Moratorium Declared on Georgia Mortgages.
Associated Press advices Feb. 1 from Atlanta stated:
Georgia Real
Governor Eugene Talmadge announced to-day that the
life insurance
Estate Loan Association, an organization of 15 of the largest
on all
companies doing business in the state, had declared a moratorium
Georgia farm mortgages, except in cases of abandonment.
a long conference between the
Announcement of the decision followed
governor and a committee of the association, climaxing a series of negotiations between Mr. Talmadge and home office officials of the companies.
Forced Sales of Land Barred in Mississippi.
W Under date of Jan. 31 Associated Press accounts from
Magnolia, Miss., stated:
Judge R. W. Cutrer in Pike County Chancery Court to-day declined
to order forced sales of land, asserting that the present time "is no time
for such disposition," and that if he ordered land sales they would "be
equivalent,to the judicial giving away of property." lie added that he
did "not propose to do that."
Loans of $5,000,000 and $11,127,700 to the Baltimore &
Ohio and Chicago & North Western, Respectively,
from Reconstruction Finance Corporation Approved by Inter-State Commerce Commission—
Rock Island, Nickel Plate and Minneapolis & St.
Louis Apply for Additional Loans.
The Inter-State Commerce Commission has approved
loans of $5,000,000 and $11,127,700 to the Baltimore & Ohio
arid Chicago & North Western, respectively, from the Reconstruction Finance Corporation. This brings the total
loans approved to date to approximately $377,336,378 to
77 roads. The present advance to the Baltimore & Ohio is
the fifth loan the company has received from the Reconstruction Finance Corporation $7,000,000 having been
approved on March 30; $25,500,000 on May 16 and $31,625,000 on Aug. 19. The aggregate amount of these loans
is $69,125,000. In addition a work loan in the amount of
954
Financial Chronicle
$3,000,000 to be expended in repair of equipment was approved on Oct. 13. Of this amount the applicant hia
drawn down $38,825,000 to Feb. 2. Loans of $7,600,000
on Feb. 23; $12,461,350 on Sept. 29 and $1,000,000 on Oct.
22 were approved to the Chicago & North Western RT,
bringing the total advances to this road to $32,189,050.
Advances to Feb.4, upon loans previously approved totaled
$19,104,433, of which $2,064,500 has been repaid, leaving
$17,039,933 owing to the Finance Corporation.
• Three additional roads have applied to the Inter-Slate
Commerce Commission for authority to borrow from the
Reconstruction Finance Corporation. These roads and the
amounts sought are: Chicago Rock Island & Pacific, $8,000,000; Minneapolis & St. Louis, $1,027,174.4and .New
. I
York Chicago & St. Louis, $2,100,000.
9
Details in connection with the loans nowTapprovod
Baltimore & Ohio Railroad.
_
The Baltimore & Ohio RR. filed on Jan. 20 1933, its
-appllcation to the
Reconstruction Finance Corporation, requesting an additional loan under
the provisions of section 5 of the Reconstruction Finance Corporation Act,
approved Jan. 22 1932, as amended.
Previous Proceedings.
'
.97.R41
We have previously certified our approval of three loans to the applicant
in proceedings under Finance Docket No. 9268: $7.000,000. approved
March 30 1932; $25,500.000. approved May 16 1932: anct$31.625.000,
approved Aug. 19 1932. On Oct. 13 1932, Finance Docket No. 9659, we
also certified our approval of a so-called "work loan" in the amount of
$3.000.000 to this applicant to be expended in the repairland construction
o lequipment. The aggregate amount of these loans is $67.125.000. Of
this amount the applicant had drawn down $38,825.000_to,the,date of the
present application.
<to 4
The loan of $31.625.000 approved on Aug. 19 1932, was for the purpose
of enabling the applicant to pay in cash 50% of the principal amount of
-year convertibles434 Vigold bonds. maturing March 1
$63,250.000 of 20
1933. The applicant's plan of financing this maturity was fully described
in our report. It has been successful in the development of this plan, which
has progressed to the point where it may reasonably be expected to become
operative in the near future. The consummation of the plan,,involving
the largest railroad maturity of the current year, should havegthe effect
of strengthening the general credit situation and, in particular,!the_market
position of the applicant's securities.
The Application.
The applicant now requests a further loan of 65,000,000 for a term of
three years, with interest at a rate to be fixed by the Finance Corporation,
to be used in discharging the principal of equipment obligations maturing
during the first six months of the current year. Advances upon the loan
are desired as follows:
Upon approval
$1,493.700
On or about Feb. 1 1933
1,523,000
On or about Apr. 1 1933
800.000
On or about May 1 1933
975.000
On or about June 1 1933
138,000
On or about July 1 1933
575.000
The applicant is a party to the "Marshalling and Distributing Flan,
1931" of the Railroad Credit Corporation and has contributed the sum of
$3,264.687.06 to the fund created under that plan, covering the period
to Nov. 30 1932. It estimates additional payments for the succeeding
four months of $1.138,751, or a total of $4.403,438.06 to March 31 1933.
During the month of Nov. 1932. the applicant applied for and received
a loan of $2.000,000 fromithe Railroad Credit Corporation and has now
pending an application to that corporation for an additional loan of
$1.000,000.
The applicant states that because its maturities during 1932 and 1933
are abnormally large in amount, coincidentally with abnormally low market
prices of such securities and their high interest cost, it is unable to finance
its requirements through banking channels upon reasonable terms.
Necessities of the Applicant.
The requirements of the applicant for maturing principal of equipment
trust obligations, during the period Jan. 1 to July 1 1933, for which the
loan is sought may be summarized as follows:
Jan. 15 Equipment Trust of 1920. 15.Years
$1,186,700
Jan. 15 Equipment Trust, Series 10„(B. it. & .F.)
133,600
Jan. 15 Equipment Trust (Morgantown & Kingwood)
173,400
Feb. 1 Equipment Trust of 1923, 15 years
925,000
Feb. 1 Equipment Trust 0 of 1926, 15 Yeats
558.000
Feb. 1 Equipment Trust, Series Ii,(B. R. &,..1".)
40.000
Apr. 1 Equipment Trust E of 1927, 15 years
750,000
Apr. 1 Equipment Trust, Series J,(B. R. &IP.)
50.000
May 1 Equipment Trust B of 1925, 15 years
543,000
May 1 Equipment Trust (National Railway Service Corp.)_
432,000
June 1 Equipment Trust, Series L(B. R.& Y.)
128,000
June 1 Equipment Trust, Series 0(0. I. & W.)
10,000
July 1 Equipment Trust, Series D,of 1926, 15,years
575.000
Total
$5,504,700
The applicant's cash balance on Jan. 1 1933, was $5,644,789. Net
revenues and other income for the six months„ending July 1 1933, are
estimated at $23.280,893. Deducting estimated _disbursements of $9,323.326 for taxes, rentals, and miscellaneous items, and _interest payments
of $14.621,500. the applicant will have a deficit in ca.shirout income of
$663.933 on July 1 1933. Duringt,hegame period equipment trust maturities
will aggregate $5.504,700 and _estimated capital disbursements,$3,286.950,
making the applicant's total cash requirements $9.455,583_for the period
Jan. 1 to July 1 1933, exclusive of the cash on hand Jan. 1 1933, which is
less than the minimum cash reserve_deemed necessary_by_the„appllcant.
Security.
The applicant offers as security for the_loan its present and future equities
In all securities now pledged, or which may:be hereafter pledged, with the
Finance Corporation for loans_which_have_been or which_may_be made to
•
the applicant.
In our previous reports we
fully describeethe-pledged securities.
with detailed statements of price range forssuch of them as have been listed
on exchange. The loans of $67,125.600 heretofore approved by us are
secured by $181.308.850, face amount of stocks and bonds of various
companies. Conditions affecting the value:of the securities of this applicant
and its affiliated companies are not walike,those affecting the securities of
railway companies generally, being due to the prevailing economic conof the market quotations,of thew pledged securitiespver
ditions. A study
the six months ending Jan. 14 1933, discloses that as of Aug. 15 1932. the
Feb. 11 1933
•
estimated market value of these stocks and bonds was $97,005.691 and on
Jan. 14 1933, $89,542.979. The market value average of these securities
over the six months period as estimated by the applicant was $92.700,770,
or 138.10% of the face amount of loans heretofore approved by us.
The applicant submitted a statement, which we have partially verified,
disclosing the following results of operations for the 11-year period 1921
to 1931, actual for the first 11 months and estimated for the.month of
Dec. 1932:
Average 11
Years 1921
to 1931,
Incl.
Rallwafoperating'revenues
$223,885,324 $125,8 2,823
18 29
3
Railway operatingiexpenses
171,030.645 91,654.935
Net revenue from,operation
.,52.854.679 34,227,888
Operating ratio
72.81
• 76.39 A
Railway tax accuraLs_*
8,950,869
10.126,606
Equipment rents, net debit
2.596.990
1,883,256
Joint facility rents. net:debit
1,084,359
1,415.679
Net railway operatingtincome
39,046,724 21,978.084
Non-operating.Mcome_a
7.847,905
5.537.177
Gross
-income
46,894,629 127,515.261
Deductions exclusive of interest
4. 1.951.235
1,602,503
Available forinterest
44.943,394 25,912,758
Interest on funded and unfundealebt
26.350.508 32,276.414
Timesoarned
.80
1.71
Net income
18,592,886 166,363,656
* Includes uncollectible railway revenues.
a Dividend income, interest received, &c.
b Deficit.
Subsequentlyvtemthirsubmissioriof theforegoing -estimated results of
operations for 1932, the applicant advised that it had determined the
actual deficit in net income_for the.year to have been $6.334,978, a reduction of $28,678 from_the_partiallyfistimated_figures previously furnished.
Conclusions.
We conclude:
ato-the-applicant by the Finance Cor1. That we should-approve- loan• poration of not to exceed $5,000.000. for terms of not exceeding three years
-dates of the advances thereon, for the purpose of discharging
from the
principal of equipment obligationamaturing_during the first six months of
the current year, as aforesaid;
2. That the applicant sould'agreewith"the/Finance Corporation that
all of the security for loans -heretofore approved for the applicant shall
apply equally and ratably_to alkof suchzloans and the loan herein conditionally approved;
3. That the applicant sould further agree with the Finance Corporation
to pledge from time to time, as additional security for its loans, such other
securitiesas_may,be required by .
that corporation;
Chicago & North Western Railway.
The
-Chicargrand North Western Railway filed an application on Jan.
:
20 1933, requesting an additional'loan of $11.127.700 from the Reconstruction Finance'Corporation undeetheprovisionsIof the Reconstruction
Finance Corporation Act approved Jan. 22 1932. as amended.
Upon previous'application'andIsupplements thereto, in Finance Docket
No. 9167, loans Of $7.600,000!on ;Feb. 25
11932,$12.46l.350 on Sept. 29
1932. and $1.000.000 'on,Oct. 22%71932. were 'approved upon prescribed
conditions and for specified purposes. Advances to the date of the pending
application (Feb. 4). upon'Ioanepreviously approved by us have totaled
819.104.433. of which $2,064,500 has been repaid, leaving $17,039,933
owing to the Finance Corporation. The applicant has also received a
loan of 81.910.500 from the Railroad CreditCorporation, and has applied
to that corporation for an additional loan of 81.000.000.
The Application.
The further loan of$11.127,700nis'requested for a period of three years
from the dateeof the severaleadvances thereon. Advances of 8784.300
on Jan. 31: $1.133.300 on Feb. 28. 51.111.500 on March 31. and $8,098.600
on April 30, are desired. The funds, except in the case of the last advance.
are required to meet interest and equipment trust maturities. In the amounts
of the advances, due on the first day of the month following the dates
specified. The laseadvance'is"to'providel'or-interest and equipment trust
maturities of $4.921.100'ancrone-half of a maturing issue of debentures of
86.355.000 due on May 1. Of the maturing obligations specified.86.838.200
represents'interest•''and 51.112.000 equipment trust maturities. The
applicant expects to arrange with the holders of the debentures to take payment of one-half of their'securities in cash and accept the applicant's
general'mortgagebonds'for the'remainder.
The applicant representshhatilt is'unableto-obtain the funds applied
for from any7other source, stating that its ordinary requirements have for
many'years been financeethrough Huhn, Loeb & Co.. but that that
concern has declined to commit itself to any further loans to the applicant.
Theapplicant states that it has not made and will not make any agreement to pay any person, association. firmlor'corporation, either directly
or indirectly, any commission or fee for the loan herein applied for, and that
no such payments have been!orjwill be made.
The applicant controls the ChicagodSt. Paul Minneapolis & Omaha
Railway. hereinafter'callecrthe-Omaha. through ownership of about 94%
of itsstock. No'singleAnterest controls'the'applicant.
Under the "Marshalling and Distributing Plan, 1931" of the Railroad
Credit Corporation 'the'applicant hasipaidiltethat'corporation $1,320.986
for thi'montheof Jan. to Oct. 1932, inclusive. The total amounts payable
for the period'Jan. 1932eteMarch 1933:Inclusive, are estimated at $1,825.731. The'correspondineestimatelfor_theDmaha is $337,373, of which
$264,129:has:aiready_been paid.
Necessities ofthe Applicant.
In 1931 the applicant incurred a deficit in income of 86.034,125, after
fixecrchargeeand for the year1932 a'further deficit of 811.216.820. Cash
on handon Jan. 11933, was13.781.500. For'the'year 1933 the applicant
estimates'a'deficit in netrIncome of 810.458.097:based on expected railway
•
operating-revenues-of $72.179.597 aakompared with $72.491.521 accrued in
1932. Ordinary cash-receipts for the year '1933 are expected to fall short
of requirementeto'meetfordinarepayments and maturing capital obligetions
-be$29.705.000. reducing the'cash balance of Jan. 1. to a shortage
of 325.923,500 on Dec. 31. exceptslaa refunding is'accomplished or loans
obtained. The estimates do not provide for the requirements of the Omaha.
nor contemplate the receipt of interest due from that subsidiary. The
Omaha, according to 'the applicant's estimates, will earn 51.484.341 of
the $2.485.230Iintereet'due the applicant for 1933. The Omaha's audited
accounts and wages payable on Dec. 31 1932. were in the amount of 56.862.002, nearly half its 'expected 'operating revenues for the year 1933:
but all except current'items were owed to the applicant.
Maturities include 86.355.000 of the applicant's sinking fund debentures
due May 11933. previously mentioned, and $7,724.000 of Fremont Elkhorn
& Missouri Valley consolidated bonds due Oct. 1 1933. With the loan of
811.127.700 now sought and the exchange of general mortgage bonds for
one-half the debentures maturing May 1 1933. the applicant should.
according to Its forecast, have a cash balance of $4.135,500 on May 31,
end not less than 51.304.100 at the close of each month to and including
Volume 136
Financial Chronicle
September. General mortgage bonds will not be available for refinancing
the October maturity, first and refunding bonds being issuable for this
Purpose.
Other than equipment obligations, none of the applicant's funded debt
matures in 1934; $4,428,000 matures in 1935; and $19.000.000 in 1936.
The 1936 maturities Include $15,000,000 of collateral trust debentures
secured by the deposit of $18,000,000 of the applicant's general-mortgage
bonds. Maturities of equipment obligations for 1933 will total $4.164,900,
as compared with depreciation charges of $4,439,000. None of the shortterm loans to the applicant mature prior to March 13 1934. except a demand
loan of $477,244 from the Sioux City Bridge Co. The latter loan, together
with a Kuhn, Loeb & Co. loan of $5,000.000 and loans from the Finance
Corporation and the Railroad Credit Corporation, constitute the total
of the applicant's loans and bills payable.
Security.
As security for the loan requested the applicant offers
to Pledge $45.186,000 of Chicago St. Paul Minneapolis & Omaha Railway first-mortgage
5% gold bonds, series A, due 2000 A. D. These bonds are held by the
applicant as collateral security for a 5 % note of the Omaha in the same
amount. The latter obligation and $2,611,400 of equipment-trust certificates, with $500 of matured but unpresented bonds, constitute the
only funded debt of the Omaha outstanding on Dec. 31 1932; but an application is on file with us for authority to capitalize an additional $1.000.000
for additions and betterments. The Omaha's first-mortgage is a direct
first lien on its 1.667 miles of railraod. including 183 miles of double track
from the Twin Cities eastward, over which all the applicant's traffic between
those cities and Chicago moves. The Omaha is indispensable to the applicant, and it is over its rails that the applicant reaches the Twin Cities
and the Head-of
-the-Lakes. The Omaha's bonds are dated March 1 1930.
None of these bonds have been sold to the public.
The Omaha's operating revenues were $14,831,762 and its deficit in
net income was $2,864,234 in 1932. It estimates operating revenues of
S14.903.085 and a deficit of *1.000,889 in 1933. On December 31 1932,
its corporate surplus was a deficit of $4,057.983. For the 11 years 1921
to 1931, its net railway operating income averaged $2,546,142 and net
Income $22,772. Railway operating revenues were fairly constant and
averaged about $27,000.000 per year to and including 1929.
Maintenance of Properties.
The estimate for 1933 contemplates charges of $10,300,000 for maintenance of way and structures and $14.754,827 for maintenance of equipment,
a total of $25,054.827 as compared with $24,330.586 charged in
1932.
$36,582.421 in 1931 and $43.584,671 in 1930. From 1921 to 1929, inclusive.
the annual charges have been in excess of 550,000.030 each year except
1922 when they were 149,779,953. Because of the completion of a liberal
program of maintenance just prior to the curtailment in expenditures
mentioned, use of treated ties, lighter traffic, favorable weather conditions, retirements of old equipment, and reduced rates of pay, the appllcant states, the property is in first class condition.
Charges for maintenance of way and structures and maintenance of
equipment on the Omaha are estimated at *3.755,676 for 1933 as compared
with *5,016, 92 charged in 1932, $6,311,328 in 1931
and $8, 0.199 in
52
1930. and charges in excess of $8,500,000 annually from 1921 to 1929,
Inclusive. Notwithstanding reduced program of maintenance in 1931
and
1932, the property is said not to have suffered materailly, because of the
reduced number of train miles and favorable weather conditions.
Prior to 1931. for a period of 50 years, with the exception of 1921, the
applicant earned the full fixed charges and dividends with substantial
amounts remaining for surplus. In 1921 the company earned
within
$1,245,433 of fixed charges. Dividends to the amount of $3,947.501
were
paid in 1931. Accrued income for 1931 and 1932 includes
82.485.230
interest per annum on the Omaha's note for *45386.000 to which reference
hereinafter will be made. This interest has not been fully
earned, and
Interest matured unpaid on the Omaha's balance sheet of Dec.
31 1932,
VMS 53.727,845. The sum of the latter item
plus the applicant's deficit
after dividends in 1931 and its deficit in net income In 1932 is
$24,926,291,
as compared with the applicant's loans and bills payable of
$23,276.683
on Nov. 30 1932. Total current liabilities on the latter date
were
344.401 and total current assets $26,856,261, as compared with $.34.$12.391,979 current liabilities and $31,610,017 current assets on
Dec. 31 1930.
In Chicago &'N. W. Ry. Co. Securities, 158
I. C. C. 37, authority was
granted the applicant to issue $72,335,000
of 20
-year 4%% convertible
debentures, of 1949, for specified purposes and
under prescribed conditions,
and to issue $68.890.500, par value, of conunon
capital stock in conversion
of the same bonds. The debentures authorized
are now all outstanding in
the hands of the public. In authorizing their
issue we pointed out that they
would increase the capital liabilities or the applicant
$48,251.000 upon an
Increase in capitalizable assets of only 33.660,161.
leaving approximately
$44,590,839 of the proposed issue unsupported except by the applicant's
greater equity in the property of the Omaha to result from the
retirement
of previous obligations of that company In the amount
of $45,186,000.
On the other hand,160,669,800 par value, of securities
are pledged to secure
the applicant's short-term loans of $23,276.683, a margin of
$37.393,117
in par value. As compared with the $44.590,839 mentioned, the
applicant's
corporate surplus on Nov. 30 1932. was 148.504.920. The
present
Jan. 24 1933. of the 0.1% convertible debentures of 1949 is 11%, price.
while
the price of the applicant's 43 % first and refunding mortgage bonds
of
2037 is approximately 17. The applicant's general-mortgage 5% bonds
of 1987 sold on Jan. 24 at 46, the high for 1932-1933 having been 83
and
the low 45.
The applicant's own securities in its treasury on Nov. 30 1932,
not
tendered for this loan, included $16.000 of its general mortgage bonds
and $14,209.000 of its first and refunding mortgage bonds. Of the first
and refunding mortgage bonds $250,000 are to be pledged for the Reconstruction loan approved Oct. 22 1932. for purchase and treatment of
ties.
In addition to its bonds now in the treasury, the applicant's blanket mortgages provide for delivery by the trustee of reserved bonds, par for par,
for refunding the May and October maturities previously mentioned.
A further delivery of reserved bonds under the general mortgage, 59.084.000
In amount, will also be available after the May maturity has been taken
care of, the refunding of that maturity, the last provided for under the
general mortgage, releasing all bonds theretofore reserved under that
instrument and remaining unissued. The applicant holds in its treasury
securities of other companies unpledged having a par value of $4.849.010,
in addition to stock and bonds of the Omaha, tax anticipation warrants
and the applicant's right to a distributive share in the assets of the Railroad Credit Corporation.
As of June 30 1917, we found the value for rate-making purposes of the
Omaha's carrier property to be 1687,149.156. Subsequent net additions
and:betterments to Dec. 31 1931, are reported to us by the applicant to
be in the amount of $11,959,233. The sum of these items is S99,108,389.
Conclusions.
We conclude:
I. That we should approve a further loan by the Finance Corporation
to the applicant of not to exceed $11,127,700, for_ terms not exceeding
955
three years from the advances thereon, for the purposes specified in the
application and above set forth;
2. That the applicant should deposit with the Finance Corporation, as
additional collateral security for this and previous loans, $45,186,000 of
Chicago St. Paul Minneapolis & Omaha Railway Co. first-mortgage
5%
bonds, series A, due 2000 A. D., in installments not proportionately less
than the funds advanced from time to time;
3. That the Finance Corporation will be adequately secured under these
conditions;
4. That the applicant should be required to notify the Finance Corporation and us, within 30 days from the date of each advance of funds.
of the expenditure of the proceeds thereof for the purposes for which it is
authorized.
Details in cofanection with the applications just filed are
summarized as follows:
Chicago North Shore & Milwaukee RR.
The Chicago North Shore & Milwaukee RR.,through its receivers. Albert
A. Sprague and Briton I. Budd, have applied to the Inter-State Commerce
Commission for permission to borrow $600.000 from the Reconstruction
Finance Corporation. The loan, which would be for three years, is to
pay operating expenses, taxes and certain other charges properly to conserve the property.
Chicago Rock Island & Pacific Ry.
Approval of a three-year loan of $8.000.000 from the Reconstruction
Finance Corporation was sought Feb. 7 by the Chicago Rock Island &
Pacific Ry. in an application to the Inter-State Commerce Commission.
The funds would be applied to the payment of maturing obligations from
March 1 to July 1 of which $1,596,000 is in principal and $6.437.360 in
interest. In addition to previous loans from the Reconstruction Finance
Corporation aggregating $10,000.000, the Rock Island says it applied last
year for loans totaling *4.621,519 from the Railroad Credit Corporation,
no part of which was granted. The road has no intention of again asking
aid from the Credit Corporation, it said. As security for the loan requested
of the Finance Corporation it is proposed to pledge *9,211,000 face amount
of bonds of its own and subsidiary companies.
In its application the Rock Island estimates that it will show a net lose
of $6,748.796 this year. Loses are predicted for every month except
October, when a net income of $15,335 is expected. The net losses include
672.430 for January. $775,574 for February, *382.288 for March, $931.4i71
for April. $880,735 for May. $805,335 for June, 8370,469 for July, $99,e48
for August. $250,315 for Spetember, $664,338 for November and $931,012
for December. The management also anticipates cash deficits in every
month commencing with April. Monthly balances would be as follows:
January, *1.637,077; February, 11,553.899. and March. $595.016. Deficit
balances would be $2,265.261 in April, $2,594,287 in May, $4,647.130
In June. $5.964,242 in July,16.075.985 in August. *6.305,332 in September.
$6.988,980 in October, $7,073,775 in November and $8.203,524 in Decamber.
E Minneapolis & St. Louis Ry.
The Minneapolis & St. Louis RR. on Feb. 6 applied to the Inter-State
Commerce Commission for authority to borrow $1,027,174 from the Reconstruction Finance Corporation. The company intends to use the loan
to pay the principal and interest on equipment trust issues. W. H.Bremner
receiver for the road, who applied for the advance seeks authority to WO
the money to pay taxes on trusts of the Minneapolis & St. Louis. Receivers' certificates are offered as security for the loan. The Reconstruction
Finance Corporation already has advanced the road a total of $2,698,630.
New York Chicago & St. Louis RR.
The New York Chicago & St. Louis RR. has asked Inter-State Commerce
Commission's approval for a further loan of $2,100,000 from the Reconstruction Finance Corporation to pay fixed interest charges. The carrier
also asks permission to issue $3,041,000 4%% refunding mortgage series 0
bonds dated Sept. 1 1928, which it proposes to pledge as collateral security
for the additional loan.
Of the bonds to be issued $1.569,000 will reimburse its treasury for uncapitalized expenditures for income. The remaining $1.472,000 will represent the refunding of and reimbursement for the purchase of $952,000 of
Nickel Plate first mortgage bonds maturing Oct. 31 1937. and the reimbursement of expenditures of $520,000 for the payment of certain liens
established by court order. The lien was entered against the Toledo St.
Louis & Western RR., a Nickel Plate constituent line, in 1922 in a suit
by the stockholders' protective committee of that road.
The payments which the $2,100.000 of additional funds would meet
include an $800,000 portion of the $1,347.187 semi-annual interest due
March 1 on the road's 4%% refunding mortgage bonds and $1.300.000 of
the $1,630,655 of semi-annual interest due April 1 next. The April 1
interest includes 1716,595 on the road's 53 % refunding mortgage bonds.
series A, $334.060 on the Nickel Plate railroads' first mortgage 4% bonds,
$130,000 on the first mortgage 4% bonds of the Toledo St. Louis & Western
and $450.000 of interest on road's three-year 6% notes, dated Oct. 1 1932.
The application states that if the road can borrow from the Railroad
Credit Corporation it will apply such funds to reduce the Reconstruction
Finance Corporation loans.
I
The Nickel Plate now owes the Reconstruction Finance Corporation $15,511,587 and its subsidiary, the Toledo St. Louis & Western RR., a predecessor company, owes the Federal Government $186.000 on a loan advanced in 1920. The application covers the road's cash requirements for
the first six months of 1933.
The Commission is informed in the application that the road estimates s
deficit in net income throughout 1933, except October, when a net income of
$2.680 is expected. This includes net losses of $402,919 for January,
$267.726 for February, *175,651 for March. $298,019 for April, $451,207
for May, $445,186 for June, $474,296 for July. *416,038 for
August.
$270,658 for September, $282,598 for November, $311,525 for December
and $3.793.140 for the year.
Inter-State Commerce Commission Asked to Deny Loan
to Minneapolis—A St. Louis—RR.Chairman of
—
Reorganization',Committee Says No Further Debt
Burdens Should Be Incurred, as Road Is Unable
to Earn Fixed_Charges.
Controlling owners of a Class I railroad, in an unprecedented case, Feb. 9.fas ed the-Inter-State Commerce Com-k—
mission t,o,disapprove the lending of any more money to it
from the Reconstruction-Finance- Corporation unless ilie
Commission should:give assurance that definite steps would
be taken to improve materiallyLthe road's earnings so that
956
Financial Chronicle
its business might no longer be conducted "as a charitable
enterprise for the purpose of paying wages and taxes that
are not being earned." Philip J. Roosevelt, Chairman of
the reorganization committee of the road in question, the
Minneapolis & St. Louis, at the same time threatened to
order the company's locomotives to the roundhouse, and
to suspend completely all operations along its 1,600 miles
of track, a move which would paralyze, to a large extent,
the activities of the farming community between Minneapolis,
St. Paul and Peoria, that last year shipped more than 1,000,000 tons of grain, flour and other mill products. The
"Herald Tribune" of Feb. 10 further states:
Wall Street Sees Test Case.
Wall Street regards the case as a test one to establish the share of the
Inter-State Commerce Commission in the emergency situation in which
the railroads of the country now find themselves. The financial district
entertains the hope that the case will emphasize the need for such immediate
action as will accentuate the necessity for compelling the Commission to
comply with the terms of the Transportation Act of 1920, which imposed
on the board the responsibility for prescribing such rates as would earn the
railroads a fair return on their investment.
Observers in Wall Street point out that the Minneapolis & St. Louis Is
typical of other major systems in old Western trunk line territory, and that
the Commission, by indifference to its duties and casual whittling down to
the rate structure, have contributed largely to the present impoverishmnet
of the carriers west of the Mississippi River and north and east of the
Missouri River.
5.75% Called Fair.
The fair return which Congress says the Commission should obtain for
the carriers is 5.75%. Mr. Roosevelt, who Is a member of Roosevelt &
Son, states that his committee "understands', of course, that there is no
obligation, expressed or implied, in the Transportation Act, that rates
be regulated so as to provide adequate net earnings for any particular
railroad system," but he points out that the rate of return—on property
value—for Class I railways of the Western District for the five years
immediately following passage of the Act ranged between 2.91% and
4.12% , and never closely approached the 5.75% stipulated by law.
Mr. Roosevelt, who expressed his position in a letter to the Commission,
wrote, in explaining why his committee is unable to see any reasonable
probability of the repayment of any additional debt contracted by, the
Minneapolis & St. Louis, that existing regulation of carriers makes it
Impossible for the railroad to pay its way.
"After all, net earnings are nothing but the difference between gross
receipts on the one hand and expenses on the other," the letter reads.
"In this connection we are advised by the receiver that in 1932 about 64%
of his gross operating revenues was required to pay wages. We assume that
the Commission Is entirely familiar with this state of facts, and we submit
that the large and growing percentage of the carriers' gross revenue being
consumed by wages and taxes, and not the relatively small percentage of
the carriers' gross revenues required to pay interest on debt and dividends
on stock, is the key problem not only of this carrier, but of all railroads.
"As you know," the letter continues, "the carriers as a whole, if judged
by the standards ofservice rendered per dollar of capitalization or judged by
the standard of replacement or historical cost, are not over-capitalized
or over-bonded."
After summarizing the unsatisfactory earning record through which
during a series of past years, the road has earned $165,000.000 gross and
only $5,686,000 net available for bond interest, the letter continues!
"The reorganization committee earnestly urges that, in no event, is it
lawful and right, or in the public interest, that operations be continued,
whether under receivership or in connection with a reorganization by
agreement of security holders, or under some statutory reorganization to
be devised by legislation or administrative fiat, where such operations
can be continued only for a little time and through borrowings that dilute
and displace existing liens contracted in good faith,and there is no reasonable
likelihood that the earnings will ever be sufficient to repay such borrowings.
"From the above it is apparent that the Minneapolis & St. Louis RR.,
although producing operating revenues of more than $165,000,000 during
the last 12 years, has saved for bonds interest only 3.43% of its gross
savings. The reorganization committee believes that any enterprise in
which the margin of profit for services rendered (quite apart from any
question of a fair return on a reasonable valuation) is so small, is not being
conducted as a business, but rather as a charitable enterprise for the purpose
of paying wages and taxes that are not now being earned and the expense
of a transportation service which is not only not compensatory but at the
present time not self-supporting. Such an enterprise cannot permanently
endure,and we believe that it will do no good, but much harm,to postpone,
through further borrowing, the time when this fact is realized by the public,
the Congress and the regulatory bodies charged with the administration
of the laws relating to the railroads."
Threatens to Close Road.
After outlining the reorganization committee's idea of the steps necessary
for a reorganization which would put the property on its feet the letter
•
concludes!
"The reorganization committee stands ready at any time to consult
with your honorable bodies with respect to meeting these necessary prerequisites, but, failing their provision, it submits that the contracting of
additional debt at this time would be not only financially unjustifiable
but contrary to the public interest and that the alternative should now be
faced and the locomotives ordered in the roundhouses."
Although this is the first time in recent years that the owners of a major
railroad property have threatened to cease operating it, it was recalled in
Wall Street that last May the Commission, in passing on a loan from the
Reconstruction Finance Corporation to the Georgia & Florida, warned
shippers and commusities along the line that if they wished its continued
operation they would have to support it and increase its traffic.
Farmers Plan National Strike If Relief Fails—Head of
Holiday Association Warns Incoming Administration of Drastic Steps—Five States.Form Nucleus.
Associated Press advices as follows from Des Moines,
Iowa, Feb. 5 appeared in the New York "Herald Tribune":
The incoming Roosevelt administration was called upon to-day to bring
speedy legislative relief to the farmers of the nation to prevent a threatened
break between rural and urban America. Milo Reno, of Des Moines,
National President of the Farmers' Holiday Association, gave out the ultimatum—quick relief or a nation-wide farm strike. He said:
Feb. 11 1933
"A national farm strike in which every State In the Union will participate will be called unless the incoming administration brings quick relief to
the farmer."
Ps Organization of farmers in the several States is progressing rapidly, he
added. Details of the threatened strike were not elaborated, but, Reno
said. itwould happen swiftly and "the public won't know until it happens."
Lasesummer the effectiveness of the Farmers' Holiday Association was
called to the attention of the country as it enforced market moratoriums in
several Mid-West sectors.
Reduced Interest Seen as Solution of Farm Problem—
"Rewriting" of Mortgages on 2% Federal Bond
Issue Advocated by Senator Shipstead—Plan for
Reappraisal of Property Opposed—Hearings Concluded by Senate Subcommittee and Meeting
Called to Consider Form of Relief Legislation.
A reduction in interest charges was declared to be the only
method of successfully accomplishing a "write-off" in the
farm mortgage debt, in testimony Feb. 6 by Senator Shipstead (Farmer-Labor) of Minnesota, who appeared before a
subcommittee of the Senate Banking and Currency Committee in support of his own bill (S. 5562).
"The time to do something for the farmers is now, not two
years from now," Senator Shipstead told the Committee.
No yardstick of values is available to permit of a reappraisal
of farms for mortgage purposes at this time, he said. According to the "United States Daily" of Feb. 7, from which
we also quote:
Protests Piny Credit Agencies.
Senator Shipstead protested against the multiplicity of farm credit and
loanineagencies in the Federal Government and asserted their numbers
made more intricate the task ot ascertaining what could and should be done
for the agricultural interests. His bill, proposing consolidation of all of
the seven present credit units in one new division of the Department of
Agriculture, he said, should do away with much of the cumbersome machinery now in operation.
Senator Shipstead's proposal to "rewrite" all of the term mortgage debt
on the basis of new Government bonds bearing 2% interest was objected to
by Senators Couzens (Rep.) of Michigan, and Walcott (Rep.) of Connecticut, eachlof whom expressed the opinion that assumption of a debt of that
size would "wreck" the value of other Government bonds. The Minnesota
Senator insisted, however, that it could be done on the basis of Federal
credit and,further, that no other method was now to be observed.
Hearings Concluded.
After 10 days of hearings concluding with that of Senator Shipstead, the
subcommittee arranged Feb.6,to meet the following day to consider whether
It will proceed to the drafting of term mortgage legislation on a temporary
or permanent basis.
The course was decided upon by the subcommittee at the suggestion of
Senator Fletcher (Dem.) of Florida. Chairman, who said the testimony
thus far taken indicated time was being wasted unless some determination
is had alto the basis of the legislatlin which Is to be drafted.
Urges Bond Issue.
Senator Shipstead argued for the bond issue method of replacing farm
mortgages privately held on the ground that "equity must be preserved"
for botathe debtor and the creditor. He cited various calculations as to
the amount of farm mortgage debt and its distribution among life insurance
companies, savings and other banking institutions and private investors.
"The very fact that they are so widely held," he added,"makes it obligatory on Congress toiconsider both sides. The mortgage holders cannot be
:than the farm debtors can be allowed to go
,
wantonly destroyed'any more
to the ruin for which they are now headed."
It was Senator Shipstead's view that loans for farm mortgages were selfliquidating to an extent equal to the present definition of such loans by the
Reconstruction Finance Corporation. This view was disputed by Senators
Couzens and Walcott, but the Minnesota Senator observed that "either
the farmers must be given a chance to pay out or your Federal bonds won't
mean anything anyway."
"If a farm is not a self-liquidating project under present conditions, I do
not know of a self-liquidating project anywhere," Senator Shipstead added.
He reminded the Committee of various suggestions to accomplish a reappraisal of the farm values and explained that none of them appeared
workable. In the first instance, he said, there is no basis at present that
is sound, and if it were sound now, he explained, any appreciation of the
present values:would be unfair to the farm borrower later. This condition
naturally will come, Senator Shipstead believed, with any improvement In
economic conditions.
"There Is another reason why no appraisal should be attempted now,"
he added. "To accomplish an appraisal of all of this debt would take so
much time that the results would be worthless by the time it was finished.
The time to do something for the farmers is now, not several yearsfrom now."
Senator Couzens raised the question of how the Shipstead bill would work
since it gives no consideration at all "to the city or village residence owners."
Senator Shipstead replied:that the farmers had to be saved or it would not
matter about the city homes, to which the Michigan Senator replied that
"unless some consideration is given to the city workers who are the processors
and CORSIMICTS of the farm products, the farmers won't be well off either."
Reduction in Rediscount Rate by Federal Intermediate
Credit Bank of St. Paul.
%% to 3% was
A reduction in its rediscount rate from 3
announced on Jan. 31 by the Federal Intermediate Credit
Bank of St. Paul through F. H. Klawon, President. The
new rate is the lowest ever charged by the Bank, said the St.
Paul "Pioneer Press" of Feb. 1, from which we also quote:
The rate will apply on all loans discounted from to-day on. This will
place the maximum rate chargeable by the banks, agricultural credit corporations and livestock loan companies from which the Intermediate Credit
Bank accepts paper at 6% to farmers.
The Federal Farm Loan Board allows to these organizations a maximum
spread of 3% above the discount rate.
The interest reduction will mean a saving to borrowing farmers in four
Northwest States of $45,000 annually in interest charges. The St. Paul
Volume
136
Financial Chronicle
Intermediate Credit Bank now has approximately $9,000,000 in loans, all
of which are made for one year or less.
"The demand for Federal Intermediate Credit bank debentures, the
source from which the bank obtains most of its funds, has been so keen
during the past several months that we have been able to market our debentures at a low rate of interest," Mr. Klawon said.
"This is attributable to the general low interest rate and to the fact that
Congress made these debentures eligible collateral for 15
-day loans from
Federal Reserve banks to member banks.
"The volume of rediscounts handled by the bank during the past year
increased more than $1,000,000 to a total volume of nearly $9.000.000.
This was made up of notes of 14,000 individual farmers. These are tendered by the farmers to the local organizations which indorse them and
discount them with this bank."
The greatest increase in discount business, Mr. Klawon said, came from
North Dakota, where on Dec. 31 1931. loans totaled $5.859,652, and grew
in a year to $6,697,886.
Mortgage Holiday Seen as Imperiling Federal Land
Bank System—President of Wichita Branch Says
Steagall Plan Would Make Borrower Manager of
Relations with Bank.
Opposition to the Steagall bill (H. R. 13819) to provide
for postponement of payment of instalments due on loans
made by Federal Land banks on the ground that it would
"make the borrower the manager of his relations with the
bank" was expressed before the House Banking and Currency
Committee, Jan. 27 by John Fields, President and director
of the Federal Land Bank of Wichita. Noting this, the
"United States Daily" of Jan. 30, added:
The Committee was told that the measure under consideration, inviting
mortgagors to refrain from making payments on loans, would "destroy"
the Federal Land Bank System, that agitation for mortgage moratoria has
already caused solvent borrowers to withhold payments, and that passage
of the bill would invite further delinquencies.
Condition of Wichita Bank.
Testifying that the Land Bank of Wichita is in the soundest condition
of the Federal Land banks, he stated that of the 30,000 loans the Bank has
outstanding 13,000 are delinquent and 50% of these delinquents would have
made their payments if they had not been influenced by the belief that a
farm moratorium was in sight. He declared that the Steagall bill as now
written would invite half of the solvent borrowers to withhold payments.
Replying to criticism by various members of the Committee that the Land
banks are not being operated to the full benefit of the farmer, Mr. Fields
called attention to the provisions of the Federal Farm Loan Act requiring
the banks to keep in sound condition. He declared that the Wichita Bank
functions to the best of its ability for the benefit of the bondholder, stockholder and borrower alike.
Policy of Operation.
He testified that under the present situation he does not see how the
Farm Loan Act could be improved to help the borrower if the bondholder
Is to be protected.
The present policy of operation, he stated in response to questions propounded by Representative Busby (Dem.) of Houston, Miss.. "amounts
to keeping the institution solvent.
In the absence of good collateral
security." he said,"we would be put out of ecistence."
In response to criticism that the Land banks are not sufficiently lenient
with the borrower, the witness stated that the Wichita Bank has refrained
in most cases from foreclosing, that so long as the security held is regarded
as good the mortgages are extended, and that chattel mortgages are not
generally required to protect the Bank but are taken at the instance of the
borrower to protect him against other creditors.
He stated that the actual outlay of cash on loans is seldom more
than
50% of the appraised value of the land involved. The Wichita
Bank, he
said, received applications for loans last year totaling $7.500,000,
of which
22X % were granted.
He denied that the System has "practically
ceased to be et benefit to
farm borrowers." Asked if he thought the farmers
would ever participate
in the ownership of the Bank, he said, "It doesn't look promising
now."
"So far as the whole picture is concerned, the farm
borrower in many cases
has lost out but the bondholder has not," Representative
Hancock (Dem.)
of Oxford, N. C., asked. "Not yet," the witness replied.
Bank Bought Own Bonds.
Mr. Fields stated that the Bank bought some of its own bonds which
strengthened the institution for the benefit of its bondholders and stockholders at the same time. Asked if It pays any dividends to
stockholders,
he replied: "Not now."
"So that it is for the benefit of the bondholders?" he was asked. "They
got more back," he replied, adding that the Bank never defaulted on its
bond interest.
Mr. Fields stated that the provision of the Steagall bill enabling Land
bank borrowers to postpone payments for two years"would make the Bank's
first mortgages last mortgages."
The provision prohibiting acceptance of other than real estate security
as collateral, he said, would preclude the Bank from taking any additional
securities to protect its loans. Ile said that the Bank is not foreclosing
on mortgages where the landlord transfers his share of crop ownership.
0- Mr. Fields added that under the bill "the borrower does the extending,
not the Bank."
le Asked what effect suspension of debt payments would have on the Wichita
Bank, he stated that the Bank would be able to pay interest on its bonds
for one to two years but then would need additional Government aid.
le Mr. Fields told the Committee that the Wichita Bank has an overhead
of from $400,000 to $500,000 a year, employing 120 persons, including 20
added last year as a result of delinquencies; that it owns five automobiles;
pays five cents a mile to field men having their own cars, and pays salaries
ranging for the most part from 3100 per month to $9,000 a year(Mr. Fields'),
less the recent 8 1-3% reduction.
New York State Superintendent of Insurance Van
Schaick Says Recent Announcement Relative to
Farm Mortgages Is Based on Confidence in Future.
Speaking at the annual banquet at the Hotel Commodore,
New York City, on Feb. 4, of the Real Estate Board of
New York, George S. Van Schaick, New York State Super-
957
intendent of Insurance stated that the recent announcement
relative to farm mortgages is far from any revolutionary
attitude but in accord with well established constructive
sympathetic action of insurance companies. Such action,
of course" said Mr. Van Schaick "is based upon confidence
in the future. It is not a mere hope. Neither is it idle
speculation. Confidence in real estate as the fundamental
security of the country continues to be held by our great
financial institutions because it is the most permanent and
useful of possessions." Superintendent Van Schaick said:
Throughout the insurance law recognition Is given to real estate as the
country's basic investment. The difference between realty and personal
property lies in the permanency of the subject matter. Real estate is
available for future generations. The growth fof population presages its
Increasingly wider use. In the very nature of things land must remain the
most valuable and useful of possessions as well as the most fundamental
and safest of security.
The Insurance Department of the State of New York is constantly busy
in ascertaining the value of insurance company assets and at the same time
the extent of liabilities or losses which companies are reasonably apt to
sustain. In times of economic depression each process becomes increasingly
difficult. Loss ratios invariably rise in bad times. Normal standards of
valuation must sometimes be discarded when markets cease to exist.
The safety of loans made upon the security of real estate depends upon
the continuing worth of the security. The law contemplates variations in
value. It provides a margin of safety of 50% more than the amount loaned
thereon. For practical purposes this is ample provided the appraisal of
property at the time of the loan, is intelligently and honestly made. Much
difficulty comes from misleading appraisals. It follows that the Department of Insurance is greatly interested in the worth of real estate which is
the subject of so much present attention and discussion.
While appraisals should be conservative they should be likewise fair.
An apraisal at too low a figure would necessitate needless hardship in the
premature call of loans and the foreclosure of mortgages. It is the policy
of both the State and National governments to help rather than to make
more difficult; to save rather than to destroy. More than heretofore the
Department of Insurance needs expert advice as to the worth of real estate.
Provision is made in the present budget now pending before the Legislature
to provide the Department with just such expert guidance.
The true worth of real estate does not hinge upon artificial measures.
The reduction of taxes in a partucliar year will give but temporary relief
to the owner. It will not affect the worth of the real estate or render it
more valuable as an investment unless something more exists than a temporary tax cut. Real estate is an investment, bought or held for the future.
The lowering of governmental costs by spasmodic efforts gives but shallow
relief.
Waste and unnecessary expense seem to have been inherent in government. They have always increased in the ratio that citizens have failed to
interest themselves in the affairs of government. The interest in taxation
at the present is a most encouraging sign of the times. Real estate may
be the great beneficiary. There is a certain definite relationship between
good government and the value of property. Assurance that there would
be a sustained and effective effort to remove waste and unnecessary expense
from the cost of government would do much to increase the desire to Purchase real estate or invest in mortgages.
The much discussed action ofinsurance companies in reference to the farm
mortgage situation is in accord with the policy of insurance companies and
banks over a considerable peroid of time. A year ago Governor Roosevelt
directed to me as Superintendent of Insurance an inquiry as to the attitude
of companies under the jurisdiction of the Insurance Department enforcing
principal and interest payments under circumstances of hardship and loss of
income. He expressed his grave concern particularly for the farmer and
small home owner. He said that he hoped it would be in accord with company stability to approach the plight of the borrower with a sympathetic
and helpful attitude.
The Department of Insurance informed Governor Roosevelt at that time
that the insurance companies were willing to work in co-operation with borrowers to the fullest extent but that it was necessary for companies to keep
In mind the necessity of maintaining the soundness of their investments for
the protection of policyholders. The attitude of the companies as stated
to the Insurance Department by them was that where a man was living in
his own home or on his own farm, keeping the property in a fair state of
repair, there would be no forcing process. Where, however, by the attitude of junior mortgagees or other circumstances the collateral behind the
loan was jeopardized, companies would be compelled to take action to conserve their security. Each case must stand on its own merits. All through
the depression complaints against insurance companies under the jurisdiction of the New York Insurance Department in the forcing of mortgages
have been negligible.
Federal Government Program Now Covers Approximately $500,000,000 for Public Buildings Out of
Total Authorization of $700,000,000.
The National Lumber Manufacturers Association states
that according to American Forest Products Industries,
the Federal Government building program now covers a
total of $493,000,000 out of a total authorization of $700,000,000. The Association further goes on to say:
The projects that have been completed total $98,000,000'sad 281 different buildings. Under contract are 419 projects representing expenditures of $330,000.000. In addition, sites have been purchased in the
District of Columbia aggregating $28,000.000!and sites have been selected
elsewhere and various degrees of progress have been made toward the
consummation of 72 projects at a cost of $21,000,000. In addition some
Progress has been made toward the realization of approximately 50 projects,
totaling about $16,000,000.
Western Rails Would Cut Passenger Fares.
Western railroads are planning a 25% reduction in the
basic passenger fare mileage rates applicable to various
classes of business.
Tariffs have been filed with the Inter-State Commerce Conuniasion
intended to offer "scrip books" providing a rate of 2.7 cents a mile instead
of the standard rate of 3.6 cents for use of large traveling forces.
Coupon books in three forms would be issued. One book, containing
coupons good for 2,000 miles of travel valued at $72, is to be sold at $54
958
Financial Chronicle
_
It- will be good on all passenger equipment:between- Western and Southwestern territories.
Construction of Golden Gate and San Francisco-Oakland Bridges Over San Francisco Bay Important
Aid in National Upturn of Business, According to
Bank of America (California)—Combined Cost of
Structures to Be $110,077,000—Orders for Material
to Be Placed Throughout United States Shortly.
Schedules of steel, cement, lumber and other materials,
as well as labor, for the immediate construction of two
colossal bridges spanning San Francisco Bay, at an aggrogate cost of $110,000,000, promise to aid importantly in the
national upturn of business, the Bank of America (California) states in a weekly comment on Far Western business
issued at San Francisco Feb. 7. In the single item of steel,
the report notes, the tonnage represents six times that required in building New York's Empire State Building.
Orders for materials on the two structures—the seven-mile
4
Golden Gate bridge, costing $32,077,000, and the 81 -mile
San Francisco-Oakland bridge, costing $78,000,000—are now
being placed or are to be placed shortly with companies
throughout the United States. The schedule includes:
284,000 tons of steel, 100,000 tons for the Golden Gate and 184,000 tons
for San Francisco-Oakland bridge.
1,730.000 barrels of cement, 430,000 for the Golden Gate and 1,300,000
for the San Francisco-Oakland bridge.
30.000.000 F.B.M. feet of lumber, for San Francisco-Oakland bridge only.
818 lamp standards, 258 for Golden Gate, 560 for San Francisco-Oakland.
200.000 gallons of paint. for San Francisco-Oakland only.
-hour days of work,3,750,000 for Golden Gate and 6,100,000
9,850.000 eight
for San Francisco-Oakland.
The bank goes on to say:
With the entire United States fleet participating, ground-breaking
ceremonies for the Golden Gate bridge are to be held Feb. 26. This structure will accommodate 260,000 vehicles a day between San Francisco and
the north. Formal exercises in starting work on the second bridge, accommodating 384,000 vehicles a day in Eastbay traffic, will follow probably
within a month. The two bridges are to be completed in four years.
More Roads to Cut Passenger Fares—Move Spreading
to Reduce Rates Between Points of Heavy Traffic.
A number of carriers in the Eastern and Southern railroad
territories are expected to follow the lead of the Western
carriers in applying for permission to reduce basic passenger
fare rates. Western roads have already indicated their
intention to cut passenger fares 25%. The "Journal of
Commerce" Feb. 6 satates:
The decision at the joint meeting of the three railroad committees held
here several days ago to consider a reply to the Inter-State Commerce
Commission's suggestion that basic fares be cut to stimulate traffic did
not have the backing of all the roads. However, unless consent for a cut
were unanimous, the roads could not very well give any other than a
negative reply.
Individual Action.
The way was left open for individual action, however, and the Western
carriers decided to reduce basic fares by 25%. Three of the chief Eastern
railroads, the New Haven, New York Central and Pennsylvania, are
opposed to any such general cut, and their opposition is said to have prevented any unanimous move for a reduction. The passenger business on
these roads is very heavy and amounts to a large percentage of the total
business of the country.
One of the carriers this side of the Mississippi to move for lower passenger fares is the Nashville Chattanooga & St. Louis, a subsidiary of
the Louisville & Nashville. The passenger traffic of this carrier has
dropped to about $900,000 annually, against $5,000,000 in 1920. At one
time this business amounted to 20% of the total revenues, but in the
past few years it has declined to a small fraction of that figure.
Two-Cent Fare Rate.
The road will reduce basic fare rates between Nashville and Memphis to
two cents a mile on Pullman trains, and 1% cents a mile on coach trains.
from the previous 3.6 cents basic fare. Round trip tickets will be sold at
10% below the one-way fare rate. The new rates will be in the form of
an experiment and will run for six months..
J. B. Hill, President of the road, said that the new rates will apply
to intra-State traffic and intermediate points. Through a special arrangement with the Pullman Co., sleeper rates will be cut from $3.75 to
$3 and parlor car rates will be reduced to $1 from the present $1.50 rate.
Iday Cause Price War.
While bus companies operating between these two points are understood to be considering cutting their rates to one cent a mile, from 2%
cents, Mr. Hill emphasized that the rail rates were being reduced as an
experiment, and was not intended to precipitate a price war. Private
car competition, in Mr. Hill's belief, has been principally responsible
for the road's loss of traffic, and the new rail rates are meant to ascertain
if the public can be induced to ride the trains if lower rates are offered.
The Nashville to Memphis run offers an ideal territory for such an experiment, Mr. Hill said.
Other experiments along similar lines may be inaugurated on other carriers
In the East shortly. Already the Norfolk & Western has made similar
offers, and the New Haven is running one regular train to Boston at a
lower rate. But it is indicated in railroad circles that such action may
become very common in the near future where the possibilities of attracting more passengers are great.
President Storey of Atchison Holds Reduction in Fares
Would Not Add to Revenues.
The Atchison Topeka & Santa Re Ry. was added Feb. 6
to the list of railroads known to oppose reducing basic pas-
Feb. 11 1933
senger rates at this time, W. B. Storey, President of the
company, saying he believed a general reduction in the
fares would not increase traffic sufficiently to offset the
loss in revenue from the tariff cuts.
Railroads Cut Fares to Meet Bus Challenge—Week-end
Excursion Rates from New York Slashed Sharply
in Agreement.
The leading railroads have decided to meet the challenge
of bus competition squarely by posting deeply reduced weekend excursion rates between New York and principal interior
cities. The New York "Herald Tribune" of Feb. 5 states
further:
The New York Central RR. announced that on Feb. 18 there would
begin a special week-end round-trip excursion between Chicago and New
York for $12.50. The principal trunk lines have alternate week ends for
the operation of these day-coach excursions.
The Erie RR. ran its excursions two weeks ago and the Lackawanna
started one yesterday between New York and interior points. The Pennsylvania and the Baltimore & Ohio have not yet run excursions at these
new minimum rates.
The various excursions to be run by the New York Central, with the
round-trip faros, are as follows:
$11.00 I Toledo
Chicago— ---$12.50 Cleveland. $8.50 I Detroit
$10.25
Cinelnnatl____11.50 I Columbus_ __ 9.50 I Indianapolis_ 11.50 I
The regular one-way fare of the New York Central to Chicago is $32.70.
which gives some idea of the sharpness of the reduction in fares. The
leading trunk lines have for some time been quoting a fare and a quarter
for round trips between specified points, but the present special excursion
rates quoted on alternate weeks by the various trunk lines are the first
that have brought fares far below those quoted by the trans-continental
bus lines.
Bus fares for round trips between Chicago and New York have varied
between $20 and $30. It is the opinion of railroad men that the bus lines
cannot meet this new day-coach competition, which is regarded in railroad
circles as being in the nature of an experiment. The railroads do not run
special trains for this service, but attach day coaches to regular trains
leaving New York on Saturday.
Whether the policy of manning these week-end excursions will be continued after the present schedule of excursions is completed could not be
learned, but much will depend on the public response.
Baltimore & Ohio and Western Maryland Roads Get
Lower Rate—Allowed to Reduce Freight Charge
in Maryland to Complete With Trucks.
The "Wall Street Journal" Feb. 1 had the following:
The Baltimore & Ohio and Western Maryland Ry. have been granted
authority by Public Service Commission to reduce freight rates between
Baltimore, Frederick, Hagerstown and intermediate points in Maryland
upon one day's notice. The reductions will amount to 40% in first,second
and third classes of less than carload shipments and establish a maximum
rate per hundred pounds of 30 cents as compared to previous maximum
rates of 55 cents.
This action is being made in an effort to regain freight business which
has been taken from the railroads by motor trucks.
It is understood a large number of shippers already have agreed to the
rail service at the reduced rate. It also is believed the lowering of such
rates in the State is the first step in a reduction throughout the system of
the two companies.
Inter-State Commerce Commission to Value Carriers
Anew—Plans Action on Southern Pacific and Rock
Island—Unification Approval Waits.
Action on the applications of the Chicago, Rock Island &
Pacific Ry. and of the Southern Pacific Co. for approval of
internal unification plans has been delayed indefinitely by
decision of the Inter-State Commerce Commission to make
a new valuation of the systems, according to the New York
"Sun" of Feb. 6. The "Sun" further states:
The Rock Island applied last May for approval of a plan to have a single
company, to be known as the Pacific Co., take over all the properties of
the system and assume all liabilities of the separate companies now constituting the system, including those of various subsidiaries operated under
lease. The Souther Pacific applied in October to consolidate 14 properties
under the name of a single subsidiary company, the Texas & New Orleans
RR., which at present leases the roads involved.
In passing upon such consolidations the Commission is charged with
determining that the par value of securities to be issued will not exceed
the value of the properties. Instead of taking its old valuations, plus
additions and 'betterments, the Inter-State Commerce Commission has
started new valuation proceedings.
Attack Seen on Inter-State Commerce Rail Board Policy
—Refusal of Union Pacific Plea for Central Representation May Bring Showdown.
The "Journal of Commerce" in a Washington dispatch
dated Feb. 5 states:
A show-down on the Inter-State Commerce Commission's authority in
approving or disapproving applications of railroads for representation on
directorates of roads in which they hold capital stock interest was con!adored imminent to-day following the Commission's informal rejection
of the Union Pacific RR.'s request that Fannin W. Charske, a director
of that carrier, be permitted to serve as a director of the New York Central
RR.
The Commission's action in the Charske case and its known attitude
against interlocking directorates makes it doubtful that it will grant the
request of L. F. Lore(' to represent holdings of the Delaware & Hudson in
the New York Central, in the opinion of railroad men here.
The Charske application grew out of the Union Pacific's holding 200,000
shares of New York Central stock.
Volume 136
Financial Chronicle
The Union Pacific yesterday contested the action of Oliver 13. Sweet,
chief of the Commission's finance dividion. in requesting Mr. Charske to
withdraw his application to sit on the New York Central's board. Mr.
Sweet's suggestion was based on the Commission's policy outlined in its
plan of consolidation discouraging interlocking directorates.
Recalls Rand Ruling.
The applications of officials of the Union Pacific and the Delaware &
Hudson railroads to serve on the New York Central's board recalled the
Commission's action in October 1931, refusing to permit Frank C. Rand,
a director of the Big Four Railroad, a subsidiary of the New York Central,
to serve on the board of the St. Louis-San Francisco Ry.
In replying to Mr. Sweet's suggestion that the Charske application be
withdrawn, the Union Pacific reminded the Commission that E. H. Harriman was a director of both lines in 1919, and that Robert S. Lovett held
the same positions from 1914 until his retirement. Charles B. Seger was
authorized in 1925 to succeed the late Judge Lovett in this representation.
The Union Pacific explained that it is to succeed Mr. Segar,recently retired,
that it has nominated Mr. Charske.
Pleads for Representation.
"The Union Pacific cannot be deprived of the voice in the affairs of
the New York Central to which its ownership entitles it," the Commission
was told. "It should not be deprived by operation of the Commission's
veto power of the privilege of a direct participation in the management
of the company through having a representative on the board of directors."
The Western road further pointed out that the New York Central is one
of the large systems which have suffered severely from the business depression. Asserting the Central is confronted by serious problems, the Union
Pacific said its representative on the Central board "can render valuable
assistance in determining the policies to be pursued in the administration
of affairs of that system."
Denver & Rio Grande Western RR. Recalls 250 Men
at Salt Lake City Shops.
On Feb. 1 the Denver & Rio Grande Western RR.recalled
250 men to work in its shops in Salt Lake City according to
a press dispatch from the latter city which further states:
i For the past four months D. & R. G. W.shops here have worked only a
minimum force. A. J. Cronin, Assistant Traffic Manager, in announcing
the recall of machinists, repairmen and practically all the company's local
shop workers to full time employment, states that construction of the
Denver & Rio'Grande Western's Dotsero cutoff, now under way, in addition to the regular seasonal repair of general equipment, makes practically
certain that the men will have full-time work throughout the current year,
and that by this activity over $50,000 will be added to the company's local
payroll.
Rail and Motor Unit Issues Joint Report on Highway
Control—Agreement Is Reached on Problems of
Taxation and Co-Ordination—Remaining Differences May also Be Reconciled—Findings Are
Expected to Facilitate Legislation in Every State
of the Nation on Issues.
After three months of intensive study of the problems
of rail and highway transportation the joint committee of
railroads and highway users, composed of leading carrier
executives and representatives of shipping and automobile
interests, issued its report embodying recommendations on
principles to govern the regulation and taxation of highway
transportation. The committee was originally organized
in an attempt to harmonize the conflicting views of the
railroads and highway users in regard to legislation and to
bring about a greater degree of co-operation and co-ordination
between the two kinds of transportation. Their report is
calculated to save a great deal of time and useless wrangling
in State Legislatures all over the country inasmuch as it
represents an agreement on many major points previously
disputed and has the support of the leading organizations
and associations of both industries. The "Journal of
Commerce," Jan. 30, in summarizing the report, further
states: _
•
The six members representing the railroads and headed by W. W. Atterbury, President of the Pennsylvania, were appointed by the Association of
Railway Executives. The highway group, headed by Alexander Ii. Swayne,
Vice-President of the General Motors Corp., was designated by the National Highway Users' Conference. In releasing the committee's findings
Mr. Swayne stated that he felt the work of the committee to be "the real
beginning of co-operation" between the two groups and that he hoped it
would be the beginning of "a new era" of transportation.
Not all the points in dispute were agreed upon, but it is the intention of
the committee to continue to meet in the hope of Ironing out those differences of opinion which continue to exist. On the questions of taxation,
reciprocity, co-ordination of highway administration and grade crossing separations, there is a substantial agreement. However, the problems of rate
regulation and the length and weight of vehicles continue a source of
disagreement.
Three Parts to Report.
The report is divided into three parts.
The first two, which have just been released, contain the recommendations and a series of notes which explain the reasons for differences where
separate recommendations are made. The third part, to be made public
later, is a summary of the historical factors with an objective discussion of
the issues and their significance from the broad viewpoint of public interest.
The introductory statement attached to the report, and authorized by
Mr. Atterbury and Mr. Swayne, reads in part as follows:
"Three months of intensive study and discussion of the rail and highway
transportation problem of the country by members of the Joint Committee
of Railroad Executives and Highway Users were brought to a close to-day.
"This report embodies agreements on many points of major importance
which have heretofore been the cause of sharp controversy and misunderstandings. In the few cases where the positions of the two groups have not
been possible of reconciliation at this time, the opposing views are set forth
In parallel columns in Part II of the report.
959
"Distinct Step Forward."
"We regard the achievements of the7present report as a distinct step
forwardin the development-of soundtpublic transportation policies, as it is
always:wiser that economic problems should be solved by conference rather
than by legislation.
"Our conferences grew- - a...mutual appreciation of the need for a
out of
rational appraisal of the relationsrbetween rail and highway transport in
the
of the broadtpublicinterest involved in the use of these facilities.
"A more detailed report .giving theitackground of the several aspects of
t us attached statement icnowiinl_preparation and will be issued later."
"Declaration of Policy."
The opening of the report, in which the committee gives its declaration
of policy,states that the publiaientitledto the benefit of the most economical transportation, and -that-the supreme test of all regulation must always
be the interest of the public. However, both groups agreed that all those
using the highways for commerciali.purposes would be subject to regulation.
It was also agreed that commonlcarriers of persons or property should
be required ,to obtain a certificate2of convenience and necessity from the
r
Inter-State Commerce Commission;before beginning operations, and that
granting of such certificates should:I:oil-determined by the necessity of such
service, the quality and -permanence of the service offered, the adequacy
of existing transportation services, and the financial responsibility of the
applicant.
On the matter of rate regulation, the two groups could not agree, since
the highway users could see no!need for such regulation from the standpoint
of the "public interest." Both parties agreed, however, on the necessity of
keeping proper accounts, the regulation of requirements as to qualifications
and hours of service for drivers.
"Contract Carriers."
In regard to contract carriers, both parties agreed that contract carriers
of persons or property should be required to secure a permit to operate, to
meet requirements as to qualifications and hours of service for drivers,
to keep records and files prescribed by the regulatory body to make adequate provision for financial responsibility including insurance bond, and
in the case of buses to adhere to minimum rates. As in the case of common
carriers, the parties were in disagreement on the need for fixed rates by
truck operators. The rules governing inter-State and intra-State commerce
are substantially the same, except, of course, one group is under the supervision of the Inter-State Commerce Commission or similarly constituted
body, and the other group is regulated by the Conupissions of the various
States.
It was also agreed that all carriers should be required to observe regulations as to safety devices and measures, size, weight, speed and operation of motor vehicles. Highway users are to pay the cost of highways of
general use and to contribute to the cost of arterial routes through cities.
Grade Crossing Cost.
Railroads, according to the report, should be given the right, either
directly or through subsidiaries, to engage in motor vehicle service on the
highways on equal terms with all others. In the matter o grade crossing
elimination, it was agreed that only actual savings, such as reduced employment of watchmen, should be capitalized in ordering railroads to
make expenditures for such purpose. The division of cost for such crossing
elimination is to be made jointly by the Public Service Commission and
the Highway Commiasion.
In the matter of taxation, the total amount should be determined by the
highway budget. This budget should take into account the economic requirements of administration, maintenance of existing highways, interest
charges on outstanding highway debt, amortization or replacement charge.
and the improvement of existing highways and construction of new highways. Motor vehicles should pay the entire cost of the State highway system, and part of the cost of the county or township highways, the extent
of which is to be determined by the amount of general use, against local We
of the roads.
Tax Apportionment.
The apportionment of special taxes among motor vehicles of various types
should be based on the use of the facilities required, and should be sufficient to pay their full share of total annual costs. The basic Cost of constructing, improving and maintaining a highway should be determined from
a highway designed for private passenger vehicles. All vehicles using
such highways should pay their proportionate share. The total additional
cost of constructing, improving and maintaining a road suitable for a type
of vehicle requiring such additional cost should be shared by each vehicle
of that type and each vehicle of greater size.
Buses should be taxed on the basis of mileage operated and graduated
according to seating capacity. The taxation on trucks should increase
more than directly to weight.
The various governmental units, State, county and the town or township,
Should give as complete administrative co-ordination as possible, in order
to realize the utmost in efficiency and economy in highway expenditures.
The State should progressively take over such authority, and should be the
sole agency for special automotive taxation. States should enter into
reciprocal agreements for the issuance of special licenses to trucks of other
states.
Members of Joint Committee.
The following is a list of the various members of the joint committee besides the two chairmen already mentioned:
Appointed by Association of Railway Executives: L. W. Baldwin,
President, Missouri Pacific Lines, St. Louis, Mo.; Ralph Budd, President,
Burlington Lines, Chicago, Ill.; George B. Elliott, President, Atlantic
Coast Line RR., Wilmington, N.C.; J. J. Pelley, President, N.Y. N. H.&
H. RR., New Haven, Conn.; Paul Shoup, Vice-Chairman, Southern Pacific
Co., New York.
Appointed by National Highway Users' Conference: Arthur M. Hill,
President, Atlantic Greyhound Line, Charleston, W. Va., President, National Association of Motor Bus Operators; R. 0. Holmes, President.
Texas Co., New York, director, American Petroleum Institute; Robert
P. Hooper, President, William E. Hooper & Sons Co., Philadelphia. Pa.,
representing the American Automobile Association; Clarence 0. Sherrill.
Vice-President, Kroger Grocery & Baking Co., Cincinnati. 0.,representing
the National Chain Stores Association; Louis J. Taber. Master of the
National Grange, Columbus, Ohio.
William J. Cunningham, Professor of Transportation of the Graduate
School of Business Administration at Harvard University is the executive
chairman of the committee.
Railroads Hail Bar on Trucks in Illinois—Ban on Use
of Highways by Two Concerns Is Viewed as Step
to Further Restriction.
The New York "Times," in a Chicago dispatch Jan. 28
states:
960
Financial Chronicle
Truck freight and express companies of the country are watching with
interest for the outcome of a decision handed down by the Illinois Commerce Commission, barring two truck companies from using the State
highways and hailed as a victory for the railroads.
If the decision is upheld by the courts it may open the way to barring
from the State's highways all trucks in the freight competition with the
railroads. The original suit against the two companies was brought by
the Illinois Central RR., although other roads and municipalities later
entered it.
Certificates of necessity and convenience were refused the Keeshin Motor
Express Co., operating 140 trucks, and the Interstate Trucking Co., operating 75, the Commission holding that these companies menaced the investment of millions of dollars which the railroads have tied up in trackage,
rolling stock and other property.
It added that while the railroads bore a considerable portion of the tax
burden, the trucking companies paid only for State and city licenses, and
the tax on motor fuel.
The Attorney-General was authorized to obtain court orders at once
to restrain the companies from continuing operations.
The Commission pointed out that the two companies offered service to
only 38 communities, while the railroads already were furnishing service
to 22,875, and therefore deserved the protection of the Commission.
Canadian Railroads Propose New Wage Cut—Additional 10% Reduction to Become Effective March 3.
Officials of the Canadian National and Canadian Pacific
railroads have notified employees of a 20% reduction in the
basic rate of wages effective March 3. Engineers, firemen,
conductors, trainmen, yardmen and telegraphers will be
effected. A Canadian Press dispatch from Montreal Jan.30,
in announcing the new wage cut, stated:
The new rate is 10% below that which the men have been receiving
during the last twelve months and 20% below the basic rate. For the last
twelve months the basic rate remained the same, but, by agreement of the
companies and the running trades unions, a deduction of 10% was made
for a period of one year subject to economic conditions.
During the past week Vice-Presidents and General Chairmen of the
running trades affected have been conferring with the railway executives
here in secret discussions of the present contract, which terminates on
Tuesday next (Jan. 31). On Saturday the parleys reached the definite
point that the railways served the formal notice of the reduction.
The men informed the companies they were willing to accept a continuance of the 10% deduction until the end of 1933 or other such fixed period
as might be agreed upon, but the company declined to accept this, spokesmen for the men stated to-night.
The General Chairmen have advised the railways that the proposal
"will be placed before the men represented by the general conference,
parties to this conference." They hope to be able to give "more definite
advice as to the position to be taken on this all-important question by
Feb. 23 or as soon thereafter as possible." Some 26,000 men are involved.
The men stated that should the proposal of the railways be accepted
it would bring the wages of Canadian railroad workers to 17% less than
those prevailing in the United States.
George B. Roberts of National City Bank of New York
on Dangers in Inflation.
Discussing "The Money Question" before the Brooklyn
Downtown Association at the Hotel Bossert, Brooklyn, on
Jan. 25, George B. Roberts, Vice-President of the National
City Bank of New York, pointed out the dangers in currency
inflation, asserting that "to attempt inflation would be to
inject new uncertainty into the situation, possibly inducing
another flight of capital from the country and revival of
domestic hoarding." Mr. Roberts went on to say that
"this country is as securely entrenched on the gold standard
as any country could be, but," he added, "no monetary
system is completely foolproof if the Government persists
in launching upon destructive currency policies." Mr.
Roberts's address follows in full:
I want to assure you that I consider it a great pleasure and honor to be a
guest of this organization representing the leading business men of Brooklyn.
We at the National City Bank feel ourselves to be closely identified with the
business interests of this Borough through our 20 branches located in your
community. I feel, therefore, that I am to-day not only among friends,
but also in a sense among business associates.
When your president invited me to speak before this organization he
very kindly allowed me to select my own subject. Ordinarily I find that to
be one of the hardest parts of preparing a speech—selecting a subject. But
this time it was not so difficult. The world is in a terribly disorganized
state. On all sides we see evidences of confusion, and the confusion that
exists in ecoomic relationships has seemed to find its counterpart in a confusion in men's minds. Ane so we hear a great deal about such things as
technocracy, electric dollars, rubber dollars, inflation and the like—theories
not really new,for we have had them before,sometimes in slightly different
guise, but really all the same at bottom. Familiar visitors they are, disappearing during the good times, but coming back again like poor relations,
as soon as times get bad.
Proposals for Inflation.
I have decided to select as my test "The Money Question." Hard times
almost invariably bring up the money question, and the present times are no
exception. Because a great many people are hard up the conclusion is
arrived at that the trouble must be in the money supply. If only the Government would put more money in circulation than people would be able to
buy and business would recover. And so various schemes have been proposed, such as that the Government should give a two billion dollar bonus
to the war veterans in currency, or that the Government should finance the
deficit by printing paper money, or that the Government should call in a
certain portion of the public debt and pay it off in fiat money.
What is wrong with these proposals? They seem to attract adherents,
but surely no hard-headed business man can think for a moment that the
way out is as easy as this. There must be a nigger in the woodpile somewhere. And there is. A veritable Pandora's box full of niggers.
The purpose of all these proposals for currency inflation is, of course, to
raise prices. There is no certainty, however,that anything short of extreme
Feb. 11 1933
measures would accomplish this. Remember that it is not only the amount
of gold or currency in the country that determines the price level. There
must be a will on the part of the public to use this credit and currency in
the purchase of goods. In other words, money must circulate. This factor
of circulation is what economists call the velocity, or rate of turnover, of
money, and this is something that is beyond the infleunce of any Congressional or governmental edict. It is this factor of velocity, not the supply of
money, which is at fault to-day.
Present doney Supply Adequare.
Paradoxical as it may seem, in view of the filancial difficulties of many
of our people, there is more money in the country now than we know what
to do with. Whatever temporary stringency was caused by the panic of last
year has been more than made good by the return ofover half a billion dollars
of gold from abroad in the last six months and the liberal credits extended by
the Federal Reserve banks. At the present time the banks of the country
have well over half a billion dollars of idle reserves, due to the scarcity of
good loans. The extraordinarily low yields obtaining on government securities and other prime short-term investments are further evidence of a
vast amount of idle capital which could be used for purchases, but is not
now being used because of lack of confidence. There is a billion and a half
of currency hidden away in safety deposit boxes,stockings, and other secret
hiding places on account of distrust. As for further supplies of currency,the
Federal Reserve banks already have the power to issue all the currency that
anyone who has money in the bank is entitled to receive. Last summer,
Congress passed a law extending the privilege accorded to National banks
to issue currency against 2% Government bonds to Treasury bonds bearing
Interest up to and including 3 %. Under the provision of this law approximately $144,000,000 of new National bank notes was issued and put
into circulation. That the business of the country, however, had no use
for this additional money was clearly demonstrated by the fact that the
new currency only drove a corresponding amount of other types of money
out of circulation,leaving the net amount of currency outstanding no greater
than before.
In the face of these conditions, can anyone seriously contend that the
trouble with the country is a shortage of money? The trouble is we do
not use the money which we have, either for investment or for current
spending because we are fearful of the outlook. We have become a nation
of hoarders. And until these conditions are changed, there is no reason
to believe that merely putting out more currency and adding to the already
huge supplies of idle funds will relieve the situation.
Of course, it is possible to go on putting out more money until eventually
the fear of buying commodities will be supplanted by a greater fear, namely,
fear for the value of the money itself. Then the people will but goods,
as the Germans did during the days of their great inflation, simply to get
rid of the money and change it into something having tangible value. But
when that fear begins to seize people's hearts, God help the country, for
the situation is beyond control.
In short, a fundamental objection to inflation as a cure for the depression
is the uucertainty as to whether, the public psychology being what it is,
inflation can be made to "take" without its being carried to dangerous
extremes. The advocates of inflation always insist that what they want
Is only a moderate amount of inflation—just enough to get things started.
But that argument is as dangerous as the one for "just one more little
drink." by an habitual drunkard. Mr. Henry J. Kaskell, editor of the
Kansas City "Star," recently compared inflation with a balky and unruly
horse. First the horse balks. The rider applies the whip and spur, and
still it will not budge. Then all of a sudden it bolts and there is no controlling it. When it finally stops it throws its rider and leaves him flat
on the ground. And I think that is an apt comparison.
A Dangerous Erperiment.
So much for the argument for inflation as a means of raising prices.
It would not be so bad if the objection to the plan lay solely in its futility.
But there is another side to the question. No one knows what public
reaction might follow knowledge that the Government had embarked upon
this most unsound and perilous of all forms of monetary experimentation.
The public is extremely sensitive to proposals affecting the soundness of
the money as shown forcible a year ago when inflationary talk in Congress
was accompanied by the export of over a billion dollars of gold, With disastrous effect upon our credit and price structure. To attempt inflation would
be to inject new uncertainty into the situation, possibly inducing another
flight of capital from the country and revival of domestic hoarding. Should
the situation develop in this manner, the effects upon prices might be quite
different from anything envisioned by the exponents of inflation.
How, this country is as securely entrenched on the gold standard as any
country could be. But no monetary system is completely foolproof if the
Government persists in launching upon destructive currency policies. I
am aware that some people would view a departure from the gold standard
with equanimity, even with satisfaction. But let us not forget that the
obligation of the Government to redeem its promises to pay in gold is
the surest safeguard that we have against Governmental abuse of the
currency. Remove this safeguard and there is nothing save the selfrestraint of Congress itself to prevent continuous operation of the printing
press. Knowing what political bodies are and the influences broughttto
bear upon them, could any man in this room feel secure in his life insurance
or other investments calling for the payment of fixed sums, with at the same
time a realization that the currency had become a football of politics.
The Proposal for Splitting the Dollar.
Equally fallacious in its premises and dangerous in its implications Is
the proposal for reducing the gold content of the dollar—deliberate debasement of the currenct. The argument for this procedure springs from the
claim that the dollar has become too dear in terms of commodities. Hence,
so runs the argument, the thing to do is to "devalue" the dollar—in other
words, cut the gold content in half, thus restoring commodities to their
old levels in terms of the depreciated dollars.
Well, let us subject this proposal to some analysis. Remember, in the
first place, that no such proposal could be put into effect overnight, It
would have to be debated in Congress, passed and signed by the President.
And all this would take time. Meanwhile, what do you suppose the holders
of present dollars would be doing? Is it reasonable to suppose that they
would sit by idly and watch Congress take their money waay from them?
Hardly. The chances are that if investors really believed that Congress
would commit so dishonest an act as this they would try to liquidate their
bonds and other fixed obligations payable in present dollars. while persons
or institutions which had loans payable in present dollars would try to call
them. Then such funds as could be obtained from these realizations would
probably seek safety in gold, or be transferred out of the country. I do not
think that I need elaborate to this audience what developments of this sort
might mean.
Futility of Debasement.
But suppose, for tho sake of argument, that the proposal could be put
through suddenly, overnight, with all panic avoided. Even then the plan
is open to serious attack. It would still be a matter of purest conjecture
as to whether it would accomplish the rise of prices which Its sponsors
Volume 136
Financial Chronicle
Imagine. Altering the gold content of the dollar would, of course, greatly
increase the monetary value of the gold stocks of the United States in terms
of the debased dollars, but since, as we have seen, the banks already have
huge idle reserves, and we are nowhere near utilizing the gold reserves that
we now have to their full value,this can scarcely be advanced as a remedy for
the depression. Nor would it put any more dollars in your pockets or
mine. It would simply mean that the dollars which we have would represent 11.61 grains offine gold, instead of 23.22 grains as is now the case.
It is true that cutting the dollar in half would affect the exchange value
of the dollar in terms of foreign currencies. This might have some effect
upon export prices, though how much and for how long is open to question.
The pound sterling, for example, which now sells around $3.40 in terms
of a dollar containing 23.22 grains of fine gold, would sell around $6.80
in terms of a dollar containing only half as much, or 11.61 grains of gold.
This would mean that the American farmer, selling a bushel of wheat in
Liverpool, would get, on converting his pounds sterling into dollars, twice
as much American currency as he now gets, or approximately $1.00,
providing the price in Liverpool remained the same.—But that is just where
the catch comes. There is every probability that the price in Liverpool
would not remain the same. Having the advantage of a depreciated exchange, the American farmer would be in a position temporarily to offer his
wheat under the market in Liverpool and still get a very good price in American dollars. To meet this competition, however, foreign exporters—
Canada, the Argentine and Australia—would be forced to lower their offering price, which in turn would force further concessions by American sellers
if they wanted to retain the business. Thus, rapidly the world price of
wheat would be beaten down to the point where much, if not all, of the
American farmers' expected profit would have disappeared. It must be
remembered that none of this currency tinkering would alter the fact that
world stocks of wheat are latgely in excess of requirements.
The EJample of Great Britain.
Take,for example, the case of Great Britain, after that country departed
from a gold basis. At $3.40 the British pound is now "devalued" something less than one-third. But has this been accompanied by any rise of
prices in Great Britain such as is promised for this country by the advocates
of inflation if they have their way? Not at all. British prices are about
where they were when that country suspended gold payments. What
happened was that the depreciation of the pound Introduced a new and
deinoralizing element into international competition,forcing down the level
of world prices and adding immeasurably to the disorganization of world
trade. There is no reason to suppose that our experience with devaluation
would be any different in this respect from that of Great Britain, or doubt
that depreciation of the dollar would deal another blow to world commerce
and finance, delaying revival for a further indefinite period.
Would Lead to New Inflation.
But not even yet has the final word been said in the case against currency
debasement. For the mischief created by such an act would not be confined merely to the depression, but would extend into the period of recovery
as well. I have already referred to the influence of currency debasement
in increasing the monetary value of the gold stocks of the country when
measured in terms of the new depreciated money. Let tn. assume that it
should be decided to reduce the amount of gold in the dollar by one-half.
This would mean that our present gold stocks, valued at approximately
4 billion dollars in our present money, would be worth double that, or
approximately 8 billions in the new money. Now I have also pointed out
that inasmuch as we are not using the gold stocks as they are to anywhere
near their full capacity, a mere further increase in these sterile holdings
would be of no benefit to the current situation. But consider the situation
when confidence returns and business picks up, as it inevitably must sooner
or later in spite of the ignorance and blundering of men. With the active
gold stocks raised to levels twice as high as during the boom, and with the
public once more disposed to exploit them to their full capacity, we should
be launched into a new inflation bigger and more disastrous than the last.
There would be another era of speculation, extravagance and debt-making,
followed by the inevitable crash. And then, I suppose, we should be told
once more that the only way out would be to cut the dollar in half again.
Present Gold Stocks No Bar to Reasonable Price Rise.
Understand, of course, that I am not opposed to a rise of prices, I
regard a rise of prices as necessary if we are to adjust our debt structure
and restore balanced relations in trade without endless grief and hardship.
But I see nothing In our present monetary set-up to prevent such a rise, and
I confidently predict that it will take place as soon as the economic readjustments necessary in a period of this kind are completed. This depression
was not brought about by a shortage in the gold supplies, either in this
country or in the world at large. We know that even at the peak of the
boom the ratio of gold reserves to liabilities of the Federal Reserve banks
was above 70%, or far above the legal minimum. For the world at large
we have the authority of the gold delegation of the League of Nations for
the7,statement that the aggregate of world gold supplies has been sufficient
at al times to support the credit structure legitimately required by world
trade, and that the decline of prices which began in 1929 cannot be attributed to any deficiency in the total gold stocks. And if the gold stocks
were ample in 1929, how much more ample are they now? For the past
three years have witnessed the greatest additions to these stocks that the
world has ever known in a like period. Due to the increased productivity
of the mines resulting from lower mining cost, and to the reappearance of
gold out of the hoards of India and the Far East, the gold stocks of the
Western World have been increased by approximately 1% billion dollars
in the past two years alone. Mine production, taken by itself, has increased
over 20% since 1929, and is now at the highest rate on record. Nor is the
end yet seen, for under the stimulus of lowered costs, prospecting for and
development of new mines, and opening up of heretofore unprofitable veins
of older mines, are proceeding at a feverishly active pace.
In the face of this evidence as to the sufficiency of gold supplies, it Is
folly to talk of reducing the gold content of our coins. We want price
recovery, to be sure, but we do not want inflation. If the gold stocks were
large enough in 1929 to support the level of trade and prices prevailing at
that time (and the quotations I have cited indicate they were and that the
fall in prices which occurred was not due to insufficiency of gold), it follows
that they can do so again. The great change since 1929 has not been in
gold supplies, but in velocity, or the rapidity of circulation of money.
And this, as I have said before, is not a matter which the Government can
influence, except In so far as it can inspire confidence by the sound administration of its own affairs. Only as the public courage rises to the point of
making use of the largo supplies of available credit, and business conditions
permit, can the gold stocks make their influence felt upon the price level.
The Case Summarized.
Summing up the case, then, against devaluation, I would list some of
objections as follows, altering somewhat the order in which they
the =sin
have:been discussed:
_
'"That insufficiency of gold was not a cause of thelfall in prices, and
that ample gold stocks exist to permit a rise of prices withou. resort to
evaluation.
961
2. That any serious attempt to put through devaluation would probably
cause a shock to confidence, adding immesaurably to the existing confusion.
3. That even though panic were avoided, devaluation probably would
not cause the rise of prices expected of it until other and independent factors
in the situation had started an improvement, and influenced the velocity
factor.
4. That devaluation would be more likely to cause a further fall in world
prices, further disorganization of the exchanges and postpone recovery, and
5. That when confidence and trade finady do recover the enormous
increase In the value of gold stocks caused by currency debasement, combined with the great increase in the production of gold, would bring about
not the reasonable and healthy recovery of prices desired by every one,
but a new and uncontrollable inflation.
Remember also that an act to change the value of money at this time
would not reduce the burden of the public debt, which is payable In dollars
of present weight and fineness. It would, on the other hand, be a breach
of faith with all who had made contracts on the basis of present value
dollars, and it would set a precedent for congressional meddling with the
standard of value which would come back to plague us in the future. If
there is to be agitation for altering the value of the currency every time
there is a fall of prices how can we ever expect to have that confidence
in the monetary system which is an essential feature of all long-term contracts?
Perhaps some of you are thinking of the case of Prance, and wondering
whether this does not afford an instance of successful devaluation of a
currency. It is true that the value of the franc has been reduced to about
a fifth of what it was before the war. But I would call your attention to
the fact that the stabilization of the franc at approximately 4 cents was
merely in recognition of a readjustment in the value of the money which
had already taken place The actual devaluation occurred during and
after the war under the pressure of war-time inflation, so that when the
Governmentfinally stabilized the currency it merely gave official recognition
to a value which the market had already put upon it. That is an entirely
different proposition from an act of deliberate debasement.
Inflation Not the Cure.
No,gentlemen,inflation is never a way out. It is only a way in. Surely
no one who stops to think can believe that the evil consequences of a great
war and a great inflation can be remedied by a mere piece of financial sleight
of hand. For it is the great war which is primarily responsible for the confusion with which we are surrounded. War is the greatest of all disturbances that can afflict an economic system. It makes heavy drafts upon
the man-power of the country, retards the normal development of some
industries and over-develops others. It interrupts trade between the
nations and stimulates new areas of production which come in contact with
the older areas upon the suspension of hostilities. It creates new nations
with ambitions for upbuilding their own industries in the face of existing
over-capacity elsewhere, and new tariffs obstructing the movement of trade.
And worst of all, war invariably makes for inflation, leaving a legacy of
high prices and debt for succeeding generations to liquidate.
The Industrial Equilibrium.
When prices were rising, most prices, wages and costs went up with
a fair degree of uniformity. But when the crash came they did not come
down together. The prices offarm products and crude materials have fallen
to pre-war levels and even lower. On the other hand, in the manufacturing
industries, the building industry, the transportation and distributive
industries generally, Government service and professional services you have
a vast network of relationships which have responded to the changed
conditions much more slowly, and in some instances hardly at all. The
result of this unequal fall of prices is that the normal exchange relations
between the different groups of the population have been disrupted. People
cannot but the goods of others because they cannot sell their own. With
corn at 10 cents a bushel on the farm in Iowa, the Iowa farmer cannot buy
the same quantity of manufactured goods at the old prices, or support a
tax burden as heavy as in the past. And so trade is disorganized, taxes
are in arrears, mortgages are in default and financial difficulties are widespread.
The problem primarily is to restore the industrial equilibrium. This
mean unremitting effort in the reduction of costs, not only of Government so
that taxes may be reduced, but of private industry as well so that goods may
be produced at prices that are within range of consumer incomes.
Happily, progress is being made in this direction—if regrettably slow in
the field of Government operation. at least it has been considerable in the
field of private industry. We know that costs and prices are coming down.
Doubtless prices of raw materials have been pushed down too far under
the weight of the terrific defaltion that has occurred, and could rise to
meet other prices on some middle ground at the slightest sign of reawakened
buyers' interest.
Certainly, the situation is not without encouraging features. Over a
period of the past six months the decline of credit, of basic prices and of
business volume has shown a distinct tendency towards stability. Business
has had a long and bruising slide, but it seems to have dug in its heels at last.
The monetary panic, which had so devastating an effect upon business and
prices last year. has been overcome. With gold stocks ample and increasing,
confidence is now a vital factor in the situation. In the program of recovery
the Government can indeed play a vital and helpful part by putting its
fiscal affairs in order and by joining with others in the solution of those
international problems which are keeping the world in turmoil and obstructing trade. Above all. however, we ought to guard against doing, anything
that may revive the fears and apprehensions of a year ago. For this
reason it would seem particularly desirable at this time to avoid experiments with the currency, and especially along lines which are condemned
by the experience of all countries..
Alfred E. Smith's Proposal for Federal Director-General
of Public Works—Urges Cutting of Red Tape to
Set Up Relief Program—Would Proceed-as During
War, Shelving Constitution While Fight Is On—
Seeks $93,000,000 for Self-Liquidating Projects in
New York State.
Former Governor Alfred E. Smith of New York declared
6 177. tat M(7nitU— . tates mustar7v=.1Director- -T '77 71
General of Public Works, with power to cut through red
tapend scrap hampering statutes, if the Reconstruction
Finance Corporation was to be an effective weapon agamst
depression.
Speaking before 400 guests at the dinner of the Catholic
Conference on Industrial Problems, at the Hotel Astor
in New York, Mr. Smith declared (as quoted from the
New York "Times") that the"stagnation of busineirha
wrought more domestic havoc than two-years' participation
962
Financial Chronicle
In the World War and declared war-time meakures were
needed to fight it, even at the cost of temporary sacrifice of
democratic principles.
The dinner at which the former Governor spoke brought
to a close the two-day session of the conference. Mr.
Smith appeared on the following day (Feb. 8) before the
Reconstruction Finance Corporation in Washington seeking
a $93,000,000 loan as spokesman for Governor Lehman's
Emergency Public Works Commission. As to Mr. Smith's
proposals at the conference on Feb. 7, the "Times" reported:
Would Cut Red Tape.
"There is no use in appropriating public money for public works to
relieve the present business depression," he asserted, "if the Government
Is going to be tied down to earth by red tape and statutes regulating the
use of public money on public works.
"Right here in the city private enterprise can build an Empire State
Building in one year. But it took three years to put up a 36
-story public
building in Albany. First there had to be rulings by the Attorney-General
then there were arguments whether the marble was the kind specified in
the specifications and then people who didn't know the first thing about it
got into a row over the kind of elevators that were to be used.
"Now I say, and I've said all along, that in a depression we're in a state
of war. This stagnation of business, or whatever you call it, is doing more
damage at home to our own people than the great war of 1917 and 1918
ever did. The only thing to do is to lay aside the red tape and the regulatory statutes and do what a democracy must do when it fights.
"And what does a democracy do in a war? It becomes a tyrant, a despot,
a real monarch. In the World War we took our Constitution, wrapped it
up and laid it on the shelf and left it there until it was over.
War Conditions Recalled.
"Remember how the President told us we couldn't use our automobiles
on Sunday—gasless Sundays—and we left them in the garage? Then
they told us we couldn't have sugar in our coffee and everybody went around
with those little bottles of saccharine. And there were meatless Wednesdays, when every Wednesday was Ember Day. That wasn't so hard for
us, though, because we are used to it.
"If we are going to get anywhere in this business of getting out of the
depression—of using public funds to stimulate business—we've got to
appoint a Director-General of Public Works to wipe out these laws and put
the buildings up. If we don't like the model let's throw It away and get
another."
Supreme Court Justice Edward S. Dore presided at the dinner, which
was addressed also by Michael Willlams, editor of the "Commonweal,"
and by Bishop John J. Dunn, Auxiliary Bishop of New York, the highest
Catholic authority in New York during the absence of Cardinal Hayes.
Mr. Williams paid tribute to the "flash of journalistic genius" by which
Mr. Smith, as editor of"New Outlook," was the first "to give Nation-wide
publicity to technocracy," but Mr. Smith was quick to repudiate the
honor.
"I didn't know a thing about it." he declared at the outset, adding that
he did not think "people would go back to making shoes by hand because
there wouldn't be enough shoemakers."
Scope of Government.
Becoming more serious, Mr. Smith then declared that the big question
before the country to-day is "how far government can go, where it must
stop and where our responsibility begins." The protection of life and the
guarantee of liberty, he said, were the prime functions of government.
Another function, he said, was "promotion of the general welfare," and
he added:
"That's where we come in."
Obviously, he declared, the Government could not do it all. The burden of taxation would soon destroy all the benefits that might result from
an uneconomic program of public works. Everybody would be working
to earn taxes to pay the Government for keeping them employed, he
explained.
"We can't allow the people to believe that they exist for the government," he said. "That's the imperial idea. The democratic idea
is that the government belongs to us."
In order that the government might be truly representative and live
up to the Jeffersonian ideal of government with the consent of the governed,
Mr. Smith said, the public must do its own thinking and not leave that
entirely to its elected representatives.
"The watchword of the hour," he said, "must be education of the people
to the part in the government that they as individuals must play, not as
members of a political party but as citizens of the Republic."
Reminding the diners that he was soon to go to Washington on an important mission, Mr. Smith asked for the "prayers and thoughts" of his auditors
to-morrow morning. Outlining Governor Lehman's public works program
for a midtown vehicular tunnel, for bridges across the Hudson and for a
new housing project, Mr. Smith said:
"We are going to Washington with the hope that the Reconstruction
Finance Corporation will leave their glass eyes at home and look upon us
with the milk of human kindness and give us about $93,000,000. If they do
we'll bring a lot of money into the Port of New York and we can use it for
I don't need to remind any of you that there is a vast amount of unemployment among us."
Federal Unionizing Urged.
Proposals to "outlaw" open-shop and anti-union activities in this country
and to set up an endowed labor university were offered at an afternoon meeting by the Rev. Dr. Francis J. Haas, director of the National Catholic
School of Social Service of Washington. He based them on the proposition
that "the individual wage and hour contract is contrary to public policy."
"The negative course," he said, "would consist in clearing away the
obstacles to confidence and mutual good-will in the economic system.
Specifically the first step would be to outlaw all the open-shop secretariats
In the country, all the labor spies, all the anti-union law firms, all the
anti-union printing establishments, magazines and literature. Such activities should be regarded as opposed to public welfare and dealt with
accordingly."
In suggesting an endowed labor university he said "the institution would
be staffed with only socially minded instructors, and accept only such
students as intend to devote their lives as leaders in labor organizing."
Matthew Woll, Vice-President of the American Federation of Labor,
said that a fundamental need for arriving at a solution of our problems was
the creation of a basic Federal agency to collect and correlate detailed
statistics and data on man hours of labor in the various industries, the
incomes of the workers and related subjects. Labor, be said, is urging
the creation of such an agency.
Feb. 11 1933
He, with other speakers, urged the need for a 30
-hour week and for the
inception of social economic planning. Unregulated competition, he said,
is out of tempo with the needs of the present situation.
Francis J. Gorman, Vice-President of the United Textile Workers of
America, placed a large share of blame for economic conditions on the
employer who is "pretending that he is greatly concerned with the state
of affairs, but in reality is taking advantage of every moment as if it was
the last to feather his own nest at the expense of his workers by reducing
their wages to the starvation level, proclaiming to the world that he Is
performing a patriotic service by providing employment in these dark days
of depression."
1933 Convention of Investment Bankers Association
of America to Be Held at Hot Springs, Va., Oct. 28Nov. 1.
The 1933 convention of the Investment Bankers Association of America will be at the Homestead, Hot Springs, Va.,
Oct. 28 to Nov. 1. This was determined at the annual
winter meeting of Governors held recently at Absecon, N.J.
There will ber,Board and Committee meetings on Oct. 28
and29:and sessions and forums of the convention on Oct. 30
to Nov. 1,
Annual Rural Bankers Conference to Be Held at
Cornell University, Ithaca, N. Y., Feb. 16.
The annual Rural Bankers' Conference which has been
arranged by the Extension Service of the New York State
College of Agriculture and the Committee on Agriculture
of the New York State Bankers Association will be held
this year on Thursday, Feb. 16 1933 at Cornell University
Ithaca, N. Y. The program for the day follows:
Opening remarks: C. L. Boyd, Chairman, Committee on Agriculture.
Vice-President First Merchants National Bank & Trust Co., Middletown,
New York.
The Agricultural Commission of the American Bankers Association:
W. K. Payne, Member of the Commission for the Second Federal Reserve
District of New York, Chairman of the Board, Auburn-Cayuga National
Bank & Trust Co., Auburn, New York
The Committee on Agriculture of the New York State Bankers Association: Clifford F. Post, Secretary of the Association.
Report of Rural Credit Study in New York State: Glenn Hedlund, New
York State College of Agriculture, Ithaca, New York.
The Value and Limitations of Farm Credit Statements: Otis A. Thompson, Cashier. National Bank & Trust Co., Norwich, New York.
A Banker's Experience with an Agricultural Intermediate Credit Corporation: L. L. Fuller, Cashier, State Bank of Williamson, Williamson,
New York.
Lunch at Willard Straight Hall.
Recent Developments in Federal Farm Relief and Agricultural Credit
Legislation W. I. Myers, New York State College of Agriculture, Ithaca,
New York.
Round Table Discussion on Rural Bank Problems, led by A. G. Stone,
President Tompkins County National Bank, Ithaca. New York.
The announcement regarding the above was made available by Clifford F. Post, Secretary of the New York State
Bankers Association.
Action Brought by New York State Superintendent
of Banks to Recover Assessment Levied on Stockholders of Bank of United States of New York—
Proceedings Against Directors—Committee Formed
in Interest of Stockholders.
Joseph A. Broderick, Superintendent of Banks, announced on Feb. 6 that suit has been entered against more
than 15,000 stockholders of the Bank of United States to
recover upon the assessment levied by him in July last
pursuant to the provisions of the Banking Law. Mr.
Broderick also stated that in August last an action was
commenced to collect such assessment against all of the
directors and numerous other prominent stockholders of the
Bank, which is now pending in the Supreme Court, that
it is planned to bring this action to trial in April or May of
the present year and that proceedings to enforce the assessment have also been instituted against stockholders of the
bank resident in Massachusetts, Connecticut, New Jersey,
Pennsylvania and numerous other States throughout the
country. He pointed out that the steps taken by him to
collect the assessment are, in effect, made mandatory under
the provi3ions of the Banking Law whenever necessary to
provide funds for the payment of the creditors of the bank.
The announcement issued Feb. 6 by the State Banking
Department also said:
He further stated that he is desirous of saving stockholders from the
expense and hardship of litigation as far as he is able to do so, consistent
with the duties imposed upon him under the Banking Law, and is ready
to enter into suitable arrangements with the stockholders unable to make
immediate payment in full for the discharge of the assessment in reasonable
and convenient instalments. He hopes that all stockholders whose financial
condition will permit, will take advantage of this plan. Stockholders
desiring to enter into such agreements should take up the matter with the
representatives of the Liquidation, 707 Eighth Ave., Borough of Manhattan, New York City.
From the New York "Times" of Feb. 8 we quote:
The par value of the Bank ot United States stock was $25 a share and
the original levy was for $25,000,000. About $10,000,000 has been collected or is included in suits already filed.
Financial Chronicle
Volume 136
Most of the defendants named in yesterday's suit are small stockholders.
Several, however, are listed as holders of large blocks. The largest holdings are charged to the name of Lois S. Johnston, the representative of
the Bankus Corp. and the City Financial Corp., from which the Banking
Department is seeking to recover $3,951,425 for 159,057 shares. Both
companies were subsidiaries of the closed bank.
Other defendants named as havingta substantial number of shares
Include John J. Raskob,former National Democratic Committee chairman,
who owned 1.000 shares; Irwin:S. Chanin, who owned 4,354 shares; Esther
Singer, owner of 5.000 shares; Herbert M. Singer, son of Saul Singer,
Vice-President of the bank, owner of 800;shares; Samuel N. Brimberg,
owner of 7.016 shares: Edna G. Kresel, owner of 2,992 shares; William
Fox, owner of 546 shares; Joseph H. Hobby, owner of 6.172 shares, and
Maurice Rentner, owner of 2,273 shares. Several corporations holding
substantial blocks of Bank of United States shares are also defendants.
Compromise with Directors.
The settlement reached by the Banking Department and five former
directors of the Bank of United States, authorized on Monday by Supreme
Court Justice "Richard P. Lydon, was further explained yesterday by
Mr. Broderick as follows:
Hon. Richard P. Lydon on Feb. 6 1933 made an order authorizing
the Superintendent of Banks to settle his suit against live of the directors
sued by him in his action to recover or the director's negligence on payment
by the live directors of the aggregate sum of $756,036.28. The five directors involved in the settlement are: Herman A.Mletz, Edward B. Lewis,
Eugene B. Kline, Frank Hedley and Robert Adamson. Of this amount
25% has been deposited by the five'directors with the Guaranty Trust Co.
under an agreement by them to pay the balance when their offer has been
approved by the court. The remaining 75% is to be paid within five
days after the court's approval in cash, except for a note in the amount
of $100,000 to be delivered to the Superintendent by Herman A. Metz,
and a note for $25,000 to be delivered by Frank Hedley. These two
notes are payable in one rear.
With the court's approval the Superintendent has reserved all of his
rights against the 35 remaining directors who are not parties to the settlement and who are defendants in the pending suit against them. This
action will be vigorously prosecuted_and is not affected in any way by
the settlement.
None of the above named directors, however, who own stock in the
Bank of United States is released from his liability to pay $25 per share
on each share of stock ,
'
owned by him.
In August of last year Mr. Broderick brought suit against all the directors of the bank for $60,000,000. charging negligence as a contributing
factor in the collapse of the bank. The settlement with the five directors
represents a minimum of 50% of the claims against each, it was said yesterday.
A committee has been formed in Brooklyn, it was announced yesterday.
to protect the interests of the Bank of United States stockholders in that
borough.
The same paper in its Feb. 9 issue said:
Service of the summons and complaint in the suit brought Tuesday
by State Superintendent of Banks Joseph A. Broderick to recover $15.000.000 from 15,000 stockholders in the closed Bank of United States
living in New York State was begun yesterday. It is expected it will
take several weeks to serve all the defendants, although every possible
effort will be made to expedite the work.
A general committee to protect the interests of stockholders in the suit
started by Mr.Broderick has been formed, with J. A. H.Hopkins chairman.
The offices of the committee are at 51 East 42d St.
"The stockholders' liability for the assessment imposed by the Superntendent for the full value of the stock unit is open to such serious question
as to call for an active and vigorous defense and a final adjudication by
the
"r Hopkins
I
'With reference to the settlement by directors the —Times"
of Feb. 7 reported:
Supreme Court Justice Lydon signed an order yesterday permitting
Joseph A. Broderick, State Superintendent of Banks, as liquidator of the
Bank of United States, to join in the settlement of suits against five former
directors of the bank and to release all claims against them. The directors
are Herman A. Metz, former Controller; Frank Hadley, President of
the Interborough Rapid Transit Co.; Robert Adamson. former VicePresident of the bank; Eugene B. Kline. and Edward B. Lewis.
The settlement affects not only the $60.000.000 suit brought against
all 40 former directors of the bank, but also the claims of the Irving Trust
Co., as trustee of the Bankus Corp., a subsidiary, which sued the directors
for $50,000,000 because of losses sustained by their alleged negligence.
The amounts co. the settlements are: Metz,$176.711 in cash and $100.000
by a one-year note; Hedley, $53,654 in cash and $25,000 by a note; Lewis,
$250.000 in cash; Kline, $139.675 in cash, and Adamson. $10,995.
$631.036 Received in Cash.
The settlement of the claims against Kline also includes one because
he was a member of the Marcus-Singer syndicate, brought in behalf of
the Municipal Financial Corp., also a subsidiary of the bank, on which
he pays $10,897.
Mr. Broderick accordingly receives $631,036 in cash and $125.000
In notes. of which 10% is to be given to the trustee of the Bankus Corp.
to release its claims. The five former directors have deposited 8189.000
pending approval of the settlement. The papers showed that Robert P.
Stephenson, reieree in bankruptcy, had approved the settlement n behalf
of the Bankus Corp.
The order was obtained from Justice Lydon on an affidavit of Fred
W.Piderit, Deputy Superintendent in charge of the Bank of United States
liquidation, who said Mr. Broderick would withdraw the following claims
against the Bankus Corp.: Bank of United State°, 31.506 554* Colonial
Safe Deposit Co., .208.271; City Safe Deposit Co., ^568.013: Municipal
Financial Corp.. 342.600, and Clarence Holding Corp.. $150.663.
The following claims against the City Financial Corp. also are withdrawn: Bank of United States, $1,290,399: Colonial Safe Deposit Co.,
$2.631,796; Municipal Financial Corp., $379,681, and Clarence Holding
Corp.. $364.317.
The petition said a substantial recovery in either suit against the dire
toes "would render any Judgment In the other suit impossible of collection."
Mr. Piderit said he was unable to determine "with any real approach to
accuracy" the amount that might be realized in the suit in behalf of the
hank because, of the 40 men sued, one has died and two have gone into
bankruptcy. Investigation shows, he said, that "others will not be able
to respond in any substantial amount."
The suit is not -Moly to be tried for several months, he said, and it Is
Improbable that any judgments in the case will be filed within two years.
963
Says faximum Is Obtained.
"The increasing severity of the depression renders it a matter of speculation whether even the defendants now solvent will in a short while be
able to respond," said Mr. Piderit. He said he had been advised by
Samuel Untermyer, representing the defendants who are making the
settlement, that the sums they are to pay "represent the maximum that
the defendants can pay at the present time."
"In the light of present economic conditions the petitioner believes it
extremely unlikely that their financial condition may be expected to
Improve—rather the reverse is the more likely," he added.
Attached to the petition was a letter from Rosenberg, Goldmark &
Colin, counsel for the Bankus trustee, declaring the trustee had $28.564
In cash and some uncollected claims, and that total claims of $19,482,410
were filed against the Bankus Corp., of which $287,250 were believed
to be doubtful or bad.
Concerning the City Financial Corp. the attorneys said it had $113.135
in cash and uncollected claims of $963,090, having settled claims of $498.218
for 10%. Total claims of $9,597.824 were filed against the company.
but the attorneys believe $1,397,646 were doubtful.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
In observance of its 80th anniversary the Corn Exchange
Bank Trust Company of New York sent to stockholders, on
Feb. 7,'a statement of its condition as of Feb. 1, the date of
the anniversary, together with a full list of its investments.
From the New York "Times" we quote:
The disclosure by the bank of its security holdings, including common
stocks, was a radical departure from ordinary bank practice. Although
lately there has been an increasing tendency for such institutions to divulge
details of their commitments to stockholders, no other large bank has made
public its entire holdings. In the case of most of the big Wall Street banks,
questions on this subject asked by stockholders at recent annual meetings
were answered only in guarded general terms. The action of the Corn Exchange was particularly interesting to the banking community because of
the conjecture which it provoked as to the possibility of other institutions
following the precedent.
Among the common stocks held by the trust company are 100 shares
of the Bank for International Settlements, 8,000 shares of the General
Motors Corporation. 5.000 shares each of Kennecott Copper, New York
Central, Public Service of New Jersey and Standard Brands, 19.000 shares
of the United Corporation and 400 shares of the Guaranty Trust Company.
The last Item is the only Investment in shares of another local bank reported.
$7,341,855 Railroad Bonds.
Holdings of United States Government securities amount, according to
the bank's statement of condition, to $68.946,077. of which the largest
Item is $35,000.000 of Treasury 33i% bonds. State: municipal and taxexempt securities are carried at 320.291.493, the largest block being 54.223.500 of New York City 6% corporate stock due from 1935 to 1937. Railroad
bonds are carried at $7.341,855 and public utility bonds at $3.859.476, the
largest items being in each group about $500,000. Holdings of Industrial
and other bonds, carried at 88.414.135, include two items of $1.000,000
each: American Metals Company, Ltd., 5;§% notes and Canadian International Paper Company First Mortgage 6s.
Of the $2.302.371 of foreign bonds, the largest single holding is $605,000
of German Government 530. Preferred stocks, carried at $471,372.
include 10,000 shares of the United Corporation and 2,100 shares of the New
York New Haven & Hartford Railroad Company. Common and other
stocks are carried on the books at $1.497,708.
In a message to shareholders accompanying the report, Walter E. Frew.
Chairman of the company, and Dunham B. Sherer. President. state that
"all stocks have been reduced to market value as of Dec. 31 1932. and all
bonds which have failed to pay maturing coupons have been reduced to $1
on our books." The list of investments carries a note saying that sundry
stocks and bonds not included In the list which are carried on the books at
$1 had a quoted market value on Feb. 1 of $310,603.
The net earnings from operations during 1932, the message to shareholders says. were $3,334,531.75. This is equal to about $4.45 a share.
In its Feb.8issue, the same paper had the following to say:
The Corn Exchange Bank Trust Company is not the first downtown
bank to publish a list of its stock and bond investments. the United States
,
Trust Company having revealed its holdings in connection with the published advertisements of its statement of condition, but the Corn Exchange
is the first of the large banks, serving a widespread clientele through numerous branches, to give such complete publicity to its operations. The incident is a strong sign of the times.
The Guaranty Trust Co. of New York announced on
Feb. 6 the appointment of Harry W. Knudsen as Assistant
Secretary.
The opening of its 74th branch in Greater New York
was announced Feb. 6 by the National City Bank. The
new office is known as the Port Authority Branch and is
located on Eighth Ave., between 15th and 16th Sts., in the
new Port Authority Commerce Building. Complete business and personal banking facilities, including safe deposit
boxes, trust and investment service, will be available at this
branch.
William Leary, Treasurer of the Port of New York
Authority, opened the first account in the new Port Authority Branch of the National City Bank of New York on
Feb. 6. Mr. Leary, aged 78, was born within half a block
from the new branch office, at 232 West 16th St.
The New York State Banking Department has approved
the reduction of $50,000 in the capital of the Bronx County
Safe Deposit Co., Bronx, N. Y., making it $100,000 instead
of $150,000 heretofore, and the number of shares of the bank
964
Financial Chronicle
from 11,500 to 1,000. 'The stockholders of the bank ratified
the changes on Jan. 17 The bank states that the changes
wills° into effect in the near future.
Albany, N. Y. advices on Feb. 3, by the United Press,
stated that the Bank of Depew, at Depew, Erie County,
N. Y., was taken over on that day by the State Banking
Superintendent, Joseph A. Broderick, the dispatch added:
The institution, Mr. Broderick said, has suffered "constant withdrawals
of its deposits, depreciation of value in its assets, and is in a non-liquidating
condition."
Depositors' liabilities as shown by the bank's books of Feb. 2 were
approximately $660,000, Mr. Broderick said.
Associated Press advices from Depew on the same date continued additional information regarding the failure, as
follows:
The Bank of Depew did not open for business to-day. The President,
Elmer J. Nash, reported ill at his home, authorized a statement that "the
bank may be able to reopen within 60 days."
Examiners began an audit to-day to determine its exact condition. The
Buffalo office of the StatesBanking,Department refused comment, saying
a statement would be issued in!a,few!clays from the New York headquarters
of the Department.
George A. Tyler, for the past 25 years President of the
South Boston Savings Bank of Boston, Mass., died at his
home in Malden on Feb. 2 after a short illness. Mr. Tyler,
who was 73 years of age, was born in Andover, Mass., and
was educated in Andover and at the Bryant & Stratton
College. After beginning his banking career in the Andover
National Bank, he entered the employ of the Boston banking firm of Lee, Higginson & Co., where he remained for
several years. His next move was to South Boston, where
he took charge of the South Boston Branch of the Mattapan
Deposit & Trust Co. With this institution he remained
until hc was appointed President of the South Boston Savings Bank, the position he held at his death.
The Pleasantville National Bank at Pleasantville, Atlantic
County, N. J., having approximately 3,500 depositors,
failed to open for business on Feb. 4, according to advices
from Atlantic City on that day to the New York "Times."
The institution was the third bank in the vicinity to close
within 10 days. A notice posted on the door of the bank
informed depositors that it had been closed by "vote of the
Board of Directors" and its affairs turned over to the Comptroller of the Currency. The dispatch continuing said:
In the last statement lasuedat the close of business Dec.31 1932,the bank
listed resources totaling-4655,518 and deposits of $325,571.80. It had
received no aid fromAhe Reconstruction Finance Corporation.
Bertram E. Whitman, City:Clerk of Atlantic City and for many years
Atlantic County-Republican campaign Manager, has been Presdient of the
institution since its organization. Oct. 11 1924. He declared the suspension
was caused by excessive withdrawals of deposits following the closing of the
Atlantic City/National Bank and the Chelsea-Second National Bank 3r
Trust Co. here.
Francis J. McGinnis, National-bank examiner, has taken charge of the
affairs of the institution. The closed bank is not connected with the First
National Bank of Pleasantville.
Chester B. Kellogg, Vice-President of the Munson Steamship Line, New York,was appointed President of the People's
Bank & Trust Co. of Westfield, N.J. on Feb. 2, according to
advices from Westfield to the New York "Herald Tribune."
Harry R. Dobler, Cashier of the People's Bank of Hawthorne, N.J., announced on Jan. 31 1933 that the institution
had purchased the First National Bank of Hawthorne as at
the close of business on that day. The sale was confirmed
by the United States Treasury Department and the New
Jersey State Department of Banking and Insurance. Hawthorne advices printed in the Newark "News" of Feb. 1,
reporting the above, went on to say:
The People's Bank isltheolder of the two, having been started by Dobler
eleven years ago. The combined'assets will be $2,000,000. The business
will be carried on In the largerlquarters!of the First National Bank.
Although Cashier,'Doblerjskonsidered head of the People's Bank. He
has been Secretary—of the PassaloiCounty Bankers' Association for many
years and is Presiden4of the Merchants' Trust Co. and the Securities Trust
Co., two Paterson (N. J.),banks.
Referring to the affairs of the defunct Roxborough Trust
Co. of Philadelphia, the Philadelphia "Finance Journal" of
Jan. 28 1933 stated that the first and partial account of
Dr. William D. Gordon, State Secretary of Banking for
Pennsylvania, in possession of the business and property of
the institu,tion, was filed with the Prothonotary of Philadelphia County on Jan. 28 by Charles I. Engard, special
Deputy, as agent. The account covers the period from the
date of closing, Oct. 10 1931, to Sept. 19 1932. We quote
furthermore from the paper mentioned, as follows:
The account shows that approximately 53% of the assets have been
liquidated to Sept. 19 1932: the appraised value of the remaining assets on
Sept. 19 1932. was $886.876.52, as compared with an appraised value at
Feb. 11 1933
Oct. 101931,of $1,655,653.39. Included in the remaining inventory, there
are, however, assets with an appraised value of $40,070.50, which are
subject to the legal right of offset. After deducting these items there
remain assets with an appraised value of $846,806.02 available to depositors.
In addition to a detailed record of cash receipts and disbursements, during
the period, there is included in the account a list of all claims which have
been admitted, as well as those claims objected to. The remaining balance
due depositors on Sept. 19 1932, including balances held for future offset
was $1,090,105.
The death on Jan. 30 1933 of Samuel Bailey, Jr., a Trustee
and former President of the Dollar Savings Bank of Pittsburgh, Pa., is announced by the President and Board of
Trustees of the institution.
George Wilcox, a former President of the closed Suburban
Title & Trust Co. of Upper Darby (Philadelphia), Pa., was
sentenced to three to six years in the Eastern Penitentiary,
and John M. Hardcastle, Jr., former Title Officer of the
bank, was sentenced to one to three years in Delaware
County Prison, in the Delaware County Court at Media, Pa.,
on Feb. 3. In addition, each was fined $1,000, and Wilcox
was ordered to make restitution of $12,000 and Hardcastle
of $10,000. The sentences were imposed by Judge Samuel
L. Reed of Cambria County, Pa., who presided last July,
it was stated, at the trial of Wilcox, Hardcastle and two
other officers of the bank on charges of fraud. The Philadelphia "Ledger" of Feb. 4, authority for the foregoing,
went on to say:
George W. Statzell, Jr., of Drexel Hill, President of the bank when
it closed May 9 1931, was released on a suspended sentence and ordered
to pay $4,500 in restitution and costs of prosecution.
Nicholas A. Dalton, of Lansdowne, Secretary-Treasurer, was given a
suspended sentence and ordered to pay the same amount in restitution. . . .
Following the imposition of the sentences, before a courtroom crowded
with spectators and with President Judge Fronefield and Judges MacDade
and Bromall sitting beside the sentencing Judge, counsel for Wilcox and
Hardcastle hurried to the Superior Court at City Hall here and filed
appeals.
The lower Court continued Wilcox's $20,000 bail and Hardcastle's
$5,000 bail pending the outcome of the appeals which W. Cloud Alexander,
defense lawyer, said he would endeavor to have heard when the Superior
Court sits at Pittsburgh April 25.
Answering a plea for leniency made in behalf of Wilcox, Assistant District
Attorney William R. Toal said: "Wilcox was the power behind the
throne, and had it not been for him the other three would not be here."
The four former officers of the defunct Suburban Title &
Trust Co. were found "guilty" of embezzling $350,000 of the
bank's funds on July 8 last, as indicated in the "Chronicle"
of July 23, page 581.
Two former officials of the closed Merlon Title & Trust
Co. of Ardmore, Pa., Murdoch P. Claney, Vice-President,
and D. W. Charles, Assistant Cashier, have been arrested
for the alleged embezzlement of the bank's funds, according
to the Philadelphia "Bulletin" of Feb. 6, from which we
quote, in part, as follows:
David W. Charles, Assistant Treasurer, waived a hearing in the Ardmore
police station and was held in $10,000 bail by Justice of the Peace
Thomas W. Ctonin. Although the hearing room was crowded with
depositors, there was no demonstration.
At a special hearing at 1:15 a. m., before the same Justice of the
.
Peace, Murdoch P Claney, Vice-President of the closed institution, was
held in $15,000 bail. Bail was furnished by a surety company, with two
widely-known Main Line business men, Benjamin C. Betner, Wayne, and
William J. Wilson, Bryn Mawr, as indemnitors.
Claney was arrested Saturday night (Feb. 4) in Newark, 12 hours after
the arrest of Charles, who had been at liberty in $25,000 bail.
The charges against both men include embezzlement, misappropriation
of bank funds, falsification of records, falsification of entries, destruction
of records, perjury, fraudulent conversion, obtaining money under false
pretenses and misapplication of bank funds.
The charges, which are said to involve about $50,000, were sworn to
by George Glatfelter, Deputy State Secretary of Banking; Harry M.
Sablosky, Assistant District Attorney of Montgomery County, and Philip 0.
Herr, Deputy Attorney-General.
The Merlon Title & Trust Co. had branch offices in Narberth and
Bala-Cynwyd. When it closed on Oct. 28 1931, the assets were reported
as $11,478,000.
Our last reference to the affairs of the Merlon Title &
Trust Co. appeared in the "Chronicle" of March 26 1932,
page 2278.
—4—
H. B. McDowell has been chosen President of the McDowell National Bank of Sharon, Pa., to succeed the late
F. W. Koehler, according to Sharon advices on Feb. 8.to
the "Wall Street Journal."
Paul Mellon has become a director of the Union Trust Co.
of Pittsburgh, Pa., according to the Pittsburgh "PostGazette" of Feb. 1, which stated that this was disclosed
when Mr. Mellon attended the annual meeting of the directors, held the previous day, for the first time. At the
meeting, it was stated, Charles H. Matthews, Jr., Manager
of the bond department, was made a Vice-President of the
Institution.
Volume 136
Financial Chronicle
The First National Bank of Parkersburg, W. Va., with
capital of $500,000, was placed in voluntary liquidation on
Dec. 31 last. It was succeeded by the People's National
Bank of Parkersburg.
The Dime Savings Bank of Canton, Ohio, closed since
Oct. 5 1931, on Feb. 7 was granted authority to resume
business, effective Feb. 14, under a reorganization plan
which will make $575,000 available at once to some 15,000
depositors, according to Associated Press advices from
Canton on Feb. 7. The plan was approved by Common
Pleas Judge J. L. Floyd and Ira J. Fulton, State Superintendent of Banks for Ohio, the dispatch said. The closing
of the institution was indicated in the "Chronicle" of Oct. 10
1931, page 2380.
Supplementing our item of last week (J)age 786) with reference to the approaching reopening of the Citizens' Savings
Bank of Pemberville, Ohio, a dispatch from that place on
Jan. 31 appearing in the Toledo "Blade" said:
The 241 new stockholders of the Citizens' Savings Bank here elected
directors Monday night (Jan. 30) as another step toward reopening of
the bank.
The directors are Dr. II. W. Dierkscheide, J. F. Sherman, W. L. Jones,
Clair H. Speck. Charles E. Fehr, C. H. Titgemeyer and Harry M.Bowlus.
Delay in obtaining approval of the State Banking Department to the
reopening plan may cause the reopening to be delayed from Feb. 18 to
Feb. 25. it was announced.
0. W. Menter, Treasurer of Wood County, presided at the meeting.
Directors of the Roseland National Bank of Chicago, Ill.,
located at 10833 South Michigan Avenue, that city, have
taken action to liquidate the institution and close out its
business, and the depositors have been notified to withdraw their money. The Chicago "News" of Feb. 1, from
which the above information is obtained, continuing, said:
965
Steady withdrawals have reduced deposits from their peak figure of
$660,000 in June 1931 to $96,000. Continued operation would be unprofitable, it was felt.
A preliminary examination indicates depositors will be paid in full, according to S. N. Schafer, Examiner of the Wisconsin Banking Department.
Assets of the bank are $82,000 more than liabilities. Capital is $200.000
and stockholders are liable to a 100% assessment.
The four banking institutions in Wausau, Wis., on
Jan. 30 suspended operations until March 1 1933, following
a moratorium proclamation issued by Mayor Otto Muenchow. The institutions are the American National Bank,
First National Bank, Citizens' State Bank and the Wisconsin
Valley Trust Co. A dispatch by the Associated Press from
Wausau on Jan. 30, from which this is learnt, continuing,
said:
Mayor Muenchow said heavy withdrawals in January caused the moratorium.
The banks and trust company will be reopened Tuesday (Jan. 31) for
new business only, it was announced following a meeting of the bankers.
The Jackson County Bank of Black River Falls, Wis.,
recently took over four other banks located in Jackson
County, viz.: The First National Bank of Black River
Falls; the Farmers' & Merchants' Bank of Hixton ; the
Alma Center State Bank of Alma Center, and the State
Bank of Merrillan, at Merrilan. The enlarged Jackson
County Bank is capitalized at $150,000, with a reserve
of $25,000, and has deposits of approximately $280,000 and
total resources of $2,091,000. The new institution has
established receiving and disbursing stations at Hixton,
Merrillan and Alma Center, and are about to establish a
station at Taylor, also in Jackson county. John H. Mills
is President of the consolidated bank.
The Citizens' National Ban- k of Merrill, Wis., suspended
business on Jan. 31 for a 30
-day period, according to Associated Press advices from that place on the same date.
The directors of the bank, whose deposits have shrunk from $1,250,000
to $130,000 in the last two years, have called a special stockholders'
meeting for March 4 to sanction the winding up of the institution's affairs—
a purely formal action.
Theophilus Schmid, President of the bank, said:
"The drain on our deposits began when the Bain bank chain started
to collapse. Since Monday of last week we have been paying off the
remaining deposits. I am glad to get out of the banking business, as there
has been no profit in It for us in the last two years."
Most of the bank's accounts are being transferred to the Pullman Trust &
Savings Bank, 400 East 111th Street.
Announcement was made by the Wisconsin State Banking Department on Jan. 31 that the two State banks at
Kiel, Wis., the State Bank of Kiel and the Citizens' State
Bank has declared a business holiday, according to Associated Press advices from Madison, Wis., on Jan. 31.
The Comptroller of the Currency on Feb. 6 announced
the closing of two small Illinois banks,' namely, the First
National Bank of Secor, with resources of about $219,000,
and the First National Bank of Ridgeway, with resources of
approximately $159,000, according to Washington, D. C., advices to the "Wall Street Journal."
J. N. Peyton, State Commissioner of Banks for Minnesota,
has reported the closing of the Isanti County State Bank,
of Cambridge, with deposits of about $500,000, and the
State Bank & Trust Co., of Redwood Falls, with deposits
of about $800,000, according to advices from St. Paul, Minn.,
on Feb. 8 to the "Wall Street Journal."
The closing on Feb. 7 of the Nokomis National Bank, at
Nokomis, Ill., and the placing of its affairs in the hands
of the Comptroller of the Currency, was reported in advices
from that place, printed in the Philadelphia "Ledger" of
Feb. 8. The closed institution, according to its statement
of condition as of Dec. 31 last, had resources of $1,018,817,
the dispatch said.
Effective Feb. 1 the First N- ational Bank of Minneapolis,
Minn., and its affiliated institution, the First Minneapolis
Trust Co., were consolidated under the title of the First
National Bank & Trust Co. In reporting the matter the
Minneapolis "Journal" of Feb. 1 said in part:
Associated Press advices from Mt. Carmel, Ill., on Feb. 4
stated that a business holiday of a week and two days had
ended that day with all business places reopening and the
town's only bank, the American First National, resuming
business on a limited scale. We quote further from the dispatch as follows:
The holiday was declared by Mayor T. B. Wright after directors of the
bank said It was hopeless to try to keep it open in the face of continued
withdrawals.
Closing all commercial activity except food and drug stores, transportation and other necessary business offices, the citizens of Mount
Carmel set about to obtain pledges from all bank depositors not to withdraw their money and to deposit new money to keep the bank from closing.
Mass meetings, rallies, conferences and the work of soliciting pledges
united the citizenry in the common task of preserving the town's business
from disaster which would follow in the wake of a bank failure.
The bank opened this morning to receive the newly pledged deposits
and to enable It to clear checks to carry on business activities, although no
withdrawals were allowed. Officers said the newly pledged deposits would
be kept separate and not be included in the bank's assets, thus assuring
no loss of the new deposits if the bank should close later.
Large crowds were in town to-day (Feb. 4) shopping and discussing the
results of the business holiday.
On Feb. 2 the Comptroller of the Currency reported the
closing of the First National Bank of Roodhouse, Ill., according to a Washington, D. C., dispatch on that date
printed in the New York "Evening Post."
The Hopkins Street State Bank of Milwaukee, Wis., was
closed on Jan. 30 and its affairs placed in the hands of Wisconsin State Banking Department, following decision of
the directors to liquidate the institution, according to the
Milwaukee "Sentinel" of Jan. 31, which went on to say:
"The trust department business will be transacted by a highly specialized
department of the consolidated institution, with the same executive staff
and personnel that formerly handled this work for the First Minneapolis
Trust Co.." L.E.Wakefield,President of the consolidated institution, said.
Deposit business of the two organizations will be combined and cared for
by officers and employees of both institutions who formerly were In contact
with the customers.
"Every effort has been made to avoid any changes in the relationships
between customers and officers or employees," Robert W. Webb, Chairman of the trust committee, said to day (Feb. 1). "In becoming a trust
department of the First National Bank & Trust Co. of Minneapolis, we are
largely effecting a change of corporate name. The affairs of the trust
department will be handled in the same highly confidential manner as heretofore, and all assets and records will be kept distinct and separate from
those of the general banking department."
Officials pointed out that for a number of years the control of the trust
company and the First National has been by the same shareholders and
that since 1929 the control has been identical through ownership of both
organizations by the First Bank Stock Corporation.
Depositors of the First Minneapolis Trust Co. will have in the consolidated institution greater capitalization and surplus accounts and certain
advantages in the way of operation under a National Banking Act charter,
they said. The guaranty fund of the trust department will be materially
increased to conform to the greater capital investment.
The business of the trust department will be carried on in the same location as that formerly occupied by the trust company. Checking department customers, with the exception of customers of the women's department, will be served in the main banking room. The general savings business, the savings and checking business of the women's department and
coupon department transactions all will be handled in the quarters formerly
occupied by the banking department of the First Minnlapolls Trust Co. on
the ground floor location at 511 Marquette Avenue,
The First National Bank of Ironton, Mimi., which had
closed for reorganization, was reopened on Jan. 16 1933 on
a "strictly home-owned basis," according to the"Commercial
West" of Jan. 28. Officers of the institution were named
as follows: Howard Johns, President; Gust Anderson, VicePresident, and T. S. Nyhus, Cashier.
4---
966
Financial Chronicle
The Comptroller of the Currency on Feb. 9 reported the
closing of the First National Bank of North Bend, Neb.,
with resources of $313,631, according to a Washington
dispatch on that date to the "Wall Street Journal."
The Comptroller of the Currency on Feb. 2 reported the
closing of the First National Bank of Leigh, Neb., with
resources of $502,178, according to a dispatch from Washington, D. C., on Feb. 2 printed in the New York "Evening
Post."
The Union National Bank of Fremont, Neb., on Feb. 3
declared a 30
-day moratorium on business, according to advices by the United Press from that place on the date
named, which, continuing, said:
A statement issued by Frank Hammond, President of the institution,
said the bank was in good condition but that deposits had been slow.
During the moratorium period no business will be transacted except to
collect loans and to build up a reserve, the statement said.
As of Jan. 10 1933 the First National Bank of Great Bend,
Kansas, capitalized at $150,000, was placed in voluntary
liquidation. The institution was absorbed by the American
State Bank of the same place.
Failure of two small Missouri banks was reported in the
following St. Louis dispatches to the "Wall Street Journal"
on Jan. 9:
Kirksville Savings Bank, Kirksville. Mo., has been closed, reports 0. H.
Moberly, the Missouri State Finance Commissioner. Deposits on last
June 30 approximated $700,000.
The Bank of Lucerne. Mo., has been closed by directors. The bank has
deposits of $75,000.
That the Webster Groves Trust Co. of Webster Groves
(St. Louis County), Mo., had absorbed the Old Orchard
State Bank of Webster Groves on Feb. 3, the final details
of the transaction having been completed between banking
days, was reported in the St. Louis "Globe Democrat" of
Feb. 4, which continuing said:
The deal, approved by State and Federal Reserve bank examiners, was
announced in a formal statement signed by C. H. Holekamp. President of
the Webster Groves Trust Co., and by Mayor J. B. Chipman, President
of the Old Orchard Bank. A notice on the door directed Old Orchard
customers to go to the trust company.
All assets and liabilities of the bank have been assumed by the trust
company. Ffolekamp said.
The Webster Groves Trust Co. has $100.000 capital, 5100.000 surplus,
$53.571 undivided profits and $64,675 reserve, with deposits of $1,314,311
and total resources of 51,633.307, according to the Dec. 31 statement.
The Old Orchard Bank was capitalized at $25,000. with approximately
$150,000 deposits.
Reorganization of the Savings Trust Co. of St. Louis, one
of the numerous small St. Louis banks which closed recently,
is being sought by members of the Savings Trust Depositor's
League, permanent organization of which was affected at a
meeting of a committee consisting of 25 persons on Jan. 26.
The St. Louis "Globe-Democrat" of Jan. 27,from which the
above information is obtained, went on to say in part:
Announcement was made that 100 depositors, with an aggregate of
about $35,000, have signed petitions looking toward the reopening of the
depository,agreeing to restrict withdrawals in the event of a reorganization.
The Savings Trust Co., in its statement of last Dec. 10 showed 5200.000
capital: 51.714,389 total deposits, and $3,013,938.81 total resources.
The deposits include about $85,000 which school children placed in the
bank through the Educational Thrift Savings Service Co.
The committee of 25 was named Monday night (Jan. 23) at a meeting
of about 600 depositors, held with the view of obtaining collective representation in either iquidation or reorganization.
Adolph Weinstein, named Chairman of the committee of 25, last night
was authorized to send a telegram to the Governor and the Finance Commissioner, urging the appointment of a receiver be delayed until the possibility of reorganization could be definitely established or rejected.
Two subcommittees were named, the first to discuss reorganization with
directors of the closed bank and the second to confer with members of the
Board of Education with regard to the plight of 22,000 children from 28
schools who have deposits in the bank
The first committee will make a detailed inquiry into the feasibility of
reorganization.
Roy Miller, bank examiner, who has been placed In charge Of the
company, was quoted as having said an inventory would be filed in the Circuit
Court on or about Feb. 15.
A dispatch by the United Press from Ironton, Mo., on
Feb. 3, reported that three banks in the lead mining district
of the Arcadia Valley, with total deposits of more than
$500,000, had been closed on that day by their respective
directors in order that they may be consolidated to form
one institution. The banks named are the Iron County
Bank and the Bank of Ironton, both located at Ironton, and
the Bank of Arcadia Valley, at Arcadia. The dispatch
added:
The consolidated depository probably will be opened here in about 10
days of two weeks, it was stated.
Feb. 11 1933
A plan to reorganize the Lowell Bank of St. Louis, Mo.
(one of the several banks of that city which closed recently) with an expected loss of 28% to the depositors,
was announced on Feb. 1 by a depositors' committee. The
Lowell Bank was placed in the hands of the State Finance
Commissioner for Missouri on Jan. 16 last. The St. Louis
"Globe-Democrat" of Feb. 2, from which the foregoing is
taken, continuing, said:
Under the reorganization plan, which the depositors as a whole will be
asked to approve, they will be credited with 50% of their accounts, with
an additional 22% representing their interest in the new bank.
According to Al J. Bretscher, Chairman of the committee which made
an appraisal of the bank's assets, the 28% loss which is anticipated was
caused by shrinkage of the value of securities. The reorganization plan
will have to gain the approval of the State Finance Commissioner as well
as that of the depositors before it can be put into action.
William Koeneman is President of the Lowell Bank, Its Dec. 10
statement showed total resources of $3,517,290.90, and a capital and surplus c! $300,000.
Effective Feb. 11933, the First National Bank of Oran,
Mo.,capitalized at $25,000, went into voluntary liquidation.
The institution was not absorbed or succeeded by any other
bank.
A dispatch by the Associate- d Press from Senath, Mo., on
Jan. 30 reported that the officers of the Citizens' Bank of
that place on that day declared a 30-day moratorium because of what was described as "unrest" among the depositors following the disappearance on Jan. 25 of Delmar G.
Doherty, Assistant Cashier, and robbery of the bank the
following day by a man who obtained nearly $16,000. The
advices went on to say:
G. W. Krone, the bank's President, said it was hoped the bank could
be reopened within less than 30 days. The bank is capitalized for $50,000
and its Dec. 10 statement showed total resources of 5199,746 and deposits
of $83,449.
The Sebree Deposit Bank o- f Sebree, Ky., and the First
National Bank of that place were consolidated on Feb. 1
1933 under the title of the former, according to Associated
Press advices from Sebree on the date named, which added:
The new institution will have combined deposits of $337,000.
Washington, D. C., advices on Feb. 2, appearing in the
New York "Evening Post," stated that the Comptroller of
the Currency had reported on that date the closing of a
small Tennessee bank, the First National Bank of Huntsville, with resources of $109,359.
The Merchants' State Bank of Humboldt, Tenn., an Institution organized in 1887, and said to have current assets
of more than $1,000,000, failed to open on Jan. 30, according
to United Press advices from Humboldt on that date, which
went on to say:
A notice said the bank had been placed in the control of the State Superintendent of Banking for reorganization by order of the Board of Directors.
Bank officials said they believed depositors would not suffer any lose
following the contemplated reorganization.
The United Bank & Trust Co. of Greensboro, N. C.,
together with its branches at Reidsville, Burlington and
Sanford, in the same State, failed to open for business on
Feb. 9, according to Greensboro advices by the Associated
Press on that date, from which we also take the following:
Officials said heavy withdrawals forced the institution to close. The
bank had closed once before. on Dec. 31. 1931, and had reopened on July 1
of last year. The last statement issued by the bank on Dec. 31. 1932,
showed deposits of 52,317.935.
The reopening on July 1 last of this bank,after having been
closed for seven months, was noted in our issue of July 9,
page 245.
The Comptroller of the Cu- rrency on Feb. 7 announced
the closing of the First National Bank of Lumberton, Miss.,
with resources of $583,871, according to Washington advices
on that date, printed in the Chicago "Journal of Commerce."
The Commercial National B- ank of Shreveport, La., capitalized at $1,000,000, was placed in voluntary liquidation
on Jan. 10 1933. The institution was succeeded by the
Commercial National Bank in Shreveport.
Following a loan of $20,000- ,000 to the Hibernia Bank &
Trust Co. of New Orleans, 1.41., on Sunday, Feb. 5, by the
Reconstruction Finance Corporation, the banks throughout
Louisiana, which had closed on Saturday on a decree of
Governor Allen, reopened on Monday morning, Feb. 6. The
Hibernia Bank & Trust Co. had to pay out a considerable
number of accounts, but, with the large amount of cash
supplied by the Reconstruction Finance Corporation, off!
dais announced that every dollar of deposits would be
Volume 136
Financial Chronicle
paid out if necessary. Other banks reported increases in
their deposits. New Orleans advices to the New York
"Journal of Commerce," on Feb. 6, authority for the foregoing, furthermore said:
The "run" on the Hibernia, according to Rudolph S. Hecht, President,
resulted from an attack in Congress by New York Representative Hamilton
Fish. This attack was based upon a misunderstanding of Reconstruction
Finance Corporation operations, and Mr. Fish has gone on record admitting
It. Mr Fish said that the loan of $4,000,000 to the Union Indemnity Co.
of New Orleans, now in receivership, had been made on Mr. Hecht's
recommendation. This was denied and the Congressman accepted the
denial.
The banking holiday on Saturday (Feb. 4) was decreed in order to
permit the Hibernia to arrange the Reconstruction Finance Corporation
loan. However, Governor Allen declared an anniversary of the breaking
off of diplomatic relations between America and Germany during the
World War.
A dispatch by the Associated Press from New Orleans
the previous day, Sunday, Feb. 5, after stating that announcement was made that night by officials of the Hibernia
Bank & Trust Co. that the directors of the Reconstruction
Finance Corporation, at a session in Washington, D. C.,
on that day, had approved a $20,000,000 loan to the institution provided the bank raised $4,000,000 and depositors of
$10,000 or more agreed to "freeze" 50% of their deposits
until the Corporation's loan is repaid, gave additional information, as follows:
Bank officials said they believed they could meet the requirements and
stop what Rudolph S. Hecht, President of the institution said was a "run"
on the bank. Early to-night (Feb. 5) the officials said they had raised
$2,000,000 of the $4,000,000 required, and that depositors called over
the telephone were responding favorably.
A representative of the Reconstruction Finance Corporation reached
New Orleans to-day and joined a conference of bankers.
Mr. Hecht said the "run" was started after Representative Fish of
New York criticized him before the House Banking Committee, Thursday
(Feb. 2), in connection with loans of the Reconstruction Finance Corporation to the Union Indemnity Co. of New Orleans, which went into receiver.
ship last month. To-day Representative Fish told the "Times-Picayune"
by telephone, as he stated last night in New York City, that he was
convinced of the "thorough soundness" of the Hibernia Bank & Trust Co.
"In my mind, the important thing in the situation is the fact that
the officials of the Reconstruction Finance Corporation are thoroughly
familiar with the conditions of the Hibernia Bank & Trust Co," Mr. Fish
said. "They have advised me that it is sound and liquid. I am positive
that the Corporation will stand behind the bank and the United States
Treasury is behind the Corporation."
Mr. Fish criticized Mr. Hecht because the New Orleans banker was
Chairman of the Regional Advisory Committee of the Reconstruction
Finance Corporation at the time the Union Indemnity Co. loans were made.
Mr. Hecht wired Mr. Fish that he had neither recommended nor voted
on the Union Indemnity applications for loans.
"I am willing to accept his statement to that effect," Mr. Fish told
the "Times-Picayune," . . .
Governor Black of the Atlanta Federal Reserve Bank, here to investigate the Hibernia Bank situation, said to-night that ample funds had been
provided to meet all possible withdrawals.
"It is gratifying to know that the unrest in financial circles caused
by careless statements relative to the Hibernia Bank & Trust Co. has been
fully corrected," said Mr. Black. "Not only have the statements about
this bank been withdrawn, but full and adequate steps have been taken
to provide, on the security of the bank's assets, ample funds to meet all
possible withdrawals."
Senator H. P. Long said in a statement:
"After continuous conferences throughout this day (Feb. 5) with Governor E. R. Black, representing the Atlanta Federal Reserve
Bank, New
Orleans district, and conferences over the telephone which Governor
Black
and myself have had to-day with the authorities in Washington,
I am
assured that whatever assistance or financial help may be needed or
desired
by the New Orleans banks will be furnished as and when they may need
the same.
"Everyone is satisfied and everything is in perfect order."
Arthur Reynolds, formerly Chairman of the Board of
Directors of the Continental Illinois National Bank &
Trust Co., of Chicago, Ill., until his resignation last May,
has accepted the position of Vice-Chairman of the Board
of Directors of the Bank of America National Trust & Savings Association, with headquarters in San Francisco, Calif.
The Chicago "Journal of Commerce" of Feb. 4, from which
this is learnt, went on to say, in part:
Mr. Reynolds, who has been in California for the past seven months,
Is visiting in Chicago prior to assuming his new duties.
When he left Chicago Mr. Reynolds said he was definitely leaving the
banking business. After several months of "play," however, he found
It hard work to keep out of business, and has taken what he considers
the best of several offers.
He will take an active part in the executive management of the Bank
of America, he said. While he will become affiliated with that institution
on Feb. 16 he will not return to California until some time after that
date. . . •
After serving as President of the Des Moines National Bank (Des
Moines, Iowa) for 20 years, Mr. Reynolds came to Chicago to join the
Continental in 1916. During the last 12 years he was with that institution
he was either President or Chairman of the Board.
In a Chicago dispatch, on Feb.3, to the New York "Times,"
Mr. Reynolds was quoted as saying:
"I am going to San Francisco to help develop the town into a still
greater money center, Just as I have done in Chicago. I'm tired of
loafing. After seven months of it I have decided that I can't stand it
any longer. It isn't any loafing job or honorary title that I am taking.
It is one of the big jobs in the country, no doubt about it.
967
"I'm going to have the same opportunity in San Francisco that I had
in Chicago. I came to Chicago 17 years ago from Des Moines, where I had
been President of a bank for 20 years. I took an extremely active part
in developing Chicago into a great money center, and I am going to do
the same thing in San Francisco. San Francisco is much more developed
than Chicago was when I came here, but I will have just as much opportunity there."
The same dispatch also contained the following:
Some of Mr. Reynolds's friends hinted that he will eventually become
Chairman of the Board of the bank, a position which is now held by
A. P. Giannini, founder of the organization.
Mr. Giannini recaptured control of the Transamerica Corporation, the
holding company controlling the bank last year, from a group of Eastern
capitalists.
The Bank of America organization is now the fourth largest in the
country. Total resources exceed $932,000,000. Deposits have increased
during the last 10 months by $100,000,000, and, Mr. Reynolds said, 215,000
new accounts have been acquired. The bank has 411 branches in 243
towns and cities in California.
Expressing confidence that branch banking is the coming thing, Mr.
Reynolds said:
"Nobody knows how far it will go, but I think that it will be a Statewide development, at least. , Our bank is already a State-wide system,
the only one in the country, and we have •the advantage over other
institutions."
193a
The Los Angeles "Times" of Jan. 23
Los
stated that
approximately 2,300 depositors of the defunct York Boulevard State Bank of Los Angeles, Calif., on that day would
share a $50,000 refund of deposits, the first to be paid since
the bank closed on July 25 1932, according to an announcement made the previous day by G. D. Dorough, Deputy
State Superintendent of Banks. The paper mentioned went
on to say:
The refund, according to Dorough, will amount to 25% On savings
accounts and 15% on commercial accounts. Checks are being mailed.
That the Arlington National Bank of Arlington, Ore.,
has turned its affairs over to the Comptroller of the Currency
is indicated in the following taken from the Portland "Oregonian" of Jan. 19 last:
Directors of the Arlington (Ore.) National Bank. whose holiday was
extended Monday to Feb. 18, decided Tuesday night (Jan. 17) to turn the
Institution over to the Comptroller of the Currency for liquidation. The
bank had been closed on a holiday since Oct. 24 last.
The balance sheet of the Midland Bank, Ltd., London,
as of Dec. 31 1932 has just come to hand. The figures
compare as follows with those on the same date of 1931
and 1930:
Dec. 31 .30. Dec. 31 '31. Dec.St '32.
Liabilities—
E
g
X
Capital paid up
14.248,012 14,248.012 14,248,012
Reserve fund14.248,012 11,500,00011,600.000
Current, deposit and other accounts (including profit balance)
401.450,635 361,952,395 420,997,244
Acceptances and confirmed credits on account
of customers
16.271,676 9,148,354 10,669.817
Engagements on account of customers
9,038,516 10.073,925 4.942.906
455,256,851
Assets—
Coin, bank notes and balances with the Bank
of England
47,219,389
Balances with and cheques in course of collet,tion on other banks in Great Britain & Irerd 15,119,408
21,716,360
Money at call and short notice
38,671,575
Investments
83,922,558
Bills discounted
Advances to customers and other accounts_ _205,470,167
Liabilities of customers for acceptances, con25,310,192
firmed credits and engagements
8,978,290
Bank premtses
Other properties and work in progress for ex1,568,301
tension of the business
•
Shares in Yorkshire Penny Bank, Ltd
Capital, reserve and undivided profits of—
Belfast Banking Co., Ltd
The Clydesdale Bank, Ltd
7,280.631
North of Scotland Bank, Ltd
Midland Bank Executor& Trustee Co.,Ltd_
*Included in hiveetments.
406,922,686 462.357,070
38,505,989 43,007,981
15.205.876
16,129,800
42,190,262
57,132,250
199,685,856
14,348.542
20.596.690
93,065,351
86,505.644
170.421.074
19.222,279 15,612,723
9,584.861 9,626,535
1,221,452
750,000
1,079,597
750,000
7,294,061
7,343,842
455,256,851 406,922,686 462,357,979
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The New York stock market moved slowly upward during
the most of the present week, and while the advances were
not particularly noteworthy during the first half, the gains
showed a decided improvement as the week progressed.
Railway shares have been fairly steady but the gains have
been small. Motors have made some improvement but
the changes were generally fractional. Call money renewed
at 1% on Monday and continued unchanged at that rate
on each and every day of the week.
The short session on Saturday was featured by heavy
selling in General Motors due to dividend uncertainty. There
were also some brisk movements in other pivotal issues like
Amer. Tel. & Tel. and General Electric, both of which were
down to their lowest levels for 1933. Numerous other stocks
were down to new lows for various causes. Heavy losses
were recorded by Ohio Oil whose dividend was omitted, while
J. I. Case, American Can and Allied Chemical and Dye were
sharply off on the day. Public Service of N. J., Western
Union Telegraph, Consolidated Gas and Standard Gas &
Electric were under pressure and railroad shares were influenced to some extent by the heaviness in other parts of the
968
list and lost a goodly part of their previous gains. Specialties
also felt the downward urge, and shares like Texas Gull
Sulphur and International Harvester were off on the day.
The market sagged during the morning trading on Monday
but firmed up to some extent as the day progressed, many
pivotal shares and a number of popular specialties showing
modest gains at the close. Amer. Tel. & Tel. was again
weak, but General Motors was somewhat stronger and registered a slight gain at the close. Railroad stocks were in
good demand at slightly higher prices. The principal
changes were again on the side of the decline and included
t
among others, American Smelting 1st pref., P/ points to 21;
Atchison pref., 2 points to 62; Union Pacific pref., 1% points
to 65%; Consolidated Gas pref. (5), 1% points to 947;
Public Service of N. J. pref., 23 points to 84; Pacific Light,
I point to 35, and Loews' pref., 1% points to 50%.
Trading was quiet on Tuesday, though transactions
assumed a firmer tone as the day progressed and gains
ranging up to 2 or more points were recorded by some of the
more active issues. The early dealings were somewhat
irregular, but the market gradually turned upward under the
leadership of Amer. Tel. & Tel. which moved up to 100%
/
with a gain of 17s points. Tobacco shares, which had weakened following a report of a further cut in wholesale cigarette
prices, recovered about a point. Public utilities and railroad
shares showed improvement and there were some substantial
gains among the specialties. The advances at the close
included West Penn Electric A (7), 4 points to 45; United
States Steel pref., 1% points to 58%, United Biscuit pref.,
2% points to 97; Union Pacific pref., 1% points to 67; New
York & Harlem,2% points to 1123/2; New York Shipbuilding
(7) pref., 7% points to 42%; Peoples Gas, 3 points to 60,
Drug Inc., 1% points to 36%; Devoe & Reynolds pref., 4%
points to 85%; Columbian Carbon, 1 point to 31%; Mack
Truck, 1 point to 15%; Gillette Safety Razor pref., 1 point
to 72; United Fruit, 1 point to 28, and American & Foreign
Power pref., 1% points to 9%.
Stocks moved briskly forward for a brief period on Wednesday, though part of the gains was erased before the close.
Railroad shares were fairly strong but the advances were
largely fractional. Conspicuous among the early gains was
the sharp upward swing of N. Y. Shipbuilding pref. which
piled up an adva.nee of 6% points in addition to the gain of
77% points on the preceding day. Trading lagged as the
market developed weakness toward the end of the day,
the turnover for the session approximating 600,000 shares.
Tobacco stocks continued weak on account of the rumors of
price cutting, but oil stocks were fairly steady, despite fresh
slashes in gasoline prices. The changes, while small, for
the day were largely on the side of the advance and included
among others, Air Reduction 1% points to 58%, Allied
Chemical & Dye 1 point to 83, Amer. Tel. & Tel. 1% points
to 10178, Coca Cola 14 points to 7932, Colgate Palmolive
4 points to 70, Consolidated Gas pref. 1% points to 96,
DuPoint 1% points to 36%, Goodyear (1) pref. 2% points
%
/
to 31, Industrial Rayon 33 points to 363s, New Haven pref.
1% points to 28, Shell Union Oil Pref. 1 point to 36, United
Fruit 1 point to 29, Union Pacific 1 point to 74% and Westinghouse 1 pref. 2 points to 63.
The market moved vigorously forward on Thursday,
many of the more active of the speculative favorites advancing anywhere from fractions to 3 or more points. The
gains, particularly in the industrial group, were the best
in several weeks and the turnover for the day was substantially over a million shares. Railroad stocks also were
strong and sharp gains were recorded by such active issues
as Atchison, New York Central, Atlantic Coast Line and
Chesapeake Corp. Industrial stocks were featured in the
advances by United States Steel, common and preferred;
J. I. Case Co., preferred; Ingersoll-Rand (23/2), and Brooklyn
Union Gas. Among the active shares closing on the upside
were Air Reduction, 1% points to 59%; Allied Chemical &
Dye,1% points to 84%; American Can, 1 point to 59; Atchison pref., 4% points to 68; J. I. Case Co. pref., 2 points to
53; Coca Cola, 4% points to 45; Great Western Sugar pref.,
%
4 points to 80; Ingersoll-Rand,2% points to 255 ; Mathieson
Alkali pref., 2 points to 103; New York & Harlem, 3 points
to 1153/2; New York Shipbuilding pref., 23/i points to 52;
Peoples Gas Chicago, 2% points to 62; Pittsburg Steel pref.,
2 points to 15; Studebaker pref., 4% points to 20%; Union
%
Pacific,25 points to 70%; West Penn Electric pref.,6 points
to 44%, and Worthington Pump pref., A, 5 points to 23.
Railroad stocks made the best showing on Friday, though
the general trend of the market was toward lower levels, and
Feb 11 1933
Financial Chronicle
while changes were small, they extended to practically every
section of the list. As the day progressed, trading turned
dull and prices began to drift downward,and while there were
occasional rallies, they were of short duration and made
little change in the final prices. Closing quotations were
generally on the downward side, the recessions including
such stocks as Air Reduction 1% points to 58%, Allied
Chemical & Dye 1% points to 83%,American News 4 points
%
to 23, American Tobacco pref. 33 points to 108%, Byers &
Company 2% points to 42%, Eastman Kodak pref. 3 points
to 120, National Lead 4 points to 52, New York Shipbuilding
pref. 4 points to 48, Safeway Stores 3% points to 35% and
West Penn Electric pref. 4 points to 46%. The market was
steady at the close, though trading continued dull to the end.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ended
Feb. 10 1933.
Railroad
State,
Stocks,
Number of am:13/0661f. Municipal &
b'or'n Bonds.
Bonds.
Shares
419,840
670,621
584,745
723,726
1,080,123
723,441
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tntal
*1,518.000
2,640,000
2,514,000
2,857,000
2,424,000
1,897,000
35.011,000
9,331,000
8,152,000
9,659,000
13,106,300
10,327,500
3540,000
1,456,000
560.000
1,120,000
1,838,300
1,493,000
4 202 496 $34.729.500 313.850.000
37.007.300 355.586.800
Week Ended Feb 10.
Sales at
New York Stock
Exchange.
Jan. 1 to Feb. 10.
1933.
1932.
4,202,496
6,833,924
26,270,059
46,390,810
$7,007,300
13,850,000
34,729,500
$7,911,950
11.318,000
21,446,000
$47,095,700
87,109,500
215,819,900
$89,859,750
92,365,000
202,790,000
$55,586,800 $40,675,950
$350,025,100
Stocks
-No. of shares_
Bonds.
Government bonds_ - _
State & foreign bonds_
Railroad & misc. bonds
Total
32,953.000
5,235,000
5,078.000
5,682,000
8,844.000
6,937,500
Total
Bond
Sales.
United
Stales
Bonds.
1933.
1932.
$385,014,750
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Feb. 101933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares, Bond Sales. Shares. Bond Sales.
7.580
14,559
12,396
10,630
16,471
3,784
$3,000
6.000
4.000
1,000
6,000
7.750
8,972
14,890
18,995
21,534
1,630
820,000
2,000
11,100
11,388
17,300
a2,062
a2,1355
a720
62,512
a1,899
0885
312,000
10,430
8,000
11,500
5,700
5,000
65,420
320,000
73,771
$61,788
10.733
$52,630
319.000
93.235
68.283
Prey, wk revised_
821.500
10.833
339.300
a The sale of rights were: Saturday, 6,380; Monday, 10,430; Tuesday, 2,693:
Thursday, 3,317, and Friday,2.492.
Wednesday, 2,108;
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended to-day (Saturday Feb. 11), bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns will
be 1.6% below those for the corresponding week last year.
Our preliminary total stands at $4,213,342,085, against
$4,283,855,276 for the same week in 1932. At this center
there is a gain for the five days ended Friday of 11.8%. Our
comparative summary for the week follows:
Clearings-Returns Si, Telegraph.
Week Ending Feb. 11.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1933.
1932.
32,282,645,404 $2,042,375,538
107,852,059
145,098,234
216,000,000
170,000.000
121,000,000
135,000,000
39,015.702
41,580,129
36,000,000
40,600,000
64,712,000
63,117,000
No longer will re port clearings
52.591,543
60,374,605
36,824,731
89,655,382
39,878,106
38,961,937
39,611,521
35,637,019
33,806,948
21.223,903
per
Cent.
+11.8
-25.7
+27.1
-10.4
-6.2
-11.3
+2.5
-12.9
-7.1
+2.4
-11.2
+59.3
Twelve cities, five days
Other cities, five days
33,069,938,014
441,180,390
32,833,623,747
463,107,715
+8.3
-4.7
Total all cities, five days
All cities, one day
$3,511,118,404
702,223,681
33,296,731,462
987,123,812
+6.5
-28.9
Total all cities for week
84.213.342085
34.283 R55 274
-1.6
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous, the week ended Feb. 4. For
that week there is a decrease of 12.8%, the aggregate of
clearings for the whole country being $5,140,369,372, against
$5,897,043,937 in the same week in 1931. Outside of this
city there is a decrease of 19.4%, the bank clearings at this
Financial Chronicle
Volume 136
center recording a loss of 9.3%. We group the cities according to the Federal Reserve districts in which they are located,
and from this it appears that in the New York Reserve
District, including this city, the totals show a loss of 9.6%,
and in the Boston Reserve District of 22.5%, hut in the
Philadelphia Reserve District there is a gain of 4.2%. In
the Cleveland Reserve District the • totals are smaller by
21.2%, in the Richmond Reserve District by 18.2% and in
the Atlanta Reserve District by 16.6%. The Chicago Reserve District suffers a contraction of 28.6%, the St. Louis
Reserve District of 20.8% and the Minneapolis Reserve
District of 24.6%. In the Kansas City Reserve District
the decrease is 22.2%, in the Dallas Reserve District 22.6%
and in the San Francisco Reserve District 27.6%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Feb. 4.
1931.
Federal Reserve Discs.
1st Boston__ _ _12 cities
2nd New York_12 "
3rd Philadel la_ 10 "
4th Cleveland__ 6 "
5th Richmond _ 6 "
6th Atlanta_ _ _ _11 "
7th Chicago ___20 "
8th St. Louts__ 5 "
9th Minneapolis 7 "
10th Kansa.sCity 10 "
15th Dallas
5 "
12th San Fran_ _13 "
$
$
S.
%
434,962.399
207.829,747
268,255,129 -22.5
3,589,761.346 3,972.461,067 -9.6 5,527,568,571
427,746,907
292,569,772 +4.2
304,936,992
347.529951
240,700,853 -21.2
189.770,229
155,624,167
120,466,552 -18.2
98,536,563
129,839,901
99,384,170 -16.6
82,887,631
681,099,625
384,582,055 -28.6
274,403,484
123,070,157
98,438,214 -20.8
77,916,435
92,118,565
69,387,632 -24.6
52,295.637
151,994,958
105,695,420 -22.2
82,226,462
59,584,195
46,348,368 -22.6
35,895,278
258,468,003
198,754,701 -27.6
143,909,568
117 cities
Total
Outside N. Y. City
5.140,369,372
1,651,228,762
5,897,043,937 -12.8
2,049,599,867 -19.4
"Y. . AT,
1 1F
'In ngtt AAA -94 4
f•onorla
99 ritloa
1930.
$
533,383,604
7,017,256,122
611.693,086
400,777,485
173,151,914
172,885,701
864,884,649
183,339,495
117.339,648
189,767,799
73,732,790
322,755,243
8,389,627,399 10,660,967,736
2,997,773,360 3,810,501,451
183.023.038
Week Ended Feb. 4.
Clearings al
-
$
s
First Federal Reserve Dist rict-Boston
is aine-Bangor _
433,103
495,674
Portland
2,006.602
2,003,312
ass.-Boston
180,000,000 232,481,399
Fall River-- 531,640
703,106
Lowell
258,550
239,568
New Bedford
486.627
557,690
Springfield
2,953,396
3,643,552
Worcester
1,719.091
2,501,417
onn.- Hartford
7,155.631
8,173,576
New Haven_
3,888,281
6,388,380
J.
-Providence
7,711,600
9,711,300
.IL-Manches'r
685,226
456,159
Total (12 cities)
207,829,747
Inc. or
Dec.
1931.
$
1930.
$
651.077
3,171.133
390,481,731
828,536
472,067
741,818
4,950,035
3,146,120
12,384,910
6,384,729
11,000,400
749,834
268,255,133 -22.5
665,750
3.760,030
478,472,247
1,236,669
952,499
975.174
5,363.524
3,862,765
14,709,882
7,645,302
14,770,600
049.162
434,962,399
+11111111
1932,
533,383,604
Second Federa I Reserve Di strict
-New York
. Y. -Albany5,780,408
7.034,093
6,774,699
7,081.400 -18.4
Binghamton..._
1,507,391
1,560,402
1.657,441
1,176,975 +28.1
Buffalo
22.508,846
35,791,622
29,516,743 -23.7
48,757.390
Elmira
1.342,315
1,604.711
1,200,288
1,765.400 -24.0
Jamestown....
476,643
1,129,223
648,630 -26.5
1,375,043
New York__ _ _ 3,489,140,610 3,847.444,070 -9.3 5,391,854,039 6,850,466,285
Rochester
8,935,110
11,264,319
11,238,800 -20.5
18,313,153
Syracuse
6,123,514
6,923,925
5,562,880 -10.1
5,943.290
onn.-Stamford
2,536,920
3,135,414 -19.1
3,620.734
4,699,413
i. 1.
-Montclair
420.000
911.801
625,500 -32.8
781,680
Newark
20,096.654
31,946,978
24,319,548 ....174
35,153,630
Northern N. J.
30,892,935
33,941,664
39,945,707 -22.7
42,133,810
5,527,588,571 7,017,256,122
MC1,1MOCIII
,
.1-7-1-77
Third Federal Reserve Dist rict-Philad
'a.-Altoona
411,004
564,650
Bethlehem_ _ _ _
469,947
636,377
Chester
272,245
467,967
Lancaster
876,519
1,011,415
Philadelphia _ _ 294,000,000 278,000,000
Reading
1,596,539
2,664,803
Scranton
2,348,323
2,775,268
Wilkes-1tarre__
1,647,774
2,176,873
York
957,581
1,177,397
2 J,
4. -Trenton.,
2.357,000
3.095,000
CO
Total(12 cities) 3.589.761,346 3.972,461,067
1,200,692
1.250.703
1,142,093
1,494,090
407,000.000
2,788,6413
4,910.894
3,105,332
1,660,500
3,194,000
1,223,301
1,411,891
1,146,180
1,900.845
587,000,000
3,591,662
5,172,913
3.942,167
2,112,127
4,192.000
+4.2
427,740,907
611,693,086
Fourth Feder at Reserve D strict-Clev eland
)111(3
-Akron _ _ __
439,000 -39.4
266,000
Canton
b
b
b
Cincinnati
30.883,521
44,805,100 -17.7
Cleveland
70.702,675 -21.8
55,281,780
Columbus
6,698,600
8,926.200 -25.0
Mansfield
645,493
850,000 -24.1
Youngstown,_
b
b
b
'ft.-Pittsburgh _
89,994,635 114.977.878 -21.7
3,171,000
b
58,859,772
106,538.783
13,425,300
1,250,000
b
164,285,096
4,539,000
b
62,677,971
125.294,835
16,987,500
1,475.000
b
189,803,179
240,700,853 -21.2
317,529,951
400,777,485
Fifth Federal Reserve Dist net-Riches ondAr.Va.-11unt'g'n
344,988
423.912 -18.6
Va.-Norfolk_ _
2,635,000
2,049,477 -10.7
Richmond
26,507,967
29,067,218 -8.8
071,319
-Charleston
847,168 -20.8
3. C.
51,351,799
4Id.-Baltimore_
64,999,575 -21.0
17.025.490
D,,-Washing'n
22,179,202 -23.2
579,825
3,574,637
36.857,000
1,775,957
85,641,343
27,195,405
1,188,361
4,012,950
42,669,000
2,038,669
06,976,832
26.266,102
120,466,552 -18.2
155,624,167
173,151,914
Sixth Federal Reserve Dist 'let-Atlant a2.839,322
3,441,623 -17.5
Ferm.-Knoxvilic
8,074,856
10,021,640 -13.4
Nashville
26,100.001)
28,200,000 --7.4
Ga. Atlanta_ _ _
732,532
1,046,083 -30.0
Augusta
378,543
586,589 -35.5
Macon
7,941,311
Fla.-Jack'nvIlle.
10.000.000 -20.6
7,534.887
10,435,862 -27.8
Ala.-Itirmingli'm
909,335
1,197,866 -24.1
Mobile
1.258,000
1,323,000 -4.9
-Jackson
Miss.
191,826
266,137 -27.9
Vicksburg
26,327,019
32,865,370 -19.9
La.
-Now Orleans
2.000,000
15.057,878
40.000,000
1,399,535
804,913
12,584,140
12,979,708
1,777,447
2,060,000
246,7117
40,929,453
3.000.000
21,796.781
46.353.296
1,911,035
1,555.590
16,147,116
22.734,367
2,348,507
2,066.607
277,914
54,694,488
Total(10 cities)
Total (.1 cities).
Total(6 cities).
Total(11 cities)
304,936,992
189.770.229
98.536,563
82,887,631
292,569,772
99,384.170 -16.6
1933.
129.839,901
1932.
Inc. or
Dec.
Seventh Feder at Reserve D istrict.-Chi cago.-76,599
145,249 --47.3
Mich.
-Adrian _ _
989,424
837,069 4-18.2
Ann Arbor_ _ _
73,327,843 --16.4
61,278,919
Detroit
2,629,846
3,219,310 --18.3
Grand Rapids _
2.444,300 --64.6
864,520
Lansing
1,320,923 --37.4
826.924
Ind.
-Ft. Wayne
13,631,000 --9.0
12,407,000
Indianapolis__ _
1,350.205 --37.5
844,290
South Bend_ - 2,626,263
-12.0
2,984,905 Terre Haute
21,076,680 --34.1
13,879,464
Wis.-Wilwaukee
872.094
Iowa-Ced. Rap_
5,545,623
5,579.583
Des Moines_ _ _
-46.8
2,923,423 1 535,068
Sioux City _
Waterloo
921,132
751,511
I11.-Bloomingt'n
166,295,451 247,738,329 --32.9
Chicago
330,843
627,755 -47.3
Decatur
2,012,302
2,689,952 --25.2
Peoria
61.4
1,056,125 407,717
Rockford
1,081.720
41.1
1,836,178 Springfield._ _ _
274,403,484
384,582,055 -28.6
Eighth Federa I Reserve Dis trict.--St.L ouisInd.
-Evansville
50,300,000
65,300,000 - Y5
Mo.-St. Louis._
7
2
19,734,744 --7.8
18,198,862
Ky.-Louisville _
Owensboro _ _ _ _
9,142,647
12,643,979
Tenn.-:Memphis
32,020
134,851 111.- Jacksonville
-75.8
242,306
624.640 -61.2
Quincy
1931.
172,885,701
1930.
181,768
1,030,300
134.942.483
5,283,025
3,757,920
2,759,743
17,748,000
2,240,203
4,129,578
26,512,932
2,718,707
7,082,690
4,099.742
248,475
1,085,385
161,523,449
5,373,917
3.658.200
3,849,873
22,652.000
3,160,279
4,777,942
35.508,782
3,477,851
9,619.998
7.409,948
1,525,448
456,770,940
969.604
3,705,127
2,480,155
3.161,254
1,734,477
587,883,346
1,124.801
5,650,681
3,280.168
2,865,277
681,099,625
864.884,849
84,000,000
25,379,650
124,100,000
36,214,124
13,836,460
162,160
691.887
21,331,715
218.639
1,475.017
98,438,214 20.8
123,070,157
183,339,495
Ninth Federal Reserve Die trict.-Minn eapolis
1,407,942
2.251,907 37.5
Minn.
-Duluth__
34,375,641
46,860.722 -26.6
Minneapolis_ _ _
16,041,604 -18.0
13,149.670
St. Paul
1,334,104
N. Dak.--Fargo 1,852,971 -26.9
475,713
628,491 -24.3
S.0,
-Aberdeen,
197,603
346,709 -43.0
Mont.
-I3Wings _
1,334,962
1,405,228 -5.0
Helena
14,131,575
61,330,827
20,026,423
2,059,783
890,252
583.192
3,096,513
5,107.865
82,935,445
22,669,899
2,064.701
1,151,338
636,113
2,734.287
52,295,637
69,387,632 -24.6
92,118,565
117,339.648
Tenth Federal Reserve Ohs trictKansas City100,879
Neb.-Fremont _
217,836 -53.7
Hastings
112,485
178,684 37.0
1,743,786
Lincoln
2,376,620 26.6
16,001,403
Omaha
24,082,285 -23.6
Kan.
1,520,265
2,751,860 -44.8
-Topeka _ _
3,344,613
Wichita
4,838,773 -30.9
Mo.-Kans, City
56,477,051
66,527,342 15.1
2,082,484
St. Joseph_ - -.
31.1
3,023,985 Colo.
369,876
-Col. Spgs.
827,320 -52.9
Denver
a
a
453.618
Pueblo
870,715 -47.9
321,316
570.513
3.383,923
37,249,253
3,242.239
6,564,402
93,562,497
4,571,780
1,129,615
a
1,399,420
374,218
517,233
3,710.286
43.997,473
3,686,468
7,641.980
120,532,764
6,325,905
1,361,495
a
1,619.977
105,695.420 22.2
151,994,958
189,767.799
Eleventh Fede ral Reserve District
-Da hasTexas
801,037
-Austin _
19.9
1,000,000 26,417.340
Dallas
32.992,022 -19.9
4,448,771
Fort Worth_ _ _
7,351,374 -39.5
Galveston
2,111,000
2,189,000 -3.6
La.
2,117,130
-Shreveport _
2,815,912 24.8
1,654,673
40,603,575
10,594.480
2,847,000
3,884,467
1,831,413
48,024.445
12,825,991
4,174,000
6.876,941
59,584,195
73,732.790
Total (5 cities).
77,916,435
448.775.424
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
1933.
Week Ended Feb. 4.
Clearings at
Total(20 cities)
Inc.or
Dec.
1932.
1933.
969
Total (7 cities).
Total (10 cities)
Total (Settles).
82,226.462
35.895.278
46.348,368 -22.6
Twelfth Feder al Reserve D istrict-San Frond scoWash.
16,610,530
-Seattle,
24,369,198 -31.8
31,607,620
3,687,000
Spokane
6,129,000 39.8
8,932,000
306,496
Yakima
522,218 41.3
950,209
Ore.
13,091,041
18,938,632 -30.9
-Portland_ _
26,678,381
Utah-S. L. City
8,905,116
10,119,393 13.886,829
53.0
Cal.
2,488,170
5,853.564
-Long B'ch_
3,907,543 36.3
Los Angeles_ _ _ No longer will report clearin g.350
5,827,783
2,760,918
Pasadena
4,249,159
6,357.865
7,172,855 -73.8
1,881,76
Sacramento
San Diego
90,505,638 117,768,641 -23.2 149,991,245
San Francisco.
2,568,399
2,024.061 -37.9
1,256,839
SanJose
1.866,783
41.7
822,364
1,409,593 Santa Barbara.
2,377,525
17.5
877,062 723,493
SantaM onica31.4
1,267,344 1,569,800
869,601
Stockton
40,373,969
10,396.000
1,363,128
32,716,257
16,814,531
7,673,886
6,596,935
7,526,460
189.760,282
3,320,932
2,105,343
1,949,320
2,158,200
Total (13 cities) 143,909.068 198,754,701 -27.6 258,468.003 322,755,243
Grand total (117
5,140,369,372 5,897.043.937 -12.8 8,389,627.399 10660967736
cities)
Outside N. Y___ 1,651.228,762 2.049,599,867 -19.4 2,997,773,360 3,810,501.451
Week Ended Feb. 2.
Clearings at
1933.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _ _
New Westminster
Medicine Hat_ _ _
Peterborough__ -Sherbrooke
Kitchener
Windsor
Prince Albert,.,
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
78,144,248
83.661,451
26,041,937
12,242.916
3.656.955
3,918,551
1,684,840
3,475.087
4.503.797
1,231,995
1,263,751
1,934,001
2,799.781
1,950,799
224,334
292,291
859,823
358,409
590,354
412,448
390,04
146,695
451,994
604,100
726,348
1,825,417
181,162
519,064
419,287
438,686
269.096
386.762
Total(32 cities)
233,505.077
1932.
$
96.601.511
123,127,259
35,331,553
13,696.978
6,210.946
.5,307,083
2,437.811
5,144.049
4,567.396
1,976.089
1,736,426
3,033,264
4,918,039
3,153,95
385,02'
352,11
1,357,21
548,63
816,178
630,998
540,159
206.375
638,000
511,013
9011.517
2,560,480
298,242
937.791
645,156
587.836
376,406
539,079
Inc.or
Dec.
1931.
1930.
$
$
%
-19.1 130,547.646 144,105.301
-32.1 135,418.353 151,322.963
-26.2
37,359.279
53,259.296
16.297.779
-10.6
21.998.436
-41.1
7,074,308
8,429,513
6,767.398
-26.2
6,887.405
-30.9
2,810,640
4,593,010
-32.4
5,495.455
6,197,195
-1.4
7,776.319
11,106,138
-37.7
2,411,845
2,521,189
-27.2
2.775.723
2,966,967
-30.2
3.605,652
3,550.047
-43.1
5,925.945
5,919,157
-38.1
4,614,456
3,346,761
-41.7
607.365
465,174
-17.0
669.439
307,270
2.219.223
1,615,879
-30.6
1,289.282
853.153
-35.0
884,323
1,322.546
-27.7
962,133
725,200
-4.3
930,953
755.467
-27.8
243.061
337,611
-28.9
603,086
812,129
-29.2
-1.4
789.277
1,050,145
1,124.512
-19.9
1.160,759
-28.7
3,140,799
4,925,994
-39.3
393,651
466,911
-44.6
785,350
920,792
-35.0
651,483
1,140,673
-24.4
827,027
728,308
-28.'
827,026
515,817
-28.3
1,018,439
683,719
320.078,686 -26.4
383,083.088
448,775,424
a No longer reports weekly clearings. b Clearing house not functioning at present.
e No longer reports clearings. f Only one bank (+Pen, no clearings figures available.
•Estimated.
970
Financial Chronicle
Feb. 11 1933
THE CURB EXCHANGE
no change. Oil shares and investment trusts also quieted
Trading interest on the Curb Exchange centered largely down. The changes for the week were largely on the side
around the public utility shares during most of the present of the advance and included among others American Beverage
week. Oil shares have been fairly steady and there has been 2 to 2%, Aluminum Co. of America 44 to 48, American Gas
some buying in the gold mining group, but the list, as a whole, & Electric 263/ to 27%, American Light & Traction 17%
has been quiet and the changes, as a rule, unimportant. On to 183., Atlas Corporation 7 to 7%, Cities Service 24 to
Saturday Curb Exchange securities continued their down- 23, Commonwealth Edison 70 to 72, Consol. Gas of Baltiward drift, though there was some activity in the gold mining more 60 to 62, Creole Petroleum 23/i to 23 , Deere & Com4
stocks and a number of the more important issues showed pany 83' to 83, Electric Bond & Share 153 to 1634, Ford
%
small changes at the close. Teck Hughes showed nearly a of Canada A 63% to 63/2, Gulf Oil of Pa. 26 to 27, Humble
5
point gain and Hollinger & Lake Shore displayed moderate Oil 433% to 44, International Petroleum 9% to 1034, New
advances. Public utilities were weak and tumbled around Jersey Zinc 934 to 303/3, Parker Rust Proof 325 to 34,
%
without definite trend. Industrial shares declined largely Pennroad Corp. 1% to 134, Penn. Water & Power Co. 56
due to the recession in Aluminum Co. of America which was to 57. Standard Oil of Indiana 2034 to 203/8, Teck Hughes
off about a point on the day. Early irregularity, followed by 334 to 4, and United Light & Power A 33% to 4.
A complete record of Curb Exchange transactions for tho
a steadier tone later in the day, characterized the dealings on
the curb market on Monday. Some liquidation was apparent week will be found on page 997.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
during the forenoon but this was quickly absorbed as a modest
rallying tendency developed. Public utilities like Electric
Stocks
Bonds (Par Value).
(Number
Week Ended
Bond & Share corn. and 6% pref. were in supply and Conof
Foreign
Feb. 10 1933.
Foreign
Domestic. Gouinmenl. Corporate.
Shares).
Total.
solidated Gas of Baltimore, American Gas, Niagara Hudson
73,205 $1,814,000
$76,000
$170,000 $2,060,000
and Commonwealth Edison were slightly off. Gold mining Saturday
145,943 3,017,000
79,000
Monday
215.00
3,311,000
106.695 3,035.000
79,000
176.000 3.290,000
stocks were in demand and a number of the more prominent Tuesday
91,195 2,885.000
114,000
Wednesday
163.000 3,162,000
141,525 3,538,000
145.000
141,000 3.824.000
issues of the group showed slight gains. Industrials and Thursday
140,925 2,884.000
73.000
Friday
189,000 3,146.000
down, and oil shares made little progress
specialties were
$566.000 $1,054,000 $18,793,000
Tota.
699,488 $17.173.000
either way.
TVeek Ended Feb. 10.
Sales at
Jan. Ito Feb. 10.
New York Curb
Prices on the curb market were again irregular in the early
1933.
1932.
Erchange.
1933.
1932.
trading on Tuesday, though the tone improved as the day Stocks—No. of shares_
609,488
909,640
3.755,344
6,760.387
Bonds.
progressed. Industrial stocks were represented on the side
$17,173.000 811,514.000
Domestic
5117,038,000
$82,171,000
566,000
Foreign government
335,000
5,339,000
3,496,000
of the advance by Aluminum Co. of America which rallied Foreign corporate
1,054.000
526,000
6,807,000
3,928,000
more than a point followed by Brillo, Stutz Motor, Common$18,793,000 $12,375,000
Total
$129,184.000
889.595,000
wealth Edison, Columbia Gas and Continental Gas prior
pref. Public utilities were under moderate pressure and
Government Receipts and Expenditures.
extended their losses of the previous day though there was
Through the courtesy of the Secretary of the Treasury
moderate improvement as support appeared near the closing we are enabled to place before our readers to-day the dehour. Gold mining stocks sold off to some extent, and Bell tails of Government receipts and disbursements for January,
Tel. of Canada dropped 6 points before the close. Scattered 1933 and 1932, and the seven months of the fiscal years
liquidation developed at intervals on Wednesday, and while 1932-1933 and 1931-1932:
—Month of January—
July 1 to Jan. 31
General Funds.
1933.
1932.
stocks moved within a narrow range, most of the selling
1932-33.
1931-32.
Receipts—
$
$
$
was absorbed before the close. Electric Bond & Share Internal revenue—
15,628.853 20.493.566 358,856,709 635,817.909
Income tax
69.679.650 39.814,235 457,039,678 310,385,615
=seen. Internal revenue
fluctuated within limits of M point most of the day, while,
Total
85,308.503 60.307.801 815,896,387 946.203,524
on the other hand, stocks like Standard Power "B" and Customs
18,351,585 27,180,143 156.003,025 224,569,946
Duke Power which had been in supply for several days Miscellaneous receipts—
Proceeds of Govt.
-owned
securities—
yielded about 2 points. There were some mixed movements
Principal—torn oblige's_
13,437
Intereet—for'n obliga'ns
65.376
Morris A which lost M
i
in industrial securitie slike Philip
Railroad securities
9.324
44.947
65, 2V1E
13
1,190,767
All others
225.494
1.346.444
10,075.284
15,242.934
of a point and Stutz which was up about a point. Oil stocks
Panama Canal tolls, Ao
1.756.002
1.783.075
12,118,339
13.723.974
Other miscellaneous
5,403.230
3,670.064
29.302,278
27,855.421
were quiet and held around previous levels, while mining
Total
111,209,514 94.332,474 1.089,695,419 1,228,786,588
shares displayed little or no activity. Sharp advances were
Expenditures—
recorded by some of the curb stocks on Thursday, as nearly General
189,156,451 195.484.940 1,358,128,143 1,567.556,150
Public debt—
every important group showed a strong tone at some time
Interest
17,455,254 12,905.941 347,010,135 303,814.341
Sinking fund
418,764,000 355.299.200
during the trading. Public utility stocks led the upward Refunds of receipts—
Customs
1,192,816
1,296.554
7,180,215
10.661,997
swing, Electric Bond & Share moving briskly forward 1
Internal revenue
3.403.845
4,817.102
37.432,417
46.877.553
Postal deficiency
10.000.000 10,000.000
55,078.598 105.000.000
point to 17, while the 5% pref. issues gained about 2 points to Panama Canal
771.202
815.423
5,872,199
6,359,206
to stock
34. Other strong stocks of the group were Columbia Gas & Subscriptionbanks of Fed- 0141,665
eral Land
0242,545
Agricultural marketing fund
Electric cony. pref. which gained 2 points and Cities Service
(net)
04,466,206
1,384,419 011,649,806
89,986.402
which also scored substantial gains. The widest movement Distribution of wheat and cot- 6,003.432
ton for relief
15.296.871
Adjusted service ctf. fund__
100.000,000 200.000,000
in the industrial shares was in Safety Car Light & Heating Civil service retirement I'd_
20.850.000
20,850.000
416,000
215.000
which rose 5 points. Aluminum Co. of America was up Foreign service retirement f'd
Dist. of Col.(see Note 1)—
7.775.000
9.500.000
about 2 points and Montgomery Ward "A" rose about a
223.465,129 228.704.379 2,361,911.227 2,716,119.849
Total
point to 67. Oil shares were featured by Gulf Oil of Pa. Excess of receipts
112.255.615 132,371.905 1,272,215,808 1,487.333.283
which advanced a point to 273/2, while International Petro- Excess of expenditures
Special Funds.
Standard Oil of Indiana were fractionally higher.
leum and
Receipts—
Pure Oil pref., on the other hand, was weak and dropped Applicable to publio debt retirements—
Pripet pal—foreign oblige's_
31,553,763
about 13/i points on the day. Mining stocks were in supply
Interest—foreign obliga'ns
1,363,350
From estate taxes
but showed little change as the market closed.
From franchise tax receipts
(Fed. Res banks A Fed.
Speculative interest centered around the gold mining issues
Intermed. Credit banks) 2.011.418
21.294
2,011,418
21,294
From
8.500
7,50)
15,500
25.000
modest gains were recorded in this Other forfeitures, gilts. ate_ 2.390.639 2,221.127
on Friday and some
13.866.461
18.528.343
group. Other shares attracted very little speculative attenTotal
4.410.557
2,249,921
48,810.492
16,575.637
tion and curb market movements generally were dull and
ExpentWures—
Public debt retirements
2.045.250
7.500
35.938.000
26.000
featureles=. Electric Bond & Share issues were all under Other
2,544,220 03,046,443
12.376.814
41.748.883
pressure, the 6% pref. slipping back about a point. AluTotal
4,689.470 03.038.043
48,315,714
41.774,883
minum Co. of America was slightly stronger and so was Excess of receipts
5,288,864
494,778
Excess of expenditures
178,913
25.199,246
Columbia Gas pref., but most of the utilities made little or
Financial Chronicle
Volume 136
July 1 to Jan. 31
—Month of January—
1931-32.
1932-33,
1933.
1932,
Summary of General and
5
5
Special Funds.
$
S
Total general fund recelpts_111,209.514 94,332.474 1,089,695.419 1,228,786.566
48,810,492
16.575.637
2,249.921
Total special fund recelpts___ 4.410.557
Total
115.620,071 96.582.395 1,138.505,911 1,245,362,203
Total general fund expends.._223,465,129 226.704.379 2,361,911,227 2,716,119,849
Total special fund expends
4,589.470 a3,038,942
48.315,714
41.774,884
Total
228.054,599 223,665,437 2,410.226,941 2,757,894,733
Excess of receipts
Excess of expenditures
112,434,528 127,083,042 1,271,721,030 1,512,532,530
Trust Funds.
Receipts—
District of Columbia
1,629,245
1.905,581
17,863,551
19,755.892
Govt. life insurance fund _.
8.827.333
8,729.279
44,357.258
44.282,103
Other (See Note 2)
7.967,195
530,351
29.264.936
4.209.559
Total
18.423.773 11,165,211
91,485,745
68,247,554
Expenditures—
Dist. of Col. (see Note 1)
3,358,436
3,549,974
16.092,645
18,943.060
Govt. life Insurance fund—
Policy losses, &o
1,763,414
906,252
13,539,878
12,724,314
Investments
5,166,359
6,157.533
28.258.549
31,904,989
Other tSee Note 2)
9,441,998 n1,352.668
32.138,163
a5,938.030
Total
19,730,207
9.261,091
90.029.235
57,634,333
Excess of receipts or credits_
1,904.120
1,456.510
10,613,221
Excess of expenditures
1,306,434
Receipts and expenditures for June reaching the Treasury In July are Included,
a Excess of credits (deduct).
Note 1.—Expenditures for the District of Columbia representing the share of the
United States are charged against the amount to be advanced from the general fund
until the authorized amount is expended. After that they are charged against the
revenues of the District under trust funds. For total expenditures the items for
District of Columbia under general fund and under trust funds should be added.
Note 2.—Since July 1 1932 deductions from salaries creditied to the Civil Service,
Foreign Service, and Canal Zone retirement funds and the earnings from investments of such funds and of the adjusted service certificate fund have been classified
as receipts, whereas prior to that date such items were used to offset expenditures
for the respective funds.
Preliminary Debt Statement of the United States
Jan. 31 1933.
The preliminary statement of the public debt of the United
States Jan. 31 1933, as made upon the basis of the daily
Treasury statement, is as follows:
Bonds
2% Consols of 1930
2% Panama Canal Loan of 1916-36
2% Panama Canal Loan 01 1918-38
3% Panama Canal Loan 01 1961
3% Conversion bonds of 1946-47
234% l'ostal Savings bonds(5th to 44th Series)
5599,724,050.00
48,954,180.00
25,947.400.00
49.800,000.00
28,894,500 00
52,697,440.00
5806,017.570.00
First Liberty Loan of 1932-47334% bonds
51,392,227,350.00
4% bonds (converted)
5,002,450.00
4
3i% bonds (converted)
535,982,800.00
4X% Fourth Liberty Loan of 1933-38
1,933.212,600.00
6,268,096.550.00
Treasury bonds
434% bonds of 1947-52
4% bonds of 1944-54
33(% bonds of 1946-56
3)4% bonds of 1943-47
3%% bonds of 1940-43
bonds of 1941-43
3% %
334% bonds of 1946-49
8% bonds of 1951-55
758.983.300.00
1,036,834,500.00
489,047,100.00
454,135.200.00
352,994,450.00
544,916.250.00
821,400.500.00
764,491,500.00
8,201,309,150.00
5,222,842,600.00
Total bonds
Treasury Notes
3% Series A-1934, maturing May 2 1934
% Series 11-1934, maturing Aug. 1 104_
3% Series A-1935, maturing June 15 1935
334% Series A-1936. maturing Aug. 1 1936
2)4% Series B-1936, maturing Dec. 15 1936
% Series A-1937, maturing Sept. 15 1937_
3% Series B-1937, maturing Apr. 15 1937_
4% Civil Service Retirement Fund, Series
1933 to 1937
4% Foreign Service Retirement Fund, Series
1933 to 1937
4% Canal Zone Retirement Fund, Series 1936
and 1937
Certificates of Indebtedness
3%% Series A-1933. maturing Feb. 1 1933_ _
3)4% Series TM-1933, maturing Mar. 15 1933
2% First Series. maturing Mar. 15 1933
2% Series 11-1933. maturing May 2 1933
Series TJ-1933. maturing June 15 1933_
-I933, maturing Sept. 15 1933_
134 % Series TS
% Series TD-1933, maturing Dec. 15 1933.
IL% Adjusted Service Ctf. Fund, Series maturing Jan. 1 1934
Trewury Bills (Maturity Value)—
Series maturing Feb. 8 1933
Series maturing Feb. 15 1933
Series maturing Feb. 23 1933
Series maturing Mar. 1 1933
Series maturing Mar. 29 1933
Series maturing April 12 1933
Series maturing April 19 1933
Series maturing April 26 1933
$14,230,169,320.00
244,234,600.00
345.292,600.00
416,602,800.00
365,138.000.0
360,533,200 00
834,401,500.00
504.328,900.00
53,074,531,600.00
219,600.000.00
2,110,000.00
2,133,000.00
3,298,374,600.00
144,372,000.00
660,7i5.500.00
33,594,600 00
239,197,000.00
373,856,500 00
451,447,000 00
254,364,500.00
52,157,547,100.00
127,300,000.00
2,284,847,100.00
75,056.000.00
75,480,000.00
60,000,000 00
100.000,000.00
100,039.000.00
75,090,000.00
75,032,000.00
80,020,000.00
Debt Bearing No Interest—
United States notes
Less gold reserve
1,617,050.26
2,780,200.00
4,427.550.00
19,150.00
1,021,150.00
12,762.200.00
21,493,400 00
9,844,000.00
658,150 00
54,622,850.16
346,681,016.00
156,039,038.03
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Jan. 31 1933 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of Jan. 31 1933.
Assets—
Gold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities
5
960,510,997.20 Gold ctfs. outstanding._1,321,933,749.00
2 324,106,721.64 Gold coin, Fed. Res've
Board (Act of Dec. 23
1913, as amended
June 21 1917)
1 708,660,597.37
Gold reserve
156,039,088.03
97,984,284.44
Gold in general fund_ _ _
3,284.617,718.84
Total
Total
3,284.617,718.84
Note.—Reserve against $346,681,016 of U. S. notes and $1,215,450 of Treasua
notes of 1890 outstanding. Treasury notes 01 1890 are also secured by sliver dollars
in the Treasury.
SILVER DOLLARS.
$
Assets—
Liabilities—
$
Silver dollars
501,576,952.00 Silver ctfs. outstanding_ 484,947,603.00
Treasury notes of 1890
1,215,450.00
outstanding
Silver dolls. In gen. fund 15,413,929.00
Total
501,576,982.00
Total
GENERAL FUND.
Liabilities—
97,984.284.44 Treasurer's checks out345,651.17
standing
15,413,929.00
3,175,901.00 Depos. of Gov't officers:
2,543,703.58
Post Office Dept
5,650,690.00
Board of Trustees,
49,833.00
Postal Savings Sys17,696,444.00
tem14,212,786.37
5% reserve, law- •
5,294,420.15
45,074,104.95
ful money
17,930,898.77
34,628,483.29
Other deposits
Postmasters, clerks of
2,063,931.07
Courts, disbursing
49,220,617.54
officers, are
60,497,091.67
Deposits for:
Redemption of Fed.
Res. notes (5%
37,147,191.32
fund.gold)
266,141,000.00
Redemption of Nat.
bank notes (5%
fund, lawful money) 36,703,047.32
7,364,027.47
Retirement of addl
circulating notes.
1,350.00
19,692,276.53
Act May 30 190S_
Uncollecteditems, ex2,770,082.94
changes, dcc
711,259.39
208.434,232.09
327,462,802.87
1,120.736.55 Net balance
501,576,982.00
ASsels—
Gold (see above)
Silver dollars (see above)
United States notes_ _
Federal Reserve notes
Fed. Res. bank notes
National bank notes.--Subsidiary silver coln
Minor coin
Silver bullion
Unclassified—
Collections, &o
Deposits In:
Federal Res've banks_
Special depositaries,
acc't sales of Treas.
bonds, Treas. notes
and etfs. of indebt_
Nat. and other bank
depositaries—
To credit of Treasurer of U. S
To credit of other
Gov't officers__ _
Foreign depositaries—
To credit of Treasurer of U. S
To credit of other
Gov't ofricers_ _
Philippine treasury—
To credit of Treasurer of U. S
867.525.55
535,917,034.96
Total
Total
535,917,034.96
Note.—The amount to the credit of disbursing officers and agencies to-day was
5337.707,184.15.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding National bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made,
under the Acts mentioned, a part of the public debt. The amount of such obligations to-day was $96,945,449.50.
51,645,130 In Federal Reserve notes and 517,633,231 in National bank notes are
In the Treasury in process of redemption and are charges against the deposits for
the respective 5% redemption funds.
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of November
and December, 1932, and Jan. and Feb. 1 1933:
s
$
s
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net National bank notes_
Net Feder”I Reserve notes
Net Fed. Res. bank notes
Net subsidiary silver
Minor coin, 8-,C
3
234,323,980
28,662,977
3,250,176
17,641.189
4,857.685
15,854
12,206,548
5,959,058
238,861,180
26,653,183
2,859,811
16,060.345
5,314.175
25,744
12,578.144
6,264,166
255,001,543
26.668.099
3,050.111
16,783,685
5,106,090
35,652
12,793.047
6.875,235
306,917,467
156.039,088
308,616,748
156,039,088
326,313.462 "335,562,205
156.039,088 156,039,088
Cash balance In Treas'y 150,878,379
Dep. In spec'l depositories
account Treas'y bonds,
Treasury notes and certificates of Indebtedness 687,912,000
Dep. In Fed. Res. bank
44,986,005
Dep. In National banks—
To credit Treas. U. S....
7,586.692
To credit dish. officers_
19,500,980
Cash In Philippine islands
1,321,507
Deposits In foreign depts.
13 .
. 69 471
Dep. In Fed. Land banks.
152,577,660
170.274,374
179,523,117
538.079,000
36,946,737
484,960.000
49,326,952
266,141,000
60,497,092
6,884,683
19,199,609
1,184,970
1,247.383
7,594,261
23,314,840
1,110.733
980,358
7,364.027
19,692,277
867,526
1,831,996
254.023,372
33,394,828
3,175,901
17,696,444
5,650,690
49,833
14,212,786
7,358,351
Net cash in Treasury
and In banks
Deduct current liabilities.
96,945,449 50
2,040,299.35
3,348,586.93
292,976,263.75
Total gross debt
Grass debt less net balance in gen. fund__ _$20,250,804,797.01 $20,474,224,331.14
Total cash in Treasury_
Less gold reserve fund
520,454,108,020.00
$190,641,927.97
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency_
Thrift and Treasury savings stamps, unclassified sales, dze
Gross debt less net balance in gen.fund
$1,207,827,886.23 $25,478,592,113.25 517,475,931,616.23
Dec. 31 1932
Last Month.
Jan. 31 1933.
Gross debt
$20,805,556,791.76 S20,801.707.134.01
Net balance In general fund
554,751,994.75
327,482,802.87
Holdings in U. S. Treasury Nov. 1 1932. Dec. 1 1932. Jan. 11933. Feb. 1 1933..
640,717,000.00
Total interest-bearing debt outstanding
Matured Debt on Which Int, Has Ceased—
Old debt matured—Issued prior to Apr. 1 1917
4% and 414% Second Liberty Loan bonds of
1927-42
434% Third Liberty Loan bonds of 1928
3%% Victory notes 01 1922-23
4U% Victory notes of 1922-23
Treasury notes. at various interest rates
Ctfii. of indebtedness, at various rates of int
Treasury bills
Treasury savings certificates
9711
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statements.)
Aug. 31 1919
March 31 1917
When War Debt
Jan. 31 1932
Pre-War Debt.
Was at Its Peak.
A Year Ago.
Gross debt
51,282,044,346.28 526,596,701,648.01 $17,815,861,117.25
Net bal. In gen. fund_
74,216,460.05
1,118,109,534.76
339.929.501.02
520,801,707,134.01
913.555,034
158,824,533
756,120.042
166,390,538
737,561,518
182,809,523
535,917,035
208,434,232
Available cash balanee_
7.54.730.501
589_729 SO4
nsa 7h1 005
597 059 kr)/
Includes Feb. 1 $17,980,899 silver bullion and $5,294,420 minor. &c., coin
not included in statement "Stock of Money."
Financial Chronicle
972
Feb. 11 1933
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan.25 1933:
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:
GOLD.
The Bank of England gold reserve against notes amounted to E119.793.579
on the 18th inst., as compared with £119,792,987 on the previous Wednesday.
An interesting feature of the week was the announcement made yesterday
that the Bank of England had purchased bar gold to the value of £3,816,710:
the last occasion on which a purchase of gold was made by the Bank was
Sept. 15 last year.
Large amounts of gold, including £1,700,000 on the 20th inst.. were
available in the open market during the week. Most of the offerings were
taken for export, but substantial purchases were also made on behalf of an
undisclosed buyer. There was also a certain amount of business in gold for
forward delivery.
Quotations during the week:
Per Fine
Equivalent Value of
Ounce.
Jan. 19
122s. 11d.
13s. 9.88d.
Jan. 20
122s. 10d.
13s. 10.00d.
Jan. 21
122s. 6d.
135. 10.44d.
Jan. 23
122s. 7d.
13.10.33d.
Jan. 24
121s. 7d.
13s. 11.70d.
Jan. 25
1215. 114d.
14s. 0.33d.
Average
122s. 3.08d.
I3s. 10.78d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 16th inst. to mid-day on the 23rd inst.:
Imports.
Exports.
British South Africa
£5,336,378
£630,280 U. S. A
British India
1,635.765
105,999 Netherlands
Australia
193,548 France
102.013
New Zealand
17.376 Belgium
84,618
British Malaya
21,758 Poland
29,525
Greece
260.065 Other countries
14,269
Netherlands
195,110
Spain
16,079
France
15,555
Other countries
24,754
Feb. 4
1933.
•
Francs.
Bank of France
11,800
Banque de Paris et Pays Has..... 1,650
Banque d'Union Partsienne
448
Canadian Pacific
286
Canal de Suez
17,390
Cie Distr d'Electricite
2,195
Cie Generale d'Electricite
2,210
Cie Generale Transatlantique_
.
58
Citroen B
526
Comptoir Nationale d'Escompte 1,170
Coty Inc
190
Courrieres
366
Credit Commercial de France - 713
Credit Fonder de France
4,820
Credit Lyonnais
2,100
Distribution d'Electricite la Par 2,190
Eaux Lyonnais
2,390
Energie Electrique du Nord_
632
Energie Eleetrique du Littoral
990
French Line
58
94
Galeries Lafayette
Gas le Bon
820
Kuhlmann
560
L'Air Liquide
830
Lyon (S. L. M.)
1,010
Mines de Courrieres
370
Mines des Lens
470
1,440
Nord RY
965
Orleans By
1,070
Paris, France
130
Pathe Capital
1,060
Pechiney
77.20
Rentes 3%
119.00
Rentes 5% 1920
88.50
Rentes 4% 1917
92.50
Rentes 434% 1932 A
1,520
Royal Dutch
1,345
Saint Gobain C.& C
Schneider & Cie
1,350
Societe Andre Citroen
530
Societe FrancaLse Ford
98
166
Societe Generale Fonclere
2,390
Societe LyonnaLse
Societe Marselliaise
17,300
Suez
182
Tubize Artificial Silk prof
Union d'Electricite
790
Union des Mines
wagon-Lits
78
£1,480,524
£7.202,568
Compared witn some recent shipments, the amount of gold exported
from Bombay last week was small, totalling about £400,000.. The SS.
"Strathaird" carries £165,000 consigned to London and £186,000 to New
York, whilst the SS."City of Cairo" has £48,000 destined for London.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 16th inst. to mid-day on the 23rd inst.:
Imports.
Exports.
Australia
.£26.863 Straits Settlements
£2,200
New Zealand
56,265 Other countries
3,047
British India
12,305
Germany
9,689
France
5,001
Other countries
4,487
£114,610
£5,247
SILVER.
In the silver market, quotations showed hardly any movement tniai
yesterday, when firmer advices from the Far East caused buying by both
'.Anna and India, as the result of which there was a rise of 3-16d. to 1714d.
for cash and 17 3-16d. for two months' delivery. The firmness was accentuated in the afternoon by speculative demand from New York, which
followed the opening of a debate in the U. S. Senate on proposed legislation regarding silver.
The Shanghai exchange having reacted, possibly influenced by the
umness ef sterling, the tendency to-day was blightly easier and with less
pressure to buy prices declined to 17 1-16d. and 17%d. for the respective
deliveries.
The market remains steady and owing to the rather sm..11 offerings. In
likely to respond readily to any moderate demand.
Quotations during the week:
IN LONDON.
IN NEW YORK.
-Bar Silver per Oz. Std.
Cash Delia. 2 Ms.Dc.
(Per Ounce .999 Fine.)
Jan. 19_16 15-16d.
25 11-16c.
Jan. 18
17d.
Jan. 20_16 15-16d.
. Jan. 19
2514c.
Jan, 21_164d.
1615-163. Jan. 20
2512c.
Jan. 23--16 15-163.
Jan. 21
17d.
25%c.
Jan. 24___1714(1.
17 3-16d. Jan. 23
26c.
Jan. 25___I7 1-16d.
Jan. 24
1714d.
26 7-16c.
Average___16.979d.
17.031d.
The highest rate, f change on New York7recorded during the period
from the 19th inst. to the 25th inst. was 30.4014 and the lowest 30.343.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)
Jan. 15. Jan.7. Dec. 31.
Notes in circulation
17.454
17,484
17.480
Silver coin and bullion in India
11,036
11,069
11.066
Gold coin and bullion in India
2,544
2,545
1,868
Securities (Indian Government)
3,874
3.870
4,546
The stocks id llnanghal on the 21st inst. consisted of about 148,000,000
ounces in sycee. 215.000,000 dolla a and 8.460 silver bars as compared
with
about 146,000,000 ounces in sycee, 217.500,000 dolars and
6,240 silver
bars on the 14th inst.
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &e., at London,
as reported by cable, have been as follows the past week:
Sat.,
Feb. 4.
Silver, per oz__ 165cl.
Gold, p.fine oz. 1218.1d.
Consols. 234%
7434
British 334%W.L
9934
British 4%110
1960-90
French Rentes
(in Paris)3% fr. 77.40
French War L'n
(in Paris)5%
1920 amort__ 119.00
Mon.,
ntes.,
Feb. 6.
Feb. 7
.
16 13-16d. 164d.
1198.9d. 1208.2d.
7434
743j
Wed.,
Thurs.,
Feb. 8.
Feb. 9.
1634d.
16346.
1208.1%d, 1208.2d.
7434
74
Feb. 10.
1634d.
1202.2d.
74
9934
9934
9934
9934
993/
109%
1093-i
109%
109%
109%
76.90
76.90
76.80
76.80
76.90
118.70
119.30
119.80
120.20
120.50
p The price of silver in New York on the same days has been:
Silver in N. Y.,
per on. (cts.)
2534
25%
2534
2534
25%
25%
Feb.8
1933.
Francs.
11,700
1,640
446
269
17,330
2,195
2,210
58
525
1,150
190
364
710
4,810
2,100
2,190
2,380
640
992
58
95
820
560
820
1,012
370
470
1,440
973
1.080
128
1,050
76.90
118.70
88.00
92.00
1,500
1,300
1,350
520
97
166
2,380
600
17,300
188
780
210
78
Feb. 7 Feb. 8
1933. 1933.
Francs. Francs.
11,800 11,600
1,650 1,650
446
446
279
277
17,305 17,295
2,205 2,210
2,230 2,220
67
58
527
528
1,150
1,170
190
200
369
368
706
705
4,800 4,800
2,100
2,120
2,200
2,210
2,390 2,400
635
636
979
985
57
58
95
95
820
820
560
550
820
820
1,017 1,017
370
370
480
470
1,440 1,430
982
975
1,080 1,070
128
127
1,060 1,030
76.90
76.80
119.30 119.80
87.90 88.00
91.60
91.30
1,530
1,550
1,310
1,310
1,355 1,364
520
530
99
99
168
168
2,395 2,400
600
800
17,300 17,300
188
188
790
790
210
210
78
78
Feb. 9
1933.
Francs.
11,800
1,660
455
280
17,050
2,230
2,240
58
527
1,180
230
372
728
4,840
2,140
2,220
2,400
633
988
58
95
830
560
830
1,015
370
480
1,440
963
1,060
125
1,030
78.80
120.20
88.20
91.30
1,550
1,293
1,395
520
98
168
2,410
600
17,000
193
780
210
78
Feb. 10
1933.
Francs.
11,900
1,680
"EU
----
1.256
1 170
'
240
__-
4,830
2,180
2,220
2,430
---Li
95
830
560
830
-576
480
1,450
1;6.35
1:806
76.90
120.50
88.00
91.40
1,550
-Lio
99
168
--16,900
-Fie
210
---
THE BERLIN STOCK EXCHANGE.
,The Berlin Stock Exchange resumed trading on Friday,
April 29 1932,after having been closed by Government decree
since Sept. 18 1931. Closing prices of representative stocks
as received by table each day of the past week have been
as follows:
Feb.
4.
Reichsbank (12%)
138
Berliner liandels-Gesellschaft (4%)
98
Commerz-und Privat-Bank A. G
53
Deutsche Bank und Disconto-Geselischaft 73
Dresdner Pank
62
Deutsche Relchsbahn (Ger. Rys.) pt.(7%). 92
Allgemeine Elektrizitaets-Gesell. (A.E.G.). 27
Berliner Kraft tt. Licht (10%)
115
Dessauer Gas (7%)
108
Gesfuerel (4%).....
78
Hamburg. Elektr.-Werke (834%)
112
Siemens & Halske(9%)
123
I. G. Farbenindustrie (7%)
102
Salzdetfurth (9%)
170
RheinLsche Braunkohle (10%)
191
Deutsche Erdoel(4%)
86
Mannesmann Roehren
57
Hapag
17
Norddeutscher Lloyd
17
Feb. Feb. Feb. Feb.
6. 7.
8.
9.
Per Cent of Par
141
144 149
149
98
97
97
97
53
53
53
53
71
72
72
72
62
61
61
61
91
92
92
92
27
27
28
27
115 116 118
118
110 111
112
112
78
79
80
80
110 112 113 113
128 129 132 131
105 105 107
108
167 167 170 172
193 193 195 190
88
89
90
89
59
59
61
60
18
18
18
18
18
18
18
18
Feb.
10.
146
97
53
72
61
93
27
118
113
80
113
130
108
171
192
90
60
18
18
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Feb.
10 1933:
Bid.
Anhalt 76 to 1946
40
Argentine 5%, 1945. 310051
pieces
Antioquift 8%, 1948
2
5
Austrian Defaulted Coupons 175
Bank of Colombia, 7%,'47 26
Bank of Colombia, 7%,'48 26
Bavaria 63413 to 1945
58
Bavarian Palatinate Cons.
32
Cit. 7% to 1945
Bogota (Colombia)634,'47 1 16
14
Bolivia 6%,1940
Brandenburg Elec.6s, 1953 6714
Brazil Funding 5%,'31-'51 3612
British Hungarian Bank
1 37
714s, 1962
Brown Coal Ind. Corp.
6348, 1953
0512
Call (Colombia)7%,1947_ 1 912
Callao (Peru) 714%, 1944_ 1 712
Ceara (Brazil) 3%, 1947._ 1 4
City Savings Bank, Buda132
peat, 7s, 1953
Deutsche Bk 6% '32 unst'd 1 84
Dortmund Mun Ut1168,'48 44
34
Duisberg 7% to 1945
Dusseldorf 70 to 1945
40
East Prussian Pr. 6s, 1953_ 5812
European Mortgage & Investment 7348, 1966- 14312
French Govt. 534s, 1937
105)1
French Nat. Mall SS.68,'52 10412
Frankfurt 7s to 1945
38
German Atl. Cable 78, 1945 70
German Building & Landbank 634%, 1948
4912
Haiti 6% 1953
68
Bamb-Am Line 634s to '413 65
Hanover Harz Water Wks.
6%, 1957
3812
Housing & Real Imp 75, 48 54
Hungarian Cent Mut 78,'37 1 3412
Hungarian Defaulted Coup. 145
t3 let I lite.
Ask.
Bid. Ask.
44 Hungarian Discount & Exchange Bank 73, 1963_ U 124
25
-___ Hungarian Ital Ilk 730.'32 166
70
2
8 Koholgt 634s, 1943
49
52
--__ Land Milk. Warsaw 88,'41 5312 5512
28 Leipzig Oland Pr. 610;46 8312 6611
28 Leipzig Trade Fair 7s, 1953 444 4614
59 Luneberg Power, Light &
Water 7%, 1948
50
50
37 Mannheim At Palat 78, 1941 60
63
18 Munich 7s to 1945
53
56
--- - M unto Bk,Hessen,7s to '45 40
45
6814 Municipal Gas & Mee Corp
3812
Recklinghausen, 7s, 1947 60
U
Nassau Landbank 6348,'38 es!, 6914
39 Nat Central Savings Bk of
Hungary 7348, 1962_ f 3812 4012
6712 National Hungarian es Ind.
1212
Mtge.7%,1948
12012 3112
912 Oberpfalz Elec.7%,1946._ 5212 5812
8 Oldenburg-Free State 7%
to 1945
40
45
34 Porto Alegre 7%, 1908____ 1 12
15
88 Protestant Church (Ger47
many) 78, 1946
524 5318
39 Prey 13k Westphalia 6s.'33 64
68
45 Rhine Westph Elec.' 78, 1036 8812 6912
.
58 Rio de Janeiro 6%, 1933_ _ 1 712
912
Rom Cath Church 6348,'46 6012 83
4412 A C Church Welfare 7e,'40 4412 46
10714 Saarbruecken M Bk 8s,'47 76
78
1412
1 13
106 Salvador 7%, 1057
45 Santa Catharine (Brazil)
19
1012
7212
8%, 1947
Santander (Colom) 7s, 1948 1 10
13
5112 Sao Paulo (Brazil) 88, 1947 11012 1111
73
71 Saxon Public Works 5%,'32 170
58
63
70 Saxon State Mtge 6s, 1947_
Stem & Halske deb 68, 2930 350 400
4412 South Amer Rys 6%. 1933- 5312 55
56 Stettin Pub Util 78, 1946._ 6112 6311
3012 Tucuman City 78, 1951--- 1 13
18
---- Vestn E By 70, 1947..
40
43
‘m.,....-,....,. P,...„. 1 Odk
.
IS7
an
Financial Chronicle
Volume 136
Cormircercialand PittsceliatteroxsRIMS
973
Name of Company.
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
VOLUNTARY LIQUIDATIONS.
Capital.
$150,000
Effective Jan. 10 1933. Liquidating committee, Chas.
Lisehesky, Jettle Russell, M. F. Russell, Frank
Brinkman, Ola Chapman, Peter Brack, care of the
liquidating bank. Liquidating agent, Robt. Soldberg Sr., care of the liquidating bank.
Absorbed by the American State Bank of Great Bend,
Ran.
-The Commercial National Bank of Shreveport, La__ _1,000,000
Feb. 1
Effective Jan. 10 1933. Liquidating committee, board
of directors of the liquidating bank.
Succeeded by Commercial National Bank in Shreveport.
Charter No. 13648.
Feb. 2
-The First National Bank of Parkersburg, W. Va
500,000
Effective Dec.31 1932. Lqiuidating committee, W. W.
Walker, Frank S. Smith and Geo. W. Basel, care of
the liquidating bank.
Succeeded by the Peoples National Bank of Parkersburg, W. Va., Charter No. 13621.
Feb. 2
-The First National Bank of Oran. Mo
25.000
Effective Feb. 1 1933. Liquidating committee, S. B.
Hunter, John Dirnberger Jr., Sam S. Bowman, L. C.
Leslie, Pauline Ristig and Nat M. Snider, care of the
liquidating bank.
Liquidating bank not absorbed or succeeded by any
other association.
Jan. 30
-The First National Bank of Great Bend, Ran
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
Atlanta Sc Charlotte Air Line(s-a)
Boston & Albany (quar.)
Ginn., New On.& Tex. Pan.(Pd.(Cu.)
Columbus & Xenia (guar.)
Delaware di Boundbrook (quar.)
Fort Wayne &Jackson (s-a)
Grand Rapids & Indiana (s.
-a.)
Green Bay & Western, cap.stock
Class A,debenture etfs
Lackawanna RR.of N.J.4% gtd.(qu.)Northern RR.of N.J.,4% gtd,(quar.)North Pennsylvania(guar.)
N.Y., Lacks.& Western,5% gtd.(qu.).
Union Pacific, corn
Preferred (s.-a.)
84% Sept. 1
$2
Mar. 31
81)4 Mar. 1
$1.10 Mar. 10
$2
Feb. 20
$2,4 Mar. 1
$2
June 20
2;4 Feb. 20
2)4 Feb. 20
Apr. 1
$1
Mar. 1
$1
$1
Feb. 25
$1;.4 Apr. 1
$136 Apr. 1
Apr. 1
$2
Holders of rec. Aug. 20
Holders of rec. Feb. 21
Holders of rec. Feb. 15
Holders of rec. Feb. 25
Holders of rec. Feb. 10
Holders of rec. Feb. 20
Holders of rec. June 10
Holders of rec. Feb. 18
Holders of rec. Feb. 18
Holders of rec. Mar. 7
Holders of rec. Feb. 18
Holders of rec. Feb. 20
Holders of res. Mar. 14
Holders of rec. Mar. 1
Holders of rec. Mar. 1
Public Utilities.
$134 Mar. 1
Baton Rouge Elec.,$6 Pref.(guar.)
Birmingham Wat Wks,6% pref.(quar.). 134 Mar. 15
Butler Water (Pa,).7% prof.(Quar.)
1% Mar. 15
Canad. West Nat. Gas, Lt. Ht. & Pow.
6% preferred (quar.)
1% Mar. 1
Cent. Ark,Pub. Serv. Corp. pref. (qu.). 1% Mar. 1
Cent. Miss. Val. El.Prop.6% V.(qu.)_
134 Mar. 1
Chester Water Serv., 8536 prof. (guar.). $134 Feb. 15
Citizens Gas Co.of Indlis 1st pf.(au.)... 1)4 Mar.
Clear Spring Water Serv., $6 pref.(qu.). $134 Feb. 15
Dayton Pow.& Light Co..6% pref
50c. Mar. 1
East St. Louis & Interurban Water
6% preferred (guar.)
134 Mar. 1
7% preferred (qear.)
134 Mar, 1
Eastern Shore Pub. Serv. 5634 Pt.(qu.). 81% Mar. 1
$6 preferred (guar.)
$136 Mar. 1
El Paso Elec.,7% pre A (guar.)
1% Apr. 15
.
136 Apr. 15
$6 preferred B (quar.)
CONSOLIDATION.
Frankrd& So.Phila.City Fass.R.V.(311.)- $436 Apr. 1
Jan. 3I
-First National Bank in Minneapolis. Minn
6,000,000 Huntington Water Corp.,7% pref.(qu.)
1% Mar. 1
First Minneapolis Trust Co., Minneapolis, Minn
1,000,000 Indianapolis Wat. Co.5% pt. A (qu.)1% Apr. 1
Consolidated under the provisions of the Act of Nov. 7
Ironwood & Bessemer Ry. & Lt. Co.
1918, as amended Feb. 25 1927, under the charter of
7% preferred (guar.)
134 Mar. 1
First National Bank in Minneapolis, No. 710, and
Keokuk Elec. Co.,6% prof.(guar.)
136 Feb. 15
under the corporate title of "First National Bank &
Key west Elec. Co..7% prof.(quar.)131 Mar.
Trust Co. of Minneapolis," with capital stock of
Lake Sup. Dist. Pow.Co.7% D1.
1% Mar.
$6,000.000 and surplus of $5,000,000.
6% preferred (guar.)
136 Mar.
Muncie Water Works,8% pt.(qu.)
Mar. 1
2
Nebraska Power,7% pref.(guar.)
Mar.
Auction Sales.
-Among other securities, the following, 6% preferred (quar.)
136 Mar.
New Castle Water, pref.(guar.)
136 Mar. 1
not actually dealt in at the Stock Exchange, were sold at auction N .Y.Richmond Gas Co.,
6% pf.(riu.)- - 134 Apr. 1
in New York, Boston, Philadelphia and Buffalo on Wed. New York Transportation Co.(quar.)
50e. Mar. 28
No. Amer. Edison Co., pref.(q uar.)
8136 Mar. 1
nesday of this week:
Northern Liberties Gas CM (s-a)- - - - .-- 81 Mar. 13
Northw. Pub. Serv. Co.7% pf.(q11.)1.4 Mar. 1
By Adrian H. Muller & Son, New Yci.k:
6% preferred (guar.)
136 Mar. 1
Shares. Stocks.
$ per Share, Ohio Pub. Serv. Co.7% pt.(mthly.)---- 58 1-3c Mar. 1
6% preferred (monthly)
50e. Mar. 1
25,000 Goodwin-Gallagher Sand & Gravel Corp., par $100
.
$400,000 lot
5% preferred (monthly)
41 2-3e Mar. 1
87 Independent Supply Co., par VW)
$1,500 lot
136 Mar. 15
200 Records Storage Corp., par $100
$1,000 lot Okla. Gag& Elec. Co.6% pref.(guar.)-7% preferred (guar.)
1% Mar.15
$2.000 The United Porto Rican Sugar Co.,sec. A 636s, due 1937(stamped 7%);
Oregon-Wash. Wat Serv .56 pf.(qu.)_ - _ $1;4 Mar. 1
120 United Porto Rican Sugar Co., pref., no par; 50 U. S. & British InterPeoples Telep. Corp.(Pa.), pref.(qu.)„ 81;4 Mar. 1
national Co., Ltd., B,corn., no par;3 American Woman's Realty Corp., pref.
Pittsburgh Suburban Water Serv. Co
par $100; 40 Continental Terminals, Inc., corn., no par; 25 Nat. Toll Bridge
$534 preferred (guar.)
$1.46 Feb. 15
Co.. A, corn., no par; 25 Nat. Toll Bridge Co., B, corn., no par; 200 Radio
Savannah Elec. & Pow. Co..6% Pf.(s
3 Apr. 1
Products Corp., corn., no par; 100 Gen.Industrial Alcohol Corp., v.t.e., COM.
-a)
8% preferred A (guar.)
2 Apr. 1
(stamped), no par; 10 units 551 Fifth Ave., Inc.; 10 UnIhs Prospect Hill
734% preferred B (guar.)
1% Apr. 1
Apartments, Inc
$155 lot
7% preferred C(quar.)
1% Apr. 1
BondsPer Cent.
636% preferred D (guar.)
1% Apr. 1
Shenango valley Water Co.,6% Pt.(QM.) 136 Mar. 1
574.000 Whippoorwill Corp., 10-yr. 6% mtge. bends, due Sept. 1 1938.
Registered
1% Mar. 1
$5,000 lot Texas Utilities Co., prof.(quar.)
Toledo Edison Co.7% pref.(monthly).. 58 1-3c Mar. 1
$2,000 Lumber Realty Corp.,6% gen. mtge. bonds, due 1945
10
6% preferred (monthly)
50e. Mar. 1
By R. L. Day & Co., Boston:
5% preferred (monthly)
41 2-3c Mar, 1
Underground Elec Rys., London (fla
zw236
Shares. Stocks.
.
$ Per Mi.
75 Arlington Mills, par $100
10
Miscellaneous.
5 Nantasket Beach Steamboat Co., Par $50
1%
10 Dennison Manufacturing Co., 7% pref., par $100
23
American Bank Note Co. pref.(quar.)_
75e. Apr. 1
10 Collateral Loan Co., par $100
86% American & Continental Corp. corn.(oil)
50c. Mar. 1
2 unite First Peoples Trust
3
Common A
50c. Mar. 1
4 Manufacturers National Bank Realty Trust, pref., par 5100
3
American Factors, Ltd.(monthly)
10e Mar. 10
10 Central Public Service Corp., $7 dbl. series preferred
2
American Investment Co.(III.) el. B(Mt)
15c. Mar. 1
40 Curtiss Wright Corp.. corn
1% American Investment Security (s
-a)
40e Feb. 15
30 Electric Bond & Share Co., common, par $5
15% American Radiator & Stand. Ban. Corp.
40 American Superpower Corp. common
Mar. 1
334
Preferred (guar.)
5 American Telephone & Telegraph Co., par $100
25c Mar. 15
10134 Atlantic Refining (guar.)
6 Kansas City Leavenworth & Western Transportation Co., corn., Par
$50:
75c Mar. 1
Atlas Corp., $3 pref. A
$3(1) 1st mortgage, due January 1953
$134 lot Bankers National Investing (guar.)
6c. Feb. 25
194 Montreal Light, Heat & Power Co., common
24c. Feb. 25
2434
Class A and B (quar.)
888 National Breweries, Ltd., common
15e. Feb. 25
13
Preferred (guar.)
20 Boston Real Estate Trust, par $100
The Apr. 1
Beech-Nut Packing Co.. corn- (quar.).
149 Kreuger & Toll, ars. dep.: $1,000 International Match 5s, 1947, ctf. dep.; 10
Mar. 1
1
Bonded Corp. (extra)
$1,000 Kreuger & Toll 55, 1959, ctf. dep.; $2,000 Middlewest Utilities 5s,
75e. Mar. 1
Brown Shoe Co., common (guar.)
1933, .
$300 lot Bucyrus
50c Apr. 1
-Erie Co., 7% Prot
8 Stetson Shoe Co., par $100
15
$1 Apr. 1
Case (J. I.) Co.,7% cum. pref.
10 Collateral Loan Co., par $100
8734 Champion Coated Paper Co. corn.((pi.).
25c. Feb. 15
2 Columbian National Life Insurance Co., par 5100
10534
Preferred (guar.)
81% Apr. 1
Special preferred (guar.)
Bonds$lx Apr. 1
Per Cent.
Champion Fiber Co.,
$13( Apr. 1
$2,000 Texas Electric RR. 6s, Jan. 1942
$21 lot Chicago corp.,cony. pref.(guar
25e. Mar. 1
pref.(guar.)
Mortgage note on order elated Jan. 2 1926, face $4,300, balance unpaid $1,700
-a)- - $3 Mar. 1
and second mortgage on premises No.42 Madison Ave., Cambridge, Mass_$15 lot Cincinnati Wholesale Grocery (s
6% preferred (glair.)
134 Apr. 1
Promissory note for $8,500 (now $7,900), dated Nov. 10 1928, due Nov. 10
Colgate-Palmolive-Peet. prof.(quar.).
$134 Apr. 1
1931, bearing interest at 6% with payments
54,500 lot Columbia Pictures Corp., pref.(a uar.)-75c. Mar. 1
Cushman's Sons,Inc.,common (quar.)..
50e. Mar. 1
By Barnes & Lofland, Philadelphia:
7% preferred (guar.)
134 Mar. 1
Shares. Stock.s.
$ per Share,
$8 preferred (guar.)
$2
Mar. 1
16 Philadelphia National Bank, par $20
64% Consolidated Gold Fields of So. At.. Ltd.
15 Central-Penn National Bank, par $10
Amer. dep. rec. ord. reg.(interim)-- z w 9 d Mar. 23
29
8 National City Bank, New York, pax $20
427
% Crown Cork & Seal Co., Inc., prof. (qu.) 67c. Mar. 15
83 Corn Exchange Nat. Bank & Trust Co., par $20
Crum Forster, class A & B (guar.)
10c Feb. 28
40
40 Penna. Co.for Insur. on Live & Granting Annuities, par $10
1% Feb. 28
7% Preferred (quar.)
43%
50 Real Estate-Land Title & Trust Co., Dar $10
Denver Union Stock Yards, 7% pt.(qu.) 1% Mar. 1
9
8 Camden Safe Deposit 8s Trust Co.,Camden, N.J.. par $25
Durham Hosiery Mills, pref.
h50c. Feb. 21
84
41 East Penna. RR.Co
(quar.)Esten
Malleable Iron (quar.)
Sc. Mar,10
5934
10 North Penna. RR.Co.. par 850
Eastman Kodak Co.,corn.(guar.)
750. Apr. 1
83
Preferred (guar.)
31% Apr. 1
BondsPer Cent. Fifth Ave. Bus Securities
16e Mar. 29
(guar.)
$1,000 Lehigh Valley RR.Co.,6% perpetual annuity
9636 Finance Service Co., corn. A & B
20e Mar. 1
(guar.)
$1,200 Conestoga Traction Co., Lancaster, Pa.,4%,1st mtge. due Jan. 1950.. 13%
Preferred (guar.)
1736c Mar. 1
$4,000 Mercantile Sc Theatre Properties, 6$ 1933 (Stanley Theatre) Bridgeton,
First Chrold Corp.(guar.)
$1.80 Feb. 18
N. J
1736 flat Florsheim Shoe Co.,6% cum.
pf.(Oh) - 136 Apr. 1
Fort Worth Stk. Yds. Co.corn.(guar.)_..
25e. Feb. 1
By A. J. Wright & Co., Buffalo:
Fuller Brush Co.. class A,(guar.)
10c. Feb. 1
Shares. Stocks.
$ per Bk. Gallant Mercantile Laundry (quar.)__$1 .16 2-3 Apr. 1
5 Zenda Gold Mines, par $1
15c. General Motors Corp., corn.(quar.)_
25c Mar. 13
10 The Como Mines, par $1
$5 preferred (guar.)
19c,
$134 May 1
Gilmore Gas Plant No. 1 (monthlY)-20c Feb. 25
Grand Union Co.,$3 cony. pref.(qu.)_ - _
75c. Mar. 1
Great Northern Paper Co.(guar.)
25e. Mar. 1
DIVIDENDS.
Grief & Bros., class A (quar.)
8736c. Apr. 1
7% preferred (guar.)
134
Dividends are grouped in two separate tables. In the Hancock 011 Co.of Calif. el. A&B corn. iv. om Apr. 1
d
tted.
Rubinstein, Inc.,$3 pref.(au.)
25c Mar. 1
first we bring together all the dividends announced the HelenaHolt &
Henry
Co.,Inc
2236c. Mar. 1
current week. Then we follow with a second table in Hires(Chas. E.) Co., Cl. A corn.(qu.)_ _ _ 50c. Mar, 1
Hollinger Cons. Gold Mines, Ltd.
Sc,
which we show the dividends previously announced, but Homestake Mining Co.(monthly)mthly_ 75c. Feb. 25
Feb. 25
Internat. Milling, 7% let pref.(quar.)
134 Mar. 1
which have not yet been paid.
6% 1st preferred A (guar.)
136 Mar, 1
Inter-Ocean Re-Insurance Co.(8-a)
SI
The dividends announced this week are:
Mar. 31
Holders of rec. Feb. 16
Holders of rec. Mar. 1
Holders of roe. Mar. 1
Holders of rec. Feb. 15
Holders of rec. Feb. 150
Holders of rec. Feb. 15
Holders of rec. Feb. 6
Holders of rec. Feb. 20
Holders of rec. Feb. 6
Holders of rec. Feb. 20
Holders of rec. Feb. 20
Holders of rec. Feb. 20
Holders of rec. Feb. 10
Holders of rec. Feb. 10
Holders of rec. Mar.31
Holders of rec. Mar.31
Holders of rec. Mar. 1
Holders of rec. Feb. 20
Holders of rec. Mar. Ila
Holders of rec. Feb. 15
Holders of rec. Feb. 10
Holders of rec. Feb. 15
Holders of rec. Feb. 15
Holders of rec. Feb. 15
Holders of rec. Mar. 1
Holders of rec. Feb. 15
Holders of rec. Feb. 15
Holders of rec. Feb. 20
Holders of rec. Mar.15
Holders of roe. Mar.15
Holders of rec. Feb. 15
Holders of rec. Feb. 6
Holders of rec. Feb. 20
Holders of rec. Feb. 20
Holders of rec. Feb. 15
Holders of roe. Feb. 15
Holders of rec. Feb. 15
Holders of rec. Feb. 28
Holders of rec. Feb. 28
Holders of rec. Feb. 15
Holders of rec. Feb. 28
Holders of rec. Feb. 6
Holders of rec. Mar.10
Holders of rec. Mar.10
Holders of rec. Mar. 10
Holders of rec. Mar. 10
Holders of rec. Mar. 10
Holders of rec. Feb. 20
Holders of rec. Feb. 18
Holders of rec. Feb. 15
Holders of rec. Feb. 15
Holders of roe. Feb. 15
Holders of rec. Mar. 13
Holders of rec. Feb. 15
Holders of rec. Feb. 16
Holders of rec. Feb. 28
Holders of rec. Feb. 20
Holders of rec. Feb. 6
Holders of rec. Feb. 21
Holders of rec. Feb. 21
Holders 01 rec. Feb. 20
Holders of rec. Feb. 13
Holders of rec. Feb. 13
Holders of rec. Feb. 13
Holders of rec. Mar.13
Holders of rec. Feb. 20
Holders of roe. Feb. 20
Holders of rec. Feb. 28
Holders of rec. Mar.12
Holders of rec. Feb. 10
Holders of rec. Mar.20
Holders of roe. Mar.20
Holders of rec. Mar.20
Holders of rec. Feb. 15
Holders of rec. Feb. 15
Holders of rec. Mar. 15
Holders of rec. Mar. 10
Holders of rec. Feb. 166
Holders of rec. Feb. 17
Holders of rec. Feb. 17
Holders of rec. Feb. 17
Holders of rec. Feb. 27
Holders of roe. Feb. 28
Holders of rec. Feb. 18
Holders of rec. Feb. 18
Holders of rec. Feb. 20
Holders of rec. Feb. 11
Holders of rec. Feb. 20
Holders of rec. Mar.a4
Holders of rec. Mar. 4
Holders of rec. mar.I15
Holders of rec. Feb. 15
Holders of rec. Feb. 15
Holders of roe. Feb. 11
Holders of rec. Mar. 15
Holders of rec. Jan. 21
Holders of rec. Jan. 31
Holders of rec. Mar. 15
Holders of rec. Feb. 16
Holders of rec. Apr. 10
Holders of rec. Feb. 22
Holders of rec. Feb. 10
Holders of rec. Feb. 20
Holders of rec. Mar. 21
Holders of rec. Mar. 21
Holders of rec. Feb.'16
Holders of rec. Feb.? 8
Holders of rec. Feb. 15
Holders of rec. Feb. 10
Holders of rec. Feb.Lfts
Holders of rec. Feb.118
Holders of rec. Feb. 18
Holders of rec. Mar.14
974
Financial Chronicle
Name of Company.
Per
When
Cent. Payable.
Miscellaneous (Concluded).
Kelvinator of Can ,Ltd..7% Pref.((MO- 131 Feb. 18
Kemper-Thomas,7% pref. (guar.)
131 Mar. 1
Lanston Monotype Mach. Co.(quar.)._ $1
Feb. 28
La Sane& Koch Co.. pref.(quar.)
131 Feb. 15
Lehigh Portland Cement Co., pf.(qu.) 87310. Apr. 1
Lincoln Stores, Inc., corn.(quar.)
25c. Mar. 1
Mar. 1
$1
Preferred (quar.)
Ludlow Mfg. Associates
$134 Mar. 1
May Dept. Stores Co., common (quar.)25c. Mar. 1
150. Mar. 15
McColl Frontenac 011 Co.. corn.(qu.)....
(750. Mar. 15
Montreal Loan & Mtge.(guar.)
(250. Mar. 15
Extra
$134 Mar. 31
Myers(F.E.) dr Bros., pref.(guar.)_
National Biscuit Co.. pref.(guar.)
3131 Feb. 28
25c. Mar. 15
National Bond & Share Corn
National Liberty Ins. Co. of America
- 100. Feb. 20
$334 Mar. 1
-a.)
National Linen Supply $7 pre.(s.
10c. Apr. 1
N Y Ship Building Corp., partic.& fdrs.131 Apr. 1
I Preferred (quar.)
-Common div.omitted.
Ohio OU Co.
2134 Mir.15
I Preferred (quar.)
Apr. I
$2
Omnibus Corp., pref. (quar.)
Pan American Petroleum & Transport
200. Mar. 15
Common and common B (quar.)
Parker Rust Proof Co., corn.(quar.)_ _ _ 6234c Feb. 20
88340 Mar. 1
Phoenix Hosiery Co.. 1st pref.(quar.)
25c. Mar. 1
Purity Bakeries Corp. (guar.)
37340 Mar. 15
Reeves (Daniel). Inc., corn.(guar.)
134 Mar. 15
634% preferred (quar.)
50c Mar. 1
Reliance Intl. Corp.,33 pre
134 Mar. 1
Rolland Paper Co.. Ltd.. pref.
Seaboard 011 Co.of Delaware (guar.).
- 100 Mar. 15
10c Mar. 15
Extra
131 Mar. 1
Simon (Franklin) & Co.. Pref.(quer.)
100 Mar.15
Socony-Vacuum Corp. (quar.)
Standard Brands, Inc., corn.(guar.).... 25e Apr. 1
$1% Apr. 1
$7 preferred (quar.)
250 Mar.20
Standard 011 Co. of Nebraska (quar.)...
2734c Mar. 1
Superior Portland Cement. Inc
Tex-O-Kan Flour Mills. 7% PreL (qu.). 131 Mar. 1
134 Mar. 1
Timken Detroit Axle. pref.(quar.)
25c Mar. 6
Timken Roller Bearing Co. corn.(qu.)
20th Century Fixed Trust Sea.ser. B(ea) 100 Mar. 15
300 Mar. 1
-a.)
1 Original series coupon (s.
Underwood Elliott Fisher Co.com.(qu.). 12340 Mar. 31
$134 Mar.31
Preferred (guar.)
35e Mar. 1
Union Tank Car Co.(quar.)
100 Apr. 1
United Corp.,corn.(quar.)
75e Apr. 1
Preferred (guar.)
60e Mar.15
Viking Pump Co,Pref.(guar.)
Walker (H.) Gooderham &Worts pf.(qu.) 25e Mar. 15
25c. Mar. 1
Western Auto Supply,corn. A & B(qu.)87340. Mar. 1
Wolverine Tube. Pref.(quar.)
Books Closed.
Days Inclusive.
Name of Company.
Feb. 11 1933
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Connecticut Ry.dr Light Co.corn.(qu.). 51.125 Feb. 15 Holders of reo. Jan. 31
Preferred (quar.)
31.125 Feb. 15 Holders of refl. Jan. 31
Consumers Power Co.,$5 Prof.(guar.)
134 Apr, 1 Holders of roe. Mar.15
8% preferred (guar.)
1% Apr. 1 Holders of rec. Mar.15
6.8 preferred (guar.)
1.65 Apr. 1 Holders of reo. Mar.15
7% preferred (qua?.)
1% Apr. 1 Holders of tee. Mar.15
8% preferred (monthly)
500. Mar. I Holders of reo. Feb. 15
preferred (monthly)
6%
500. Apr. 1 Holders of roe. Mar. 15
6.6% preferred (monthly)
• 550. Mar. 1 Holders of rec. Feb. 15
6.8% preferred (monthly)
55e. Apr. 1 Holders of reo. Mar.15
Eastern Gas & Fuel Assoo., corn.. initial
150. Mar. 1 Holders of rec. Feb. 150
Eastern UM.Assoc.. corn.(quar.)
50o. Feb. 15 Holders of rec. Jan. 27
Empire & Bay State Teleg 4% gtd.(qu.) $1
Mar. 1 Holders of reo. Feb. 18
4% guaranteed (guar.)
Si
June I Holders of reo. May 20
4% guaranteed (quar.)
21
Sept. I Holders of rec. Aug. 21
4% guaranteed (guar.)
Dot,. 1 Holders of reo. Nov.20
$1
Empire Gas & Elec.Co.6% pre/. A (qu.) 1% Mar. I Holders of rec. Jan. 31
7% preferred C (guar.)
134 Mar. I Holders of rec. Jan. 31
6% preferred C (guar.)
1% Mar. 1 Holders of reo. Jan. 31
European EI.Corp.,Ltd.,com.A dr B(qu.) f7310 Feb. 15 Holders of reo. Feb. 6
Federal Light & Traction Co., pref.(co.) 8134 Mar. 1 Holders of rec. Feb. 15a
Holders of rec. Mar. 4
Florida Pow.Corp.,7% pref.(guar.)
Holders of rec. Mar. 15
87Iic Mar. 1 Holders of roe. Feb. 10
7% pref. A (quar.)
134 Mar. 1 Holders of rec. Feb. 10
Freeport Texas Co.,corn.(guar.)
Holders of rec. Feb. 16
50c Mar. 1 Holders of rec. Feb. 15
Georgia Pow.& Lt.$6 pref.(guar.)
Holders of rec. Feb. 10
$134 Feb. 15 Holders of rec. Feb. 1
Havana Elec.& Utfl. Co. 8% prof
Holders of rec. Feb. 17
575o Feb. 15 Holders of roe. Jan. 14
Honolulu Gas,common
200,
Holders of reo. Feb. 17
Industrial Pow.Securities. corn.(quar.).
Holders of reo. Feb. 28
150. Mar. 1 Holders of reo. Feb. 1
Common,extra
Holders of rec. Feb. 28
50. Mar. 1 Holders of rec. Feb. 1
Holders of rec. Feb. 20
Jamaica Water Supply Co.
Holders of rec. Feb. 15
1% May 1 Holders of reo. Apr. 10
734% preferred (8.-a.)
Holders of rec. Mar. 1
Kentucky Utilities, prior pref. (guar.).- 87%c Feb. 20 Holders of rec. Feb. 1
Holders of reo. Mar. 1
Lockart Power, pref.(s-a)
$3% Mar.31 Holders of rec. Mar. 31
Holders of rec. Feb. 17
Louisville Gas & Elec.. see Adr13(guar.). 4334 Mar.25 Holders of reo. Feb. 28
Holders of rec. Feb. 17
Los Angeles Gas & Elea. Corp.
1% Feb. 15 Holders of rec. Jan. 81
Holders of rec. Mar. 6
8% preferred (guar.)
Holders of rec. Mar. 6
Luzerne County Gas & El.$7 1st of.(qu) $134 Feb. 15 Holders of rec. Jan. 31
Holders of ree. Feb. 25
$131 Feb. 15 Holders of reo. Jan. 31
26. 1st pref.(guar.)
Holders of rec. Feb. 23
Malone Light dv Power Co.(monthly)... 15e Feb. 27 Holders of reo. Feb. 20
Holders of reo. Feb. 15
150 Mar.30 Holders of rec. Mar.20
(Monthly)
Holders of rec. Feb. 20
37340. Feb. 15 Holders of rec. Feb. 1
Meadville Telep.(guar.)
Holders of rec. Feb. 17
75e Mar. 1 Holders of reo. Feb. 28
Milwaukee Gas Light Co.. 7% Pt (MO
,
Mohawk Hudson Pow.Corp..1st pf.(qu.) 21% May 1 Holders of rec. Apr. 15
3131 Apr. 1 Holders of reo. Mar. 15
80 preferred (guar-)
Holders of rec. Mar. ha Monmouth Consol. Wat.,7% Pf. (qu.). 131 Feb. 15 Holders of rec. Feb. 1
Holders of reo. Mar. 110 Montreal Lt., lit.& Pr. Co.(quar.)
Feb. 15 Holders of rec. Jan. 81
32
80 Feb. 20 Holders of rec. Feb. 10
Holders of rec. Feb. 15
Mutual Telep. Co.(Hawaii) monthly
Holders of rec. Feb. 24
25c Mar. 1 Holders of rec. Feb. 11
National Power & Light Corn (qua?.)
Holders of rec. Feb. 24
65e. Mar. 1 Holders of rec. Feb. 15
Now York Steam Corp. corn. (guar.).Holders of rec. Mar. 1
250 Mar.31 Holders of reo. Mar. 3
Niagara Hudson Pow.(rjuar.)
Holders of rec. Feb. 24
North American Edison Co., pref.(qu.) $1% Mar. 1 Holders of rec. Feb. 15
Holders of rec. Feb. 18
Nor. N.Y. Utilities, Inc.(monthly)._ 1234o Feb. 27 Holders of rec. Feb. 20
Holders of rec. Feb. 15
1234o Mar.30 Holders of reo. Mar. 20
(Monthly)
Nova Scotia Lt.& Pow. pref.(qua?.).... $134 Mar. 1 Holders of rec. Feb. 15
37340 Feb. 15 Holders of reo. Jan. 31
we give the dividends announced in previous weeks Pacific Gas & El. Co..6% cum. pf.(qu.) 3454e Feb. 15 Holders of rec. Jan. 31
Below
554% cum. preferred (guar.)
Pacific Lighting Corp.. corn. (guar.).
and not yet paid. This list does not include dividends an- Peninsular Telephone Co., corn.(guar.). 75e Feb. 15 Yielders of roe. Jan. 20
25c Apr. 1
1% Feb. 15 Holders of tee. Feb. 8
7% preferred (quar.)
nounced this week,these being given in the preceding table.
Pennsylvania Power Co.
6.6% preferred (monthly)
550 Mar. 1 Holders of tee. Feb. 20
When
Per
Books Closed
$1% Mar. 1 Holders of roe. Feb. 20
$6 preferred (guar.)
Cent. Payable.
Days Inclusive.
Name of ComPariff.
Pennsylvania State Water,$7 pref.(411.) $134 Mar. 1 Holders of rec. Feb. 20
Philadelphia Co.,5% pref.(3.-a.)
25c. Mar. 1 Holders of reo. Feb. 10
Railroads (Steam).
Philadelphia Suburban Wat.Co.. Di(qu) 1% Mar. 1 Holders of rec. Feb. Ila
Alabama Great Southern. prof (5.-a.) -- SI% Feb. 15 Holders of roe. Jan. 6
Potomac Elec. Pow. Co.,6% of.(qu.)
1% Mar, 1 Holders of rec. Feb. 11
$434 Mar. 1 Holders of rec. Feb. 20
-a)
Atlanta & Charlotte Air Line (s
531% preferred (quar.)
1% Mar. 1 Holders of rec. Feb. 11
32.125 Apr. 1 Holders of rec. Mar.20
BOSt011 & Providence (quar.)
Public Service Co. of Ind.,$6 pref.(WI.) $1/ Feb. 15 Holders of rec. Jan. 31
4
32.125 July 1 Holders of rec. June 20
Quarterly_ Public Service Corp. of N. J., com.(qu.) 80c. Mar.31 Holders of rec. Mar. 1
32.125 Oct. 1 Holders of reo. Sept.20
Quarterly.
2
Mar. 31 Holders of rec. Mar. 1
8% preferred (guar.)
8734c Mar. 1 Holders of rec. Feb. 10
(quar.)
Cleveland & Pittsburgh, guar.
7% preferred (guar.)
1% Mar.31 Holders of rec. Mar. I
50c Mar. 1 Holders of roe. Feb. 10
Special guar. (guar.)
5% preferred (guar.)
131 Mar.31 Holders of rec. Mar. 1
8 5c June 1 Holders of rec. May 10
7/
Guaranteed (guar.)
6% preferred (monthly)
50e. Feb. 28 Holders of reo. Feb. 1
50c June 1 Holders of rec. May 10
Special guaranteed (guar.)
6% preferred (monthly)
50e. Mar. 31 Holders of reo. Mar. I
87% Sept. 1 Holders of rec. Aug. 10
Guaranteed (quar.)
Quebec Power (guar.)
250. Feb. 15 Holders of rec. Jan. 27
50c Sept. 1 Holders of ree. Aug. 10
Special guaranteed (Quar.)
Rochester Gas & Electric Corn
87%0 Dec. 1 Holders of rec. Nov. 10
Guaranteed (quar.)
7% 13 pref. (quar.)
1% Mar. 1 Holders of roe. Jan. 27
50c Dec. 1 Holders of rec. Nov. 10
Special guaranteed (quar.)
6% preferred C & D (guar.)
13.4 Mar. 1 Holders of rec. Jan. 27
$1 July 1 Holders of rec. June 15
Delaware RR. Co. (5.-a.)
Shawinigan Water & Power co.oom.
(au) 118e. Feb. 15 Holders of rect. Jan. 91
South Carolina Power Co.,$6 pref.(qu.) $1% Apr. 1 Holders of reo. Mar. 15
Erie dr Pittsburgh 7% guaranteed (guar.) 87;40 Mar. 1 Holders of rec. Feb. 28
87%c June 1 Holders of rec. May 31
South Pitts. Water Co.5% Pf.(s.
7% guaranteed (guar.)
134 Feb. 20 Holders of roe. Feb. 10
-a.)87%c Sept. 1 Holders of rec. Aug. 31
7% guaranteed (quar.)
Sou. Calif. Edison Co., Ltd.. Corn.(qu,)_
Feb. 15 Holders of roe. Jan. 20
87%e Dec. 1 Holders of rec. Nov.30
7% A preferred (quar.)
7% guaranteed (guar.)
134 Mar. 15 Holders of rec. Feb. 20
80c Mar. 1 Holders of ree. Feb. 28
Series B, 6% preferred (guar.)
Guaranteed betterment (quar.)
134 Mar. 15 Holders of rec. Feb. 20
800 June 1 Holders of rec. May 31
Southern Calif. Gas Corp. $634 pf.(qu.). $1% Feb. 28 Holders of rec. Jan. 31
Guaranteed betterment ((Plan)
800 Sept. I Holders of rec. Aug. 31
Guaranteed betterment (guar.)
Southern Canada Power Co., Ltd.
80c Dec. 1 Holders of rec. Nov.30
Guaranteed betterment (guar.)
Common (guar.)
25o. Feb. 15 Holders of rec. Jan. 31
1 Feb. 28 Holders of rec. Feb. 20
Western,2% gtd (s-a)
Stamford Water Co.(guar.)
Hartrd & Conn.
$2 Feb. 15 Holders of rec. Feb. 4
$254 Feb. 15 Holders of roe. Feb. is Standard Power & Light corn.(guar.)
Hudson & Manhattan, pref. (11.-a.)
300. Mar. 1 Holders of rec. Feb. lba
Feb. 15 Holders of rec. Feb. 1
Louisville, Henderson & St.Louis (s-a)
Syracuse Lighting Co., Inc..8% pf (on.) 2
Feb. 15 Holders of reo. Jan. 31
$234 Feb. 15 Holders of rec. Feb. 1
Preferred (5-a)
6I4% preferred (guar.)
1% Feb. 15 Holders of rec. Jan. 31
Mill Creek & Mine Hill Nay.& RR.(s-a) $7% July 10 Holders of rec. July 3
6% preferred (quar.)
134 Feb. 15 Holders of rec. Jan. 31
Mar. 18 Holders of rec. Feb. 28
Norfolk & western, common (quar.)_._ $2
Tampa Electric Co., corn.(guar.)
560. Feb. 15 Holders of rec. Jan. 31
$1 Feb. 18 Holders of rec. Jan. 31
Ad). preferred
Preferred (guar.)
8131 Feb. 15 Holders of rec. Jan. 31
334 Aug. 1 Holders of reo. July 20
North Carolina (8.-a.)
Telephone Investors Corp.(monthly).-20c. Mar. 1 Holders of rec. Feb. 20
Mar. 1 Holders of rec. Dec. 18
Jer. 4% gtd.(quar.) $1
North. RR.of New
Monthly
20c. Apr. 1 Holders of rec. Mar.20
SI
June 1 Holders of reo. May 23
4% guaranteed (quar.)
Tenn. Elect. Pow.Co.5% pref.(qu.).-- 131 Apr. 1 Holders of rec. Mar. 15
$1
Sept. I Holders of rec. Aug. 21
4% guaranteed (guar.)
6% preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15
$1
Dec. 1 Holders of reo. Nov. 20
4% guaranteed (guar.)
7% preferred (guar.)
134 Apr. 1 Holders of reo. Mar. 15
$2% Feb. 20 Holders of rec. Feb. 8
Oswego & Syracuse (8-a)
7.2% preferred (guar.)
$1.80 Arm 1 Holders of reo. Mar. 15
500. Mar.15 Holders of reo. Feb. 15a
Pennsylvania
6% preferred (monthly)
50e. Mar. 1 Holders of rec. Feb. 15
750. Apr. 1 Holders of rec. Mar. 15
Pittsb. Bessemer & L. Erie, corn.(qu.).
6% preferred (monthly)
50c. Mir. 1 Holders of rec. Mar. 15
$134 June 1 Holders of rec. May 15
6% preferred (guar.)
7.2% preferred (monthly)
60o. Mar. 1 Holders of rec. Feb. 15
Pittsburgh Fort Wayne dr Chicago (qu.) 134 Apr. 4 Holders of rec. Mar. 10
7.2% preferred (monthly)
60e. Apr. 1 Holders of rec. Mar. 15
Apr. 4 Holders of reo. Mar. 10
7% preferred (guar.)
Tide Water Power Co.26 pref.(guar.) -- 134 Mar. 1 Holders of rec. Fob. 10
1% July 4 Holders of rec. June 10
Quarterly_
United Gas Improvement Co.,com.(qu.) 30e. Mar.81 Holders of rec. Feb. 28
134 July 4 Holders of rec. June 10
7% preferred (guar.)
Preferred (quar.)
$131 Mar.31 Holders of rec. Feb. 28
Quarterly
131 Oct. 3 Holders of rec. Sept. 9
United Light & Rys. Co.(Del.)- •
7% preferred (guar.)
1% Oct. 3 Holders of rec. Sept. 9
7% preferred (monthly)
68 1-3c Mar. I Holders of reo. Feb. 15
Quarterly
1% Jan.2'34 Holders of rec. Dec. 9
6.36% preferred (monthly)
53e. Mar. 1 Holders of rec. Feb. 15
1% Jan.2•34 Holders of rec. Dec. 9
7% Preferred (guar.)
6% preferred (monthly)
50c. Mar. 1 Holders of rec. Feb. 15
Pittsburgh Youngstown & Ashtabula
581-30 Apr. 1 Holders of reo. Mar.15
7% preferred (monthly)
7% preferred (quar.)
Mar. 1 Holders of rec. Feb. 20
131
53e. Apr. 1 Holders of rec. Mar. 15
6.36% preferred (monthly)
7% preferred (quar.)
1% June 1 Holders of rec. May 20
500. Apr. 1 Holders of reo. Mar. 15
6% preferred (monthly)
7% preferred (quar.)
1% Sept. 1 Holders of rec. Aug. 21
Utica Gas & Elec. Co., 7% pref. ((lu.)-- 131 Feb. 15 Holders of rec. Feb. 4
7% preferred (guar.)
134 Dec. I Holders of rec. Nov.20
Washington Ry.& El. Co.. pref.(qu.).. $1% Mar. 1 Holders of roe. Feb. 18
Reading Co., common (quar.)
25o. Feb. 9 Holders of ree. Jan. 12
$13( Mar. 1 Holders of reo. Feb. 18
Quarterly
500. Mar. 9 Holders of roe. Feb. 16
a. 1st preferred (quar.)
West Ohio Gas Co..7% pref.(guar).
134 Mar. 1 Holders of reo. Feb. 15
United N.J. RR.& Canal Co.(quar.)
$234 Apr. 10 Holders of reo. Mar.20
1% Feb. 15 Holders of rec. Jan. 20
West Penn Elect. Co..7% cum. pf. (qr.)
6% cum. preferred (guar.)
1% Feb. 15 Holders of rec. Jan. 20
Public Utilities.
81% Mar. 1 Holders of rec. Feb. 20
Williamsport Water Co. 88 pref.
American Water Works & Elec. Co.,Inc
$114 Apr. 1 Holders of rec. Mar. 10
$6 1st preferred (guar.)
Bank & Trust Co..
60c Mar.31 Holders of roe. Mar. 17
BedgePort Gas Light (quar.)
Commercial Investors Trust
$2
Mar. 1 Holders of ree. Feb. 3
Brooklyn Edison Co. (guar.)
7% 1st preferred (guar.)
15( Apr. 1
$131 Apr. 1 Holders of rec. Mar. 1
Brooklyn Union Gas Co. (guar.)
614% 1st preferred (quar.)
1% Apr. 1
California Water Service 6% pref.(qu.)- 131 Feb. 15 Holders of rec. Jan. 31
Canadian Hydro-Electric Corp., Ltd.
Fire Insurance Companies.
3134 Mar. 1 Holders of reo. Feb. 1
lot preferred (guar.)
Boston Ins. Co.(quar.)
34
Apr. 1 Holders of rec. mar.20
Central Vermont Pub.Serv.$6 Pf.(q11.). $134 Feb. 15 Holders of rec. Jan. 31
Glen Falls Insurance Co.. (quar.)
400. Apr. 1 Holders of rec. Mar. 15
Cleveland Elec. Ilium. Co.. prof.(qu.)- - $134 Mar. 1 Holders of rec. Feb. 15
150. Mar. 10 Holders of rec. Mar. 1
North River Insurance Co.(guar.)
Columbia Gas & Flee., corn.(quar.)... /250. Feb. 15 Holders of reo. Jan. 10
1231c Feb. 15 Holders of rec. Feb. 5
Seaboard Ins. (Bait.). (guar.)
134 Feb. 18 Holders of rec. Jan. 20
United States Fire Ins. Co.(guar)
6% preferred series A (guar.)
30e. May 1 Holders of rec. Apr. 20
131 Feb. 15 Holders of reo. Jan 20
5% preferred (guar.)
$1
West American Ins. Co
131 Feb. 15 Holders of reo. Jan. 20
Cony.5% cum. pref. (quar.)
154 Mar. 1 Holders of reo. Feb. 15
Commonwealth Utilities. prof. C (qu.)._
Miscellaneous.
134 Feb. 15 Holders of rec. Feb. 2
Concord Gas 7% pref. (quar.)
250. Mar. 1 Holders of rec. Feb. 15
Abbott); Dairies, Inc., (guar.)
Connecticut Lt. dr Pow.534% pref.(qu.) 1% Mar, 1 Holders of rec. Feb. 15
131 Mar. 1 Holders of reo. Feb. 15
7% 1st dr 2d preferred (guar.)
1% Mar. 1 Holders of rec. Feb. 15
13 1-3e Mar. 1 Holders of rec. Feb. 17
1 634% preferred (quar.)
Affiliated Prod., Inc.(monthly)
Connecticut Power Co., com. (guar.).- 62%c. Mar. 1 Holders of rec. Feb. 15
Agnew Surp. Shoe St. Ltd..7% pf.(qu.). 131 Apr. 1 Holders of roe. Mar.15
Mar. 15 Holders of reo. Feb. 3
1
Allegheny Steel Co..7% prof.(qua?.)...
Mar. 1 Holders of rec. Feb. 15
Consol. Gas Co.of N.Y.,corn.(quar.)
Holders of rec. Feb. 20
Holders of rec. Feb. 17
Holders of rec. Feb. 11
Holders of rec. Mar. 14
Holders of rec. Feb. 23
Holders of rec. Feb. 23
Holders of rec. Feb. 4
Holders of rec. Feb. 15
Holders of rec. Feb. 15
Holders of rec. Feb. 28
Holders of rec. Feb. 28
Holders of rec. Mar. 15
Holders of rec. Feb. 14a
Holders of rec. Feb. 28
Holders of rec. Feb. 15
Holders of rec. Feb. 20
Holders of rec. Mar. 20
Holders of rec. Mar. 20
Name of Company.
975
Financial Chronicle
Volume 136
When
Per
Cent. Payable.
Books Closed.
Days IncInsist.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Day:'admire.
Miscellaneous (Concluded).
Miscellaneous (Continued).
Hawaiian Commercial & Sugar Co. Ltd.
25c. Mar. 1 Holders of rec. Feb. 17
American Arch Co., Corn. ((Nor.)
25c Mar, 5 Holders of rec. Feb. 24
(Nlonthly)
Feb. 15 Holders of rec. Jan. 25a
$1
Can Co., corn. (guar.)
American
Hercules Powder Co., preferred (quar.) $14 Feb. 15 Holders of rec. Feb. 3
50e. Apr. 1 Holders of rec. Mar. 11
American Chicle Co. (guar.)
Hershey Chocolate Corp., corn.(guar.).- $14 Feb. 15 Holders of rec. Jan. 25
25e. Apr. 1 Holders of rec. Mar. 11
Extra
$I Feb. 15 Holders of rec. Jan. 25
Preferred (guar.)
194 Mar. 1 Holders of rec. Feb. 25
American Envelope,7% pref.(guar.). _ _
$1 Feb. 15 Holders of rec. Jan. 25
Extra
14 June 1 Holders of rec. May 25
7% preferred (guar.)
Hibbard, Spencer, Bartlett & Co.194 Sept. 1 Holders of rec. Aug. 25
7% preferred (guar.)
10e. Feb. 24 Holders of rec. Feb. 17
Nfonthly
14 Dec. 1 Holders of rec. Nov.25
7% preferred (guar-)
10C. Star. 31 Holders of rec. Mar. 24
Monthly
35e. Mar. 1 Holders of rec. Feb. 14
American Home Products(monthly)__- 25e Mar. 1 Holders of roe. Feb. 18
Hobart Mfg. Co.. corn.(guar.)
50c Feb. 15 Holders of rec. Jan. 31
(guar.)
Amer. Re- Insur. Co.
Holders of rec. Dee. 14
50c
Holland Land (liquidating)
50e Mar. 31 Holders of rec. Mar. 15
American Steel Foundries, pref. (quar.)_
Hollinger Consol. Gold Nlines, Ltd.
50c Apr. 1 Holders of rec. Mar. 16
American Stores Co.,corn.(guar.)
I 5c. Jan, 28 Holders of rm. Jan. 13
Monthly
(guar.)
50c Apr. 3 Holders of rec. Mar. 6a
American Sugar Ref.Co.,corn.
224e. Mar. 10 Holders of roe. Feb. 8
14 Apr. 3 Holders of rec. Mar. (ra Holt (II.) & Co., class A (guar.)
Preferred (guar.)
14 Mar. I Ilolders of rec. Feb. 14
Hoover & Allison, pref. (guar.)
Amer. Tob. Co., Inc., corn.& corn B (qu) $14 Mar. 1 Holders of rec. Feb. 10
25e. Feb. 15 Holders of rec. Jan. 28
Hormel (Geo. A.) & Co., corn, (quar.)_..
$1 July 3 Holders of roe. June 24
Amoskeag Co., common (c-a)
14 Feb. 15 Holders of rm. Jan. 28
6%, class A. preferred (guar.)
324 July 3 Holders of rec. June 24
Preferred (c-a)
25c. Mar. 10 Holders of rec. Feb. 28
Honolula Plantation Co. (monthly)... Co., corn. (qu.) 25e. Mar. 1 Holders of rec. Feb. 18
Archer-Daniels-Midland
1% Mar. 1 Holders of rec. Feb. 8
pref. (quar.)
Horn Jo Hardart Co. 7%
/a$1 4 Mar. 1 Holders of rec. Feb. 14
Artloorn Corp., pref.(quar.)
1124c. Mar. 1 Holders of rec. Feb. 15
Imperial Oil Co.,ord. reg..(guar.)
Automotive Gear Works, pref. (quar.)_ _ 41% c Mar. 1 Holders of rec. Feb. 20
1124e. Mar. 1
Coupon (guar.)
1% Mar. 1 Holders of roe. Feb. 14
Barnberger & Co..64% cum. pf.(qu.)
374c. Mar. I Holders of rec. Feb. 6
Ingersoll-Rand, corn. (guar.)
5e. Feb. 20 Holders of rec. Jan. 31
Bandini Petroleum (monthly)
Internat. Business Machines (quar.)-- $14 Apr, 10 Holders of roe. Mar. 22
514 Apr. 1 Holders of rec. Mar. 27
Barber(W.II.), pref.(guar.)
(quar.)- - $1.4 Mar. 1 Holders of rec. Feb. 6
International Harvester, pref.
Preferred (quar.)
S1$4 July 1 Holders of roe. June 26
$14
International Life Ins.(liquidating)
Holders of rec. Sept.26
Preferred (guar.)
514 Oct.
60e. Mar. 1 Iiolders of rec. Feb. 15
Intl. Safety Razor. el. A (guar.)
14 Feb. 1 Holders of rec. Feb. 1
Beacon Mfg. Co..6% Pref.(guar.)
500. ar. 1 Holders of rec. Feb. 15
International Shoe, preferred (monthly).
Holders of rec. Feb. 28
Beaton & Cadwell Mfg. Co.(monthly)-- 1234c. Mar.
50a Apr. I Holders of rec. Mar. 15
Preferred (monthly)
Holders of rec. Mar. 31
124e. Apr.
Monthly
50e May 1 Holders of rob. Apr. 15
Preferred (monthly)
Belding CortIcelli, Ltd., pref. (guar.).- $1% Mar. 15 Holders of rec. Feb. 28
50e June I Holders of rec. May 15
Preferred (monthly)
25c. Feb. 1 Holders of rec. Feb. 1
Blauner's, Inc., corn.(guar.)
40c. Feb. 15 Holders of rec. Feb. 1
Interstate Hosiery Mills, Inc.(quar.)_ _
15 Holders of rec. Feb. 1
75e. Feb.
Preferred (guar.)
$2 Apr. 1 Holders of rec. Mar. 15
Holders of rec. Feb. 4a Intertype Corp., 1st pref.(guar.)
Blue Ridge Corp.,$3 opt.cony. pf.(qu.)_ 11-32 Mar.
ar. 1 Holders of roe. Feb. 25
Jant:en Knitting Mills. pref. (quar.)- - $14
Holders of rec. Feb. 15
40c. Mar.
Borden Co., common (guar-)
25e. Apr. 15 Holders of rec. Mar. 13
Jewel Tea Co., Inc., common (guar.) _
250. Feb. I Holders of rec. Jail. 31
Boss Manufacturing Co.. corn. (guar.)._
25e. Apr. 1 Holders of rec. Mar. 13
Jones, Laughlin Steel, 7% cum. pf. (qtr.)
134 Feb. 15 Holders of rec. Jan. 31
7% preferred (guar.)
15e. Feb. 16 Holders of me. Feb. 12
Kekoha Sugar Co.(monthly)
Holders of rec. Feb. 1
684c Feb. 1
BourJois, Inc., $2 pref. (guar.)
$134 Nlar. 1 'folders of roe. Feb. 10
Kendall Co., Prof. A (guar.)
Holders of rec. Feb. 11
be. Mar.
Brach (E. J.) Ar Sons (guar.)
25e. Apr, 1 Holders of rec. Mar. 20
Klein (D. E.) Co., Inc., corn. ((mar.)--4 sh. Feb. 1 Holders of rec. Dee. 31
Brakpan Mines, Ltd., ord. bearer
Knudson Creamery Co.. Cl. A&I3 (qtr.). 3735c. Feb. 20 Holders of rec. Jan. 31
75c. Feb. 25 Holders of roe. Feb. 20
Brewer (C.)6c Co.(monthly)
250. Mar. I 'folders of rec. Feb. 10
Kroger Grocery & Baking (guar.)
75c. Mar.25 Holders of rec. Mar. 20
Monthly
194 May I Holders of rec. Apr. 20
7% 2nd preferred (guar.)
Mar. 15 Holders of roe. Feb. 17
75c.
Buckeye Pipe Line Co.(guar.)
Lake View Si Star Co.(London),Interim_X w1294
10c. Mar. 4 Holders of rec. Feb. 4
Burroughs Adding Mach. Co.(guar.).-194 Mar. 15 Holders of rec. Mar. 5
Landis Nfachine. pref. (guar.)
Feb. 15 Holders of rec. Feb. 2
$1
Cabot Mfg. Co. (guar.)
191 June 15 Holders of rec. June 5
Preferred (guar.)
40c Apr. 1 Holders of rec. Mar. 15
Calamba Sugar Estates (quar.)
10e. Feb. 28 Holders of rec. Jan. 31
(guar.)
Lehigh Coal & Navigation
35e Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
Lehn & Fink Products Co., corn. (guar.) 50c. Mar. 1 Holders of rec. Feb. 15
Feb. 15 Holders of rec. Jan. 31
50c
Canadian Converters(guar.)
Liggett & Myers Tobacco, cora, and
Canadian Oil Cos., Ltd., corn.(quar.)..... 12 Sic Feb. 15 Holders of rec. Feb. 1
$1
Mar. 1 Holders of me. Feb. 15
corn. 13 (guar.)
Preferred (guar.)
32 Apr. 1 Holders of rec. Mar.20
Nlar. 1 Holders of rec. Feb. 15
$1
Common and common B. extra
of rec. Mar. 27
Canadian Car & Foundry Co., pref.(q u.) t44cd Apr. 10 Holders
60c. May 1 Holders of rec. Apr. 25
Co. cap. stock
Lincoln National Life Ins.
Canfield 011 Co., pref. (guru.)
$14 Mar. 31 'folders of rec. Mar. 20
60e. Aug. 1 Holders of rec. July 26
Capital stock
Cartier, Inc., 7% prof
874o. Jan. 31 Holders of rec. Jan. 14
70c Nov. 1 Holders of rec. Oct. 26
Capital stock
Central Manhattan Properties
$1.08
Lindsay (C. W.)& Co., Ltd., pref.(gr.). $14 Mar, 1 Holders of rec. Feb. 14
Centrifugal Pipe Line Corp.cap.stk.(gu.)
10e. Feb. 15 'folders of rec. Feb. 6
20e. Niar, 1 Holders of rec. Feb. 15
Link-Belt Co., common (guar.)
of rec. May 5
Capital stock (guar.)
10c. May 15 Holders
Lobiaw Grocerterlas class A & B (guar.). 820e. Mar. 1 Holders of rec. Feb. 11
Capital stock (guar.)
10e. Aug. 15 Holders of roe. Aug. 5
33 1-3c Feb. 28 Holders of rec. Feb. 28
Lock Joint Pipe (monthly)
Capital stock (guar.)
Nov. 15 Holders of rec. Nov. 8
10e.
33 1-3c Mar.31 Holders of rec. Nlar. 31
NIonthly _
Century Ribbon Mills. pref. (guar.).
$14 Mar. 1 Holder. of rec. Feb. 20
Apr, 1 Holders of rec. Apr. 1
$2
Preferred (guar.)
Chain Belt Co.. corn. (guar.)
10e. Feb. 15 Holders of rec. Feb. 1
July 1 Holders of rec. July 1
$2
Preferred (guar.)
rec. Feb. 5
Charnpin Hardware (guar.)
75c. Feb. 15 Holders of
$1% Feb. 15 Holders of rec. Jan. 31
Loew's, Inc., $64 cum. pref. (quar.)
Holders of rec. Feb. 1
Chartered Investors. Inc., pref.(qu.)_ _ $1% Mar.
$14 Mar. 1 Holders of rec. Feb. 17
Lord & Taylor, 1st pref.(guar.)
Holders of rec. Feb. 20
Chicago Yellow Cab (guar.)
25e. Mar.
3c. Apr. 20 Holders of rec. Apr. 10
Lucky Tiger Comb,Gold Min'g Co.(qu.)
City Ice & Fuel. corn.(guar.)
50c. Mar.3 Holders of me. Mar. 15
$14 Apr. 1 Holders of rec. Mar.22
Lunkenhelmer Co.. pref.(guar.)
Holders of roe. Feb. 15
6)I% preferred (guar.)
194 Mar.
$194 July 1 Holders of rec. June 21
Preferred (guar.)
of rec. Feb. 17
Collins & Ackrnan Corp., pref. (quar.)
Holders
$14 Mar.
Preferred(guar.)
$14 Oct. 2 Holders of rec. Sept.22
Holders of rec. Feb. 14
Columbian Carbon Co.(guar.)
50e. Mar.
25e. Feb. 15 Holders of rec. Feb. 4
Lynch Corp., common (guar.)
Holders of rec. Feb. 15
Congoleum-Nalrn, Inc., corn. (quar.)_ _
15c. Mar.
50e. Feb. 15 Holders of rm. Jan. 20
(It. 11.1 & Co., corn.(quar.)
Macy
Holders of rec. Feb. 15
Preferred (guar.)
$194 Mar.
194 Feb. 15 Holders of roe. Feb. 5
Consolidated Cigar Corp., pref. (quar.)_
Holders of rec. Feb. 150 Nlagnin (I.) & Co.,6% pref. (guar.).
14 Mar.
14 May 15 Holders of rec. NIay 5
6% preferred (guar.)
Consolidated Oil Corp.. 8% pref. (guar.) 2
Feb. 1 Holders of rec. Feb. 1
14 Aug. 15 Holders of roe. Aug. 5
6% preferred (guar.)
Continental Can Co., Inc.. corn.(guar.)50e. Feb. 1 Holders of rec. Feb. la
134 Nov. 15 'folders of rec. Nov. 5
6% preferred (quar.)
Como Mills. corn.(guar.)
Holders of rec. Feb. 20
25c. Mar.
100. Feb. 15 Holders of rec. Feb. 1
Managed Invest.(s-a)
Consolidated NIMing & Smelting of Can. 10
Holders of rec. Jan. 12
$134 Feb. 15 Holders of rec. Jan. 30
Matson Navigation Co.(guar.)
Cosmos Imperial Ni Ills 7% pref. (qu.)- - 874e. Feb. 15 Holders of rec. Jan. 31
250. Mar. 1 Holders of rec. Feb. 15
May Dept. Stores (guar.)
Cresson Consol. Gold Mines (guar.)...
lc. Feb. 25 Holders of rec. Jan. 31
u25c. Mar. 1 Holders of rec. Feb. 1
Crown Cork & Seal Co., Inc., pref. (qtr.)
67c. Mar. 15 Holders of rec. Feb. 2Sa McIntyre Porcupine Mines (guar.)
012940 Mar. I Holders of rec. Feb. 1
Extra
Crown Zellerbach Corp
24
Metro-Goldwyn Pictures Corp., pr.(qu.) 194 Mar. 15 Holders of rec. Feb.
Preferred A & 13 (guar.)
37.34c Mar, 1 Holders of rec. Feb. 13
inneapolLs-lioneywell Regulator Co.
CrUm & Forster. pref.(quar.)
Mar. 31 Holders of rec. Mar. 21
$2
250. Feb. 15 Holders of rec. Feb. 4
Common (guar.)
Curie° Press. Inc. Ski% pref.(guar.).-14 Mar. 15 Holders of rec. Mar. 1
The. Feb. 15 Holders of rec. Feb. 1
Moody's Investors Service, pref.((buar.)_
Daniels & Fisher Stores,64 pf. (qu.)_
194 Mar. 1 Holders of rec. Feb. 10
194 Apr.
Morris Sc. & 10e. to 51 Sts., 7% I11. ((SO
Davega Stores Corp. (special)
Mar. 1 Holders of rec. Feb. 15
$3
194 July 1
7% preferred (guar.)
Deere & Co., old pref. (guar.)
25e. Mar. 1 Holders of rec. Feb. 15
14 Oct. 1
7% preferred (guar.)
New preferred (guar.)
Sc. Mar, I Holders of rec. Feb. 15
14 1-2-34
7% preferred (guar.)
Diamond Match Co., common (guar.)._
25e. Mar. 1 Holders of rec. Feb. 15
194 Mar. 1 Holders of rec. Feb. 18
Muskogee Co..6% Cum. pref. (guar.).Preferred (s. a )
75e. Mar. 1 Holders of rec. Feb. 15
70e. Apr. 15 Holders of rec. Mar. 17
National Biscuit, common (quar.)
Mar. 1 Holders of rec. Feb. 17
52
Dictaphone Corp., pref.(quar.)
$134 Feb. 28 Holders of rec. Feb. 14
Diem & Wing Paper,7% pref.(quar.)
Preferred (guar.)
19( Feb. 15 Holders of rec. Jan. 31
50e. Mar. 1 Holders of rec. Feb. 15
National Container Corp., $2 pf. (guar.)
1240- Feb. 15 Holders of rec. Jan. 31
Distributors Group (guar.)
of rec. Jan. 31
National Industrial Loan Corp. (quar.)_ 164e. Feb. 15 Holders
25e. Apr. 20 Holders of rec. Mar.31
Dome Mines(guar.)
194 Nf ar. 15 Holders of rec. Mar. 3
National Lead Co. 7% pref. A (quar.)
20e. Apr. 20 Holders of rec. Mar.31
Extra
1% Mar. 1 Holders of rec. Feb. 16
Newberry (J. J.) Co.,7% pref.(quar.)..
Dominion Bridge Co., Ltd. (guar.).-- I 50o. Feb. 15 Holders of rec. Jan. 31
194 Mar. 1 Holders of roe. Feb. 20
New Rochelle Water Co.7% Pref.(qu.)50c May 15 Holders of rec. Apr. 29
Quarterly
Niagara Share Corp. of Md.50e Feb. 15 Holders of rec. Feb. 1
Dow Chemical Co.. corn. (guar.)
$14 Apr. 1 Holders of rec. Mar. 15
Class A $6 preferred (guar.)
1% Feb. 15 Holders of rec. Feb. 1
Preferred (guar.)
$14 July I Holders of rec. June 15
Class A $6 preferred (guar.)
75c Mar. I Holders of rec. Feb. 14a
Drug, Inc. (guar.)
$14 Oct. 1 Holders of rec. Sept. 15
Class A $6 preferred (guar.)
50c Feb. 15 Holders or rec. Feb. 1
Duplan Silk Corp., corn. (c-a)
$14 Jan 2'34 Holders of rec. Dec. 15
Class A $6 preferred (guar.)
roe. Jan. 31
Eastern Theatres Ltd., corn.(quar.).
50c Mar. 1 Holders of
50e. Feb. 15 Holders of rm. Feb. 1
Nineteen Ilundred Corp., class A (quar.)
Electric Shareholdings Corp.
.
M ay 3
SOC. A ug 1 5 Holders of rec. May 1
$6 pref., optional series with warrants! 44-1000 Mar. 1 Holders of rec. Feb. 9a
Class A (guar.)
Holders of rec. Aug. 1
Class A (guar.)
40e Feb. 15 Holders of rec. Jan. 31
Employers Re-Insurance Corp.(guar.)_ _
i3eg Nov 7
0o I eb.15 Holders of rec. Nov. 1
Class A (guar.)
$2
Eppens, Smith & Co.
Aug. 2 Holders of rec. July 25
Feb. 15 Holders of roe. Feb. 1
Class B (quar.)
Plantation Co
Holders of rec. Feb. 4
tOe Feb. 15
Ewa
Holders of rec. Feb. 1
1932 Trust Fund
Farmers & Traders Life Ins.(Syracuse)
Holders of rec. Feb. 15
5c.
Northam Warren Corp., cony. pf.
$24 Apr. 1 Holders of roe. Mar. 11
Quarterly.
Holders of rec. Mar. 22
7 % Mar
874 A prS
(qu.)Norwalk
500. Apr. 1 Holders of rec. Mar. 15
Tire & Rubber Co. pref. (ct u.). _
Faultless Rubber Co.. corn.(guar.)
c
1
3 5c. Feb. le Holders of rec. Feb. 12
Oahu R.& Land Co.(monthly)
Firestone Tire & Rubber.8% Prof. 01u.) 134 Mar. I 'folders cf rec. Feb. 15
Feb. 15 Holders of rec. Feb. 6
Oahu Sugar Co.. Ltd. (monthly)
Fitz Simons & Connell Dredge & Dock
50,72500ccs. Feb.2103 Holders of rec. Feb. 10
250. Mar. 1 Holders of rec. Feb. 18
Onomea Sugar Co.(monthly)
Common (guar.)
Holders of rec. Jan. 30
Owens-Illinois Glass Co., com• (quar,).500 Feb. II Holders of rec. Feb. 10
Food Machinery Corp.. pref. (monthly)$14 Apr. 1 Holders of rec. Mar. 16
Preferred (guar.)
Preferred (monthly)
50c. Mar. 15 Holders of rec. Mar. 10
131 Holders of rec. Feb. 20
8734e.
Ponder (D.) Grocery, CIA (guar.)
Gas Light & Coke Co.. (final)
Feb. 15 Holders of rec. Feb. 8
Amer. dep. rec. 4% standard ord._ z w 24-5 Mar. 7 'folders of rec. Jan. 30
Penman.s.
common (guar
Holders of rec. Feb. 15
15e
1,4 . Nfar.
194 Mar. 1 Holders of ree. Feb. 11
Pillsbury Flour Mills, Inc.. corn.
Geist(C.II.)6% pref.(guar.,....
Apr,
Holders of rec. Mar. 17
(qu.)Powdrel
14 Mar. 1 Holders of rec. Feb. 20
& Alexander, pref. (guar.) _ _ $
General Cigar. 7% preferred (guar.). _
tHolders of ree. Dee. I8a Procter & Gamble Co.. common (quar.). 3734e. Feb. 15 Holders of rec. Jan. 250
I-6sh Feb. 20
General Elec. Co., common
75e. Feb. 15 Holders of rec. Jan. 24
Pullman, Inc. (guar.)
Gen'i Outdoor Adv.Co., Inc., pref.(qu.) $14 Feb. 15 Holders of rec. Feb. 6
Holders of rec. Dec. 31
Ma
Feby
54
Puritan Ice Co., Prof.(5.-a.)
75e. Feb. 15 Holders of rec. Feb. 1
Girard Life Ins. Co..annual
Holders of rec. Feb. 1
314
Quaker Oats Co.. pref. (guar.)
$1.94 Apr. 1 Holders of rec. Mar. 17
Glidden Co.. pref.(guar.)
Holders of rec. Feb. 28
194 Mar. 1
40e. Mar. 10 Holders of rec. Feb. 21
Reliance Grain Co., Ltd.. pref.(quar.)_ _
Golden Cycle Corp.(guar.)
Holders of rec. Feb. 150
Nmr
25e. Slat.
Reynolds NIetaLs Co., corn. (guar.)red.
Gorham Nffg. Co., Corn. div. action defer
Holders of rec. Mar. 15
Riches. Inc., 094% preferred (guar.).
75c 4,pr. 1 Holders of me Mar. 20
- 14
Gottfried Baking Co.. Inc.. Cl. A (guar.)
Holders of roe. Feb. 7
20e. Feb. 1
San Carlos Mill (monthly)
75c July I Holders of rec. June 20
Class A (guar.)
Holders of rec. Feb. 6
30c. Feb. 1
750 Oct. I Holders of rec. Sept. 20
Scotten-Dillon Co. (guar.)
Class A (guar.)
Holders of rec. Feb. 6
30c. Feb. I
Extra
Govt. Gold Mining Areas Cons., Ltd.
Holders of roe. Feb. 15
75e, Mar.
Holders of rec. Dee. 30
Second Invest. Corp.(R.I.),6% Pf.(qu.)
Pir45
Amer. dep. ree, reg. shares
Holders of rec. Max.31
Al,!.2
2
$2
Sheaffer(W. A.) Pen, pref. (guar.)
750. Mar. I Holders of rec. Feb. 10
Grand Union Co., pref. (guar.)
July 2 Holders of rec. June 30
$
Preferred (guar.)
Great Atlantic & Pacific Tea Co. of Am.
Oct. 2 Holders of rec. Sept.30
$2
Preferred (guar.)
$194 Mar. I Holders of rec. Feb. 3
Common (guar.)
1
25%. Feb. 15 Holders of rec. Jan. 31
Sherwin Williams (quar.)
25e. Mar. 1 Ilolders of rec. Feb. 3
Extra
Afar. 1 Holders of rec. Feb. 15
$
Preferred (guar.)
14 Mar. I Holders of rec. Feb. 10
7% 1st preferred (guar.)
7%
Siemens & Halske (Berlin)
250 Feb. 15 Feb. 8 to Feb. 15
Great Lakes Dredge & Dock Co (guar.).
Mar.
Mace! Gold Mines (guar-)
1% Feb. 15 Holders of rec. Jan. 25
Guggenheim Co. 181 pref. (guar.)
1
31 Holders of rec. Mar. 18
14
.03e A
Slattery (E. J.) Co., pref.(quar.)
15e Mar. 1 Holders of roe. Feb. 15
Hale Bros. Stores, Inc., Corn. (quar.)_ _ _
5194 Feb. 15 Holders of rm. Feb. 1
Smith (A.0.) Corp., pref.(guar.)
10e Feb. 15 Holders of rec. Jan. 31
Hamilton Loan Society, 8% pref
Solvay Amer invest. Corp., prof. (guar.) $194 Feb. 15 Holders of roe. Jan. 16
0375c Feb. 15 Holders of rec. Jan. 31
Extra
Southern Pacific Golden Gate Co.
19( Mar. 1 Holders of rec. Feb. 15
Hardesty (R.), 7% pref. (guar.)
374c. Feb. 15 Holders of rec. Jan. 31
Class A and B (guar.)
19 June 1 Holders of rec. May 15
7% preferred (quar.)
134 Feb. 15 Holders of rec. Jan. 31
6% cum. preferred (guar.)
1 ±i Sept. 1 Holders of rec. Aug. 15
7% preferred (guar.)
10c, Mar, 1 Holders of rec. Feb. 15
Southern Pipe Line Co.(quar)
1.4 Dec. 1 IIorders of me Nov. 15
7% preferred (guar.)
3s. Pd. Feb. 17 Ffoiders of rec. Dec. 31
Spring Mines, Ltd., ord. bearer
7513. Feb. 15 Holders of rec. Feb. 1
(guar.)._ _ _
Hartford Times. Inc.. pref.
60e. Feb. 15 Holders of me. Feb. I
Standard Cap & Seal Corp.. corn. (qu.).
200. Feb. 15 Holders of rec. Feb. 10
Hawaiian Sugar Co. (monthly)
72:
Financial Chronicle
Name of Company.
Per
When
Cent. Payable.
Books Ciosed.
Days Inclusive.
Miscellaneous (Concluded).
Standard-Coosa-Thatcher 7% pf. ((W.)
- 184 Apr. 15 Holders of rec. Apr. 15
Standard 011 Co.of Calif.(on.)
50e. Mar. 15 Holders of rec. Feb. 15
Standard Oil of Ind.(guar.)
25e. Mar.15 Holders of rec. Feb. 15
Standard 011 Co. of N. J.($25 par)(ou.)
25c. Mar. 15 Holders of rec. Feb. 15
$100 par (quar.)
$1
Mar. 15 Holders of rec. Feb. 15
Stromberg-Carlson Tel. Mfg.. pf.(411.)-- $1
Mar. 1 Holders of rec. Feb. 15
Sun 011 Co., corn. (guar.)
250 Mar.15 Holders of rec. Feb. 25
Preferred (guar.)
$145 Mar. 1 Holders of rec. Feb. 10
Superior Olt (Calif.), pref
2
Feb. 20 Holders of rec. Feb. 1
Superior Portland Cement el. A (mthly.) 27340 Mar. 1 Holders of rec. Feb. 23
Swift Interisaelonal Corp. (s.
$1
Feb. 15 Holders of refs. Jan. 140
-a.)
Texas Gulf Prod
e254 Feb. 25 Holders of rec. Feb. 6
Thatcher Mfg. Co.. cony. pref.(quar.)
90c Feb. 15 Holders of rec. Jan. 31
Tide Water 011 Co.. pref
Feb. 15 Holders of rec. Jan. 20
United Aircraft dr Transp. Corp. pf.(qu.)
750. Apr. 1 Holders of rec. Mar. 10
United Biscuit Co.of Am..corn.(quar.)..
50e. Mar. 1 !Holders of rec. Feb. 16
United Piece Dye Works 634% p1.(au.)
Apr. 1 Holders of rec. Mar. 20
U.S.Pipe & Foundry Co., corn.(quar.) 12340. Apr. 20 Holders of rec. Mar. 31
Common (guar.)
olders of rec. June 30
12340. July 20
Common (guar.)
1Z/ie. Oct. 20
olders of rec. Sept.30
Common (guar.)
121Sc. 1-20-34 Holders of rec. Dec. 30
1st preferred (guar.)
30e. Apr. 20
elders of rec. Mar.31
1st preferred (guar.)
30e. July 20 '.Holders of rec. June 30
1st preferred (guar.)
30e. Oct. 20 ,Ilolders of rec. Sept.30
1st preferred (guar.)
30c. 1-20-34 :Holders of rec. Dee. 30
United States Playing Card Co. (quar.)
25c. Apr. 1 Holders of rec. Mar. 21
United States Steel Corp. pref. (quar.)....
500. Feb. 27 Holders of rec. Feb. 30
United Stores corp. pref.(guar.)
8134 c Mar. 15 Molders of rec. Feb. 24
Vick Financial Corp.,corn.(s.
-a.)
7Sic. Feb. 15 Holders of rec. Feb. 1
Vulcan Detinning Co., pref. (quar.)_.._
134 Apr. 20 Holders of roe. Apr. 7a
Warren (N.) Corp..$3 pref.(quar.)
75c. Mar. 1 Holders of rec. Feb. 15
Weill (R.) & Co. (8.-a.)
Mar. 1 Holders of roe. Feb. 1
Wesson Oil & Snowdrift Co.,Ine.,pf (qu) $1
Mar. 1 Holders of rec. Feb. 15
W.Va.Pulp & Paper Co.. pref. (guar.)
$134 Feb. 15 Holders of rec. Feb. 1
Western Cartridge Co.6% pref. (quar.).. 134 Feb. 20 Holders of rec. Jan. 31
Western Dairy Products, Inc.
Class A preferred (guar.)
$1.4 Mar. 1 Holders of ree. Feb. 8
Weetinghse. El. dr Mfg. Co.coin.& pf
Feb. 20 Holders of rec. Jan. 23
White Rock Mineral Springs Co.
Common (guar.)
50c. Apr. 1 Holders of rec. Mar. 17
First preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 17
Second preferred (guar.)
s$2)4 'Apr. 1 Holdesr of rec. Mar. 17
Winstead Hosiery Co.(guar.)
$1
May 1 Holders of roe. Apr. 15
Quarterly
$134 Aug. 1 Holders of rec. July 15
Quarterly
$134 Nov. 1 Holders of rec. Oct. 15
Woolworth (F. W.) Co.cap.stk.(gol.)60e. Mar. 1 Holders of roe. Feb. 10
Worcester Salt, pref. (guar.)
$114 Feb. 15 Holders of rec. Feb. 8
Wrigley(Wm.) Jr. Co.(monthly)
25c. Mar.
Holders of rec. Feb. 20
Monthly
250. Apr.
Holders of ree. Mar.20
Monthly
250. May
Holders of roe. Apr. 20
t The New York Block Exchange has ruled that stook will not be quoted exdividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stook will not be
(Rioted ex dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
4 Correction. s Payable in stock.
IPayable in common stock. p Payable in scrip. S On account of accumulated
dividends. I Payable in preferred stock.
et A dividend, payable in common stook (now owned by General Electric Company) of Radio Corporation of America, at the rate of one-sixth (1-6) of one share
of common stook of Radio Corporation of America for each share held of common
stock of General Electric Company was declared.
o Westinghouse Electric & Mfg. distribution of 34 share of Radio Corp. of America
stock for each share held. Preferred stockholders have option of receiving $3.50
in cash in lieu of above. Dividend including the optional feature, constitutes to
preferred holders full payment of preferential dividend for 1933.
p Govt. Gold Mining Areas Cons. Ltd. div. Is based on Union of So. Africa cur
rency.
s White Rock Mineral Springs 2d pref. stock pays $2.50 per share on 859 shares
equivalent to 50c. per share on 4,295 shares of common stock for which the 3d pref.
may be exchanged, and payable on the equivalent number of common if so exchanged
before the record date.
I Payable in Canadian funds.
a Payable in United States funds.
o A unit.
to Less deduction for expenses of depositary.
s Less tar.
Weekly Return of New York City Clearing House.
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now make only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING
HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. FEB.4 1933.
Clearing House
Members.
• Capital.
$
Bank of N.Y.& Tr. Co_
6,000,000
Bank of Manhat.l.o___
20,000,000
National City Bank - ___ 124.000,000
Chemical Bk.& Tr.Co-- e20.000.000
Guaranty Trust Co
90,000,000
Manufacturers Tr. Co_
. 32,935,000
Central Hanover Itk&Tr.
21,000,000
Corn Exch. Bk.Tr.Co_ _
15.000.000
First National Bank__..
10,000.000
Irving Trust Co
50,000.000
Continental Bk.& Tr.Go
4,000,000
Chase National Bank...... 148,000,000
Fifth Avenue B.nk
500.000
Bankers Trust Co
25,000,000
Title Guar.& Trust Co
10,000,000
Marine Midland Tr. Co..
10,000,000
Lawyers Trust Co
3,000.000
New York Trust Co_ _
12,500,000
Coml Nat. Bk.& Tr.Co.
7.000,000
Harriman NB & Tr.Co.
2,000,000
Public N. B.& Tr. Co..
8,250,000
Totals
•Surplus and Na Demand
Undivided
Deposits,
Profits.
Average.
$
$
86,675,000
9,219,800
36,889,200
239,824.000
81,454,100 a1,011,290.000
e46,652,600
254,418,000
181,233,500 D929,536,000
20,297,500
245,590,000
69,031,200
475,730,000
22,550,000
177,870,000
81.483,400
345,489,000
62,412,100
320,107,000
5,756,000
22,524,000
111.132,900 c1,227,380,000
3.673,000
40,375.000
77,138,100 d555,492,000
20,467,100
23,174,000
5,546,200
44,403,000
2,116,600
9,248,000
22,019,400
206,429,000
8,653,000
46,882,000
941,000
21,388,000
4,406,700
35,113,000
Time
Deposits,
Average.
$
12,047,000
37.411,000
183.240,000
34,417,000
38,132,000
93,645.000
62,367,000
21.504,000
32,771,000
45,796,000
2,075,000
139,817.0(10
2,767.000
62,828,000
1,282,000
5,305,000
451,000
24,910,000
2.809,000
5.796,000
28,196,000
6191850041 873071.400 6.318.937_000 842 sfIR win
*As per official reports: National, Dec. 31 1932; State, Doe. 31 1932;
trust
companies. Dec. 31 1932; e as of Jan. 18 1933.
pifIncludes deposits in foreign branches: a $193,759,000; b 250,888.000; c S58,222,000; d $28,344,000.
Feb. 11 1933
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended Feb. 3:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, FEB. 3 1933.
NATIONAL BANKS
-AVERAGE FIGURES.
Loans,
Disc. and
Investments.
ManhattanGrace National
Cash.
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
$
17,747,200
Brooklyn
Peoples National_..„
$
120,500
$
1,622,200
5,511,000
81,000
328,000
Gross
Deposits.
$
$
961,300 18,985.700
48,000
4,776,000
TRUST COMPANIES
-AVERAGE FIGURES.
Loans,
MICOU41 &
Investments.
Cash.
Reserve Dep Dep. Other
N. Y and Banks and
Elsewhere. Trust Cos.
Gran
Deposit*.
Manhattan-Empire
Federation
Fiduciary
Fulton
United States
$
a
S
54,392,000 *3.009,600 7.677,300
39,574
5,717,840
412,160
664.097
9,960,600
626.622
17,639,900 .2,375,300 1,230,500
87,729,821 5,458,150 19,813,702
$
$
2,328,000 56,932.800
698,386 5.355,862
9,160,707
960,400 17.570,200
85,548,539
Brooklyn
Brooklyn
ratty, County
93,979,000
23.299.170
2,715,000 23,072.000
1.600.752 10.840.429
377,000 101,639,000
29 119.595
•Includes amoun
Fulton, 22,224,900.
with Federal Reserve as follows: Empire, $1,833,000:
Boston Clearing House Weekly Returns.
-This statements has been discontinued, according to the following
letter from the Boston Clearing House:
BOSTON CLEARING HOUSE ASSOCIATION.
Boston, Mass., Jan. 25 1933.
Commercial & Financial Chronicle,
New York, N. Y.
Gentlemen:
-The members of the Clearing House Association
have ascertained that the gathering and publication of weekly
statistics by the Manager is not in general practice throughout
the country, and have decided that it has not been of sufficient
practical value to justify its continuance.
They have therefore agreed that this procedure shall be
abolished.
Very truly yours,
HERBERT W. SCOTT,
Manager.
-Beginning with the return for the
Philadelphia Banks.
week ended Oct. 111930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System, the
reserve requirement is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
Feb. 4
1933.
Changesfront
Previous
Week.
Week Ended
Jan. 28
1933.
Week Ended
Jan. 21
1933.
$
$
$
$
76,948,000 Unchanged
Capital stock
76.948,000
76.948.000
151,553.000 Unchanged
Surplus and profits
151.553,000 151,553.000
Loans, cllacts. and Invest_ 1,100,038,000
+551,000 1,099,487.000 1,116,322.000
18,637,000 +1,433.000
Exch.for Clearing House_
15,204,000
14,494.000
168.338.000 +4,560.000 163,778,000
Due from banks
216,895,000 +1,504,000 215,391,000 164,455.000
Bank deposits
214,388.000
622.740.000 +5.178.000 617,562,000
Individual deposits
621,796,000
Time deposits
280.043.000
+823.000 279,220,000
1,119,678,000 +7,505,000 1,112,173,000 279,880.000
Total deposits
1,116,064,000
Legal reserve and cash.- 109,724,000 +2.712.000 107.012 000
04240 Ann
977
Financial Chronicle
Volume 136
of the Federal Reserve Board.
Weekly Return
afternoon, Feb. 9, and showing the condition
The following is the return issued by the Federal Reserve Board Thursday
Wednesday. In the first table we present the results for the System
of the twelve Reserve banks at the close of business on
those of the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks and with
for each of the twelve banks. The Federal Reserve Agents'
The second table shows the resources and liabilities separately
notes between the Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve
Board's comment upon the returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve
Events and Discussions." 8 1933.
latest week appears on page 924, being the first item in our department of "Current
CLOSE OF BUSINESS FEB.
BANKS AT THE
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
4 1933. Dec. 28 1932 Dec. 21 1932. Feb. 10 1932.
Feb. 8 1933. Feb. 1 1933. Jan. 25 1933 Jan. 18 1933 Jan. 11 1933. /an.
$
RESO URCES.
2,335,345.000 2.297.515,000 2,071.979,000
56,962.000
2,469,982,000 2,414,852,000 2,390,103.000 2,377,803.000 2,345,320.000 2.344.625,000
40,350.000
Gold with Federal Reserve agents
40.831,000
40.496,000
39,742,000
39,233,000
37.736,000
37.148,000
35,744,000
redemption fund with U. S. Tress._
Gold
2,128.941.000
2.385.121.000 2,378,176.000 2.337,865.000 317,192,000
Gold held exclusively ages. F. It. notes 2.505.726.000 2,452,000,000 2,427,839,000 2,417.036.000 2,385.062,000 342.008.000 346,342.000 321.942.000
397,699,000 427,415.000 432,095,000 408,070.000 405,282.000
451,814.000 521,085,000
Gold settlement fund with F. It. Board
432,189.000 446,137.000 426,013.000
Gold and gold certificates held by banks.. 343.699,000 375.759,000 398,767,000 411,335,000
3,111.621.000 2.967,218,000
3,148.531.000
3,247,124,000 3,255,174,000 3.258,701.000 3,236,441,000 3,222.533.000 3,173.356,000 173.322,000 169.370.000 196,277,000
Total gold reserves
195,227,000 201.413.000 201,498.000 198,238,000 195.112,000 179,928.000
Reserves other than gold
3.163.495.000
3,321,853.000 3,280,991,000
75,666,000
3,442,351.000 3,456,587,000 3,460,199,000 3,434,679.000 3,417,645,000 3,353,284,000
Total reserves
70.234.000
84,034,000
82.554.000
91,647,000
86,443,000
87,570.000
78,796,000
79,729,000
Non-reserve cash
Bills discounted:
77.378.000 450.326,000
77.760.000
.71,172.000
68.543.000
66,496.000 .66,333,000
66.737.000
62,914,000
Secured by U. B. Govt. obligations
189,622.000 192,937.000 369,109,000
189,726,000 201,953,000 196,155,000 182,172.000 •181,768,000 •179,930,000
Other bills discounted
819.435,000
251.102.000 267.382.000 270.315.000 169,391,000
252,640,000 268,690,000 264.698.000 248.668,000 248.151.000
Total bills discounted
33,221,000
33,307.000
32.617.000
32,362,000
31,496,000
31.926,000
31,338,000
31,338,000
13111s bought In open market
U. S. Government securities:
420,740.000 420.703.000 320,110,000
420,894.000 421,173.000 420,890,000 420,755000 420,763,000 420.901,000 296.419,000 286.908.000
69,530.000
Bonds
399,171,000 333,895,000 319,760,000 310.426,000 301,406.000 296.414.000
Treasury notes
Special Treasury certificates
1,143.088.000 351.794,000
1,133,578.000
963,847,000 1,008,547.000 1.022,661,000 1,047,012,000 1,090,219.000 1,133,595.000
Certificates and bills
741,434,000
1.850,910.000 1,850.737,000 1,850.699.000
33.451,000
5,571,000
Total U. S. Government securities_ - 1.783,912.000 1,763,615.000 1,763,311.000 1.778,193,000 1,812,388,000
5,649,000
5.218.000
5.102.000
4,526,000
4.597,000
3,415,000
3,435,000
Other securities
Foreign loans on gold
2,157.075.000 2,159.806.000 1,763,711,000
2.071,325,000 2,067,058,000 2,064,031.000 2,063,394.000 2,008,003.000 2,139,847,000
95,510.000
Total bills and securities
72.638.000
61.128.000
51,091.000
13,589.000
51.091,000
8,608.000
2.868.000
Gold held abroad
2,976.000
2.077.000
3,437,000
2.982.000
3,259.000
3,505.000
3,539,000
12,802 000
13.550.000
Due from foreign banks
14.775.000
17,735.000
15,452.000
17,951.000
16,311.000
11,835,000
345.551,000
10.964.000
Federal Reserve notes of other banks_
356.736,000 358.810.000
302.438,000 329,504,000 300,746.000 344.921,000 339.550.000 458.654,000
57,821.000
Uncollected Items
58.212,000
58,212,000
53,844,000
53,880.000
53,880.000
53.880,000
53,880.000
53,962,000
39,335,000
Bank premises
35.802,000
36.831,000
39,606.000
40,394.000
46,838.000
42,281,000
47,814,000
50,977,000
All other resources
6,075.829,000 5,466,989,000
6,015,285,000 6.048.979,000 6.044,665,000 6,097,376.000 6,113,143,000 6,209.629,000 6,105.130.000
Total resources
LI.4BILITIES.
2.756.363.000 2,661.959,000
2,773,192,000 2.729,971,000 2,705,667,000 2,697.295,000 2,687.024,000 2.737,656.000 2,735,458,000
F. R. notes in actual circulation
Deposits:
2.446.056.000 1,904.914,000
2,419,399,000 2,437,705,000 2.513.199,000 2.545,151000 2,573,944,000 2,514,451.000 2,481,674.000
48.331.000
Member banks—reserve account
36.249,000
42,172.000
23,848.000
12.811.000
21,430.000
17.842,000
36.520.000
12.128.000
46,582,000
Government
19.221.000
19.053.000
18.853.000
33.640.000
20.539.000
20.629,000
37,542.000
44.930.000
21,255,000
Foreign banks
19,872,000
20,339,000
27,594,000
30,224.000
24,340,000
28.468.000
27,972,000
23,213,000
Other deposits
2.521.398.000 2,021,082.000
2,499,670,000 2,539,739.000 2.587.244.000 2,607.872.000 2.644,471.000 2,587.376.000 2.563.238.000 341,884.000 339,168.000
Total deposits
292,664.000 329,894,000 301.658,000 343 716.000 334,256.000 438.053.000 348.639.000 151,334.000 158.362.000
Deferred availability Items
151,034,000 151,036,000 151,201,000 151,288,000 151.309,000 151,332,000 151.314.000 259,421.000 259,421,000
Capital paid in
278,599,000 278,599,000 278,599.000 278,599,000 278.599.000 278.599,000 259.421,000
26,997.000
Surplus
45,429,000
47.060.000
16,613,000
20,296.000
17.484,000
18.606,000
19,690,000
20,126.000
All other liabilities
5,466,989,000
6,044,665,000 6.097.376.000 6,113.143,000 6.209,629.000 6.105.130,000 6,075.829.000
6,015,285,000 6,048,979,000
Total liabilities
63.3%
Ratio of gold reserve to deposits and
58.9%
59.4%
59.5%
61.5%
61.0%
60.4%
61.7%
61.5%
F. R. note liabilities combined
67.6%
Ratio of total reserves to deposits and
62.2%
62.7%
63.0%
64.1%
65.4%
64.7%
65.6%
65.3%
F. It. note liabilities combined
Contingent liability on bills purchased
36.171,000 319.294,000
36,338,000
40,157,000
40,724,000
39,932.000
41,831,000
40,655,000
39,682.000
for foreign -orrespondents
=—
$
$
Maturity Distribtaion of Bills and
Short-Term Securities
189,212.000 628,139,000
173,661,000 189,603.000 187.706,000 171.772,000 170.733.000 175,810,000 187,581.000
48,995,000
1-15 days bills discounted
20,297.000
20,288.000
18,722,000
21.085.000
19,352,000
20,135.000
20.796,000
19,978,000
74,971,000
16-30 days bills discounted
30.095.000
29.013,000
28,164.000
26,978,000
27,967.000
27.648,000
27,747,000
28,259,000
47,503,000
31-60 days bills discounted
19,446.000
19.503.000
17,794,000
18.526.000
19,225,000
18,398,000
20,084.000
19,979,000
19,827,000
61-90 days bills discounted
11,265.000
10,997,000
10.612.000
10,831.000
10,448,000
10,715,000
10,460,000
10,763,000
Over 90 days bills discounted
819.435.000
267,382 000 270,315.000
252,640,000 268,690,000 264,698,000 248,668.000 248,151.000 251,102.000
60.296.000
Total bills discounted
8.061.000
6.452 000
5.111.000
6.064.000
4,746,000
5,161.000
7,184.000
34.527.000
7.581.000
1-15 days bills bought In open market_ _
4.855.000
5.742.000
5,857,000
6,864.000
6,439.000
8,637,000
5.020.000
39.416,000
8,733,000
16-30 days bills bought in open market
11,003.000
10,385,000
10,242,000
9,302,000
11,818.000
10,157.000
8,654.000
5,148.000
34,717,000
31-80 days bills bought In open market
9,302.000
10.728,000
11,407,000
7.991.000
10,581,000
9,971,000
435.000
10,480,000
9,876,000
61-90 days bills bought In open market
Over 90 days bills bought in open market
33.221.000 169,391,000
33.307.000
32,617,000
32,362.000
31,496,000
31.926.000
Total bills bought in open market
37,591.000
31,338.000
31,338,000
56.250.000
58.355.000
83,325.000 119,758.000 108,583.000 119,758,000 108.564.000
72,975,000
26.336.000
82.800,000
1-15 days U. S. certificates and bills.....
73,550.000
83.325.000
62.975.000
73,550,000
87.800.000
66,338.000
18-30 (lays U. 8. certificates and bills_
89,950,000
50,000.000
151.525.000 171.125.000
31-60 days U. EL certificates and bills
4,820,000
203,031.000 203,031,000 249,282,000 274.231.000 143.550,000 192.750.000 224.284.000 274,731.000
54.250.000 213.031.000 213,031.000 579.656.000 532.418.000 216,727.000
57.250.006
61-90 days U. S. certificates and bills
203.897,000 203.897.000
Over 90 days certificate, and bile
433,369,000 428,869.000 569,604,000 547,406.000 550,905.000 535,906.000
1,133,578.000 1,143,088.000 351,794.000
Total U. S. certificates and bills
963,847,000 1,008.547,000 1,022,661,000 1,047,012.000 1,090.219.000 1,133,595.000
3,375,000
4,735.000
5,340.000
4,818.000
4.089.000
4.558.000
4.438,000
3,377.000
1-15 days municipal warrants
3,397,000
167,000
823.000
296,000
387.000
1.000.000
14,000
16-30 days municipal warrants
10,000
13,000
208.000
13.000
13.000
13,000
3,000
31-60 days municipal warrants
1.000
13.000
13,000
61-90 days municipal warrants
20,000
25.000
25,000
25,000
25,000
Over 911 days municipal warrants__.
3,771,000
5.571.000
5.649.000
5.218.000
4.529.000
4,597.000
3,415.000
5.102,000
3,435.000
Total municipal warrants
Federal Reserve Notes—
2,999.717.000 3,005,204.000 2,924,588,000
Issued to F. R. Bank by F. It. Agent__ 2,992,411.000 2,942,459.000 2,933,505,000 2,932.263,000 2,929.953,000 2.980.366,000 264,259.000 248.841.000 262,629,000
219.219,000 212.488,000 227.838,000 234,968.000 242.929,000 242.710,000
Held by Federal Reserve Bank
2.756.363.000 2,661,959.000
2,773.192,000 2.729,971,000 2.705,667,000 2.697.295,000 2.687,024,000 2,737.656.000 2.735.458.000
In actual circulatlon
Collateral Held by Agent as Security
for Notes Issued to Bank—
By gold and gold certificates
Gold fund—Federal Reserve Board
By eligible paper
U. EL Govermnent securities
1.076.255.000 817,799,000
1,132,237,000 1,128.607,000 1,124,758,000 1,122,158,000 1,111.675.000 1.089.365.000 1.105.285,000 1.221.269 000 1,254,180,000
1.337,745,000 1,286.245,000 1,265,345 000 1,255.645.000 1,233 645.000 1,255.260.000 1.230,060.000 254.606 000 948,829,000
252.304.000
235,255.000 250,763,000 249,096,000 233.636,000 232.679.000 235.401,000
316,200.000 306,800,000 325,600.000 354,600.000 384.400.000 426,100.000 428.500.000 471.600.000
023 721 000 3,020,808,000
3,021,437,000 2.972.415.000 2,964,799,0002.960,039,050 2.962.399.000 3.006,126.000 1.016.149.0003
Total
• Revised figures.
OF BUSINESS FEB. 8 1933
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE
Two Ciphers WO) omitted.
San Fran.
Boston. New York. Phila. Cleveland. Richmond Atlanta, Chicago. St. Louis. Minneap. Kan.Clty. Dallas.
Total.
Federal Reserve Bank of—
$
S
$
$
$
$
$
$
$
$
$
5
$
RESOURCES.
I
586,707,0 167,300,0 185,970,0 85,500,0 76,190,0 718,210,0 107,890,0 47,090,0 80,230.0 18.255,0 196,263,0
.
Gold with Fed. Roe• Agents— 2 469.982,0 200,327,0
. .0
2,747,0 1,360,0 2,139,0 1,925,0 1.256,0 5 154
4.939,0 4.277,0 5,401,0 1.512.0 3.180,0
Gold redern.1und with U.S.Treas.! 35,744,0 1,845.0
Gold held excl. agst.F.R. notes2,505,726.0 202,172.0
Gold settlern't fund with F.R.Bd 397,699,0 34,847,0
Gold dr,gold Ws. held by banks,1 343.699,0 14,503,0
,
3 247,124,0 251,522.0
Total gold reserves
195,227,0 17,784,0
Reserves other than gold
591.646.0 171.577,0 191,371,0 87,012,0 79,370.0
91,661,0 26,084,0 31,902,0 18,172,0 6,587,0
234,148,0 7,584,0 18,636,0 2,981,0 7,348,0
01.417.0
720,057,0 100,250,0 49.229,0 82,205,0 19.511.0 2
11.020,0
100,236,0 14,794,0 10.019,0 18.410,0 2,436.0 33,967,0
18,647,0
2,114,0 1,937,0 7.782,0
25,583,0
917.455,0 205,245,0 241,909,0 108,165.0 93,305,0
64,800,0 21,407.0 12,913,0 9,937,0 4,528.0
846,776.0 126,167,0 61,185.0 108,397,0 32,967,0 254,031,0
25,858,0 8,805,0 3,950.0 6,297,0 8,237,0 10,711,0
13,442,351,0 269,306.0
Total reserves
I
79.729,0 6,003,0
Non-reserve cash
Bills discounted:
62,914,0 3,213,0
See. by U.S. Govt. obligations
189,726,0 8,169,0
Other bills discounted
982,255,0 226,652,0 254,822,0 118,102,0 97,833.0
22.671,0 4,196,0 4.035,0 3.140,0 4,416.0
872,034.0 134,972,0 65,135,0 114,694.0 41,204,0 264.742,0
15,091,0 3,900.0 2,325,0 2,464,0 4,025,0 7,463,0
Total bills discounted
Mlle h.,neht In nnen market
252,640,0 11,382.0
31 338 0 2.125.0
23,704,0 10,817,0 9,199,0 1,451,0 1,459,0
30,338,0 35,324.0 17.784,0 14.545,0 16.269,0
3,550,0
14,206,0
2,686,0
2,869,0
651,0
285,0
9,968.0 13,787.0
297,0 5,602,0
3,629,0 22,838.0
54,042,0 46,141,0 26,983,0 15,996,0 17,728,0
9.841.0 3.063.0 2.965.0 1.733 0 2 292 01
17,756.0
2 7U 0
5,555,0 10,253,0 14,438,0
8420
6400
947.0
3,926.0 28.440,0
842 0 2.264,0
Financial Chronicle
Two Ciphers (00) omitted.
Total.
RESOURCES (Concluded)U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Boston. New York.
$
3
$
Phila.
$
Cleveland. Richmond Atlanta.
s
$
Feb. 11 1933
Chicago.
$
St. Louis. Ilinneap. Kan.City. Dallas. San Fran.
$
$
$
$
$
3
420.894,0 20,344,0
399,171.0 22,179,0
963,847.0 50,589.0
186,620,0 31,011,0 36,345,0 9,699,0 9,668,0
159,794.0 31,242,0 41,055,0 10,957,0 10,851.0
357.592,0 71,261,0 93,640,0 24,993,0 24.751,0
41.165,0 13,905,0 17,199,0 11.805,0 17,875,0 25,258,0
46,497,0 15,141,0 10,885,0 13,141.0 8,897,0 28,532.0
166,313,0 34,536,0 24,827,0 29,974,0 20,293,0 65,078,0
Total U.S. Govt. securities_ 1,783,912,0 93,112,0
Other securities
3,435,0
704,006,0 133,514,0 171,040,0 45,649,0 45,270,0
2,897.0
525,0
253,975,0 63,582,0 52,911,0 54,920,0 47,065,0 118,868,0
13,0
Total bills and securities
Gold held abroad
Due from foreign banks
Fed. Res. notes of ocher banks
Uncollected items
Bank premises
All other resources
770,786.0 183,243,0 200,988,0 63.378,0 65,291,0
275,514,0 70,084,0 63,817,0 70,200.0 51,833,0 149,572,0
2,071,325,0 106,619.0
3,539,0
268,0
10,964,0
214,0
302,438,0 32,050,0
53,962,0 3,240,0
50,977,0
641,0
1,323,0
386,0
347,0
137,0
3,043.0
221,0
635,0
444,0
87,288,0 25,221,0 26,332,0 24,635,0
12,818,0 3,106,0 6,929,0 3,237,0
25,391,0 4,585,0 1,925,0 3,025,0
123,0
784,0
9.719,0
2,422,0
5,845,0
478,0
17,0
1,910,0
957,0
34,959.0 14,069,0
7,595,0 3,285,0
1,576,0 1,235,0
11,0
102,0
102,0
245,0
248,0 1.214,0
276,0 1.018,0
5.588,0 15,926,0 10,822,0 15,829,0
1,746,0 3,559,0 1,741,0 4,244,0
2,044,0 1,208,0 1,495,0 2,007,0
Total resources
6,015,285,0 418,381,0 1,905,575,0 447,610,0 496,013,0 216,098,0 136,433,0 1,209,757,0 228,519.0 140,914,0 209,367,0
111,498,0 445,120,0
LI.4BILITIES.
F. R. notes In actual circulation_ 2,773,192,0 187,308,0 561,839,0 234,896,0 278,508,0 98,494,0 111,136,0 705,563.0
134,037,0 84,175,0 100.187,0 36,071,0 240,078,0
Deposits:
Member bank reserve account 2,419,399,0 162.970,0 1,082.139.0 138,304,0 141,481,0 71,121,0 45,122,0 404,190,0 60.269,0
38,586,0 77,935,0 48,777,0 148,505,0
Government
12,128,0 1,307,0
707.0 1,173,0
1,118,0
8,0
572,0
2,408,0
760,0
652,0 2,561,0
669,0
193.0
Foreign bank
44,930,0 2.701,0
20,286.0 3,886,0 3,663.0 1,443,0
4,811,0 1,258,0
1,295,0
851,0 1,073.0 1,073,0 2,590.0
Other deposits
23,213,0
121,0
7,350,0
189,0 1,373.0 2,109,0 1,211,0
2,081,0 1,842,0
467,0
450,0
199,0 5,821,0
Total deposits
2,499,670,0 167,099,0 1.110,482,0 143,552.0 147,635,0 75.245,0 47,636,0 413,490,0 64,129,0 40,556,0 82,019,0 50,718,0 157.109,0
Deferred availability Items
292,664,0 32,197.0
85.195,0 23,505,0 25.732,0 23,849,0 9,580,0
32.203,0 14,628,0 5,244,0 13,871,0 10,911,0 15,749,0
Capital paid In
151,034,0 10,828,0
58,602,0 16,033,0 14,052,0 5,153.0 4,709.0
16,107.0 4,351.0 2,873,0 4,037,0 3,875,0 10,414.0
Surplus
278,599.0 20,460,0
85,054,0 29,242.0 28,294,0 11,616,0 10,544,0
39,497,0 10.186,0 7,019,0 8,263,0
8.719,0 19,701,0
All other liabilities
20,126,0
489,0
4,399,0
382,0 1,792,0 1,741,0 2,828,0
2,897,0 1,188,0 1,047,0
990,0 1,204,0 1,169,0
Total liabilities
6,015,285,0 418,381,0 1,905,575,0 447.610;0 496,013,0 216,098,0 186,433,0 1,209,757,0 228,519,0 140.914,0 209,367,0 111,498,0 445,120,0
Memoranda.
Reserve ratio (percent)
65.3
58.7
76.0
59.9
59.8
68.0
61.6
78.0
68.1
52.2
62.9
47.5
66.5
Contingent liability on bills purchased for for'n correspondents
:39 682 0 2987.0
12.433.0 4.296.0
4.051.0 1.596.0 1,432,0
5,319,0 1,391,0
941,0 1,186,0 1,186,0 2,864,0
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve Agent at-
Total.
Boston. New York.
Two Ciphers (00) omitted.
3
$
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt. 2,992,411,0 203,315,0
Held by Fed'I Reserve Bank. 219,219,0 16.007.0
In actual circulation
2,773,192,0
Collateral held by Agent as security for notes issued to bks:
Gold and gold certificates
1.132,237,0
Gold fund-F. R. Board
1,337,745,0
Eligible paper
235,255.0
U. S. Government securities
316,200,0
Tn..I onll a'oral
3
Phila,
$
Cleveland. Richmond Atlanta.
$
$
Chicago.
$
3
St. Louis. ifinneap. Kan.CUy. Dallas. San Fran.
5
3
8
3
$
635.070,0 247,013.0 287,774.0 103,522,0 130,739,0
73,231,0 12,117,0 9,266,0 5,028,0 19,603,0
736,431,0 144,047,0 86,197,0 108,389,0 39,273,0 270,641,0
30,868,0 10,010,0 2,022,0 8,202,0 3,202,0 29,663,0
187.308,0
561,339,0 234,896,0 278,508,0 98,494,0 111,136,0
705,563,0 134.037,0 84,175,0 100,187,0 36,071,0 240,978,0
47.010,0
153,317,0
11,323,0
487.707.0 77,890.0 71.470,0 18.745,0
99,000,0 89.410,0 114,500,0 66,755,0
50,391,0 46,010,0 27,028,0 16,492,0
34,000,0 75,000,0 2,000.0
264,210,0 23,590,0 13,590,0 10,480,0 13,355,0
454,000,0 84,300,0 33,500,0 69,800,0 4,900,0
17,490,0 5.237,0 8,991,0 12.439,0 3,651,0
10,000,0 31.000,0 30,700,0 19,000,0 17,500,0
q A91 '117 n 911 ASA 11
15.190.0
61,000,0
17,378,0
39,000,0
n27 (VIR n 947 ain 0 2R7 2952 n 102 0119 n IT, CAR 0
89.000,0
107,263.0
18,825,0
58,000,0
74C 7no !I 144. 197 A RR 7R1 n 1 is 710 n 20 Ann 0 975 085 n
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks
from which weekly returns are obtained. These figures
always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were are
given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of
Board upon
the figures for the latest week appears in our department of "Current Events and Discussions" on page the Reserve
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week 925,
later.
Beginning with the statement of Jan. 9 1929,
the loan figures exclude "Acceptances
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills of exchange or drafts sold with endorsement" and Include
Of the banks included mortgages in Investments. Loans secured by U. 8. Government of other banks and bills sold with endorsement were included with loans. and some
obligations are no loafer shown separately, only the total of loans on securities
being given. Furthermore, borrowing at the Fedsral Reserve la not any more
paper, only a lump total being given. The number of reporting banks is nowsubIlyided to 9how the amount secured by U. S. obligations and those secured by commercial
omitted; In Its place the number of cities included (then 101). was for a time given, but beginning Oct. 9 1929 even this has been omitted. The figures have also been revised to exclude a bank in
the San Francisco district with loans and tnvestrnents of $135.000.000
On Jan. 2 1929, which had then recently merged with a non-mernber bank. The figures are now
given In round millions instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES WEEKLY REPORTING MEMBER
BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OP
BUSINESS FEB. 1 1933 (In millions of dollars).
Federal Reserve District-
Total.
Boston. New York
Loans and Investments
-total
$
18,725
$
1,154
$
8,193
Loans
-total
10,166
657
4,259
5,907
Phila.
Cleveland. Richmond Atlanta. Chicago. St, Louts. 3finneap. Kan.City. Dallas. San Fran.
U.S. Government securities
Other securities
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
4,101
574
270
387
1,889
2,212
289
285
8,559
Investments-total
$
1,886
497
4,092
5,253
3,306
On securities
All other
$
1,070
309
188
2,752
1,340
1,994
1,017
116
14
43
193
6,308
11,899
741
5,648
1,284
403
14
300
126
1,832
199
157
3,558
1,721
181
RI0
$
s
$
$
514
554
502
1,981
1,059
295
312
1,331
478
581
111
184
105
207
578
753
496
827
259
190
650
253
238
258
509
318
148
111
108
82
335
315
132
121
93
10
649
299
26
158
221
a
108
21
843
804
26
116
253
1')
42
12
273
234
9
108
110
28
7
209
201
25
74
85
1A
369
39
1,300
875
19
407
350
a
37
9
293
184
3
91
110
9
a
295
201
171
106
53
155
118
8
500
$
371
5
1,705
23:3
222
950
75
158
69
153
236
714
124
267
149
755
57
67
149
118
94
55
422
333
18
5
154
149
1
78
55
51
13
338
176
4
147
160
.)1
28
6
223
130
13
109
97
87
14
568
909
34
188
185
01
,
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Feb. 8 1933, in
comparison with the previous week and the corresponding date last year:
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury.
Feb. 8 1933. Feb. 1 1933. Feb. 101932.
$
586.707.000 577.747,000 465.239,000
4,939,000
5.333,000
11,312,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
591.646,000
91.661,000
234,148,000
583,045.000
122.163.000
260,059,000
476,551,000
132,959,000
331.883,000
Total gold reserves
Reserves other than gold
917.455,000
64,800,000
965.307.000
64,580.000
941,395,000
47,740,000
Total reserves
Non-reserve cash
Bills discounted:
by U.S. Govt. obligations
Other bills discounted
982.255.000 1,029,887,000
22,671,000
20,762,000
989,135,000
20,705,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
23,701.000
30.338,000
25,714.000
31.854,000
126,527,000
44,023,000
54.042.000
9,841,000
57,572,000
9.846,000
170,550.000
64,116,000
188,620,000
159,794,000
187.058.000
132,355,000
110,145.000
30,017,000
357,592.000
379,031,000
130,956,000
Resources (Concluded)
Gold held abroad
Duo from foreign banks (see note)
Federal Reserve notes of other banks.....,
Uncollected Items
Bank premises
All other resources
Total resources
Feb. 8 1933. Feb. 1 1933, Feb. 10 1932,
1,323,000
3,043.000
87.288.000
12,818,000
25.391,000
1,289.000
4,228.000
97,739.000
12,818,000
22,263.000
3.076,000
3.141,000
94.127.000
14,817,000
14.329,000
1,905.575.000 1.957,725,000 1,663,279,000
Liabilities
Fed Reserve notes In actual circulation_ 561,839,000 557,297.000 575.264.000
Deposits-Member bank reserve sect__ 1,082,
Government
3
=1,13?: : 2 81:g(Securd //
1):
1
Foreign hank (see note)
20,286.000
12,897,000
15,125,000
Other deposits
7,350.000
10,479,000
8,671,0110
Total deposits
Deferred availability Roma
Capital paid in
Surplus
All other liabilities
1110,482,000 1,155.494.000
85,195,000
97,010,000
58.602.000
58.603.000
85.058.000
85.058,000
4.399,000
4,263,000
852,679.000
91.950,000
60,412,000
75,077,000
7,897,000
Total liabilities
1.905,575,000 1,957,725,000 1,663,279,000
Ratio of total reserves to deposit and
Fed. Reserve note liabilities combined
58.7%
60.1%
69.3%
Contingent liability on ulna purchased
Total bills and securities (see note)
770.780.000 768.739.000 523,946,000
for foreign correspondents
12.433.000
13,406,000 107,634,000
NOTE.
-Beginning with the statement of Oct. 17 1925, two new Items were added In order to show separately the amount of balances
held abroad and amounts
foreign correspondents.
In admit) .n. the caption "All other earnings assets," previously made up of
Intermediate Credit Bank debentures, was changed to due to
securities," and the caption. "Total earnings assets" to "Total bills and securities." The latter term Federal
"Other
was adopted as a more accurate description of the total of the discount
acceptances and securitl s acquired under the provisions of Sections 13 and 14 of the Federal
Reserve Act, Which It was stated are the only Item Included therein,
Total U.S. Government securities-Other securities (see note)
Foreign loans on gold
704,006.000
2,897,000
698,444,000
2,877,000
271,118,000
18,162,000
Financial Chronicle
Volume 136
nti-inaltrint
•
ilr-11 ntrig
ninnterf.ai gob
(g.
Rates quoted are for discount at purchase.
Bid.
Feb. 15 1933
Feb. 23 1933
Mar. 1 1033
Mar. 29 1933
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
6 MOS.
12 Mos.
Including Postage—
$6.00
Within Continental United States except Alaska
$10.00
In Dominion of Canada
6.75
11.50
South and Central America, Spain, Mexico, U. S.
Possessions and Territories
13.50
7.75
Great Britain, Continental Europe (except Spain). Asia.
Australia and Africa
15.00
8.50
The following publications are also issued:
COMPENDIUMS—
MONTHLY PUBLICATIONS—
PunLto UTILITT—(semi-annually)
BANK AND QUOTATION its:cows
RAILWAY & INDUSTRIAL—(four a year) MONTHLY EARNINGS RECORD
STATE AND M eurcreAL--(semi-ann.)
The subscription price of the Bank and Quotation Record and the
Monthly Earnings Record Is $6.00 per year each; for all the others is
$5.00 per year each. Foreign postage extra.
NOTICE.—On account of the fluctuations In the rates of exchange.
remittances for foreign subscriptions and advertisements must be made
in New_York funds.
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
Csuceoco Chums—In charge of Fred. H. Gray. Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON OPTICS—Edwards & Smith. 1 Drapers' Gardens, London, E. C.
WILLIAM B. DANA COMPANY, Publishers
William Street. Corner Spruce. New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert:
Business Manager, William D. Riggs;
Treas.. William Dana Seibert; Sec., Herbert D.Seibert. Addresses of all. Office of Co.
Wall Street, Friday Night, Feb. 10 1933.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 968.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Feb. 10.
Sales
for
Week.
Range for Year 1933.
Range for Week.
Lowest.
I
Lowest. I Highest.
Highest.
Railroads-Par. Shares. $ per share.
per share. $ per share. 8per share.
Chic St M & 0 pfd10()
0 34 Feb 4 34 Feb 4 2
Jan 34 Feb
Colo & Sou it pref_ 100
Jan 1934 Feb
00 1754 Feb 9 194 Feb 10 14
Cuba RR pref_
80 354 Feb 8 4 ss Feb 9 234 Jan 44 Jan
Erie & Pittsburgh. _501
Duluth S S& A pref 1001
III Cent pret
100
Leased Line ctfs _1001
Int Itys of Cent Arn___*1
Preferred
100
Minn SP&SS Alpd100
Leased Line
10011
20 4634 Feb 7 46% Feb 7 46% Feb 50
500
54 Feb
14
14 Feb 9
34 Feb.; 9
400 2054 Feb 7 214 Feb 9 18
Jan 214
30 38 Feb 8 3854 Feb,Z13 3234 Jan 3834
10 24 Feb 9 24 Feb .4) 24 Feb 2%
20 64 Feb 9 654,Feba
54 Jan 8
100 14 Feb 9 1 yeb S.s3 134 Jan 2
Feb 751
30 5 Feb 10 5 Feb ,10 5
Nash Chatt & St L_100
40 1534 Feb 6 20 Feb
Pacific Coast 1st pfd100'
50 234 Feb 9 2%; Feb
P. 2d preferred
1001
201 2 Feb 10 2 Feb
Rutland RR pref.. 100l 1,500 9 a Feb 9 10 Feb
South Ry M &O etf8100
100 9 A Feb 8 9 Feb
9 13
9 2%
10 14
10 6
8
Indus. Sc
Am Mach & Meta ctfs.•
Artloom Corp pref.. _100
Asso Dry Gds 1st pd 100
Barker Bros pref. _ _100
Illgelow-Sanfd Car Co •
Brown Shoe pref._ _100
Burns Bros pref..
100
4001
34
20 50
200, 233.
260 854
50 754
20109%
10 3
Feb
Feb
Feb
Feb
Feb
Feb
Feb
4
34 Feb
6 60 Feb
6 23% Feb
6 9 Feb
7 74 Feb
7 1094 Feb
6 3 Feb
Chile Copper
25
100
City Investing
Comm Cred pref (7).25
Consol Clst pref (7).100
Cushm SOILS pf (7%)100
Devoe&Ray 1st pref 100
Dresser Mfg cl A
*
Class 13
•
Eng Pub Serv pt(6)_ •
Fash Park ASSOC pf_100
Fed'I Mink Smelt pf100
Foster-Wheeler pret •
Franklin-Simon pf__100
501 74 Feb
110, 45 Feb
200' 20 Feb
40 43 Feb
10 7934 Feb
100 8534 Feb
500 74 Feb
500 34 Feb
100 344 Feb
30 33.( Feb
200 18 Feb
130 324 Feb
210 15 Feb
8 74 Feb
8 45 Feb
204 Feb
6 44 Feb
9 79% Feb
7 87 Feb
6 8 Feb
6 3% Feb
3454 Feb
6 3% Feb
9 18 Feb
7 40 Feb
6 2314 Feb
Houdallie-Hershey el A*
Indian Motoeyele p1100
Kel-Ilayes Wheel etts.•
Mallinson & Co pret 100
Omnibus Corp pret_100
Pat Tel & Tel pref. 100
Phoenix Hosiery pf 100
Pierce-Arrow Co p1100
MU,Terminal Coal.100
Revere Cop dr Br pt 100
200 5 Feb
10 7 Feb
300
% Feb
60 3 Feb
100 65 Feb
2010934 Feb
20 40 Feb
100 14 Feb
400
14 Feb
80 94 Feb
6 5
7 7
SS
6
10 3
9 65
7 1094
7 40
4 14
8
8 :0
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
6 5
7 7
6
34
10 1
9 64
7 108
7 40
4 14
8
54
4 93.4
Shell Transp & Trad £2
Sloss-Sheff St & Ir 0100
•
Sou Dairlas CIA
United Amer Bosch_ •
U S Gypsum pref_ 100
51 S Tobacco pref. 100
Unlv Lea Tob pref_100
10
T.Itah Copper
vweap 'scanning pt 100
Webster Ebienlohr pf100
Wells Fargo & Co. __1
Wheeling Steel pref_100
10 IR Feb
210 834 Feb
300 4 Feb
200 334 Feb
50 10654 Feb
10 129 Feb
20102 Feb
10 38 Feb
30 57 Feb
no 50 Feb
20
34 Feb
200 IR Feb
6 18 Feb
7 854 Feb
7 4 Feb
6 354 Feb
610634 Feb
4 129 Feb
7 102 Feb
9, 38 Feb
4' 57 Feb
4' 52 Feb
6
% Feb
4 184 Feb
6 15%
6 84
7 34
6 34
6 101%
4:129
7 101
9 37
4i 57
950
6
54
0 HI
4
31
6 50
6 21%
6 74,
7 64
7 109
6 ..134
8
8
10
4
9
10
9
9
6
6
9
6
10
754
45
19%
43
754
7954
734
2%
3454
334
18
3234
12
Jan
20
Jan 2%
Feb 2
Jan 11
Jan 94
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb 134 Jan
Feb 5154 Jan
Jan 2354 Jan
Jan 9
Feb
Feb 8
Jan
Jan 110
Jan
Jan 3% Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
45
20%
4634
so
90
6
334
38
354
234
40
23%
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb 6
Jan
Jan 7
Jan
Feb
34 Jan
Feb 4
Jan
Jan 66
Jan
Jan,110
Jan
Feb' 40
Feb
Feb 17
Jan
Feb
44 Feb
Feb 12
Jan
Jan 18
Feb 11
Jan 43.4
Feb 34
Jan 10754
Feb 129
Jan 10254
Jan 38
Feb 61
Jan 52
Jan
34
Jan 224
Jan
Jan
Jan
Feb
Jan
Issb
Feb
Feb
Jan
Feb
Feb
Jas
• No par value.
Quotations
for United States Treasury Certificates
and Notes.—Friday, Feb. 10.
Maturity.
In:.
Rate.
Bid.
A sked.
/If'nitrify.
Int.
Rate.
Bid.
Asked.
pee. 15 1933...
Sept. 15 1933 _ _
June 15 1933_.
Mar. 15 1933._.
slay 2 1933._ .
Aug. 1 1934._
Feb. 1 1938._ .1
Si%
1 IS%
14%
2%
2%
24%
234%
100..
100.'n
100"n
1001,,
100",
10211,
101
100"n
1002
'n
0”
100,
1001,2
1001.,,
10210n
1015,,
Dec 15 1936._ _
:
May 2 1934_.
June 15 1035....
Apr. 15 1037_ _.
Aug. 1
1937_ _.
Sept. 15 1936—
Mar.15 1033.._ _
2%%
3%
3%
3%
334%
334%
334%
10211,
1030,,
103o,
102n.
103ns
103.,
woo.
1025,,
103%,
1031.11
102 Is
,
103un
10310n
100ns
979
U. S. Treasury Bills—Friday, Feb. 10.
Asked,
0.25%
0.25%
0.25%
0.25%
0.05%
0.05%
0.05%
0.05%
Bid.
Asked.
0.25%
0.25%
0.25%
fl.25'%
Apr. 12 1933
Apr. 19 1933
Apr. 26 1933
May 10 1933 __
0.05%
0.05%
0.05%
a mei_
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in
Liberty Loan Bonds and Treasury certificates on the
New York Stock Exchange. The transactions in registered
bonds are given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Feb. 4. Feb. 6. Feb. 7. Feb. 8. Feb. 9. Feb. 10.
First Liberty LoanHigh
34% bonds of 1932-47__ILow_
(First 34s)
Close
Toted sales in $1,000 units_ _ _
Converted 4% bonds Mrlei
Low_
1932-47 (First 45)
Close
Total sales in 51.000 units__ _
Converted 434% bonds 011th
of 1932-47 (First 4340) Low.
Close
Total sales in $1.000 units__ _
Second converted 4 Li' %1High
bonds 0( 1932-47 (First) Low_
Second 4%e)
Close
Total sales in $1,000 units.-Fourth Liberty Loan
High
44% bonds of 1933-38._ Low,
(Close
(Fourth 4348)
f" Total sales in $1,000 units__
Treasury
{nigh
434s, 1947-52
)I ow.
Close
Total sales in $1,000 units__ _
(High
42. 1944-1954
J, I ow_
(Close
Total sales in $1,000 units__ _
illigh
354s, 1946-1956
I ow_
Close
Total sales in $1,000 units_ _ _
{High
34s, 1943-1947
Low.
Close
Total sales in $1,000 units__ _
IllIgh
3s, 1951-1955
I ow_
Close
Total sales in $1,000 units_ _ _
{High
354s. 1940-1943
Low.
Close
Total sales in $1,000 untts_ __
illigli
34s, 1941-43
)I ow
Close
Total sales in 51.000 units__ 11110
354s, 1946-1949
(I ow_
(Close
Total sales in 51.000 units__ _
1011532
103.'n 10310,,
103"n
10
203
10312,, 10314, 1031.n
10312,, 10310,, 103"n
1031
% 103.,, 103"se
57
5
2
102 ^n
,
102”3,
1021.at
8
102Ics
-102IIn
102nn
47
103"n
103":2
54
111
110,7n
1102,32
30
106I°,,
1063°,1
189
105 .n
,
10510,1
105nn
5
10250,,
10220 1
,
129
98,013
98
,,n
982.,,
65
102,,n
1021.n
36
1021
'n
1021,n
6
100 12
,
100
100'n
7
10311,,
103n,,
43
11025,1
1102°:,
11026,2
79
57
1066un
1061
.12
106", 106no
56
243
105132 105'n
104,0s
10450
,
33
57
10200
, 10220.,
10210
, 10210,,
1021% 102,01,
21
19
(015s,
9810n 98"n
9830
, 98"n
217
180
10220
, 102,,n
10210
, 102"n
10210
, 102"n
12
11
10210
; 102"n
10211
, 102"n
10217
, 102"n
25
5
100. 1001n
,
;
9900
, 99I1,1
100
99.11,
231
99
103"n
103"n
301
110,13,
110 °n
,
103
.3
;
10310,, 1031,n
10:1‘."
109
173
111”,, 110.,,
11015,, 110.,,
11011s, 11010,1
33
93
106"3: 10610,,
106‘..2 10610,,
109
457
104=h, 104",2
104nn 104nn
104"n 104.,,
50
281
102":2 10210:,
102"n 102",2
102"n 10210n
137
366
93.'n 98"n
98"n 9Sno
98"n 9811,,
255
210
10212n 102,0,1
102nn 102"n
102.1n 102"n
164
31
102"n 102”n
102":2 102"n
102st 102"n
79
81 .
100
100
99"n 99n.
.
9900,2 9921
98
115
102201,
10230,2
62
103nu
10310,,
164
110151:
110 n
,
110",,
67
106,,n
106"n
106"n
164
104.1,
10410,,
90
1021Iu
I0211n
1021In
109
98101,
98%,
9S0n
355
10211,2
10210,1
10210n
102
10215,1
102"n
102"n
10
990,22
99"n
219
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
11 1st 4 Sis
10210n to 1021%,
28 4t1s 414s
103 0,, to 103,1n
4 Treasury 4s
Minn to 10600
.,
2 Treasury 3%9
10210,, 10 102",,
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 3.42%@
3.42% for checks and 3.42%03.43 for cables. Commercial on banks,
sight. 3.423.4583.42%; 60 days, 3.413.4(83.423-4; 90 days, 3.4134 @3.4234.
and documents for payment. 60 days. 3.42%03.42%. Cotton for payment, 3.4234.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9034 04
3.90% for short. Amsterdam bankers' guilders were 40.144 @40.15.
r Exchange for Paris on London, 87.75; week's range, 88.02 francs high
and 87.04 francs low.
The week's range for exchange rates follows:
Checks.
Cables.
Sterling, Actual—
High for the week
3.43%
3.44 1-16
Low for the week
3.3931
3.39%
Paris Bankers' Francs—
High for the week
3.90 13-16
3.9031
Low for the week
3.907-4
3.9034
Germany Bankers Marks—
High for the week
23.78
23.79
Low for the week
23.77
23.75
Amsterdam Bankers' Guilders—
High for the week
40.2054
40.20
Low for the week
40.18
40.1434
The Curb Exchange.— The review of the Curb Exchange is
given this week on page 970.'...21
A complete record of Curb Exchange transactions for the
week will be found on page 997.
CURRENT
NOTICES.
—Warren A. Batchelder and Paul Hanrahan have formed a partnership.
Batchelder & Hanrahan,effective Feb. 3, to engage in a general investment
security business, with offices at 340 Main St., Worcester.
—Harold E. Wood & Co.. St. Paul, Minn., have organized a municipal
bond department under the direction and supervision of Lawrence E.
Shaughnessy, formerly with Stanley Gates & Co.
—Hornblower & Weeks have prepared spec1a1 circulars on the capital
stock of Manufacturers Trust Co. and on the capital stock of Central
HanCiVerBank & Trust Co.
—Announcement has been made of the admission of Herbert R. Hastings
as a general partner in the New York Stock Exchange firm of
Fenner,
1:Wane & Ungerlelder.
—The Chase National Bank of the City of New York has been
appointed
transfer agent for voting trust certificates for capital stock of Jones
Estate
Corp.
_
—Blyth & Co., Inc., have prepared a list of New York
municipaIs and
-.
general market municipals priced to yield from 3% to
Feb. 11 1933
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
THIS LIST, SEE PAGE PRECEDING.
I2ir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN
_
-PER SHARE, NOT PER CENT.
II/OH AND LOW SALE PRICES
Saturday
Feb. 4.
$ per share
4
5
42 8 433
65
65
8
.203 2112
8
105 11
8
8
•127 135
2714
.25
4
843
.80
11
*9
8
.312 47
.3214 45
2914 3012
7812 7934
4
3
8
.5
8
1012 107
6312
*55
2812 29
*14 2
8
*7
1
Tuesday
Feb. 7.
Monday
Feb. 6.
5 per share
4218 4334
8
627 6412
8
207 21
1014 11
1312
•13
26
26
4
843
.80
*812 11
8 4
.33
*3214 42
293*
28
7712 7818
s,
8
8
1018 1012
6312
.56
8
285
28
14 2
.
78
7,
$ per share $ per share
8
443
4314 4414 43
6612
6312 64 .65
22
21
2112 22
4
8
107 1114 103 1112
4
1318 1318 1314 133
8
4 2512 253
263
.25
4 80 80
843
.80
11
.9
11
.8
8 4
.35
4
4
42
4
.323 42 .37
4
283 2912 2914 2912
78
7812 78
.77
*12
8
5
*12
8
5,
8
8 1014 105
8
103 103
6312
6312 *56
.56
8
4 285 2912
2818 283
*14 2
*14 2
1
78
1
8
7
214 *218 214
.2
8
614 63
6
6
112 112
112
112
8 212
25
8 212
23
45
8
47
413 434
7
7
.613 7
412 412
414 414
612 612 *612 7
*51 4 6
6
6
25
25 .15
.15
8 .113 2
17
*112
5112 5213
52
51
2412 2514 25
2518
8 8
212 212 •23
8 512
53
512 512
7
4 .6
612 63
8 518
8 .43
.
43* 5,
4
914 10,
912 95g
4
.2
4
.2
.312 512
*314 6
4
8
8
143 143 •143 16
1314 1353 1313 1414
__
____
7
.6
4 6
53 _4 614
53
*914 1012
4
.83 10
1512 .14
15
.13
13
1212 125
8 13
8
277 283
4 2818 2914
*1514 183 .1514 19
4
914
0
9 14
9
8 312 .25
8 312
*25
14
*18
14
*13
114
114 .1
.1
3
7 4 818
8
4 77
73
17
161 1 16
16
4 3
8 *23
8 27
27
5
5
5
5
14
*18
14
*18
4
8 183 193
8
4
183 193
*314 3 8 .314 334
5
4 5
43
4
.412 43
110 11212 .11012 112
4
8 153 1614
155
15
2714 28
*2612 28
1112
11
4
103 11
8
1
3
2
*3
4
3
3
.
4
3
4
3
4
3
4
3
12014 12014 122 123
4
3
•8038 82 .80 8 803
15
3
15 4 1513 16
2
.1
2
.1
1858
8 18
183
18
2
*1
*1
2
214 21 1
212
•2
614
*6
614 614
4
13
4
13
4
13
4
13
218 212
212 215
412 412
;
412 43
8 7
.63
7
7
414 414 .418 4%
8 7
67
*614 714
6
6
512 6
25
25 .15
.15
.112 2
.112 2
4
2 5012 513
517
51
2334 25
25
24
4
4 23
23
5
.3
512
5
512 512
s 7
8 •63
67
.6
8 518
8 .43
8 43
43
918 912
018 912
4
.2
4
.2
512 *312 6
.4
4
143
1412 1412 .14
1312
13
1312 14
7
.6
7
.6
s
4 63
53
8
67
6
912 912
10
.9
1712
1712 .13
•13
4
8 113 12
8
•117 123
2814
27 2714 '27
8
1812 .153 19
.16
,
8 92
87
934 10%
4
23
4
23
*234 312
14
*18
14
*18
112
114 •1
•1
8
8 75
73
8
3
7 8 73
4
8
4 153 153
4
163 163
8 .238 27
8
.234 27
8 47
45
4
8
8 43
45
14
14 *ls
.%
8
1818 187
1812 19
8 *314 35
38
.314
8
8
8 .418 47
412 47
110 114 *110 11212
8
4
1518 1512 143 155
2614 2614
27
27
4
8 1012 103
3
10 8 103
.3*
4
3
8
*3
4
3
114
4
*5
114
4
*3
120 120 .120 123
.8014 82 .8012__
1514 1514
1412 1512
2
.1
4
•1
4
173 1812 173* 1818
114 *1
2
114
*512 714
*512 63
4 .53
8
8 878 .713
87
5
5
78 78
8
.7
.718 8
.713
9*
8
.63 10
.7
.7
30 .29
8
.273 31
.28
3218 .30
3218 .30
.30
28 .27
28_ *27
.25
1
1
8
*7
1
.
34
8 •13
8 *13
15
8 15
112
8
73
714 .3
*3
8 *3
29 •____ 29 •____
8
3
*14
14
8
3
*14
54
*12
*12
4
3
*12
4
163 1714 1612 173
8 17
8
8 53
.53
512 534
4
53
718 718
712 712
712
.16
8
247 .16
8
247 .16
6
6
.6
4 .6
63
•1
218 *1
,
28
•1
71s 7 8 *718 123
,
4 .8
4 7214 74
4
723 733
7314
6538 653
8 655
16514 67
8
4
8 .13
17
, 17
4
117
8 •13
4 .2
23
234 .2
*2
5
614
5 4 618
8 6
57
4 612 .6
6,
712
*5
.114 2
.114
.114 2
4 .2523
8 23
4 .25
8 23
.25
.14
'80
414
'5014
,1112
7
*2
*914
4
573
*1
13
.2
1 18
.218
8
•17
.2
18
89
412
58
1212
4
73
218
9%
3
577
114
1312
212
118
3
3
8
23
•145
4
.80
4's
*5014
*11 18
8
2
912
56
*I
1214
.2
118
.218
8
.17
.2
18
89
8
43
58
12
8
2
4
93
57
114
1314
212
114
3
3
23*
Wednesday
Feb. 8.
4
.143
.80
41g
*5014
Ilig
4
.73
*2
3
04
.58
.1
1212
.2
118
214
214
.218
Thursday
Feb. 9.
Friday
Feb. 10.
$ per share
4434 46
6514 68
2214 2312
8
1112 125
4
153
14
*2612 2714
4
843
.81
1112
11
*4
473
.37
42
29% 3014
7914
.77
.13
8
3
1058 1114
6312
.56
8
295 3012
8 2
*3
14
1
1
214 214
4
8 63
63
8
Ps 13
258 23
4
8 514
47
8
8
413 5
$ per share
4
44 34 453
.6512 67
2314 25 18
12
8
125
1412 1512
.2618 2714
*80
4
843
14
*10
s
47
.4
42
.37
2912 3014
4
783
.78
12
12
8
107 1118
.56
6312
3013
30
118
118
1
1
4
8 23
23
8 612
63
8
17
8
17
4
8 23
25
8 5
47
812
.8
8
4 47
43
8
67
4
53
*15
*112
4
523
2534
*213
8
55
614
4
*43
8
97
.2
*4
.1434
1412
•6
4
53
1012
15
13
2918
8
*153
4
83
.
2%
*18
.1
8
8
173
3
518
18
Shares
43.500
2,100
12.000
52,650
9,100
300
10
200
300
26,400
1,000
500
35,800
55,000
500
1,200
000
2,400
900
2.100
12,100
300
2,600
1,200
7
7
718
4 614
800
*53
6
25
•15
25
178 *112 178
31,500
54
5414 52
4 2512 2612 34.300
263
200
414 *3
414
8 1.100
8 55
55
8
55
8 1.700
73
7
714
55, *5
300
8
55
1018 19,300
1012 10
312 *214 312
4
53
512 *4
8
400
16
1434 145
8
1518 1414 147 20,600
20
612 612
7
3
5 4 618 18,200
618
700
1012 1012
11
400
*1512 1612
16
8 13
137
4 6,900
133
3
3012 29 4 3112 23,600
*1514 19
19
8
93 12,400
9
914
200
8 312
312 .25
14
*18
14
112
112 *1
812 10,200
8
4
83
4 1712 1812 6,900
183
8 1,100
8 33
33
3 14
8 3.800
512
8 53
53
14
*18
14
4
4 *53
73
73
4 .712
5
78
8
10
8
•63
8
297 .2814
3218 .30
28 .27
118
1
158
112
714 .3
29 .____
14
*14
12
8 .
5
8 173
175
8
8
57
8
57
73
8
4
8
247 .16
613
6
218 •1
1234 .7 8
5
7412 7314
67 .66
8 •13
17
4
4 .134
23
614
614
612
612
2
*114
234 *Zs
207
3
20
8 19 4 20%
4 412
8 412 *33
35
4 6
5
53
614
112 11512 115 115
1614 1714 1618 17
3
2814 29 8 28
4
283
1112 1178 11
8
115
4
3
8
*3
4
3
8
*3
114
8 1
8
*7
*7
3
124 4 125
124 124
81
8 81
803* 807
8
4
4
153 1614 157 163
2
.1
2
.1
4
183 1914
1834 19
2
.1
.1
2
8
814
4
73
712 75
3
812 10 4 1012 1201
8
87
0
8
914 1012
758
8
.63 10
8
.63 10
10
31
2934 3114 3114 3112
3218 •30
30
3218 30
2712 2712
273
4
4 273 28
118
1
1
1
1
112
112
8
112
15
112
718 *3
814 *3
814
29 •____ 29 •____ 29
as
*14
*14
3
3
38
0
s
8
5
*12
•12
bs
8
18
8
1818 18% 177 185
8
618 63
614 65
4
6
812 914
812 0
814
8
2478 •16
247
8
247 .16
8
534 614
4 54
53
.
6
218 .1
218 •1
218
4 *8
123
4 *712 123
123
4
8 743 773* 755 7712
747
4
8
68 6818 68 6812
68
17g
4
s
17
8 *13
8
17
17
4 *2
212 *2
23
4
23
612
63
8
4 718
4 73
63
612
634 712
7
8
73
2
*1 14 2
.15, 2
4
23
4 3
23
*3
314
18
89
8
43
58
Ills
773
212
10
5914
114
1248
212
114
21 4
214
3
18 .18
89 .80
414
412
58
5414
1112 1112
4
73
712
212
2
1018
10
8 59
593
114 *1
'8
1234 i1
212 .2
114
114
214 •213
*2
3
214
21 1
.1434
.80
4
.5014
.1114
3
73
*2
10
53
.1
1212
.2
114
218
8
.17
.2
Sales
for
the
Week.
18
89
8
43
5414
11l2
75
2
1018
60
114
1218
212
8
13
278
218
214
1514
.80
8
43
8
*525
.1118
7%
.
.2
10
5814
.1
1218
*2
114
212
*214
218
57,600
800
3,500
110
24,700
4,500
9,600
200
1.400
50
13,800
50,100
100
400
600
180
500
200
300
700
700
400
36.600
10.400
7,900
500
10
50.400
2,000
300
6,500
2,300
PER SH ARE
Range Since Jan. 1
-share lots.
On basis of 100
Lowest.
Highest.
PER SII A RE
Range for Presto=
Year 1932.
Lowest.
Highest. •
Par $ per share $ per share $ per share 5 per share
Railroads
1778 June 94 1 Jan
Atoll Topeka & Santa Fe__100 39 Jan 3 4613 Feb 1
Jan
100 5978 Jan 6 68 Feb 9
35 July 86
Preferred
8
100 1714 Jan 3 253 Feb 10
4
93 May 44 Sept
Atlantic Coast Line RR
318Jan
8
8
83 Jan 3 123 Feb 9
100
4
33 June 213
Baltimore he Ohio
Jan
100 1012 Jan 3 153 Feb 9
6 June 4112,
Preferred
4
912 June 353 Aug
50 20 Jan 5 263 Jan 27
4
Bangor & Aroostook
8
50 June 91 Sept
100 685 Jan 4 85 Jan 27
Preferred
4
4 July 193 Sept
8 Jan 4 1112 Feb 9
100
Boston & Maine
4
43 Feb 3
4 Jan 12
1014 Mar
8
27 July
Brooklyn & Queens Tr_No par
2314 June 58 Mar
No par 40 Jan 5 4518 Jan 18
Preferred
1118 June 5014 Mar
Bklyn Manh Transit___No par 2512 Jan 3 31 Feb 3
8
8
3112 June 783 Mar
36 preferred series A _No par 70 Jan 4 793 Feb 3
218 Aug
58 Jan 3
13 Jan 11
12 Apr
Brunswick Ter Sr Ry SecNo par
8
714 May 205 Mar
25 1018 Feb 6 1458 Jan 6
Canadian Pacific
39 July 70 Feb
Caro Clinch & Ohio stpd_100 55 Jan 31 55 Jan 31
4
93 July 3112 Jan
25 2614 Jan 17 3012 Feb 9
Chesapeake & 01110
12 July
4
33 Aug
118 Feb 10
118 Feb 10
100
Chic & East Ill Ry Co
13 May
5 Aug
114 Jan 11
8
7 Jan 18
100
6% preferred
8
53 Aug
114 June
3 Jan 11
214 Feb 2
Chicago Great Western_100
212 May 1512 Jan
834 Jan 10
6 Feb 7
100
Preferred
412 Aug
34 June
8
23 Jan 9
138 Jan 3
Chic Milw SIP & Pac_ _No par
8 Aug
118 May
312 Jan 11
218 Feb 6
100
Preferred
2 May 1412 Aug
614 Jan 11
5
3 8 Jan 3
Chicago & North western_ 100
Jan
4 Dec 31
914 Jan 1 1
578 Jan 4
100
Preferred
1l May
1634 Jan
8
55 Jan 11
318 Jan 3
Chicago Rock Isl &Pacific_100
314 Dec 2712 Jan
812 Jan 11
512 Jan 4
100
7% preferred
2 May 2412 Jan
713 Jan 11
518 Jan 3
100
6% preferred
412 June 2912 Sept
__
100
Colorado & Southern
Dec 1112 Jan
8
1
17 Jan 12
4
13 Jan 11
Consol RR of Cuba pref 100
32 July 9212 Sept
100 45 Jan 26 5814 Jan 11
Delaware & IIudson
812 June 457 Sept
8
8
Delaware Lack & Western_50 2012 Jan 3 273 Jan 11
9 Jan
112 May
8
27 Jan 23
212 Jan 16
Deny & Rio Or West pref_ _100
1134 Sept
2 May
612 Jan 11
5 Jan 4
100
Erie
8
8
4
8
25 May 157 Aug
73 Jun 11
55 Jan 3
100
First preferred
2 May 1012 Aug
418 Jan 9
100
514 Jan 11
Second preferred
513 May 25
Jan
8
75 Jan 3 113g Jan 11
100
Great Northern pref
2 Jan 6
2 Jan 6
2 May 10 Sept
Gulf Mobile & Northern 100
47 Jan 12
212 Dec 1512 Sept
312 Jan 6
100
Preferred
8 May 3034 Jan
4
8
Hudson & Manhattan_ _..100 143 Jan 4 153 Jan 12
8
100 1114 Jan 3 1518 Feb 9
4
43 June 247 Sept
Illinois Central
4 May 1412 Jan
612 Feb 11,
6 Jan 27
RR Sec ells series A__1000
8
214 June 145 Mar
718 Feb 3
414 Jan 10
Interboro Rapid 'I'ran v t c_100
100
214 June 1514 Sept
3
7 4 Jan 10 11 Feb fl
Kansas City Southern
100 13 Jan 18 16 Feb 9
5 June 2514 Sept
Preferred
5 June 2914 Sept
8
50 1012 Jan 3 147 Jan 9
Lehigh Valley
712 May 3814 Sept
Louisville & Nashville_ _100 2114 Jan 3 3112 Feb 10
8
9 Sept 463 Mar
Manhattan Ry 7% guar 100 1514 Jan 9 1878 Jan 28
4
4 June 203 Mar
6 Jan 3 103 Feb 3
Manh Ry Co mod 5% guar.100
8
Market St Ry prior pref__100
4
23 Feb 3
212 Jan 3
Jan
0
218 Dce
8
5 Aug
18 Jan
38 Jan 19
18 Jun 23
Minneapolis & St Louis_ _100
12 Dec
Vs Sept
114 Jan 11
1 Jan 6
Minn St Paul & SS Marie_ 100
114 May 13 Sept
834 Feb 9
4
53 Jan 3
Mo-Kan-Texas RR_ _ -_No par
314 June 24 Sept
4
100 1112 Jan 3 183 Feb 9
Preferred series A
Jan
112 May 11
214 Jan 20
100
8
43 Jan 11
Missouri Pacific
Jan
212 May 26
100
7 Jan 10
414 Jan 18
Cony preferred
78 Sept
Feb
18
18 Jan 3
18 Jan 3
Nat Rys of Mexico 2d pref_ 100
8
4
83 June 365 Jan
100 167 Jan 4 2112 Jan 11
8
New York Central
5
9 4 Sept
113 May
412 Feb 9
218 Jan 25
NY Chic he St Louis Co__ _100
8
2 June 155 Jan ,
614 Feb 9
314 Jan 3
100
Preferred series A
8214 May 12712 Aug
NY & Harlem
50 106 Jan 4 120 Jan 28
8 May 3153 Jan
NY N H & Hartford
100 13 Jan 3 1734 Jan 11
4
8
117 July 783 Jan
4
100 2(13 Jan 24 303 Jan 11
Cony preferred
4
153 Sept
8
35 July
8
5
7 8 Jan 4 117 Feb 9
NY Ontario de Western_100
Feb
1
18 Dec
8
3 Jan 20
ss Jan 20
No par
N Y Railways pref
14 Dec
4
33 Sept
112 Jan 11
2
3 Jan 3
100
Norfolk Southern
135 Sept
57 June
100 114 Jan 3 125 Feb 10
Norfolk & Western
65 July 8112 Dec
100 x7818 Jan 31 8312 Jan 5
1'referred
8
5I May 253 Sept
100 13 Jan 3 173 Jan 11
Northern Pacific
312 Sept
1 Mar
2 Jan 12
1 Jan 25
100
Pacific Coast
8
612 June 233 Jan
4
50 133 Jan 3 1914 Jan 25
Pennsylvania
514 Sept
114 Jan 17
8
7 May
114 Jan 17
100
Peoria & Eastern
4
13 June 18 Aug
814 Feb 10
534 Jan 6
100
Pere Marquette
312June 26 Aug
6 Jan 3 1238 Feb 11
100
Prior preferred
212 June 24 Aug
518 Jan 3 1012 Feb 10
100
Preferred
6 Dec 2112 Aug
Pittsburgh & West Virginia 100 ____ ____ -- -___ ____ __
8
912 June 5214 Sept
50 2414 Jan 3 323 Jan 11
Reading
Jan
15 July 33
50 2612 Jan 4 31 Jan 14
1st preferred
15 May 38 Sept
50 25 Jan 5 28 Jan 13
preferred
2d
8
65 Jan
58 May
78 Jan 30
112 Jan 5
St Louis-San Francisco...100
934 Jan
1 May
8
17 Jan 17
114 Jan 3
100
1s1 preferred
8
3 May 137 Sept
St Louis Southwestern---100 ---- ---_ __ ____ ____ __
8
85 Dec 2013 Jan
100
Preferred
1 Sept
18 Jan
8
3 Jan li
14 Jan 3
No par
Seaboard Air Line
158 Sept
14 Jan
72 Jan 10
12 Jan 6
100
Preferred
7
612 June 37% Jan
100 15 Jan 3 10 8 Jan II
Southern Pacific Co
212 May 1812 Sept
8
8
67 Jan 11
47 Jan 3
100
Railway
Southern
57 Jan 3
3 July 2354 Sept
914 Jan 11
100
Preferred
100 --------------------13 Nov 35 Sept
Texas he Pacific
8
37 May 14 Mar
4
63 Feb 3
512 Jan 10
100
Third Avenue
412 June
8
118 Dec
15 Jan 20
112 Jan 10
Twin City Rapid Transit..100
7 June 2412 Jan
712 Jan 17
7 Jan 9
100
Preferred
8
275 July 9412 Feb
4
4
693 Jan 3 773 Jan 11
100
Union Pacific
8
90 Slay 715 Aug
100 63 Jan 6 6812 Feb 10
Preferred
414 Aug
8
7 June
218 Jan 10
112 Jan 4
100
Wabash
Jan
6
8
318 Jan II
1 June
17 Jan 3
100
Preferred A
8
73 Feb 10
1 12 May
5 Jan 4
113* Sept
100
Western Maryland
2 Slay
712 Feb 0
1114 Held
55s Jan 12
100
2d preferred
4
43 Aug
2 Jan 0
114 Feb 3
12 June
100
Western Pacific
,
8 8 Aug
4
3 May
4
5
3 8 Jan 11
23 Jan 17
100
Preferred
Industrial & Miscellaneous
No par
100 Abraham &Straus
1514
100
Preferred
89
No par
6.800 Adams Express
8
47
100
Preferred
100
55
No par
200 Adams Mills
4
113
Multlgr Corp-No par
700 Address
734
No par
212
700 Advance RunaelY
2.100 Affiliated Products Inc_No par
10
No par
Inc
587
8 2,700 Air Reduction
Air Way Elm Appliance No par
III
4
123 17.500 Alaska Juneau Gold Slin___10
No par
A P NV Paper Co
212
No par
1% 5,400 Allegheny Corp
with $30 warr___100
Pref A
600
212
Pref A with 540 warr_ _100
100
3
Pref A without warr___ _ 100
200
218
•11Id and asked prices, no salea on this day. z Ex-dividend. y Ex-rlitnta.
500
STOCKS
NEW YORK STOCK
EXCHANGE.
151.1 Feb 10 1512 Jan 18
---- -- --_ -___ __
512 Jan 11
4 Feb 8
50 Jan 4 5114 Jan 21
4
1118 Feb 7 153 Jan 9
4
63 Feb 3 1018 Jan 3
25, Jan 11
2 Jan 3
914 Jan 3 1012 Jan 2.
56 Feb 6 6412 Jan II
114 Jan 5
118 Jan 11
8
1118 Jan 14 135 Jail 9
114 Jan 27
1 Jan 5
8
15 Jan 11
1 Jan 4
318 Jan 5
218 Jan 18
212 Jan 4
214 Feb 7
23 Jan 6
4
218 Feb 10
10 June
68 July
158 May
22 June
12 June
812 Dee
114 June
414 May
8
307 July
12 June
734 Julie
8
7 Dec
as Slay
4
3 May
%June
34 June
8
245 Aug
08 Mar
912 Sept
73 Sept
3938 Mar
14 Sept
8
47 Aug
1612 Mar
6312 Sept
312 Reid
8
165 Jan
4 Mar
358 Sept
814 Sept
8 Sept
8 Sept
New York Stock Record-Continued-Page 2
981
rir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Feb. 4.
Monday
Feb. 6.
Tuesday
Feb. 7.
Wednesday
Feb. 8.
Thursday
Feb. 9.
Friday
Feb. 10.
$ per share $ per share 8 Per share 5 per share $ per share $ per share
5
658 .618 7
*614
4
2
612 612
8018 8114 7513 81% 803 823
4 813 83'sI 8314 854 8312 8518
4
4
•12014
r
12012 12012 *12014 _ __ .12012 _ __ *121
_ __ 12038 121
4
7
612 63
7
65
8 7
*63 _-V;
4
714 714 *63
4 7
*618 612 *618 612
6
6
53
4 53
4 *53
4 6
.534 6
.58
114
*58
114
•8
5
1 14
.
53 114
*5
8 114
*5
8 114
*614 814 *614 814 .614 814 .614 814
.614 814 *614 81
203 203
8
8 203 203
8 2014 203
8 20
2014 20 2014 2014 2012
8
814
73
4 73 . 4 912 *73
4
73
4 9
.712 912 *8
9
1018 1018 1012 1012 10
1018 .1018 1012 103 1038 .1018 11
8
*38
38
407
8 38
*3614 407 *3614 407 *3614 407 *3614 407
8
8
8
8
118
•I
1
1
*78
118
.7
8
1.18
*7
8
1l8
.7
8
118
4
4
4
4
*4
412
4
412
412 412 *412 6
.10
103
4 10
10
10
10
10
10
1014 1014 1014 1014
63 .6012 79
63
"6012 63
69
*6012 63
6312 .65
63
563 575
4
8 5612 5818 573 587
4
8 5712 M 12 5812 593
4
4 573 5914
.126 128 .126 128 "126 128
126 126 .125 126 *125 126
.65
8 7
65
8 63
4 *612 7
7
758 818
7
758 7.8
.18
19
18
18 .17
1914 *17
1812 1814 1814
18
18
.2
3
*2
3
*2
3
.2
3
3
.2
*2
3
7
7
*4
10
.5
10
10
*6
.57 10
8
10
*6
373 3818 3712 3712 38
4
38
3712 3814 3812 3812 *3812 3914
*212 3
*212 3
4
.212 3
4
4
8
4
3
37
1912 20
19
193
8 19% 1938 193 198 1912 2014 19 4 20
3
8
•1
214 *1
214 .1
214 .1
214 .118 214 .118 214
.6
63
4 .6
63
4
63
8 63
8
614 63
614 633
4 *618 012
53
57
8
67
8 714
558 57
8
618 712
612 67
53
4 63
8
1014 1014 10
1012 10 4 11
14
3
147
8 13
1214 133
8 13
6% 63
4
612 63
4
67
8 7
8
8
77
818 914
8 814
73
73
4
712 818
93 1014
4
812 93
1112
10
8
914 10
*412 5
*412 5
*412 5
*412 5
.
412 5
*412 5
*3
4
3
3
4 312
27
8 278 .234 312 *23
4 312 *23
"1312 15
*1312 15 .1312 143 .1312 1514 *1312 143 *1312 143
4
4
4
363 37
8
3512 3612 347 353
3512 3512 36
8
8 35
4 3414 347
47
8 5
434 43
4
512
5
512 *5
5
5
5 14 *5
*3218 35 .30
35 *_ 3218 •____ 3218 *___ 3218 "15
3218
67
8 7
63
4 7
718 75
678 7
63
4 7
718 714
.3
8
12
*5s
12
*3
3
12
*3
8
12
*38
12
"8
12
.158 4
*15
8 3
.15
8 3
•158 3
*15
.15
8 3
8 3
•7
73
8
7
714 .63
4 7
712 7%
7
7 14
8
712 73
22
22
2212 2212 .2212 2318 2212 2212 223 23
*2214 23
4
1212 1212 124 1212 .12
123 *1212 13 .1212 123
8
4 1212 1212
*114
13
4 .13
8
13
4
13
8
4
17
g •112 134 •118
13
13
4 "13
4
533
*33
*334 4
4
4 414 . 4 333 .3 4 4
4
4 4
33
3
1614 1614 .16
19
.16
19
19 .16
1614 1614 19
18
26
28
2814 30
23
23
30
27
30 .25
27
27
618 614
618 63
6
618
614 718
678 7
8
614 67
.183 1914
4
1812 183
4 177 1814 18
8
1812 1812
1814 183 19
3
15
1518 147 15
s
15
4
15
•1514 1614 1512 1512 1558 153
618 614
6
63
8
6
638
6
614
614 653
8
GIs 63
.8
812
75
8 818
8
8 12
812 85
8
85
8 85
83
4 914
8
2112 21 12 .2112 22
*2112 22
*2112 22
*2112 22
*2112 22
.114 13
4 .114
13
4 .1 14
134 *114
13
4
13
4 *114
114
13 .
4
.18
3
8
•18
3
8
.18
2
8
•14
3.
8
*14
38
*14
3
3
•1218 1211 •1218 1214 1218 1218 1218 1218 '12', 13
*1218 13
117 1214 1214 1253 1212 123
8
4
123 133
4
4 1212 1312 1314 14
32
3212 .3012 32
31
31
31
313
4 3218 3312 3212 3212
223 2313 21
4
21
2412 243
22
24
4
22
24
23
23
*33
.3312 35
3412 *3312 3412 .34
341. 3412 3518 3514 36
•102 10412 *10212 1041_ 10112 10412 .103 1041 .103 10412 10412 10412
6
6
6
6
52
4 578
6
614
6
6
612
6
4018 4018 4014 42 •4033 53 .42
*4012 42
45 45
53
8 3412 3412 *34
•3318 345
3458
3412 3412 35
34
343 35
4
2414 2414 2412 2413 2412 2518 26
27% 2612 267
8
2612 27
8218 8218 8212 8212 .81
82 .82
87
*8213 87 .8212 86
74 8
3
8
8
8 r, 87
8
85 re 83
8
4
83
4 9
83
4 83
4
993 10018
8
9814 99% 987 101
8
10012 102
8
1023 1037 102 103
4
5512 5614 543 55
4
54
8
56
5318 5412 537 5414 x5112 5212
567 59
8
5614 5734 5618 573
x5312 55
57
5518 567
8 56
11312 11312 11212 113
.11312 114
1117 112 .109 11112 10812 10812
8
.73
8 8
.714 9
.714 8
*714 8
7% 73
*712 8
8
.1414 16
.1414 16
1414 144 •1412 1518 1512 16
1412 1558
1514 2514 1514 153
155 153
4 157 157
1512 1618
8
8
8 157 16
•13
14
.13
15
*1312 143 .133 143 *14
8
8
8
133 133
4
15
4
.55
64 .55
65 .55
58 .55
56
58
58 •
*55
58
*414 412
414 414 .4
414
414 412
8
4% 45
43
4 43
4
.2418 25 .2312 24 .2312 24
24
2412 2412 25
243 2518
4
.3
8
I
.2
8
1
.3
8
12
3
8
*3
8
12
*38
12
38
.2
31
.2
312
2
2
.17
8 312 *214 312
17
8 214
.234 3
*212 3
.212 3
.212 312 *234 312 .23
4 338
•1714 281 *1714 2812 *1714 2812 *1714 2812 •1714 2812 *1714 2812
8
8
74, 73
67
65
8 712
612 67
8 67
67
8 7
4
718 75
8
*418 618 •418 6% *41g 618 *418 618 .418 612 *412 612
10
10
10
10
•10 .1014 .10
1012 1014 1014 1014 1014
.65
66
65
65 .6412 68
•6412 68
•6412 68
*6412 68
*21. 33., *212 312
25
8 25
8 *3
38
3
314 314 "318 312
104 103 .105 1112 *1053 1112 . 8 1112 11 18 1118 .10 4 1114
4
8
3
105
*96 100 .95 100
•96 100
.96 100
*96 100 .96 100
.4512 47
*45 4 47
3
47
47
*47
47
49
47
473
4 47
•13
8
112
13
8
112
13
8
13
8
8
112
112
112 "13
13
8
112
7
8
1
1
1
7
8
I
7
8
1
1
1
1
1
*812 9
83
8 83
8
9
9
93
s 93
4
9
9 12
912 912
.114
13
4 *114
112 *114
114
114
112
112 *114
112 •114
.158 312 .15
8 312 'Vs 358 .15
8 3
*13
4 212 . 4 212
13
.1
15
8 •1
15
*1
114 .1
114 *1
114 *1
114
4
4
4
4
*37
8 4
.37
8 4
4
414
414 *4
.143 16
4
•143 16
4
.143 16
4
*1434 16
.143 16
4
.143 16
4
.
*45
8 8
•45
8 8
cits 8
453 8
.43
*452 8
2 8
.514 10
*514 10
•514 10
*514 10
.514 10
*514 10
8 1514 1512 1514 1512 1512 155
1512 153
2 1552 1614 1552 1552
.85 1112 "85 10
10
8
10
8
.85 1112 .9
8
1012 *913 1112
.62
65 •6212 65 .6212 65 .6212 65
623 623 *6212 65
4
4
*13
.13
4 23
4 2
4 *13
4 21S •13
4 23
4 *13
13
4
4 21S
13
4
437
8 433 4434 4212 433
8
42
8 40
4214 4312 42
40 4 415
3
4
158
*3
*3
4
4
Ps
*7
s
1
PS
"4
*3
4
7
8
"4
7
8
6
5 4 618
3
6
614
6 18
618 638
6
64
614
6
52
5'8 5%
6
513 558
4
5% 53
512 53
Ws 513
4
8 1214 1214
1214 125
124 13
125 125
8
8 1318 137
8 1312 1312
71
72
73
7114 7114 7112 72
*713 75
4
4
*713 75
.72
158
*7
8
114
*7
8
.7
8
114
114
*7
8 114
*7
8
.7
8
114
332 334
33
8 312
3 8 312
3
358 35
8
312 37
3'2 3
%
8 612 •553 612 *552 612 *55
8 61 2 *55g 612 . 8 612
•55
55
28
*2612 30
3312 *3012 3312 *30
28
*29
•2612 30
3312
85
85
812 9
8
93
4 93
812 85
87
93
8 918
4
8 93
8
48
48
4712 4712 .48
48
5213 50
6114 .50
50
48
49 .47
4712 4712
*47
*47
48
49
49 "48
48
48
7
378 4
4
37
8 37
• 3 4
37
4 4
.3
37
8
37
3 533
8
8
__ *633 _ - 637 63%
4
8 6318 6318 .627 _ __ *635
8
*6314 4335
9
918
9 _87
852 9
2 912
9
914 - 912
914 912
1018 II
3
97 10 2 1052 11
2
2
912 912
Os 93
*93 10
8
4
8
133 1418 143 1518 1414 1412
133 1414 133 14
4
2
14
14
32
3314 3234 3378
3214 32
31 18 32
32
30
30
.28
438 43g *414 5
45
8 45
8 512
43
8 43
8
8 *45
.45
8 57
1112 *5
1112 .5
1112 .5
11 12 .5
.5
1112
•5
111
53 53
.53
60 .53
60
GO
60 .53
•53
60
•53
1312 1312 1312 1312
13
1313 1314 13
4
1314 1314 123 13
56
56 .54
56 •
56
54
*54
.54
56
*52
55
55
-2112 /2(4 -i. /114
1
77, 81,
778 8
5
8
*14
8
5
*14
418
4
414
.4
2118 ill,
77
8 77
8
158
*14
4
4
iisg 12
818
8
*14
58
37
8 4
22 -- 2
223
814 812
58
"4
4
418
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares
120
41.800
800
1,700
500
Indus. & Miscell. (Con.) Par
Allegheny Steel Co_ .__No par
Allied Chemical & Dye_No par
Preferred
100
Allis-Chalmers Mfg__ _No par
Alpha Portland Cement No par
Amalgam Leather Co__No par
100
7% preferred
Amerada Corp
No par
Amer Agric Chem (Del) No par
American Bank Note
1()
Preferred
50
American I3eet Sugar__No par
7% preferred
100
Am Brake Shoe At Fdy_No par
Preferred
100
American Can
25
Preferred
100
American Car &1
7dy___No par
Preferred
100
American Chain.
No par
7% Preferred
100
American Chicle
No par
Amer Colertype Co_ _ No par
Am Ccmm'l AlcoholCorp_20
Amer Encaustic Tiling_No par
Amer European See's_No par
Amer & Fern Power_ _No par
Preferred
No par
2d preferred
No par
56 preferred__ __
No par
Amer Hawaiian S S _____ 10
Amer Hide & Leather_No par
Preferred
100
Amer Home Products_No par
American Ice
No par
6% non cum pref
100
Amer Internet Corp. __No par
Am L France & Foamite No par
Preferred
100
American Locomotive_No par
Preferred
100
Amer Mach & Fdry Co_No par
Amer Math & Metals__No par
Amer Metal Co Ltd_ __No par
6% cony preferred
100
Amer News Co Inc_ .,No par
Amer Power St Light_No par
Preferred
No par
85 preferred
No par
Am Had & Stand Sassy No par
American Rolling Mill
25
American Safety Razor No par
American Seating v t c_No par
Amer Ship & Comm___No par
Amer Shipbuilding Co.No par
Amer Smelting & Refg_No par
Preferred
100
2d preferred 6% eum
100
American Snuff
25
Preferred
100
Amer Steel Foundriet__No par
Preferred
100
American Stores
No par
Amer Sugar Refining
100
Preferred
100
Am Sumatra Tobacco__No par
Amer Telep A-. Teieg
100
American Tobacco
25
Common class B_
25
100
Preferred
American Type Founders 100
Preferred
100
Am Water Wks & Elee_No par
Common vot tr ctfs_No par
1st preferred
No par
American Woolen__ . No par
Preferred
100
Am Writing Paper etts_No par
Preferred certificate' No par
Amer Zinc Lead & Smelt___1
25
Preferred
Anaconda Copper Mining_50
Anaconda Wire & CableNo par
Anchor Cap
No par
$6.50 cony preferred.No par
Andes Copper Mining_ _No par
Archer Daniels Midl'd_No par
7% preferred
100
Armour & Co (Del) pref 100
Armour of Illinois class A__25
Class B
25
Preferred
100
Arnold Constable Corp_No par
Artloom Corp
No par
Associated Apparel Ind No par
Associated Dry Goods No par
Associated Oil
25
All G & W 255 Lines_ _No par
Preferred
100
Atlantic Refining
25
Atlas Powder
No par
Preferred
100
Atlas Tack Corp
No par
Auburn Automobile„.No par
Austin Nichols
No par
Aviation Corp of Del (The)__5
Baldwin Loco Works_ _No par
Preferred
100
Bamberger (L)& Co prof _100
Barker Brothers
No par
Barnsdal Corp class A
5
Bayuk Cigars Inc
No par
1st preferred
100
Beatrice Creamery
50
Preferred
100
Beech-Nut Parking Co
20
Belding Heminway Co_No par
Belgian Nat Rys part pref ____
Bend's Aviation
No par
Rest & Co
No par
Bethlehem Steel Corp_No par
7% preferred
100
Blew-Knox Co
No par
Bloomingdale Brothers_No par
Preferred
100
Bohn Aluminum & Br_No par
Bon Am! class A
No par
Booth Fisheries
No par
1st preferred
100
Borden Co (The)
25
Borg Warner Corp
10
Botany Cons Mills class A 50
Briggs Manufacturing_No par
2,400
400
700
10
100
100
500
40
66,400
100
1,200
GOO
200
1,600
500
3,900
900
20.500
8,400
3.100
5,100
200
5,400
800
4,600
1.300
1,000
1.100
200
1,200
340
200
9,900
1.900
1,500
15.400
7,620
100
50
14,500
3,000
2,300
1,000
100
4.000
110
1.700
2,100
200
3,500
99,455
14,700
75,600
700
100
90
1,400
100
500
1,600
130
90
16,390
900
20
200
200
500
2.800
1,800
1.700
100
2.100
6,900
200
10
200
16,300
24,100
2,200
410
260
8,300
50
2.200
1,400
200
900
700
8.200
2,800
6.700
2,400
400
10
1,800
100
215 -- -18 11,200
8 22
812 3,900
8
5
8
"4
4
414 1,800
•131‘1 111,1 asked prices, 110 sales 011 this day. I Es-dividend. y Es-rights.
PER SHARE
Range Since Jan 1.
On basis of 100
-share lots.
Lowest.
Share
6 Feb 8
7912 Feb 6
1187 Jan 6
8
612 Feb 0
534 Jan 10
3 Jan 18
4
63 Feb 2
8
20 Jan 14
73 Feb 6
4
10 Feb 7
38 Feb 3
I Jan 30
234 Jan 5
10 Jan 9
6214 Feb 3
54 Jan 3
12312 Jan 6
612 Jan 3
1612 Jan 4
3 Jan 5
7 Feb 4
3614 Jan 4
212 Jan 18
19 Feb 2
I Jan 5
614 Feb 8
55 Feb 6
8
958 Jan 3
63 Feb 3
8
73 Feb 3
8
418 Jan 5
23 Feb 2
4
143 Jan 3
8
341 4 Feb 8
418 Jan 3
32 Feb 3
63 Feb 2
8
3 Jan 5
8
114 Jan 3
57 Jan 3
8
173 Jan 3
4
1134 Jan 3
1 Jan 27
338 Jan 3
1512 Jan 4
17 Jan 20
57 Feb 2
8
177 Feb 7
8
147 Feb 6
8
6 Feb 6
758 Feb 6
203 Jan 9
4
114 Feb 2
14 Feb 1
12 Jan 17
113 Feb 3
4
31 Jan 10
2012 Jan 2
3212 Jan 10
10218 Jan 9
53 Jan 3
4
40 Feb 3
313 Jan 4
8
2112 Jan 19
80 Jan 19
6 Jan 13
9814 Feb 6
x5112 Feb 10
15312 Feb 10
10812 Feb 10
5 Jan 3
13 Jan 3
1414 Feb 3
13 Jan 24
53 Jan 6
4 Jan 3
2312 Jan 25
3 Feb 8
8
17 Feb 10
8
25 Feb 2
8
_ __
612 Feb 6
418 Jan 6
8 Jan 20
6212 Jan 11
25 Feb 7
8
4
103 Jan 30
99 Jan 14
Highest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share
814 Jan 9
5 May 15 Sept
897 Jan 12
8
4212 June 8814 Sept
1217 Feb 1
8
9612 Apr 120 Dec
9 Jan 11
4 June 1538 Sept
63 Jan 30
8
412 July 10 Jan
14 Apr
1 Jan 4
218 Sept
63 Feb 2
8
4 Dec 10 Mar
22 Jan 10
12
Jan 223 Sept
4
1012 Jan 9
312 June 1512 Sept
1212 Jan 11
5 May 2212 Sept
397 Jan 13
8
28 June 47 Feb
14 Apr
114 Jan 5
27 Aug
8
412 Feb 8
1
Apr
934 Aug
612 June 177 Sept
12 Jan 11
8
40 July 90 Feb
75 Jan 12
623 Jan 11
295 June 737 Mar
8
4
8
9312 June 129 Mar
1283 Jan 21t
4
818 Feb 10
318 June 17 Sept
20 Jan 13
15 Dec 50 Aug
714 Sept
314 Jan 10
17 Apr
8
Jan
8 Jan 17
7 June 26
40 Jan 21
18 June 38 Nov
814 Sept
4 Feb 9
2 July
223 Jan 5
8
11 May 27 Sept
114 Jan 10
5 Jan
3 Dec
4
1038 Jan 6
234 Apr 1534 Sept
818 Jan 11
2 Slay 15 Sept
147 Feb 9
8
5 May 3812 Jan
4
93 Jan 11
23 May 2114 Aug
4
12 Jon 11
33 June 33 Jan
4
5 Feb 2
612 Aug
3 May
67 Sept
314 Jan 5
8
1 May
16 Jan 11
47 May 27 Sept
8
25 June 5138 Mar
3914 Jan 11
338 Dec 2158 Mar
612 Jan 12
35 Dec 68 Mar
32 Feb 3
212 June 12 Sept
83 Jan 11
8
84 Aug
14 Jan
3 Jan 5
8
414 Aug
1 July
214 Jan 235 July 1514 Aug
8
814 Jan 11
2314 Jan 9
1718 Dec 49 Sept
1312 Jan 11
712June 2214 Jan
33 Ma
4
1 June
2 Jan 4
914 Aug
112 June
503 Jan 9
612 June 32 Aug
21 Jan 12
30 Feb 6
14 July 33 Jan
3 June 1714 Sept
914 Jan 11
Jan
2412 Jan 11
1514 June 58
4
2112 Jan 12
10 July 493 Jan
318 June 1214 Sept
75 Jan 11
8
3 May 1812 Sept
8
103 Jan 11
8June 32914 Mar
133
223 Jan 9
8
3 4 Sept
3
15 Feb 2
8
3 June
4
7 Sept
8
18 Apr
38 Jan 5
10 June 2518 Jan
13 Feb I
51 May 2714 Sept
145 Jan 11
8
22 June 85 Jan
357 Jan 25
8
15 July 55 Feb
27 Jan 16
4
36 Feb 10
213 June 3612 Aug
Jan 106 Sept
90
10112 Feb 7
75 Jan 11
3 May 1518 Sept
8
56 Jan 9
34 July 80 Feb
363 Mar
4
3514 Jan 27
20 May
2712 Jan 27
13 June 3914 Jan
45 Slay 90 Aug
8212 Feb 6
918 Jan 31
234, Apr 1014 Aug
8
10938 Jan 11
6934 July 1373 Feb
4
4012 June 863 Mar
633 Jan 24
4
3
653 Jan 24
44 June 89 4 Mar
4
117 Jan 14
9514 June 11812 Oct
Jan
9 Jan 13
4 June 25
1012 July 70 Jan
187 Jan 11
8
11 May 3412 Islar
1912 Jan 9
11 May 31 Mar
1634 Jan 9
26 June 75 Jan
58 Jan 12
15 MaY 10 Bent
8
55 Jan 11
8
1512 Jan 397 Sept
26% Jan 6
14 May
214 Aug
12 Jan 3
8 Aug
2 July
214 Feb 10
s
114 May
67 Sept
314 Jan 23
10 June 35 Aug
____ ____ _
3 June 19% Sept
83 Jan lo
4
3 Apr 15 Sept
45 Jan 31
8
514 May 1712 Mar
1014 Jan 11
40 May 75 Sept
66 Jan 30
138 Slay
9 Sept
4 Jan 23
7 Apr 1512 Sept
12 Jan I+
85 Apr 10014 Oct
99 Jan 14
61 Aug
24 May
4
41 Jan 3 493 Jan 31
23 Sept
4
58 June
13 Jan 1
4
13 Jan 3
8
2 Sept
114 Jan 0
7 Jan 3
8
58 June
8
312 May 157 Aug
712 Jan 3 1112 Jan 10
358 Aug
I Slay
118 Jan 19
112 Jan 2(
534 Sept
15 Dec
8
____ ____ __ ____ ____ _
3 Aug
8
5 June
114 Jan 11
1 Jan 17
3 May 11 Sept
514 Jan 11
4 Jan 3
1612 Aug
612 July
4
143 Jan 21 143 Jan 21
4
438 Dee 1214 Aug
--------------. __ __
53 Dec 1512 Jan
4
52 Jan 14
53 Jan 25
8
217 Sept
8
85 Feb
8
1514 Feb 3 1714 Jan 5
7 Dee 2512 Feb
93 Jan 4 12 Jan 11
8
4512 June 7912 Jan
61 Jan 5 66 Jan 11
37 Aug
8
I July
13 Feb 1(1
4
13 Feb 10
4
283 May 1513 Jan
4
40 Feb 2 5612 Jan 11
4
12 Feb
17 Sept
8
7 Feb 2
8
7 Feb 2
8
112 Jun
87 Dec
73 Jan 6
8
4
53 Feb 2
4
12 Aug
61 1 Jan 10
2 May
412 Jan 3
8
8 Slay 3718 Aug
11 Jan 4 153 Jan 12
99 Feb
62 July
71 Feb 6 7312 Feb 1
3 Jan 4
8
12 Apr
312 Aug
3 Jan 4
8
338 June
7 Sept
414 Jan'',
8
33 Feb 2
314 Jan 6
13 Feb
7 Jan 21
2 Dee
27 Jan 18 30 Jan 4
30 Dec 59 Jan
4312 Jan
1012 Nov
812 Feb 8 12 Jan 10
Jan
62 Dec 95
4712 Feb 7 6212 Jan f
4
2914 May 453 Dec
45 Jan 5 50 Jan 27
83 Sept
4
25 Jan
8
45 Jan 11
8
3 8 Jan 27
7
8
573 June 625 Dec
8
65% Jan 1
6318 Jan
412 May 183 Jan
4
85 Feb 6 1112 Jan 11
8
53 June 247 Feb
8
4
918 Feb 2 1118 Jan 11
714 June 295 Sept
8
8
133 Feb 6 167 Jan 11
8
1614 July 74
Jan
8
28 Jan 4 337 I eb 10
3% June 10 Aug
53 Jan 6
4
43 Feb 8
8
614 June 14 Feb
7 Jan 5
7 Jan 5
49 Dec 61
Jan
63 Jan 25 53 Jan 25
47 June 2214 Jan
8
1212 Feb 2 1434 Jan 11
31 June 55 Nov
5314 Jan 10 55 Jan 30
18 May
1 Aug
114 Jan
14 Nov
1
- 26' -20 July 4318 Mar
19% San 27 -- .8-aan ii
93 Jan 11
33 May 1414 Sept
4
8
73 Feb 3
4
14 Apr
114 Sept
----- r ---- -r-- -.278 June 113 Mar
3 4 Jan 30
518 Jan 11
3
4
S per
New York Stock Record—Continued—Page 3
982
Feb. 11 1933
tar FOR SALES DURING THE.WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
Feb. 4.
Monday
Feb. 6.
Tuesday
Feb. 7.
Wednesday
Feb. 8.
$ per share $ per share $ per share $ per share
*814 9
*814 9
*814 9
.814 9
76
743 74
12
/ 741 75 *74
1
4
73
74
34
34 *32
323 *32
4
34 •32
*32
218 218
214 214 *2 ; 24
*2
3
3
3
*278 3
*278 3
*234 3
/
1
4
/ *318 3
1
4
*318 34 *312 312 *34 3
40
40 *31
40 *31
40 *31
•31
1
1
7
8 118
118 lls
•118 112
*334 4
.334 4
4
4
414
*4
I
2
158 134
218 214
214 214
4
4 *14 13
4 *118 13
*13
8 13
4 *118 13
4
2 4 23
3
*212 314 *212 314 *212 314
3
4
/ 758 , 7 4 78
1
4
712 712
7
/
4
712 71
4
24 23
4
2 4 23
3
8 24
3
*258 234 *25
6 8 64
5
6
8
/
1
4
8
4 *613 65
*812 63
15
15
14
1314 13
13
15
•13
14
118 *1
.1
118 1
114 *I
•1
*3
4
7
8
3
4
3
4
7
8
4
*3
7
8
*4
3
.158 2
*158 2
*158 2
2
*158
1238 *1134 1212
1112 1134 12
4
1134 113
.4214 50 *424 50 *4214 50 *4214 50
9
9
*918 912
91
*9
9
9
*14
*1
/
4
3
8
et,
2
8
/
1
4
*14
4
2i
2
2
218
214 214
24 24
3
3
314 314
*314 418 *314 418
83
4 87
8
83
4 83
4
83
4 83
4
*878 914
154 154
15
15
*1378 15
14
14
63
8
63
3 *5
47
8 47
8 *5
*478 8
/
1
4
32
32 *20
32 *20
32 •20
•20
4
/
4
423
4 411 4318 4212 433
4034 423
8 40
3
503 503
8
8 50 4 Si
8
*5012 527 *5014 53
4 84
83
4
64:-1433
612 65
8
658 7
612 612
34
84 612 *64 ...:1 3
61 812
/
4
*4 114
*5
8 14
*5
8 114
02 114
*13
3
3
5 4: 13 43
'
3
3
*4
3
8
3
8
*158 2
*158 :2
*158 2
•158 2
174 18
/
1
1812 18121 17
16 *18
16
*214 34
*214 312 *24: 3
*214 3
593
4
58
*58 60 *58 60 .58 4 80
713 8
741 74
714
7
7
714
31.
118 ' 3 114 :L.1
114 *1
..1
1
512
512 *5
133
8 *5 .
64 *5
*5
/
1
1112 1112 1111 114
/
1
114 111
•1111 12
41
*5012 51 •503 51
51
51
•50 . 52
1912
19 *18
19'i 19
191 .19
*19
17
/ 1878 1834 194 1834 1938
1
4
184 181
*213 3
233 3
213 3
*234 3
63
4 63
4
534 658
*6
7
7
7
7 4 Oh
3
734 784
74 71
•713 8
*6 328
61
*13
8
•13
8
6
3s 3
5
53
5
*314 3
53 *314 3 8 *34 3511
1214 124 1234
8 1158 1218 12
115 117
8
*3 151 12
3
1
3
3
1
*3
8
3
2
3
13
*6
17
17
*6
17
*6
17
•8
1212
1212 *11
*11
11 • 11
*11
121
90 290..
90 90
•90 100 *90 100
784 7911
/
1
78
7812 78
77
•7812 77
453
4
*4514 4534 .4514 4534 *4514 4534 45
4
111 1114 1114 1114 1118 1118 1118 113
/
4
66 66
70
70..
78
613 6718 *68
4
/ 414
1
4
*4
4
/
1
4
*312 4
311 31
*504 88 *5012 88 *5012 65 .5012 68
/
4
/
4
8
8
*1012 117 *1012 117 *104 111 ,•101 114
54 2514 514
*43
4 514 *5
3
*5
5
s
4 3114 3214
3
30 301s 29 4 30h 305 313
e312 958
912 913
/
1
958 '10
914 94
14
/ 144 1538
1
4
/
1
4
13 8 1414 133 1418 14
5
6914 6914 6918 6918 6814 6814 70
70
512 51
514 512
512 51
512 72 55*
‘
/
1
4
2418 23 3 24
2418 •21
2418 *21
*21
*20 201 *194 204 •20 201 *20.13 2Q11
782 4.75 4 78
8
7518 7518 •75
7211 76
/
4
234 2214 2214 2212 221k 2234 2314
22
96
984
9512 95 98
94
98
98
/
4
s
1113 11138 *11138 11178 11138 11138 *11132 1111
1012 1034 1013, 107
8
10 8 1012 1014 101
3
240 214
218
2
24 214
•2
/ 21
1
4
/
4
38 1, 3914
37 38
14
364 3712 37 37
/
1
8
*34 1312 •34 1312 *27 134 *313 1312
4
713 712 *73 .814
*74 77
8
7 8 738
3
/
1
'
/
4
*614 74 *61 74 *64 714
/
1
*614 7
/ *4144.5
1
4
4
/ 4
1
4
*412 5
5
5
46 *45 11 46
45
45 •45
45
45
3
41 3 4
33
312 34
34 34
*314 3 8
3
1012 103s 1078
1038 10
1014 1034 10
s
211527
518 52 2 515
4
7
5114 5214 511s 52
*95 9814 943* 95 *95 95 4 9512 96
3
44
4
44 •4
44 418
4
4
5
/ 52
1
4
2
512 514
512 514
514 52
2
*97 100 *97 100 *97 100 *97
9934
8
8
12
it
3
8
sit
3
8
12 48 12
•113 14 *vs 112 •118 112
its . 112
*
/
1
4
h
*
/
1
4
12
*Is
4
*3 1, 12
11
4 413 *334 412 *378 • 4
*3 4 412 *33
8
12
58
58
/
1
4
*13
12 ' 5
3
5
3
/ 3978 39
1
4
39
*3853 393
4 39
393 397
4
8
393 3934 391s 4032 40 4034 40 4052
8
4
4
4
*4
412
4
4
/ 4
1
4
/
1
4
/ 18
1
4
151 153
4
4 15
1512 1572
IA 16
14 178 *173 2
/
1
134 178
134 14
/
1
514 5 8
3
538 512
5 2 512
3
514 5
/
1
4
/
1
4
53 4 5434 53 5372 5332 54
3
7
/
1
4
/ 53 2 54
1
4
*137 142 13712 13712 *13713 138 *13712 138
4
4
41
/
4
4
4
372 4
/
1
4
4
/
1
4
2813 27:1 2812 2712
27 2718 2653 27
*234 3
•233 3
•2
/ 3
1
4
3 1t 3
154 15 4 1484 15 *1434 15 4 1514 1514
/
1
3
•25
27 *25 27
2514 2514 *25 t27
/
4
•14 11 *Vs 138 •118 114 *14 114
*104 1412 *104 1318 1318 1318 •1014: 13
/
1
1912 17's. 19
17 1714 174 184 19
14
Thursday
Feb. 9.
73
17
s
3
12 4
2212
10
397
2
17
s
3
6
v
s
4
/
1
4
8
8
8711
4
15
183
8
267
8
1512
14 2
5
1112
3412
118
58
*112
•12
*2134
94
8
397
8
15
3
*5
514
4
0112
*7
14
8732
*1134
1813
2712
15
*13 2
8
*1112
34
*58
"8" 7
8
7
8
"3
55
178 •113 178 *141 17s
/
1
1224 12344 1234
1234 *12
2212 224 22
/ 224, 2213
1
4
9
938 *9 n 915
9
/
1
4
3
s
40 *383 39 4 3911, 394
Ps: 17
5
15
3 17
8
13
4
2 8 s ,3
7
278 34
3
/ *518 8
1
4
813 *514 6
5121 514
5
512
54
4
*3 8 44 *33
5
8 4
*113 3
*112 3
3
*714 8
87
14 8
8
89
87
/ 8738 884 69
1
4
*1134 15
15 *1134 15
8
4 1858 187
1834 1834 183
2712
2713 263 2834 •27
4
1458 154
/ 15
1
4
1534 14
8
1412 1414 1414 1432 143
12 • 12521
12
1214 12
8
3518 354 3812 3814 3137
*58 118
•58 118
118
PER SHARE
Range Since Jan. I
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
1 4 ..1
•Bid and asked prices, no sales on this day. s Ex-dividend. y Ex-rights.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ Per share Shares Indus. & Miscell. (Can.) Par $ per share $ per share 8 per share $ per share
814 Jan 16
No par
9
9 Jan 5
300 Briggs & Stratton
9
4 May 1013 Jan
*814 9
48 June 894 Mar
7812 784 767
8 1,500 Brooklyn Union Gas No par 73 Feb 4 82 Jan 11
75
Brown Shoe Co
No par 3238 Jan 12 33 Jan 6
23 July 38 Feb
3312 *32 3213
*32
238 Jan 12
218 Jan 12
600 Bruns-Balke-Collender_No par
44 Sept
118 July
*2
314 *24 3
/
1
4
258 Jan 9
10
3 Jan 11
/
1
4
800 Bucyrus-Erie Co
278 3
112 June
3
3
74 Sept
Preferred
418 Jan 11
3 Jan 13
5
500
24 May 1018 Sept
/
1
34 312 *34 313
100 30 Jan 18 36 Jan 4
7% preferred
40
35 June 80 Sept
*31
40 *31
7 Feb 7
3
No par
1
1
/ 5,800 Budd (E G) Mfg
1
4
118
2 Jan 11
1
318 Sept
13 Apr
358 Jan 9
7% preferred
100
40
*334 4
5 Jan 11
311 July 14 Jan
*3
54 4
1 Feb 8
No par
214 Jan 11
/ May
1
4
112 13
4 7,300 Budd Wheel
112 13
4
412 Jan
Bulova Watch
No par
133 Feb 2
138 Feb 2
4
118 Apr
4 *118 13
3 Jan
/
1
4
*14 13
234 Feb 8
No par
358 Jan 11
100 Bullard Co
*3
8 Sept
218 May
314
*218 3
738 Jan 4
814 Jan 11
84 June 1314 Aug
4 1,300 Burroughs Add Mach—No par
712 73
7
74 7 8
253 Jan 30
No par
33 Jan 5
4
700 Bush Term
3
3
3
3
3 Dec 2134 Mar
6 Feb 2
100
Debenture
914 Jan 11
250
7 Dec 65 Mar
612 612
614 63
4
230 Bush Term Bid gu pre_ _100 13 Feb 6 2313 Jan 5
*15
18
15
15
1214 July 85 Jan
1 Feb 10
118 Jan 18
200 Butte & Superior Mining-10
1
1
*1
178 Sept
15 July
118
78 Jan 4
3 Jan 25
4
5
2 Sept
12 Apr
200 Butte Copper & Zinc
7
8
*3
4
*3
4
7
8
112 Jan 14
2 Jan 30
13utterick Co
No par
*15
3 2
13 June
*14 2
57 Sept
8
8
No par 1112 Feb 6 15 Jan 11
7 May 2458 Sept
1212 135
8 1212 1212 1,300 Byers Co (A M)
100 4238 Feb 10 4614 Jan 19
Preferred
3514 May 89 Sept
50
4238 4238
*4214 50
84 Feb 3 10 4 Jan 10
__No par
3
414 June 19 Sept
900 California
3
9
/ 95
1
4
912 9 4
8
38 Jan 10
14 Jan 19
Packing_10
Callahan Zinc-Lead
118 Sept
18 June
*14
3
8
*14
h
2 Feb 7
113 May
3 Jan 4
778 Sept
218 214
24 214 2.400 Calumet & Heela Cons Cop.25
3 Feb 1
/
1
4
3 Jan 11
914 Aug
212 June
200 Campbell W & C Fdy_ _No par
*258 314 *234 3
6 June 15 Sept
94 2,000 Canada Dry Ginger Ale No par 2834 Jan 3 1034 Jan 12
9
84 9
No par 14 Feb 2 1512 Jan 12
1018 June 2334 Sept
1512 *1378 1512
500 Cannon Mills
15
014 Jan 5
218 Apr
47 Feb 6
8
9 Sept
/
1
4
No par
100 Capital Adminis cl A
63
8
84 *518
*5
19 June 32 Aug
Preferred A
50 2518 Jan 18 28 Jan 18
*20 32 *20 32
1834 June 6534 Sept
8
100 393 Jan 3 50 Jan 11
4
/
1
4
433 4514 413 43 77,000 Case (J I) Co
4
30 May 75 Jan
8
51
Preferred certificates- —100 503 Jan 4 80 Jan 11
193
51
53
53
438 June 15 Jan
918 Jan 11
612 Feb 6
_No par
2,700 Caterpillar Tractor
67
2 7
84 878
9 Jan 11
114 June 125 Sept
8
814 Feb 8
7
7 18 2.600 Celanee Corp of Am_No par
84 64
/
1
338 Jan
/ Aug
1
4
38 Jan 16
/ Jan 16
1
4
No par
Celotes Corp
*5
8 114
*5
8 14
58 Dec
38 Feb 4
214 Feb
38 Feb 4
No par
Certificates
100
h
*18
*4
3
8
14 Dec
712 Mar
3 Jan 11
113 Jan 5
100
20
15
8 158
•158 2
Preferred
Panne 2013 Sept
18
/ 19
1
4
184 1812 5.100 Central Aguirre AssoNo par 14 Jan 3 19 Feb 9
/
1
614 Jan
238 June
33 Jan 19
s
214•Feb 3
Century Ribbon Milia_No par
*23
8 314 *214 314
55 Dec 85 Jan
100 53 Feb 8 63 Jan 12
*58 60 *58 80
Preferred
20
312June 1512 Sept
85 Jan 24
8
5 Jan 4
/
1
4
712 73
4 7.200 Cerro de Pasco Copper_No par
74 84
1
33 Feb
8
ba Dec
114 Jan 3
1 Jan 9
Products_No par
114
Certain-Teed
452 Dec 1858 Aug
5 Feb 2
5 Feb 2
100
7% preferred
*5
64
63
8 *5
11
Oct 2818 Feb
No par 11 Jan 3 1212 Jan 18
111 1158 1112 1112
/
4
900 City Ice dc Fuel
4338 Nov 68 Jan
100 49 Jan 4 52 Jan 14
51
52
51
51
Preferred
23f,
1812 Aug 3018 Sept
/
1
4
5 1734 Jan 4 20 Jan 18
*18
1912 *1812 1912
400 Checker Cab Mfg Corp
4 June 22034 Sept
/
1
4
/
4
4
No par 141 Jan 3 203 Feb 10
1953 2058 20
20 4 25,800 Chesapeake Corp
3
238 Feb 7
1 May
338 Jan 6
234 3
278 3
03 Jan
4
900 Chicago Pneumat Tool_No par
534 Feb 7
212June 1214 Sept
No par
712 Jan 21
67
*534 67s
Cony preferred
800
68
6 Dec 14 Mar
812 Jan 10
818 Jan 4
410 Chicago Yellow Cab-..No par
/
1
71 74
/
4
*74 712
6 Jan 28
5 June 1212 Sept
7 Jan 12
10
*6
*6
8
7
/
1
4
100 Chickasha Cotton Oil
8 Sept
3 Feb 1
/
1
4
112June
4 Jan 12
No par
300 Childs Co
/
1
4
4 *312 3
33
4 33
Na par 1112 Feb 3 1714 Jan 4
/
4
5 June 211 Sept
1278 1338 1258 1318 53,400 Chrysler Corp
21 Jan
/
4
14 July
58 Jan 12
38 Feb 2
No pa
800 City Stores
*1
/
4
12
/
1
4
3
3
834 Jan
No par --------------------314 July
*13
17
Clark Equipment
*6
17
10 Apr 22 Mar
1114 1114 *113 1218
s
200 Cluett Peabody &Co No par 10 Jan 27 1114 Feb 9
100 90 Jan 4 90 Jan 4
90 June 98 Feb
*90 100 *90 100
Preferred
140
8012 8412 8314 834 3,900 Coca-Cola Co (The)---No par 734 Jan 3 8112 Feb 9 6812 Dec 120 Mar
8
No par 444 Jan 6 4534 Jan 13
415 July 50 Mar
*45 46 *454 48
Class A
/
1
400
1134 1238 *1134 12
1014 Dec 314 Mar
1,600 COlgate-Palmolive-Peet No par 11 Jan 5 13 Jan 11
100 66 Feb 4 61 Jan 18 65 June 95 Mar
*69 74
*8978 734
500 6% preferred
/
1
34 Jan 30
No par
234 May 104 Mar
5 Jan 5
438 438
414 414
600 Collins & Aikman
Non-voting preferred-100---- --- -- ...., ---- -*5012 88 *5012 68
55 June 80 Mar
/
1
4
Feb 3 12 Jan 4
9 Jan 12 Oct
*1012 1178 *1013 1178
Colonial Beacon Oil Cc:LAI. par 11 514 Feb 8
278 July 147s Sept
74 Jan 11
500 Colorado Fuel & Iron No par
5 4 54
3
3
54 63
4
/
1
4
to
3214 327s 3134 32 '7,200 Columbian Carbon vt No par 27 Jan 3 -534 Jan 18
13'2 May 417 Mar
/
4
9 Feb 9 10 Jan 6
414 May 141 Aug
9
/
1
4
10
2,200 Columb Pict Corp v t C_No par
913 91
1514 1511 1414 1514 30.200 Columbia Gas & Elec_No par 1314 Feb 1 1734 Jan 11
414 June 21 Sept
7
100 68 Feb 3 7758 Jan 18
900 Preferred seriesA
40 Apr 79 8 Aug
*70
723
8 7238 7238
6 Jan 10
438 Jan 3
514 53
4h 514
3 8 June 11 Mar
7
4 6.200 Commercial Credlt.---No pa
1134 July 28 Sept
Class A
50 23 Feb 10 2418 Feb 9
2312 2,500
23
/ 2418 23
1
4
1012June 21 Sept
Preferred B
25 1913 Jan 30 20 Feb 9
100
2012
20
20 •20
75
762
4 7612 7612
400 6t4% first preferred_ —_100 723 Jan 3 761 Feb 10
40 June 75 Nov
8
/
4
2412 6.000 Comm Invest Trust___No par 1813 Jan 3 25 Jan 30
24
2412 24
1078 June 2778 Mar
98 984 9513 957
Cony preferred
8 2,400
554 June 82 Nov
No par 84 Jan 4 9778 Jan 31
m38 111.38 *11138 11178
310 632% 1st preferred
100 1033 Jan 18 11138 Jan 30 88 June 102 Dec
4
17.000 Commercial Solvents—No pa
3 May 1334 Sept
/
1
4
8
10 4 1114 107 11
3
10 Jan 3 1214 Jan 12
54 Aug
2
218 214 34,200 Commonw*Ith &Sou___No pa
214
2 Feb 7
8
13 June
2 3 Jan 11
7
$6 preferred series_ _ _No par 3813 Feb 4 50 Jan 12
1,800
38 38
3814 3914
2738 June 8813 Mar
Conde Nast Publlo'lla_No par -------------------5 May 12 Sept
.312 1312 *312 1312
400 Congoleum-Nairn Inc—No par
738 Jan 31
858 Jan II
*73
4 84 *73
612 June 124 Sept
4 818
Congress Cigar
No par
7 Jan 5
4 May 11 Sept
7 Jan 5
•64 714 *64 74
No par
200 Consolidated C1gar
*414 5
412 Jan 10
5 Jan 16
*414 5
358 Dec 2412 Jan
90 Prior preferred
100 45 Jan 25 47 Jan 11
/
1
4
45 45
45
45
17 June 60 Mar
134 Jan 4
1
414 Jan 20
538 Jan
1 June
34 34 2,400 Consol Flim Indus
38 4
7
8 Jan 4 1178 Jan 23
No par
Preferred
10,600
4
1138 103 11
234 June 1134 Mar
11
/
1
4
314 June 88 Mar
8
5312 5412 527 5414 51.100 Consolidated Gas Co—No par 751 Feb 3 6314 Jan 11
No par 9478 Feb 6 99 Jan 3
Preferred
/
1
7213 June 994 Dec
954 954 2,100
96 98
4 Jan 3
5 Jan 10
/
1
4
4 Dec 1078 Jan
414 1.900 Consol Laundries Corp_No par
4
4
4
No par
5 Jan 19
/
1
4
57 Jan 11
8
9 Aug
512 544 19,600 Consol 011 Corp
532 582
4 June
100 98 Jan 27 10014 Jan 11
300 8% Preferred
79 Feb 101 Sept
4
52 993
99 4 99
3
*97
38 Feb 4
58 Jan 6
1,000 Consolidated TextBe......No pa
14 Mar
Pa Aug
12
2
*3
12
*3
2
14 Jan 10
20
11 Jan 10
/
4
•112 0
4 *118 134
2 Feb
/
1
4
%June
100 Container Corp class A
ss Jan 21
No par
38 Jan 10
Class B
118 Jan
14 May
83
s
12
12
*3
2
35 Jan 3
3
Class A No par
434 Jan 12
8 Sept
27 May
8
100 Continental Bak
*334 4
4
4
13 Jan 5
No par
78 Jan 11
Class B
138 Aug
/ Apr
1
4
118 8,300
5
3
5
8
5
8
100 38 Jan 3 4014 Feb 9
Preferred
2478 June 4754 Mar
900
404 4011 *4012 4032
1733 June 41 Mar
3
4034 4132 40 4 4114 7,400 Continental Can Ine___Ne par 3812 Jan 3 4212 Jan 12
4 Feb 6
-No par
8 Sept
/
1
4
3 Apr
54 Jan 11
4
414 *378 418 1,800 Cont'l Diamond Mrs.
/
1
/
-.2.50 147 Jan 4 1714 Jan 11
6 May 2514 Aug
/
1
4
1534 1614 1612 1614 6,500 Continental
18 Feb 2
4
Motors_...No
234 Jan 9
3 Sept
/
1
4
38 May
172
172 2.600 Continental Insurance.. pm
178 Ds
514 Feb 8
64 Jan 6
Oh Sept
358 June
578 8 14,200 Continental 011 of Del_No par
5 1 54
3
5214
/
1
2454 July 5538 Sept
/ 55 554 7,800 Corn Products Refining-25 1354 Jan 18 584 Jan 11
1
4
5412 55
100
Jan 11 14534 Jan 21
9912June 140 Oct
Preferred
50
137 13712 137 137
311 Jan 10
414 Jan 20
No par
14 May
733 Sept
4,600 Coty Inc
*378 4
4
4
2478 Jan 3 2878 Jan 26
No pa
1313 June Ms Oct
2838 2712 274 2712 5,400 Cream of Wheat etfs
252 Jan 6
378 Jan 9
714 Sept
214 May
800 Croeley Radio Corp—No pa
5
*2 8 2 4
5
2/ 2 8
11
4
3
par 1484 Feb 8 19 Jan 9
z7 8 May 2378 Dee
7
1613 3,100 Crown Cork dt Seal.—No
16
1633 16
No par 2514 Jan 30 27 Jan 5
173 June 3012 Nov
8
$2.70 preferred
100
*28 27 *2511 Ms
11 Jan 3
/
4
138 Jan 8
3 Aug
12 June
Crown Zellerback v t o_No par
*118 114 *118 114
/
1
4
6 May 2314 Jan
300 Crucible Steel of Amerloa--100 12 Feb 10 16 Jan 3
*1018 123
4 1213 1212
100 174 Feb 6 24 Jan 10
/
1
14 Dec 4978 Jan
Preferred
180
*1814 19/ 19 19
11
4
h Jan 18
313 Sept
/ Jan 6
1
4
No par
12 June
100 Cuba Co(The)
*58
76
7
8
*511
2 Jan 9
118 Jan 18
32 May
378 Aug
178 2
600 Cuban-American Sugar__ -10
*112 2
100 10 Jan 9 15 Jan 11
84 May 28 Aug
Preferred
160
13
1234 1234 13
60 2111 Jan 25 2312 Jan 10
20 May 3513 Mar
400 Cudahy Packing
22 22 82134 2453
9 Feb 7 1178 Jan 13
7 June 31
Jan
3
918 1.100 Curtis Pub Co (The)__ _No par
104 334
4
8
3734 1)ec 88 Jan
No par 388 Feb 10 485 Jan 13
Preferred
1,200
*3914 40
88 4 89
3
212 Jan 6
11 Feb 6
/
4
72 May
1
314 Sept
152 134 13,600 Curtiss-Wright
17
8 178
378 Jan 9
11 Mar
/
4
7
2 8 Jan 3
1
434 Sept
Class A
3
314
2,500
3
3
313 Slay 12 Sept
84 Jan 30
414 Jan 8
Cutler-Hammer Ino___No par
*512 7
*5 3 7
3
6 Feb 3
34 Jan 11
214 Oct
5
512 5
/ 3,000 Davega Stores Corp
1
4
514 514
73 Sept
4
44 Jan 10
1 May
218 Feb 10
No par
914 Sept
/
1
4
2
/ 3 16,900 Davison Chemical
1
4
33
8 4
23 Jan 20
8
1 June
2 8 Jan 20
3
238 Dec
Debenham Securities
*14 3
8111 3
714 Jan 4
934 Jan 10
814 June 1514 Jan
20
Deere & Co pref
*714 8
*714 8
54 July 122 Jan
100 67 Jan 17 7113 Jan 5
*88 70
694 894
800 Detroit Edison
7 May 1854 Oct
-No par 12 Jan 31 13 Jan 8
Devoe & Raynolds A.
*12
15
*113 14
4
12 Apr 194 Sept
No par 1814 Jan 13 1914 Jan 0
/
1
187 187 *187 19
8
8
1,900 Diamond Match
8
204 May 283 Deo
4
Participating preferred-25 264 Jan 11 28 Jan 26
*27
2712 *27
500
27
/
1
4
/
1
4
8
711 Jan 1278 Dec
No par 12 Jan 14 15 4 Feb 6
1414 145
8 14
15 213.700 Dome Mines Ltd
/
1
111 June 1813 Sept
/
4
400 Dominion Stores Ltd No par 14 Feb 9 154 Jan 11
*1312 143
3
14
14
/
1
4
5 June 1858 Sept
4.300 Douglas Aircraft Co Inc No par 1012 Jan 8 13 Jan 28
12
1212 123
4 12
/
1
4
23 May 57 Feb
No par 33 Feb 2 3814 Jan 12
3878 3718 3619 3718 13.000 Drag Inc
3 Sept
/
1
4
38 Dec
Dunhill International—No par --- --- — ---- -... __
*4 14
/
1
*4 11
/
4
1,4 .1
*53
gas
•12
*22
*914
397
8
13
4
3
*5
/
1
4
614
ems
*11
/
4
*74
1
67 4
3
*1184
*184
8
267
151s
*14
1112
344
*
/
1
4
Friday
Feb. 10.
Sales
for
The
Week.
.
New York Stock Record-Continued-Page 4
983
10'" FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Feb. 4.
Monday
Feb. 6.
Tuesday
Feb. 7.
Wednesday
Feb. 8.
Thursday
Feb. 9.
Friday
Feb. 10.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
PER SHARE
Range for Precious
Year 1932.
Lowest.
highest.
Lowest.
Highest.
$ per share $ per share $ per share S per share S per share S per share Shares Indus. & Miscell. ((Jon.) Par $ Per share S per share S per share i
-per share
514 *5
*10
*5
14
*10
*93 12
14
4
14 .10
14
Duplan Silk
No par 12 Feb 2 15 Jan 3
512 June 15 Sept
8
10118 10118 *1013 10112 10112 1013 10112 10112 *1015 10712 *1018 10712
4
8
60 Duquesne Light 1st pref. __100 100 Jan 3 102 Jan 30
87 Slay 101% Nov
*15
8
214 *158 214 *13
8 21 1
•15
8 2% *15
4 214 *13
Eastern Rolling S.1.11s No par
4 214
112 Jan 17
112 Jan 17
1 June
612 Sept
5614 573
5612 57
5512 57
57
57
5712 5814 5,800 Eastman Kodak (N J)_Nc par 54 Jan 3 6138 Jan 16
4 5814 59
3514 July 873 Jan
4
*123 _ __ *123 . __ *123
_
*123 _ _ .123 _ __ 120 123
50
6% cum preferred
100 120 Feb 10 123 Jan 20
99
Jan 125
Oct
12
512 512
512
52 ,
512 52 - -58
5
512 - -12
5
5
51 Jan 3
512 512 1,100 Eaton Mfg Co
No par
6 Jan 11
3 June
98 Sept
3418 36
355 36% 3612 3758 378 3812 37
8
343 355
4
3818 59,000 E I du Pont de Nemours____20 341s Feb 6 4112 Jan 12
22 July 59 4 Feb
3
997 100 *10012 103
8
102 103
103 103
102 103
102 103
1,500
6% non-voting deb
100 997 Feb 6 106 Jan 5
8
803 June 10518 Aug
4
*3*
08
5
3
8
%
3*
•%
*3
8
12
58
*313
3
4 2,000 Eltingon Schild
No par
38 Feb 4
12 Jan 27
18 June
218 Sept
4 7
*43
4 7
*43
*43
4 7
*43
4 7
*4 4 7
3
*43
4 7
634% cony 1st iffet
100
214 May 1212 Jan
1714 1714
167 1718 17
8
173* 17
173
8 175 1818 18
8
1812 5,500 Elec Auto-Lite (The)__No par
1678 Feb 6 2078 Jan 11
812 June 3234 Mar
88
*87
88
*87
*87
*87
88
88
*87
87
88
87
10
Preferred
100 8612 Jan 6 88 Jan 5
61 June 10014 Feb
1
1
1
1%
1
4
.1
1
1
14
114
114
1% 2,300 Electric Boat
118
3
114 Feb 8
1 Jan 3
12 June
212 Jan
*112
112
112
11
. 112
112 112
13*
138
112
13
8 4,300 Elec & Mus Ind Am shares__
15*
13 Feb 9
8
7 June
8
13 Jan 6
4
4
Jan
53; 512
512
512 534
514
534 61
5 2 512
,
55
8 6
8,300 Electric Power dr Light No par
514 Feb 6
23 July
4
78 Jan 11
16 Sept
1428 1412 1412 1412 1418 1412 *1418 1412 1412 15
1434 155
8 1,000
Preferred
No par 1418 Feb 7 2012 Jan 12
103 July 64
4
Jan
1314 *12
•12
13
1212 1212 1212 1212 13
13
1314 12
1,300
56 preferred
No par 12 Feb 10 183 Jan 12
4
87 July 5512 Jan
8
*24
25
*24
235 235
25
8
8 24
24
24
2418 •2414 25
500 Elec Storage Battery_.No par 235 Feb 7 2512 Jan 11
8
1228 June 3314 Mar
.--__
% 0---14 *---14 *---14 *--Elk Horn Coal Corp__ _No DM
14 *---14
18 Jan 4
% Jan 4
18 Jan 1113 Aug
4
*2912 293
4 2912 2912 *29
2912 2912 2912 30% 3018 *30
305
8
400 Endicott-Johnson Corp____50 2912 Jan 18 31 Jan 11
16 July
1714 Sept
0108 11618 *108 11618 *108 11618 4 108 11618 0108 116% •108 11618
'
Preferred
190
98 May 115 Nov
4
*6% 73
57
7
*612 73
7
*618 7
500 Engineers Public Serv__No par
612
63
4 7
57 Feb 10
912 Jan 11
o
4 June 25 Feb
29
29
*25
27 •25
27
*24
2678 *24
27
*24
27
100
55 cony preferred_ __ .No par 29 Jan 6 3112 Jan 24
16 July 51 Feb
30
30
*2612 28
2612 2612 26
*2612 28
26
273 273
4
400
4
No par 26 Feb 8 35 Jan 27
5534 preferred
18 July 57 Mar
'913
912
912
9
914 914
9
912 912 *914
91
920 Equitable Office BldgNo par
93*
9 Feb 6 11 Jan 3
1012 Dec 19
Jan
*412 .5
412 41
*4% 5
*412 48 *412 47
*412 5
100 Eureka Vacuum Clean_No par
47 Feb 1
8
412 Jan 11
2 June
714 Mar
*1
1%
1
1
01
118
118
118 *1
.1
2
2
200 Evans Products Co
112 Jan 11
1 Jan 4
5
12 May
212 Sept
010
25
*10
25
10
10
25
*10
*10
25
*10
25
30 Exchange Buffet Corp_No par 10 Jan 4 10 Jan 4
934 Jan
113 Jan
4
*14
11.14
13
11
"8 118
1,
"8
118
.8
3
4138
11
Fairbanks Co
2s --------------------1 Ju pe
Sen t
4 Sept
1%
*114 3
*114 3
*114 3
*114 3
0114 3
*114 3
Preferred
100 --------------------1
*314 3%
33
5
328 3 8 *314 33
4 .314 33
*314 33
100 Fairbanks Morse & Co. No par
35 Jan 26
8
318 Jan 10
214 Dec
*312
618 Aug
*12
143 *12
143 *12
143 *12
143
8 12
12
12
40
12
Preferred
100 1034 Jan 9 14 Jan 16
10 Dec 473 Mar
4
.
5
8
114
1
1
.
5
8 118 .
118 .
5
8
5
8 1,
"8 118
100 Fashion Park Asioc_ _No par
58 Jan 26
1 Feb 6
17 Sept
8
12 June
12
*9
*8
12
*9
12
*812 12
*8
12
*8
Federal Light & Trac
12
15
814 Dec 22
814 Jan 4 1014 Jan 20
Jan
*47
50
*49
52
49
49
49
50
52
52
*53
l'referred
54
30 June 64 Star
80
No par 42 Jan 24 52 Feb 6
*112 23
8
112 11
*114 21* .1,
112 May
*112 2's
4 23
8 *112 21
112 Jan 18
100 Federal Motor Truck_No par
13 Jan 12
3 8 Feb
5
1
1
*1
118
11
118
*%
118
118
11
*7
8
11
300 Federal Screw Works No par
12 May
118 Jan 27
78 Jan 11
2344 Aug
*212 23
4
212 23* *212 23* •212 25
8
312 Jan 5
214 Dec 103 Mar
2% 27
8
23* 24
600 Federal Water Serv A No par
212 Jan 23
0918 1014 *918 1014
*918 1014 .01g 10% 091 101
*018 1014
Federated Dept Stores_No par
77 Jan 18 1012 Jan 11
8
612 June 153 Sept
4
163 1714 163 163
4
4 1614 163
4 1612 1612 165 173
8 1612 11114 3,200 Fidel Phen Fire Ins N Y _ _2.50 157 Jan 18 183 Jan 11
8
6 May 273 Jan
4
4
8
*612 8
*612 8
*612 8
*612 8
*612 8
*612 8
Fifth Ave Bus Sec Corp.No par ____ ____ __ _-__ ____ __
53 June
4
812 Mar
.83 1612 *83 1612 .83 1612 *83 1612 *83 1612
4
4
4
4
4
834 1613
Filene's Sons
7 Star 1612 Sept
__ __ -___ ____ __ I
No par ____
*82
*82
85
82
85
82
*8112
*8112_ *8112
_
10
Preferred
75 Jun
100 82 Feb 7 86 Jan 16
94
Jan
*1114 113 .1114 113
4
4 115 115
8
8 1112 112 112 115 --1-5Firestone Tire & Rubber___10 1112 Feb 8 143o Jan 12
600
8 1 8 11
11-12
1012 June 187 Aug
*
58
58
*51
*5112 5312 513 013
57
4
55
•55
r
56
Preferred series A
300
100 5134 Feb 8 633* Jan 13
45 July 68 Aug
51
.5114 505 .51
8
503 51% 50% 5118 50-28 5114 50
4
5012 3,900 First National Stores._ _No par 50 Feb 10 56 Jan 4
35 July 5412 Dec
18 Feb
3 Aug
4
13t preferred
_
23 Aug
100
8
14 Feb
lot pref convertible
18 Oct
2 Aug
100
*612 10
*612 10
'613 73
4 *612 10
7,
2 7,2 *61
2
200 Florsheim Shoe class A_No par
713 Feb 7
414 Apr 10 Feb
8 Jan 27
.90
96% *90
967
8 90
90 .9012 967 *9012 967 *903 967
*
4
10
6% preferred
63 July 99 Nov
_100 90 Feb 7 97 Jan 10
*35* 512 *35* 555 *35* 512 *33
8 414 *3 8 514 *33
3
8 514
Follansbee Bros
2 June
No par
814 Sept
4 Jan 11
314 Jan 9
*712 812 *714 8
*714 73
4 *7
8
8
814 *8
814
500 Foster-Wheeler
No par
712 Feb 3 1018 Jan 11
s
3 May 157 Sept
21. 212 .212 33
*212 33
4
4 *212 33
4 *2% 33 . 4 33
4
100 Foundation Co
23
4
1 July
4 Jan 12
No par
714 Aug
214 Jan 5
'4
19
183 19
19
187 19
*1812 19
1818 19
19
1812
2,300 Fourth Nat Invest w w
1014 June 228 Sept
1 1818 Feb 10 2018 Jan 11
15
8
1%
8 *112
112 15
13*
112
178
17
17
8
18 2,100 Fox Film class A
15*
57 Aug
1 July
212 Jan 10
112 Feb 6
45
225 225
2314 233
8 2312 2418 2414 247
8 2212 23
2414 244 5,200 Freeport Texas Co
No par 2214 Feb 3 263* Jan 6
8
10 Stay x285 Nov
1014 1014 *953 1112 *95 1112 *10
*928 12
1112 1214 1214
8
30 Fuller (GA) prior pref _No par
9 Jan 9 1214 Feb 10
Oct
218 May 26
*5
7
*5
*5
7
7
*5
*5
7
*5
7
7
56 2d prof
No par
4 Jan 19
718 Jan 17
3 June 32 Feb
Oils
112 *1 18
112 *1 18
112 *118
112 *118 112 *118 112
Gabriel Co (The) cl A._No pa
14 June
13 Jan 26
118 Jan 28
312 Sept
*714 8
7
7% *7
8
7
7
.718 8
230 Gamewell Co (The)_ _ No par
714 714
612 Jan 20
512 Dec 17 Jan
9 Jan 27
3
3
314 31 2 *3
312
314 358
1,600 Gen Amer Investors__.No par
35
33
4
312 35
23 Feb 3
4
12 June
4 Jan 5
512 Sept
551 1 *48
*48
551 1 .48
5514 *48
5514 *48
5514 *48
5514
Preferred
No par 481 Jan 20 53 Jan 10
26 June 71 Sept
173 174 1712 174 175* 177
4
8 173 1818 18
4
183
8
4 177 1814 7.700 Gen Amer Tank Car_ No par 165 Jan 4 193o Jan 11
8
912 June 353 Star
4
*63* 64
65* 68 *612 63
4 *65
2,800 General Asphalt
6%
7
7
6% 7%
43 June 1512 Jan
77 Jan 11
No par
628 Feb 2
1312 1312 137 14
8
14
14
14
147 1514 10,700 General Baking
8
1412 1412 15
3 13 Jan 3 1514 Feb 10
1012 June 19% Mar
*105 106 *105 106 *105 106 *105 106 *105 106 *105 106
58 preferred
No par 105 Jan 5 10514 Jan 26
90 June 106 Sept
214 23
8
218 218
214 214
212 3
3
3 1s
27
8 3
2,700 General Bronze
5
2% Feb 6
13 June
314 Jan 12
5 Aug
112
112
112 112 *114 112
112
112 *114 112 *1% 112
300 General Cable
No par
1% Jan 21
14 May
112 Jan 21
5 Sept
*318 35
3l
3'8 .212 35* *2i2 35
*212 33* *212 35s
200
Class A
31 Jan 24
No par
33 Jan 3
4
1112 Sept
1/2 May
7% 7% *714 812
812 813
812
812 812 *73
812
87
8
390
71 Feb 4 10 Jan 11
7% cum preferred
33 June 253 Sept
100
4
3355 *3112 331 *3112 321 .32
33
*31
33
33
33
33
400 General Cigar Inc
No par 29 Jan 3 3314 Feb 6
20 June 385* Mar
010612 108 *106 10712 10712 1071 *10712 112 .108 112 *108 112
50
7% Preferred
100 107 Jan 9 112 Jan 25
75 June 106 IICC
133 14
8
127 135
8 1314 133
4 1338 137
8 137 143 52.000 General Electric
s
8 138 143
8
No par 127 Feb 6 1628 Jan 11
812 May 2618 Jan
113 114 113 117
4
4
s 117 117
8
8
8 117 12
4
4.300
113 ll7
Special
s 117o 117
8
10 115 Jan 3 12 Jan 12
105 July 117 Sept
8
8 23
2314 235
233
4 227 2313 233 237
8
8
8
237 2414 2418 243 14,700 General Foods
No par 227 Feb 3 273 Jan 14
19% May 4012 Mar
4
114
114
114
1 18
113
118
118
118
1%
115
Ds 5.100 Gen. Gas & Eke A ___ _No par
118
'
38 July
23 Feb
1 Jan 18
112 Jan 3
*7
9
*7
9
*7
9
7
71
*7
500
8
Cony pref series A_ _No par
7
7
3 June 243 Jan
7 Feb 8
4
9% Jan 16
*13
13
14
13
*13
14
14
*13
*13
14
*13
14
20
57 pref class A
514 July 30 Aug
No par 1014 Jan 4 13 Jan 26
*13
*13
10
19 .13
19
*13
13
19
*13
19
13
70
$8 pref class A
514 July 40 Feb
4
No par 13 Jan 3 143 Jan 11
__ .253
8
__ *25% 26
*2518 _ _ *25%
4
253 253
_
100 Gen Rai Edison Elec Corp
1818 Apr 25 Mar
2414 Jan 9 2534 Feb 10
Corp..
•2512-018 40
40 -40
395 4
8 401
4014 10 4 40% 40o 3,400 General Mills
34014 401
28 May 4812 Sept
No par 3812 Jan 4 4112'Jan 12
*97
*97
98
98
*97
98 .97__ •97
98 .97
98
Preferred
76 July 9612 Dec
100 963 Jan 9 98 Jan 10
12
1212 12
1234 125 131
8
127 - - 8 133 1418 133 1455 162,900 General Motors Corp
8 135
4
14% Jan 11
73* June 245 Jan
8
10 12 Feb 4
7312 7312 72
723
4 72% 727
*71
72
72
71
2,600
72
73
$5 preferred
5614 July 8714 Mar
No par 71 Feb 9 77% Jan 11
.518 61
5% 6% *5% 8's
100 Gen Outdoor Adv A. No par
5% 518 *5% 6 8 *5% O'o
,
4 June
514 Feb 3
518 Jan 9
9 Feb
*23
4 3
*23
4 3
*23
4 27
*234 27
23
4 31
8
4 27
8 *23
300
C011158011_
318 Feb 10
4
25 Nov
8
23 Jan 14
4
Jan
No par
.358 5
412 412 *4
5
.4
*4
.414 5
5
5
20 General Printing Ink _No par
53 Jan 11
314 Jan 4
212 July
14
Jan
037
43
*37
43
*37
43
*37
43
*37
43
43 *37
$6 preferred
No par 35 Jan 14 40 Jan 5
2712 June 60 Feb
225 2% *212 3
*212 23
23
3
4 23
3
1,700 Gen l'ubUe Service
3
355
4
25 Feb 4
8
33 Jan 11
No par
4
1 Slay
718 Aug
19
1812 183.1 187 19
19
5 203
3
8 19 4 205* 3,900 Gen Railway Signal__No par 1314 Jan 3 207 Feb 1
19
19
20
618 Jul
28% Jan
78
*77
77
77 .77
02
*79
92 .77
92
92 *79
10
6% preferred
100 693 Jan 11 77 Feb 6
4
65 July 90
Jan
%
5
8
3
4
3
4
05/3
518 4,600 Gen Realty & Utilitles_No par
"8
12
3
3
4
"8
3
4
12 Jan 4
14 Slay
7 Jan 11
8
214 Sept
*7
812 *7
9
*7
9
9
*7
*7
9
*7
9
$6 Preferred
7 Jan 11
512 Jan 19
5 June 163 Sept
No par
4
312 312
312 312 03
31
318 318 *31
4
v312 312
600 General Refractories_ _No par
618 Jan 11
318 Feb 8
4
13 June 153s Sept i
*10
11
*10
11
11
*10
11
12
*10
12
12
*10
30 Gen Steel Castings pref No par 10 Jan 28 11 Jan 23
8 Mar 27 Aug 1
157 1612 155 16
8
4
157 1614
157 163
4 167 175* 163 17
8
16,000 Gillette Safety RazorNo par 155 Feb 6 2014 Jan 11
8
105* Jan 2414 Mar I
.71
72
71
71
72
4 7012 7012
72
4
7012 703
4 713 713
800
Cony Preferred
45 June 7212 Aug
No par 7012 Feb 8 75 Jan 0
1
1
1
1
3
7
8
3
4
7
8
8 2,500 Gimbel Brothers
*3
%
7
8
7
%
112 Jan 9
34 Feb 9
% June
No par
33 Aug
4
.718 83*
718 718 *6
10
718 718 •3
714 *312 7%
700
l'referred
912 Jan 5
7% Feb 6
100
63* Dec 31
Jan
0518 555
514 514
518 518 •5
518
5%
55 514
Be
800 Glidden Co (The)
3% June 103 Sept
6 Jan 11
518 Feb 7
No par
•53
5814 .83
54
54
*53
54
*53
54 .53
54
58 4
10
,
Prior preferred
_100 54 Feb 2 5612 Jan 13
35 Apr 76 Sept
*312 4
*312 4
*35
8 4
*33
4 4
33
4 4
33
4 4
1,400 Gobel (Adolf)
47 Jan 18
25 May
8
No par
312 Feb 3
8 Aug
1414 1414
14
1418 14
1428 143
1412 1414 144 1412 15
3,600 Gold Du.t, Corp v 1 c_ _ _No par 14 Jan 24 167 Jan 6
814 Slay 205 Sept
s
.10012 104 *101 104 *101 105 0101 104 .101 105 *101 105
86 cony preferred_No par 100 Jan 18 103 Jan 4
70 July 10112 Dec
418 418
4
4 14
4
43
414 412 4,500 Goodrich Co (11 F).... No par
418
8 45*
8
412 45
4 Feb 3
618 Jan 12
214 May
1255 Sept
10
1014 10
10
145 *1034 1438 1,200
10
8
1018 .111g 145 *13
Preferred
100 10 Feb 4 1814 Jan 12
7 May 3314 Sept
12
12
.
105* I 17
8 1112 I218 123 IA 127 1312 125* 13
19,600 Goodyear Tire & Rubb_No par 105 Feb 43 183 Jan 12
8
8
8
4
512 May 293 Aug
4
30
30
28
283
4 277 2818 31
3212 32
32
32
2,100
1st preferred
31
No par 277 Feb 7 45 Jan 12 r193 June 6912 Aug
8
4
12
1218 12
12
*1218 125 •1218 12% 1214 1214 12
12
1,400 Gotham Silk Hose
No par
12 Jan 9 133 Jan 5
4
714 Jan 303 Sept
4
58
*30
*30
58
030
58
58
*30
58
*30
*30
58
l'referred
100
5014 Jan 7012 Oct
178 2
17
8
13
4
17
17
17
13
4
134
17
8
17
8 3,000 Graham-Paige Motors_No par
13
4
4
13 Jan 4
212 Jan 11
1 May
4581Jan
4 .45* 53
45* 412
.43* 43
8
700 Granby COOS M Srn & Pr. _100
43
8 43
8
412 412 *414 412
418 Jan 24
514 Jan 4
258 June 115 Sept
8
555
5
47
8 53
8 *47
514
5
5
5
8 1,700 Grand Union Co tr ctfs_ No par
43
5
4 47
43 Feb 10
4
614 Jan 6
314 June
93 Mar
4
3012 3112 *29% 32
•3114 32
Cony prof series
33
500
28% 2918 *26
*27
33
No par 2812 Feb 8 3412 Jan 9
22 June 3514 Star
*1214 1318 *1214 1318 •1214 1318 *In 13,
•1214 1318
100 Granite City Steel
8 13, 1318
8
No par 1212 Jan 10 1318 Feb 10
4June 17 Sept
63
164 17
165* 17
17 •
17
*17
1,700 Grant (tV T)
1714 1712 1712 17
17
No par 1638 Feb 7 214 Jan 9
1412 May 3014 Star
*53
4 6 4 *55
8 6
6
6
6
6
58
8 57
600 Gt Nor Iron Ore PropNo par
58 55g
55 Feb 9
8
7 Jan 5
5 June 1314 Jan
4
83
8 83
85
814 812
8 84
83
4 83
4
858 84 3.000 Great Western Sugar_No par
85* 9
67 Jan 19
8
9 Feb 3
314 Apr 12 Aug
80 .751s 80
*76
76
76
Preferred
*7712 80
50
80
8055
80
80
100 7212 Jan 3 8012 Feb 10
48 June 83 Aug
*1
I%
1
1
1
1
3,000 Grigsby-Grunow
1
1
1
118
1
1
No par
1 Jan 3
12 Apr
114 Jan 5
23 Sept
4
14
3
8
.14
14
*14
200 Guantanamo Sugar___ _No par
3
8 .
14
as
*3
2
3
8
3
8
12
18 mar
14 Jan 23
3 Jan 9
8
1 Sept
.9
914
95* *9
9
9
014 03
1012 1012 1012 1,200 Gulf States Steel
4 10
NO par
9 Feb 7 1912 Jan 5
212 June 2118 Sept
25 .177 25
*18
51778 20
8
*177* 25
Preferred
21
10
19% 193 •18
8
100 1614 Jan 16 28 Jan 3
12 July 40
Oct
4
*163 19 .163 19 .163 19
1712 1712 *163 19
4
100 Hackensack 'Water.....
*163 19
4
4
4
25 1712 Jan 20 183 Jan 12
4
15 May 23 Jan
27
2712 27
27
•27
27
200
*2612 27
7% preferred class A
4
2612 263
4 263 27
25 2612 Jan 10 28% Jan 12
19 May 28 Apr
112 .114
•113
112
112
112
112
15
8
112
112
18 112 2,000 Hahn Dept Stores
No par
138 Feb 10
2% Jan 11
5 July
8
414 Aug
11
•1114 13% 11 14 114 11
*10
Preferred
11
400
138 1012 1012 11
100 1012 Feb 9 1414 Jan 11
718 July 28 Aug
414
414 414 54
*4
4
4
4
412
4
300 Hall Printing
412 *4
10
4 Jan 9
414 Feb 7
312 July
1118 Jan
•I5
25
25 .15
*15
25 .15
25 .15
25
25 .15
Hamilton Watch Pref
100 18 Jan 11 18 Jan 11
20
Oct 30 Star
53
*51
51
Si
53
*51
20 Hanna(MA)Co $7 pf_No par 4512 Jan 4 52 Jan 31
51
51
53
53
051
*51
33 May 70
7:2 712 *712 812 *714 812
Jan
714 714
7
*67
7
8 714
400 Harblzon-Walk Refrac_No par
7 Feb 9
8 Jan 9
7 May 18 Sept
*14
*14
'2
*14
Hartman Corp class B_No par
12
'2
*14
l2
12
*14
12
*14
3 Jan 5
8
12 Jan 10
ls Dec
2 Sept
*3*
"8
7
8
03
8
7
78
8
*3
8
Class A
7
8
7
8
*3
8
5*
*3
8
No par
lc Jan 23
7 Jan 5
8
3 June
8
4 Mar
•Bid and asked prices, no sales on this day. x Ex-dividend. v Ex-rights.
New York Stock Record-Continued-Page 5
984
rff- FOR
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Feb. 4.
Feb. 11 1933
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
Monday
Feb. 6.
Tuesday
Feb. 7.
Wednesday
Feb. 8.
Thursday
Feb. 9.
Friday
Feb. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share Shares Indus. & Miscell. (Con.) Par $ per share $ per share $ per share $ per share
112 Nov 10 Jan
---- ---- ---- ---- ------ Hawaiian Pineapple Co Ltd_20 -------------------No par
100 Hayes Body Corp
312 Sept
118 Jan 24
112 *114 112
*114
178 Jan 9
14 June
72
25 6912 Jan 16 72 Feb 10
300 Helme(0 W)
713 713
4
4 72
8
50 June 815 Sept
Hercules Motors
No par
*5
7
*5
7
5 Jan 26
43 June
4
514 Jan 18
812 Jan
No par 16 Jan 3 18 Feb 10
200 Hercules Powder
1712 18
*17
18
137 Aug 294 Sept
8
$7 aura preferred
100 8712 Jan 11 9512 Feb 6
40
*93
95
95
*93
7012 June 95 Jan
800 Hershey Chocolate____No par 494 Feb 8 573 Jan 11
4
4
5014 5014 493 493
4
4312 July 83 Mar
No par 754 Feb 10 80 Jan 9
Cony preferred
300
7515 7518
76
76
57 June 83 Mar
Hoe (R) & Co class A _ _No par --------------------14 Apr
--13 Jan
4
No par
1,500 Holland Furnace
58 6
7
4
312 Jan 4
54 53
64
7 Jan 30
6
314 Dec 1212 Aug
6
64
514 614
818 615
Hollander & Sons (A)_ _No par
8 312
2 4 Jan 26
3
8 312 *25
3
318 Jan 18
2 4 Dec 10 8 Mar
3
9 312 *255 312 *25
8 312 *25
*25
5 314 *25
100 145 Jan 18 16014 Feb 10 110 Feb 163 Dec
15712 15712 157 16014 3,300 Homestake Mining
152 157
157 157
157 15812 157 160
17 Feb 4
800 Houdaille-Hershey Cl B No par
2
8
2
2
2
212 Jan 10
*17
2 2
412 Sept
1 May
3 *13
14 175 *13
4 17
4 2
400 Household Finance part p1_50 50 Jan 5 5114 Jan 12
50 4 503 *5012 5114
3
4
51
4214 June 5718 Jan
,
4
503 50 4 *503 51 2 5118 5118 51
4
3
600 Houston 011 of Tex tern ctfs100 1214 Feb 3 153 Jan 11
1314
4
83 May 2814 Sept
4
5
8 1212 1212 1312 1312 13
123 1212 *125 137
5
•1214 14
212 Feb 3
_25
Voting trust ars new
314 Jan 11
53 Sept
8
118 May
4 1,200
2
4 23
4 .212 23
212 212
25
8 25
5
8
*212 25
8 *212 25
512 Jan 3
No par
478 Dec 1812 Jan
73 Jan 25
4
714 7 4
7
74
7 5 7 8 1,000 Howe Sound v t c
3
3
3
63
4 63
4 *612 714 *612 714
418 Feb 2
No par
512 Jan 11
414 414
44 44
4
414 414 2.600 Hudson Motor Car27 May 113 Jan
8
414 414
44 414
418 44
214 Feb 7
10
34 Jan 11
53 Jan
8
112 May
2 8 212
3
212 24
23
5 23
8 2,200 Hupp Motor Car Corp
214 2
4
23
5 2
4
24 2
4
ss Jan 23
No par
8 Jan 6
4
200 Indian Motocycle
218 Sept
June
5
5
3
4
4
*5
5
*5
5
3
4
*52
4
*5
8
84
*5
8
8
4
58
158 Feb 7
10
2 Jan 4
234 Nov
200 Indian Refining
*15
8 2
112
112 *158 2
13
8 13
8
112
*118
1
Apr
138 .11g
No par 2812 Jan 10 3838 Feb 9
718 June 40 Sept
4
323
4 3214 334 3314 363
4 37
4 32
383
8 3518 373 17,600 Industrial Rayon
3215 323
No par 523 Feb 6 315 Jan 11
8
3,100 Ingersoll Rand
143 Apr 4478 Sept
4
24
233
4 2314 2312 2512 2555 24
2312 23
2312 2418 x23
No par 13 Jan 3 18 Jan 12
300 Inland Steel
13
13
5
10 June 277 Sept
*13
1312
1378 137
*123 14
4
14
8 14
•123 14
4
318 Jan 12
218 Jan 3
212 234
600 Inspiration Cons Copper_ __20
*235 2 4 *23
3
7 4 Sept
3
8 May
4
4 *212 234
8 24
3
24 212 *214 23
14 Feb 3
212 Jan 16
200 Insuranshares Ctfs Inc_No par
4 *158 218
378 Jan
1 June
4 13
*158
13
4 *15
13
4
8 13
4 *15
5 13
5 13
4 *15
412 Jan 10
2 2 Feb 7
7
314 July
84 Sept
314 1,400 Insuranshares Corp of Del___1
3
3 52 *3
4 312
24 27
8 *23
3
3 1.5
*34 312
112 Jan 3
3 Feb 2
4
No par
*2
318 Aug
900 Intercont'l R,ubber_
1
1
4 112
15
5
114 *1
114
1
1
14 Apr
8
4
8
4
312 Jan 12
23 Jan 4
8
No par
714 Sept
158 July
600 Interlake Iron
27
8 3
3
3
*278 3
3
3
*24 3
*27
5 3
13 Jan 4
1 Jan 30
5
No par
312 Aug
Internat Agricul
14 Apr
112 *1
118 .1
*1
112 *1
118
*7
2 118 .1
118
6 Jan 11
5 Jan 3
100
33 Apr 15 Aug
4
Prior preferred
100
4
4 *414 53
*414 512 *414 53
*414 6
5
5
*5
53
4
524 July 117 Mar
8938 9012 2,000 lot Business Machines_No par 874 Feb 2 9712 Jan 10
5
8812 8912 903 91
8914 8914 88
8812 8814 89
278 Jan 16
1
44 Feb 9
511 Jan
114 May
33
4 4
44
3,200 Internat Carriers Ltd
4
3 8 34
7
5
3
35
5 3 4 *3 4 37
3
34 4
9 Jan 11
8 Jan 3
4
3 8 June 183 Jan
5
812 812 1,400 International Cement__No par
812 812
*713 g
814 812
*74 8
8
8
13 May
3 Jan 10
4
12 Jan 6
17 Jan
8
•
12
5
8 1,000 Inter Comb Eng CorpNo par
5
8
*12
5
8
*12
12
12
*12
5
8
*12
5
8
6 Jan 5
412 Feb 7
Jan
412 Nov 21
No par
*4
5
Cony preferred
200
8 *44 5
44 47
412 412
*412 5
*412 5
1958 Feb 10 2514 Jan 10
103 July 344 Aug
8
5
205 213
5
4 19 8 2055 43,700 Internat HarvesterNo par
204 21
8
20
2012 197 2118 2012 21
883
4Jitne 108 Jan
100 80 Jan 5 88 Feb 9
Preferred
*85
8918 1,400
4
4
4
4
873
4 873 873 *873 894 873 88
4
85 4 853 x844
3
818 Jan 11
8
25 June 115 Mar
8
418 Feb 6
43
4 43
4 1,900 lot Hydro-El Sys el A_ _No par
45
5 45
7
43
5 412
418 414
44 414
412 412
13 Feb 8
4
114 Jan 4
414 Aug
%June
8 13
4 1,200 lot Mercantile Marine_No par
8 13
4 *15
155
134 *15
155
15
8
4 2
4 *13
*112 13
34 May 1212 Sept
8 Feb 9
52
714 Feb 6
8
8 14 45,400 Int Nickel of Canada N0 par
814 855
3
7 4 812
712 73
4
714 7 8
5
738 712
100 72 Jan 11 76 Feb 8
50 June 88 Mar
774
*7014 7818 *70
Preferred
300
76
75
*70
75
76
4
10
*70
76
212 Jan 4
43 Jan 25
4
100
Sept
13
8June 12;
100 Internat Paper 7% pref
424
*3
44 *a
5 3
2 4 23
3
4 *25
28 28
5
5
255 23
4
78 Jan 19
12 June
118 Jan 11
43 Aug
8
100 Inter Pap & Pow cl A__No par
1
1
114
112 *1
112 *1
112 *1
•1.
112 *1
No par
14 May
4 Feb 1
as Jan 18
2 Aug
Class B
100
*3
8
12
*5
8
12
*3
5
12
4
3
5
*4
4
*4
4
14 Jan 6
No par
12
*a
s
12
12 Jan 10
*38
12
*38
12
112 Sept
Class C
200
*3
8
12
14 Apr
3
8
3
8
12
215 Jan 3
100
3
412 Jan 16
318 34
3
4 3
5
13 Dec 123 Sept
4
Preferred
34 *23
600
312 •3
234 24 *3
3 8 Jan 31
7
3 Dec
412 Jan 5
4
4
*35
5 4
*312 4
*312 4
*34 4
854 Mar
200 Mt Printing Ink Corp_No par
4
4
100 4012 Jan 30 42 Jan 4 5243 Jan 45 Nov
*4012 44
*4034 44
4
Preferred
*4012 44
10
*4012 4112 4012 4012 *4012 44
par 1512 Jan 23 184 Jan 9
No
93 June 2312 Feb
4
100 International Salt
4
4
155 154 *153 1712 *153 1712 •16
8
*1814 163
4
163 *164 17
4
2014 July 444 Jan
27
27
*263 27
8
*263 27
5
800 International Shoe_ _ _ _No par 2438 Jan 3 2714 Jan 24
2714 2714
5
2812 263 *263 27
4
100 1135 Jan 17 143 Jan 23
13
712 July 26 Sept
4
1312 1312 *1114 1312
13
300 International Silver
8
*113 127 *1214 124 *1112 13
4
100 33 Feb 8 40 Jan 24
*32
35
26 May 65 Feb
7% preferred
150
34
*3318 35
36
33
*32
334 34
37
*33
5 4 Feb 3
8
678 714
812 Jan 11
6 8 714 34,700 Inter Telep & Teleg_ __No par
7
614 658
25 May 1534 Sept
8
63
5
6
54 6
57
8 818
2 Fab 2
214 *2
214 *2
2 8 Jan 11
7
214
Jan
214 214
214 *2
14 May 11
100 Interstate Dept Stores_No par
*2
214 *2
25
*12
25 .12
25
18 June 5212 Jan
Preferred ex-warrants. _10O 20 Jan 4 25 Jan 10
-- *12
25
*12
- --- - 25
*15
17 Jan 20
8
No pa
3 Jan 12
7 Apr
100 Intertype Corp
312
212 Dec
212 222 *2 --312
212 *2
s 212 *2
*17
/ 312 *17
1212 Feb 2 145 Jan 16
1
8
*13 .1314
13
13
*1212 13
1014 Apr 2012 Aug
200 Island Creek Coal
1212 1212 *1212 13
•1214 13
No par 25 Jan 4 287 Feb 2)
8
154 May 35 Feb
8
2612 2812 2812 2612 274 287 *274 287
600 Jewel Tea Inc
8
2712. 2712 *2614 27
8
No par 185 Feb 4 2334 Jan 11
193 20
2
194 207
19
8 19
8
4
8 193 204 7,000 Johns-Manville
5
10 May 333 Sept
183 1918 187 193
8
100 59 Jan 5 62 Feb 1
4
647 .62
8
647 *62
8
20
*81
62
62
647
8 62
45 July 993 Jan
Preferred
647 *82
8
*62
357 357
2
8 36
36
Jan
37
36
*35
30 July 84
70 Jones & Laugh Steel pref_100 35 Feb 1 50 Jan 11
*37
40
37
35 35
4
9012 Apr 1133 Jan
K Cl'& List prat ser B No Par 10612 Jan 3 110 Jan 17
*10612 . _ --*109 11212 *10612 11212 *10612 11212 *10812 11212 *10612 . .
3 Feb 9
*318 35
318
318 *34 4
34 Jan 26
315 34
8
3
914 Mar
3 May
324 -14
--18
3
800 Kaufmann Dept Stores $12.50
3
7 8 Feb 2
3
No par
812 Jan 10
*712 8
73
4 812 2,300 Kayser (J) & Co
73
4 8
73
4 74
3
43 July 1438 Sept
4
*74 8
*712 8
2 Jan 6---114 Feb 3
5
112
112
13
2 13
2
13
8
13
8 112 *1 8 112
112 *118
600 Kelly-Springfield Tire
,
112
1 Jan 10
Certificates of deposit
214 Sept
3 Jan 9
4
12 May
-_- ---- ---- ---- ---- --- ---- --- ---- ____ _-_ ---100
65 June 244 Sept
5
--- -8% preferred
___ ____ -- __-_ ____ __
8% pref certlfs of deposit _
7 June 24 Sept
166
6% preferred
20 Jan 5315 Oct
- --__ __
4 Jan 3
5 Jan 6
8
1,800 Kelsey Hayes Wheel_No par
44 Jan
14 Dec
3
5
12 ---- - -- -- - - - _
*3
8
12
4
12
12
12
435 Jan 3
No par
435 413
412 - 8 2,700 Kelvinator Corp
438 412
412 412
5.4 Jan 9
4-5
44 43
8
5
234 May 103 Feb
438 44
35
10 Kendall Co pt pf ser A_No par 30 Jan 10 3212 Feb 8
*313 35
4
35
*33
35 *33
17 July 38 Feb
*3214 3212 3212 3212 *33
914 94
834 94
858 878
814 812
233
8 912
No Par
8 8 93 20,300 Kennecott Copper
7
8
478 June 1914 Sept
814 Feb 2 1018 Jan 9
8 Jan 3 10 Jan 25
No par
100 Kimberley-Clark
*912 13
10
*914 124 *914 13
612 Dec 1912 Jan
*94 1112 10
*924 13
14 Jan 23
Kinney Co
No par
*115 2
*14 2
*118 2
*14 2
14 Jan 23
2
5 Sept
12 Apr
*1
*1
2
6 Feb 2
Preferred
No par
8 Jan 23
*5
6
*5
6
*5
6
*412 6
3 June 19 Aug
*5
6
*514 6
83 Jan 13 104 Jan 10
8
10
5 4,300 Kresge (38) Co
83
4 87
83
4 9
64 July 19 Jan
83
4 9
84 84
87
8 87
8
9
9
7% preferred
100 99 Jan 5 100 Jan 5
10
*98
99
99
2
9912 994 993 *98
88 May 110 Mar
9912 *98
*98
*98 100
Kress (S II) & Co
No par 27 Jan 17 29 Jan 23
2812
2812 *28
2812 •28
2812 *28
18 June 37 Jan
2812 •28
*28
2812 *28
Kreuger & Toll (Am etts)--- 1-32 Jan 26
14 Jan 3
94 Jan
151May
No pa
1822 Jan 16 1814 Jan 11
.7
8 Ii
8
10 May 187 Mar
174 17 5 7:100 Kroger Oro(' & Bak
8
-lir/ -- 1- -iiis iiss i73 1712 1714 114 175 "
1i8
No par 2815 Feb 2 344 Jan 12
8
25 May 583 Jan
5
2912 287 2912 2914 294 283 2912 5,400 Lambert Co (The)
4
8 29
5
285 287
2834 29
3 Feb 8
No par
100 Lane Bryant
3 Feb 8
.24 3
5 3
2 May
*25
3
75 Aug
8
3
6
*3
6
*3
8
*3
612 Jan 12
44 Feb 9
5
900 Lee Rubber dr Tire
8 5
5 *47
13 Apr
4
44 47
84 Sept
*47
5 5
5
5
518
54 *5
*5
.
528 622 *52, 61, 4.52, 614 .57
57
8 578 *57
8 6t8
57 Jan 5
57 Jan 5
8
200 Lehigh Portland Cement___50
2 612
8
35 Apr 11 Aug
8
100 34 Feb 9 38 Jan 9
7% preferred
10
*3412 40
40 Dec 76 Jan
34
34
*35
36
*34
36
*34
38
35
*34
111 Jan 11
500 Lehigh Valley Coal..___No par
114
114
1 Jan 13
1 May
*118 114
43 Aug
4
•118 11
11
•118 112 *14 112 *115
Preferred
100
338
338 *212 3
338 Jan 11
3 Jan 10
50
312
14 July 1112 Aug
312 *3
312 *3
312 *3
*3
3012June 517 Sept
4353 443
4 4312 444 2,100 Lehman Corp (The)..--No par 414 Jan 3 4754 Jan 11
43 43
427 43
8
4234 42 8 43 43
7
8
1818 *1812 1818
700 Lehn & Fink Prod Co__No par 1712 Jan 4 187 Jan 27
8
6 May 2414 Mar
173 173
4
4 1712 1712 *1712 184 •1712 1818 18
__ _No par
,
5 4 Feb 6
8
6
614
93 Sept
8
3 4 May
3
614 622 *6 4 612 1,900 Libby Owens
818
63 Jan 19
4
7
5 4 5 8 *8
3
*54 6
Glass56
4
3
4 523 52 4 2,000 Liggett & Myers Tobacco-25 50 Jan 3 62 Jan 25
5514 5414 543
5514 5814 53
58
3214 June 6512 Oct
56
56
Series B
3418 May 6714 Sept
25 5114 Jan 3 834 Jan 25
5412 5512 5212 545 52,300
5
4
5
5714 5814 5612 5714 553 568 53 8 58
Preferred
100 12314 Jan 6 132 Feb I 100 May 132
100
Oct
•129 13812 *125 13312 *129 133 *129 1324 *129 13312 125 125
14 June 21 Mar
100 Lily Tulip Cup Corp-No par 15 Jan 6 18 Jan 12
*1412 154 *1412 15 •1412 1512 *144, 1512
15
15
18
*15
1412 1,600 Limn Locomot Works-No par 10 Jan 17 1412 Feb 10
12
12
8 12
8
815 Apr 193 Aug
4
3
3
*105 114 *1012 10 4 10 4 103 *104 117
5
83 Jan 26
4
No par
500 Link Belt Co
7
83
4 83
4 *84 8 5
83
4 9
914 Jan 4
4 9
812 Jane 14 Mar
•83
*83
4 9
•83
4 9
12
1134 12
12
No par 1112 Feb 6 147 Jan 5
1234 2,100 Liquid Carbonic
124 *12
2
4 12
9 May 22 Mar
1112 113
12
12
1534 1614 16
-No par 1512 Jan 27 2112 Jan 4
1634 154 1814 8,800 Loew's Incorporated.
8
4
134 May 373 Sept
8 157 18
15 8 157
5
155 16
8
No par 5014 Feb 9 5812 Jan 13
39 July 80 Sept
Preferred
600
3
*5112 5212 5012 504 50 5 5012 *504 5112 5014 5014 *5018 52
212 Feb 8
25
5 234
5 Sept
34 Jan 6
No par
24 27
212 255
14 June
8 1,700 Loft Incorporated
8
27
8 24
278 27
8
24 27
115 Feb 3
7 Jan 28
11
14 May
Long Bell Lumber A.
-No par
*114 214 *14 214 *14 214 *114 214 *Ds 24 *14 214
27 Aug
s
25 23 Jan 4 27 Jan 10
8
24
24
24
1818 July 363 Feb
1,200 Loose-Wiles Biscuit
2312 24
24
24
2414 *2312 2412 24
24
100 115 Jan 9 120 Jan 14
*120 121
96 July 118 Oct
7% 1st preferred
120 120 *120 121
50
120 120 *119 120 *119 120
No par 1114 Jan 3 1312 Jan 14
1218 123
5 1218 123
9 May 183 Sept
8 1112 1214 115 12
5
12
124 114 114 34.700 Lorillard (P) Co
s
100 9512 Jan 27 98 Jan 25
734 Jan 10818 Sept
*90
9718 *90
7% preferred
*87
9815 *92
993 *87
4
98
9718 *87
99 4
3
rhi Jan 5
5
1 Feb 7
par
*7
4 1
*5
8 1
214 July
4 Jan
1
600 Louisiana OH
1
*3
4 1
*341No
4 Jan 21
4 Jan 21
100
*312 4
Preferred
*312 4
3 Dec 18 Jan
50
4
4
•3 8 4
5
*33
4 4
•3 1 4
34
•1712 185 •1712 18
8
5
812 June 233 Mar
400 Louisville Gas & El A.No par 1712 Feb 7 1938 Jan 6
1712 173 *173 18
4
4
4
*173 1812 *173 18
4
612 Jan 11
54 Jan 4
No par
3
*5 8 54 *5 8 54
3
112 Jan 113 Sept
512 512 *5 5 5 8
8
500 Ludlum Steel
512 512 *538 54
3
7
1712 Jan 20
No par 1712 Jan 20
1712 *15
Cony preferred
1712 *1412 1712 *1412 1712 *1418 1712
*144 1712 *15
612 Jan 26 Sept
94 Jan 16
104 Jan 25
*934 1018 1018 1053 *312 12
912 Aug 1514 Fob
100 MiteAndrews & Forbes_No par
.312 10
*912 12
*912 10
100 75 Feb 9
75 Feb 9
*60
90
*60
90
6% preferred
187
*80
90
90
5712 May 80 Sept
75
75
*60
*60
90
No par 144 Feb 6
207 Jan 5
5
10 June 284 Sept
3
157 157
8
8 3,100 Mack Trucks Inc
1512 1512 1412 154 1455 1512 1512 1512 15 4 16
2814 2814 2812 2712 2714 2712 3,200 Macy (1*. H) Co Ine-No par 2518 Feb 2
353 Jan 10
4
254 2512 2518 28
17 June 6012 Jan
26
28
134 Jan 14
513
4 14 *134 17
2 Jan 10
8 •14 17
300 Madison Sq Gard v t o_No par
412 Sept
24 Jan
8 *13
4 17
4 212
14 17
5 *13
5
6 Feb 8
No par
412 Apr 133 Sept
7 4 Jan 21
3
6 2 .612 612
,
64 *6
4
6
4
612 65
8
64 67
5 1,500 Magma Copper
*814 73
., 1
07
*2, 1
.57, 1
5,7
8 1
1 Jan 31
*7
8 1
Mallinson (H R)& Co_No par
115 Jan 6
*7
8
1
4 Sept
12 Jan
100
14 Jan 4
la Mar
12 Feb 2
23 Manati Sugar
214 Sept
12
12
*12
8
8
*12
7s
*12
5s
5
s
*12
*14
7
s
100
38 Jan 6
Preferred
1
14
1
14 Apr
1 Jan 26
70
*12 1
5,12
34 Sept
h *1
h
5
8
*12
No par
14 Jan 3
Mandel Bros
1 Dec
*154 3
434 Sept
24 Jan 25
*13
4 3
*14 3
4 3
*13
*13
4 3
•13
4 3
25
54 Jan 9
500 Manhattan Shirt
74 *878 712
5,7
712 *512 712 *612 74
8 Jan 31
63
4 714 *7
312 June
9 Aug
12 Jan 18
Maracaibo Oil Explor_No par
84 Jan 18
%June
112 Aug
3
4
*12
*12
ki
8
4
*12
3
4
*12
*12
8
4
*12
8
4
10 10 Jan 18
1112 Jan 9
1014 1014 104 1014 104 4,400 Marine Midland Corp
812 June 143 Aug
5
1012 1012 1018 1018 1015 1014 10
7 Jan 3
Marlin-Rockwell
No par
8 Jan 11
*63
4 7
shMay 1334 Sept
712
*7
712 *7
4 7
74 *87
*7
*64 715
1 Jan 18
4 Apr
178 Jan 11
*78 1
500 Marmon Motor Car-No par
*4 1
312 Sept
1
1
118
*1
1
1
*1
118
414 Jan 30
614 Jan 11
3 July 1312 Jan
514 3,300 Marshall Field & Co...-No par
47
8 514 *5
43
4 43
4
412 5
438 44
*44 412
800 Mathleson Alkali WorksNo par 15 Jan 19
1712 Jan 11
5
1812 1612 157 1818
9 June 2078 Mar
1812 1612 *1614 17
18
.16
1614 16
100 10018 Jan 20 103 Feb 9
Preferred
10
..
893 Apr 105 Jan
4
103 103 *103
*101__ •101 103 *101 103 *101 103
912June 20 Jan
133 Feb 10
4
3
3
8 1318 134 1312 1312 1312 1-4 2,700 May Department atnres___25 1134 Jan 4
4 1318 133
1314 1314 1212 123
13 Feb 10
4
No par
1 July
24 Jan 23
200 Maytag Co
14 2
6 Aug
*13
4 2
*13
4 2
*13
4 2
*14 2
•13
4 2
4 Feb 7
Preferred
No par
3 Apr 104 Sept
54 Jan 13
100
*33
4 4
*3 4 4
3
4 4
*33
4
4
4 4
*33
4 412 *33
No par 154 Jan 19
18 Jan 27
Prior preferred
224 Dec 354 Jan
*1512 2018 *154 2018 *151/ 204 *154 1818 *154 1815 •1515 1815
$ per share
__ -•114 112
*693 71
4
*484 7
*1614 18
94
94
*50
5012
*7512 774
$ per share
--- -114 114
*70
71
*5
7
*1512 1812
94
9512
50
50
*7512 77
$ Per share $ Per share
__ __--___ _-_
112
*114 14 *114
*7118 717
8
*7014 71
*5
7
7
*5
*1814 18
18
*16
9312 9312
*9312 95
4
50 5014 493 5014
4
4
753 753
*7512 77
•Bid and asked prices, no sales on this day. zEx-dividend. y Ex-rights.
TI
New York Stock Record-Continued-Page 6
985 i
rw- FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Feb. 4.
Monday
Feb. 6.
Tuesday
Feb. 7.
Wednesday
Feb. 8.
Thursday
Feb. 9.
Friday
Feb. 10.
$ per share $ Per share $ per share $ per share $ per share $ per share
4
4
173 173 .173 18
4
18
1814
18
18
174 18
18
18
112 *112 15
8 •112
112
8
•112 15
158
112 112 *13
8 112
.17
8 212
14 17
8 *1
212 *1
212 .118 212 *118 212
*64 7
4 *65
64 64 *65
8 83
4
8 7 8 "612 814 •63
5
8 78
5
*312 5
.312 5
*312 5
.312 5
5
5
2338 2178 2214 2134 2214 *312 224 *312 2258
223 2318 22
8
2112
2218
4
4 483 495
483 483
8 493 493
8
8
8 4912 5014 504 5138 5018 504
214 214 *2
218 218 *218 212
218
214 23
3 •23
8 212
43
4 514 *45
8 5
*44 5
*43
4 5
*44 5
5
5
12
12
*38
12
3
8
2
8
3
8
12
12
12
.3
8
12
12 *3
*3
512 *3
5
512
33
8 3 8 *312 512 *312 512
3
1038 "9
*84 1018 *9
103
8 *9
10
.83 1012 .83 10 2
4
4
,
*214 212 *214 212 *2
212 *2
214
214 25
8 *218 278
*8
93
4 *8
9
.8
9
*8
9
*8
9
*8
9
•18
20
*18
19
*17
19
17
17
*16
18
164 1618
.24 214 *218 23
8 *218 212 •218 212
214 23
8 212
8 *23
4 *412 47
43
4 43
8
412 43
4 *412 43
4
434 44
43
4 44
5l8 518 *518 6
518 518
514 514 .514 6
*514 6
.34
*35
40
39
*36
39
*37
39
39 .3714 4012
39
*143 16
*143 16
4
4
*143 16
4
.143 16 .143 16
4
*143 16
4
4
*7
8
1
1
1
*1
7
8
1
118
4
1
1
1
.6
7
*6
63
4
6
6
*6
*6
7
7
7
*6
*7
73
8
718 712
74 8
9
10
8
912 10
*9
293 293
4
4 2912 2912 *2812 30
30 3012 307 304 3014 3012
8
123 13
4
123 13
8
123 13,
4
8 13
8 1318 135
8
134 1314 137
02514 30
*25 4 30
,
*2514 30
*2514 30
*2514 30
*2514 30
*18
14
14
14
*18
14
*18
14
*18
14
*18
14
*14
3
8
*14
3
8
14
14
*14
3
8
*14
3
8
3
8
3
8
•105 104 103 11
8
4
*113 1212 113 113 *12
4
1214
4
1212 12
4
318 *3
*3
3
34 •3
34
3
*278 3
23
4 3
5
5
*47
8 5
5
5
*47
8 514
518 518
518 514
1414
*10
10
1414 *10
1414 10
*1014 1414 *1014 1414
10
718 71
7
7
*718 9i
.74 912 *718 912 *718 912
278 27
23
4 24 .27
8 3
4 27
8
23
27
8 27
8
8
27
8 27
*814 9
*812 9
*812 84
9
9
*9
4
1012
83
4 83
14
14'8 14
143
8 1418 143
4
8 1418 1414 144 143
8
4 143 143
•218 21
*218 212 *218 21
*24 21
*218 212 *218 212
•114 17
*114 17
*114 2
.114 2
*114 2
8 *114 2
36
36's 357 367
8
8 3614 363
8 354 36
354 367
8
8 357 3612
•1347 136
8
8
1347 1347 13312 13312 131 131 *129 136
8
131 131
.7
7
8
7 12
74
7
718 714
712 712
7
74
134 i41s 133 133
8
4 1312 134 135 133
1412
1412 14
8
4 14
14
3
4
14
14
14
*14
5
8
14
14
*14
8
8
*14
•15
8 212
8
14 .114 212 *14 2
15
218
218
2
2
•1714 173
4 1714 173 *1718 173
8
4 173 173 •1718 173
8
8
4 1712 17's
2412 2412 243 243 *235 2512 24
8
8
8
24
24
24
*2314 2512
•412 512 .412 512 .412 512 *412 5'7
*412 51
5
.52
*52
56
56 .52
56
*54
52 52
56
56
56
109 110
•10514 108
110 110
110 110
110 110 *109 110
*7838 79
4
*783 79
79
79
79
29
783 80
*755 97
4
8
12
12
12
12
117 12
114 124 1218 1212 51112 1214
a
1912 197
8 193 195
3
8 193 193 *1912 20
8
8
4
4
193 2053 193 2018
•55
8 612 *518 612 .
54 612 *57
8 612 .57
8 614 *54 814
20
20
20
*18
*19
20 .19
197
8 19
20
*18
20
6
6
6
64
64 64
612 7
7
7
714
7
9
9
9
914 95
9
8
95 103
8
8 104 1014 10
1018
.214 3
*214 3
*214 3
*212 3
"214 3
214 214
*412 5
.112 5
*412 5
45
8 458 *438 5
5
5
*214 3
*214 3
*214 3
214 214 *238 3
3
3
.84 87
8
8 .84 83
8 3 83
3
8 .83
8 84 *812 84
812 812
*35
8 9
*34 9
.35
8 9
*35
8 9
*35
8 9
*35
8 9
*512 19
.512 19
*512 19
*512 19
.512 19
*512 19
.
3
8
7
8
3
8
5
8
5
8
5
8
*4
54
3
4
3
4
7
8
*4
212 25
2 8 23
5
8
4
3 8 414
,
33
4 43
4
44 44
37
8 412
35
347 344 35
8
3812 424 4212 5012 51
56
473 50
4
94
95
95 .933 9414 933 9414 *933 9414 *934 9 4
95
4
41
4
4
104 104 .101 107 *101 105 *100 107 *_ 105 *100 105
20 4 21's 2018 2118 1912 2038 20
3
204 2018 205
8 2011 21 g
2414 2458 237 243
8
8 237 25
8
243 253
8
8 2518 26
2514 2578
44
44
*4212 4414 423 43
4
43 43
*427 44
8
54 53
4
55
8 54
55
8 53
3
512 54 •5I2 54
5 4 57
3
*6714 69
*664 695 *6614 695 *66
8
8
695
8 67
67
062
694
*65
8 7
*53
4 7
6
6
•63
8 7
*612 7
*638 7
•29
373 .29
4
373 *27
373 *29
4
4
373 *29
4
373 *29
4
3734
*114
184
114 114 *114
13
4 *114
144 "114
14 *14 134
57
a 64
53
4 6
57
8 6
57
8 57
8
57
8 63
8
618 614
•112
15
8
158
15
8 •112
15
8
Do
112
158 14
15
8
15
8
*33
*33
4 5
•33
4 5
4 512 *33- 5
4
44 5
4
4
.2
21 1
2
2
*2
24 *17
8 24 •17
8 28
,
2
2 18
*3
5
5
512
5
"5
5
5
*3
5
•15
8 24 *3
14 13
4 *14 2
.13
4 2
2
2
*112 24
115 113
8
4 11
1112 1012 11
107 11
8
1078 1114 104 11
•100 101 .100 101
100 100
*98 100 .98 100
•98 100
*3
312
3 8 34
3
33
8 33
8
33
5 34
35
8 34
3
3 4 33
3
4
714 714
714 714
714 74
712 712 .814 84
83
8 812
333 333
4
4 3414 3478 3412 35
3431 35
35
36
3514 36
29
2914 2818 283
8 28
284 273 2818 2814 284 283 287
4
4
8
3612 3612 3512 364 35, 364 355 36
8
8
36
37
37
37
*714 712 *714 7'2 *74 712
14 74 *714 8
73
8 72
,
7
*77
70
*76
794 75
76
76
76
7614 7614 .764 78
214 23
8
218 238
21s 214
213 24
214 23
8
23
8 212
•12
24
•12
24
.1112 24
.1112 24
*1112 24
01112 24
•1112 12'z 12
12
*1112 1212 *1112 123 •1112 1214 .1112 123
8
8
*5
63
*5
63
4 .5
63
4 *5
63
•
5
63
4 *5
63
4
*12
3
.12
34
12
12
*12
3
4
"2
3
4
*12
3
4
c2
5
33
•,
z
*12
3
8
•12
5
8
•12
4
*12
5
8
3
4
7
3
4
7
8
3
4
7
8
34
7
8
34
7
8
3
4
7
5
11
•1
1
1
1
1
1
1
1
1
•8 1
7
3
8
3
8
12
1
12
12
*3
8
5
8
12
1
3
8
3
8
•114
II
*1 i4
11
112
112
138
13
8
112 11z •138
153
*558 584
•538 614
53
4 53
4 *53
4 64
614 61
*53
4 63
8
*7
8 11
*78
l8
1
.7
1
8
1
7
8
7
1
1
2812 281 .2812 29
29
29
*2812 29
29
291
2912 29'2
25
2512 2414 25
2412 25
253 253
8
2684 2512 263
4 26
8
8
10138 10112 1015 1014 1015 1015 101 10114
10118 1014 *1013 102
8
8
8
•7
8
1
*7
8
I
1
.1 7
,8
1
1
•8 1
7
*78
1
*412 7
5 4 514
,
*412 7
*412 618 *412 7
*412 7
15 .13
15
•13
*13
16
*13
15
*13
15 .13
15
•70
--- '70__
-*70
-_ *70
__ •70
- •70
61
*59
60 - 57
60
57
5912 5912 62 --62
63 - 63
.512 10
*512 10
*512 10
*512 10
"512 10
*512 10
53
8 53
8
53
8 553
512 53
8
55
8 558
55
8 54
54 6
.5
5
553
54 5 4
553
,
553 53
8
512 54
55
8 618
.29
31
31
.29
•28
31
31
31
32
32
.32
34
•,..,_ 62 .____ 62 •--- 62 *____ 62
*52
61
*52
61
3
318 318
314 314
353
31.4 312
312 312
312 312
*83
4 912
8 8 84 *84 912 *812 912 *813 9
,
*812 9
*3
6
3111
313 .3
6
3
3
3
3
.318 5
*1712
__ •1712 80
*1712 80
*1712 80
*1712 80
*1712 SO
512 _512
8
53
3 53
5 4 54
,
5 4 53
,
8
53
8 57
5 4 57
3
8
8
2
24
2 18
*2
213 24 *23
8 314
23
8 24 .23
8 34
*212 5
.212 5
*212 5
*212 5
.212 5
.212 5
*14
4
3
8
3
3
4
4
*14
3
8
.14
3
3
*14
3
8
•43
*44 5
8 5
3414 5
•414 5
5
5
*414 512
*8
8
4
3
4
4
*3
8
53
3
4
53
3
8
5
5
3
4
3
4
4.1012 113 •1012 113
8
8 1058 1058 *1012 1138 105 10 8 11
8
5
11
*3412 394 .3412 35
*34
*344 40
35
4
*3414 343 *3414 343
4
•414 514 *44 412 *414 5 4 *414 514 *414 514
,
5
5
*17
25
25
•I7
25
•17
*17
25
*17
25
*17
25
•1t2 2
*17
8 2
013
4
178 *13
4
178 *134
178 *13
4 17g
24 .13
•13
24
*13
24
*13
24
15
15
*13
18
*3
4
7
8
3
4
3
4
"4
7
8
"4
114
7
8
*3
4 114
*34
*16
20
*1512 20
016
•1512 23
20
*17
20 .17
20
Saks
for
the
Week.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Shares Indus. & Miscell. (Con.) Par 5 per share $ Per share 5 per share $ per share
1,200 McCall Corp
No par 1614 Jan 3 1814 Feb 7
10 May 21
Jan
1 Jan 13
500 McCrory Stores class A No par
3 Jan 12
612 Dec 16 Apr
114 Jan 13
Class B
100
6 Jan 5
No par
5 Dec 19
Jan
Cony preferred
100
100
20 Dec 62 Feb
512 Jan 13 21 Jan 9
McGraw-Hill Pub Co_No par
37 Feb 1
8
212 May
312 Feb 2
712 Jan
13 May 213 Dec
52,600 McIntyre Procupine Mines_-5 185 Jan 14 234 Feb 6
,
8
8
28 June 6214 Feb
3,800 McKeesport Tin Plate_No par 4418 Jan 4 514 Jan 26
118 June
218 Feb 7
700 McKesson & Robbins_ _No par
23 Jan 5
4
612 Sept
400
612 Jan 11
318 May 23 Feb
Cony pref series A
43 Feb 4
4
50
600 McLellan Stores
38 July
4 Mar
38 Jan 12
1 Jan 3
No par
50
7 Dec 36 Mar
8% cony pref ser A
218 Jan 16
1.00
7 Jan 3
Melville Shoe
7
7 8 Dec 18 Jan
8
No par 10 Jan 10 107 Jan 11
500 Mengel Co (The)
1 July
5 Aug
23 Jan 10
1
4
218 Jan 25
718 Jan 4
Mesta Machine Co
9 Jan 31
514 May 1912 Jan
5
400 Metro-Goldwyn Pict pref__2
14 June 2214 Jan
164 Feb 10 19 Jan 21
200 Miami Copper
614 Sept
3 Jan 5
112 June
5
214 Jan 4
1,600 Mid-Continent Petrol__No par
84 Sept
3 4 Apr
3
43 Jan 10
8
44 Jan 11
500 Midland Steel Prod____No par
8
2 June 123 Sept
518 Feb 4
63 Jan 6
4
100
8% cum 1st pre(
25 June 65 Sept
100 39 Jan 19 4018 Jan 23
MI/an-Honeywell Regu_No par 1612 Jan 30 177 Jan 10
8
11 June 23127:Jan
1,300 Minn Moline Pow Impl No par
7 Feb 3
8
15 Jan 10
8
3 June
33 Aug
8
8
100
Preferred
No par
6 Feb 7
914 Jan 11
4 Dec 145 Aug
8
1,800 Mohawk Carpet /81111s_No par
SI2June 14 Sept
7 Jan 23 10 Feb 9
1,166 Monsanto Chem Wks_No par 2718 Jan 4 31 Jan 10
8May 303 Mar
4
133
35,400 Mont Ward & Co Inc-No par 125 Feb 6 15 Jan 11
8
312 May 1612 Sept
Morrel (J) & Co
No par 25 Jan 6 2518 Jan 11
20 May 3514 Mar
100 Mother Lode CoalitIon_No par
4 Jan 9
14 Jan 5
3 Aug
4
4 May
14 Jan 5
300 MotoMeterGauge&EqNopar
38 Jan 5
14 Apr
114 Sept
600 Motor Products Corp No par 104 Feb 6 144 Jan 11
738 June 293 Sept
8
800 Motor Wheel
2 June
65 Sept
2 4 Feb 10
3
8
314 Jan 6
No par
500 Mullins Mfg Co
No par
8
2 June 133 Jan
5 Feb 1
612 Jan 6
Cony preferred
30
5 June 2712 Sept
8
No par 10 Feb 2 163 Jan 10
200 Munsingwear Inc
1518 Sept
7 Aug
7 Feb 6
712 Jan 26
No par
2,500 Murray Corp of AmerNo par
218 July
94 Mar
33 Jan 6
4
23 Feb 6
4
300 Myers F & E Bros
718 June 19 Feb
9 Feb 9
No par
8 Jan 25
7,100 Nash Motors Co
8 May 193 Sept
4
No par 1314 Jan 3 1518 Jan 11
National Acme
514 Sept
114 May
13 Jan 3
4
23 Jan 10
10
8
National Hellas Hess pref__100
18May
6 Sept
114 Jan 27
114 Jan 27
20,100 National 131scult
10 353 Feb 8 41 Jan 11
2014 July 464 Mar
8
400
7% cum pref
100 131 Feb 8 1384 Jan 10 101 May 14214 Oct
5,400 Nat Cash Register A_ __No par
7 Jan 30
87 Jan 11
8
2614 Dec 183 Sept
4
23,500 Nat Dairy Prod
8
143 June 313 Mar
No par 133 Feb 6 1814 Jan 9
8
8
1,800 Nat Department Stores No par
14 Jan 30
218 Aug
14 June
12 Jan'4
130
Preferred
100
Jan 9
114 Dec 10 Aug
13
8
3 Jan 21
500 National Distil Prod_-_No par 17 Jan 6 183 Jan 3
4
13 June 2714 Aug
1,100
82.50 preferred
40 24 Feb 8 26 Jan 5
2018 May 3212 Feb
100 Nat Enam & Stamping_No par
518 Jan 11
818 Sept
5 Feb 2
33 July
8
200 National Lead
100 52 Feb 10 60 Jan 24
Jan
45 July 92
90
Preferred A
100 10514 Jan 24 110 Feb 6
87 July 125 Mar
160
Preferred B
Jan
100 784 Jan 24 8014 Jan 3
61 July 105
11,800 National Pow & Lt_ __ _No par 51112 Feb 10 1514 Jan 11
65 June 20 8 Sept
8
3
2,700 National Steel Corp___No par 19 Jan 18 22 Jan 11
8
1312 July 337 Sept
National Supply of Del
50
312 June 13 Sept
512 Jan 3
614 Jan 5
Preferred
50
100 19 Feb 9 2218 Jan 9
13'2 Slay 394 Aug
5,300 National Surety
412 July 197 Aug
8
10
6 Feb 2
812 Jan 6
8,000 National Tea Co
No par
612 Jan 4 103 Feb 8
7
8
3l Slay 10 8 Aug
100 Neisner Bros
No par
112 Jan 16
512 Jan
112 Apr
212 Jan 27
200 Nevada Consol Copper_No par
43 Jan 17
8
212 Slay 1014 Sept
514 Jan 16
200 Newton Steel
No par
2 Feb 1
812 Sept
334 Jan 16
15 Jun
8
200 N Y Air Brake
No par
714 Jan 9
9 Jan 31
414 June 1412 Sept
New York Dock
100
_
__
318 Dec 10 Sept
Preferred
100- __
20 Apr30 Aug
600 N Y Investors Inc
No par
5 Jan 30
8
33 Aug
4
12 June
1 Jan 23
23,500 N Y Shipbldg Corp part stk__ 1
134 Jan 4
47 Feb 9
8
614 Feb
8
15 Dec
1,020
7% preferred
100 31 Jan 9 56 Feb 9
20 June 57 Mar
No par 94 Feb 6 101 Jan 9
70 NY Steam $6 prat
70 May 100 Oct
10
$7 lot preferred
No par 104 Feb 4 110 Jan 11
9) June 10918 Mar
27.400 Noranda Mines Ltd.... No par 173 Jan 14 2114 Feb 3
8
1034 May 213 Sept
8
23,500 North American Co
_No par 237 Feb 6 3112 Jan 11
8
1334 June 4314 Sept
400
Preferred
50 423 Feb 2 46 Jan 12
4
2512 July z48 Sept
8.900 North Amer Aviation
b
114 Slay
512 Jan 16
65 Dec
8
74 Jan 4
100 No Amer Edison pref __No par 67 Feb 9 7412 Jan 16
49 July 88 Sept
100 North German Lloyd
8 Jan
258 June
6 Feb 7
712 Jan 9
Northwestern Telegraph__ _50 2918 Feb 2 2918 Feb 2
15 June 33 Aug
100 Norwalk Tire & Rubber No par
114 Feb 6
3 Feb
212 Aug
4
24 Jan 12
12,300 Ohio 011 Co
5 Jan 11 Aug
No par
53 Feb 6
4
718 Jan 11
12 Apr
500 Oliver Farm Equip
4 Aug
No par
8
25 Jan 11
8
13 Jan 4
400
212May 1014 Aug
Preferred A
63 Jan 11
8
No par
4 Feb 10
43 Mar
4
112 Jan
214 Jan 5
Vs Jan 19
700 Omnibus Corp(The)vtc No par
3 June
9 8 Jan
7
5 Jan 23
200 Oppenheim Coll & Co- No par
5 Jan 23
314 June 15 Sept
54 Jan 12
20 Orpheum Circuit Inc pref_100
8
13 Jan 30
9 May 2212 Jan
11,400 Otis Elevator
No Par 10 8 Feb 10 134 Jan 10
3
90 Slay 106 Nov
160
Preferred
100 9812 Jan 4 102 Jan 27
14 May
43 Jan 11
8
914 Sept
3 Jan 3
800 Otis Steel
No par
8
318 Slay 20 8 Sept
7 Jan 3 107 Jan 11
3
320
Prior preferred
100
12 June 4214 Nov
2,400 Owens-Illinois Gloss Co____25 3312 Jan 3 3612 Jan 21
6,800 Pacific Gas & Electric
167 June 37 Feb
8
4
25 273 Feb 8 3114 Jan 11
2,700 Pacific Ltg Corp
8
20 4 June 4712 Aug
3
No par 354 Feb 7 433 Jan 11
130 Pacific Mills
314 Slay14 Aug
813 Jan 12
74 Feb 9
100
290 Pacific Telep & Teleg
100 75 Feb 7 813 Jan 12
4
58 June 1044 Mar
12,900 Packard Motor CarNo pa
218 Feb 8
24 Jan 9
112 July
514 Jan
Pan-Amer Petr & Trans
6 12 Jan 5 1212 Jan 11
6 July 14 Sept
200
Class 13
714 July 1412 Sept
5 12 Jan 5 123 Jan 16
8
Park-Tilford Inc
No par
6 Jan 20
2 Apr 10 Sept
6 Jan 20
200 Parmelee Transporta'n_No par
12 Jan 3
14 June
2 Jan
12 Jan 3
Panhandle Prod & Ref_No par
14 Dec
5 Jan 10
8
114 Jan
12 Jan 19
13,300 Paramount Publlx
258 Jan 4
112 Slay 1112 Jan
3 Feb 3
4
10
1,400 Park Utah C M
118 Jan 23
4 Apr
2 Sept
1
64 Jan 9
14 May
1.600 Pathe Exchange
3 Jan 4
4
114 Aug
No par
LI Jan 4
400
Preferred class A_ __ _No par
114 June
214 Jan 4
53 Feb
114 Jan 25
4
200 Patin° Mines & Enterpr No par
614 Feb 9
318 July
53 Jan 16
8
912 Sept
300 Peerless Motor Car
118 Jan 10
3 June
4
7 Feb 9
8
44 Apr
3
1,100 Penick & Ford
16 June 323 Mar
No par 2812 Feb 6 3112 Jan 11
4
9,900 Penney (J C)
4
13 May 3412 Mar
No par 2414 Feb 6 273 Jan 16
1,900
Preferred
100 90 Jan 4 10212 Jan 11
60 June 91 Mar
100 Penn-Dixie Cement___No par
1 Jan 16
es Jan 25
12 Apr
212 Aug
100
Preferred series A
514 Feb 2
3 Nov
100
414 Jan 16
8 Sept
Peoples Drug Store_ _ _ _No par 10 4 Jan 25 13 Jan 9
3
12
Oct 1612May
_
6):% cony preferred. _ _100 72 Jan 27 75 Jan 18
5018 July 95 Feb
700 People's G L & C (Chit:)_100 57 Feb 4 78 Jan 9
39 July 121
Jan
Pet Milk
63 Jan 6
4
No par
612 Feb 2
5 Dec 1212 Jan
5,700 Petroleum Corp of Am_No par
458 Jan 3
6 Feb 10
23
4May
74 Sept
11,800 Phelps
-Dodge Corp
25
412 Jan 4
618 Feb 10
3 8 Juno 1138 Sept
7
500 Philadelphia 00 6% preL.50 2912 Jan 6 32 Jan 20
18 June 41 Mar
$6 preferred
No pa --------------------48 June 76 Sept
2,100 Phila & Read C & I__ _ _No par
3 Feb 2
412 Jan 11
2 June
74 Sept
100 Phillip Morris:& Co Ltd..1O
814 Jan ,,..,
9 J an 28
7 Jun
13 Aug
500 Phillips Jones.Corp
312 Apr 1234 Sept
No pa
34 Feb 6
3 Feb 8
Preferred
100 --------------------10 AP
32 Feb
8,100 Phillips Petroleum
43 Jan 4
4
2 June
No par
6 Jan 11
818 Sept
210 Phoenix Hosiery
6
2 Nov
2 Feb 6
25 Jan 14
8
918 Aug
Pierce-Arrow class A-No par ------------------124 Jun
Jan
0
200 Pierce Oil Corp
25
4 Jan
s Jan
14 Jan
4 Sept
400
Preferred
100
5 Jan 6
43 Jan 13
4
312 Jan
9 Aug
4.300 Pierce Petroleum
No par
53 Jan 23
4 Jan 8
IzMay
15 Sept
8
400 Pillsbury FlourMills_No par 1012 Jan 5 1112 Jan 20
912 Dec 2212 Jan
Pirelli Coot Italy Amer shares 34 Jan 30 347 Jan 30
8
21 June 313 Mar
4
100 Pittsburgh Coal of Pa
100
5 Feb 10
6 Jan 16
3 Slay
115 Sept
8
100 17 Jan 2.5 19 Jan 16
Preferred
17 Dec 40
Jan
2 Jan 21
Screw & BoltNo par
Pittsburgh
2 Jan 21
2 Apr
478 Aug
20 Pitts Steel 7% Cum pref_100 1014 Jan 6 15 Jan 11
912 June 2434 Sept
300 Pittsburgh United
25
3 Feb 6
4
34 Feb 6
4 Dec
33 Sept
4
100 17 Jan 4 24 Jan 11
Preferred
14 May 44 Sept
•131d and asked prices, no sales on this day. a Ex-dIvIdend and ex-rights.
STOCKS
NEW YORK STOCK
EXCHANGE.
x Ex-dividend.
New York Stock Record—Continued—Page 7
986
isrFOR
- HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
Feb. 4.
Feb. 11 1933
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
Monday
Feb. 6.
Tuesday
Feb. 7.
Wednesday
Feb. 8.
Thursday
Feb. 9.
Friday
Feb. 10.
Sales
for
the
Week.
STOCK
NEW YORK STOOK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Highest.
Lowest.
$ per share $ per share i per share $ per share $ per share $ per share Shares Indus. & Miscall. (Con.) Par $ per share $ per share $ per share $
Per shore
11
10 Pittston Co (The)
112 *1
'1
112 *1
112
*1
112 *1
1
1
No par
3 Jan 20
4
1 Jan 27
12 Dec
3 Sept
.77
812
78 8
7
712 8
*77
8 8%
73
4 73
4
75
8 73
4 2,000 Plymouth 011 Co
5
912 Jan 11
71z Feb 8
838 Nov 1211 Sept
212 212 *258 234 *212 278
*212 3
*212 234 *212 234
100 Poor & Co class B
No par
212 Jan 6
234 Jan 18
112 May
65 Sept
8
3
•23
3
4 4
.2 4 312 *234 4
3
3
*A 3
3
300 Porto Rio-Am Tob el A-No par
218 Jan 3
312 Jan 19
114 May
65 Sept
8
*78 1
4 1
78 1
*3
1
1
200
Class B
"4 1
"4 1
No par
78 Jan 3
1 Jan 11
2 4 Aug
3
5 May
8
5
*5
5
5
6
.514 8
5
*47
600 Postal Tel& Cable7% prat 100
8 5
514 5 8
3
5 Jan 20
738 Jan 11
134 July 171: Sept
*538 6
*514 6
*534 6
*5 8 5
5
*514 8
Prairie Oil & Gas
*514 6
____ __
31:June
912 Sept
758 758 .77
8
8
8 8
200 Prairie Pipe Line
*713 8
71 Jan 25
*712 8
*712 8
25
25--- Jan 10
8
512 June 1214 Sept
1% 118
114
*I
118 118 •118 114
114 *1
1
1
400 Pressed Steel Car
No par
vg Jan 21
114 Jan 5
4 Aug
34 June
47
4
4
154
434
*3
37
8
200
33
4 3 4 *414 51s *4
3
Preferred
100
3 Jan 27
4 Jan 5
258 June 17 Sept
24
2458 244 24% 24 242 9,500 Procter & Gamble
24% 2334 245
2414 2412 24
No par 23 Jan 20 2912 Jan 4
1978 June 4234 Jan
*100 1033 10112 10112 10212 10212 *102 104 *102 104 *102 104
270
4
5% pref (ser of Feb 1'29)100 101 Jan 3 1041 Jan 12
:
81 July 10312 Dec
3
2
3
8
14
*14
14
*14
600 Producers & Refiners Corp-50
%
3
8
*14
*14
%
213
14 Jan 3
3 Jan 9
8
158 Mar
is May
*312 5
*312 5
*312 5
Preferred
•
312 5
*313 5
*3% 5
50
3 Feb 2
5 Jan
934 Mar
1 May
49 6912 4814 4912 10,500 Pub Ser Corp of N J-__No par 4714 Feb 3 5514 Jan 16
49
4714 484 4734 4884 48
4734 48
11
28 July 60 Mar
84 85 *83 85
84 84
84 84
.84
8512 84 84
800
$5 preferred
No par 84 Feb 8 8812 Jan 31
62 June 90% Sept
96
95 95
1,000
*9814 9612 9618 9612 98
958 96 *9512 96
8% preferred
100 95 Feb 10 10158 Jan 24
7112 June 10218 Aug
*10514 109% 1081 10812 *10514 108 *10514 108 10634 107 10612 106's
500
7% preferred
100 10514 Jan 3 11211 Jan 12
9212 May 114 Mar
1231: 12313 *122 130 *122 123 *122 130 122 12918 122 12918
100
8% preferred
100 1235 Jan 5 125 Jan 9 100 July 13014 Mar
100 100 1198 100 *99 100
*100 10112 *100 10112 101 101
200 Pub Ser El & Gas pf $5-No par 100 Feb 8 10312 Jan 11
83 June 10318 Dec
2078 2112 2114 2238 2214 225
8 2134 2218 10,200 Pullman Inc
204 20% 204 21
No par 1 812 Jan 4 2334 Jan 23
1012 June 28 Sept
3i8 3i8
gig 318
314 314
314 314
318 314
314 3% 1,500 Pure 011 (The)
37 Jan 10
25
31s Jan 28
27 June
61 Aug
57
55 55
57 *55 57 *55
55 55 *53
*58
57
140 8% cony preferred
100 55 Jan 25 62 Jan 12
50 Jan 80 Aug
.714 712
738 738
7% 73
4
734
7% 734
712 734 6,300 Purity Bakeries
74
3
No par
7 Jan 4 10 Jan 11
458 May 157 Mar
418 483
412 434
414 4%
414
4
412 47 19,100 Radio Corp of Amer
458
4
4 Feb 3
No par
6 Jan 5
2% May 1312 Sept
1418 1418 *1418 14% *1418 1412 1412 1412 *1412 1512 1412 14%
500
Preferred
50 13% Feb 3 17 Jan 16
10 June 328 Jan
838 8%
9
814 85
81: 812
8
9
8511 9
858
2,800
Preferred B
No par
8 Feb 7 117 Jan 5
33oMay 2358 Sept
14 I%
I%'112
114 114
13
114 158
114 114
35 Jan 9
112 4.000 Radio-Keith-Orph
14 Jan 28
No par
73 Sept
112June
57
6
612 *6
618 6h
618
57 Feb 7
6
618
158
6
6
1,100 Raybestos Manhattan-No par
712 Jan 11
458 July x1234 Aug
7% 8
7% 712 •
714 714
10
200 Real Silk Hosiery
*714 74 •71a 714 *7% 714
978 Jan 25
838 Jan 3
218 July
81: Sept
40
30 30
*303 40 *3012 40
4
40 •28
.30
40 *28
10
Preferred
100 25 Jan 4 46 Jan 25
7 June 30 Sept
*14
12
*14
*14
12
12
12
*14
*14
12
12
*14
is Jan 3
Reis(Robt)& Co
No par
14 Jan 3
18 Apr
112 Sept
2
2
*2
234
52
2 4 *2
3
2 4 *2
3
*2
23 '
4
1% Jan 3
10
1st preferred
100
2 Feb 2
23
4
cl Dec
7 8 Sept
5
31
334 2200,
358 3 8
5
383 312
312 312
4 Jan 9
1
71 Aug
3% Jan 3
358 312
Remington-Rand
1 May
312 312
.10
8
117 *10
8
8
1112 *95 111: *95 1112 *95g 1112 *92 1112
4 June 36 Aug
1st preferred
100 10 Jan 9 1178 Jan 31
*9
18
*9
18
1014 1014 *10% 18
13
13
50
13
2d preferred
100 1014 Feb 7 13 Feb 4
13
5 June 311 Aug
214 238
2
218
218 218 4,900 Reo Motor Car
2% 2%
37 Sept
218 2%
238 Feb 9
2% 218
10
13 Jan 9
4
12 Apr
53
55 Jan 3
8
818 61
638 4,700 Republic Steel Corp- _ _No pox
8
6
584 6
57
*578 6
8
714 Jan 10
1% June 137k Sept
12
12
13 *1212 123
15113 1212 12
4
4 2,100 6% cony preferred
1112 1112 *1114 12
100 11 Jan 3 15 Jan 11
5 June 2878 Sept
212
212 152
4 212 •2
4 212 *13
4 212 *13
•134 212 .13
13 Feb 2
114 Jan 10
Revere Copper & Brate.No par
1 July
814 Sept
*214 51
*214 57
.214 57
*214 57
•214 57
*24 57
Class A
No par --------------------2 Dec 1212 Aug
814 814 *814 84 •814 9
9
•814 9
84 *8
*8
8 Jan9
800 Reynolds Metal Co
No par
9 Jan 71
65 July 1178 Sept
8
3
3
*314 43
4 *314 43
3 Feb 4
4 *34 43
No par
4 *314 43
Si: Jan 10
200 Reynolds Spring
4 *314 43
4
3 Feb 1278 Sept
30 11 3o18 2934 30 1 2878 2978 2838 2918 28% 2914 283 29 84,000 Reynolds (11 J) Tob class B_ 10 261: Jan 3 33% Jan 21
*
26i:Juno 4014 Jan
60 60 *60 607 *60 6078
60 60
8
.60 I 61 .60 81
10 80 Jan 5 623 Jan 21
30
Class A
4
64 May 7118 June
12
38 Jan 16
"a
h
h
*h
*3
8
"a
12
"a
hi
h
h
500 Richfield Oil of Calif- __No par
1: Jan 5
138 July
14 June
*78 10
*738 10
.73 10
8
*8
10
*73 10
*8
10
Ritter Dental Mfg
No par -------------- ------4 July 12 Oct
3% 33
4
*314 4
*37
4
312 312 *35
4
4
400 Rossi* Insurance Co
5
4ela
58 an
112 may 012 Aug
19% 1912 1914 1914 [1938 193* 20 20
19 4 20
3
197 2018 1,300 Royal Dutch Co (N Y shares) 1914 Feb 9 215 Jan 6
8
8
1218 Apr 233 Sept
4
*758 8
8
738
738
10
8
3
7% Jan 4
74 74
3
7% 712
700 St Joseph Lead
75* 738
834 Jan 11
458 July 1734 Sept
393
39% 393
4 3834 39% 3838 3858 3514 3812 11,000 Safeway Stores
3934 39 4 39
3
No par 314 Feb 10 425 Jan 11
30% July 5914 Mar
3
8512 8512 *8434 8512 851 8512 848 85 8 8478 854 8312 8434
100 812 Feb 10 88 Feb 1
350
6% preferred
60 May 90 Oct
96
95 95
94
9418 9512 91
97
100 91 Feb 10 96 Feb 2 69 June 99 Oct
9414 9414 *94
*94
290
7% preferred
33
5
*3
4
4% 47
*3
4
31
*3
*3
4
2% Jan 6
2,400 Savage Arms Corp____No par
5 Feb 9
114 July
758 Feb
*7
8 1
*7
8 1
7
8
7
8
1
1
114
7 Feb 7
8
*1
*7
8 1
300 Schulte Retail Stores_No par
1% Jan 5
4 Jan
12 Dec
613 612 4612 312
628 612 *638 912 •64 612 *612 812
100
6 Jan 25
60
7 Jan 9
Preferred
5 Oct 30 Jan
2934 •28
2934 .28
293 1128
4
2934 1528
•29
29 4 *28
3
No par 28 Jan 24 31 Jan 10
Scott Paper Co
293
4
18 May 42 Feb
1814 18
17
1612 163
15% 1512 1512 18
15 15% 15
4 4,700 Seaboard Oil Co of Del_No par 15 Feb 13 2014 Jan 5
658 Apr 2038 Dec
*1% 212 5,1% 212 *118 212 *118 212 *118 24
•138 17
112 Feb 2
No par
Seagrave Corp
2 Jan 6
1 Apr
24 Jan
18% 18
18
18% 188 19
1814 175* 1814 18
1778 183 16,400 Sears, Roebuck & Co No par 17% Feb 6 22% Jan 11
4
978 June 3758 Jun
17
17
*158 218 *2
•17
8 2
*158 2
2%
1% 158
1
15 Feb 10
8
300 Second Nat Investors
214 Jan 10
h July
3 Aug
.33% 3914 *3312 3914 *3312 37 *3312 37 *3312 3914 3214 3312
1 3214 Feb 10 35 Jan 23
200
Preferred
2114 June 3618 Aug
12
14
14
12 85 14
14
200 Seneca Copper
4
"4
No par
12
12 al *14
*14
14 Jan 3
% Jan 5
% May
1 Aug
1% 134 a 134 134
I% I%
112 134
13* 13* 3,700 Servel Inc
134 134
11: Feb 4
1
55 Jan
214 Jan 11
112 June
77
77
*734 814
73
4 8
73
4 7
54 *734 77 I 73
75
73 Feb 4 10 Jan 5
1,100 Shattuck (F 0) ' No par
4
4
5 May 1234 Mar
.12
8 2
*134 2
1517
8 2
178 17
*17
8 2
*178 2
178 Feb 9
No par
200 Sharon Steel Hoop
4 Jan 6
112 July
73 Sept
4
314 314
33
8 33
4
318 318
*318 32
338 38
3% Jan 27
338
338 2,700 Sharpe & Dohme
No par
4 Jan 6
7 Sept
17 June
23 *2212 27 *224 27 •2212 27 *2212 27
100
*2214 2412 23
Cony preferred ser A_No pox 2112 Jan 5 2818 Jan 31
111: July 3014 Jan
53
47
47
418 414
4
428
4%
414 414
No par
434
4 Feb 6
8,300 Shell Union Oil
5
5 8 Jan 6
5
21: Apr
834 Sept
351 35% 35 35
36
3612 36
3512 36
100 35 Feb 3 4412 Jan 10
373
4 1,800
*3514 36
Cony preferred
18 May 6514 Sept
_ __
_ . _ __
-Shubert Theatre Corp.No par __
-- - - - -- - -- - -- - -—
18 June
118 Aug
ar4 14
iii4 84
.
i
l
itt
e8 18 - )Simmons co
No par ifia ie; i ii4 Jan II 234 June 133* Sept
7
Lieflir4 8'4
•03r4 - -3
68
8 4.53
8 678
8 •618 57
8
2
8 *518 67 i4512 67 .v8 67
.618
514 Jan 19
10
Simms Petroleum
614 Jan 12
314 Apr
71 Aug
:
•314 33
31,j 314
312 312 *314 3 4
314 314
8
31s Jan 28
700 Skelly 011 Co
3
314 314
25
334 Jan 18
534 Sept
2% Feb
24
2418 2418 24
24 ;23 24% 24 24
400
100 23% Feb 3 2512 Jan 13
Preferred
24 .23
*23
12 Jan 3312 Sept
234
2 4 *2
3
4 s„152
2 4 *2
3
3
23
*2
2 Jan 21
4 152
Corp__No par
23
Snider Packing
*2
3% Jan 4
712 Sept
17 Dec
65
67s
6i2 652
25
s 684
714 39.000 Socony Vacuum Corp
63
4 718
614 Feb 6
64 612 a 63
7
614 May 1214 Sept
78 Jan 11
83 *60 641: *59 63
100 Solvay Am Invt Tr pref_ _100 60 Feb 4 66 Jan 6
5159
1559 63
60 60 *60 62
35 June 67 Sept
17
17
163 1714 15,1718 188 1812 19
4
1834 1914 1838 19
18,300 So Porto Rico Sugar_ __No par 157 Jan 12 1914 Feb 9
412 Apr 1834 Sept
30
Preferred
100 112 Jan 4 118 Feb 4 8612May 11212 Dec
115 11518 *1131: 116 *114 116 *115 118 *115 116
118 116
2434 25% 241: 2434 4,300 Southern Calif Edison
2412 25
2412 25
25 2412 Feb 3 28 Jan 11
:
4 241 25
1534 June 3234 Feb
243 243
4
511% 2
*114 2
5
.14 2
Southern Dairies el B_ _No par
*114 2
*114 2
•14 2
114 May
3 Feb
44 44
100 Spalding(AG)& Bros-No par
4 Jan 18
55 Jan 13
8
•418 478 *44 473 *44 44 •418 44 *44 44
412 July 12 Jan
54
54 *31
181 preferred
54 *31
100 27 Jan 11 31 Feb 3
54 *31
54
1531
25 Dec 96 Jan
54 *31
•31
15412 8
*412 8
Spang Chalfant&Co InoNo par ---- ---- -- ---- ---- -*412 8
*Cy 8
*4% 8
*4% 8
834 Mar
034 Mar
5.556
1815 1812 1712 1712 511512 25
Preferred
100 1712 Feb 9 1812 Feb 8
•1712 25 *1712 25 *17% 25
15 Nov 48% Jan
112 1%
*158 2
900 Sparks WIthington.__No par
.138 2
liz 112 *112 182
1% Jan 25
112 112 1.5
2 Jan 13
I May
5 Sept
7
8
7
8 .
12
*12
.12
Spear & Co
7
8
*12
78
52 Jan 10
78
No par
4 Jan 18
4
412
sly
h July
134 Apr
*85
828 838 *814 9
EN 814
200 Spencer Kellogg & Sons No par
1583
8 9
814 Feb 10
9
*838 9
9 Jan 13
8 May 11 Sept
155
6
*5
8
*5
8
6
8
Spicer Mfg Co
No par
*5
8
*5
5 Jan 3
*5
5% Jan 11
3 Dec
87 Sept
151234 1634 •123 163
Cony preferred A_ No par 20 Jan 31 20 Jan 31
4
4
•123 1712 *1238 1714 *125g 17 *1234 17
4
912 June 18 Sept
4 *13
4 25
4 *13
4 23
3
Spiegel-May-Stern Co_No par
4 23
4 *13
4 2 4 *13
4 •13
4 23
*13
4 23
238 Jan 18
3 Jan 10
5 May
8
5 Aug
1458 154 154 154 154 1512 28,300 Standard Brands
147 154 1458 144 1438 15
No par 14% Feb 3 155 Jan 5
8
83* June 177 Aug
300
1512012 122 122 122 *12112 1234 121% 122 •12114 12318 *12112 12318
Preferred
No par 12112 Jan 20 123 Jan 5 110 June 123 Dec
112
•1
.
51
112 *1
112 *1
112 151
11
1% *1
Stand Comm Tobacco-No par
1 Jan 3
114 Jan 10
78 July
2 Jan
107 114 1118 115
11
1112 8,700 Standard Gas & El Co- No par 1058 Feb 6 153 Jan 11
8
s
4 105 11
4 103 103
8
1038 103
738 June 3414 Mar
4
1812 185* 1838 1838 194 191 20
183 20
4
2,900
1712 1814 18
Preferred
No par 17% Feb 4 25 Jan 11
9h June 41% Jan
37 *34
4134
38
39 *34 40
40 *34
No par 40 Jan 23 41 Jan 3
38 *34
*34
21 July 6212 Aug
$6 cum prior pref
39 *36
39 *36 39
39 *3512 39 *36
$7 cum prior pref__ No par 388 Feb 1 46% Jan 10
39 *35
*35
28 June 75 Jan
.7
8 1
.7
8 1
100 Stand Investing Corp No par
7
8
*3
4
7
8
3 Jan 3
4
7
8
*54
*3
4
7
8
7
8
1 Jan 6
214 Aug
14 June
100 10018 10018 1004 100 10018 100 1004 1004 10018 10014 10014 1,700 Standard 011 Export pref _100 99 Jan 3 101 Jan 6 x81 June 10012 Dec
23
2418 24
23t
: 23
243
24% 2458 24,900 Standard 011 of Calif
2338 23
4
2418 233
No par 23 Feb 4 26 Jan 18
15% June 3178 Sept
17
17
1634 17
1634 164 2.700 Standard 011 of Ramis__ -25 15 Jan 4 175 Jan 16
1634 17
1634 17
18% 17
*
7 Apr 1612 Aug
25% 2614 251 27
4
265 2678 50,000 Standard Oil of New Jersey_25 243 Feb 2 313* Jan 9 19% Apr 373 Sept
253 26
2538 2614 25% 257
*4
6
*4
6
*4
5 Jan 10
6
•4
6
154
6
*4
6
5 Jan 10
Starrett Co (The) L B__No par
3 July
834 Sept
*5
8 1
.5
8 1
Ists Jan 11
*28 1
*58 1
*34 1
"4 1
118 Jan 27
Sterling Securities CIA-No par
214 Sept
% May
*2
2
218
2
1% Feb 10
2% 218
*112 2
2
2
113 134 1,400
218 Jan 23
Preferred
No par
4 Sept
% July
22 22 412% 24
*2134 24
•2134 24
23
23
2238 223
4
Convertible preferred-50 22 Jan 3 233 Jan 11
8
700
13% June 26 Aug
3% Jan 17
314 314
10
34 314
314 314
334 Jan 5
3h
314
3% 314
900 Stewart-Warner Corp
314 314
178 May
812 Sept
8
8
8%
8
8
8 18
8
8%
812 5,700 Stone & Webster
818 83
8
No par 712 Jan 3 1058 Jan 11 45* July 173 Sept
4
35
37
33
v: 31
37
31: 378
37
3% 4
514 Jan 6
4
5.100 Studebaker Corp (The) No Par
2l May 133 Sept
312 Feb 3
20 2018 201a 2012 •2078 25 *21
25
100 20 Feb 4 347 Jan 11
2434 2434 *21
90
25
Preferred
30 Nov 1047 Mar
*36
36
3714 *36
371 1538
3614 36
*35
37
37 *38
No par 36 Jan 9 37 Jan 6
100 Sun Oil
2434 Apr 3978 Oct
98 *9514 97 *951 98 *95% 98
98
100 92 Jan 12 98 Feb 2 88 July 92 Dec
98 98
Preferred
70
97
9712
77 Jan 4 10 Jan 8
812 •818 858 *814 83*
8
81: 812 1.900 Superheater Co (The)__No par
8% 858
4
*812 83
7 June 14% Sept
1
134
14 14
14 134
34 Jan 4
14 Jan
114 13* 18,100 Superior 011
134 Feb 7
13* 112
114 14
No par
2 Sept
•3
45 Jan 12
312 *278 4
*3 312 *3 312 3% 312 312 31
27 Feb 2
400 Superior Steel
100
914 Sept
214 May
.258 612 •23
3
152% 612
3
3 Feb 6
8 41:
s 612 *23
100 Sweets Cool Amer (The)___50
3 Feb 8
•2 8 104
3
13* July 11 Jan
3 Jan 9
8
%
*3
s
7
8
7
3
*3
8
*38
*3
8
% Jan 5
7
8
*521
Symington Co
7
8
153s
No par
%
1 Sept
14 Mar
7
8
5 Jan 16
8
"a
No par
7
8
"a
7 Jan
8
*3
4
7
8
7
t;
Class A
*A4
7
8
"a
23 Aug
4
h
"a
822 834 85, 858 800 Telautograph Corp No par 814 Feb 2 914 Jan 13 6h May 1334 Mar
83e 83
83
8 812
3
July
838 85*
16
812 812
51% 218 *11
218 *12 218
No oar
Ds Feb 3
•112 218 •112 218 *113 2% .
1 May
Tennessee Corp
23* Jan 6
438 Sept
1212 123* 1234 1278 134 1234 13 10,600 Tex/18 Corp (The)
25 1214 Feb 6 14% Jan 11
014 June 1814 Sept
1258 1212 1214 1212 124
2334 23% 6,500 Texas Gulf Sulphur_ __No par 22 Jan 3 25 Jan 16
s
227 2314 23% 2312 23% 24
12 July 2634 Feb
223s 227
8 223 23
15g
11: Feb 2
15g 158 •158 134
134
700 Texas Pacific Coal &011.—.10
17 Jan 4
11: Apr
Ily 14 slly 134 •1511 14
4 Aug
47
47
514
5
5
51
4
5
55
43 Jan 4
514 Feb 9
_1
6,000 Texas Pacific Land Trust
4% 47
8% Sept
43
4 43
2':June
*53
612 *53* 8% *584 614 •583 614
54 Feb 3 612 Jan 11 2 Apr 10 Nov
Thatcher Mfg
No par
*514 534 *512 6
3218 *2758 3218
8
100
*2728 32% 275* 2758 *2758 32% *275 32% 512758
33.60 cony Prof
No par 278* Feb 6 275* Feb 6
22% Apr 32 Dec
35 Jan 30
3
*23
4 34
3
3 Feb 2
100 The Fair
2% Dec
524 34 *212 34
*238 334 *My 34 .
No par
814 Sept
43
45
443 44 4
43
4
3
90 7% preferred
43
35 1530
100 43 Feb 8 45 Feb 9
35
38 July 85 Jan
35 *30
*30
11
11 Jan 4
400 Thermold Co
11: Jan 5
13
5 •118 11
%June
No par
4 Sept
*I
118 1'8 s*1% 13* *11
14
112
•16
1658 16
1612 1412 1412
16
16 •16
1516
1858 06
300 Third Nat Investors
1 1458 Jan 6 1812 Jan 3
10 May 171: Deo
•Bid and asked prices, no sales on this day. z Ex-dividend. v Ex-righta. e Cash sale.
New York Stock Record-Concluded-Page 8
987
gar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE EIGHTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT. I Sales
111011 AND LOW SALE PRICES
for
Tuesday
the
Monday
Friday
Wednesday Thursday
Saturday
Feb. 7.
Week.
Feb. 6.
Feb. 10.
Feb. 9.
Feb. 8.
Feb. 4.
$ per share $ per share
758 758 *738 9
•5
814
8
618
•4 1
3
*3
4 1
*1218 20 *124 20
314 314
34 314
42
/ 427
1
4
8 4313 4312
*834 15
*83 15
4
*48 50
45
454
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share Shares
100
*612 912 *812 912
700
714
7
7
•
6
78
78
300
8 1
*7
*1212 20 *124 20
314
314 3,300
8
3
/ 33
1
4
4312
200
*4212 4312 *42
*834 15
*834 15
400
50 50
*4612 50
8
*238 212 23 238 *212 278 *212 234 *212 234
400
143 1532 1532 154 1513 1512 1534 163
4
/ 4,600
1
4
8 164 18
/
1
---- ---- ---- ---- ---- ----
PER SHARE
Range Since Jan. 1
On basis of 100 share lois.
Lowest.
Highest.
PER SHARE
Range for Previous I
Year 1932.
Lowest.
Highest.
Indus.& Miscall.(Cond)Tar $ per share $ per share $ per share $ per share
Thompson (J R)
25
7 Feb 6
/
1
4
838 Feb 2
712 Nov 1814 Mar
Thompson Products Ine.No par
5 Jan 8
/
1
4
7 Jan 12
/
1
4
234 June 10 Feb
Thompson-Starrett Co_No par
34 Jan 3
/ Feb 10
1
4
%June
214 Aug
$3.50 cum pre
No par 12 Jan 10 1212 Jan 23
12 June 1712 Sept
Tidewater Assoc 011-„No par
318 Jan 13
312 Jan 4
2 Apr
558 Sept
100 4112 Jan 4 4418 Jan 12
Preferred
20 Feb 60 Sept
Tide Water 011
No par --------------------5 June 10 Aug
100 i5
o
Preferred
‘el)
e)
30 Feb 82 Sept
2 July
34 Jan 12
Timken Detroit Axle
10
232 Feb 7
834 Sept
734 July 23 Jan
Timken Roller Bearing_No par 1414 Jan 3 1834 Jan 21
Tobacco Products Corp No par ____
_ .
. ______ ___. -832 Mar
2 2 Jan
7
6 Jan
/
1
4
Class A
No par
9 Mar
4
/ 5
1
4
478 5
4
/ 4
1
4
/
1
4
4
/ 478
1
4
218 Jan
5
518
718 Sept
5
6 Jan 4
134514 13,600 Transamerica Corp
Feb I
No par
*3
4
*3
312 *3
214 July
812 Sept
312 *3
312
100 Transue & Williams WIN° par
312
*3
312 Jan 4
3
3
3 Feb 2
10,500 'Fri-Continental Corp- _No par
112 May
334 4
54 Sept
/
1
4
312 33
414 Jan 5
5
3
334 4
/ 34
1
4
4
33
4 3
3
3
/ 38
1
4
338 Feb 7
.5814 80
5814 5814 *58 60
58
58 *57
200 6% preferred
80 *57 80
No par 55 Jan 3 59 Jan 10 42 Jan 72 Sept
.203 2112 2012 20 4 .2014 2012 *2014 2012 2012 2012 2014 2012
4
3
700 Trico Products Corp
1938May 3112 Mar
No par 2014 Feb 10 2134 Jan 4
318 Jan
14 May
Truax Traer Coal
"4 1
*3
4 1
"4 1
*3
4 1
*3
4 I
*3
No Par ---- --- .4 1
---- -*3
312
300 Truscon Steel
3 4 314 *3
,
74 Aug
312
314 314 *3
2 tAp
34 314
.
4
Feb 6 ---- Jan 6
314
10
3' *7
2 1
*7
2 1
*7
2 1
7
2
7
2
1
1
300 Men & Co
•1
114
No par
34 Aug
12May
34 Jan 16
14 Jan 4
/
1
*1078 1114 1012 10
1212 1.400 Under Elliott Fisher Co No par 1018 Feb 7 14 Jan 5
/ 104 1012 1012 1012 10
1
4
/ 11 .11
1
4
738 July 2438 Sept
300 Union Bag 5c Pap Corp_No par
*814 83
4
812 812 .83
3
4 914 *834 914
8 4 83 .8 4 94
3
4
/
1
512 June 114 Aug
512 Jan 13
83 Feb 9
4
244 2558 2438 2512 254 255
/
1
/ 24
1
4
8 2412 25
/ 2518 2412 2538 31,300 Union Carbide di Carb_No par 2412 Feb 8 2838 Jan 11
1
4
1512 May 3838 Mar
.10
1018 *10
1038 10
1012 *10
200 Union Oil California
10 *10 10
/ 1014 1014
1
4
25
934 Jan 3 111 Jan 4
8 July 15 Sept
/
4
/
1
4
*12
12 *1118 1218 12
1218 12
400 Union Tank Car
/
1
4
12
1218 1218 *1118 12
No par 1112 Feb 2 1212 Jan 19
1134 June 1914 Jan
2258 231
2312 2438 65,000 United Aircraft & Tran_No par 2238 Feb 8 2834 Jan 11
223 23 8 2314 2414 23 8 2418 2418 25
8
7
612 May 34 Sept
5
/
1
4
*55
57 *5512 57
200
Preferred
58
56 .5512 57
5814 5814 *5512 57
50 56 Feb 3 5938 Jan 5
3014 May 58 Dec
1714 1714 17
1712 174 177 .18
600 United Biscuit
11 July 2812 Mar
100 1511 Jan 9 18 Jan 23
177 •1618 1712 *184 1712
8
20
*97 99
*97 99
Preferred
97 97 •95 99
9514 9514 *98 99
100 9434 Jan 18 97 Feb 7
75 July 103 Mar
1314 13'z 1314 131
8 3,700 United Carhon
133 141
1414 3414 1412 15 *1414 143
No par 1218 Jan 28 15 Jan 5
4
8 8 June 18 Sept
3
18
14
1
14
4
14
18
1 *4___ ____ __-- ---- 79,000 United Cigar Stores
18 Nov
14 Jan 4
18 Jan 3
134 Jan
1
- ___- - -100
*5
10
438
Preferred
438 *434 10
•414 67..__
218 May 20 Jan
100
612 Feb 2
3 Jan 13
/
1
4
814
7
/ 1 818 27,200 United Corp
4
5
312 June 14 Sept
712 7
712 Feb 6 1018 Jan 11
7 8 73
8 _3
734 772
7 2 74
3
3
No par
36
353 3818 3538 357k 35 4 38
374 5,700
Preferred
4
383 37
2
20 June 3938 Sept
353 36
No par 3334 Jan 3 3738 Jan 6
8
3
610 United Dyewood Corp-,,-100
.118 14
*11 11
/
4
*114 112
*114 11
112 Jan 9
118 114 *118 11
3 Sept
/
1
4
7 Apr
8
112 Jan 28
3
3
31
.3
3
312 .3
34 •34 312
314 312 1,100 United Electric Coal
678 Aug
2 July
/
1
4
4 Jan 12
3 Feb 4
-No par
27 2738 2832 27
2958 11,800 United Fruit
2834 29'l 29
2734 29
325a Aug
2714 28
1014 Jun
No par 2314 Jan 3 30 4 Jan 28
3
183 19 21,800 United Gas Improve
4
1818 1834 1814 1812 17
1812 1812 19
/ 184 18
1
4
9 June 22 Sept
14
No par 1778 Feb 7 2034 Jan 11
400
96 *9512 9712
97 97
94
Preferred
941 *95
70 June 99 Dec
97
*954 9814 96
No par 94 Feb 6 100 Jan 9
*12 112
*12 11
*12 11
*12 11
*12 112
*12 112
United Paperboard
34 Aug
12 Dec
100
4 Jan 23
12 Jan 23
*4
43
4
400 United Piece Dye Wka_No par
*412 43
438 41
111 Sept
/
4
5
*4
5
5
•4
.4
332 Jun
438 Feb 9
512 Jan 3
70
•65 75 .85
634% preferred
75 .85
70 *65
70 *68 70 *85
100 70 Jan 27 7412 Jan 25 6412 June 9312 Jan
•7
8 1
500 United Stores class A__No par
1
/
1
4
1
/
1
4
*78 1
1
1
1
1
78 Feb 1
3 Jan
3
4MaY
138 Jan 5
Preferred class A__ _ No par 4734 Jan 3 5118 Feb 3 27 Jan 4814 Mar
*50 5318 .50 53 *5014 534 .5014 534 *50 8 531 .
/
1
4
5
/ 504 5313
4
200 Universal Leaf Tobacco No par 24 Feb 6 26 Jan 11
24
/
1
4
.2412 2514 24
24
*233 2514 *233 2412 2412 2412 *24
4
4
11 May 31 Sept
3
*11
Universal Pictures 1st pfd_100 103 Feb 1 15 Jan 21
20 *103 20 .103 20 *103 20 .103 20 .10 4 20
4
4
4
4
1034 Dec 50 Jan
4
100 Universal Pipe & Rad- _No par
3
4
3
4
/
1
4
•
/
1
4
*
/
1
4
/
1
4
•
/
1
4
/
1
4
"a
/
1
4
*53
/
1
4
2 Aug
/
1
4
12 Apr
58 Jan 18
/ Jan 5
1
4
800 U S Pipe & Foundry
818 818
*818 814
812 84
8
818 815
8 14
818 818
20
8 Jan 24 10 Jan 5
714 June 1818 Sept
/
1
4
1st preferred
/ 1434 1414 1,400
1
4
14 01414 14
*1312 1418 14
1418 1314 1314 14
No par 1314 Jan 17 143 Feb 10
1112 June 1838 Aug
4
US Distrib Corp
43
4
434 *I
434 *1
43
.1
4 •1
43
4 *1
43
4 *1
5 Dec
/
1
4
No pa
2 June
412 Jan 20
44 Jan 20
U 13 Express
3
4
*3
8
•
/
1
4
3
4
3
3
114 Sept
4 .
4
*3
100
8
/
1
4
3
4
*3
8
*3
8
3
4
14 Jan
/ Jan 30
1
4
/ Jan 30
1
4
400 U fi Freight
878 878
11
83 83
4
4
4 *7
87
2 87
83
4 83
4
312 May 1534 Sept
2 *83 11
No par
834 Feb 4 1112 Jan 6
800 U S & Foreign Seour
41 418
/
4
41 418 .44 44
/
4
614 Sept
412 434 .414 458
414 414
No par
138 June
418 Feb 4
4 Jan 4
/
1
4
200
47 47
*4812 481 46
Preferred
46 .45
/
4
4818 .45
47 *45 47
No par 46 Jan 27 50 Jan 5
26 June 84 Sept
2218 1,700 US Gypsum
*2014 2112 2012 2012 2114 2112 22 22
2212 2212 22
20 20 Feb 1 2212 Jan 11
1012 June 27 Sept
212
U 8 Hoff Mach Corp-No Par
4 212 .134 258 .134 212 .134 212 *13
4
*134 212 *13
6 Sept
34 Apr
3 Jan 5
14 Jan 21
/
1
1934 7,800 U S Industrial Alcohol_No par 1814 Feb 2 2714 Jan 10
/ 19
1
4
/
1
1814 1812 1814 1812 184 19
18
/ 191 1914 19
1
4
/
4
1314 June 3614 Sept
800 US Leather v to
312 312 *312 4
34 34
312 312 *312 334
No par
714 Sept
114 May
*34 4
338 Jan 4
4 Jan 6
300
012 012
Class A v t 0
618 84
No par
4 7
4 *5
/ 74 *53
1
4
53
4 53
534 Jan 3 838 Jan 11
617
314 June 16 Sept
*6
Prior preferred v to
42 *35 42 *35
42 *35
._ _ _ 42 •35
42 .35 4114
100 4114 Feb 2 50 Jan 13
7018 Sept
4414 Jun
4
4
*312 4
300 US Realty & 1mpt----No par
*4
4
414
4
4
*312 44 "34 4
312 Jan 4
113 Sept
2 Jun
518 Jan 11
414
44 418 1,700 U 13 Rubber
4
3
/ 4
1
4
3
/ 4
1
4
No par
1014 Aug
/ 4
1
4
3
*3 a 4
334 Feb 3
7
114 Jun
53 Jan 12
4
/
1
4
800
814 814 *838 8
1st preferred
4
7 4 73
3
100
74 712 *74 8
714 7
/
1
4
718 Feb 6 12 Jan 13
318 June 2034 Aug
1712 185
3
8 1812 187
8 18
1812 1814 19 4 1912 2034 12,000 U S Smelting Ref & Min -50 134 Jan 3 203 Feb 10
184 18
.
4
10 June 223 Aug
4
4
4134 4134 413 43
42 *4014 4134 41
41
*40
41
41
1,200
Preferred
7
50 3912 Jan 4 43 Feb 10
31 July 45 8 Aug
2638 684 28
27
27
2612 271
2734 27
/ 2914 87,815 U S Steel Corp
1
4
/ 2914 27
1
4
100 28 Feb 6 32 Jan 11
211 June 5238 Feb
/
4
51378 581
563 57
8
58
5
5812 588 59 8 807
57
8 587 80 8 20,100
2
Preferred
3
100 5514 Feb 2 887 Jan 11
5113 June 113 Feb
2
1,000 US Tobacco
.59 60 .5914 80
5a
/
1
4
60 60'z 59 60 •59 60
60 60
No par 59 Jan 9 6012 Jan 25
55 June 68 Apr
278 2
31
7
2
3
/ 3
1
4
318
4.900 Utilities Pow & Lt A--No par
2
/ 3
1
4
3
3
3
/
1
4
418 Jan 11
2 Feb 3
112 May 10 Jan
/
1
4
/
1
4
/ 1,400 Vadsco Sales
1
4
/
1
4
*
/
1
4
12
12
/
1
4
/
1
4
*12
/
1
4
38 Jan 30
32 Jan 6
No par
12
14 Sept
1
14 Mar
*20
2338 2338 23 *234 30 *234 30 *234 30 *2312 30
100
Preferred
100 1518 Jan 11 2338 Feb 6
12 June 20 Jan
1114 1114 1118 1114 1118 jjl4 1112 1112 12
1214 1214 1214 2,000 Vanadium Corp of Am_No par 1118 Feb 6 1414 Jan 11
5 May 23 Sept
/
1
4
/
1
4
/
1
4
*218 3
*218 358 *24 358 *218 3
/ .24 342 *218 3
1
4
Van Raalte Co Inc
7 Feb
No par
2 Dec
11 Jan 5
/
4
134 Jan 4
*23
28
28
28 *27
28
24
28
28 *24
27 *24
70
5% non-cum pref
1512 July 4234 Sept
100 24 Jan 27 28 Feb 3
•t 1
1
238 Aug
*34 1
1
•34 1
.34 1
100 Virginia-Carolina Chem No par
*h 1
12 Mar
1 Jan 3
3 Jan 5
4
*412 5
414 414 8414 5
4'1 414
84
/ 5
1
4
*438 6
/
1
4
318 Feb 1114 Aug
200
6% preferred
100
4 Jan 6
/
1
4
414 Jan 17
*4014 45 *4014 45 *4014 45 *4014 45
45
100
4014 4014 839
20 Apr 6934 Nov
7% preferred
100 4014 Feb 9 5012 Jan 5
*83
85 •83 8412 *83 8412 *8258 84 •8258 8412 *8212 8412
Virginia El & Pow $6 pf No par 77 Jan 3 8558 Jan 25 60 June 90 Sept
1818 1818 1814 1812 1838 1838 1834 187
/
1
4
1712 17
7 July 34 Aug
/
1
4
1712
8 17
350 Vulcan Detinning
100 15 Feb 2 2058 Jan 8
*712 812 *712 812 *74 512 *74 812 •8
812 *712 812
74 May 19 Jan
Waldorf System
8 Jan 20
/
1
4
No par
718 Jan 3
14 11
438 Aug
/
4
11 11 *1
34 June
/
4
/
4
114
4
1
900 Walworth Co
118
2 Jan 10
1 Feb 2
112 112
No par
.34 312 .34 312 *34 34 *312 312 *318 312 *114 13
*333 312
/
1
/
1
4
2 May 1014 Jan
312 Jan 13
Ward Baking class A No par
314 Jan 8
•1
8 1
1
*1 14
/
4
1
1
1
23 Jan
3
3 May
4
118 Jan 6
Class B
800
/ Jan 3
1
4
4
/
1
4
/
1
4
4
No par
•13
1418 *13
145 *13
8
1438 *13
. ,
12 1118.3 4012 Mar
1458
1438 •13
1454 •13
Preferred
100 1418 Jan 28 15 Jan 12
14 114
413 Sept
14 1,
12 June
4
/
4
14 11
114 11 6,300 Warner Bros Pictures-No par
/
4
114 138
14 114
214 Jan 4
118 Feb 1
*3
383 .3
5
/
1
4
414 414 *4
4 June 20 Feb
6
/ *4
1
4
614 *3
638 Jan 21
6
/
1
4
100
414 Feb 7
$3.85 conv prat
No par
*1
11
/
4
1
114 *1
12May
114 *1
214 Aug
114
114 .1
1
1
1,400 Warner Quinland
112 Jan 13
1 Feb 6
No par
*33
4 4
.34 4
838 Sept
114 May
35
8 3
200 Warren Bros
/
1
4
33
4 3 4 *314 3
/ *314 3
1
4
3
434 Jan 11
/
1
4
34 Jan 4
No par
.54 9
*812 9
*812 9
*812 9
June 1712 Jan
*814 9
2
.814 9
8
Convertiblelpref
812 Jan 27 117 Jan 11
No par
714 8
8
8
*7
7
/ •7
1
4
8
8
*7
*7
8
800 Warren Fdy & Pipe714 May 1414 Sept
9 Jan 17
714 Feb 8
No par
114 114 .14 14 *118 138
/
1
*
/ 138 *1
1
4
11 .1
/
4
11
/
4
2 Jan
500 Webster ELsenlohr
38 May
114 Jan 25
1 Jan 16
No par
812 812 *814 812
812 834
812 812 *8 4 10
800 Wesson Olt& Snowdrift No par
*812 912
3
84 July 20 Sept
84 Feb 4 1012 Jan 11
45 45
4412 444 *4412 47 *4412 47 *4411 4712 *4418 4712
300
Cony preferred
/
1
4
No par 444 Feb 8 49 Jan 3 42 July 5812 Sept
2238 2318 214 2234 22
2312 2234 2378 2378 2412 2314 23 20.400 Western Union Telegraph_100 2112 Feb 6 31 Jan 11
/
1
4
l23
sJulle 50 Feb
14
143
/
4
8 1418 1414 14
1418 141 1414 1414 1412 1412 1478 4,700 Westingh'se Air Brake_No par 1134 Jan 3 1478 Feb 10
/
1
4
914 Apr 18 Sept
2838 27
28
2714 267 274 283 275
8
3
8
8 273 2814 2714 275 16,600 Westinghouse El di Mfg----50 26 Feb 8 3134 Jan 11
4
15 8 June 434 Sept
5
61
*80 61
8114 6114 81
62
6112 8112
61
61
63
410
1st preferred
5212 June 82 Sept
50 8012 Feb 2 724 Jan 11
*413 51
*412 514 *44 51
.44 514 *412 514 *412 514
Weston Elea Instruml_No par
914 Feb
212 AD
5 Jan 10
5 Jan 1
/
4
17's 141 147 810
*15
171 *15
17
*12
8
171
171 *13
100
1314 Apr 19 Jan
Class A
14 Feb 7
/
1
4
No par 1478 Feb
4134 413
45
41
45 *41
41
48 •4112 48 *42 48
40 West Penn Eleo clan A _No par 3814 Jan 3 5112 Jan 13
25 May 80 Sept
4814 50
5314 531 *4314 50 .4312 497 .4314 4978 50
52
300
22 June 76 Jan
Preferred
100 41 14 Feb 10 63 Jan 13
4
3812 381 *3812 45
38
4412 441
37
47
45
4412 441
100 8% preferred
20 June 70 Jan
100 36 Feb 6 52 Jan 12
1064 1071 IN 105 106 106
105 10614
1084 1087s 108 108
/
1
Oct
380 West Penn Power pref
80 June 111
100 105 Feb 10 110 Jan 12
99
9855 984 9812 9858 99 99
98
9858 99
/
1
981
550
98
6% preferred
6812 June 10134 Mar
101 Jan 11
100 98 Jan 17
*312 4 *312 4 *312 4 *313 4 •34 4 *312 4
West Dairy Prod cl A__No par
312 Nov 1812 Mar
44 Jan 5
312 Jan 27
•1
11
*1
13
8 *1
11
13
*1
8 *1
11
*1
11
/
4
Class v t c
438 Mar
1 June
112 Jan 11
118 Jan 25
No pa
.74 51
74 71
714 714
874 71
*714 el
*738 914
300 Westvaco Chlorine ProdNo par
3 June 12 Mar
/
1
4
8 Jan 24
612 Jan 4
*54 533 *518 fa
51
•5
51
4.5
*818 814
*814 81
Wheeling Steel Corp- _No par
5 June 15 Sept
8 Jan 11
712 Jan 4
20
•I214 _
White Motor
..._ 20 *1214 20 •1214 ____ *1214 ___ .1214 ____ .1214 20
6 June 2714 Sept
/
1
4
50 14 Jan 25 14 Jan 25
____ 20 ____ 20 ____ ____
f 1512 *154 15! •15 154 15
3
Certificates of deposit-- --- ---- ---- -- --- -n __
19 4 Nov 24 Oct
1512 815
15
500 White Rock Min Syr Ott No pa
1512 •15
•15
11 July 2812 Mar
- -1412 Jan 3 18 Jan 11
White Sewing Machine_No par
*12
/
1
4
*12
/ "3
1
4
812
513
*12
/
1
4
/
1
4
3
8
02
/ Apr
1
4
88 Jan 3
12 Jan 20
214 Aug
8
/
4
100
14 14 *14 14 *14 112 *118 11 •118 138 •14 13
Cony preferred
2 Sept
/
1
4
34 Apr
No par
112 Jan 14
14 Jan 14
4
/ •2
1
4
/ 2 8 1.600 Wilcox 011 & G88
1
4
2
/ 2
1
4
7
234 28
2
/ 2
1
4
24 2
3
/
1
4
•278 3
/
1
4
814 Aug
2 4 May
3
258 Jan 9
5
3 Jan 4
20 *174 20 *1712 20 *1712 20 .1712 20 *1712 20
Wilcox-Rich CIA oonv_No par 17 Jan 10 1814 Jan 12
•1712
1312 June 2012 Mar
158 158
114 112 15,900 Willys-Overland (The)
/
4
112 112
112 11
112 112
112 13
378 Sept
5
/ MaY
1
4
238 Jan 4
11.1 Feb 10
1812 *1212 17 *1212 17 *1212 17 *1212 17 *1212 17
•16
Cony preferred
8 June 25 Jan
100 1212 Jan 3 1712 Jan 24
8
114 11 *114 112 *114 112 *114 112
/
4
*114 138 *14 13
300 Wilson & Co Inc
134 Mar
58 June
No par
158 Jan 10
/ Jan 3
1
4
438 44
412 412
Class A
/ 1.800
1
4
412 4
*438 5
478 Sept
4
4
/ 412
1
4
43
4 43
No par
18s May
538 Jan 10
4 Jan 3
2114 *2112 22 *2112 2212 •214 2212
800
Preferred
214 2112 2114 2112 21
11 June 31 Mar
100 20 Jan 5 251a Jan 10
8 3134 3314 3258 334 33
333 a'3212 3314 35,300 Woolworth (F W)Co
4
3112 323
22 June 4558 Mar
324 33
10 1314 Jan 23 3718 Jan 5
12
*12
1212 1212 13
1214 1212 2,800 Worthington P & M
113
4 12
5 May 24 Sept
1124 1233 11
100 11 Feb 8 18 Jan 11
18
18
23 23 •1918 24
20
*18
20
200
Preferred A
24 *18
14',June 41 Jan
*18
100 18 Feb 7 23 Feb 9
*1112 20 *14
20 *1312 20 *1312 20
20
20 *11
*18
Preferred B
12 May 31 Sept
100 154 Jan 26 1818 Jan 11
*818 11
9
9
20 Wright Aeronautical-_No par
*84 11
*818 11
814 814
3 Apr 1812 Sept
/
1
4
•814 11
9 Jan 31
814 Feb 2
900 Wrigley(Wm)Jr(Del)_No par 384 Jan 5 39 Jan 23
3714 3712 374 3878 3878
2514June 57 Jan
/
4
374 374 371 3712 *37
•37 3
8
500 'Yale & Towne Mfg Co
/.5
918
4
4 94 873 1234 .734 1233 *734 1234
8
8
373
612 July 16 Sept
84 Jan 30
25
7 Jan 20
34
3
*3
3
/ 314 4,000 Yellow Truck & Coach el 13_10
1
4
314 314
3
/ 3
1
4
2
138 June
414 Jan 11
3
734 Sept
2 Feb 6
S
/
1
4
/
1
4
4
20
2 233 23 •201a 24 *2018 24 *204 24
Preferred
12 May 4018 Sept
/
1
4
100 2334 Feb 7 23 Feb 7
•2018 231 *204 237
/ *54 5
1
4
Young Spring & Wire__No par
/
1
4
#512 6't 8512 64 *512 64 *512 814 .512 5
3 June 1178 Sept
814 Jan 31
54 Jan 12
8 1078 1114 3,400 Youngstown Sheet& T_No par
102 1014 1058 10
1058 115
4
8 1038 101
/ 10
1
4
/ 107
1
4
4 May 2712 Sept
072 Jan 3 1312 Jan 11
is,
2
8
•e
t
3
200 Zenith Radio Corp____No par
*52
3
8
3
3
4
3
3
4
*52
*5
1 Jan 18
38 Feb 2
12May
2 Jan
438
438 *4
4
d's 1,000 Zonite Products Corp
418 414
418 44
42
5 Jan 4
072 Mar
1
4 Dec
*418 414
4 Jan 4
S per share
*77 10
8
63
8 64
•3
4 1
*1258 20
34 314
.41
44
*83 15
4
50
*48
212 212
•15318 153
4
---- ----
$ per share
.74 912
*6
7
kt
3
4
*1218 20
314 314
*42
4314
*83 15
4
*4512 50
•Bid and asked Micas, no sales On this day. x Ex-dividend. • is Ex-rights. 2 Ex-warranta.
988
New York Stock Exchange-Bond Record Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"
-except for income and defaulted bonds.
7.1....
111.,
2
BONDS
t! '4,
Price
Week's
Range
BONDS
Price
Week':.Range
N. Y. STOCK EXCHANGE ki t
Friday,
Range or
F.,- 1
5.
Since
N. Y. STOCK EXCHANGE
,
Friday
Range or
n
Since
Week Ended Feb. 10.
4 z, Feb. 10.
,
1
Last Sale. 14
Jan. 1.
Week Ended Feb. 10.
,- z.. Feb. 10,
:•
Last Sale. ;Fp'
',
Jan. 1.
U. S. Government.
Bid
Ask Low
High No. Low
High
Bid
Ask Low
High No Low
High
First Liberty LoanDominican Rep Cut Ad 5345'42 M S a50 Sale 50
50
6
4618 50
1 D 1031148 Sale 103104210313n 281 1022
334% of 1932-47
.103,11n
2d series s f 5342
1942 M S -------- a34 June'32
Cony 4% of 1932-47
.1 D 101158210217n 1021644Feb'33 _
101.481021%8
lot ser 5342 of 1926
1940 A 0 38
42
41
41
2
3712 li
Cony 434% of 1932-47
.1 D 1021 42 Sale 102 %1102 %4 275 102114210231n
.
,
,
2d series sink fund 5 Ms___1940 A 0 36
___ 38 Feb'33 ____
38
4012
20 cony 434% of 1932-47
J D 101.41102"n 1001,42Aug'32 ____
____ ____ Dresden (City) external 75.1945 MN 615 Sale 59
8
615
13
57% 6512
Fourth Liberty LoanDutch East Indies ext! 62___1947 J J 973 Sale 9714
4
9814
11
9714 1013
4
434% of 1933-38
A 0 1031342 Sale 10310421031.44 831 103444103"n
40
-year external 65
1962 M S 9712 Sale 97
9718 15
97 101
Treasury 4392
1947-1952 A 0 1101%4 Sale 110%4 111
358 10917441114n
30-year ext 5 Ms___Mar 1953 M S -------- 96
9734
3
96 100
Treasury 42
1914-1954 J 0 106"42 Sale 1060421063 1218 1053144107”st
.n
30-year esti 5348__ __Nov 1953 M N 96 Sale 9512
96
3
9512 995s
Treasury 33.0
1946-1956 M S 1041%2 Sale 1041%2105,0n 516 103.
1481051742 El Salvador (Republic) 82 A_1948 J J 43
4912 55 Dec'32 ____ ____ ____
Treasury 33-48
1943-1947 J D 1021%2 Sale 102,34410220n 769 101142102min
Certificates of deposit
J J---6 Dec'32 ____
__ .
_
Treasury 3s__ _Sept 15 1951-1955 M 9 98042 Sale 98382 981548 1227 97,114298"n Estonia (Republic of) 7s____1967 J J 5114 49
5114 12
46 - -2-1
5
8
Treasury 3348 June 15 1940-1913 J D 102.h, Sale 1021,42102 .4 360 1011142102,9n Finland (Republic) ext 62___1945 M $ 6334 Sale 5014
,
70
64
64
1
6112 67
Treasury 334s Mar 15 1941-1943 M S 1021142 Sale 102,344102n4 191 1011.4810215n
External sinking fund 78__1950 M S 673 Sale 663
4
68
11
66
72
Treasury 3342 June 15 1946-1949 J D 991 Sale 991.42100342 670 98,048100,
32
External sink fund 6345_1956 NI S 6112 62 615
6212 12
603g 60
External sink fund 5342_1958 F A 5814 60
577
8
577 62
5912 27
State & City-See note below.
Finnish Mun Loan 6345 A__1954 A 0 5938 63
59
Jan'33 ____
56
61
4
may 1957 M N --------973 Feb'33 ____
N Y City 4342
973 973
4
4
External 6345 series B1954 A 0 61 Sale 58
61
6
55
61
Frankfort (City of) 516348.1953 MN 397 Sale 351
40
39
351s 51
Foreign Govt. &Municipals.
French Republic esti 7342_ _1941 1 D 12412 Sale 12312 125
78 12312 12712
1917 F A
Agrle Mtge Bank of 65
3058 33
305
8
31
4
30
3412
External 75 of 1924
1949 J D 1203 12114 1203
4
4 12114 51 1203 12312
4
Sinking f mad 62 A_ _Apr 15 1948 A 0 31 Sale 31
31
1
29 7'3512
1963 M N 65% Sale a6512
Akershus (Dept) ext Os
67
8
6514 687 German Government Interna8
Antioquia (Dept) coil 75 A I945 J J
934 Sale
93
4
10
7
103
733
4
Ronal 35-yr 5342 of 19301965 J D 5712 Sale 525
5734 1450
525 6/14
8
External s 1 75 ser B
97
1945 J .1
95 10
8
938
5
712 11
German Republic extl 7s___1919 A 0 7912 Sale 737
80
478
737 863
8
External s 1 78 ser C
97 1112 912
4
1945 J .1
8
912
1012 German Pros' & Communal 13132
1
External s 17s ser D
1945 J J
Sale
912
95
8
2
714 10 4
933
,
(Cons Agric Loan) 6345 A_I958 .1 D 46 Sale 433
4
4712 32
Externals f 72 1st ser
434 5512
1957 A 0
9 Sale
878
9
29
718 95 Graz (Municipality) 82
1959 NI N 59 Sale 54
59
20
51
64
External sec of Ts 2d ser....1957 A 0
878 Sale
83
8
9
8
712 1012 Gt Brit & Ire(U K of) 534s 1937 F A 10614 Sale 1053
4 10614 508
1
External sec s 1 75 30 ser__ 1957 A 0
83
4 9
9
Feb'33 ____
8
93
4
F A --------10514 Jan'33 __ 1045s 10614
Registered
10514 105 4
Antwerp (City) external 55__1958 J D 7818 793 80
4
80
2 078
83
t 4% fund loan £ opt 1960A990 M N 71
743
-4
4 a743
31 a72 a743
Argentine Govt Pub Wks 65_1960 A 0 47 Sale 443
4
3 5014 Greater Prague (City) 7342_1952 M N 9214 95 a743
473
4 17
44
93 Jan'33 ___
901293
Argentine Nation (Govt of)Greek Governments 1 ser 75_1964 M N
10
2612 28 Feb'33 ___
28
2812
Sink funds 65 of June 1925-1959 .1 D 463 Sale 4438
4
473
44
443 51
8
Sinking fund sec Os
19
1968 F A
20
1912 Jan'33 ___
1612 21
Exti St Os of Oct 1925____1959 A 0 463 Sale 4518
4714 69
45% 5012 Haiti (Republic) s f 6s
1952 A 0 7118 74
744
75
3
7414 78%
Externals 16s series A____1957 M S 47 Sale 454
4714 61
4514 51
Hamburg (State) 62
1946 A 0 4912 Sale 45
4912 22
45
59
External 62 series B--Dec 1958 J D 465 Sale 437
4714 65
437 51
8
Heidelberg (German) extl 7342'50 J J a423 Sale 41
4512 19
4018 60
Esti 8!62 of May 1926_1960 M N 47 Sale 4412
4712 20
4412 503 Heisingfors (City) ext 6 Ms_ _ I96G A 0 56
2
5833 59
Jan'33 __ __
47
60
External s 1 6s (state Ry)_I960 NI S 47 Sale 4412
48
43
4412 50 2 Hungarian Mimic Loan 7 Ms 1945 J ./ 2112 Sale a1812
,
2112 10
153 23
4
Esti Cis Sanitary Works___1961 F A
463 Sale 4418
48
48
44% 507
8
External of 7s___ _Sept 1 1986.0 J 2112 22 a2014 a2014
193 2112
1
Esti 6s pub wks May 1927 1961 M N a463 Sale 4514
4
4712 50
454 5018 Hungarian Land NI Inst 7342 '61 MN 2112
2914
2912 21
3212
29
Public Works extl 5 Ms___1902 F A
44 Sale 42
44
18
42
4612
Sinking fund 7342 ser 13
1961 MN 21 - 4 293
3434
2931
4
28% 31
Argentine Treasury 52 _ _1945 M S 5314 Sale 53
54
4
4978 54
Hungary (KIngd of) at 7342_1944 F A 38 Sale 38
3812
9
38
45
Australia 30-yr 5s___July15 1955 J J 76 Sale 7312
.6-731 7712 Irtsh Free State extl s I 5s
77
117
1960 MN 7614 Sale 7614
7612
4
7618 77
External 52 of 1927__Sept 1957 M S 7614 Sale 7333
78
112
73% 7718 Italy (Kingdom of) extl 7s_ _1951 J D 99 Sale 98%
997 133
98% 101
External g 434s of 1928___1956 MN 7214 Sale 693
4
73
231
6912 73
Italian Cred Consortium 72 A'37 M S 9818 100
983 Feb'33 ___,
4
968 100
Austrian (Govt) of 72
19432 D 92 Sale 912
9314 21
913 95
4
External sec of 78 ser B___1947 M S 96 Sale 95
9633 23
94
97
.. Internal sinking fund 75_1957 J 1 6014 Sale 60
6214 11
58
634 Italian public Utility extl 78_1952 J J 93 Sale 9212
94
33
893 9512
4
: III
Bavaria(Free State) 6342_1945 F A 593 Sale 557
4
62
5504 69
83
Japanese Govt 30-yr s 1630_1951 F A 58 Sale 5712
59
219
57
Belgium 25-yr esti 6348
595
1949 M 5 101 Sale 101
1013
4 44
9914 102
Esti sinking fund 534s......1985 M N 47% Sale a4612
4 52 a4612 492
472
External s f Os
19552 J 97 Sale 9514
9714 81
94
98
Jugoslavia (State Mtge Bank)
External 30
1955 J D 107 Sale 1055
-years f 7s
8
107
46 104 1074
Secured sf g 78
1957 A 0 19 Sale 18
19
26
1518 20
Stabilization loan 72
1956 MN 10433 Sale a1033 105
4
61 10312 106
Leipzig (Germany) of 7s___1947 F A
58
62
57
57
12
57
61
Bergen (Norway)Lower Austria (Pros') 730_1950 J D 5712 60
5733
573
4
4
493 6001
4
Esti sink funds 5s_ _Oct 15 1949 A 0 68
73
75 Jan'33 ____
75
75
Lyons (City of) 15
-year 68__1931 M N 51% 53 1041s
1043
4 50 10418 1053
External sinking fund 5s 1960 M S 68
4
7478 7518 Jan'33
_
7518 75% Marseilles (City of) I5-yr 62_1934 NI N 10418 Sale 10418
1043
28 104% 105 8
1950 A 0 45% Sale 43
,
Berlin (Germany)s I 6 Ms
4718 59
43
60
Medellin (Colombia)6 Ms___1954 J D
1018 1012 10
107
8 15
812 14
External 81 6s_ _June 15 1958 J D 4414 Sale a38
4512 80 a38
57
Mexican Irrig Asstng 4342_1943 MN
3
312 3
3
1
2a4 3
Bogota (City) extis 8.9__1915 A 0 15
of
197 20
8
20
1
15
23
33
Mexico (US) extl 58 of 1899 £ 45 Q J
6
26
Apr'30 ____
____ _
Bolivia (Republic of) extl 8s_1947 M N
_
5% 614 512
53
4
5
402 712
Assenting 58 of 1899
1945 ____
4
412 312 Jan'33
312
External secured 78 (flat)_1958 .1 J
- -12
3
5
614 5
53
4
5
45
8 612
Assenting Os large
5 Dec'32 ___
Externals I 78(.(130
.._
_ _
1969 M 5
43
5 Sale
5
38
4
612
312 __ __
Assenting 4s of 1908___ ..... ____
3
3
Bor aux (City of) 15-yr 62_1934 NI N 104 10412 10418
.
1
2E8 -3
de
1047
8 30 10418 10514
Assenting 45 of 1910_..
314
__---- - Brazil (U S of) external 8.2....1941 J D 26 Sale 21
314 Feb'33 ____
314
2612 72
165 2612
8
Assenting 42 of 1910 large --------3
- -78 3 8 Jan'33 ____
4
5
Externals I 63.4s of 1926__I957 A 0 24 Sale 211
233 3%
2512 152
153 25%
Assenting 42 of 1910 small __ _ _ _- ___
312
_
. ___ _
312
312
External of 634s of 1927__1957 A 0 2312 Sale 21%
3
27
8
2512 150
143 2512
4
Treas 62 of'13 went(large)'33 .1- J
•
•
•
75 (Central fly)
1952 J D 23 Sale 1812
23
81
Small•
1212 23
•
*
•
Bremen (State of) esti 72-1935 M S 6414 Sale 6033
6414 80
01 Milan (City, Italy) extl 6362 1952 - 605 72
8
A 6 89 Sale 08612
Brisbane (City) a 1 55
8918 59
85
90
1957 M 5 66
6812 6412
6778 24
6412 70
Minas Geraes (State) Brazil
Sinking fund gold 52
1958 F A 66
6812 a6412
637 6812
6702 15
External s f 6348
1958 M S 2112 Sale 16
2112 39
20
-year s 1 6s
12
2112
1950 J D 7212 7914 703
8
755
8 39
7018 755
8
Ext sec 6342 series A____1959 M 5 2112 Sale 1712
2112 34
II% 2112
Budapest (City) extl 81 68_1962 J D 29 Sale 2712
29
45
24% 297 Montevideo (City of) 7s__1952 J D 20 Sale 20
8
20
Buenos Aires (City) 63482 B 1955 J .1 38 Sale 38
5
19
21
4012 14
38
45
External s 1 6s series A___1959 NI N
15 Sale 15
External 21 68 ser C-2...._1960 A 0 3512 40
15
10
1412 18
40 Feb'33 ____
374 40
New So Wales (State) esti 52 1957 F A 75 Sale 73
Externals I 6s ser C-3._ 1960 A 0 3512 395 36
7512 89
7112 75 1
,
Jan'33 __ _
36 '39
External s 1 5s
Apr 1958 A 0 745 Sale 73
8
75% 65
...Buenos Aires (Prov) extl 62_1961 M S 2012 Sale 10
71
7514
203
92 01712 2314 Norway 20
-year ext 6s
1943 F A
89 Sale 8714
841 89
89
49
Externals I 634s
1961 le A 2212 Sale 22
2212 15
173 24
20-year external &
1944 F A 8912 Sale 8714
83
893 119
92
4
Bulgaria (Kingdom) s I 7e_ _1987 J J 203 22
4
20
22
5
1978 2318
30
-year external 68
1952 A 0 87 Sale 8434 a877
71 a82
8812
Stabil'n of 7 Ms__Nov 15 1968 M N 2412 Sale 2312
2412
8
22% 2712
40
-year of 5342
1965.0 D 817 Sale 80
8
7878 84
8218 22
External s 1 Ss...Mar 15 1963 M S 80 Sale 77
8018 45
76
82
C.aldas Dept of(Colombia)734s'48 .1 .1 14 Sale 14
14
5
1212 163
4
Municipal Bank extl 2 f 5.2.1967 J D 7514 7912 76
76 18
6
7414 78
Canada (Dom'n of) 30-yr 42_1960 A 0 8114 Sale 8114
8358 190
80
88
Municipal Bank extl sr 58.19702
7618
4 a75
7712
bs
1952 M N 97% Sale 06 4
3
98
149 a9634 10112 Nuremburg (City) extl 62_1952 F D 75% ___ 7618
4612 Sale 4212
A
4818 54
42
5233
1936 F A 98 Sale 973
4342
985
8 81
9714 10014 Oriental Bevel guar Os
1953 M 9 4418 Sale 4114
4312 44
4114 463
4
1954 J J 80
Carlsbad (City) of 13
85 81
81
8
2
80
86
Esti deb 5342
1958 NI N
4014 Salo 39
4112 25
38
4212
1314
Cauca Val (Dept) Colom 7342'46 A 0 1212 14
1314
3
97 1314 Oslo (City) 30
8
-years I 62_1955 M N 86 Sale 80
86
14
82
58
Central Agile Bank (Germany)
Farm Loan of 7s_Sept 15 1950 M 9 66 Sale a5914
6712 155 05914 75
Panama (Rep) extl 534s..1953 .1 D 10234 Sale a1015 1023
8
4
13 10014 1024
Farm Loan s f 6s __July 15 1960 J J 58 Sale a51
59
95 051
67
Exti s f 58 ser A_ _ May 15 1963 M N 33
387 39
8
39
Farm Loan s f 62_ _Oct 15 1960 A 0 577 Sale 5118
1
39
46
5814 261
51 18 66% Pernambuco (State of) extl 7547 M 5
9
912 733
912 25
Farm Loan 683er A Apr 15 1938 A 0 68 Sale a6
6% 1052
68
217 a60
7512 Peru (Rep of) external 75_ _1959 NI S
818 Sale
733
818
3
63 10
4
Chile (Rep)-Ext1 of 7s--_1942 NI N
14
87
87 Sale
8
8 43
612 1114
Nat Loan esti 21 62 1st ser 1960 J D
6 Sale
738
5
4%
63
External sinking fund 68__1960 A 0
s 79
838 83
4
57 10
9
20
Nat loan extl 81 6s 20 ser_1961 A 0
6 Sale
512
6
42
Ext sinking fund fis_Feb 1961 F A
458 7
83
8 83
4
55 10
88 20
Poland (Rep of) gold 62_ _ _1940 A 0 5814 Sale 5512
fly ref ext s 1 62
59
29
5312 59
Jan 1961 J J
833 Sale
9
55
55 10
8
Stabilization loan s f 7s___1947 A 0 57 Sale 54
5712 44
Ext sinking fund 62 SePt 1961 NI S
53
5712
83 Sale
4
le
87
8 15
6
10
External sink fund g 8s___1950 J J 67 Sale 6258
67
21
External sinking fund 68_ _1962 M S
5914 68
83
833 Sale
16
55
8 9% Porto Alegre (City of) 8.2_1961 J D 15% 1612
1612
1612
1
912 18
External sinking fund 62.,_1963 M N
a812 Sale
7
8
8 8 14
5
55 10
8
Extl guar sink fund 7340_ _1966 .1 J
127 16
8
14
16
5
83 17
4
Chile Mtge Bk 634s June 30 1957 .1 D
11 Sale 1 12
1118 23
a918 13
Prussia (Free State) extl 6342 '51 NI S 543 Sale 473
5512 124
o
S t 63.1s of 1926__June 30 1961 J D
473 037
1312 Sale 1 14
1312
4
1212 15
External s t 62
1952 A 0 a5212 Sale 464
53% 291
Guar s f 68
46
Apr 30 1961 A 0
61,
1
9 Sale
12
94 28
7% 1114 Queensland (State) esti s f 7131941 A 0 9213 Sale 89%
9212 15
8912 97
Guar 21 6s
1962 M N
9
1012
12
9
6
83 115
8
8
25-year external (32
1917 F A 84 Sale 8118
84
84
28
80
Chilean Cons Munle 72
1960 M $
7 Sale
7
11
44 8
Rhine-Main-Danube 78 A _ _ _1950 M S 6312 Sale
6412 37
604 7111
Chinese (lIukuang fly) 52_1951 1 D
14
1512 1 5
8
133
4
6
1333 11312 Rio Grande do Sul extls f 82_1946 A 0 1614 1712 6014
1514
1614
4
12
22
Christiania (Oslo) 20-yr s 1 62'54 IN S 8518 88 a8
Feb'33
_
8212 8512
External sinking fund Os_ 1968 J D
1214 14
12
1378 42
8 5 1812
Cologne(City)Germany6 Ms 1950 M 9 4458 Sale 4 12
4212 5733
4712 __29
External s f 7s of 1926._ __1966 NI N
1512 Sale 14
1512 35
9
Colombia (Rep) 68
1811
Jan 1961 J J 3512 Sale 3
3534 46
29
3714
External s f 72 munic loan_1967 1 D 14 Sale 11 2
14
17
3 3
,
814 1833
Ext s t 6s of 1928_ _Oct 1961 A 0 3518 35
29
3512 54
37
Rio de Janeiro 25
-year of 82_1916 A 0 1214 14
12
1212
2
9
Colombia Mtge Bank-16%
fiMs ot 1947 A 0 2614 Sale 2 le
2714
10
24
30
External s t 834s
1953 F A
1114 Sale
914
1114 53
65 13
8
Sinking fund 7s of 1926___ 1946 MN
2512 Sale 2 12
27% 21
2512 2914 Rome (City) extl 6 Ms
1952 A 0 893 Sale 89
4
9012 103
Sinking fund 72 or 1927__1947 F A 2714 Sale 2
87
8
28
17 a25
30
Rotterdam (City) extl 6o
1964 M N 10012 Sale 10012 10012 21 10018 927
Copenhagen (City) be
101,
4
1952 1 D 63 Sale 617
8
6418 19
6178 73
Roumania (Monopolies) 72_1959 F A
3812 Sale 38
3812
25
9
-year g 434o
32
39
1953 MN 603 Sale 59
61
4
16
59
677 Snarbruecken (City) 62
1953 1 J 7133 Sale 70
Cordoba(My)extl 9 1 7s___1957 F A
7133 30
151
13533 7201
15
1514 15
13
103 1618 Sao Paulo(City) of 52_ _ Mar 1952 M N
4
1312 147 1358
1333
1
12
External of 72_ ___Nov 15 1937 MN 247 30
15
25
2514
8
243 2812
External of 634801 1927_ _1957 MN
11
123 11
11
4
Cordoba (Prov) Argentina 70 1942 1 J 2514 30
714 1312
2914
2912
4
25
3012 San Paulo (State) extl s 1 88..1936 J J 20
23
20 Feb'33 ____
20
Costa Rica (Republic)23
External Sec s I 82
1950 J J
17 Sale 16
17
5
1478 18%
72 Nov 1 1932 coupon on_1951 NI N
25
2614 25 Feb'33 ___
2312 20
External s 1 72 Water L'n_1956 M S 127 1433 1278
8
127
1
12
15
78 May 1 1936 coupon on_1951 --------1703 14 Feb'33 ____
14
External s f 65
1934
1968 J J
1114 13
12
1234
9
914 15
Cuba (Republic) 5.2 of 1905__1944 M 5 88
89
88
88
3
8712 89
Secured s f 7s
1040 A 0 5612 58
58
25
5314 59
External 52 of 1914 ser A__1949 F A __ _ 9112 915 Feb'33 ____
931 Santa Fe (Pros' Arg Rep) 72_1942 M 5 1614 Sale 5612
90
140
17
15
1314 16%
1949 F A
External loan 4342
7814 82
7412 Feb'33
_
7212 075
Saxon Pub Wks(Germany) 714'45 F A 63 Sale 58
643k 66
7734
58
Sinking fund 5342 Jan 15 1953 J J 7314 Sale 72
7314 90
Gen ref guar 6348
701s 753
4
1951 M N 64 Sale 5312
60
37
5312 6912
Public wks 5348 June 30 1945 1 D 3914 Sale 394
397
52
Saxon State Mtge Inst 72_ _1915 J D 6712 70
3914 43
73 Feb'33
66
74 1
,
Curnlinamarca (Dept) Colombia
Sinking fund g 6 Ms_Dee 19 VI J D 60 Sale 64
64
5
62
68
14 Sale 1312
1959 M N
External s 1 6349
14
25
1014 16
Serbs Croats & Slovenes 8s__1962 M N
1912 2018 1914
2012 10
1712 22
Czechoslovakia(Rep of) 8.2.._1951 A 0 9738 98 98
94
9512 12
9818
External sec 78 ser B
1962 M N
191 Sale 19
1912
8
1618 213
8
Sinking fund 8.2 ser 13
1952 A 0 98 Sale 9733
98
6
933 9812 Silesia (Prey of) esti 75
4
1958 .1 D 437 Sale 42
437 144
413 45
Denmark 20
-year extl 6s_ _-_1942 .1 J 8512 Sale 08114
8512 65 08114 925 Silesian Landowners Assn 6s_1917 F A 42
8
4634 43
43%
9
423 5012
4
793
External gold 5342
8
1955 F A
Sale 755
95
77
7933
8714 Soissons (City of) extl 6s___1936 M N 108 Sale 107
108
25 1067 108
External g 4 Ms_Apr 15 1952 A 0 667 Sale a65 4
3
8
6712 60
65
745 Styria (Pros') external 72_1946 F A
542 Sale 5218
5434
10
4012 57,
2
Deutsche Bk Am part ctf 6.2_1932
Sweden external loan 530_1954 MN 97 Sale 9612
975
88
9612 987
ped
a Stam
8478
19
83
86
84 Sale 83
Switzerland Govt extl 5 Ms__1946 A 0 10418 Sale 104
10414
16 101 105
r Cash sale. a Deferred delivery. t Accrued interest payable at exchange rate o 01.8665. • Look under list of Matured Bonds
on page 993.
NOTE.
-State and City Securities.
-Sales of State and City securit es occur very rarely on the New York stock Exchange and usually only at long interva
2, dealings In
such securities being almost entirely at private sale over the counter. Bid and Asked quotations, however, by active dealers in these securities
will be found on a subsequent page under the general head of "Quotations for Unlisted Securities.
"
r. 4,,
Feb. 11 1933
New York Bond Record-Continued-Page 2
BONDS
Price
'Friday,
t
N. Y. STOCK EXCHANGE u t
474o. Feb. 10.
Week Ended Feb. 10.
Week'sRange
Range or
In
Since
Lass Sale.
al' ,.%
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 10.
,...
s
it
3
',a.
989
Price
Friday
Feb. 10.
Week's
4
Range or
..g.4
Lass Safe.,Z 62'
Range
Since
Jan. 1.
High
Bid
Ask Low
High No. Low
32
38
87
35
Chicago Great West 1st 4s__1959 M 3 345 Bale 3312
361s 43
4
37
Chic Ind & Loulsy ref 68_1947 J .1 ____ 37 364
35 Dec'32 ____ ____ ___1947.1 J__ _ _ 58
Refunding gold 58
_
__ 5112 Sept'31 __
1947 J J 30
- Refunding 48 series C
11
i ii -15
15
11 17
1966 ,N
11
1st & gen 5s series A
14
22 ,
22 Feb'33 ____
1st & gen 68 series B_May 1966.1 .1 1614 17
___
4 . 6112 Dec'32 ____ ____
Chic Ind & Sou 50-year 4s 1956.1 J 521
941 8 99%
Chic L S 2: East 1st 4)4s_1969.1 E 97 184 9914 Feb'33 ____
43
48 4
5
41
46
Chi M & St P gen 48 ser A I989 J J 4512 Sale 44
42
45
1
44
44
44
Gen g 3348 ser B___May 1989.1 .1 39
1
4754 52
10
4
495
Gen 4348 ser C
May 1989.1 .1 48 Sale 475
4712 52
4812 10
May 1989 J J 481 Sale 48
Gen 4348 ser E
4812
4812 10
50
4
812 55
Gen 4)48 ser F
May 1989J J 45
1612 22 '
193 298
4
1812 Sale 1814
Chic Milw St P & Pee 58 A_1975 F A
51 157
0418 6 4
3
518 Sale 0418
Cony ad) 55
Jan 1 2000 A 0
35
43 4
1
10
35
Chic 4, No West gen g 31l8_1987 MN 35 Sale 35
47 Aug'32 ____ ---- ---Q F ____ 52
Railroad
Registered
3812 46
12
28
40
1937 M N 40 Sale .3812
General 48
80 105 Sept'31 --__ ____ ____
Ala Gt Sou 1st cons A 58_1943 J D 60
Stpd 4s non-p Fed inc tax '87 M N 39
1943.1 D 60 ___ 8012 Feb'32 --__ ---- 70 60 Sept'32 -----------1st cons 4s ser B
47
47
Jan'33 ___
Gen 43ts stpd Fed inc tax_1987 MN 40
47
844
Alb at Susq let guar 3348.-1946 A 0 84 Sale 84
50
78 - 84 4 14
5
1 52
44
2
441
Gen 55 stpd Fed Inc tax_ 1987 M N 445 Sale 4458
__
8
Alleg & West 1st gu 48
1998 A 0 62 --- 6612 Sept'32 --__ ___9814
Sinking fund deb 58
1933 M N 674 Sale 6018
9412 -1942 M 8 9814 Sale 98
58
677
8
67 8 110
7
6
984
Alleg Val gen guar g 48
MN 6012 67 60
60
Registered
59
14
60
232 2712
4
Ann Arbor let g 4s_ __July 1995 @ J 28
27 Feb'33 -- -30
4912 5714
15
-year secured g 6342. _1936 I71 S 50 Sale 4912
97
94
27
9514 267
51
Atch Top & S Fe
-Gen g 48-1995 A 0 95 Sale 9414
17
let ref g 58
2212
20
9012 9112
Registered
20
A 0
May 2037.1 D 20 Sale 17
9012 Jan'33 874
1512 2012
1st & ref 4348 stpd_ _May 20375 E 1918 Sale 1512
85
1918 79
Adjustment gold 48-Tully 1995 Nov 8618 Sale 8618
7
861
Ist & ref 434s ser C_ _May 2037.1 G
15
2012
12
1912 115
1912 Sale 15
8414 88
Stamped
8718 40
July 1995 MN 87 Sale 855
8
1234 Sale 105
1949 MN
10
15%
8
MN
Registered
1312 826
80 Aug'32 ------------Cony 4345 series A
7612 81
Cony gold 45 of 1909____I955 J D 78
84 80 Jan'33 ---.
5514 65
g
8312 Chic R I & P Ry gen 4s__1988 J S 6414 Sale 64
65
77
5
8312
Cony 48 of 1905
1965.1 D 8112 8414 8312
Registered
73
80
6412 Sept'32-_
. J -- -- 73
1
2
80
Cony g 48 issue of 1910.,,1980.1 E 80
80
81
Refunding gold 4s
1934 A 0 2412 Sale 23
9011 95
2212 - ,
30 4
25
101
9312 24
Cony deb 4348
1948.1 G 9312 Sale 89212
214 2954
Secured 434s aeries A
2412 83
1952 M 5 2312 sale 2112
8334 85
17
85
Rocky Mtn Div 1st 4s_ _ _1965 .1 J 85 Sale 84
11
1612
137 196
8
13 Sale 1112
1960 171 N
9612
Cony g 4%8
95
9512 21
Trans
-Con Short L 1st 48_1958 J .1
. - 955s
78
73
4
12 97, Ch St L & NO 55June 15 1951 J C 78 ____ 73 Jan'33 ____
94
974 16
8
Cal-Ariz 1st & ref 4348 A-1962 M
959812 9714 967
J D 8312 ____ 6412 May'32 ____ ---- -- -Registered
___ 10312 Feb'31 ---- ---- ---Atl Knoxv & Nor 1st g 58.._19413 .1 D
8512 May'31 ____ ---- - -Cold 3348
June 15 1931 ./ G 5018
71
Oct'32 ---- -,-- ---.
861475
Atl 4, Chad A L 1st 434sA 1944 J
66
46 60
Jan'33 ____
Memphis Div 1st g 45____1951 J 0 451 46
60
72 7518
7518 21
4
18t 30-year 55 series B_ _ _ _1944 J .1 751s Sale 742
8
391 47
7
47
_ Chic T H & So East 1st 58._196( J 0 47 Sale 42
78 Sept'32 ____ -....
Atlantic City let cons 48_ -.1951 .1 .1 584 75
247 30
8
20
26
Inc gu 53
69 -77
Dec I 1960 M S 26 Sale 2514
21
77
Atl Coast Line 1st cons 4e July '52 M S 7614 Sale 7412
9612 101
51
56
58
Chic Un Sta'n let gu 4348 A-1963 J J 101 Sale 100
101
63'I 121
General unified 434s A_ -.1964 ./ D 53 gale 51
15 102 108
1st 5s series B
1563.1 1 1055 Sale 10514 106
53
45
46
8
53
L & N coil gold 4s__ __Oct 1952 MN 53 Sale 50
10214 13 10012 102%
1314 2212
Guaranteed g 5s
1944 1 0 1011 102 102
4
4
22'l
AU & Dan let g 45
1948.1 .1 21Iz 2212 2212
8
1st guar 6345 series C
25 1117 114
1963.1 J 11312 Sale 11312 114
8
16
6
16
2d 45
1948 5 .1 16 Bale 13
597 66 4
8
1
Chic & West Ind con 4s___ _1952 J J 6612 68
26
28
661
4 12
1
6534
26
26
26
Atl dr Yad 1st guar 48
1949 A 0 19
67% 76
12
1st ref 5)48 series A
1962 M 5 74 Sale 7212
17
75
9212 104 Mar3 ---- ---- ____
Austin & N W 1st gu g 55 1941 J J 66
Choc Okla & Gulf cons 5s
1952 M N 44
____ 70 Sept'32 ___- Cin H & D 2d gold
J 88
_ __ 88
. 1937._
77 4 86
,
39
ii 8:Ti
i
88
85
Balt & Ohio 1st g 4s__ _July 1948 A 0 8318 Sale 8212
C 1St L & C 1st g 48_ _Aug2 1936 Q F 942 ____ 9518
95
9534
72
80
4348_95 8 10
5
4
Reg stered
i
July 1948 Q J 7314 - .78 Jan'33
Registered
67
77
7
August 2 1936 Q F
1933 IN S 7614 Sale 60
97
Oct'32 -----------20
-year cony 4 348
12
77 2r 7
6812 Cin Leb de Nor let eon gu 48,1942 MN 741s --- 83 Jan'33 _ --61
6812 419
Stpd (10% part reduct)---- M 3 684 Sole 631
82
83
3412 4434 On Union Term 1st 43414___2020 .1 J 9912 foo
Refund & gen 55 series A-1995 J D 4378 Sale 40
9912 9912 9 9812 10012 1
4418 113
1st mtge 55 series B
9013
12
2020.1 1 10312 Sale 10318 104
81
1
31 102 1054
4 44
883
1st gold 58
86
89
July 1948 A 0 88
3712 5012 Clearfield & Mali 1st gu 53..1943 J J 70
5012 154
Ref & gen 68 series C---.1995 J D 5012 sale 45
75 Sept'32 ____ ---- --76
74 3
7034 7518 Cleve Cin Chi & St L gen 48-1993 J D 74 P L E & W Va Sys ref 43.-1941 M N 7514 77
76
76
76
5
74
75
General 58 series B
19932 D 8812 943 89
6112 70
Oct'32 ____ -- ---4
69% 75
South*/ Div 1st 58
1950 J J 6912 Sale 66
Ref & Impt 68 ser C
1941 J J 47
52 6618
5
3
70 Nov'32 ----------70
56
Tol& Cin Div let ref 4s A_1959 J J 56 Sale 55
477k 55
3
53
51
Ref & impt 55 ser D
5158 59
1963.1 .1
34% 43
31
43
Ref & gen 58 series D_2000 M S 43 Sale 39
48
40
Ref & impt 4%s ser E___ _1977 1 J 48 Sale 44
93
48
2618 34
Cony 4348
1960 F A 3312 Sale 29%
423
34
8618 88
4
9
88
Cairo Dlv 1st gold 4s
1939 1 J 8712 9212 88
9112 96
5
9412
Bangor & Aroostook let 58_ _1943 J .1 9412 Sale 9412
4
Cin W & M Div 1st g 48_1991 J .1 ____ 6712 621 Jan'33 ____
628 62%
7318
65
4
9
1951 J .1 73 Sale 73
73
Con ref 48
St L Div let coil tr g 4s
75
_
75
Jan'33 ____
1990 MN 73
75
75
Battle Crk & Stur let gu 3s-1989 J D 39
50 61 Feb'31 -___ ____
1940 M S 7514 __ 76 Dec'32 ____ ---- ---SPr & Col Div let g 4s
80
_82
8212 10
Beech Creek let gu g 48
1936 J .1 83
8212
88
W WVal Div 1st g 4s _ _ _ _1940 J i ____ 69
Jan'30 ____ ____ ____
5618 Aug'32 ____ ---- ---2d guar g Ss
1936 J .1 --------100
Beech Crk ext let g 3348._ _1951 A 0 7118 --__ 88 Mar'3I ---- ---- --guar% 10112 101
4 10118 10113
_ C C C& I gen eons g 68_1934 1
10112 Sale
---- _
_
_
Belvidere Del cons gu 3348-1943 J J 87
96
7
95h
Jan'33 ____
4 9 h
8i1. --- Clev Lor & W eon 1st g 5E3_1933 A 0 95h 9612 95
Big Sandy let 48
1944 1 D 9018 iiii2 iii2 Feb'33 ---Cleveland & Mahon Val g 58 1938 1 1 72
.
74
62
90 101 Sept'31 -----------35
73
Boston & Maine 151 58 A C-1967 M S 72 Sale 7018
Clev & Mar 1st gu g 4348_1935 MN 984 1002 99
74
64
7
72
1st M 5s series II
1955 117 N 72 Sale 71
99
s
5 " VV
Clev & P gen gu 43.43 ser B 1942 A 0 10012 ___ 91 June'32 -----------70
6812
59
2
1st g 431s ser JJ
1961 A 0 6412 6812 6812
Series B 334s
1942A 0 8814 ___ 86
86 86
5412 6312
Jan'33 ____
5
59 6334
Boston & N Y Air Line 1st 481955 F A 58
6318
19422 J 10012 103 98
___
Series A 4%s
90 Sept'32 --__
90
Jan'33 ___
Bruns & West 1st gu g 48.-1938 1 .1 83
98 98
1
1948 M N 8614 _--- 76% June'32 ____ ---- ---Series C 3he
85
8912
2 ____89
9312 89
89
Buff Koch 2, Pitts gee g 59._1937 M
Series D 3348
4
1950 A. F 84
342 445
____ 83 Oct'32-Consol 4)48
442 34
1957 MN 442 Sale 4234
Gen 4348 ser A
1977 F A
___ 81
464 54
Oct'32 ___
11
50
Burl C R & Nor 1st & coil 5s-1934 A 0 4714 50
4614
Cleve Sho Line let gu 4348_1961 A 0 81i -if ii
77
77
60
75
8514 Cleve Union Term let 5348._1972 A 0 7012 Sale 0912
8514
6734 711
82
4
4
8412
Canada Sou cone gu Ss A _1962 A 0 80
83
7012 47
82
6934
1st 51 65 series B
8212 87 4
6712 10
1973 A 0 65 Sale 65
3
8412 29
Canadian Nat 4)4s Sept 15 1954 M 5 8212 Sale 8212
6912 65
1
14
1st s f guar 434s series C 1977 A 0 60% 6312 60
7954 8754
30
-year gold 434s
6112 39
1957J 1 834 Sale 827
8
83 s 78
7
8134 877 Coal River Ry let gu 48_ _1945 J D 90
8
Gold 434s
___ 85 Dec'32 _ - _
55
838
1968 J D 8212 Sale 08218
8312 1
Guaranteed g 58
75
8814 34
8312 22
934 Colo & South ref & ext 4348-1935 M N 8312 Sale 82
July 1969 J .1 8734 Sale 8718
86
50. 58
5
General mtge 434s ser A_1980 MN 58 Sale 5518
38
Guaranteed g 58
58
84 4 93 4
,
33
881
Oct 1969 A 0 87 Sale 87
85% 8512
Guaranteed g 55
1948 A 0 85 ____ 8518 Jan'33 ____
8554 9314 Col & H V 1st ext g 4
16
4
88
1970 F A 864 Sale 862
8
Guar gold 4%a_ _June 15 1955.1 D 8418 85
Col & Tol 1st ext 45
1955 F A 8534 ___ 8412 Dec'32 ____ ---- -8314 90
843
8518 22
Guar g 43413
1956 F A
_ _ 90 Dec'30 ____ ---- ---8
8012 877 Conn & Paasum My let 48_1943 A 0 55
8312 58
8234 8312 83
39 e 40
7
12
Guar g 4348
391 Jan'33 ____
1 8734 Consol Ry non-cony deb 48..1954 J J 4012 - 68
Sept 1951 M S 83 Sale 828
82
4
837
8 58
45
40
Canadian North deb of 713_1940 1 D 10012 Sale 10012 1015 109
45 Feb'33 ____
Non-cony deb 48
1955.1 .1 41
73
985 10478
4
4
25
-year 8 f deb 6358
1946.1 J 9934 Sale 994 10012 71
Non-cony deb 4s
-- 4612 Sept'32 -----------1955 A 0
107
97 8
7
10-yr gold 434s___Feb 15 1935.1 .1 96
45 Dec'31 -----------41
50
Non-cony deb 48
1958 1 J 4197
96%
964 99
8
9614
23
Canadian Pac Ry 4% deb stock
15
15
20
19422 H 20 Sale 191
4
5714 Sale 57
6812 Cuba Nor Ry 1st 610
57
60
196
20
29
Coll tr 4348
2
1946 M S 65 Sale 8835
20
20
25
2
8
-year 55 g-'1952 J J 21
52 787 Cuba RR 1st 50
6834 90 a83
5s equip tr ars
21
29
1944 J .1 8214 Sale 82
2
2112
1st ref 7348 series A
1936 J 0 2112 Sale 2112
8212 41
82
9012
Coll tr g 5s
Dec 1 1954 J D a74 Sale 72
25
20
1
19361 0 19
20
let lien & ref 68 ser B
8534
20
22
29 a72
75
Collateral trust 434s
1960 J .1 65' Sale 64
140
66
64
77
Car Cent let cons g 45
1949 J J 10
78
81%
___
_ _ Del & Hudson 1st & ref 48_1943 NI N 8012 Sale 8012
___ 16 Dec'32 ____
57
82
Caro Clinch &0 1st 30-yr 58_1938 1 G 91 Sale 884
97
95
5s
-11 088491
91
1935 A 0 9514 998 96 Feb'33 ____
let & cons g 138 ser A _Deo 15'52 J D 80 Sale 78
88
93
12
Gold 6345
80
80
72
68
3
91
1937 MN 90 Sale 8812
1981 J D 60 Sale 60
Cart & Ad 1st gu g 48
D RR & Bridge 1st gu g 48._1936 F A 9412 ___ 9214 Dec'32 -----------60
53
8
60
__
31
34
Cent Branch U P let g 43_1948 1 D 31
33
31
72
5
5 2914 34% Den & R G 1st cons g 4s_
3414 74
1936 J
34 Sale 31
Central of Ga 1st g 58_ _Nov 1945 F A 35
3234 40
60 65 Dec'32 _ _-- ---- ---Congo'gold 4345
24
36
1936.1 J 36 Sale 3234
15
15
10
1945 MN
Consol gold 58
1112 VA
Den & R GI West gen fo Aug 1955 F A
15
20
15
17
60
14
133 Sale 12
5 Sale
Ref & geo 5348 series B 1959 A 0
5
912
2
5
5
Ref & lmpt 55 ser B_Apr 1978 A 0 1812 Sale 1512
1612 22
1812 34
3% 8% Des M & Ft D let gu 4s_ _ _1935
6
412
5
412 sale
Ref & gen 5s aerlea C-.-1959 A 0
Chatt Div pur money g 48_1951 .1 D 12 -- -- 76 Sept'31 ____ ____ ____
21t 212
Certificates of deposit
212 Feb'33 _ __._
212 10
1 J
Mac & Nor Div 1st g 53_1946 .1 J ____ 8312 9314 June'31 ____ ____ ____ Des Plaines Val 1st gen 4348_1947 M S 33 ____ 45 Aug'32 ____ ---- ---Mid Ga & Atl Div pur m 58'47 J J --------10212 Nov'30 _-__ __ ____ Det & Mac 1st lien g 4s
Oct'32 __---- -___ 34
1965.1 C 18
19462 J
Mobile Div lot g 58
24 Dec'32 ------------Second gold 4s
33
25 Dec'32 -----------25
1995 1 G ____ Detroit River Tunnel 4 Ms_ _1961 PI N 86 Sale 838
4
17
86
80
99
Cent New EBIZI let gu 4s_ _1961 1 J 83 Sale 63
4
7
63
83
682 Dul Missabe dc Nor gen 58_1941 J J 1031
4_ 10212 Dec'32 ____
25
8
29
32
32
Cent RR & Bkg of Ga eon 581937 81 N 2934 31
Dul & Iron Range 1st 5s__,.1937 & 0 102 10212 10212 10212
___.---1 101 10212
Central of N J gen g 58-1987 J J 95 101
90
9512 Dul Sou Shore & AU g 574_1937 J J 1234 147 14
9312
24
95
14
20
1
14
8
Registered
1987 Q J. 95 90 Feb'33 - -__
90 90
-1987 J J 77
General 48
____ -_ East Ry Minn Nor Div 1st 48'48 A 0 84
7914 7612 Oct'32 - -__
8912 84 Dec'32 _ _
Cent Pac 1st ref gu g 48.-1949 F A 8312 Sale 82
84
79
8612 East T Va & Ga Div 1st 58_1956 M N 77
79
Jan'33 --_ _ -ici- ir
83 81
__ 7854 Jan'33 ____
F A 75
Registered
7834 788 Elgin Joliet & East 1st g 55.1941 MN 82
4
81
8412
9212 841 Feb'33 ____
Through Short L 1st gu 46.1954 A 0 79 lif 80 Feb'3375
12 80
_
F.I Paao & El W 1st 5s
72
72
1965 A 0 60
72
Jan'33 ____
70
g 55
63
61
Guaranteed
1960 F A 61 Sale 57
55
61
Erie 1st cony g 4s prior
70
7612
1996 1 J 7612 Sale 75
7612 44
__ Ill June'31 ____
Charleston & Sav'h let 7s 1936 1 J
_
Registered
1996 J .1
_
5712 June'32 -----------25 10412 106%
106
____-1st cOnsol gen lien g 4s
10518 1051 105
Ches & Ohio 1st con g 58-1939M N 1001996 J J 048 Sale 46
43
43
48
Registered
10214 Dec'32 ------------Registered
1989 81 N
41
41
1996.1 J
41
Jan'33 _ __
1992 NI 5 102 Sale 1008
Penn coil trust gold 4s_ _ 1951 F A 99 10
49 100 10312
4 102
General gold 434s
- 0 99
99 99
Jan'33 ---.
__
50-year cony 48 series A 1953 A 0 3934 42
Registered
111 S 9512 ___ 96 Dec'32 ____ ____
3012 41
49
41
387
1993 A 0 9312 Sale 9234
Series B
9312 27
30% 41
8312 - ,
93 4
Ref & inlet 4348
14
41
1953 A 0 41 Sale 39
8412 9312
9314 32
Gen conv 4s series D
40
40
Ref & impt 4348 aer 13._1995 J J 92% Sale 92
1
40
1953 A 0 40 Sale 40
95%
,May 19401 J 90
Ref & (rapt 5801 1927
94
1
9512
Craig Valley let 58,
24
31
97 9512
136
30
1967 M N 2912 Sale 27
__
Ret & impt Ss of 1930_ _ _1975 A 0 2934 Sale 2634
25
31
247
Potts Creek Branch 1st 43_1946 J .1 7014 8812 9434 Aug'31 _ _ _ ____
30
Erie &Jereey lat a f 68_ _ 1955 J .1 84
91 -96
19
95
94
_ _ 94
_ _
R & A Div 1st con g 43_1989 J
89'z 84 Dec'32 ____ __ _
19892
854
Genessee River lets f 6s 1957 J .1 8218 861 834
84
8514 Feb'33 ____
8612 90
80 - 8318
3
8318
2d consol gold 48
_ Erie & Pitts g gu 334s ser B 1940 J J T885 - 8612 Aug'32 ___ ____ _
_
Oct'32 ____ ____
92
Warm Spring V let g 5s-1941 IV1 S 90 100
8
52
Series C
397 --e 42
_
2
40
40
40
,
8834 Feb'33 ____
,
1940 J J 88 8
8818 818
Chic & Alton RR ref 3 38_1949 A 0 36
91
Fla Cent & Pen 1st cons g fa 19432 J 1512 28 115
9
88
Jan'33 ____
3345-89
8812 Sale 88
15
16
Chic Burl & Q-III Div 3348-1949 I
44
_ _ Florida East Coast let 4%5_1959 J D ____ 45
J .1 --------84 Dec'32 ____ --44
Registered
44
45
12
1
42
4 11
let & ref 5s scrim A
95 9812
1949 .1 .1 9712 Sale 9612
414
35
414 Sale
1974 M S
98
Illinois Division 48
3
5
8918 9312
1958 M 5 92 Sale 9112
3 Jan'33____
314 4
Certificates of deposit ___ - ..
General 48
9215 57
3
34
7914 854 Fonda Johns & Cloy 1st 4345 1952 Idel
314 8
3
1977 F A 8514 8612 85
5
85
5
1
4
5
let & ref 4348 ser B
212 4
82
93 8
7
20
1971 F A 937 Sale 93
(Amended) 1st cons 430_ _1982 MN
937
3 Feb'33 __
3
1st Sic ref 58 ser A
Gs
Fort St U D Co 1st g 4348_1941 .1 J 65-__ 87 Nov'32 ___
. 56
58
56
Jan'33_ - _
55
_ __ __
Chicago & East III 1st 68_1934 A 0 50
97 125 Ft W & Den C 1st g 510-1961 J D 91
8
71
11
99
90
-_-90
C & E III Ry (new co) gen 58_1951 M N 1012 Sale 10
4
90
945
4
9412 92
92'1
Chicago & Erie let gold 5.1...i982 M N 90
High No Low
Ask Low
13141
Foreign Govt. & Municipals.
1955 F A 7112 73 6914
66
31
72
Sydney (City) at 6148
39
40% 108
Taiwan Elec Pow s 1 5348_1971 .1 J 4034 Sale 40
32
11
8
35
Tokyo City 55 loan of 1912_1952 M S 344 3512 325
42
1961 A 0 4378 Bale 42
4354 32
Externals f 5348 guar_
11
12% Feb'33 ____
12
10
Tolima (Dept of) eat! 78_....1947 M N
4
61
me
Trondhjem (City) 1st 530-1957 NI N 6912 Sale 6814
1945 J D 56 Sale 56
50
1
56
Upper Austria (Prov) 7e
52
45
7
Externals t 6%B.June 15 1957 .1 D 65 ____ 48
3 03712
40
Uruguay (Republic) extl 88 1946 F A 36 Sale 39
1960 M N 26 Sale 26
24
External s f 68
26
30
Externals f Os..__ _May 1 1964 MN 28
25
30
7
28
2912
98
Venetian Prov Mtge Bank 78 '52 A 0 97
9714
98
9514
18
Vienna (City of) esti s f 8s 1952 MN 64 Sale 6218
60
6518 36
38
4018 24
Warsaw (City) external 78-1958 F A 404 Sale 38
465
8
49
Yokohama (City) exti 6s__ _1961 J D 4714 Sale 47
84
r Cash sales. a Deferred 0c1 very
High
72
427
35
46
137
6912
0212
53
4018
3114
32
9
8%
6818
417
8
8
495
d
*Look under list of M..... Bonds on page 993.
New York Bond Record-Continued-Page 3
990
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 10.
No.,
Week's
Range or
Last Sale.
Price
Friday.
Feb. 10.
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low
High
Frem Elk & Mo Val 15t 643_1933 A 0 65
68
713 68
10
65
4
68
Gaiv Hoes & Rend 1st 58....1933 A 0 67
84
7014
7014
1
55
73
Ga & Ala Ry 1st cons 58 Oct 1945 J J
Jan'33
0
514 97
5 6
6
Ga Caro & Nor 1st gu g 581929
Extended at 6% to July 1 1934 J J 11
1812 20 Aug'32
Georgia Midland 1st 3s1946 A 0 29 Sale 29
3
29
29
29
Gouv & Oswegatchle 1st 55_1942 J D
Jan'31
100
Gr R & I ext 1st gu g 4%8..1941 J J 961z Sale 92
9612
1;0185 - .2
8
Grand Trunk of Can deb 78_1940 A 0 1003 Sale 010018 10118 90
4
9813 1043
4
15
-year sf 6s
1936 M S 963 Sale 9638
9638 1013
8
99
87
4
Grays Point Term 1st Es3_ _ _1947 .1 D
98 Nov'30
Great Northern gen 7s serA_1936 J J 57 Sale 55
58
131
1718
71st & ref 434s series A
1961 J J 76
791
78% 7913
2
74
80
General 530 series B
1952 .1 .1 48 Sale 4578
48
457 55
8
10
General 55 series C
1973.7 .7 43
4912 50
Jan'33
45
7118
General 4315 series
J J 4058 45
3978
42
397 483
8
30
8
General 4318 series E
1977 J J 44 Sale 3814
44
110
3814 4812
5712 Apr'31
Green Bay & West deb Ws A._ Feb 274 42
Feb
Debentures MN B
4% 8
7 Jan'33
Greenbrier fly 1st gu 48____1940 M N
90 Aug'32
Gulf Mob & Nor 1st 530 B 1950 A 0 3018 3212 304
3013
3013
0; 3 1950 A 0 30 Sale 29
Ist mtge 5s eeries C
27
30% 15
31
Gulf & SI 1st ref & ter 5sFeb 1952 J .7
22 May'32
-ia-
Hocking Val 1st cons g 4318_1999 J
Housatonic Ry cons g 5s1937 MN
H & T C 1st g 53 Int guar_ _ _1937 J J
Houston Belt & Term 1st 55_1937 J .1
Houston E & W Tex 1st g 53_1933 MN
lst guar 53,
1933 M N
Hud & Manhat 1st 58 ser A.1957 F A
Adjustment income 55 Feb 1957 A 0
Illinois Central 1st gold 48_1951
J
1st gold 3315
1951 J J
Extended 1st gold 330-1951 A 0
1st gold 38 sterling
1951 M S
Collateral trust old 48_1952 A 0
1955 M N
Refunding 48
1952.7 J
Purchased lines 3345
Collateral trust gold 48_ _1953 M N
1955 M N
Refunding bs
15-year secured 630 6-.1936 J J
40
-year 4%s
Aug 1 1966F A
1950 J D
Cairo Bridge gold 0
Litchfield Div 1st gold 38.1951
J
Loulsv Div & Term g 33031953 J .1
Omaha Div 1st gold 38....1951 F A
St Louis Div & Term g 38_1951 J J
Gold 330
1951.7 J
Springfield Div 1st g 3303_1951 J .7
Western Lines 1st g 49_1951 F A
III Cent and Chic St L & NO
Joint 1st ref 58 series A__ _1963 J D
1st & ref 430 series
1963 J D
Ind Bloom & West 1st ext48 1940 A 0
C_Ind III & Iowa 1st g 4s
1950J
Ind & Louisville 1st gu 45.._1956 J J
Ind Union fly gen 55 ser A_ _1965 J J
Gen & ref 5s series B
1965.7 J
Int & Grt Nor 1st 65 ser A 1952 J .7
Adjustment 6s ser A_July 1952 A 0
1956
lst 5s series 13
1
1st g 58 aeries C
1956.7 J
Int Rys Cent Amer 1st 55 B 1972 M N
15t coil trust 6% g notea_1941 MN
1st lien & ref 630
1947 F A
Iowa Central 1st gold 58_ _ _ _1938
Certificates of deposit
J D
lst & ref g 4s
1951M
James Frank & Clear lat 48 1959 J
Kai A & G R lst gu g 58
1938 J
Kan & M 1st gu g 4s
1990 A
K C Ft 9 & M Ry ref g 45_ _1936 A
Certificates of deposit
A
Kan City Sou lit gold 3s_1950 A
Ref & impt 5,3
Apr 1950J
Kansas City Term 1st 4s__.1960.7
Kentucky Central gold 45_ _1987
Kentucky & Ind Term 4345_1961 J
Stamped
1961 .1
Plain
1961 J
D
.1
0
0
0
0
.7
J
J
J
J
J
974 99
974
99
80 Feb'33
90 Sept'32
821
824
9812 Jan'33
Jan'33
00
8613
884
54
524
90
98
825 98
8
98
87
54
100
Sale
Sale
18
23
32
• 784
8118
8118
7812
7934 Feb'33
78 Dec'32
73 M42'30
63 Sale 63
65
Eire
5
5914 Sale 58
53
60
11
6018 74
5412 Dec'32
47 Sale 43
4214
47
36
64 Sale 64
64
1
53
7018 72 69
72
9
68
40 Sale 3714
3313
404 217
65 Jan'33
65
5612
_ 6014
6014 10
68
6338
63 8
3
2
63 8
3
6014 Sale 60
6014 12
60
5912 56 Dec'32
54
63
63
a1 63
75
58% Nov'33
68
80
71 Feb'32
66
5012 Sale
46
49
8314 93
63
70
27
9212 923
4
3
2
164
16
4213
4
4%
295
8
51
4818
Dee'31
Nov'32
2714
Feb'33
Jan'33
2212
414
203
4
18
Feb'33
Jan'33
295
8
2
1
22 8 Sale
5
4
5
203 Sale
4
174 Sale
40
4212
45
457
8
295 3012
8
2
1
464
4314
80
75
2714
9213
85
2158
3
Jan'33
Jan'33
62
65
75-- _
6212 70
52 Sale
72 Sept'32
03 Mar'31
6514 Ja11'33
50
52
48
48
603 Sale 5913
4
61
534 Sale 534
56
94 Sale 913
944
4
8018
82 Feb'33
80 84 Aug'31
45
65 8914 July'31
70 ---- 89 Apr'30
70
22
2
44
12
15
24
5
54
2
48
45
86
Mahon Coal RR 1st 58
1934J .1 10114 102
Manila RR (South Lines) 48 1939 M N
5318 59
1959 M N 45
1st ext 48
513
4
Manitoba SW Coloniza'n bs 1934.7 D
_ 84
Man GB&NW 1st 3%8_1941 J .7 47
Mex Internat lst 48 wad_ _1977 M S
-Michigan Central Detroit & Bay
1940.7 J
City Air Line 4,5
Jack Lane & Sag 331s
1951 MS
1st gold 330
1952 MN 8014 85
Ref & impt 43.0 ser C
1979 J J 60
65
Mid of N J lst ext 58
1940A 0 25
60
Mil & Nor 1st ext 430(1880)1934 J D
Cons ext 4303 (1884)
1934 J D
Mil Spar & N W lst gu 4s_ _1947 M
364 Sale
Mllw & State Line 1st 3348.1941.3 .1
82%
10114 Jan'33
53 4 Jan'33
3
514 Jan'33
74
743
4
8712 Aug'31
2 Sept'32
98 Aug'31
79 May'26
84 Jan'33
61
64
48
Jan'33
87 June'32
70 Nov'32
3612
443
40
Jan'33
9
3
20
99
80
-11i1886
9812 98
12
984 1004
84
887
8
5114 55
813
4
91
77
Lake Erie & West 1st e 58_ 1937.7 J 654 Sale 6513
6512
8
2d gold Es3
1941
J
58% 47
Oct'32
Lake Sh & Mich So g 3%8_1997 J D 81 Sale 81
81
10
Registered
D 764
1997
77
Jan'33
Leh Val Harbor Term gu be 1954 F A 61 16- 83 Nov'32
Leh Val N Y 1st gu g 4318_ _1940
.1 5914 68% 683
8
)
683
4
Lehigh Val (Pa) cons g 423_2003 M N 34 Sale 3314
35
4 24
Registered
MN
45
28 Jan'33
General cons 430
2003 RI N -5113. Sale 337
4
8
3 4 22
63
General cons bs
2003 M N 42 Sale 40
42
12
Leh V Term Ry lst gu g 58_ _1941 A 0 91
94
91 Feb'33
Lehigh & N Y 1st gu g 48_ _1945 M S 6014
65
Oct'32
Lax & East 1st 50-yr Si gu-1965 A 0 8014 85 8414 Jan'33
Little Miami gen 45 series A.1962 M N
7912
9113 May'31
Long Dock consol g 68
1935 A 0 101
____ 00
Jan'33
Long Island
General gold 48
1938 J D 98% Sale 983
4
983
4
2
Unified gold 4s
1949 M S 914 95 9018
91
33
Debenture gold 55
1934 J D rI01 Sale 101
101
15
20
-year p m deb 58
1937 M N 954 98 994 Feb'33
Guar ref gold 4s
1949M S 91
9118 903
4
914 38
Louisiana & Ark 1st 55 ser A _1969 J J 2913 Sale 2814
294
2 69
Louts & Jeff Bdge Co gd g 413 1945 M S 75
75
763 75
8
3
Louisville & Nashville 5s
1937 M N 993
993
4
4 1003
5
4
Unified gold 48
1940.7 J 91 Sals 877
91
8
88
Registered
.7 J 81
85 Jan'33
let refund 530 series A2003 A 0 7
7814 34
814 Sale 73
lst & ret 5s series B
2003A 0 75 Sale 7012
75
39
lst & ref 4,31s series C
2003 A 0 70 Sale 6713
70% 99
Gold bs
1941 A 0 88
9712 91 Sept'32
Paducah & Mem Div 48_1946 F A
Jan'33
70
St Louts Div 2d gold 38_1980 M S 50 16- 50 Feb'33
Mob & Monts 1st g 4348_1945 M S 85
8413
8412
1
South fly joint Monon 4s_1952 .1 .1 57 - 1- 54
10 8
58
11
Atl Knoxv & Cln Div 4s 1955 M N 774 85 a7653 Feb'33
r Cash sales. a Deferred del very
94
79
8118
4
793
65
60
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 10.
Feb. 11 1933
Prim
Friday
Feb. 10,
Week's
Range or
Last Sake
Bid
Ask Low
High No
Minn & St Louis 1st eons 58_1934
Ctis of deposit
213 7
1934 MN
213 Dec'32 _
1st & refunding gold 4s
1949 M
118 23
118
14 Sale
Ref & ext 50-yr Ss ser A_ _1962 Q F
1
8
14 Feb'33
Certificates of deposit
Q F
14 5 Deo'32
MStP&SSMcong4sintgu '38 J J 357 Sale 34
8
36
21
1st cons 5s
18 Sale 17
1938 J J
18
14
1st cons Si gu as to int
1938• J 37 Sale 3613
375
8 17
1st & ref (is series A
19485, 10
13
10 Jan'33
25
-year 530
1949 MS
1178 811 Jan'33
1st ref 530 ser B
1978 J J 5414 Sale 5213
55
47
1st Chicago Term 8 f 4s_.1941 MN
9558 Dea'30
Mississippi Central 1st 5.5._ _1949 J J 77
8512 77 Feb'33
Mo-Ill RR 1st be ser A
J J 20
25
1959
28
254
Mo Kan & Tex 1st gold 48_ _1990 J D 8413 Sale 0834
844 29
Mo-K-T RR pr lien Si ser A.1962'.7 7312 Bale 72
74
32
40
-year 48 series B
1962 .3.7 6311 Sale 62
6312 23
Prior lien 430 ser D
1978 .3.7 65
6978 674 Feb'33
_
Cum adjust bs ser A_Jan 1967 AO 41 Sale 038
41
62
Mo Pao Ist & ref 55 ser A_ _1965 FA 26 Sale 2213
26
58
General 48
914
1975 MS 1118 Sale
1112 232
1st & ref Si series F
1977 MS 2413 Sale 2134
2514 419
Ist & ref 55 ser 0
1978 MN 2414 Sale 22
25
121
Cony gold 530
913 Sale
8
1949 MN
12
10
67
1st ref g Si series H
1980 A0 2414 Sale 22
2514 91
1st & ref Si ser I
1981 FA 244 Sale 22
25
222
Mo Pac 3d 78 ext at4% July 1938 MN 65
75 684 Jan'33
Mob & Blr prior lien g 58_1945 S i
95 Aug'31
Small
5,
97 Sept'31
1st M gold 48
53 Aug'32
19455,
_
Small
484 81 July'31 _
J J
Mobile & Ohio gen gold 48_1938 MS
67
87
5
9 Jan'33
Mongomery Div 1st g 513_1947 FA
Ref &(mot430
5
5
5 14 5
1977 MS
414 Sale
414
See 5% notes
MS
414
1938
1
Mob & Mal 1st BU gold 45._1991 MS 55
70 65 Dec'32
9334 Jan'33
Mont C 1st gu 68
1937
1st guar gold Si
95 92
92
J
1937• J 92
6
Morris & Essex 1st gu 330..2000 J
784 Sale 77
7812 19
81
Oct'32
Constr M 5s ser A
79
1955 MN
Constr M 430 ser B
70
1955 MN 6912 Sale 6913
a
47
64
72
Nash Chatt & St L 4s ser A__1978 FA 68
69
70 69
2
4013 NFla&Slstgugbs
70
Oct'32
88
1937 P A 73
65
Nat fly of Mex pr lien 430 19575,
114
15 18 July'28
8
6014
114 Dec'32
Assent cash war rct No.4 on
6332
1234 July'31
Guar 4s Apr '14 coupon 1977 A (5
-6014
r212
Assent cash war rct No. Son
r212
Nat RR Mex pr lien 430 Oct '26
63
134 2
158
Assent cash war rct No. 4 on
13
4 15
1st consold 4s
22 Apr'28
6
1951 A-67
13 Bale
8
Assent cash war rct No.4 on
1%
13
8 14
60
Naugatuck RR 1st g 48_ _1954 MN
85 714 Nov'32
51
39
New England RR cons 58_1945 j
75 Nov'32
37
49
Consol guar 48
79 Nov'32
85
1935 J J 80
N .7 Junction RR guar lst 48_1986 FA 65
90 92 Nov'30
NO & NE lit ref&impt 430 A '52 J J 25
30
33
30
1
16 New Orleans Term 1st 4s_ _ _1953• J 534 60
53
53
2
9213 923 N (3 Tex & Mex n-c Inc 58_1935 AO
4
16
30
20 Dec'32
85
85
1st bs series B
1954 AO 2313 Sale 224
234
19
26
let Si series C'
1956 P A 2113 2312 204
22
4
3 8 514
5
1214 2113 22
1st 4318 series D
1956 P A
22
5
164 203
4
1st 530 series A
1954 AO 25 Sale 23
25
23
16
2114 N & C Bdge gen guar 430_ _1945.7, 85
8912 891s Aug'32
39
424 NYB&MBlatcong5s_193.5 A0 99% 100 100
Jan'33
447 455
8
4
2918 31
N Y Cent RR cony deb 68_1935 MN 63 Sale 6178
64
46
Consol 43 series A
1998 FA 70 Sale 6714
70
66
2
3
4
Ref &(mot 4318 series A.2013 A0 453 Sale 43
464 94
1
113
Ref & Impt Si series C
5012 199
2013 A0 4912 Sale 464
NY Cent &Hud Riv M 3301997.7' 8018 Sale 794
8014 54
7413
Registered
7412
1997.7' 7312 83
1
Debenture gold 48
7114 98
1934 MN 70 Sale 68%
704 6514
30
6618 7114 68
-year debenture 48
1942
Jan'33
_
48
54
454 463 43
Ref & impt 430 ser A__ _2013
4
4612 177
48
48
Lake Shore coil gold 330-1998 FA 68 Bale 68
695
8 91
574 62
Registered
1998 FA --_- 6612 6513 Nov'32
47
564
Mich Cent coil gold 334s 1998 FA 6812 Sale 684
69 8 36
1
88
9412
Registered
9314 Oct'31
1998 FA
78
82
N Y Chic & St L let g 4s..
1937 A0 7014 798 7313
4
734
6% gold notes
1932
---Guaranty Trust dep rats-------36 Jan'33
---Refunding 530 aeries A 1974 A0 2014 sTiW 18
2014 60
Ref 430 series C
4
1978 M S 173 Sale 1538
18
101
62 654
3-yr6% gold notes
1935A 0 1238 Sale 1012
13
99
NY Connect 1st gu 430 A_1953 F A 95 Sale 9411
95
14
"ii 82
let guar bs series B
1953 F A 100 Sale 994 100
7
73
77
N Y Erie 1st ext gold 48_1947 M N 8818
_ 863 Jan'33
4
3d ext gold 430
1933 M S 1004 ---- 9913 Feb'33
NY Greenw L gu g 5s1946 M N 40
753 40 Dec'32
4
32
37
N Y & Harlem gold 330_2000 MN 84
86
88 Feb'33
28
28
N Y Lack & W ref 434s B_ _ _1973 M N
90 Nov'32
331s 384 N Y & Long Branch gen 4s_ _1941 MS
8414 Dea'31
37
423 NY&NE Bost Term 48
8
1939 A 0
95 July'29
4
90
92
N Y N & H n-c deb 4a.„.1947 M
6212 554 Dec'32
Non-cony debenture 3346_1947 M
50
Oct'32
-711f48412
Non-cony debenture 3348_1954 A 0 51 Sale 4813
bl
16
Non-cony debenture 45_1955 J J 58 Sale 58
1
58
9984 100 4
3
Non-cony debenture 4s
1956 M N 53
60
56
Jan'33
Cony debenture 330
1956
J 33% 55% Si
Jan'33
9513 9834
Cony debenture 68
1948 J J 79 Sale 783
4
79 8 24
,
8414 9114
Registered
J J
7014 Dec'32
9812 101
Collateral trust 65
1940 A 0 "in" 66" 76
80
93 100
Debenture 48
1957 M N 43 Sale 41
4414 75
84
914
1st & ref 4315 ser of 1927...1967 J D 624 Sale 60
623
4 62
2814 36
Harlem It & Pt Ches let 42 1954 NI N 86
91
89
89
1
a72
76
9713 10034 NYO&W ref g
4sJune1992 M S 594 Sale 5714
604
4 91
824 91
General 48
1955.3 D 5
4
04 Sale 473
50% 74
82
85
N Y Providence & Boston 4s 1942 A 0 90
92
85 Nov'32
654 7814 N Y & Putnam 15t con gu 48_1993 A 0 70
7412 68
Jan'32
634 75
N Y Susq & West lst ref 58_1937' J 30
3278 2611 Feb'33
597 7018
8
20 gold 430
1937 F A ---- 321 21 Oct'32
General gold 5s
18
1940 F A
20
19 Feb'33
"6" 70" Terminal 1st gold 531
1943 M N 6014 72
64
Jan'33
43
53
N Y W Ches & 13 Istser 1430'46 J 1 45 Sale 43
48
38
8412 Nord fly ext sink fund
8Ilz
6345 1950 A 0 105 Salo 105
106
61
40
58
Norfolk South 1st& ref A 5s-196I F A
318 Sale
34
9
414
75 0765 Norfolk & South 1st gold 58_1941 M N
8
8
/ 1312 134
1
4
134
2
Norf & West RR impt&ext6s '34 F A 10414 _ _ -- 10414
10414
1
101 10114
N & W Ry 1st con.sg 48_1996 A 0 9914 Sale 9838
994 109
533 533
4
4
Registered
8 _ _ _ 94% Jan'33
1966 A 0 925
50
5113
Div'l 1st lien & gen g
10114 Sale 1005
8
1014 32
74
743
4
Pocah C & C joint 48
1941.7 D 9814 983 9812
4
9812 10
North Cent gen & ref bs A....1974 M S
87 Aug'32
Gen & ref 430 ser A
1974M 8
85 Aug'32
North Ohio 1st guar g 58_1945 A 0
34
34
5
_
North Pacific prior lien 48..1997 Q
867 Sale 85
8
867
8 61
79
85 82
Q
82
5
84
84
Gen gen r & Id g 38_Jan 2047
Rey tered
s
8
• F 585 Sale 58
59
71
6841
64
Registered
Q F 5118 ____ 5512 Jan'33
48
48
Ref & Impt 430 series A!_2847 j 1 6214 Sale 574
j 204
a
6214 26
------Ref & impt Si series B_ 2047 j
75 Bale 71
75
151
Ref & impt Si series C_2047 j J 64
74 67 Feb'33
-38F2 13;
-1
Ref & impt 5s series D2047 j
65
70 67
674
3
40
40
Nor fly of Calif guar g 58.--1938 AO
954 00'31
-aii,
•Look under list of Matured Bonds On page 993
Range
Since
Jan, 1.
046
3
Low
High
lie
112
1 la
112
34
16
3514
10
0812
5212
W20
45
10
914
82
77.
25
7414
8112
35152
5978
34
19
8
183
4
1812
72
5
18 4
8
183
4
687
2
85
284
847
2
74
64
674
41
26
147
8
25 8
3
25
14
183
2
25 2
3
253
2
7312
"ii" ai"
9
5
414
5
IA 114
90
92
784
73
09
16-
6612 7012
---------
...-
....
-io- 36
5013 53
20
21
19
20
24
2213
22
2512
jot)
10084
53
36014
3712
4114
75%
7413
664
84
374
68
603
70
487
2
504
804
741
4
73
714
47
71
66
if-
731k 79I
36
36
204
15
127 18
8
10
1514
97
91
984 100
885 88 4
4
3
9913 9913
8784 88
47
58
53
50
7514
12
'58
564
51
83
-76 1 66"
38
60
88
4514
654
90
5018 60%
5213
43
68
68
264 34
-115; 19
64
64
38 463
4
1033 10614
4
212 '414
11
1312
104 10412
974 1004
9418 9418
987 10112
8
97% 99
14
-34"
84
814
56%
554
54
68
60
57
"ii"
874
8212
615
8
5513
64
75
67
6712
New York Bond Record-Continued-Page 4
N.
BONDS
Y. STOCK EXCHANGE
Week Ended Feb. 10.
E"
ts
uh
.,n,
Price
Friday.
Feb. 10.
;
Week's
Range or
,5:..e..
Last Sale. c31,1
,
Ask Low
Bid
Og & L Chain 1st gu g 4s__1948 J J 4812 ____ 463
4
Ohio Connecting fly 1st 4s__1943 M S 8834 ___ 97
Ohio River RR let g 5s__1936 J D 82 15 80
General gold 55
1937 A 0 75
80 81
Oregon RR & Nav com g 48_1946 J D 95 3 ----95
5
Ore Short Line 1st cons g 55_19 8 J J 1045 Sale 10453
,
3
Guar stpd cons 58
1946 J J 1053 10712 105
4
Oregon-Wash 1st & ref 4s
1961 J J 87 Sale 8653
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 10.
i
11
...a,
991
Price
Friday
Feb. 10.
Week's
Range or
Last Sale.
;
I.
cht4
Range
Since
Jan. 1.
Bid
No. Low
High
Ask Low
High No. Low
High
Southern Ry let cons g 53_ _1994 J J 64 Sale me
10
3812 48
64
45
55
88
Registered
J J --------58 Nov'32 ---- --.____
--- -_-Devel & gen 48 series A___1956 A 0 23 Sale 1914
80
80
____ 2312 169
17 ---12 23 4
3
Devel & gen (is
1958 A 0 2612 Sale 24
____
27
28
20
28
Devel & gen 6 As
1956 A 0 273 Sale 25%
9813
4
92
____
2814 104
23
30
Mem Div 1st g 55
1996 J J 46
70
48
3 10218 105
Jan'33 ---4
0
48
1951 J J 4414 Sale 4212
St Louis Div 1st g 4e
s
____ 103 1053
47
10
42
47
East Tenn reorg lien g 5E1_1938 M S -- -. 79 101 Sept'31 ____ ____
_ _
53
83
% 89
Mobile & Ohio coil IF 45_1938 M S 3012 Sale 27%
3012 39
20 - -8
32
3
Pac RR of Mo 1st ext g 413_1938 F A 86
8614 Spokane Internet 1st g 53....1955 J J 20 Sale 18
88
8814 Jan'33 ____
5
20
18
20
2d extended gold 55
Staten Island fly 1st 450_1943 J D --------60 May'32 --__ ____ ____
1938 J J 80 85
83
87 85 Jan'33 ____
Paducah & Ills 1st s f g 4)0_1955 J J 78
-_ _ _ Sunbury & Lewiston let 48-1938 J J 90 ____ 9712 Nov'31 ---- ---- -93 87 Sept'32 ____ __
-Orleans RR ext 5%8_1968 M 13 10218 Sale a102
Paris
1027
8 27 10i 103
Pau ista fly let ref s f 7s
Tenn Cent let 65 A or B
1942 M 13 42
1947 A
34 Sale 32
46
34
38
34
25
15
Jan'33 -45
l
46
88
ja 78 88 Term Assn 01St L 1st g 4348 1939 A 0 100% Sale 1005g 101 41 100 101
Pa Ohio & Del 1st & ref4 As A '77 A 0 8714
0
8614
Pennsylvania RR cons g 45_1943 MN 98% Sale 97%
1st cons gold 5s
1944 F A 1007 ___ 99 Dec'32 --__ ---- --_
3 9812
4
8
95
6
9812
consol gold 48
Gen refund s I g 48
1
1948 M N 99 Sale 99
9712 10053
1953 J J 83 Sale r83
60
8414 29
78
100
11414
45 eterl stud dollar May 1 1948 M N 98
59
18
68 62
97 10012 Texarkana & Ft S 1st 5348 A 1950 F A 85
64
991 99
99% 11
8812
Consol sinking fund 430_1960 F A 10314 1038 10314 10434 38 10214 10412 Tex & NO con gold 58
1943 J J 85
74 65 Feb'33 _-__
85
65
General 4 As series A
19653 D 8914 Sale 885
7811 91% Texas & Pac 1st gold 55
2000 J D 100 Sale 971
9012 59
91 100
8
5
100
977
General 58 series B
2d Webs(Mar'28cpon)Dec200(1 Mar --------95 Mar'29 -----------85
19685 D 963 Sale 953
97% 82
4
4
15
-year secured 6348
Gen & ref 5s series B
1936 F A 10314 Sale 10318 1033
9914 10412
1977 A 0 54 Sale 5112
4 84
4212 54
3
54
40
-year secured gold 5s
Gen & ref 58 series C
7918 92%
1964 MN 89 Sale 89
9018 41
4314 5512
1979 A 0 5513 Sale 5114
30
551
Deb g 4 Ms
Gen & ref 5s series D
7
59 g 73
1971 A 0 7212 Sale 7012
1980J D 54 Sale 52
170
54
73
43
10
54
General 434s ser D
723 85% Tex Pac-Mo Pao Ter 530 A 1964 M S 50
1981 A 0 8413 Sale 8114
8412 79
59
50
3
50
50
583
4
Peoria dr Eastern lst cons 413-1940 A 0 285 3712 3714
Tol & Ohio Cent 1st gu 5s 193 J .1 81 100
37% 38
3
3714
863 Dec'32 -- -- ---- -4
4
Income 45
Western Div 1st g 5s
12
4 2
April 1990 Apr
3
13
193 A 0 80__-_ 75 Aug'32 -----------158 3 4 2
2
2
.
Peoria & Pekin Un lst 5 As1974 F A 76 Sale 76
General gold 5s
893 77
4
19353 D 70
1
82
76
75
7
8212
73
8212
Pere Marquette 1st ser A 53_1956 J J 411 Sale 40
431 Tol St L & W 50
35
-year g 45
1950 A 0 43
8
4112
50
50 Jan'33 --__
44
50
let 4s series 13
Tol NV V &0gu 430 ser B 193 .1 J 10014 ____ 10014
354 37
1
1956 J .1 3514 38
3514
3514
1 10014 10014
10014
1st g 434s series C
1st guar ts series C
39%
29
1942 M S 89 ____ 9818 Apr'31 --- - --- - _
1980 M S 38 Sale 36
66
38
Phila. Balt &Wash 1st g 48.1943 MN 10014 -- 9912 10012
97 10012 Toronto Ham & Buff lat g 4s 19463 D 68
8
__- 80
80
1
80 - -80 4
3
General &series 11
Union Pac 1st RR & Id gr 43 1947 J J 10012 Sale 993
97 100
2
1974 F A 98 foo 100
100
10078 137
9814 1007
8
General g 434s series C. _1977 J S 8512 90
Registered
81
J J 95
98 98 Feb'33 --- 81
Jan'33 -- -81
98
9913
Philippine fly 151 30-yr s(45 '37 J 3 2034 211 20
1st lien & ref 4s
23
20
June 2008 M S 91% 9234 915s
8 931k
39
2012 11
i
921
87
Gold 434s
1987 J 3 93
95
95 92
87
8
92
P C C& St L gu 430 A..__1940 A 0 101
let lien & ref 5.3
98 4 102
3
3
June 2008 M S 10518 Sale 10412 10513 23 10218 105 4
4
- - 1013 Feb'33 ____
Series B 434s guar
40
-year gold 4s
981 10113
8012 861g
19683 D 831 Sale 831g
23
85
1942 A 0 993 foi 101 Feb'33 4
Series C 434s guar
Jan'33 --__ 100 100
993 99 4 UN J RR & Can gen 4s
4
1942 M N 9912 ____ 993 Jan'33 ____
1944 M S 10018 __ 100
3
____ ____ Utah & Nor 1st ext 43
Series D 4s guar
19335 J 987 ____ 100 July'31 - --- ---- -8
1945 M N 99
95 Dec'32 _
Series E 4 As guar gold
1949 F A 8534 ---- 8512 Oct'32 ____ _-__ ____ Vandalia cons g 4s series A_ _1955 F A 871g ---- 80 June'32 ---- ---.. -Series F 4s guar gold
Cons s f 4r3 series B
1957 MN 8718 _ __ 9312 Sept'31 -----------1953 J 0 923 _ 917 Dec'32 ------------ 8
4
Series G 48 guar
ra Cruz & P asst 4 As_ _1933 J J
134 212
1957 MN 92% ____ 92 Dec'32 -----------212 Jan'33 ---2 Series 11 cons guar 4s_ _ _ _1960 F A 9114
___ Virginia Midland gen 53_ _ _ _1936 MN 92
____
92
90
94 92
80 Apr'32 _ _
Jan'33 ---9812 Va & Southwest 1st gu 5:3_2003 1 J 64
9812
9614 Series I cons guar 4)0_1963 F A 97 100
i
___ 69
69
1
l9
69
9812
Series .1 cons guar 434s.. _1984 M N 97--- ____
1st cons 53
__
1958 A 0 4614 Sale 45
48
34
_ 92 • Nov'32
36 2 4
,
8
General 51 5s series A
Virginian fly 1st 55 series A_1962 M N 9514 Sale 9514
92
78 3
1970 .1 D 92 9614 50
9112 9614
95 91
9112
Gen mtge guar 5 ser B 1975 A 0 92
1st mtge 430 series B__1962 MN 8614 897 891
92
84
Jan'33 --__
9
8712 8912
8
9512 92
8912
Gen 430 series C
7234 86
1977 J J soz Sale 8412
8412 15
Wabash RR 1st gold Ss
1939 M N 61 Sale 57
25
61
52
65%
Pitts McK dr Y 2d gu 65
2d gold 55
_
1934 J J 10011 ____ 100 Dec'32 ____ -71939 F A 4214 44
4218
45
40
9
43
Pitts 51,& L E 1st g 55
4
Deb es series B registered 1939 J J - -_4 - -3
1940 A 0 10112 ---_ 1013 Feb'33 ____ 1013 101 _ _ 9818 May'29 -----------4
1st consol gold 53
1st lien 50
1943,1 J 9912
__ 390t2 Feb'33 ____ 10012 10013
-year g term 45_1954 J J 34 - - 35 Dec'32 -----------42
_
Pitts Va & Char 181 46
Det &Chic Ext 1st 5.9_1941 J J 6234 75 62 4
1943 MN 87% __- 90 Nov'32 ____
62 6
3
1
623
4
,,Pitts & W Va 1st 4%8 ser A.1958 J D 37
Des Moines Div 151 g 4s 1939 J J 30
____ 38
40
38
35 Jan'33 --__
3 -,,-31
35
39
35
let M 430 series 11
Omaha Div 1st g 334s
3813
30
1958 A 0 34
1941 A 0 33
33
4
37
3614 34 Feb'33 ____
371
__ 37
1st M 430 series C
Toledo & Chic Div g 4s_1941 M El 43
3812
1980 A 0 34 17 35
30
55 Jan'33 _ _ _
55
55
55
3712 19
Pitts Y & Ash lst 4.1 ser A 1948 1 D 8712 --- 8512 Oct'32 -_ _ --- -- Wabash Ry ref & gen 5As A 1975 M 8
7'2 714
7%
9
712
54 7 4
3
3
let gen 58 series B
Ref&gen 55(Feb'32 coup)B '76 F A
1962 F A 9278 ___. 90 July'32 ____ ---- ---7%
714 Sale
714 18
512 8
Providence Secur deb 43._ _1957 MN
Ref & gen 430 series C_,.1978 A 0
4
812 712 61
13
73
5
7
---- 7134 July'31 ____ ____ ____
Providence Term 1st 4s_ _1956 M S 80- ____ 75 June'32 _-__ ---Ref St gen 58 series D
1980 A 0
,
84 84 7
5
3
3
74
43 74
3
3
--- Warren let ref gu g 330_
2000 F A ---- -_ 50 Feb'33 ____
50 50
Reading Co Jersey CeCellcoll 48'51 A 0 77
Washington Cent 1st gold 4s1948 Q M 513 60 a513
4
4
4 0513
4
4
1
2 a513 0513
77
70 4 77
3
77
78
Gen & ref 434s series A_1997 J J 89 Sale 887
Wash Term 1st gu 3As_ _ _1945 F A 89
91
1 93 90
83
903
8712 91
4 12
894 22
g
Gen & ref 43.4s series 13 _1997 J J 8512 91
1st 40-year guar 4s
84 4 9112
3
1945 F A 941 __-- 95 Feb'33 ____
921 95
893
4 25
893
4
Rensselaer & Saratoga lis_ _1941 MN __
8
1952 A 0 625 Sale 621
64
64
53
81
Oct'30 ____ --__ --__ Western Maryland 151 4s
113
Rich & Merch 1st g 413
1st & ref 530 series A
__
1948 MN __-_-_ - 4 40 Sept'32 ____ -__
52 8
1977 J J 6712 Sale 6312
6712 93
743712
Richm Term fly 1st gu 5.3._1952 J J 97
___ 1015
8 1013
4
3 0101% 1018
___ 9612 Dec'32 ------------ West NY & Pa 1st g 5s__ _ _1937 J J 10214
Rio Grande June 1st gu 53._1939 J D 61 General gold 4s
3
8312 84 4
1943 A 0 86 15 8312 Jan'33 ____
64
85 Sept'31 -- ---Rio Grande Sou 1st gold 48_1949 J J
Western Pac let 5.s ser A
1946 M S 283 Sale 2618
--4
Dec'32 -----------6
281
24
2934
--- 1
Guar 4s (Jan 1922 coupon)'40 J .1 --_-__ West Shore 1st 45 guar
2361 J J 764 Sale 75
32
77
70
7758
vz Apr'28 ___ _ ___.
_ Rio Grande West 1st gold 48.1939 J .1 -60- - - 60 Feb'32 ___
Registered
23613 J 74 Sale 70
82
5518 74
6414 74
26
61
1st con & coil trust 9s A 1949 A 0 39 Sale
39
i
34% 39
Wheel & L E ref 430 ser A_1966 M S 69
71
71
Jan'3 -___
70
R I Ark & Louis 1st 4348_1934 M S 2312 Sale 36%
Refunding 5.3 series B
231s 26
1966 M S 75% 85
20'4 29
75
75 Jan'33 ____
80
21
Rut
-Canada let gu g 43
RR 1st consol 4s
1949 M S 78 Sale 78
199 J 5 49
5112
40
5
78
57
5111
72
48
16
78
Rutland let con 434s
1942 J D 1712 24
1941 J 5 5113 573 a5018 OSO's
2114
2 a5018 5113 Wilk & East 1st gu g 58
211i 24
2114
3
4
Will & SF 1st gold 53
19383 D --------9134 Oct'31 -----------St Jos & Grand Tel 1st 4.3._ _1947 5 J 86
Winston-Salem S B let 4s_1960 J 1 887 Sale 887
99
8
88
8
14
8812 90
90
90 861 Feb'3 --- St Lawr & Adr 1st g 58
1996 J J_ 81
12
10
11
8
1312 11
885 8834 Wts Cent 50-yr 1st gen 413_ _1949 J J
885
8
2
885g
111 19
2d gold 68
Sup & Dul dlv & term 1st 4536 MN
_
1996 A 0 -58
8
107
8 914
8
5s 1114
4
3
1013
70 663 Oct'32 .._ __ ____
St Louis Iron Mt & Southern_-- Wor & Conn East 1st 434s_1943 J J 42
____ 8514 Sept'31 ---- ---- --My & G Div 151 g 48- _1933 MN 52 Sale 4514
53
303
38
54
St L Peor & N W 1st 611 681948J 1 4112 Sale 3812
INDUSTRIALS.
2812 415
413 .19
St L-San Fran pr lien 48 A 1950 J J 14 Sale 1113
••
•
•
1414 Abitibi Power & Paper 1st 53 1953 J D
•
1411 118
8
Certificates of deposit
1312 42
13 Sale 113
8
812 1313 Abraham & Straus deb 534s_1943
Prior lien E5 series B
1950 ii 137 Sale 1212
A 0 88
8914 88
With warrants
16
89
8
5
13 3
9014
7
13 8 130
10
7
Certificates of deposit __
..
6018 84%
13
Adams Express coll tr g 4s_ _1948 M S 62 Sale 6018
62
13 Sale 13
13
9 4 13
3
1
Con M 430 series A
1978 MB
92
818 sale a63
95
2
95
- - a9412
8
a(138 91 Adriatic Elec Co extl . -1952 A 0 94%
8 8 74
7
Centre of deposit stamped __ _
8 Sale
2813 30
2912
3
31
293
4
7s812
814 38
814 912 Albany Perfor Wrap Pap 83.1948 A 0 2914 - St L SW 1st g 4s bond ctfs_1989 MN 6014
282
37
2512 37
3
5912 8212 Allegany Corp coil IT 5s_ _ _ _1944 F A 35 4 Sale 32
8
6014
2s g 45 Inc bond ctfe Nov_ _1989 J J ____ 6114 6014
Coll & cony for
1949 J D 28 Sale 2313
2834 118 ale% 27
45
35
35
Jan'33 ..„..
35
1st terminal & unifying 58.1952 J .1 31
7 353 Feb'33
1950 A 0 14 Sale
95
33
Coll & cony 56
812 15 is
8
1412 313
8
2418 357
Gen & ref g 58 ser A
1990J J 23 4 25
3
773
8
2312 -3
72
23
7414 29
1934 2778 Allis-Chalmers Mfg deb 5s 1937 M N 74 Sale 72
St Paul & K C Sh L 1st 4 As_1941 F A
Sale 3413
62
55
365
3
59
5 25 a28
368$ Alpine-montan steel 1st 78_1955 M S 5813 Sale 5812
St P & Duluth 1st con g 43_1968 J D 368$
7914 Sale 7914
7914
7814 7914
1
St Paul E Cr Trk 1st 4349_1947 J J 20
33
2614 31%
3014 30 Feb'33
-ii_ ____ Amer Beet Sug cony deb 68_1935 F A 30
St Paul Minn & Man con 46_1933 J J 9512 Sale 62 Sept'32 __
94
8
9512 ii
50
43
70
50
43
9512 American Chain deb 8 f 68_1933 A 0 45
let consol g 65
1933 J J 963 Sale 947
8
3
93% 9613 Amer Cyanamid deb 533._ _1942 A 0 76 Sale 7412
7412 80
17
78
968$ 66
6s reduced to gold 434s_1933 J J 9614 Sale 93
9614 82
30
39
8818 9614 Am & Foreign Pow deb 55_2030 M S 2412 Sale 303
3614 655
4
Registered
J 13
9418
94% American Ice s I deb 58. ,.1953S D 55
9418 10
92
6314
54
12
567 54
56
8
Mont ext 1st gold 43
1937 J D 79 Amer I G Chem cons'5 As_ _1949 M N a7912 Sale 79
84
80
79 a81
7614 8313
80
3
80'z 107
Pacific ext gu 48(sterling)_1940 J J 71
_ Am Internal Corp cony 530 1949 J J 76
76's 75 Dec'32 ___ _ __ _
77
7518
25
79
731s 81
St Paul Un Dep 1st & ref 55.1972 1 J 9912
Amer Mach & Fdy s f 6s
10434 1051s
100 9
_1939 A 0
- _9512 101
_ 10518 Feb'33-9% 10
014 15
Amer Metal 534% notes__ _ _1934 A 0 105- - - 693
6614 74
7014 35
71
70
4
S A & Ar Pass 1st gag 4
Am Sm & R 1st 30-yr 5s ser A '47 A 0 863 Sale 85
5-1943
5712 64
837 87
8
22
81
3
861
6
4
3
Santa Fe Pres de Phen 1st 5.3_1942 5 S 64 Sale 6014 Dec'32 --__ ____ ____ Amer Sag
M
9014 96
90
Ref 5
9 10411 1053
-year es__ _1937 1 J 105 10514 10412 105
4
Say Fla & West let g 8S
1934 A 0 9614 100
95 Aug'32 __ -_- -._ _ Am Telep & Teleg cony 48_1936 M S 10314 10312 103
Jan'33 -- - - 10214 10312
1st gold 5s
1934 A 0
_
___
Oct'31 __ ____
___ 101
30
-year coll tr 53
86 al053 10712
1986 5 D 10614 Sale 10614
4
1063
Scioto V & N E let gu 4s__ _1989 MN 9535-years t deb 513
96
93
5
9812 96
98
9358 1960 J J 1047s Sale 1033
222 1033 107 2
4 105
4
,
Seaboard Air Line 1st g 4s._1951 A 0
*
20
•
-years I 530
1943 MN 10714 Sale 1063
4 1073 156 106 10912
Gold 4s stamped
1950 A 0
*
*
*
*
Cony deb 434s
19393 J 106 Sale 106
107
73 a1053 10714
4
Certifs of deposit stamped__ A 0
53
4 8
8
3 Jan'33 ____
3
Debenture 5s
1965 F A 1043 Sale 103% 105
4
347 10312 107 4
,
Certlfs of deposit unstamped A 0 _ ___ __ --_---- ---- ---- ---- Am Type Found deb 65_
1940 A 0 39
43
41
44
445
5
8
35
Adjustment 5e
Oct 1949 F A
. 58 Am War Wks & El coil tr 58
3 Feb'32 __- _
54 2
8
58_1934 A 0 925 Sale 928$
8
92
9853
40
96
Refunding 48
1959 A 0
•
•
Deb g 133 series A
1975 MN 6514 Sale a61
6514 20 a61
7214
Certificates of deposit _...- --_
..
2
153 3
Jan'33
let & cons 88 series A
1945 M S
31
318
3% Sale
20
2 4 38 Am Writing Paper 1st g 6s 1947 J J 31
3
34
34
1
34
3012 37
Certificates of deposit
214
3 Sale
3
14 33 Anglo-Chilean Nitrate 75_1948 MN
12
4
3
4
3 Jan'33 --- 3
512
All &I/km 30-yr lst g 45.d1933 M S
618 10
6 Feb'32 ____
6
734 Ark & Mem Bridge & Ter 58_1964 M S 80-- _ _ 82
82
80
3
82
Seaboard All Fla 1st gu t% A 1935
Armour & Co (III) let 434s_1939 J D 797 Sale 78
k
7712 818
8014 122
Certificates of deposit
A 0
1
2
1% Jan'33 ____
13g
14 Armour dr Co of Del 530
71% 7413
11)43 J J 723 Bale 72
4
7312 97
Series 11
1935
Armstrong Cork cony deb 56_1940 .1 /3 7712 91
7512 7818
4
775
8
76
Certificates of deposit
F A
1
2
3 Dec'32 ____ ____ ____ Associated 011 6% g notes_1935 M S 103 . _ _ 103
4
3
3
_
10338 11 102 4 103 8
Atlanta Gas L 1st 58
983 9834
4
1947 J 13 984 _ - -- 984 Feb'33 --__
So & No Ala cons gU g 58__-1938 F A 97
8914 Oct'32 ____ __ _
___ Atl Gulf & W I SS coll tr 5re 1959 J J 42 Sale 40
35
42
7
42
Gen CODS guar 50
-year 5s-1983 A 0 80 - 8978 80 Jan'33 ____
80 80
Atlantic Refining deb 5s_ _ _1937 J J 102% 103 10212 1023
4 30 10112 10314
So Pac colt 45(Cent Pac coil) k '49 J D 52 Sale 52
5414 16 e48
55% Baldwin Loco Works 1st 5s._1940 M N 9312 941 914
9212 30
9134 95
1st 434s (Oregon Linea) A 1977 M S 7033 Sale 67
707 176
8
5814 707 ilatavian Petr guar deb 4)0_1942 J J 92 Sale 9134
3
92
23
917 9414
e
-year cony 5s
20
1934 J D 8114 8312 81
8114 83
6714 8114 Belding-Heminway Gs
1936 J J 8734 98 a88 Dec'32
Gold 4 As
1988 M S 51% Sale 50
47% 5414 Bell Telep of Pa 55 series B-1948 J J 108 Sale 10714
513
4 46
108
24 107 iii
Gold 434s with warrants-1969 M N 50 Sale 4814
51
46
152
53
1st & ref 5s series C
1960 A 0 110 1102 1093
4 11014
19 10953 11134
Gold 430
1981 MN 50 Sale 4814
5278 Beneficial Indus Loan deb 6s 1946 M S 8813 Sale 8814
5114 223
46
89
17
83
89
San Fran Term 1st _ .. _1950 A 0 80
85
1
8312 85
75
85
Berlin City Elec Co deb 630 195t J D 81 Sale 5614
61
51
5514 7012
48Pac of Cal 1st con gu g5s 1937 M N 102 Sale 102
So
102
1 102 102
Deb sinking fund 630_ _ _1959 F A 60 Sale 5614
603
4 30
5512 6912
80 pito Coast 1st au g 45___ _1937 J J 8112 ___ 96
Jan'30 ____
____ _ _ ._
Debenture 65
1955 A 0 5612 5814 55 4
3
58
30
55 4 8412
3
So Pac RR 1st ref 45
79
74
Berlin Elec El & Underg 6301958 A 0 527 Sale a49
73 a79
1955 3 3 79 Sale 76
7
53
63 049
83
Stamped (Federal tax)- -.1955 J J ____ ____ 9212 May'30 --- _ ____ ____ Beth Steel 1st & ref .5s guar A '42 M N 91
93
85
857
31
84% 90
30
-year p m & impt 5 f 53.1936 J
851g 878$ 88
92
25
88
95
High
48
Mar'32
Feb'33
Nov'32
Jan'33
104 4
3
Jan'33
87%
--
r Cash sales. 0 Due May. k Due Aug
a Deferred delivery. • Look under list of Matured Bonds on page 993
992_
New. York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 10.
EE
...a.
price
Friday,
Feb. 10.
Week's
Range or
Last Sale.
1:11
al
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 10.
.11
g
h
.,a,
Feb. 11 1933
Price
Friday
Feb. 10.
Week's
Range or
Last Sale.
1%
al53
Bid
Ask Low
High No. Low
High
Bid
Ask Lot°
High No.
614 9 10 Feb'33 ____
3 20 Hackensack Water 1st 4s___1952 J J 9812 Sale 98%
9812 15
518 6
6 Ja1'33 ---5
14 6 Hansa SS Lines 6s with warr_1939 A 0 47 Sale 47
48
4
41
4% 1512 418
418
5 Harpen Mining 135 with stk porch
12
1
war for corn stock of Am abs'49 J J 85 68 613
6518 20
4
10
138 Dec'32 ____ -_-Havana Elec consol g 5s____1952 F A 19
30 18
18
4
214 3 8 214
7
Deb 5318 series of 1926__1951 M 5
2
2 ---14 378
214
4
578 378
4
10
1
27
8 1 Jan'33 --__
1
114 Hoe(R)& Co 1st 6118 ser A_1934 A 0 1318 19% 13 Jan'33 ____
Holland-Amer Line 68 (flat)_1947 M N 1811 20
1812 Jan'33 __
Brooklyn City RR 1st 58___1941 J J 74
81
75
75
11
6512 75 Houston Oil sink fund 514s_ _1940 MN 47 Sale 46
47
17
Bklyn Edison Inc gen 58 A- A949 J J 107 Sale 10614 107
7 106 108 Hudson Coal 1st 8 f 55 ser A_1962 J D 33
331
3314 3234
24
Gen mtge 58 aeries E
1952 J J 10638 Sale 106
10612 35 108 108 Hudson Co Gas 1st g 5e
1949 M N 107 108 10814 10814
1
Bklyn-Manh R T see &L....1968 J .1 9312 Sale 9312
9438 195
9012 96 Humble 011 & Refining 5s__ _1937 A 0 10314 10312 10314 1033
8 15
Bkiyn Qu Co & Sub con gtd 59'41 MN ____ 80 51 Sept'32 ____ ____ __ __
1st Ss stamped
1941 J J --------60 Nov'32 ___ ___
___ Illinois Bell Telephone 5e..- _1956 J D 10612 Sale 10612 107
29
Bklyn Union El let g
1950 F A 8312 Sale 8312
86
23
83 87 Illinois Steel deb 414s
1940 A 0 10012 Sale 10012 10114 34
Bklyn Un Gas 1st CMS g 58-1945 MN 110 11012 10934 111
Beefier Steel Corp mtge 68_1948 F A 4878 Sale 4312
23 1093 112
4
5.9.491
38
4
1st lien & ref 138 series A-1947 M N 1163 117 11834 1163
4
4 11618 11718 Ind Nat Gas & Oil ref 58
1936 M N 97 ---- 9612
9612
1
1938 J J 120
158 Feb'33 _
Cony deb g 510
158 158 Inland Steel 1st 4118
1978 A 0 80 Bale 7934
81
36
1950 J D 10338 Sale 103
10312 28 10212 105
Debenture gold 53
1981 F A 81
1st M a 1 410 ser B
82 7914
8012 31
1957 M N 107 Sale 10512 107
1st lien & ref series B
26 10512 107
Buff Gen El 4148 series B 1981 F A 10414 105 10414 1043
4 16 1033 10512 Interboro Rap Tran 1st 5.9_1968 J 3 58 Sale 57
4
5812 584
1952 A 0 4514 67 67H Jan'33 _
Bush Terminal lat 45
-year 68
671z 6712
1932 A 0
•
10
*
1955 J J 23 Bale 20
Consol 5e
2478 15
Certificates of deposit ____ -__
20
1718 20 8738 Feb'33 -3314
Bush Term Bldge de gu tax ex .30 A 0 4512 Sale 4512
4712 27
45H 641
i
10
-year cony 7% notes 1932 M S
•
1945 M N 45 Sale 45
By-Prod Coke 1st 510 A
46
3 43 46
Certificates of deposit
6714 Sale 655
8814 104
,
Interlake Iron lat 5s B
1951 MN 4112 42 41
42
8
Cal0& E Corp unf & ref 58-1937 MN 106 10814 10518 10614
7 10534 10834 Int Aerie Corp 1st & coll tr 55
Cal Pack cony deb 58
19403 J a65 Sale 65
65
7 64 a67
Stamped extended to 1942____ MN 41
42 41
41
1
Cal Petroleum cony deb s f 58'39 F A 9114 9234 9212
921 941 lot Cement cony deb 5s__1948 MN 59 Sale 57
93
7
59
41
1938 M N 9212 93 4 9212
Cony deb at g 5148
3
943
4
5
9212 96 Internet Hydro El deb 68....1944 A 0 3612 Sale 3414
3678 51
Canada SS L 1st & gen 6s-1941 A 0 15 Sale 1434
1514
5
_A941 A 0 351z Sale 351
1434 20 Inter Mere Marine
37
26
Cent Dist Tel 1st 30-yr 69_1943 3 D 10634 Sale 10634 107
2 10134 108 Internal Paper de ser A dxB_1947 J J 471 Sale 4718
ef6s_481
24
Cent Hudson G & E 5s_Jan 1957 M B 10512 -- -- 10534 106
4 10512 107
1955 M 13 14 Sale 1212
Refs 1 65 series A
14
38
Cent III Elec .1c Gas 1st 58-1951 F A 7014 Sale 7014
71
6
70
75 lot Telep & Teleg deb g 434s 1952 J J 2734 Sale 2512
28% 118
Central Steel 1st g 8 1 8s1941 MN 86% Sale 8638
86%
1
8412 93
19393 J 33 Sale 2812
Cony deb 4118
3334 216
38
Certain-teed Prod 5148 A
1948 M 8 38 Sale 36%
21
3534 3912
1955 F A 3112 Sale 2634
Debs 55
3212 257
3 326
Chess° Corp cony 58 May 15 '47 M N 7418 Sale 7012
75
65 75 8 Investors Equity deb 55 A 1947 J D 84 88 84
3
8414 20
8
Ch G L & Coke 1st gu g 58--1937 J J ---- -1057 Feb'33 -___ 105 1057
1948 A 0 85 Sale 84
8
Deb 513 ser B with warr
85
8
Chicago Railways 181 58 stpd
1948 A 0 84 Sale 8314
Without warrants
84
6
•
F A
*
Sept 1 1932 20% part. pd
•
1943 A 0 39 Bale 35 4
3
Childs Co deb 58
39
48
34
3934 K C Pow & Lt lst4Haser 13.1957 J J 104 Sale 103% 10414
8
19473 J 42 Sale 4034
Chile Copper Co deb 541
4212 65
3414 44
1961 F A 10438 Sale 103
let M 4Hs
1043
4 38
1968 A 0 9938 Sale 9812
9938 151
/
CM 0 & E 1st M 43 A
9814 100 Kansas Gas & Electric 4345.11803 13 91
92 9014
933
s 25
Coal 1st 48_1940 J J 3518 __-- 77 Dec'30 --- ____ ____ Karstadt (Rudolph) 1st 88_1943 M N 35 Sale 32
Clearfield Bit
35
94
1938 J J 35 4 Bale 3434
3
Colon Oa cony deb 138
38
10
3434 74212 Keith(B.F.)Corp. 1st 843_1946 M 8 33 Sale 33
35
34
Colo Fuel & Ir Co gen s f 58_1943 F A 4418 47 43
43
1
40 47 Kelly-Springfield Tire 68.1942 A 0 35
41
3812
3812 16
Col Indus 1st & coil 58 gu_ -1934 F A 26
28 25 Feb'33 ---2
5 301s Kendall Co 5145 with warr 1948 M S 06434 Sale 63
643
4
5
3
Columbia G & E deb 58 May 1952 M N 85 4 Sale 83s
853
4 92
83
7014 69 Dec'32
8934 Keystone Telep Co 1st 5s 1935 J .1 68
Debenture 58
Apr 15 1952 A 0 85 _ --- 8318
8312
2
83 89 Kings County El L & P 58_1937 A 0 107 108 10714 10714
5
Jan 15 1961 J J 85 Sale 83
Debenture 5s
8512 50
8212 87 s
1997 A 0 132 140 133
Purchase money 138
7
133
1
8
Columbus Ry P & L 1st410 1957 .1 .1 9512 967 95
96
20
94% 9714 Kings County Elev 1st g 4s-1949 F A 7514 77 76 Feb'33 ---1942 A 0 1042 Sale 10412 10434 10 10418 106 Kings Co Lighting 1st 5s
Secured cony g 5148
1954 J J 105 108 105 Feb'33 -19643 J 11412 116 11414 Feb'33 --__
First and ref 6148
997 10314 Kinney(OR)& Co 711% notes'36 J D 45
Commercial Credit s169 A..1934 MN 10034 Sale 10038 1003
4 18
43 47
47
5
Coll tr 8 f 514% notes_ _ 1935 3 J 9912 Sale 983
8
9912 44
963 9912 Kresge Found'n Coll tr 6s_ 1936.8 D 59 Sale 59
4
62
29
Comm'i Invest Tr deb 5348_1949 F A 105 Sale 10278 10414 162 101 1047 Kreuger & Toll sees 1 5s
1959 M S
•
8
•
ComputIng-Tab-Ree 8 f 6s_ _1941 J J 107 Sale 107
107
4 107 1088
M Ft 1118 _--- 1078
Certificates of deposit
11118 100
Conn Ry & List& ref g 410 1951 11 J 96'±- -- 10112 Jan'33
_
9934 10112
1951 J 3 99H 104 101
Stamped guar 414s
Jan'33 ___ 101 10112 Lackawanna Steel 181 58 A__1950 M 9 84
86 85
88
11
Consolidated Hydro-Elec Works
Laclede G-L ref & ext. 5s_1934 A 0 93H 94 931s
94
4
of Upper Wuertemberg 7s-1958 J J ---- --- - 6018
8112
8
6018 66
Coll dc ref 510 series C_1953 F A 6414 Sale 62
6512 40
77 Sale
77
Cons Coal of Md 1st & ref 59_1950 3 D
814
8
6s 9
64
Coll & ref 534s series D___1960 F A 6212 84 64
20
Consol Gas(NY)deb 5%8_1955 F A 10578 Sale 10538 1057
8 88 al0978 10714 Lautaro Nitrate Co Ltd 68_1964 3 J
312 Sale
3
312
3
1951.8 D 10068 Sale al00
Debenture 4%a
101
117 100 101% Lehigh C & Na•5 f 411a A__1954 J J 878 897 89
8
8914 82
19573 J 1037 Sale a10318 1037 126 al0318 10512
Debenture 58
s
Cons sink fund 4348 ser C.1954 .1 J 87% 90 88 Sept'32 __ .
Consumers Gas of Chic gu 58 1936 3 D 1033 10414
4
•
2 Feb'33 --__ 10334 1043 Lehigh Valley Coal 1st6 53.-1953 ---•
*
4
Consumers Power 1st 58 C 1952 M N 1051 106 10514 10534 14 10414 107
_ --_- ---_ 80 Jan'33 ---Certificates of deposit __ ___.
1946 J D 39
44 4012
Container Corp 1st 65
40
12
_ - 100% Dec'32 ____
4012
1934 FA 997
_-2 35
1st & ref a f 59
15
-year deb 55 with warr _1943 J D 17H 19
1634
18
7
81634 20
1944 F A 5034 9712 52 Feb'33
1st & ref a 1 58
Copenhagen Telep 5s-Feb 161964 F A 853 Sale 653
8
8
35 23% Jan'33 -_
67
12 39 6568 7312
1954 F A 21
1st & ref s t 58
Corn Prod Refg 1st 25-yr 815834 M N 10312 10412 10414 10414
1964 F A ---- 36 36 Dec'32
let & ref a f 58
7 103 10412
Crown Cork & Seal a f 68_1947 J D 8712 Sale 871
8712
1
35 22
1974 F A 22
87
9012
1st & ref a 1 de
22
3
Williamette Paper 69_1951 1 J 5618 58 56
Crown
58
22
56
64
Secured 6% gold note8.__1938 J 3 59 ---- 57
59
33
Crown Zellerbach deb 58W w 1940 M 5 04112 Sale 04112
421
6 04112 44 Liggett & Myers Tobacco 78-1944 A 0 12334 Sale 12334 125
40
Cuban Cane Prod deb 68.._ _ _1950 J J
•
•
*
1951 F A 10968 Sale 1083
58
4 110
82
comb T 5c T let & gen 59
1937 J J 106 1061s 106
10612 14 10584 107 Loew's Inc deb a 1 88
1941 A 0 68 Sale 65%
68
79
19523 D 8712 8912 8718
Lombard Elec 7aser A
8912 37
Lightilst 4348_1971 J 3 10112 1013 10114 10112
4
Del Power &
8 10078 10134 Lorillard (P) Co deb 78
1944 A 0 11178 Sale 110
11212 41
1969 1 J 93% --- - 95 Feb'33 _
1st & ref 4I18
95
99
1951 F A 94 Sale 9114
Is
9414 27
1969 .1 J 10184 ---- 10111 1013
1st mortgage 410
4
4
3 100 1013 Louisville Gas & El(KY)58.1952 M N 10434 Sale 10414 10514 26
8
Den Gas At El List& ref sf 55'51 M N 9712 Sale 957
9712
4
91
97H Lower Austria Hydro El Pow
95
Stamped as to Penns tax_1951 MN 98 100 95
5
93 96
1st 818 As
1944 F A 53 Sale 5118
53
9
1949 A 0 10114 Sale 100
10168 39 100 10334
Detroit Edison 5s ser A
•
4
1955 J 13 1003 Bale 13014 10112 11 10018 103 McCrory Stores Corp deb 5343'41 3 D 3138 Sale 294
Gen & ref 58 series B
3138 15
4
10118 26 100 10312 McKesson & Robbins deb 510'50 MN 36 Sale a35
1962 F A 101 1013 100
Gen & ref 55 series C
3614 33
9812 39
8
9534 100 Manatl Sugar lat s t 7148_ _1942 A 0
Gen & ref 4155 series D-1961 F A 983 Sale 9738
5
83
4 5 Feb'33 -- -1952 A 0 10118 Sale 9934 10114 133
Gen & ref te series E
Stamped Oct 1931 coupon 1942 A 0
99 4 103
3
3
3H 3 Feb'33 __-8434 Sale 831:
85
92 82 91
Dodge Bros cony deb 6s_ __ _1940 M N
Certificates of deposit
3
9
312 Jan'33 --70
Dold (Jacob) Pack 1st 63_1942 MN 67 Sale 67
7 65
70 Manhat Ry(NY)cons g 48_1990 A 0 37 Sale 35
3712 52
60
Donner Steel 1st ref 75
1942 J .1 57 60 60
1
57
84
Certificates of depoeit __
_ 273 35 31
4
Jan'33 --._
Duke-Price Pow 1st 68 ser A_1988 MN 5312 Sale 5014
5312 72
43
5312
2d 48
2013.8 D 2212 Sale 2212
__2212
1
Duquesne Light 1st 410 A-1967 A 0 1043 Sale 10378 1043
4
4 76 103 1053 Manila Elec RR 54 Lt8 f 58_ _1953 M S 6518 893 85 Oct.'32 ____
8
4
181 M g 410 series B_
10814
M S 10678 108 108
4 10512 1083 Mfrs Tr Co ctfs of partic In
4
Al Namm & Son 1st68_1943 J D 45
55 47
47
5
•
•
East Cuba Sue 15-yr a 1 g 711s'37 M S
•
Marion Steam Shovel a 168_ _1947 A 0 35 Sale 35
3612
4
Ed El III Bklyn 1st cons 48_1939 j j 10284 Sale 10234 1023
4 14 1023 10412 Market St Ry 78 ser A_April 1940 Q .1 6818 Sale 6818
4
70
6
Ed Elm (NY) 151 cons g 58-1995 J J 119% ---- 11918 Feb'33 ____ 11812 120
Mead Corp 1st 65 with warr_1945 M N 4618 4812 04614
4812 13
El Pow Coro (Germany) 6348'50 M 13 5838 Sale 56
6834 Merldionale Eiec 1st 78 A
5812 26
58
1957 A 0 93
94 93
1st sinking fund 6He_ _ _1953 A 0 5712 Sale 563
4
Melt Ed 1st dc ref 5s ser C 1953 J J 99 Sale 9712 Feb'33 ---58
36
5512 88
99
7
Ernesto Breda Co 1st M 78_ _1954
lat g 411e series D
1968M 9 86 Sale 86
89H 27
With stock purchase warrants- F A 75
72 80
78 7612 Feb'33 ____
Metrop Wat Sew ar Dr 5%6_1950 A 0 71% Sale a688s
72% 29
Met West Side El(Chic)48.-1938 F A 14
2012 1312 Feb'33 --.
7512 70 8
3
Federal Light & Tr let 58_1942 M 13 67
7068
1
63
70% Miag Mill Mach 1st a f 7a
1956 J D 38 56% 55
194 N 8 67
2 i
36
70 6714
703
8
9
1st lien a 1 5s stem ped
6514 7012 Midvale St &0 coll tr a 1 58 1936 M El 9134 Sale 9034 06212 41
91%
1942 M S 73 Sale 72
74H 25
181 lien 6s stamped
68
7712 Milw El Ry & Lt 1st 58 B
1961 J D 7814 7918 78
7634 11
5812
30
-year deb (Is series B_._1954 J D 5812 Sale 58
9
5534 60
1st mtge Ss
1971 J .1 783
4
783
4 19
Federated Metals a 1 7s- -- _1939J D 8112 90 85
85
3
82 85 Montana Power 1st 58 A__ _1943 J J 8212 Sale 76
Bale 7512
8514 73
Fiat deb s f g 75
1946 3 .1 95 Sale 95
9568 41
94
97
Deb 59 series A
1982 J D 62 Sale 6018
62
15
Fisk Rubber lat 8 f 88
•
•
1941 M 5
•
Montecatini Min & AgrioFramerIcan Ind Dev 20-yr71113'42 J J 100 Sale 100
100 4 17 100 1014
3
Deb g 78
98 a9634
1937 J J 96
98
6
Francisco Hug lat s f 7348._l942 MN 1012 13
13
13
1
13
1514 Montreal Tram 1st & ref 59_1941 J J 8212 Sale 8112
8212 30
Gen & ref s 1 5s series A.A955 A 0 84
7012 8434 Feb'33 ____
Gannett Co deb 68 ser A_ _ _1943 F A 78
80 78
80
2
76 80
Gen & ref a f 58 ser 1.1
1955 A 0
8
Gas& El of Berg Co cons g 581949 J 1) 106 ____ 9818 June'32 _ _
_ _
_Gen & ref s f 434s ser C 1955 A 0 64 -:__ 683 Feb'33 - --57
7014 Oct'32 ____
Gelsenkirchen Mining 6s _ _1934 M S 67 Sale 67
6778 ii
ii id;
Gen & ref a 1 Ss ser D
85
77 Sept'32 --_ 1955 A 0 64 Gen Amer Investors deb 58A1952 F A 7918 8114 7912
80,
s
5
7912 8112 Morris & Co 1st a f 4Ha---1939 J 1 793 Sale 79H
80
15
Gen Baking deb a 1 5119_1940 A 0 10034 Sale 9914 10114 24
9812 10112 Mortgage-Bond Co 48 ser 2 1966 A 0 4014
4038 Dec'32 ____
Gen Cable lat 8 f 5368 A....1947 J J 46
50 47
50
9
47
5412 Murray Body let 6Ii a
78
75 Jan'33 _ --1934 J D 75 Gen Electric deb g 3158- -- -1942 F A 1003 1047 100 Jan'33 ____ 100 10014 Mutual Fuel Gas
4
8
1st gu g 5s_1947 M N 104 107 13612 Feb'33 ---Gen Else(Germany) is Jan 15'45J J 57 60 53
60
46
53
8212 Mut Un Tel gtd (la ex t at5% 1941 M N 75
95 94 Dec'32 ____
1940 3 D 4614 Sale 04034
Elf deb 6Iis
47
40 a4014 57%
1948 M N 4318 Sale 03912
20-year a f deb Os
44
100 a3914 557 Namm (Al)& Se,,.. See Mfrs Tr
3
Gen Mot Accept deb 65..__ _1937 F A --------102 Feb'33 ___ 10178 10212 Nassau Elm gu g 48 stpd
195I J .1 55 Sale 55
56
29
Gen Petrol let a f 5.9
1940 F A 103 10412 1027
8 104
16 1027 105
Nat Acme 1st a f Ils
8
53 Jan'33 - - - 1942 J D 5414 80
Gen Pub Serv deb 5348
19393 .1 8411 Sale 8412
8614
7 80
4
864 Nat Dairy Prod deb 534s
1948 F A 823 Sale 8038
83
184
Gen Steel Cast 510 with warr'493 .1 6218 Sale 62
063
5
8
5718 66
Nat Steel 1st coil de
1956 A 0 793 Sale 78
72
795
Can Theatres Equip deb 65....1940 A 0
•
•
•
Newark Consol Gas cons 58_1948 J D 10612 _ _. 10512 Jan'33 __ __
Certificates of deposit
112
112 Sale
112
2 NJ Pow & Light 1st 4%a_ _1960 A 0 93 Sale 9114
93
162
5
1
Good Hope Steel &Ir sec 78.1945 A 0 54
593 056
4
59
75 68
23 a56
6518 Newberry (J3) Co 534% notes'40 A 0 68
73
7
Goodrich(B F)Co 1st6 Hs_ _1947 J J 7412 Sale 7412
7678 39
7412 80 New Eng Tel & Tel 58 A
1952 .1 D 11084 Sale 10912 11038 24
Cony deb 68
1945 J D 41H Sale 4112
1961 MN 10534 10612 1043
433
77
4112 4934
4 1063
lat g 4%9series 13
8 27
Goodyear Tire dr Robb 181 581957 MN 78 Sale 7718
79
New Orl Pub Serv 1st 55 A_1952 A 0 5914 Sale 58
591* 44
49
i7ls 86
Gotham Silk Hosiery deb 68_1936 J D 80 Sale 80
5812 14
81
4
80 87
1955 J D 5814 Sale 5612
First & ref 58 series B
Gould Coupler 1st a t 6s_ _ _1940 F A
518 10
1012
1951 F A 5518 57 56
101/
1
6
1012 N Y Dock 1st gold 48
5612
4
Gt Cons El Pow (Japan) 78.._1944 F A 4114 43 4012
431
193s A 0 3212 Sale 32
33
Serial 5% notes
14
14
38114 4318
1st & gen 9 f 634s
19503 J 3534 367 34
8
36
11412 57
11
3234 3812 NY EdLson 1st & ref 6115 A_1941 A 0 11412 Bale 11312
Gulf States Steel deb 5Hs_ _ _1942 J D 48
49 48
48
5
4712 WS
4 107
1944 A 0 107 Sale 1053
1st lien & ref 58 aeries B
16
4
1951 A 0 1063 Sale 10512 10714 24
1st lien & ref 53series C
Bing & Bing deb 6348
1950 M S
Botany Cons Mills 6 He_ _ 1934 A 0
Certificates of deposit
A 0
Bowman-BM Hotels lot 7s__1934
Stmp as to pay of 1435 pt red M 9
B'way & 7th Ave 1st cons 58_1943 J D
Certificates of deposit
J D
Range
Since
Jan. 1.
Low
High
923 9812
8
47 61
8138 7212
18
18
31
4
13
15
177 1812
8
48
53
32
35
1063 10814
4
10278 104
106 10714
10012 10312
4312 5812
95% 9612
74
81
74 8012
47 59
12
16s 191
%
•
60 70
3814 4312
3978 41
54
6212
3414 44
35H 04014
39 49%
1211 157
8
25 3112
2812 37
261 3312
4
8318 8412
83 85
82% 84%
1033 10412
8
103 10534
9014 95
28
41%
294 373
4
3812 46
63 67
10512 108
132 135
7412 7712
105 10512
11414 11414
47
53
5818 64%
•
1012 13
-
---
i
--A957
r Cash sales. a Deferred del very
•Look under list of Matured Bonds on page 993
823
8
90
6018
8014
234
95
____
87
96
67 4
8
6612
5
943
____
80
____
80
9112 2318
22
57
12034
4
1063
651s
85
110
91%
10414
2212
59
1261±
110
8412
90
114
99
10612
45
53
29
62
34
3912
5
518
2
3
3
3
12
2914 3912
2238 31
1738 23
_
-- 47
5518
3318 3734
8818 7534
45
5012
87
93
93 99
85
90
8518 72%
1312 15
55 67
90 4 95
3
76
84
76
83
7512 86
55 62
95
9812
8112 8614
0434 (1612
6138 6834
__
__
_:: -:
-WS - -81
---- --75
80
105 10734
_ _-- --- _
51
56
53
54
80
91
7778 8112
10512 10512
9614 95
68
79
10914 11134
1043 10712
4
56H 6412
5512 6412
5314 6014
32
37
12
11312 115
1053
41083
8
10512 10814
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 10.
I'21
,
3
l.':
-,s,
NY Gas El Lt H & Pow g 58 1948 J D
Purchase money gold 4s_ _1949 F A
NY L E & W Coal & lilt 53(s'42 M N
NY L E dr W Dock & Imp 55'43 J J
N Y Rys Corp Inc 6s_ _Jan 1965 Apr
Prior lien 68 series A
1965 J J
NY & Riehm Gas lot 68 A._1951 M N
NY State ltys lot cons 4 Ms A '62
Certificates of deposit
NI N
50-yr 1st cons 6 Ms ser B__1962
Certificates of deposit
NY Steam Os ser A
1947 M N,1
1st mortgage 5s
1951 M N
1st M 5s
1956 M N
N Y Telep 1st & gene f 410_1939 81 N
N Y Trap Rock lot 68
1946.3 D
Niag Lock &0 Pow lot 5s A_1955 A 0
Niagara Share deb 5 Ms_ _ _ _1950 M N
Norddeutsche Lloyd 20-yr 5168'47 M N
Nor Amer Cem deb 6345 A 1940 M S
North Amer Co deb 5s
1961 F A
No Am Edison deb .5s ser A_1957 M 5
Deb 634o ser I3__ _Aug 15 1963 F A
Deb 58 series C__ _Nov 15 1969 M N
Nor Ohio Trac & Light 68..1947 m S
Nor States Pow 25-yr 5s A._1941 A 0
lot & ref S-yr 68 ser B___ _1941 A 0
North W T lot fd g 4 Ms gtd_1934 J J
Norweg Hydro-El Nit 5;58..1957 M N
Price
Friday.
Feb. 10,
Bid
1113
4
1023
8
____
____
4
13
36
105
13
4
Ask
Sale
Sale
90
100
Sale
37
____
3
Week's"
Range
Range et
tz
s Is
Since
Last Sale. cpv:
Jan. 1.
High No. Low
Low
High
11134
11238
7 111 1123a
103
10214
22 10118 103
80 June'32 ____ ____ ____
___ _
100 June'31 ____
134 11
13
8
35 14
8
1
30
36
34
38
105
105
2 10212 105
13 Feb'33 ____
4
13
4 3
112 Dec'32 ____
10714 10712 10714
10712 11
120 1027 102
8
10312 37
10238 1023 1013
4
4
1023
4 52
10514 sale 105
106
138
5412 Sale 5412
55
4
10412 10434 10412 1043
4 21
70 Sale 6912
72
40
52 Sale 0485
5214 48
8
01118 Sale 1018
1212 55
83 Sale 805
8312 50
8
80
82
81
82
11
8414 Sale 8212
85
21
78 Sale 76
79
38
10412 sale 104
105
14
103 Sale 1023
4 10312 38
1053 Sale 1053
10612
4
4
6
92
99 06612 Dec'32 ____
8 63
705
8
705 Sale 687
8
114
993
BONDS
,
N. Y. STOCK EXCHANGE
Week Ended Feb. 10.
,-, a.
South Bell Tel & Tel lot 51 58 '41 J
Sweat Bell Tel 1st & ref 58_1954 F
Southern Cob Power 62; A_ .1947.3
Stand 011 01 NJ deb 55 Dec 15'46 F
Stand Oil of N Y deb 4)48.1951 J
Stevens Hotel 1st 6s series A _1945
Studebaker Corp 6% g notes 1942.3
Syracuse Ltg Co lot g 5
8
1951 j
Price
Friday
Feb. 10.
Bid
Ask
J 106 Sale
4
A 1063 Sale
J 78 Sale
4
A 1043 Sale
D 100 Sale
•
D 3712 Sale
D 110 ____
Week's
Range or
Last Sale.
Low
High
1055
8 10614
106
1063
4
7514
78
10412 1047
8
983
4 100
•
3314
3712
110 Feb'33
"
3:
5
-1
4`
,
3
Range
Since
Jan. 1.
No. Low
High
28 1055 107
8
27 106 107,
2
13
7514 81
156 1033 105
4
100
9714 100
32
110
4418
110
10114
.50
89
87
4018
2218
88
9478
48
10414
a57
100 4
,
93
4513
283
4
90
102
5212
4014 474
4014 Sale 03818
345
8
10614 ____ 10412 Dec'32 ____ ____
21
4
2312 Sale 23
24
5118 Sale 5118
5214
2
5118
.
-------- 10 Feb'32 ____ ____
5512
62
ou
593
4
55
8
55 ____ 5512
5512
2 05512
4014
____
21
55
___
6218
6214
259
____
13
4
___
___
10714 109
102 10412
1013 104
4
19412 106
4912 6014
10112 105
60
72
a485s 60
1018 2618
805 89
8
783 87
8
8014
893s
76
847
8
10218 10714
1025 1043
8
4
1053 10612
8
____
__
653 -- 8
4 705
Tenn Coal Iron & RR gen 58_1951 J .1
Tenn Copp & Chem deb 6813 1944 M 5
Tenn Dec Pow 1st 68
1947 J D
Texas Corp cony deb 5s _ 1944 A 0
Third Ave Ry 1st ref 4s
1960 J J
Ad)Inc 55 tax-ex N Y-Jan 1960 A 0
Third Ave RR 1st g 5s
1937.3 .1
Tobacco Prods (N .1) 6 Ms_ _2022 51 N
Toho Elec Power lot 75 1955 M 5
Tokyo Elec Light Co Ltd
1st 68 dollar series
1953 J D
Trenton G & El lot g 58__1949 0 5
1
Truax-Traer Coal cony 040_1943 M N
of
19 2 j N
940 M j
6
Twenty-third St itYo
t t
h
5s
-Tyrol Hydro-Elec Pow 7Ms_1955 M N
Guar sees 178
1952 F A
Ujigawa Elec Power 51 78_ 1945 M 5
Union Elec Lt & Pr (Nlo) 53_1933 MN
Gen mtge gold 5s
1957 A 0
Un EL & P (III) lot g 5%s A 1945 i
J
Union Elm'Ry(Chic) 58_ _1954 A 0
Union Oil 30-yr Os A. May 1942 F A
1st lien 8 f .58 ser C___Feb 1935 A 0
Deb 5s with warr_ __Apr 1945 J D
United Biscuit of Am deb6E1_1942 MN
United Drug Co (Del) 5s
1953 M 5
United Rys St L lot g 4s
1934 J 1
US Rubber 1st & ref Meer A
1947 i J
United SS Co 15
-year 68_
1937 M N
Un Steel Works Corp 6 MsA_1951 J D
Sees 1 634s series C
1951 J D
Sink fund deb 614sser A 1947 J J
United Steel Wks of BurbachEsch-Dudelange s f 78___ _1951 A 0
Universal Pipe &Rad deb 68 1936 J D
Unterelbe Power & Light 6s_1953 A 0
Utah Lt & Trac lot & ref 55_1944 A 0
Utah Power & Light lot 58 1944 F A
Utica Elec L & P 1st s 1 g 58_1950 J J
Utica Gas & Elec ref & ext 581957 J .1
Tall Power & Light 5%8-....1947 1 D
Deb 58 with warrants__ _1959 F A
10212 10414
55
51
903 Sale
4
8014 Sale
4412 Sale
28 Sale
8912 90
100 Sale
5013 Sale
10414 Ja1'33 ____
.50
50
10
9314 92
89
8934 273
8714
4412 11
44
97
28
2612
90
8912
16
993
4 10012 311
5112 13
5018
4018 48
44
4912 34
42
50
8
101 1015 101
101
15 101 102
10414 Sale 10314
10414 46 1023 10412
8
10414 10412 104
105
11 10312 105
___ 18
Jan'33 ____
171
18
18
28
1045 105 104 8 105
5
9 10412 105 4
3
10014 1003 10014
4
1 10014 1003
10012
4
84
16 a83
84 Sale 83
89
98
9812 99
98
1
963 100
4
6418 124
59
635 Sale 625s
8
70
193 Feb'33 ____
4
1912 24
193 193
4
4
42
4
58
415 Sale 383
8
3818 5012
__
82
85
8812 8518 Jan'33
88
55
50
4412 6014
4712 Sale 4412
4812
47
9
473 Sale 47
60
4
49
81
47 Sale 45
45
5912
Ohio Public Service 7345 A 1946 A 0
lot & ref 75 series B
1947 F A
Old Ben Coal 1st 68
1944 F A
Ontario Power N F lot 5
8..1943 F A
Ontario Power Serv 1st 5 Ms_1950 .1 J
Ontario Transmission lot 58_1945 M N
Oslo Gas & El Wks extl 58_1963 M S
Otis Steel 1st NI 6s ser A._.1941 M 5
Owens-III Glass s I g 5s
1939 J .1
Pacific Coast Co lot g
1946 J D
Pacific Gas & Eiger) & 58_- A '42 1 J
ref 5.4
Pac Pub Sem( 5% notes- - - _1936 M 5
Pacific Tel & Tel 1st 5s
1937. J
1
Ref mtge 5 series A
8
1952 MN
Pan-Am Peteo(of Cal)conv 68'40 J D
Certificates of deposit
____
Paramount-Irway let 5%8...1951 J j
Paramount-Fam's-Lasky 08.1947.3 D
Paramount Publlx Corp 534s 1950 F A
l'ark-Lex lot leasehold 6358 1953
Certificates of deposit
Parmelee 'Frans deb Os
0
1944 -Pat & Passaic G & El cons 55 1949 M S
Pathe Exch deb 7s with warr 1937 M N
Pa Co gu 334s coil tr A reg 1037 NI S
Guar 3358 coil trust ser 18_1941 F A
Guar 3Ms trust Ws C
1942 J D
Guar 334s trust etre D._ .1944.3 D
Guar 4s ser E trust etts_1952 M N
Secured gold 434s
1963 NI N
Penn-Dixie Cement 1st Os A 1941 81 S
Pennsylvania P & List 430 1981 A 0
Peon Gas L dr C lot cons 68_1943 A 0
Refunding gold 5s
1947 81 S
Registered
M S
Phila Co see 5s series A_ _ _1967 j D
Phila Elec Co 151 & ref 4348_1967 NI N
1st & ref 4s
1971 F A
PhIM & Reading C & I ref 5s 1973 J J
Cony deb 6s
1949 M S
10414 Sale 104
102 Sale 1013
4
15
19
19
967 sale 967
8
8
--------70
9812 99
92
7012 7312 68
2114 Sale 20
1013 Sale 101
4
4
283 3212 32
10512 Sale 10478
85 Sale 85
10612 Sale 10614
10714 Sale 107
•
315a 38
36
35 Sale 3212
812
1058 Sale
1118 Sale
912
105
3 10012 105
9 100 104
10212
1
2312
19
19
97
3 a9678 10134
Feb'33 ____
69
7112
98 10014
Feb'33 ____
Feb'33 ____
67
6812
21(4 15
20
3412
1013
4 18 101 1013
4
32
Jan'33 ____
32
1053
4 11 10414 1063
4
873
4 28
85
8812
1063
4 23 1057 1073
8
4
10758 34 10614 1083
4
•
•
Feb'33 ____
3014 3812
35
30
28
373
4
11
47
814 167
8
12
110
614 1614
1012 1112 10
712 12
11
103 12 106
4
10614 108
51
60
87
50
8318 ____ 78
7712 ____ 855
8
-- 7912
78
79 F8114 82
873 Sale 87
4
4412 Sale 44
93 Sale 9218
1123 113 11212
8
1053 1063 10513
8
4
--------96
86 Sale 85
10112 Sale 10312
9914 Sale 9812
61
635 64
8
393 Sale 3812
8
1012
1
12
7
106
3
3
53
Ne,(31 ____
Jan'33 _ _ _
Jan'33 __-Jan'33 ____
8312
2
90
30
4512 12
9318 242
113
5
10512
1
Apr'32 ____
87
56
10412
9
9938 74
66
4
3978 93
Phillips Petrol deb 5348, _1939 .1 D
Pillsbury Fpr Mills 20-yr18_1943 A 0
Pirelli Co (Italy) cony 7s_ _1952 M N
Pocah Con Collieries let 8 f 58 '57 J J
Port Arthur Can & Dk 68 A.1953 F A
1st m 68 series B
1953 F A
Port Gen Elee lot 4;0 sec C 1960 NI 5
Portland Gert Elec let as__ _1935 J J
l'orto Rican Am Tob cony 68 1942 1 J
Postal Teleg & Cable coll 53_1953 J J
Pressed Steel Car cony g 58_1933 3 J
Pub Serv El & G lot & ref 4348'67 J D
lot dr ref 434s
1970 F A
lot & ret 48
1971 A 0
l'ure Oil a f 534% note8
,
1937 I A
S 1 534% notes
1040 M S
Purity Bakeries 8 f deb 58_ _1948 J J
7134 Sale 70
72
76
104 sale 10312 104
12
100 101 100
100
2
60
67
60 Feb'33 ____
50
67
51
51
2
4
353 80
63 Aug'32 ____
6514 sale 64
657 124
8
10014 Sale 9944
10014 22
2512 30
2512
253
4 11
237 Sale 20
8
2418 177
'.
*
104 10412 10312 1043
8 60
105 Sale 10318
105
19
9914 72
99 Sale 99
76 Sale 76
7714 39
7214 7314 7218
7318 23
627 64
8
62
627
8 11
Radlo-Keith-Orpheum part paid
Ws for deb 68 & corn stk 1937 NI N
Debenture gold 6s
1941 J D
Remington Arms Iota 1 65.1937 MN
Item Rand deb 530 with war '47 M N
Repub I & S 10-30-yr 5881_1940 A 0
Ref & gen 510 series A....1953 J J
Revere Cop & Brass Os ser A 1948 NI S
Itheinelbe Union s t 78
1946 J J
Rhine-Ruhr Water series 0..1953 J J
Rhine-Westphalia El Pr 78..1950 NI N
Direct mtge 6s
1952 M N
Cons NI 68 of 1928
1953 F A
Con M 05 01 1930 with warr '55 A 0
Richfield 011 of Calif Oo
1944 M N
Certificates of deposit
MN
Rims Steel let 8 f 78
1955 F A
Roch G & El gels M 534s sec C '48 NI S
Gen mtge 434s series D___1977 M S
Gen mtge Se series F
1962 M S
R
&och Pitts C &I p m 58_1946 M N
Royal Dutch 4s with warr_ _1945 A 0
ROM Chemical IT 1 6s
1948 A 0
____ 69
60 Dec'32 ____
812 Sale
812
9
15
58
0312 59
6312
3
5712 Sale 5218
58
72
70
7312 73
73
I
323 37
8
31
3518
9
55
5914 56 Feb'33 ____
5312 5514 50
120
56
4778 Sale 4478
48
32
68 Sale 6314
68
12
60 Sale 5312
60
95
05612 Sale 51
59
67
5712 Sado 5212
583 104
4
•
253 Sale 24
8
2538 20
38 Sale 38
I
38
10512 1057 1053
8
4
8
4 1057
993 Sale 9934
4
993
4
5
103 Sale 103
1033
4 29
40 _ __ 85 Dee'30 ____
57 Sale 85
40
87
____ 58
57
5912
6
Vanadium Corp of Am cony 5s'41 A 0 413 Sale 413
4314 27
413 483
4
4
4
4
Vertientes Sugar lot ref 78_ _1942
Certificates of deposit
_
2
112 2
4
2
2
2
Victor Fuel lot s t 58
11
14
Jan'33 ____
1012 1414 14
1953.3 -.1
Va Rice dr Pow cony 5%3_1942 NI S 105 Sale 104
11 1037 105'8
10514
8
Va Iron Coal & Coke 1st g 5s 1949 M S 4914 ___ 50 Feb'33 ____
4812 50
Va Ry & Pow lot dr ref .5s_ 1934 J J 1023 Sale 1023
8
8 1025
8 32 10218 103
Walworth deb 634s with warr '35 A 0 --__ 14
Jan'33 __
11
11
11
Without warrants
A 0 -___ 14
18 Dec'32 ____ ----1st sinking fund Os ser A_ _1915 A 0 1512 Sale 1212
1512 26
1212 - 2
131
Warner Bros Piet deb Os_ ___1939 81 S 1712 Sale 013
20
1812 123
12
Warner Co 1st Os with warr_ 1944 A 0 2014 29
22 Feb'33 ____ 021
25
Without warrants
A 0 2014 29
1618 22
7
20
a22
Warner-Quinlan Co deb 68__1939 M 5 22
24
2112
2112 2712
5
2312
Warner Sugar Refln 1st 7s__1941 J D 105 10514 10518
4
1 1043 106
10518
Warren Bros Co deb Ce
1941 M S 393 Sale 03812
4
42
40 03812 45
Wash Water Powers t 53_1939
J 106 Sale
1 10514 106
106
70
75 4 Westchester Ltg 5s stpd gtd_1950 J D 1093 11012 106
3
11012
J
4
2 10914 11012
11012
101 104
West Penn Power set A 58_1946 M S 10658
10612 107
8
8 1047 108
100 100
lot 58 series E
1963 M 5 10818 10812 10712
-10918 10 10712 10538
60
60
1st sec 58 series G
1956 1 D 10612 Sale 10612 10612 30 10512 1063
4
50
65
_-,._
Western Electric deb
99 102
0 10012 Sale 10012 1007
8 56
63 --- Western Union coil 5s__ _1914 A
7014
6618 703
trust 58_1938 J J
18
67 Sale 6618
68
8
9914 101
Funding & real eat g 4348.1950 M N
62
48
21
4812 50
50
48
25
33
15
-year 834s
o312 72
53
1936 F A 6414 Sale 6312
68
20
2812
25
-year gold 55
57 8
7
47
114
52
4
1951 J D 483 Sale 47
•
30
-year 58
59
47
8
513 156
4
1960 M S 483 Sale 47
10318 1053 Westphalia Un El power 6
4
8.1953 j j 48 Sale 42
49
110
42
5712
1022 1055 Wheeling Steel
4
8
15
14
637
57
3
55 Sale 55
Corp lot 534s 1948.1 J
9812 10012
1st & ref 434s series B.._.1953 A 0 4612 Sale 457
9
457 557
8
4712
s
8
76
7912 White Eagle Oil& Ref deb5Ms'37
7218 7712
With stock purch warrants__ M S 1023 Sale 1023
/
1
4
8 15 102 1035
8 1023
8
8
62
67
White Sew Mach 6s with warr '36 .1 J 20
Jan'33 ____
33
37
37
33
Without warrants
33
1
37
37
J J 20
37
32
Panic s f deb 6s
25
37
32
32
20
37
36
1940 NI N
--„,.
- Wickwire Spencer St'l lot 78_1935
813 --19
Ctt dep Chase Nat Bank_ __ _ __13 Jan'33 ____
8
1,
8 6
13
8
13
4
59
66
75 (Nov 1927 coupon) Jan 1935
4512 58
Ctt dep Chase Nat Bank__
1
MN
23
1
1
4
7
8
13
s
73
83
Willys-Overland 8 f 6%8----1935 NI 5 6114 74
61
7958
70 Feb'33 ___
31
53
Wilson & Co 1st s I 6s A. _1941 A 0 905 Sale 90
905
8 13
89
8
0314
56
62
Youngstown Sheet & Tube So'78 J J 58 Sale 563
.52
32
59
61
4
50
6618
lot mtge s 1 58 ser B
5214 62
20
1970 A 0 5712 Sale 57
58
43
5712
63
77
53'2 70 2
,
a51
701 4
5212 70
:
24
29
38
38
105 107
(Negotiability Impaired by Maturity)
4
1 93 91 3
; 4
103 106 8
,
------_
MATURED BONDS.
......3
Price
Week's
_
Range
tt
90
85
87, Y. STOCK EXCIIANGE z.2
Friday,
Range or
'.
Since
57
62
Week Ended Feb. 10.
--a, Feb. 10.
Last Sale, 44
Jan. 1.
St Joseph Lead deb 534o....1941 MN
St Jos Ry Lt lit St Pr let 58.1937 NI N
St L Rocky Mt & P 58 stpd_1955 J J
St Paul City Cable cons 5s_ _1937 J J
1937 J J
, Guaranteed 5s
San Antonio Pub Sow let Os 1952 J .1
s nnice co guar 63.4s
e
1946 J J
Guar 8 f 13Ms series 11_ __ _1946 A 0
Sharon Steel Hoop at 5 Ms 1948 F A
Shed Pipe Line s!deb 53_1952 MN
Shed Union od g f deb 5e__ _1947 MN
Deb 58 with warrants._ 1940 A 0
shinyetsu El Pow 1st 634s.1952 J D
Shubert Theatre 6s_June 15 1942 J I)
Siemens & Halske s f 7s....1935 .1 J
Debenture s t 634s
1951 M S
Sierra dr San Fran power 58.1949 F A
Silesia Rice Corp St 6 Ms _ _1946 F A
Silesian-Am Corp coil tr '78_1941 F A
1937 M S
Sinclair Cons 011 15-Sr 78
1938 .1 D
lot lien 6345 series 11
1942 A 0
Sinclair Pipe tine g f 5g
1939 M S
Skelly 011 deb 5348
Smith (A 0)Corp 1st 634s_ 1933 M N
SolvaY Am Invest 58 tier A...1942 M S
8512 86
86
8338
8514 91
90
90
2718 31
33 Jan'33
Jan'33
5014 59
42
5012 69
55 Jan'33
883 89
89
88
4
2518 39
25 Jan'33
28
50
28 Feb'33
20 Sale 20
20
78 Sale 75
7814
7512 Sale 7312
78
07734 Sale a75
07814
ale 33
35 s
35
•
*
8018 100
93 Feb'33
74
767
7218
8
78
10112 102 10114
10112
4918 Sale 47
5112
4018 4412 40
4258
9912 Sale 9514
993
4
9742
8
ale 957
9712 s
1033 Sale 10314
4
1033
4
6414 66
64
6412
101 Sale 100
101
9118 9134 9134
92
8338 94
93
88
33
33
42
42
55
55
8134 92
25
27
28
28
17
36
75
85
7312 83
8334
a75
325 3712
8
•
9071( 95
7218 8212
100 102
5912
47
425
8
36
96 100
95
97i2
103 1033
4
64
70
101 101
8518 92
8
5
____
_ _,_
____
6
__
5
88
109
181
26
____
54
3
19
72
95
97
24
36
27
20
10
18
all
15
105 10614
4712 6812
_ __
___
iS 78
---__
7912 -7912
80
8312
793 90
4
40
4512
92
9612
111 114
104 10712
____ - __
85
90
10312 10512
98 100
60
67
3812 49
Sale
1914
Sale
67
Sale
____
___
Sale
Sale
9614
9314 97
7
96
20 Dee'31 -----------5312
5612 40
5312 6612
667
8
7012 52 • 6412 7214
74
6612
06
39
70
10412 Dec'32 ____
____ -1073
4 1073
5 10714 108 4
4
,
2614
59
29
2614 343
4
2512 149
235 30
8
24
Matured Bonds
r Cash sales. a Deferred (lel very. •Look under list of Matured Bonds.
9614
5
56
6318
693
4
10412
108
27
2412
Foreign Govt. & Municipals.
Mexico Tress Gs assent large '33 J
Small
J
J
J
Bid
4
____
Ask Low
High No. Low
High
612 33 Jan'33 _ _ _
4
3 4 33
,
4
____
33 Jan'33 ____
4
3 4 33
3
4
Railroad.
Seaboard Alr Line 1st g 48__1950 A 0
518 23
23 Feb'33 ____
4
Gold 48 stamped
1950 A 0
612 Sale
612
612
1
Refunding 4s
1959 A 0 --------17
4
17
8
8
Industrials
Abitibi Pow & Paper lot 55.1953 J D
Chic Rys 5s stpd 20% part paid__ F A
Cuban Cane Prod deb 65....1950 J J
East Cuba Sug 15-yr a 1 g7%8'37 At S
1412 43
1412 Sale 123
4
55
12
5458 56
53
218 28
218 Sale
1
214 33
8
4 23 Feb'33 ____
Fisk Rubber 1st s 188
1941 NI S 48
Gen Theatres Equip deb 68_1940 A 0
15
8
Interboro Rap Tran 65
1932 A 0 19
10
-year 7% notes
1932 81 S 6712
Kreuger dr Toll sec s 1 55_
1959 M S 68
Pan-Am Pet Co (Cal) cony 6s '40 J D a34
Pressed Steel Car cony g 50_1933 J J 4314
Richfield 01101 Calif 65
1944 M N 02612
Shubert Theatre Gs June 15 1942 .1 D
12
Stevens Hotels series A
1945.3 .1
1318
48
1
Sale 48
112
Sale
15
8
3
1912 30
Sale 18
Sale 6618
6834 238
70
10
103 100
4
Sale a34
36
35
4412 46
46
2
Sale 25
02612 16
3
4
5 Feb'33 ____
8
14
14 Feb'33 ____
17
3
612
17
8
24
0
712
3
123 1814
4
53
5712
3
4 218
238 4
48
112
17
573
8
97
8
28
4218
24
5
8
13
54
212
2012
71
1 113
38,
2
5712
295
8
112
16
Financial Chronicle
Feb. 11 1933
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Feb 4 to Feb. 10, both inclusive, compiled from official sales lists:
Stocks-
Safes
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High Shares.
Railroad
Boston & Albany
Boston Elevated
1.00
Boston & Maine
Preferred stamped
l00
100
Cl A 1st stpd
Class B 1st pref stpd_100
Class Er 1st prat stpd_100
100
Prior prof stpd
Eastern Mass St Ry Co
100
Adjustment
NY N H & Hartford-100
100
Old Colony RR
Pennsylvania RR
50
100
Vermont & Mass
8734
6834
13
25
11
863
88
90
70
183
405
1034
6
1234
15
2234
11
13
1334
15
25
20
85
30
10
340
510
1534
7534
11
89
510
1734
7734
1934
89
50
429
15
1,034
5
Miscellaneous
American Continental Corp
4
4
734 8
Amer Pneumat Svce 1st pf•
8
Amer Tel & Tel
100 10234 9831 10334
Amoskeag Mfg Co
2
134 2
Bigelow Sanford Carpet-615 7
•
Preferred
3034 35
Boston Personal Prop Trst_
834 854
Brown Co preferred_ --100
234 234
East Gas & Fuel AssnCommon
•
631 631
6534 6834
434% prior prof
100
100 58
5734 58
6% Cum Prof
5
Eastern S El Lines Inc com•
534
8334 84
1st preferred
13
Economy Grocery Stores- - _ ___ -- 13
100 16134 16034 16734
Edison Mee Ilium
544
531 534
Employers Group
General Capital Corp
18
18
18
Gillette Safety R117.0r--..•
1534 1734
Hygrade-Sylvania LampCo
1234 1334
International Button Hole
Machine Co
10
831 834
International IIydro Elea_ _ ___ _ _
4% 4%
Loew's Theatres
25
7g
734 734
Mass Utilities Assoc v t a."
234 234
234
Mergenthaler Linotype 100
17
1734
New England Pub Eery__
334 334
New Eng Tel &Tel--100 90
8934 9034
Pacific Mills
100
734 734
Shawmut Man tr ctfs---*
7
734
734
Stone & Webster
7% 8%
*
Swift & Co
*
8
774 8
Torrington Co
• 2934 2934 30%
United Founders corn
Iss•
•
Po 134
25 3834 36% 39
U Shoe Mach Corp
Preferred
25 31
31
3134
U S Elea Power Corp
%
34
Utilities Equities Corp prof
3834 3831
Waltham Watch prof_ _100
13
1334
Warren Bros Co
•
351 351
Mining
Calumet dc Hecht
25
Copper Range
25
La Salle Copper Co
25
Mohawk Mining
25
NipissIng Mines
5
Normanda Mines
North Butte
250
Pond Creek Pocahontas_Quincy Mining
25
Utah Metal & Tunnel_ ___1
BondsAmoskeag Mfg. Co 6s1948
Brown Co 5.34s
1946
Chi JctRysUn Stkyds 4s'40
55
1940
East Mass Ry serA412s1948
Series B 5s
1948
Series D 6.
1948
2
10
134
220
11
9834
33
100
245
5,146
190
65
65
16
45
50
285
387
220
60
25
563
152
70
670
230
10
75
253
205
45
100
405
20
1,180
896
440
380
75
2,563
104
7
15
27
70
2
134
60c
10
134
2034
21e
10
400
280
2%
2
600
10
154
2034
220
11
400
30e
3831
1834
91
9834
25
2734
33
011
3851 53,000
18% 2,000
4,000
91
9855 1,000
2,000
25
2934 3,000
1,000
33
35
42
35
10
195
50
300
280
90
700
Grigsby Grunow Co com.•
Hall Printing corn
10
Range Since Jan. 1.
Hart Sch & Marx com_ _100
Houdaille-Hershey Corp
High.
Low.
Class A
•
Illinois Brick Co
25
Illinois Nor Util pref_100
Jan 90
Jan Iron Fireman Mfg corn vtc•
80
Feb Kalamazoo Store corn,,..'
Jan 70
68
Kellogg Switchb'd & Sup
7
Jan 11
Feb
Common
10
6
Feb 14
Jan Ken-RadTube & Lp cam A
11
Jan 16
Jan Kentucky Util jr cum pf 50
1434 Jan 17
Jan Keystone St & Wire coin_•
Jan Lawbeck
2034 Jan 25
Corp 6% prof 100
Libby McNeil .4 Libby
510 Feb 510 Feb
Common
10
1234 Jan 1734 Jan Lion Oil
•
Refg corn
75
Jan 79
Feb Lynch Corp corn
•
11
Feb 1934 Feb McQuay-Norris Mfg
•
89
Feb 89
Feb McWilliams Dredging com•
Marshall Field common..'
Mer & Mfrs Sec cl A com_•
4
Jan
6
Jan Mickelberry's Food Prod
734 Feb
834 Jan
1
Common
9834 Feb 10934 Jan Middle West Util new. •
134 Jan
234 Jan Midland United cony pf_*
6
Feb9
Jan Midland Util3034 Feb49
Jan
100
7% prior lien
8
Jan
934 Jan
7% class A prof
100
134 Jan
234 Jan Miller & Hart Inc cony of *
Morgan Lithograph
1334 Jan Muskegon Motor Sp corn.'
434 Jan
el A.*
6634 Feb70
Jan
Jan 5834 Jan Nachman-Springrld com_•
53
•
Natl Standard corn
5
Jan
551 Jan No Amer Lt & Pwr corn•
82
Jan 84
Jan Northwest 13ancorp corn. •
12
Jan 1334 Jan Northwest Util 7%
.100
p1.
16034 Feb183
Jan
7% prior lien
100
5
Jan
531 Feb Oshkosh Overall cony pfd •
1434 Jan 1834 Jan Prima
Co common
1534 Feb2034 Jan Public Service of Nor III
1234 Jan 1334 Feb
Common
Common
100
834 Feb1034 Jan
6% preferred
100
431 Feb6
Jan
7% preferred
loo
754 Jan
8
Jan Quaker Oats Co
134 Jan
234 Jan
Common
•
17
Jan 20
Jan
Preferred
100
2
Jan
334 Jan Railroad Shares corn
•
8934 Feb 94
Jan Raytheon Mfg corn
•
7
Jan
9
Jan Reliance Mfg
Co
634 Jan
734 Jan
Preferred
100
734 Jan 1034 Jan
Ryerson
•
734 Jan
8% Jan Seaboard& Sons corn
Pub
2934 Feb 3034 Jan Seaboard UtllServ prof 88*
Shares134 Jan
134 Jan Sears, Roebuck & Co corn•
•
33
Jan 3941 Jan Signode
Steel Strap cum
3034 Jan 32
Jan
Preferred
so
34 Jan
1
Jan Sou Gas & Elea 7% pre
Jan Storkline Furn cony pf 100
3834 Feb 42
25
1034 Jan 1334 Feb Super-Maid Corn corn..,'
334 Jan
434 JIII1 Swift International
15
Swift & Co
25
Thompson (J R) corn. _25
2
Feb
234 Jar Union Carbide & Car cap.•
134 Jan
234 Jar United Ptrs & Pubs corn__•
600 Feb 750 Jar
•
954 Jan log Jar U Convertible preferred_ 20
850 Jan
134 Feb u S Gypsum
Rad ez Tel com
2034 Feb 2034 Feb
Util & Ind Corp
•
200 Jan 270 Jar
Convertible preferred- •
934 Jan 11
Feb
Util Pow & Lt
40e Jan 75e Jar
Common non vot
•
250 Jan 30c Jar
Vortex Cup
•
Class A
Wahl Co(The)corn
38
Jan 41
Jar
Walgreen Co common_ --•
*
jar
1834 Feb 19
Ward (Montg)& Co clA_•
86
Jan 91
Fel
Wayne Pump Co
96
Jan 9834 Feb
Convertible preferred- -•
corn_24
Jan 26
Jar
Wisconsin Bank Shares
25
Jan 2934 Fel
Common (new)
•
33
Feb 33
Fel Zenith Radio corn
•
* No par value.
-Record
Chicago Stock Exchange.
of transactions at
Chicago Stock Exchange, Feb. 4 to Feb. 10, both inclusive, compiled from official sales lists:
7 Stocks-.
Friday
Sales ar004101 v.. II .41,1••••. II
Last Week's Range for
Range Since Jan. 1.
of Prices.
Week.
Sale
Par. Price. Low. High. Shares
Low.
High.
Abbott Laboratories com •
Adams Royalty corn
•
Amer. Pub Serv pref _100
7
Amer Yvette Co com
fl
•
Art Metal Wks corn
•
Asbestos Mfg Co corn__ _ _1
33
Assoc Tel Util common__'
Bendix Aviation oorn----•
934
Blume Inc cony pre!
•
Borg-Warner Corp com_10
8
7% preferred
100 80
Brach & Sons(E J) com__• x441
Butler Brothers
20
Canal Construct cony pfd •
134
Central Cold Star com20
4%
Central III P S prof
• 2734
Cent Ill Occur Corp com_•
Convertible preferred •
Central Pub Serv el A_
*
Central Pub Util el A_
•
Cent S W Util corn new- *
Preferred
•
631
Chain Belt Co corn
•
Chicago Corp
Common
"
Preferred
*
Chicago Flex Shaft corn. .5
Chl & N W Ry com_ _ _100
.
5
Chicago Yellow Cab cap- •
731
.
Cities Service Co com___•
234
Club Alum Uten corn_ _ _•
Commonwealth Ea
son 100 73
Cord Corp
634
5
Crane Co
Preferred_
100
Curtis Mfg Co com
5
De Meta Inc pre: w w_ •
Eleo Household Util cap..5
634
FitzSim & Con D & D com•
5
Great Lakes Aircraft A.
44
I:rant Litt.. 11 is 0
•
74•'
2634 2631
1
1
734
7
31
ft
44
%
334 3%
1
134
834 934
354 344
741 834
80
8034
434 43.4
1% 141
134 1%
414 414
2534 28
%
44
831 634
%
%
Si
ft
131 144
634 631
934 911
200
200
Friday
Sales
Last Week's Range for
of Prices.
Sale
IVeek.
Stocks( Concluded) Par. Price. Low. High Shares.
200
300
650
630
800
100
6,750
30
50
250
50
60
170
150
60
150
200
300
100
70
2151
1
4g
ft
44
344
1
8%
334
7%
70
434
141
13.4
4
24
54
634
Si
34
134
63.4
931
Jan
Feb
Jan
Jan
Feb
Feb
2e1)
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
2634
1
734
%
41
544
134
1134
33.4
931
8034
5
23.4
2
434
3354
34
7
34
34
2
1034
10
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
134 134
1534 1734
634 634
434 534
731 741
231 234
%
11
6944 7331
534 651
3.245
5,000
30
2,050
400
5.700
1,300
1,650
6.050
13.1
15
534
33.4
654
234
11
6934
554
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
1%
1834
634
634
834
334
31
82
734
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
20
19
44 43.4
7
8
441 631
5
5
44
%
714 A K
30
100
250
450
100
1.050
250
18
43.4
434
441
5
%
734
Jan
Jan
Jan
Feb
Feb
Jan
Jan
20
534
193.4
631
5
%
851
Jan
Jan
Jan
Feb
Feb
Jan
Jan
1
1
4%
7%
5
3.4
34
10%
80
Low.
134 Jan
4% Jan
Feb
8
554
3%
6641
3%
7
Feb
Jan
Feb
Jan
Feb
Fen
jb
't
6
66
641
100
160
50
50
20
1%
131
19
43'
15
Jan
Feb
Jan
Jan
Feb
1%
I%
2434
434
15
Jan
Feb
Jan
Jan
Feb
100
250
50
80
150
1,900
50
1%
1%
11
25%
7
441
1
Jan
Feb
Feb
Jan
Jan
Feb
Feb
2
2%
12
2634
9%
634
Jan
Jan
Jan
Feb
Jan
FebJ nn
2,800
650
100
5% 5%
5% 5%
6634 6651
3% 314
7
7
100
100
30
100
100
114 1%
134 2
1134 1134
26
26
744 8
45.4 53(
1
1
3
%
1
150
2,100
100
231 Feb
ft Jan
Feb
1
334
331
1
5
34
4
4
11
4
7
3
lig
10
10%
431
1
5
11
4
4
11
4
7%
331
12
10
1041
120
10
50
1,250
210
50
33' Feb
1
Jan
514 Jan
1
Jan
Jan
4701
a6
8
1:1
3731
38
80
81
38%
38
80
8134
78% 80
115 115
41
54
34
2
2%
2%
14%
7%
100
250
50
40
100
200
Fa
je
Jan
Jan
574
Jan 1131
Jan
534
Feb
841
Feb531
Jan 12
Feb10
Jan 1041
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
200
100
40
20
3741
38
78
81
Feb48
Jan 47
Jan 85
Feb95
Jan
Jan
Jan
Jan
so
545 7834 Feb8434
320 10734 Jan 117
% Jan
41
1,050
244
850
134 Jan
131
8544 85%
8% 9
%
16
ft
ft
17% 18%
10
200
60
200
1,500
8334 Jan
Jan
g Fe
8
% Feb
1741 Feb
4
50
4%
fi
14%
7%
8
24%
34
131
2034
8%
1
251
4
50
434
10
40
100
500
900
3,700
200
350
100
120
500
100
300
300
4
3%
50
354
44
14
751
8
2431
19%
1%
2
0
8
1
15%
8
8%
25%
36
141
22
8%
1
3
1931 193(
13%
56
Bonds
Chic City Rys 5s
1927
Certificates of depoaltChicago Railway
5s
1927
Insull Util Inv 6s--1940
5s
1949
208 So La Salle St Bldg
5348
1958 2231
•No par value. z Ex-dividend
12% 135
41
5414 56%
ft
%
154 1%
551
44
50
50
50
1,700
58
110
20
85
%
Jan
g Jan
144 Jan
6
%
4
4
11
334
7
3
1134
10
1054
1
18
”4 Feb
7
2%
ft
1
79
9
High.
1
Jan
Jan
4
734 Jan
134
4%
8
1% 1%
1% 1%
22
22
434 4%
15
15
331
Range Since Jan. I.
a
Jan
Jan
Jan
Feb
8534 Jan
Jan
9
g Fan
mj)
t
22
Jan
Feb
Feb
4
51
Feb
Jan
Jan
Feb
Feb
Feb
un
Jan
Feb
un
1
1734
851
954
2831
193:
1%
85.4
2
2%
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jon
Feb
un
Feb
Jan
Jan
1
241 Feb
1% Jan
334 Jan
1
Feb
1
Feb
H
1241
5234
34
134
Jan
Feb
Jan
Feb
Feb
31
1434
61
1
131
Jan
Jan
Jan
Jan
Feb
634 Feb
54 Jan
.Jall
.Tan
10
36
50% 5031 82,000
50
50
2,000
49
47
Jan
Jan
5054 Feb
Jan
54
5341 53%
1
134
fi
ft
2,000
8,000
2,00
5341 Feb
% Jan
14 Feb
57% Jan
1% Jan
'A Feb
22% 22%
8,000
22
Jan
24
Jan
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, Feb. 4 to Feb. 10, both inclusive, compiled from official sales lists:
Friday
Sales
. 44
KIM - Last Week's Range for
Sale
of Prices.
Week.
El
Stocks1.egg
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Abitibi Pr & Paper cora •
54
54
44
100
Beatty Bros corn
•
10
434 431
334
Preferred
57
100
57
5 56
Bell Telephone
100 9034 88
91
• 360 88
Blue Ribbon Corp 634%
preferred
50
1134 1134
10 1131
Brantford Cordage 1st pf 25 20
20
20
10 18
Brazilian T L dr Pwr com_•
8
87-4
874 2,496
8
B C Packers corn
•
154
134
1
25
B C Power A
•
1434 1534
312 1434
B
•
4
341 4
341
36
Building Products A
•
1041 1054
10 1051
Burt F N Co corn
25 23
2031 23
400 2031
Canada Cement corn
3
•
3
331
455
234
Preferred
• 20
20
20
23 1734
Can Steamship pref...-l00
3
3
25
3
Can Wire & Cable B
*
8
8
8
15
8
Canadian Canners com •
3
3
200
3
Cony prof
•
45.4
434 5
170
431
1st Preferred
100
55
55
25 5034
Can General Elea pref__50
5434 5434
1 543.4
Can Industrial Alcohol A.*
1%
134 134
85
134
Canadian Oil corn
•
7
7
120
7
Preferred
100
92
92
6 92
Canadian Pacific Ry__ - _25 1334 1134 1331 4,326 1134
Cockshutt Plow corn
•
354
3% 3%
31
3%
Consolidated Bakeries.,,'
3
3
3
100
2
Consolidated Industries- •
134 134
50
134
Cons. Mining & Smelt-25 6334 58
8534 1,535 5734
ennanmera Gas
Inn 175
17414 175
74 170
High.
41 Feb
Feb
-Ian
5
Jan
Jan 57
Feb
Jan
Feb 100
Jan 12
Jan
Jan 20
Feb
Feb 10
Jan
144 Feb
Jan
Feb 1644 Jan
Feb
434 Jan
Feb 12
Jan
Jan
Feb 28
Jan
33.4 Jan
Jan 2051 Jan
Jan
Feb
4
Feb
051 Jan
Feb
3% Jan
Jan
53j Jan
Feb
Jan 55
Feb 5834 Jan
Feb
2
Jan
Feb 10
Jan
Feb 96
Jan
Feb 1854 J0
45iJan
Feb
Jan
334 Jan
Feb
154 Feb
Jan 68
Jar
Fat
Jan 175
Financial Chronicle
Volume 136
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Pax. Price. Low. High. Shares.
Cosmos Imper Mills corn •
Preferred
100
Crow's Nest Pass Coal_100
Dominion Stores com____• 16%
Fanny Farmer corn
•
Ford Co of Canada
734
Goodyear T & H pref-_100 90
Gypsum Lime & Alabas__•
2
Hinde & Dauche Paper_ •
Hunts Limited A
•
International Nickel com_*
9%
Kelvinator of Can com_ •
Lake of Woods Mill com_•
Laura Secord Candy cons.* 38%
Loblaw Groceterlas A.._ __• 11%
1134
3
20
3
47% 47%
14
20
20
10
1634 1731
675
9% 9%
10
651 7% 2,180
88
90
75
1% 2
390
2% 2%
15
5
6
55
8% 1034 49,847
1
1
50
5%. 5%
5
37
40
3834
1134 11%
879
10% 1134
35
Massey-Harris corn
3
Moore Corporation corn_• 6
A
100
Ont Eqult Life 10% Pd_100
Page-Hersey Tubes Isom--• 47
Photo Engravers & Eleo_ •
Pressed Metals corn
•
Riverside Silk Mills A_ __ _•
8
Simpson's Limited pret_100
Steel Co of Canada corn__* 16
Preferred
25 26
Tip Top Tailors corn
*
Union Natural Gas Co--Walkers Hiram cons
• ---534
Preferred
934
6
70
5%
44%
8%
12
8
9
14%
25%
1
3%
4%
9%
Bank
Commerce
Dominion
Imperial
Montreal
Royal
Toronto
100
10
100
100
100
100
137
146
_152
172
139
Loan and Trust
Canada Permanent_ _ _100 135
Huron ex Erie Mtge--.100 85
Toronto General Trusts 100
Toronto Mortgage
50 92
•No par value.
3
6
70
534
47
8%
12
8
934
16%
26
1
3%
5%
9%
Range Since Jan. 1.
Low.
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
2
Jan
Feb
5
8% Feb
1
Feb
534 Feb
Jan
36
11
Feb
10% Feb
3
47%
20 ,
16
834
634
85
486
25
5 70
145
5
175 44%
834
50
12 12
10
7
15
575 14%
135 25
50
1
205
334
3,670
4%
1,94
9.%
135
144
150
170
137
167
137
146
152
172
139
170
22
1
8
13
8
5
135
83
166%
92
136
86
188%
92
111 135
74 83
44 166
5 92
133
135
148
170
136
164
Feb
Feb
Feb
Jan
Feb
Fe
Fe
Jo
Fe
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
High.
3
47%
20
1734
10
8
91
23/
8
10%
534
38%
11%
1134
7
79
53%
1431
834
12
17
27
2
4
5%
9%
140
148
158
189
143
172
Feb 153
Feb 102
Jan 167
Fe
98%
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Toronto Curb.
-Record of transactions at the Toronto
Curb, Feb. 4 to Feb. 10, both inclusive, compiled from
official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Beath dr Son(W D) A__ •
Biltmore Hats pref.- -100
Brewing Corp pret
•
Canada Bud Brew com
*
Canada Malting Co
•
Canada Vinegars com- •
Canadian Wineries
•
Can Wire Bound boxes A_•
Consolidated Press A_ •
Distillers Corp Seagrams-•
Dominion Bridge
•
Dom Motors of Canada_ 10
Dom Tar di Chemical com•
Dominion Glass
English Elms of Canada A..•
Goodyear T & R com----•
Hamilton Bridge com__*
Imperial Tobacco ord- _5
Montreal L H &P cons
Power Corp of Can com-_*
Service Stations corn A._ _•
Prof
100
Shawinigan W & Power_ •
Stand Pay & Mat corn_ *
Toronto Elevators com--•
011
British American Oil
•
Crown Dominion Oil Co_ •
Imperial 011 Limited
•
International Petroleum_ _•
McColl Frontenao Oil awns
Preferred
100
North Star Oil 13ref
Prairie Cities 011 A
•
Supertest Petroleum ord_ _•
Pref A
100
7
13%
4%
15%
8
56
30
3
13
7%
834
1234
8
61
4
4
63
63
1
1
634 7
13% 14
15
15
231
3% 3%
3% 5
4
5
1434 15%
1% 1%
1% 134
4031 4034
8
8
1% 134
53
60
2% 3
731 8%
29% 30%
6
631
3
3
25
25
1034 11%
;4
%
12% 13
7%
2
8
10%
7%
61
3
1
12
96
7%
2
934
1234
834
61
3
1
12%
96
65
5
75
545
185
45
300
20
20
741
380
45
75
15
5
15
157
60
100
205
130
190
10
71
50
140
6,984
2
6,38
4,42
46
200
2
85
10
Range Since Jan. 1.
Low.
4
63
1
6
13%
13%
1%
334
3%
4
14%
134
134
4034
8
1%
53
2%
7
27%
6
3
20
10%
%
1234
7%
2
8
1034
7%
60
3
1
12
93
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jo
Fe
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
.High.
4
65
1%
7
14
1534
2%
4%
5
5
17%
231
1;4
40%
8
6734
334
834
32
8%
3%
25
13%
1
14
831
3%
9%
12%
9
61
3
1
14
96
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
• No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stook Exchange, Feb. 4 to Feb. 10, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week
Par. Price. Low. High. Shares.
American Stores
•
3454 3454
Bankers Scour Corp pfd_50
8% 834
Bell Tel Co of Pa pref-100 11334 113% 114%
1
•
1
Budd (E 0) Mfg Co
134
50
Cambria Iron
3234 3234
Camden Fire Insurance_5
1034 1034
wee, storage Battery 100
2334 23%
10 24
23
Fire Association
24
ROM & Hardart•
(Phila) corn
0234 9234
•
(N Y) corn
1834 1834
Insurance Co of N A_ _10 3234
3234
Lehigh Coal& Navigatfon•
6% 6%
50
Lehigh Valley
1134 1234
Mitten Bank Sec Corp_25
%
%
25
Preferred
si 1
•
Pennroad Corp v is()1% 1%
50
peansylvania RR
1734 1934
Phila Elea of Pa $5 pref__* 102
100% 101%
phila Elec Pow pref__25 3034 3034 31%
134 154
Villa Rapid Transit_ _50
434
50
7% preferred
3
334
33.4 334
Villa & Rd Coal & Iron__•
Philadelphia Traction_ _ _50 2134 21
2134
I CtIs of deposit
2034 2034
10
4
Reliance Insurance
4
25
noisily-Palmyra Bridge__•
25
Tono-Belmont Devel__ _1
%
hs
1
%
he
TonnPah Mining
Halted Gas Improv com__• 1834 17% 19
• 97
95
97
Preferred
Dairy Prod com cl B.•
134 134
u 8 ___.
.
*-........ xs,, in
..
ate 4
Range Since Jan. 1.
Low.
High.
41) 3334 Jan 35
Jan
2,000
8% Feb
8% Feb
175 Ill% Jan 114% Jan
2,400
1
Feb
134 Jan
20 3234 Feb 3434 Jan
200 1034 Feb 11
Jan
63 2334 Feb 2534 Jan
450 20
Jan 24
Jan
50 92
Jan 99
100 1734 Jan 2034
1,000 32
Feb 35
500
634 Feb
854
32 11
Jan 1434
200
94 Feb
34
500
% Feb
1
3,300
134 Jan
1%
4,600 1334 Jan 1934
130 10034 Feb 10334
800 3034 Feb 33
154 Feb
200
234
850
Feb
8
6
334 Feb
25
4%
500 1934 Jan 2234
50 2034 Feb 2034
Feb
4
300
4
65 25
Feb 3034
9,200
'111 Jan
34
500
'is Jan
31
8,200 1734 Feb2034
90 95
Feb9934
100
% Feb13.4
300
334 Feb4
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Bonds-
995
Friday
Sales
Last Week's Range for
Sate
ofPrices.
Week.
Par. Price. Low. High. Shares.
Chicago & N West 4%s'49
Elec & Peoples tr °ifs 4s'45
Ctts of deposit
Georgia Pwr dr Lt 5%s 1967
Lehigh Valley 4348___2003
Lukens Steel ctfs____1955
Nat'l Dairy Prod 5%s '48
New Orleans Pub Service
Income 6s
1949
Penne Pow & Lt 4348_1981
Phila Elec (Pa) 1st 58_1966
Phila Elec Pow Co 534s'72
Standard Gas & El 68-1935
68 1935 cony
68
1951
6s Deb
1957
• No par value.
1134
20
18
8434
36
20
81
40
923.4
10934
10734
5734
60
47
44
1334 4,000
2034 12,600
18
4,788
8434 2,000
36
1,000
2034 6,000
81
1,000
Range Since Jan. 1.
Low.
1134
20
18
8434
35
1934
81
Feb
Feb
Feb
Feb
Jan
Feb
Jan
42
3,000 40
3,000 9234
93
110% 10,400 10834
108
6,000 107
5834 3,000 5734
1,000 60
60
2,000 4534
47
44
1,000 44
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
High.
1334
2134
18
8834
3754
2034
8134
Feb
Jan
Feb
Feb
Jan
Feb
Jan
sill
42
Feb
9454 Jan
11034 Feb
108
Feb
6134 Feb
60
Feb
47
Feb
44
Feb
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Feb. 4 to Feb. 10, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High, Shares.
Range Since Jan. 1.
Low.
Appalachian Corp
6c
6c
Arundel Corp
1334 12
14
Atl Coast Line (conn)__50
17
17
Baltimore Trust Co
6
6
10
Black & Decker corn
134 1%
•
Ches dr Pot Tel of Bit pf 100
116% 116%
Commercial Credit
Preferred B
19% 20
25 20
634% 1st preterred__100
75
75
7% preferred
20
20
Convertible A
24
24
Consol Gas EL & Power
59% 63
6% preferred ser D__100 110
110 110%
100 10034 100% 101%
5% preferred
Eastern Rolling Mill
•
1% 1%
100
6o
1,819 12
14 17
10
6
113
134
14 115%
Fidelity & Deposit
50
Houston Oil preferred
Mfrs Finance coin v t_25
Maryland Casualty Co- _
Morels dr Miners TransP--*
Monon W Penn P S pret_25
New Amsterdam Cas Ins_ _
Northern Central
Penns Water & Power_ __•
U S Fidel & Guar new__10
72
289
325
2,285
55
45
361
75
30
3,612
Bonds
Baltimore City
4s sewerage impt_1961
4s water loan
1958
0 annex impt
1951
48 second water
_1947
Consol Gas gen 430_1954
United Ry & El fund 5s'36
1st 6s
1949
let 4s
1949
Income flat
30
2834
3%
75c
2%
19%
10
13
70%
56
3
30
3%
750
3%
20
10
14
70%
56
4
High.
Feb
6c Feb
Feb 17
Jan
Jan 19
Jan
Feb
6
Feb
Feb
2
Jan
Jan 116% Feb
51 1934 Jan 20
Feb
55 72% Jan 75
Feb
123 19
Jan 20
Feb
25 24
Jan 24
Jan
240 59
Feb 65
Jan
15 10934 Jan 11034 Feb
175 100
Jan 102
Jan
294
1% Feb
2
Jan
25%
2%
50c
2%
19%
10
14
68
53
3
Jan
Jan
Jan
Fe
Jan
Jan
Jan
Jan
Jan
Jan
34
3%
750
3%
20
11
1734
71
60
4
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
102 102% $5,000 98%
102 102
1,000 100
101 101
500 100
101 101
700 101
106% 106% 9,000 106%
2
2
2
3,000
10
10
10% 7,000 10
10% 10% 10% 5,000 10
1
1% 10,000
1
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
102%
102
101
101
106;4
3
13
13
1%
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Fe
16c
Feb
75c
13%
56
3;1
Rights
Penns Water dr Pow Cowl5o
• No par value.
1111
Sc
14c
27,400
30
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Feb. 4 to Feb. 10, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High Shares.
Ark Nat Gas Corp pref__10
Armstrong Cork Co corn.. •
Blaw-Knox Company-- •
Clark(DL)Candy Co_ _ _•
Columbia Gas dc Elm Co.*
Devonian 011
10
Fort Pittsburgh Brevring_l
Harbison Walker Ref_ •
Independent Brewing_ _ 5))
Jones dr Laugh St pref _100
NoPPers Gas & Coke pf 100
*
Lone Star Gas
Pittsburgh Brewing
_50
Preferred
50
Pittsburgh Forging Co- •
Pittsburgh Plate Glass_ ..25
Plymouth 011 Co
5
Westinghouse Air Brake_ _•
Westinghouse El &Mtg_50
UnlistedCopperweld Steel Co
•
General Motors Corp_ _10
Lone Star Gas6% prof 100
634% preferred
100
Pennsylvania RR
50
Standard 011 (NJ)
25
United States Steel_ _100
Western Public Pero v t cl_*
•No par value.
4%
1434
154
5134
7
14
1434
53
Range Since Jan. 1.
Low.
High.
234
434
4%
454
1334
731
134
7
2
37
5134
7
5
1134
2
13%
7%
1334
26
234
454
45'
5
1534
734
15'
8%
2
37
5134
734
531
11%
2
14
7%
1434
2834
100
220
490
50
398
50
1,660
1,130
130
115
20
2,880
504
20
20
200
100
844
303
234
434
434
4%
1334
734
134
7
2
37
50
6%
5
11%
134
1334
7%
1276
26
3
Feb
5
Jan
5%
Feb
534
Feb
Feb 1754
7;1
Jan
1%
Jan
Feb
9
2%
Jan
Feb 45
Jan 65
Jan
25'
6
Jan
Feb1334
234
Jan
Jan 1434
Feb
9
Jan 1434
Feb 3134
:u
t
n
534
1234
70
80
1734
2531
2634
534
534
14
70
80
19
2634
28%
534
90
303
25
15
482
103
379
400
5%
1234
6534
80
14
25
2634
334
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
6
1434
71
80
1934
3134
31%
5%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
laa
an
Cincinnati Stock Exchange.
-Record of transactions
.t Cincinnati Stock Exchange, Feb. 4 to Feb. 10, both
a
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low, High. Shares.
Amer Laundry Mach.. _ _20
Amer Rolling Mill cons_ _25
Cincinnati G & E pref.. _100
Cincinnati Street RY--50
Cincinnati & Sub Bell Te150
Cincinnati Un Stock Yds_•
Eagle-Picher Lead
20
Formica Insulation
•
Kahn Part A
40
Kroger common
•
Lazarus preferred
100
Procter & Gamble new.. _ _•
8% preferred
100
5% preferred
100
Pure Oil6% pref
100
Richardson common
•
U.S. Playing Card
10
• No par value.
8%
8
90
634
61
18
3
5
12
17
88
24
155
10234
3631
434
1031
8%
9
01%
7%
62%
18
3
5
12
1734
88
24%
158
10234
36%
4%
10%
Range Since Jan. 1.
Low.
363
834
8
161
25 87%
6
363
218 58
25 18
3
50
5
185
50 12
26 17
20 88
464 23%
16 155
25 102%
15 35
100
4
117 10%
High.
9%
Feb
Feb 1034
Jan 93
Jan
8
Jan 63
Jan 18
Jan
33.4
Jan
Jan 12
Jan 18
Feb 88
Jan 29%
Jan 158
Feb 10334
Jan 48
Jan
Feb 13
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Financial Chronicle
996
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, Feb. 4 to Feb. 10, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. shares.
*
Allen Industries pfd
7
7
31
4
American Vitrified Prod _50
Brown Fence & Wire cl B *
1% 1%
1154 1155
City Ice az Fuel
*
Cleve Elec 211 6% Did._ 100 109% 10855 109%
40
40
Cleve Railway com-- 100
40
40
100
"Cts dep"
4
4
Cleve Worsted Mills com.•
*
354 355
Cliffs Corp v t a
29
29
Federal Knit Mills corn_ _ *
734 735
Foote-Burt corn
734
•
33
33
Gen T & R pfd ser"A" 100
54
54
100
Glidden prior pfd
1355
Goodyear Tire & R com-_• 124 11
1534 16
Interlake Steamship cora.° 16
134 255
•
Lamson Sessions
8
8
*
Medusa Cement
154 134
Mohawk Rubber corn_ _ _ _•
231 24
National Acme corn__ A0
-25
34 3%
National Refining com.
14 155
*
National Tile corn
•
634 7
Ohio Brass "II"
2
2
Packer Corporation corn *
•
30
30
Richman Bros corn
154 14
Seiberllng Rubber com__ *
Sheriff Street Mkt com___*
6
6
6
Sherwin-Williams corn_ 25 154 •1555 16
100
"AA" preferred
804 8034
5
•
5
5
Stouffer class "A"
60
Trumbull-Cliffs Fur pfd 100
60
8
8
Weinberger Drug
•
West Res Inv Corp
3
3
6% prior preferred_ _100
Youngstown S & T pfd_ 100 1734 1734 1734
100
115
100
12
365
50
34
100
30
00
30
15
60
661
404
604
80
125
55
50
106
200
25
175
100
84
150
10
60
155
10
100
55
Range Since Jan. 1.
High.
Low.
6
Si
135
114
108
39
3755
4
34
29
74
30
54
11
144
14
8
151
24
3%
1
554
2
2834
1%
6
15
80
5
60
751
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
3
Feb
1734 Feb
7
4
154
1254
110
43
4355
4
5
33
9
33
56
1834
16
235
855
155
255
4
1%
7
34
32
254
6
174
81
5
60
834
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
3
23
Feb
Jan
Feb. 11 1933
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shores.
Oliver United
Pacific Gas
6% let prof
534% prof
Pacific Lighting Corn
6% preferred
Pacific Pub Serv non vot pf
Pacific Telephone
6% preferred
Paraffine
Ry Equip d: Rlty 1st pref...
Corn preferred
Rainier Pulp & Paper
Richfield
Roos Bros prof
Shell Union
Socony
Southern Pacific
So Pac Golden Gate A
Standard 011 of Calif
Tidewater Assd
6% preferred
Transamerica
Union 011 of Calif
United Aircraft
Western Pipe Steel
28%
2435
224
364
93
335
77
1855
2455
34
555
1034
23%
Range Since Jan. 1.
Low.
High.
400
55 Feb
15(
34
34
2734 28% 5,366 274 Feb 31
244 25
3,327 2455 Jan 25%
2255 224 2,191 2 :5
3
2334
2
35% 36%
956 354 Feb 43
93
93
310 8955 Jan 9354
355 4
1,932
Feb
435
7554 78
448
Fuenb 8155
10834 109
72 107754
110
954 9%
480
955 Jan 10
6
6
eo
555 Jan
6
1
1
15
1
Feb
1
63.4 6%
115
6
Jan
651
554
Si
34
54
3755 3755
644
7m
10 3" FebjsFebn 3734
455 5% 1,325
555
6% 6%
100
Fe
jafth
734
17
18% 2,796 1055
555 5;5
434 Jan
400
53-4
2354 24% 2,998 2355 Feb 253-1
354 3%
578
355 Feb
355
4254 42;5
10 42
Jan 4431
44 555 40,507
j3-4
10
104 2,408
1t
23% 25
1,961 23
4M% Feb 2855
9
jjanan
6
651 1,485
6
Feb
835
Jan
Jan
3.an
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
n193
Jann
aaa
Jan
Jan
an
Jan
Jan
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Feb. 4 to Feb. 10,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
Bolsa Chins 011 "A"__ _ _10
Broadway Dept St pfd-100
California Packing Corp. •
*
Chrysler Corp
Bonds
9511 954 $5,000 9534 Feb 954 Feb Citizens Nail Bank
Cleveland Railway 58.1933
20
Firestone T & R of Cal
Claude Neon Elm Prod.. •
88
10,000 864 Jan 88
88
Jan Cons 011
551
1942
Farm & iderch Nat Bk 100
•No par value.
Goodyear Tex Mills pfd100
Goodyear Tire &
-Record of transactions at Ilancock 011 cornR pfd- 100
St. Louis Stock Exchange.
"A".....*
St. Louis Stock Exchange, Feb. 4 to Feb. 10, both in- Los Angeles G & E pfd-100
Los Angeles Invest Co_ _10
clusive, compiled from official sales lists:
Pacific Fin Corp com_-10
Pacific Gas& Elect corn_ 25
Friday
Sales
25
Range Since Jan. 1.
6% let pfd
Last Week's Range for
555% 1st pfd
25
Week.
Sale
of Prices.
Pacific Mutual Life Ins_ JO
Low.
Par. Price. Low. High. Shares,
StocksHigh.
Pacific Western Oil Corp-•
3255 33
110 324 Feb 33
Feb Republic Petrol Co Ltd_10
*
Brown Shoe corn
Jan 11034 Jan Richfield 011 Co corn
•
7 109
100
Preferred
109% 109%
4
4
*
10
4
4
Feb San Joaquin L & PFeb
Burkart Mfg prof
100
6% prior pfd
5
Feb
5
5
Chich Ry Equip pref._ _25
955 10
S:
lan &cur 1st Nat Bk of LA 25
055
Ye
et 18%
Coca-Cola Bottling com-.1
•
954 10
287
955 Feb 10
Feb Signal Oil & Gas "A"
•
Como Mills corn
5
54
a% Feb So. California Edison Ltd
4% Feb
431 54
150
Curtis Mfg corn
25
Common
6
Feb
Feb
100
Ely & Walker D G com_ _25
6
6
6
6
_25
7% preferred "A"
International Shoe corn_* 26% 2634 264
50 2634 Feb 2755 Jan
6% preferred "B"_ _ __25
10555 1054
160
12 10234 Jan 10556 Feb
Preferred
54% preferred "C"_ _25
555 6
54
655 Jan
54 Feb
65
Mo Portl Cement com_ _25
100
3
Feb
Rice-Stix Dry Goods com.*
334 Feb So Counties Gas6% pfd100
334 351
155
155 14
100
•
155 Feb Southern Pacific Co...100
Scullin steel Pref
13-4 Jan
*
Jan Standard 011 of Calif
Jan 117
68 115
Souwestem Bell Tel pf.100 1154 11555 116
Jan Taylor Milling Corp
6
551 Feb
54 554
20
•
Stix Baer ,i. Fuller com .
•
Transamerica Corn
* No par value.
Union 011 of Calif
25
154 15.5
39
4054
954 9%
13
13
13
35
35
654 7%
54 555
30054 30055
6034 61
27
27
35-4 4
9635 97
97
134 155
555 6
2834 284
2434 244
2254 2231 2254
26
26
26%
355 355
154 155
54
54
35
155
4034
4255
2455
24
214
244
655
1035
70
70
42
4234
14 15(
2434
27
24
2155
90
174
2355
455
44
10
2554
27
2455
22
90
1734
2434
44
53,5
104
Range Since Jan. 1.
Low,
100
14
71 35
10
100 13
150 35
400
6
600
555
20 300
143 6055
65 25
300
34
111 92
100
1
300
531
500 284
200 2455
200 224
300 26
300
3
100
155
100
%
3
850
100
1,400
500
2,000
800
10
100
1,900
100
7,100
1,900
Jan
Jan
High.
134 Jan
4034 Feb
Feb 1634
Feb 38
Jan
751
Jan
554
Jan 301
Feb 71
Feb 33
Feb
6
Jan 98
Jan
134
Jan
654
Feb 3035
Feb 2534
Feb 2234
Feb 2955
Jan
355
Jan
155
Jan
55
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
42
Jan
1% Feb
454 Jan
14 Feb
2434
2534
23
2134
86
1736
2355
4
44
9%
2734
2756
24%
224
90
1855
2534
44
535
1134
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
-Record of transac- • No par value.
San Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Feb. 4 to Feb. 10,
New York Produce Exchange Securities Market.
both inclusive, compiled from official sales lists:
Following is the record of transactions at the New York
Sales
Friday
Securities Market, Feb. 4 to Feb. 10,
Produce Exchange
Range Since Jan. 1.
Last Weer* Range for
both inclusive, compiled from official sales lists:
Week.
of Prices.
Sale
Stocks-
Par. Price. Low.
40
Alaska Packers
- 15%
Anglo Calif Nail Bank Assoc Ins Fund
Atlas Imp Diesel Eng A_
134
Hank of California
Bond Share Ltd
33yron Jackson
Calamba Sugar
7% preferred
-----Calif Ore Power7% prof
Cant Packing
25%
Calif West Ms Lite Ina cap
Voting pool
Caterpillar
634
Coast Cos G & E6% lst pf15
Cons Chem Indus A
Crocker 1st Nail Bank---134
Crown Zeller v t
Preferred A
Preferred 13
Eldorado Oil Wks
43
Firemans Fund Ins
Food Mach
4
Golden State Ltd
Hale Bros Stores
634
Hawaiian C & S Ltd
Home F & M Ins
Hunt Bros A
Investors Assoc
Leslie Calif Salt
Los Angeles Gas & Elec pf97
Magnavox
54
15larchant Calif Mach
Mere Amer Realty 6% pf _ -----Natomas Co
No Amer Inv
6% preferred
11%
% preferred
455
No Amer 011 Cons
Occidental In
High. Shares.
40
40
1634
15
155 155
2
2
131 135
2
2
155 155
8% 84
13
13
84
84
9% 9%
25% 27%
26%
25
655 7%
7854
78
15
15
210 210
1%
1
855 9
834 85(
11
11
42
44
634 6%
4
4
6% 6%
28% 28%
22% 22%
2
2
3
3
13% 13%
96% 97
54
54
34
%
6055 60%
15
15
3% 354
1255 1255
1155 11%
44 5
1054 1055
Low.
Feb
20 40
Feb
1,139 15
155 Jan
100
Feb
2
200
35 130% Feb
2
Jan
210
14 Jan
200
100
854 Jan
600 12% Jan
Feb
5 84
8% Jan
590
Jan
166 20
Feb
54 25
634 Feb
4,137
Jan
62 77
320 12% Jan
5 200 Jan
Feb
1
2,089
854 Jan
438
754 Jan
22
150 104 Jan
159 4154 Feb
5% Jan
700
354 Jan
2,110
320
64 Feb
10 27% Jan
5 19% Jan
2
Feb
140
Feb
25
3
230 12% Jan
125 9255 Jan
1,050
% Jan
100
54 Jan
10 60
Jan
Feb
380 15
3
295
Jan
25 124 Jan
29 1155 Jan
455 Jan
735
Feb
SO 10
High.
40
20
14
255
15255
2
155
9
13
85
10%
31%
31
94
79
15
215
14
954
93(
11
44
654
4
655
2954
2254
2
355
14
984
55
35
6055
15
354
1255
12
555
1054
Friday
Sales
Last Weer: Range for
Range Since Jan. 1,
Feb
Sale
of Prices.
Week.
Jan
StocksPar. Price. Low. High. Shares.
Low.
High.
Jan
Jan Admiralty Alaska
1 140
140 190 j22,000
70 Jan 190 Feb
Jan Andes Petroluern
h 50
Sc
5
500
50 Jan
60 Jan
Jan Bancamerica Blair
I
24 r2
255
300
2
Feb
255 Jan
Jan Barry-Hollinger
1 150
150 170
4,500 15c Jan 17c Feb
Jan B G Sandwich
•
131 14 1,000
134 Feb
154 Feb
Jan Como
150 18o
1 15o
2,500 100 Jan 19c Jan
Jan Continental Shares
• 100
100 100
100 10o Feb 200 Jan
Jan Detroit & Canada Tunnel_•
100 10c
300 100 Jan 100 Jan
Jan Eagle Bird Mine
2.20 2.20
1
100 2.20 Feb
2.20 Feb
Jan Fads Radio
1
255
24 24 14,200
2
Jan
3
Jan
Jan Fremont Gold
1
1.18 1.20
200 1.15 Feb
1.20 Feb
Jan Fuel Oil Motors
10 25o
150 280 24,200 100 Jan 280 Feb
Feb General Electronics
1
3
254 3
11,500
24 Jan
3
Jan
Feb Granada Gold
1
1.50
1.50 1.75 1,100 1.30 Jan
1.75 Feb
Jan (H)Rubinstein prat
• ...354
100
334 334
254 Jan
34 Jan
Feb Iienion & Hubbell
6
•
100
6
534 Jan
6
Feb
Jan Huron Holding C
-D
230 350
1 320
700 23o Feb 500 Jan
Feb Intl Runless Iron
100 150
3,800 100 Feb 180 Jan
1
Jan Jenkins Television
250 500
• 250
400
54 Feb
ft Jan
Feb Kildun Mining
1.50 1.95 6,500
1.65
1
1.25 Jan
1.95 Feb
Jan Mamma Mines
230 28o 60,500 190 Jan 28o Feb
1 260
Jan Petroleum Conversion
54 1
5
34
500
54 Jan
1
Jan
Feb Railways new
154 255 2,600
1
2
1
Jan
355 Jan
Jan Retail Stores
6% 634
200
5
64 Feb
734 Jan
Feb 3hortwave & Television .1
300 300
100 25o
Jan 40o
Jan
Jan 31.scoe Gold
1.44 1.49 1,800 1.11 Jan
1
1.49 Feb
Feb Sylvestre UM A
•
4
4
100
35 Feb
134 Jan
Jan United Cigar Storee
12o 14o
1 120
6,800 120 Feb 14c Feb
Jan Utah Metals
350 350
1
500 350 Feb 350 Feb
Feb 5Vestern Television
•
55 330
55 3,100 38o Feb
4 Jan
Feb
2
A
254 8,000
1
234
2
Jan
24 Feb
Feb WingAero
4150 40o
10
100 400 Feb 500 Jan
Feb
Jan
Bonds.
Jan IntlIM etch 5s C-D._ _1947
144 1431 21,000 1355 Jan 15
Jan
Jan
• No par value.
Feb
CURRENT NOTICES.
-Dudley E. Simpson and J. Francis Bulger, the latter a member of
the Chicago Board of Trade, and both formerly with Lamborn, Hutchings
& Co.. have Joined Rhoades, Williams & Co., Chicago office, in charge
of the firm's new stock and grain department.
-Vernon E. Lohr, formerly of Bruce, Carson & Lahr, and Charles B.
Warden, formerly with Craigmyle, Marache & Co., have formed the firm
of Lohr, Warden & Co. to transact a general investment business at 115
Broadway. N. Y.
-Gerard F. Hulsehosch of F. L. Salomon & Co., members of the New
York Stock Exchange. has been elected an associate member of the New
York Curb Exchange.
-Wertheim & Co. will move from 57 William St. and be located Feb. 14
in larger quarters on the 33d floor of 120 Broadway.
- F. Rothschild & Co. have prepared an analysis of the bonds and
L.
stock of Louisville & Nashville RR. Co.
-Holt. Rose & Tractor's monthly bulletin contains a special study
of title and mortgage company stocks.
Edward Russell is now associated with Ernst & Co. in charge of their
foreign bond department. •
Clinton Gilbert & Co. announce the admission of Frank Rizzo as a
general partner.
Francis C. Coulter is no associated with John E. Sloane & Co., One
Wall Street.
Financial Chronicle
Volume 136
997
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Feb.4 1933) and ending the present Friday (Feb.10 1933). It is compiled entirely from
the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds, in which
any dealings occurred during the week covered.
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Par. Price. Low. High. Shares.
Week Ended Feb. 10.
Stocks-
Indus. & Miscellaneous.
Acme Wire v t c
25
3%
Air Investors cony pref_ •
r
34
Allied Mills Inc
Aluminum Co common _• 48
6% preference
ion 42
Aluminum Ltd
Series C warrants
Series D warrants
Amer Beverage Corp.---5
294
Amer Capital Corp
$534 preferred
Amer Cyanamid cl B
*
434
American Dept. Store Corn'
Amer Equities corn
1
Amer Founders Corp__ •
74
Amer Hardware
65
Amer Investors coin
1
234
Warrants
Si
Amer Laundry Mach...20
Amer Mfg common_ __100
Preferred
100
Amer Maize Prod
Arundel common
5
Atlas Utilities Corp corn.*
734
$3 preference A
* 38
Warrants
2%
Automatic Vot Machine.
•
134
Axton Fisher Tob cl A_ _10
Babcock & Wilco c
Beneficial Indus Loan_ •
Blue Ridge Corp
Common
1
6% opt cony pref
••2
634
Bourilsis
•
Brill° Manufacturing- -r •
834
British Amer Tobacco Ltd
Am bear rots ord
Am dep rots reg
10s 1674
Burma Corporation
Am dep rots for reg she_ -----Butler Bros new
16
Carnation Co common_ •
Celanese Corp of America
7% 1st partic pret
100
Centrifugal Pipe Corp. •
Cities Service common._•
294
Preferred
• 14%
Preferred BB
Claude Neon Lights
1
Consol Aircraft common._'
1%
Cont'l Scour common_ ___•
Continental Shares pret 100
Cooper-Bessemer Corp
83 pref A w w
100
Copeland Products
Cord Corp
5
654
Cooroon & Reynolds
$6 pret A
•
Crocker Wheeler Elec. •
Crown Cork Internet A...*
Cuban Tobacco v t C.
•
Cuneo Press common__ •
Deere & Company
•
831
De Forest Radio corn- •
31
•
Detroit Aircraft
1,
Dublier Condenser corn I
Easy Wash Mach el B.....
r
Eisler Electric Corp
134
Eleo Power Assoc corn.__
Class A
•
3%
Electric Shareholding
Common
•
Fansteel Products Co._ __•
F E D Corporation
•
First Nat Stores 7% p16100
Fisk Rubber
Flintkote Co class A
Ford Motor Co Ltd
Amer dep rcts ord reg-£1
3j
Ford Motor of Can el A_ •
Class 13
•
Ford Motor of France
Amer deposit rots
Foundation Company Foreign shares
General Alloys
General Aviation Corp..4%
•
Gen Electric(Gt Britain)
Am dep recta ord reg__ £1
General Fireproofing
Gen Theatres Equipment
•
33 cony preferred
Gilbert (A C) common_ __•
• 10
Glen Alden Coal
Globe Underwriters Ezell 2
454
Goldman Sachs Trading._'
3
1
Gold Seal Eleo
34
Gray Tel Pay Station_
•
Gt Alt & Pao Tea
Non-vat corn stook
•
7% 1st preferred _ ___100 2122
Grocery Stores Prod v t o_•
••
Hires(C E) cl A
Horn &!larded Co
Hydro-Elec Securities. •
Hygrade Food Prod new..5
Hygrade-Sylvania
•
Imperial Tobacco (Can)_.5
Insurance Co of No Am_10
Internatl Cigar Mach....'
Interstate Equities Corp.]
50
$3 cony prof A
•
Irving Air Chute
6
Jonas & Naumberg $3 prof*
Letcourt Realty corn.....'
•
Preferred
Louisiana Land & Expl •
IlI
Mengel Sts 634% pt w w100
Mavis Bottling class A_ _1
McCord Radiator & Mfg
•
Class B
Merritt Chapman & Scott
Common
•
Mesabi Iron
*
Midland Steel
Minn-Honeywell Reg Pf100
Montgomery Ward & Co
• 55%
Class A
Range Since Jan. 1.
Low.
High.
3% 4
6
6
351
351
4334 4834
4034 42
400
900
200
1,850
450
3% Jan
Feb
6
3% Jan
43% Jan
40% Feb
234
5
2%
36
300
2,200
234 Feb
Feb
5
Feb
2
234
5
2
35%
4
Tie
24
%
1234
2%
94
834
10
a4331
1734
12%
6%
3594
231
1%
4231
2634
1034
36
451
714
2%
%
1274
3
%
834
10
4331
1714
12%
734
38
254
134
45
2634
1034
600 3234 Jan
4,000
Feb
4
10
% Jan
10
254 Jan
44 Feb
80
350 1251 Feb
1,90
2% Feb
20
34 Jan
5
834 Feb
Feb
10
2
5 043% Jan
17
Feb
10
50 1231 Feb
7,300
634 Jan
1,100 34% Jan
2,900
231 Feb
1% Jan
500
Jan
75 41
Jan
175 25
100 10% Fe
735
6%
4
54
44
Jan
Jan
Jan
Jan
Jan
234 Feb
Feb
5
234 Feb
36
4%
71s
3
1%
12%
331
31
934
10
43%
21
1231
8%
38
33'
2
55
27
1234
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
231 234
2654 27
3% 3%
831
7
1,800
2,200
500
3,000
2%
26%
3%
6%
Feb
Feb
Feb
Feb
3% Jan
29% Jan
3% Jan
831 Feb
1634 1634
1634 1634
500
100
1631
1631
Jan
Jan
16% Feb
16% Feb
1%
1%
6%
35
2294
r234
1334
13
34
1%
131
34
1%
131
7
10
200
40
15
37
x234
20
r234 32,90
1494 1,00
1
13
20
34
131
100
131
10
10
34
531
134
634
300
1,200
6,800
10
10
3
3
2% 254
1231 1231
934 954
731 9
*is
31.
he
34
%
34
1%
134
1
131
334 3%
3% 3%
400
600
600
100
200
2,600
3,600
600
100
700
700
1,100
4,00
5
1
574
3% 3%
1%
134
434 4%
1103£ 11031
13; 144
1% 1%
1% Jan
1% Jan
6% Jan
131
234
734
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
4331
£254
331
1734
13
35
2%
r2%
13 34
12
34
1%
1%
%
Jan
5
1
Jan
5% Jan
9
3
234
12
9%
734
'ir
54
*is
1%
1
334
334
Fe
Fe
Jan
Fe
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
131 Feb
131 Feb
34 Jan
•631 Feb
2
Jan
741 Jan
10%
4%
3%
15
1131
1134
'sr
31
Si
1%
1%
4
4%
10
2% Jan
4%
100
1% Feb
1%
10
494 Feb
4%
30 110% Feb 112
50
1% Feb
2
100
1% Feb
134
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
331
534
6%
334
634
644
2,10
900
400
3%
33'
200
3}4
3.‘
45‘
ayi
34
5
200
100
3,300
7
3%
7
3%
200
100
634
334
Jan
Jan
7q
334
Jan
Jan
94
Si
131 1%
9
10
434 4%
23( 3
Si
Si
17
18
400
100
500
800
2,000
600
250
34
1%
8%
4%
23(
si
17
Feb
Feb
Feb
Jan
Feb
Jan
Feb
y,
1%
10
434
3%
%
2034
Jan
Feb
Jan
Feb
Jan
Jan
Feb
10 141% Jan 155
50 119% Jan 124
300
34 Jan
%
50 r17% Feb
IS
100 175( Jan 20
1,700
5% Feb
7%
3
700
Feb
331
200 1331 Feb 1334
100
ay. Feb 6%
800 3131 Feb 35%
100 193( Feb 19%
700
54 Jan
34
200 12% Feb 15
1,000
5
Jan
6
200
2
Feb
2
100
14 Jan
134
100
4
Jan
4
600
% Jan
34
50
9% Jan 1034
1,00
31 Jan
36
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
142 142
12131:122
%
34
18
18
17% 17%
5% 534
3%
3
1331 13%
654 6%
31% 33
19:1 1951
_is
34
1274 13%
5% 6
2
2
1
1
4
4
Is.,
10% 1034
Si
31
1
1
•
34
Si
34
34
2
2
6431
64
55
57
100
3
Jan
5% Feb
634 Feb
3%
Jan
3% Feb
% Jan
2% Jan
1
Feb
400
4
30
4
34 Jan
34 Jan
2
Feb
64
Jan
310
53
Jan
334 Jan
7
Jan
11
Jan
434
Jan
3% Jan
34 Feb
5
Jan
1
Feb
1
Jan
31 Jan
2
Feb
68
Jan
61
Jan
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Contlnued) Par. Price. Low. High. Shares.
Moody's Investors Service
Panic preferred
•
National Aviation
•
Natl Belles Hess corn.....
.1
Nat Bond & Share Corp. •
Nat Investors common.. 1
National Leather Co....
National Service corn
•
Nat Sugar Refilling
•
Newberry (J J) peel... 10)
New Mexico & Ariz Land_l
New York Shipbuilding
Founders shares
1
Niagara Share of Md cl B..5
Niles-Bement
-Pond
•
Nitrate Corp of ChileCtts for B shares
Nor'west Engineering.....
N'western Yeast
100
Novadel-Agene
•
011stocks common
5
Parke, Davis er Co
•
Parker Rust
-Proof
•
Pennroad Corp corn v t 0_•
Pet Milk 7% pret
100
Philip Morris Consol cl A25
Phoenix Securities
Common
1
$3 cony prof series A._10
Pilot Radio & Tube CIA..'
Pitney-Bowes Postage
Meter
Pittsburgh dr Lake Erie.50
Prudential Investors
•
Pub Util Holding corn
Without warrants
•
Warrants
Pub Util Secur pf
•*
Quaker Oats corn
Preferred
100
Raytheon Mfg v t c
•
Reliance Internet corn A.
•
Reliance Management_ *
Republic Gas
Reyburn Co Inc
10
Reynolds Investing
•
Rolls Royce Ltd
Amer dep rcts reg- -L1
Roosevelt Field
5
Rossia International
•
Ryerson (Jos
& Son_ •
Safety Car Ileat&Light 100
St Regis Paper corn
10
7% preferred
100
Schiff Co coin
Seaboard Util Shares.....
Securities Allied Corp_
*
Securities Corp Gen
•
Segal Lock & Hardware_ •
Selected Industries Inc
-Common
1
$5.50 prior stock
25
Allotment Ws
Sheafter Pen Co
•
Shenandoah Corp
Common
1
6% cony pref
50
Sherwin-Williams
25
Silica Gel Corp v t c
*
Singer Manufacturing.-100
•
Smith(A 0)Corp
Spiegel May Stern Co
100
634% preferred
Standard Cap & Seal
Standard Investing
•
$534 cony preferred_
Starrett Corp 6% pref. 50
Stetson (John B) Co
•
Stutz Motor Car
•
Swift & Co
25
Swift Internacional
15
Technicolor Inc corn
•
Tobacco Products of De1.1
Todd Shipyards
Transcont Air Trans
•
s
Trans Lux Daylight
Picture Screen new.....1
Tri-Continental warrants
Tubize Chatillon corn_ _ 1
Class A
1
Tung Sol Lamp Co
$3 cony pret
•
Union Amer InvestingUnited Chemicals pref _ --•
United Dry Docks
•
United Founders corn
United Shoe Mach com.25
United Stores Corp v I0.'
U S Dairy Prod B
•
U Foil class B
•
U S & Internat'l Secur
*
Common
•
1st pref with warrants.*
U Lines Inc pref
•
Utility Equities common...
1
Priority Stock
•
Utility Indus corn
Preferred
Waitt dr Bond el A
Waigreen common
•
Walker (II) Gooderham
& Wortscommon
•
Preferred
•
Watson (JW)
•
West Auto Supply cl A. *
Western Cartridge pret_100
Cony prat
•
Woolworth (F W) Ltd
Amer dep rids for ord shs
Am dep rots 6% Prof....
Rights
Penn Water & Power
•
Public Utilities
Alabama Power $7 pref. •
$6 preferred
•
Am Cities Pow dr Lt
Cony class A
25
New class B
1
1731
1731 r1844
63/
2%
3-4
34
2234
2431
154
34
200
300
634
45,200
1
2431
100
2%
600
100
31
100
34
23
300
50
6534
600
31
54
22
65%
44
3%
5%
6%
2%
534
634
531
7%
234
234
121
121
4431 43
3
18% 1834
3251
34
134
1%
8234
1734
234
121
44%
3
18%
x34
1%
8234
18
ay,
4,100
800
150
Low.
1731 Feb
6
Jan
Jan
24
Jan
131 Feb
34 Feb
34 Jan
22% Feb
65% Feb
34 Jan
1% Jan
5
Jan
5% Jan
IL
.
400
100
2
10 105
1,500 43
500
3
1,700 1734
350 30
6,000
13i
20 82%
200 1734
Tie
Ti
10
10
131 1%
4%
Range Since Jan. 1.
300
200
200
2% 3
33% 3334
4%
4
800
50
1,500
High.
20
831
131
2534
3%
31
1
25
23
;4
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
3% Feb
Jan
7
731 Feb
Jan
234
Jan
Jan 121
Jan 45%
Feb
354
Jan 18%
Jan x34
Jan
134
Feb 84
Feb18
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
'14 Jan
10
Jan
1% Jan
3.4 Jan
1034 Jan
234 Jan
234
29
334
334 Jan
34% Jan
4% Jan
Jan
Jan
Jan
4,100
514
1,100
Is,
50
2
160 78
10 111
100
2%
1,70
2
20
34
3,60
Si
10
5(
70
*is
34
Feb
34
Jan
Feb
2
Feb 80
Jan 115
231
Feb
Feb
2%
131
Jan
Feb
he
1
Jan
Jan
34
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
7% 8%
Si
%i
114
51
831 8%
1634 22%
234 23-4
17
1731
Si 634
%
%
644 7
4
4
%
%
30
10
100
10
375
1,100
70
100
500
400
100
1,500
7%
%
'II
8
1634
2%
17
6%
34
6%
4
%
Jan
834
Jan
3.4
34
Feb
Jan
8%
Feb 2234
Feb3%
Feb24
Feb7
Jan
51
Feb
7%
Feb5
Feb
54
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
134 134
42
42
4031 44%
6
6
1,000
100
1,100
100
1% Jan
3931 Jan
Jan
38
Feb
6
1% 2%
13% 13%
1531 16
34
34
9834 100%
16
16
600
900
150
20
170
100
I%
13%
1434
%
95
16
28
28
1834 18%
100
100
Feb
28
1834 Feb
he
he
hs
he
2
2
78
78
80
115 115
2%
2% 234
234
2
2%
1% 1%
34
34
34
44
34
31
22%
294
17
31
43
1341
34
31
1%
134
11
3.1
144
3834
3
3934
1
1134
Feb
254
Feb 15
Jan 17
Jan
Si
Jan 102
Feb 2234
Jan
Jan
Jan
Jan
Jan
Jan
28% Jan
1854 Feb
8
161
8% 8%
14%
13
734 8
1434 15%
331
3
3.4
Si
10% 10%
3% 374
10
100
4
1,50
2,50
400
400
100
100
300
734
34
8%
13
734
1454
2%
%
1054
234
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
1% 194
1%
134
534
5
11
11
200
800
500
100
154
131
•431
11
Jan
1% Jan
Jan
1% Jan
Jan
Jan
6
Feb12% Jan
10
10
14
14
r93 r951
(
31
St
134 131
3854
37
%
Si
1
1
3
3
100
300
400
1,100
9,500
165
1,400
100
100
8
14%
7%
15
331
134 Jan
Jan
45
Jan
47
„fan
7
44
19%
Si
134
37%
1
234
r734
%
21
Si
174
39%
1
3
r7%
1234
731 Jan
Jan
13
7
Jan
31 Jan
134 Jan
33% Jan
54 Jan
1
Feb
3
Jan
600
400
40
70
37
300
300
1
30
34
1834
54
134
3734
1
231
734
12%
50
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
8
11,4
9
17%
8%
1734
4
*is
1074
541
10
14%
r931
5i
144
3834
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
23%
Si
2
41
134
3%
734
14
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1
2934
4%
300
300
400
100
354 Feb
731 Feb
31 Jan
934 Jan
5934 Jan
834 Feb
4% Jan
8% Jan
Si Feb
12% Jan
61
Jan
1234 Jan
3,900
100
1154 Jan
4
Fe
13% Feb
5
Feb
17,100
5ss Feb
ha Feb
60
60
4834 4931
'U
33-4 434
7% 834
54
54
12% 1234
59% 60
83.4 83.4
1234 1394
5
5
44
10
125
61)
Feb
48% Feb
65%
56%
2934 29%
33( 4%
200
2,100
27
Jan
391 Feb
3031 Feb
534 Jan
Tel
Ts
ao
Jan
Jan
998
Public Utilities
(Concluded)
Financial Chronicle
Par
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Price. Low. High. Shares.
Range Since Jan. 1.
Amer Com'w'Ith Power
500
•
Class A
31
31
31
3,200
Amer & Foreign Pow warr_
4
5
4
431
Amer Gas & Eleo corn- • 2734 25% 28% 11,600 25%
25 1831 1731 18% 2,400 1634
Amer L dr Tr corn
25,300
331 4
Am Superpower Corp e0m5
334
3%
1st preferred
400 66
• 6731 67
6735
Preferred
• a29
304
30
300 30
Assoc Gas & Elea
6,000
Class A
1% 2
1%
85 preferred
20
6% 64
634
11,
Warrants
he
he
he 1,000
Assoc Tele', $1.50 pref_ •
51931 n1934
100 184
1
10
ASI8013 Telep
_ 1
1
1
Bell Telep of Canada___100 76
12
76
73
73
90
Brazilian Tr L & P ord---•
6%
6% 7%
731
500 20%
Buff Niag & East Pow IA 25 2054 204 20%
100 88
88
88
• 88
$5 1st preferred
Cables & Wireless Ltd
600
'Is
he
34
hs
Am dep rots B ord she_ £1
2
700
2%
Am dep rots pref shs_ _£1
50 37
Carolina P & $7 pref- -* 3931 3?U 394
13
13
100 12%
Cent Hud G &E corn v t is•
Cent Ills Pub Service
284 284
25 284
•
$6 preferred
Cent & So'west UM
1231 12% 1231
100 12%
$7 prior lien
131 2% 7,200
prat*
2
1%
Cent States Elec new corn 1
64 9
510
6% pref with warr_ _100
631
200
6% pref without warr 100
734 7%
731
8
Cony pref opt ser '29_100
94
275
7
Cities Serv P & L* 13
200 13
14
13
$6 preferred
31
100 3031
31
•
Cleve Elea Ilium com_
10934 10931
50 108%
100
6% preferred
Columbia Gas dr Eleo100 8634 82% 88
425 80
Cony 5% pref
Columbus By Pow de Lt
6934 72% 1,600 6934
Commonwealth Edison..100 72
Common & Southern Corp
% 2,800
he
Warrants
500
31
Community Water Service*
31
14
1,200 58
63
60
Consol G E L&P Balt com• 63
200
34
36
34
COL1801 Gas TJUI el A_ •
57% 57%
100 50
Cont'l G & E7% pr pfd 100
.56
53
175 53
10
Duke Power Co
6
200
6%
4%
6
East Gas & Fuel Assoc_ __•
2
2%
400
234
131
East States Pow corn B__•
East Util Associates
21% 21%
100 21%
Common
100
2%
2%
Cony stock
81.200 1454
*
Elea Bond & Share com--5 1634 1454 17
1,200 3134
• 3334 31% 34
$5 cumul preferred
37
• 38
39% 3,400 37
$6 preferred
350
834
Electric Pwr & Lt 2d pf A • 1031 1034 1034
254 234
600
2%
2%
Option warrants
Empire Gas & Fuel
75
9
934
931
100
9
6% preferred
1034 11
100 10%
100
7% Preferred
400
z231 254
234
European Elec class A__10
200
Si
he
31
Option Warrants
25%
200 24%
Florida P & £87 pref- 5 2534 25
631 631
700
64
Gen Gas & Elec $6 pref B_•
64
30
10 23
30
•
,
Gen Pub Sal" $6 prat_
125 58
Georgia Power $6 pret---• 5831 58
5854
42
50 42
42
Green Mtn Pow $6 Pref. •
he
31 1,300
Hamilton Gas corn v t c__1
34
254 26
125 2534
IllinoiaP&L $6 pref_- •
Interlard Hydro-Electric
•
1731 174
100 174
cony pref
$3.50
Internatl utility
200
•
531
54
531 6
Class A
1
34
500
Class B
1
134
Italian Superpower A-- •
134
600
134 134
70
64 70
Jersey CtP&L 514 %ptd100
70
Long Island Ltg12
• 12
12%
400 12
Common
784 784
100
10 784
7% preferred
72
72
100
100 69%
6% prof el B
Marconi Internat Marine
5% 5%
100
534
Commun Am dep rota £1
1
1
1
134 3,300
Marconi Wire' T of Can__
24
231 231
200
Memphis Nat Gas new__5
35
31
34
34 2,900
Middle West Utll com--•
200
31
31
$6 cony pref ser A--•
Mohawk de Hud Power
80
50 80
80
•
1st preferred
10 91
924 9231
Mountain States T de T 100
600 5634
National P & L $6 pref__• 574 56% 594
New England Pow Man170 44
4431 4531
100
e% preferred
New Engi Pub Serv23
23
•
10 23
$6 prior lien
New Kngl Tel & Tel__ 100
90
50 90
90
115% 11.5%
25 115
NY Telep 634% pref _100
Niagara Hud Pow
15 124
1251 4,000 12
Common
100
Class A opt warrant_
she
31
50
Nor Am Lt & Pow com 50
351 34
331
• 1331 12
1331
6% preferred
75 12
Nor Ind Pub Sent- .
100
50 50
25 50
6% preferred
200 3431
344 35
Nor States Pow corn A.100
1,100 23%
Pacific G & E 6% 1st p128 244 2431 25
92
50 90%
acific Ltg $6 pref
93
P 92
100
6
6
Pa Gas & Elec class A_ :
6
56
Pa Water & Power Co* 57
58
600 54%
Philadelphia Co corn
100
8
•
8
8
Puget Sound P & L35 preferred
•
20 2031
204 2431
$6 preferred
50 14
14
14
Shawinigan Wat de Pow--•
200
931 931
13%
Sou Calif Edison
6% pref ser B
25 2431 24% 2431
300 234
534% pref class C_._25
2131 2134
100 214
Standard P & L com B_ •
7
731
200
7
Swiss Amer Elec prat
29% 30
250 294
• 2634 264 2634
Tampa Electric Co
400 2431
Union Gas of Canada......
231 234
100
2%
United Corp warrants_
234 2%
400
231
131
131 154 10,200
United Gas Corp corn newl
134
• 18
17
2331 4,700 17
Pref non-voting
800
31
Option warrants
31
3% 3% 3,500
United Lt & Pow corn A- •
3H
834
4
• 4
4
100
Common class B
4
1534 1,400 15
• 1531 15
$6 cony 1st pref
200
31
31
US Elec Pow with warr •
31
100
31
Warrants
31
32
32
50 32
Utah Power & Lt $7 pref.*
1
131 2,800
1 •
•
134
TJtil Pow & Lt corn
7
100
7
Class Byte
5%
Former Standard 00
Subsidiaries25
Chesebrough Mfg
100
Eureka Pipe Line
25
Humble Oil & Ref
Imperial 011(Can) coup--s
10
Indiana Pipe Line
National Transit_ _ _ _12 50
10
Northern Pipe Line
25
South Penn Oil
86%
26
44
734
3%
531
1131
86
26
434
611
331
631
531
11
90
26%
4431
731
3%
631
534
1134
250
450
900
2,000
200
100
1,000
1,600
High.
Low.
86
26
4331
X
331
634
5
11
Jan
Feb
Feb
Jan
Feb
Jan
Feb
34
5%
3331
19%
534
69
3334
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
254 Jan
Jan
Jan 10
Jan
34 Jan
Jan e1834 Jan
Feb
134 Jan
Feb 83
Jan
Feb
831 Jan
Feb 2231 Jan
Feb 9231 Jan
Feb
he
Feb
234
Feb 48
Feb s13
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
2831 Feb
1731
211
9
8
9%
Jan
Jan
Feb
Jan
Feb
Fe
16
Jan
Jan 3234 Jan
Jan
Jan 110
Fe
96
Fe
8231 Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
he
31
65
31
5734
59
634
3
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
2231
331
21%
4034
4334
12
454
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
10
14
3
he
3331
11
31
7031
42
34
3431
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
1954 Jan
Feb
Feb
Feb
Feb
634
154
154
7131
Feb
Feb
Jan
1234 Jen
8235 Feb
74
ran
Jan
Jan
Feb
Jan
Feb
sx
131
2%
54
1
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
83
96
69
Jan
4854 Jan
Jan
Jan
Jan
Feb 23
Feb
Feb 94
Jan
Jan 11654 Jan
Feb
Feb
Feb
Feb
1854
&he
554
1334
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
54
40
25%
94
634
60
8
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
2531 Jan
1734 Jan
1134 Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
2434
2231
731
33
26%
3
334
24
29
454
5
19%
134
4
36
134
8
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
90
2831
45
84
34
7%
5%
12
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
54
Feb. 11 1933
Friday
Sales
Former Standard Oil
Last Week's Range for
Subsidiaries
ofPrices.
Sale
Week.
(Concluded)
Par Price. Low. High. Shares.
So'west Pa Pipe Line_ _50
Standard Oil (Indiana)__25 52011
Standard Oil (11y)
10
Standard 011(Ohio) corn 25
Other 011 Stocks
Amer Maracaibo Co
1
Arkansas Nat Gas com_ •
Common class A
•
131
100
Preferred
234
Atlantic Lobos Oil pref_50
25c
Carib Syndicate
*
Colon Oil Corp corn
Columbia Oil& Gas vto •
10
Consol Royalty Oil
Cosden Oil Co
134
Common
2
Ctfs of Dep corn
100
Preferred
Creole Petroleum Corp- •
- -----Crown Cent Petrol corn
Gulf 011 Corp of Penna__25 27
Indian Ter Illum Oil•
Non-yot class A
Class B
he
Intercont Petrol Corp___ _5
International Petroleum_• 104
•
Kirby Petroleum
34
Lion 011 Refining Co
•
Lone Star Gas Corp
•
Mich Gas & Oil Corp
134
Middle States Petroleum
•
Class Aytc
1
Mountain & Gulf Oil
31
3
Mountain Producers_ __ _10
•
National Fuel Gas
25
New Bradford 011
Nor European 011 Cora_ •
Pure Oil Co 6% prof......100 4036
•
Ryan Control Petrol
Salt Creek Consol 011_ _10
351
Salt Creek Prod Assn_ 10
•
Taxon Oil & Land
Venezuelan Petroleums 5
•
Mining
Bwana M'Kubwa Copper
American shares
Comstock Tun &
Consol Copper Mines_ _5
1
Cresson CO119010 M
Cusi Mexican Mining__500
25
Hecla Mining Co
Hollinger Consol 0 M___5
Bud Bay Min& Smelt_
Kirkland Lake 0 Mines_..1
Lake Shore Mines Ltd_ __I
25
New Jersey Zino
Newmont Mining Corg-10
5
Nipissing Mines
1
Ohlo Copper Co
Pioneer Gold Mines Ltd1
Premier Gold Mining
-A
Roan Antelope Copper_ _
St Anthony Gold Ltd__ _1
Shattuck Dann mining-5
So Amer Gold & Plat
5
Standard Silver Lead _ _I
Sylvanite Gold Mines_ _1
Tack-Hughes Mines
1
Tonopah Belmont Dev 1
United Verde Extension 600
Wenden Copper Mining 1
Wright
-Hargreaves Ltd....•
Bonds
Alabama Power Co
1st & ref bs
1946
Ist & ref 55
1951
lat dr ref 5s
1956
1st de ref 5s
1968
let dt ref 434s
1967
Ala Water Service bs._1957
Aluminum Co s f deb 5s'52
Aluminum Ltd deb 58_1948
Am Commonwealth Pow
Convertible deb 65._1940
AmComulunityPow545'53
Am El Pow Corp deb 65'57
Amer (1 dr El deb 58-2028
Am Gas & Pow deb 611_1939
Secured deb Ss
1953
Am Pow & Lt deb 65-2016
Am Radial deb 434s,1947
Am Roll Mill deb 55-1948
434% notes_ _Nov 1933
Appalachian El Pr 55_1956
Appalachian Gas 6s
1945
Cony deb 6s B
1945
Appalachian Pow 55_1941
Arkansas Pr & Lt 5s._1956
Associated Elec 454s. _1953
Associated Gas <1. El Co
Cony deb 535s
Cony deb 44s
1948
Cony deb 434a
1949
Cony deb bs
1950
Deb 55
1968
Cony deb 5545
1977
AMC Rayon deb 5s....1950
Assoc Tesler, Ltd 5*. .1965
Assoc T & T deb 531s A '55
Assoc Telep Util 5348_1944
6% notes
1933
Atlantic City Elec 55_ _1956
Baldwin Loco Wks 534s'33
Bait & Ohio 5s ear F 1996
Bell Telep of Canada
1st M bs series A _ _ _1955
1st M 55 series B_ _ _1957
1st M 55 series C. _1960
Bethlehem Steel 65._.1998
Binghamton L H & P 5s'46
Birmingham Elec 434s 1968
Birmingham Gas 5s_ _1959
Boston Consol Gas 58.1947
Broad River Pwr 55 A..1954
Buffalo Gen Elea 55. _1939
Gen de ref 5s
1956
Canada Nor Pow 55-1953
Canadian Nat Ry 7s...1935
Canadian Pac By 6s_ _1942
Carolina Pr & Lt 5s _ _1956
Caterpillar Tractor 58_1935
Cedar Rapids M & P 5s '53
Cent Arizona L & P5* 1960
Central German Power
Part ars 68
1934
Cent Ill Light 5s
1943
Cent Me Pow 5s ear D.1955
Cent Ohio L & P 5s_ 1950
Cent Power bs ear D 1957
6%
331
3234
30%
16
131
45'
31
831
134
134
34
1%
431
904
88%
75
9534
58
134
21
85%
23%
19%
56
604
9434
5
104
8731
41%
2334
25
2331
30
85
1931
14%
34
7554
4235
96
0514
104
733'
634
10131
78%
6934
a95
9531
98
75
Range Since Jan. 1.
Low.
High.
29
20
11
1831
29
100
2131 34,300
11
100
50
18%
SI
1
Si
134
300
1,400
1,400
300
100
900
500
700
1,500
134
1
I% 2
4
4
254 a3
31
54
26
2735
400
900
100
2.700
400
1,200
131
1%
.94
134
751
134
100
100
1,10
6,70
50
70
1,80
20
134 Jan
111 Jan
Jan
Feb
54 Jan
131 Feb
631 Jan
1
Feb
1% Jan
Feb
2
Feb
4
5234 Jan
34 Jan
2934 Jan
la
W.
1% Jan
134 Feb
31 Jan
10% Jan
31 Jan
234 Jan
754 Jan
134 Jan
Si
Si
X
31
2% 3
12% 1231
Si
Si
Si
34
4034
37
Si
34
Si
Si
351 4
631 7
Ii'
31
200
800
90
1,800
500
3,100
80
200
7,700
1,500
600
1,000
Jan
Jan
254 Jan
12% Jan
34 Jan
Jan
37
Feb
31 Feb
Feb
3% Jan
654 Feb
Si Jan
Jan
11 Jan
3% Jan
134 Jan
Feb
34 Feb
404 Feb
Jan
56 Jan
434 Jan
8
Jan
34 Feb
134
11
4
i.
10%
34
1%
7
1
11.,
100
31 1,100
34
35 1,700
31
'is
54 1.600
Si
4 4,000
23‘ 24
300
4,300
634 7
3
3% 8,600
he
34
600
3131 344 10,700
29% 30%
400
154 1631
800
1% 14 5,500
31
31 1,700
431 531 26,700
31
34
1,200
811 8% 6,100
3.4 1,900
200
1,100
2,100
2,200
%
334 434 30,300
200
31
31
1% 2
1,100
'IS
'IS 1.000
354 4% 18,500
14 3.%
14
9731
894
8831
83
75
6231
94%
58
99
91 31
92
83
77
6234
9531
60
13,4 134
3)4 33.4
21
23
844 8531
23% 25%
1931 24
5431 5634
96
97
46
48
55
6031
9334 94%
531 531
5
5
1034 104
86
8731
3931 4234
23
a25
2334
2331
2334
294
43
85
19
144
34
98
72
374
73,000
34,000
35,000
10,000
50,000
1,000
8,000
5,000
29
20
10%
1834
Feb
Feb
Jan
Feb
33
22%
1154
21
Jan
Jan
Jan
Jan
11
Si
14
2
331
34
31
35
14
1
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
1%
134
3
231
%
26
Jan
Jan
Jan
Jan
Feb
Feb
131
13.4
24
5i
31
31
Si
he
%
24
531
234
y,
284
28
15
1
he
3%
31
8
'is
1
54
he
351
31
131
3
;1
97%
89
8634
82%
74 34
6031
94
56
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Fe
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Si Jan
Jan
4 Feb
,
e
3
7
3%
54
3434
304
17 31
1%
31
431
8%
14
14
he
131
4x
4
254 Jan
Jan
Feb
4
2,000
1
Jan
234
1,000
331 Feb
8
15,000 21
Feb 26
115,000 84% Feb 92
25,000 23% Feb 29
36,000 13g Feb 25%
86,000 5544 Feb 6434
14,000 9531 Jan 97
13,000 45
Jan 65
54,000 55
Feb 7031
70,000 9131 Jan 9731
4,000
6
434 Jan
2,000
6
431 Jan
20,000 102% Jan 1041d
36,000 8531 Jan 9031
127,000 3934 Feb 4734
84,000
60,000
8,000
12,000
40,000
14,000
16,000
6,000
5,000
6,000
13,000
8,000
29,000
150,000
68,000
29,000
29,000
7.000
954
95
95
100
91%
734
45
1044
44
106
105
6331
Jan
n
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
n
Jan
Feb
Feb
Feb
Feb
Feb
Feb 10034 Jan
Jan
Feb 97
Jan
Feb 95
Jan 89% Jan
Jan 8134 Jan
Jan 6434 Jan
Jan 99
Jan
Jan 61
Jan
25
27,000 2031 Jan
2534 2,000 214 Jan
254 248,000 204 Jan
2635 203,000 2134 Jan
2531 249,000 21
Jan
30
9,000 .2734 Jan
50
22,000 43
Feb
86
3,000 85
Feb
1931 50,000 17
Jan
18 257,000 14% Feb
3734 17,000 30
Feb
98
1,000 98
Jan
79
63,000 70
Jan
43 561,000 3531 Jan
9531 97
95
96
9534 9831
102 104
99 100
734 76
45
53
104% 104%
44
444
107 107
10634 1064
63
64
101% 101%
7731 79
6934 7155
943.4 95
9534 97
9031
90
131
Fen
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
wog Jan
77
Fe
64% Jan
9434 'Fe
0531 Fe
87
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
26
27
26%
28
27
35g
52
89%
2634
244
5334
99
8651
43
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
10094
100
1004
104
102
80
5734
105
4831
10734
10634
6734
102
9234
7334
97%
9834
934
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
60
60
1,000 594 Jan 6435 Jan
104% 104% 1,000 10434 Jan 105
Jan
97% 98% 20,000 9734 Jan 101
Jan
7351 75
4,000 6634 Jan 76
Jan
70
68
23,000 68
Jan 75
Jan
Financial Chronicle
Volume 136
Bonds (Continued)
-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week
Price. Low. High.
Central Ill Pub Service
1956 78
5s series E
1st di ref 451s ser F_1967 6634
-1968 7531
1st mtge 55 ser G.
1981
4345 series H
Cent Pow & Lt 1st 50_1956 62
Cent Pub Serv 5515-- 1949
354
With warrants
Without warrants
Cent States Elec 55- _1948 3751
Deb 5545 Sept 15 1954
3851
With warrants
Without warrantsCent States P & L 554e '53 3735
Cent Vt Pub Serv 55_ _1959
Chia Dist Else gen 4348'70
Deb 551s--Oct 1 1935 9250
Chicago Junction RI's
Union Stk Yds 55..1940
Chic Pneu Tool 5545..1942
Chia RI's 55 ctfs
1927 54
Cigar Stores R'itY Holding
Deb 5s series A
1949 404
Cincinnati St Ry 5540 A '52
fls series B
1955
Cities Service 5s
1966 34
Cony deb 5s
1950 3431
Cities Service Gas 5505 '42 5050
Cities Serv Gas Pipe L '43
Cities Serv P & L 551s 1952 3630
5300
1949 3634
Cleve Ele) Ill 1st 55-1939 105
5s series A
1954
Gen 55 series B
1961
Cleveland Ry 5s
1933 9734
Cleve Term Bldg 6s_ _1941
Commander-Larabee6s '41
Commerz und Privat
Bank 554s
1937 62
Commonwealth Edison
1st M 50 series A _1953 10555
1st
5s series 13-.1954 10551
1st 454s series C.. _1956 9954
lat M 4%s series D_1957 9950
454s series E
1960 99%
lst M 4s series F.- _1981 9030
5555 series G
1962
Com'wealth Subsid 5515'48 80
Community Pr & Lt 5s 1957 4851
Connecticut Light & Power
534 series B
1954 10855
454s series C
1956
be series D
1962
Conn River Pow 55 A 1952 9935
ConsolG E L &P 4%5 1935 10351
Consol Gas El Lt& P (Balt)
1st ref 5 f ,
is
1981 9834
1st & ref 5545 ser E.1952
44s series G
1969
450 series II
1970
Consol Gas (Bait City)
55
1939 108
Gen mtge 454s
1954
Con0o1 Gas Util Co
1st & coil 88 see A_ _1943 28
Deb 6545 with warr 1943
551
Consolidated Water (Utica)
4315
1958
ConsumersPow 450s._1958 103
lst & ref 55
1936 10554
Cont I Gas & El 55.-1958 57
Continental Oil 5505..1937
Cont Roll & Steel 65 A 1940
Cont Securities 80 A _ _1942 53
Crane Co 50_
A ug 1 1940 70
Crucible Steel deb 513_1940
Cuban Tobacco 5(3_ _1944
Cudahy Pack deb 5345 1937 a9130
Sinking fund 5s.. _ _1946
Cumberland CoP&L450'56 9151
Dallas Pow & Lt 130-.1949
bs series C
1952
Dayton Pow & Lt 50.-1941 10534
Delaware El Pow 5500 1959
Denver Gas & Elea 55.1949 10154
Derby Gas& Elea 50.-1946
Des Moines Electric 58 '38
Del City Gas 68 ser A 1947 94
68 1st series B
1950 86
Detroit Internatl Bridge
650s
Aug 1 1952
Certificates of deposit_
7s ctfs of dep
1952
Duke Power 450s. _ --1967
East Utility Assoc 58..1935
East Utilities Invest
58 with warrants._ _1954 1914
Edison Elea Ill (Boston)
2-year 58
1934 1035-4
5% notes
1935
Elea Power & Light 50_2030 3950
Elmira Wat Lt dr RR 50'56 84
El Paso Electric 50_1 _ _1950
Empire Dist El Ss.. 1952 4750
.1052
Empire Oil& Ref 550s 1942 41
Ercole Marelli Elea Mfg
6515 with warrants_1953 7355
Erie Lighting 58
1967 102
European Elea 6515.--1965
Without warrants
6530
European Mtge Inv 7s C'67 3351
751s series A
1950
Fairbanks Morse deb 50242
Farmers Nat Mtge 76.1963
Federal Water Serv 551(1'54
Finland Residential Mtge
Banks 65
1961 47
Firestone Cot Mills 50.'48 8151
Firestone Tire & Rub 5s'42 86
First Bohemian Glass 7s'57 65
Fisk Rubber 534s----1931 4130
Certificates of deposit__ _ 40
Fla Power Corp 5340_1979 57
Florida Power & Lt 6s1954 644
Oarlock Packing 65-1939
08,17 El& Gas 55ser A 1934 6234
Gatineau Power let be 1956 6651
Deb gold Os June 15 1941 50
Deb 68 series 13--1941 4730
..1940
General Bronze
6s_Gen Motors AcceptCorp1933
5% serial notes
5% serial notes.-1934
5% serial notes_ _1935
5% serial notes_ .1936
Gen Pub Util 6500 A.1956 16
1933 2234
654s
Gen Refractories 58...1933 35
Gen Wat Wks di El bs 1943 4754
1944 12
Os series B
Certificates of deposit- 1234
Georgia-Carolina Pow 513'52
77
6631
7430
6834
6031
7854
8851
75%
6830
0234
15,000
45,000
11,000
1.000
93,000
3% 83,000
a3
351 4,000
3
72,000
38% 39
0365(
35
36%
96
81
9234
3951
35
38
97
82%
9350
98
98
28
28
5355 55
Low.
7554
6650
74
6850
6051
7,000
5,000
9,000
Jan
Feb
Jan
Feb
Feb
34 Jan
150 Jan
3655 Feb
5530 6294 122,000
Jan
96
23% Jan
51% Jan
37
55
56
3154
z33
44
54
33
344
10450
10554
10734
92%
10
30
7930
7334
78
73
67
10855 10851
1,000
105 105
2,000
10050 10751 4,000
9855 99% 228,000
103% 10450 38,000
10850
104
10531
9754
103%
974 9854 118.000 9651
10594 10554 2,000 105
10550 10551 5,000 105
9,000 10451
10434 105
Jan
Jan
Jan
Jan
Jan
4
Feb
3% Feb
46
Jan
98
28
59
Jan
l`eb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan 40% Feb
Jan 5734 Jan
Jan 6354 Jan
3655 Jan
Fe
38% Jan
Fe
Jan 58
Jan
Jan 74
Jan
Feb 41
Jan
Feb 4151 Jan
Jan 10654 Jan
Jan 1084 Jan
Feb 110
Jan
Jan
Jan 98
Jan 15% Feb
Feb 30
Feb
5534 Feb
14,00 103
56,00 103
73,00
9830
31,000 984
32,000 98
197,000 8851
41,000 10550
36,000 7954
124,800 46
Benda (Continued)
-
High.
47,000 03754 Feb 47
2,000 35
Feb 35
34,000 3654 Feb 41
2,000 924 Jan 97
30,000 80
Jan 8431
24,00
8754 Jan e94
38
4051 126,000
56
1,000
56
62
6251 5,000
44,000
31% 34
a323( 3430 840,000
48
5150 101,000
62)4 63% 9,000
33
37 201,000
86,000
3431 37
104% 1054 30,000
5,000
10650 107
108 108% 10,000
944 9754 23,000
1530 4,000
10
30
5,000
30
104% 10535
10351 10531
98% 99%
98% 99%
9850 9931
9050
89
10550 10634
7934 8250
4850 49
Range Since Jan. 1.
66% Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
10635
10531
10231
10130
101
9334
10031
8034
5250
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jon
Jan
Jon
11035
10551
107%
100
10454
Jan
Feb
Feb
Jan
Feb
9951 Jan
Fe
Jan 106% Jan
Jan
Jo 106
Fe 10730 Jan
3,000 108
108 108
Jan 10851 Jan
101334 10650 10,000 105% Jan 10734 Jan
50,000
2630 29
550 550 10,000
4,000
7550 76
10250 1033' 75,00
10554 105% 37,00
5830 5730 107,00
905 9750 32,000
1
1,000
20
20
51
6,000
53
6934 7050 20,00
4,00
45% 47
40
40
1,000
913-4 9250 31,00
10251 103
4,00
9050 9134 21,00
106 10654 7,000
103 103
8,000
10551 10550 32,000
10,000
8250 83
101 10134 12.000
72
7434 14,000
10234 10250 1,000
76,000
9154 94
29,000
8134 86
21 . Jan
434 Jan
29
Feb
5% Feb
76
1044
106
6131
98%
20
54
703
,
1
5554
40
9230
1033(
9150
108%
103
1064
83
1024
74%
102%
9854
91
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
450 434 10,000
4
Jan
44
350 334 7,000 2
Jan
34
54
50 2,000
31 Jan
16
,
100 10150 18,000 100
Feb 102
9834 9834 1,000 9850 Jan 9851
Jan
Feb
Jan
Jan
Jan
a183.4 1951 14,000
Jan
10350 10334
101% 10254
3634 41
84
8551
80
85
4654 4751
40
4134
70
10231
10554
554
96
20
50
6555
4530
40
9030
1014
87
105%
101
10430
75%
100%
72
1024
90%
81%
18
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
23
95,000 1024 Jan 1034 Jan
140,000 101% Feb 10354 Jan
111,000 -3651 Feb 4754 Jan
6,000 84
Jan 88
Jan
29,000 80
Feb 8834 Jan
34,000 46
Jan 4850 Jan
61,000 40
Feb 48
Jan
7250 744 19,000
101 102
18,000
6734 Jan 7630 Feb
97% Jan 104
Jan
63
32
4231
50
2834
3051
6550 69,000
3534 60,000
1,000
4251
5231 7,000
29
3,000
34
16,000
6234
32
35
48
28%
29%
Jan
Feb
Jan
Jan
Feb
Jan
703.4
36
424
5234
30
36
Jan
Jan
Feb
Jan
Jan
Jan
45
804
86
65
4151
3954
57
6135
72
6135
6454
4934
4750
47
47
83
8754
65
4154
40
5751
65
72
6550
664
5131
4951
4850
26,000
25,000
12.000
4,000
7,000
56,000
14,00
138,000
2,00
52,00
120,000
44,000
24,00
12,00
38
80
86
80
414
3954
57
60%
70
6154
6431
47
4434
46
Jan 47
Jan 85%
Feb 88
Jan 654
Feb 44%
Feb 42%
Feb 6251
Jan 70
Jan 76
Feb 72
Feb r73
Jan 54%
Jan 5351
Jan 51
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10054 10050
102% 10250
102% 10354
10330 10330
15
1754
22
2230
32
35
45
4750
12
18
11
1255
90
91
10,000
6,000
4,000
14,000
18,000
18,000
31,000
25,000
84,000
14,000
7.000
1004
1024
102%
1033(
15
22
32
42
12
11
8454
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Fe
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
100%
102%
1034
103%
22
28
56
47%
18
13
91
999
Friday
Sales
Last Week's Range for
Salo
of Prices.
Week.
Price. Low. High
Georgia Power ref 55.- 1967 83%
Georgia Pow & Lt 50-1978 5551
Gesture] deb 65
1953
Without warrants
59
Gillette Safety Razor 5s '40 10134
Glen Alden Coal 40-.1965 56
Glidden Co 5315
1935 86
Gobel 651s
1935
With warrants
Godchaux Sugar 7510_1941
Grand (F W)Prop 130_1948
Grand Trunk Ry 655s 1936 99%
Grand Trunk West 40_1950
Great Northern Pow Ess '35 100%
Great West Power 50_1946 104
Green Mt Power 513-1948
Greenwich Wat di G 5s 1952
Guantanamo & West (3s '58
Guardian Investors 55.1948
With warrants
Gulf Oil of Pa 5s
1937 1004
5s
1947 100
Gulf States TAU 55-1958 7454
1st & ref 451s ser B_1961
Hackensack Water 53_1977
5s
1938 102
Hall Printing 5345....1947 5554
Hamburg Else 75
1935
Hamburg El& Und 551s'38
Hood Rubber 10-yr 5545'38
71)
1936
Houston Gulf Gas
650s with warr
1943
1st as
1943 43
Hous L & P 1st 4%5E 1981 9331
lst & ref 4515ser D_1978 9354
1st 5s series A
1953
Hudson Bay M & S 55_1935
Hydraulic Power 5s..1950
Hygrade Food Products
-6s series A
1949
Os series B
1949
Idaho Power 55
1947
Illinois Central RR 4355'34 4730
Ill Nor Utilities 50_ -1957
Ill Pow di L 1st 60 ser A '53 7350
1st & ref 5515 ser B_1954
1st & ref 5s ser C-- _ 1956 65
S f deb 554s_May 1957 55
Indep Oil dr Gas (3s_ .1939
Indiana Electric Corp
Os series A
1947 87
654s series B
1953 89
5s series C
1951 77
Indiana Gen Serv 513_1948 103
Indiana Hydro-E155-1958
Indiana & Mich Elee1st & ref bs
1955
5s
1957
Indiana Service 55- _1963 20%
1st & ref 58
1950 2135
Indianapolis Gas 5s_ _1952 8250
Ind'pona P & L 5s ser A '57 93%
Indianapolis Wat 551s 1953 103
Insull Util Invest 60._ 1940
With warrants series B-Intereontinents Pow 65 '48
With warrants
International Power See
Secured 8315 ser C..1955 8954
75 series E
1957 93%
75 series F
1952 86
International Salt 55..1951
Internat Securities 541.1947
Interstate I & 5 5340_1946 304
Interstate Power 5s_ _ _1957 5655
Debenture 65
1952 3434
Inter,tate Public Service
8.55s series B
1949
55 series D
1956 75
430s series F
1958 67%
Invest Co of Amer 50_1947
Without warrants
Iowa-Neb L & P 55_ _1957 8055
1st & ref 55 series B.1981
Iowa Pow & Lt 4%0_1958
Iowa Pub Serv 55-- J957
Iowa Ry & Lt 5515 A_1945 8951
Isarco Hydro-Elec 713_1952
Isotta Fraschini 7s...1942
Without warrants
Italian Superpower of Del
Debs (Is without war '63 48
Jacksonville Gas 5.5. _ _ 1942 4834
Jamaica Wat Sup 534s 1955
Jer C P & L 1st 53 B._ 1947 101
1st 430s aeries C_ _ _ _1961 937-4
Jones dr Lau'lln Steel 55'39
Kansas City Gas 60_1942
Kansas Elm Pow 60..1937 94
Kansas Power & Light
Os series A
1955 95
5s series B
1957
Kentucky Utilities Co-1st M 5s
1961
654s series D
1948
5508 series F
1955 78
58 series I
1969 73
Koppers0& C deb 581947
Sink fund deb 5555.1950 8030
Kresge (8 5) 5s
1945 9235
Certificate of deposit-- -----Laclede Gas 53.4s
1935 60
Lake Sup Dist Pow 55_1956
Laratan Gas Corp 63481935
Lehigh Pow Scour 60_2026 8555
Leonard 'nets 755s. _ 1946
Lexington Utilities 5s 1952
Libby NUN & Libby 5842
Lone Star Gas 50
1942 95
Long Island Ltg 611--1945
Los Angeles Gas & Elec531s series I
1949
5s
1939
lst & gen 5s
1961 10131
Louisiana Pow & Lt 581957 8851
Louisville Gas & Elee1st & ref 455s ser C_1961 10155
Manitoba Power 5503_1951 40
Mass Gas Co
Sink nand deb 5s_ _1955 9094
5555
1946 9530
Mass 13tH Assoc 5s_ _1949
McCord Rad & Mfg
6s with warr
1943 12
Melbourne El Supp 750'46
Memphis Pow & Lt 4540'78
56 series A
1948
Metropolitan Edison
4s series E
1971
55 series F
1962 9654
Mich Assoc Telep 50_1961
8350 8851 210,000
5551 56
8,000
5551 59
1014 10154
5450 5650
86
8651
Range Since Jan. 1.
Low.
8354 Feb
5430 Feb
High.
90% Jan
Jan
59
31,000 5554 Feb 6934 Jan
33,000 1004 Jan 101% Jan
74,009 53
Jan 58
Jan
13,000 81
Jan 86% Feb
65
65 .
6,000 65
Feb 68
Jan
78
78
1,000 77
Feb 78
Jan
10
10
5,000 10
Jan 12
Jan
9951 994 7,000 99
Jan 1004 Jan
8,000 6234 Feb 6651 Jan
6254 64
1009-4 10030 4,000 10051 Feb 101
Jan
104 105
Jan 10631 Jan
16,000 104
8854 8835 5,000 85
Jan 88% Feb
1,000 66
72
.72
Jan 72
Feb
1755 1750 1,000 1754 Feb 21
Jan
32
32
1003.4 10134
100 1004
7451 77
73
7331
974 9831
10194 102%
55
5934
82
82
66
69
37
37
45
4551
Feb 38% Jan
4,000 32
53,000 10054 Jan 101% Feb
65,000 99
Jan 10050 Jan
14,000 74% Feb 82
Jan
12,000 7034 Jan 74
Jan
19,000 9550 Jan 984 Feb
80,000 9851 Jan 1024 Feb
24,000 55
Feb 65
Jan
3,000 81
Jan 86% Jan
33,000 6334 Jan 7234 Jan
5,000 35% Jan 37% Jan
4.000 46
Jan 4734 Jan
a32 a32
45
42
9231 9351
9350
92
100 101
8351 8331
107 107
1,000 z33
12,00
42
17,000 9251
18,000 92
11,000 100
3,00
7934
3,00 107
4031 47
48
48
10151 10151
414 n48
9951 10054
7250 7334
6730 69
13350 6551
53
5651
88
88
3,000 43
Jan 47
Jan
1,000 44
Jan 48
Feb
11,000 100% Jan 10250 Jan
78,000 35
Jan e45
Feb
6,000 97
Jan 100% Feb
79,000 684 Jan 77
Jan
39,000 63
Jan 7251 Jan
78,000 82% Jan 71
Jan
13,000 524 Jan 60% Jan
7,000 87
Fe
Jan
90
87
89
77
103%
72
Feb 38
Feb 5135
Feb 9651
Feb 96%
Feb 104
Jan 85
Feb 1074
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7,000 82
89
Jan 91
Feb
3,000 8354 Jan 91
89
Jan
7735 13,000 7434 Jan z7834 Jan
10335 10,000 103% Fe 105
Jan
17,000 6831 Jan 76
7554
Jan
973 98
,
0
6,000 9631
102 102
2,000 102
22,000 20
20
22
20
39,000 20
24
82% 82% 7,000 81
92% 94 145,000 92
103 103
2,000 1014
Jan 99
Feb 105
Feb 30
Feb 32%
Jan 83%
Jan 95%
Jan 103
Jan
Jan
Jan
Jan
Jan
Jan
Feb
1
134
9,000
a5i Jan
1% Jan
151
131
1,000
134 Jan
2
Jan
9050
89
9354 95
84 087
7734 7850
4650 48
30% 32
53
57
3451 36%
24,000
34.00
38,00
12,00
13,00
4,000
91,000
21,000
87
9331
8251
77%
45
29
51
34%
91
96
90
80%
51%
33
61
4334
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
87
88
75
78
6754 69
6,000
12,000
15,000
Feb
87
70% Jan
6451 Jan
74
80
814
91%
7951
89
7831
2,000
23.000
13,000
2,000
13,000
7,000
45,000
74
80
80
8851
7951
,
85
7431
Feb
Feb
Jan
Jan
Jan
Jan
Jan
75
84%
8450
92%
8354
92
864
Feb
Jan
Jan
Jan
Jan
Feb
Feb
25,000
63
Jan
78
Feb
74
8150
81%
92
8151
91%
86%
7435 76
45
47
48% 50%
101% 10151
99% 101
9230 94
10251 102%
9454 94%
954
94
95
95
8834 8955
75,000 38
3,000 4831
1,000 101
12,000 99%
120,000 9230
1,000 10251
10,000 9431
3,000 914
1,000
9,00
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
91
7834 Jan
Jan
72
Jan 47
Feb 51
Jan 102
Feb 10151
Feb 96%
Jan 103
Feb 97
Jan 9534
9154 Jan
82% Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
95
Feb
8955 Feb
Jan 75
Jan 93
Jan 804
Jan 7434
Jan 7950
Jan 82
Feb 96
Jan 90
Jan 64
Jan 88
Jan 68
Jan 8854
Feb 68%
Jan 7255
Jan 5550
Jan 95
Jan 100
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
106 106
8,000 104% Jan 1064
105% 10530 2,000 10531 Jan 1064
101% 10130 16,000 10155 Feb 10311
8834 8951 52.000 8555 Jan 9434
Tan
Jan
Jan
Jan
7331
89
78
72
78%
8030
9254
85
60
88
65
8034
63
71
4955
94
98
75
9151
80
74
7854
8130
93
8654
62
88
67
8631
64
71
55
95
98
12,00
8,00
3,00
20,00
37,00
15,00
5,000
7,000
22,00
2,000
5,000
138,000
5,000
1,000
7,000
7,000
1,000
10050 101% 10,000
16,000
40
42
90
9055 9,000
95% 964 33,000
1,000
88
88
12
12%
94
94
91
94
10150 101%
70
84
724
70
73
7554
92%
85
59
80
5855
7350
63
69
48
87
96
99% Jan 102
Fe
40
46
8730 Jan
94% Jan
86% Jan
9431 Jan
Jan
99
Jan
88
4,000 1(1
Jan 13%
1,000 92
Jan 95
3,000 91
Feb 96
9,000 10034 Jan 103
8031 81
17,000
9330 9635 136,000
6734 6734 3,000
80% Feb
91)4 Jan
0034 Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
80
96% Feb
Jan
73
Financial Chronicle
1000
Friday
Bonds (Continued)
Sales
for
L(19l Week's Range
ofPrices.
Wee/c.
Sale
Price. Low. High.
Mich Light Co 5s._.._1946
Mich Pub Serv 58 A_ _1947 6136
Middle States Petrol 616845
Midland Valley 58_ _1943
Milw Gas Lt 4168____1967 101
Minneap Gas Lt 4348.1950 88%
Minn Gen Elea 5s____1934 •10336
Minn P & L 1st 55_ _1955
1st & ref 416s
1978
Mississippi Power 55..1955
Miss Power & Light Is '57 72
Miss River Fuel 65_ __1944
With warrants
Miss River Pow 1st 5s_1951 104%
Mo Pow & Lt 5165_ _ _1955
Missouri Public Serv Is '47 62%
Monon West Penn Pub Ser
1st lien & ref 5168 B 1953 7236
Montana Dak Pow 5365'34
Montreal L 11 & P Con
1st & ref Is ser A_ _ _1951 9036
1970 90
bs series B
,
Munson S S Line 6165_1937
10%
With warrants
Narragansett Elea Is A '57 102
1957 10134
5s series B
105
61%
33
41;5
101
87%
103%
84
76%
62
72
10534
62
33
43%
101%
88%
103%
8555
7714
65
7831
Range Since Jan. 1.
Low.
10,000 105
12,000 60
1,000 33
12,000 40
19,000 99%
16,000 84%
8,000 10334
9,000 81
13,000 76
3,000 62
33,000 72
7015 75
45
46
44,000
3,000
89% 9166 71,000
37,000
8954 91
70%
45
9215 93
111
106
104
100
100
110% 111
105% 10634
103 104
9814 100
99 100
8811
7955
7131
69%
10336
103%
106
Jan
Jan
11
Jan
Feb 10334
Feb c103
Jan
Jan
Jan
Jan 101
Jan 85
Jan 74
Jan
Jan
Jan
Jan 23% Jan
Feb
Jan 89
Feb 101% Jan
Feb 9816 Jan
Jan 2634 Feb
Feb 6911 Jan
Feb 102% Jan
Jan 5936 Jan
Jan 60
Jan
Jan 5964 Jan
Jan 62% Jan
Jan 6536 Jan
Jan 105
Feb
Feb 65
Jan
Feb 4936 Jan
Feb 82
Jan
Jan
Jan 73
Jan 99
Jan
Feb 9116 Jan
Feb 105
Jan
Jan 9716 Jan
Jan
Jan
Jan
2,000
7,000
18,000
77,000
23,000
14,000
9434 Jan 0631 Jan
85
Jan 92
Feb
81
Jan 91
Jan
4036 Jan 46
Jan
2516 Feb 36% Jan
97% Jan 102% Feb
26,000
24,000
11,000
85
8731
7836
90%
91
8535
Feb
Feb
Jan
8,000
15,000
8,000
27,000
56,000
96% Jar
9634
9934 Jai 10331
94
Jan 10016
85% Jan 92
9366 Feb 9731
Jan
Jan
Jan
Jan
Jan
7,000
3,000
1,000
33,000
83%
90
11
65
5,000
90
Jan
Jan
Jan
Jan
Feb
Feb
Feb
91
Feb
Jan
93
1416 Jan
75
Jan
Jan 10136 Feb
Feb 98
Jan
Feb 104% Jan
Jan 9916 Jan
Feb 90
Jan
Jan 95% Jan
Feb 89% Jan
Jan 91
Feb
Jan 10534 Jan
Feb 9136 Jan
Feb 7816 Jan
Feb 5916 Jan
Jan 52
Jan
Jan
12,000 110
Jan
41,000 105% Jan
16,000 103
Feb
43,000 98% Feb
56,000 9834 Feb
63%
8754
7934
86%
6435 9,000
8835 11,000
8034 73,000
4,000
90
34
34
69% 72
69% 7
0
7616 77
10216 103%
10316 103%
9314 95
88
88
9714 9714
100 10035
10555 10615
10116
90%
104%
135
110%
108
58
57%
80%
72%
8055
93
Jan
11236
106%
105%
10136
101%
Jan
Jan
Jan
Jan
Jan
70
69
86
6516
5034
49
98 •
Jan
Jan
Jan
Jan
67
Jan
8836 Feb
80% Feb
90
Feb
7,000 30
Jan 34
18,000 69% Feb 7414
5,000 66
Jan 76
24,000 70
Jan 83
34,000 10134 Jan 103%
12,000 10016 Jan 104
5,000 9316 Feb 100
2,000 88
Feb 93
6,000 95
Jan 97%
67,000 9936 Jan 101
14,000 10534 Jan 108
1,000
44,000
81,000
1,000
24,000
37,000
6,000
101
88%
103%
1%
10834
100%
55%
103% 103% 11,000 103%
104% 104%
1,000 102
53
9634
9131
7345 73% 1,000 73% Jan 76% Jan
Jan 108% Feb
107% 10844 6,000 107
Feb 71% Jan
64
6634 30,000 64
101%
894 8934
10415 103%
115
10944
10734 10734
5515
72%
Jan
Jan
28,000 106% Feb 10836
26,000 10336 Feb 106
43,000 38
Jan 41%
1945 101% 101% 10136 13,000 99%
Ogden Gas Co 5s
9336 9534 241,000 92
Ohio Edison 1st 55_ _ 1960 95
102 102% 12,000 102
Power 1st Is B._1952 102
Ohio
1st & ref 4365 ser D 1956 9915 9816 99% 52,000 96%
4,000 9336
9334 95
2024
Deb 68
-Ohio Public Service Co
12,000 9036
9336 94
1953
6s series C
12,000 8236
1st & ref Is ser D.._1954 8415 8236 86
8,000 8715
91
89
1961 89
5165 series E
105 105% 11,000 105
Ohio State Telep 5s B.1944
87% 8714 8934 73,000 87%
Okla Gas & Elea Is.._ 1950
8,000 74
75
Deb 65 series A._ _ .1940 7444 74
7,000 5734
57% 58
Okla P & Wat Is ser A 1948
10,000 4636
48
50
1941 50
Oswego Falls 65
93
76
50
Jan
Jan
89% Feb
Feb
89
10% 151,000
10
9
56,000 101%
101% 102
101 101% 21,000 101
10634 10734
Niagara Falls Pow 65.1950
10335 105
1959
55 series A
4134
Nippon El Pow 6165..1953 4036 40
No American Lt & Pow
96
9634
1934
5% notes
90
92
5% notes
1935
90
89
5% notes
1936 89
4236
5365 series A
1956 41% 41
Nor Cont Util 5165-1948 27% 2736 29
Nor Ind G & E 6s
274
1952 10275 101% 10
Northern Indiana P 890%
1st & ref Is ser C_ 1966 9011 90
91
bs series D
1969 9015 90
1970 8455 83% 85
4165 series E
Nor NY Util96% 96%
1943
65 series C
102 102%
Nor Ohio Pow & Lt 5358'61 102
97% 9836
Nor Ohio 'frac & Lt 58 1956
88
90%
No States Pr 516% notes'40 90
Refunding 4168_ _ - _ 1961 95% 93% 95%
Northern Texas Utilities
84% 8436
78 without warrants 1935
90
9036
Northwest Electric 65_1935
1116 1134
N'western Power 65-.1950
71
N'western Pub Serv Is 1957 7031 69
65%
Jan
Feb 107
Jan
Feb 66
Jan 4434 Jan
Jan 45% Jan
Jan 10214 Jan
Jan
Jan 90
Jan 103% Feb
Jan
Jan 87
Jan
Feb 81
Feb 7334 Jan
Jan
Feb 83
1,000 84
Feb 88
84
Jan
84
12,000 103% Feb 105% Jan
10334, 105
Jan
Jan 91
89
89% 6,000 86
Jan
62
6215 10,000 6015 Jan 65
10034 100% 3,000 9816
Nassau & Suffolk Ltg 58 45
48,000 75
Nat Pow & Lt 6s A _ _ _ 2026 80% 78
81
Deb Is series B.....2030 6736 6534 67% 61,000 61%
Nat Public Service Is 1978
18% 1735 1915 83,000 16%
Certificates of deposit_ - _
8,000 83%
National Tea Co Is. _1935
87
89
Nebraska Power 4165_1981 100% 100 10044 17,000 100
1,000 94
94
Deb 6s series A
94
2022
Neisner Bros Realty 68 '48 2615 a2336 2634 5,000 22
63% 27,000 62
62
Nevada-Calif Elea 55_1956
100 100% 34,000 100
New Amsterdam Gas Is '48
57% 37,000 55
N E Gas & El Assn 58_1947 5615 56
56
57% 7,000 55
Cony deb Is
1948 57
Cony deb Is
1950 5751 5515 57% 89,000 55
New Eng Pow Assn 55_1948 56% 56% 57% 48,000 5634
55,000 5731
62
Debenture 534s. _ _ _1954 5916 59
4,000 103
New Engl Power Co 55 '51 10416 10436 105
32,000 56%
New On Pub Serv 416s '35 56% 56% 58
7,000 39
39
40
6s series A
1949
81
7,000 80
80
NY Cent Elec 536s_ _1950
N Y & Foreign Investing
2,000 66
73
73
5368 with warrants_1948
9736 98% 232,000 9634
NY P&L Corp 1st 416s '67 98
N Y State G & E 4%5_1980 88% 8636 8914 148,000 8636
98
9915 15,000 98
5,36s
1962 98
97
9714 6,000 9536
NY & Westch Ltg 45_2004
.1940
Pacific Coast Pow Is.
Pacific Gas & El Co
1941
1st 65 series 13
1952
1st & ref Is ser C
1955
5s series D
lot & ref 4165 E_ _1957
1st & ref 4365 F. _ 1960
1948
Pacific Investing 5s
Without warrants
Fannie Lt & Power Is.1942
Pac Pow & Light Is._ _ 1955
Pacific Western 0116165'43
With warrants
Palmer Corp of La 65_1938
Penn Cent L & P 4165 1977
Is
1979
Penn Dock & Warehouse
65 without warr_ _1949
Penn Elea 45 ser F._ _1971
Penn Ohio Ed 5165 B.1959
Deb 13s series A
_1950
Penn-Ohio P & L 5165 1954
Penn Power Is
1956
Penn Pub Serv 6s C- _1947
1954
Is series D
Penn Telephone 55 C_ _1960
Penn W at & Pow 4365 B '68
1940
55
Peoples Gas Lt & Coke
436s serial notes.---193
6
1981
45 series 13
1957
Os series C
Peoples Lt & Pow Is. _1979
Phila. Electric Co Is. _1966
Phila Elec Pow 5348..1972
Phila Rapid Transit Os '62
Phila Suburban Counties
Gas & Elea 4%s
1957
Phila Suburban Wat 58 '55
Piedmont Hydro El Co
1st .3/ ref 6168 cl A-1960
Piedmont & Nor Ry Is '54
Pittsburgh Coal (35_..1949
Pittsburgh steel Os_ 1948
Pomerania Elec 6s.___1953
1935
Poor & Co. 65
Portland Gag & Coke Is '40
High.
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
10136 Feb
93% Jan
10016 Jan
.136 Jan
110% Jan
108
Feb
60% Jan
Feb 10464
Jan 104%
Jan
Jan
Jan 766( Jan
72% 70,000 65
Jan 72% Feb
72% 9,000 62
2,000 86
Feb 89
87
Jan
6536 3,000 65% Jan 70
Jan
Feb 5936 Jan
52% 17,000 10
11,000 z48
Jan 53
53
Feb
5,000 95% Jan 100% Jan
99
Bonds (Continued)
-
Feb. 11 1933
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
Range Since Jan. 1.
Quebec Power Is
1968 7915 7936 80
Queens Bono G & E-'
87
87
1952
I3.4s
Reliance Management 58'54
a63 a63
With warrants
Remington Arms 5365_1933 99% 99% 99%
1816
Republic Gas 65 June 15'45 1836 18
18
1816
18
Certificates of deposit
Rocheder Ry & Lt 55_1954 106% 10616 108%
99.35 99%
Rochester Telep 4365.1953
62
Ruhr Gas Corp 636s_ _ 1953 59% 55
4516 56
Ruhr Housing 0168 A.1958
Ryerson & Sons Is....
__1943 8315 82% 8316
Safe Harbor Wat Pr 4165'79
St Louis Gas & Coke 65 '47
St Louis Springfld .3/ Peorla
1st & ref Is
1939
San Ant Pub Serv Is._1958
San Diego Cons Gas & Elec
5148 series D
1960
San Joaquin L & P15.1957
Sauda Falls Is A
1955
Saxon Pub Works 6s..1937
Schulte Real Estate 65__'35
With warrants
Without warrants
Scranton Electric 55..1937
Scripps (E W) 5168_1943
Seattle Lighting 55.-1949
Servel Inc Is
1948
Shawinigan W & P 4%8'67
1st 4365 series B__ _ _ 1968
1st Is series C
1970
1st 436s series 13...1970
Sheffield Steel 534s- _1948
Sheridan Wyoming Coal
Os
1947
Sioux City Gas & El
65 series B
1949
South Carolina Pow Is 1957
Southeast P & L Os_..202I
Without warrants
Sou Calif Edison Is.. _1951
Refunding Is
1952
Refunding bs June 1 1954
Gen & ref 5s
1939
SouCallfGasCo 4345_1961
1st & ref 55
1957
1st & ref 55 ser 13_ _ _1952
Sou Calif Gas Corp 55_1937
Southern Gas Co 6145_1935
Sou Indiana G & E 5168 '57
Sou Indiana Ry 45_ _ _ 1951
Southern Natural Gas 65'44
Stamped
Southwest G & E Is A.1957
1st mice Is ser 13_ _ _1957
Sou'west Lt & Pow 55_1957
Sou'west Nat Gas 68_ _1945
Sou'west Pow & Lt 65_2022
Sou'west Pub Sem 68_1945
,
Springfield G & E 5s_ _1957
Staley Mfg 65
1942
Stand Gas & Elea 68..1935
Cony 6s
1935
Debenture 6s
1951
Debenture 65.Dec 1 1966
Standard Invest 5365_1939
Stand Pow & Lt 68_..,1957
Stand Telep 5345_1943
Stinnes (Hugo) Corp
7s without warr Oct 1 '36
7s without warn_ _ _ 1946
Sun 011 deb 516s
1939
Is
1934
Sun Pipe Line 5
9
1940
Super Power of III 4168;68
1st M 4165
1970
1st Os
1961
Swift & Co 1st m s f 58_1944
5% notes
1940
Syracuse Lt 5345
1954
Tenn Electric Pow 58_1956
Tenn Pub Serv Is _ _ .1970
Tern' Hydro Elea 0345 1953
Texas Cities Gas 55_1948
Texas Elea Service 511_1960
Texas Gas UCH Os. _ _ 1945
Texas Power & Lt 55_ _ 1956
Is
1937
ThPrmold Co 68
1934
With warrants
Tide 13 ater Power 55_1979
Toledo Edison 55
1962
Tri-Utilities deb Is. _ _ 1979
Twin City Rap Tr 5165 '52
101
14
4935
81
High.
Low.
Potomac Edison Is E.1956
8711 88,34 9,000 84
4l4sseniesF
16,000 78
1961 85% 85% 86
Power Corp(Can)4365 B'59 42
21,000 39
42
44
Power Corp of N Y 6168'42 98
29,000 9616
9631 98
536s
4,000 56
56
1947 57
57
Power Securities 65_..1949
1,000 57
American series
58
58
Procter & Gamble 4165 '47 104% 10415 10534 25,000 104
Prussian Elea deb 65..1954 6114 61
62% 11,000 5916
Public Service of N II
Series 13 4165_ _
9544 2,000 9336
_1957 9534 95
Pub Serv of Nor Illinois
1st & ref Is
1956 9641 96% 9834 12,000 96%
1st & ref Is ser C_ _ _1966 9535 03
9535 4,000 93
4368 series D
1978 8615 83% 8615 23,000 8334
1st & ref 436s ser E_1980
14,000 83%
8344 87
85,000 84
1st & ref 4165 ser F.1981 87
84
87
6365 series G
1937 106% 10555 106% 156,000 105
Pub Serv of Oklahoma
58 series C
1961
7534 76% 9,000 70
5s series D
76
77% 25,000 7134
1957
Pub &Iv Sub 534s A.1949 78% 77% 7855 19,000 73
6414 65% 83,000 6336
Puget Sound P & L 5165 '49 65
4,000 6136
64% 65
1st & ref 5s ser C___1950
55
1st & ref 4165 ser D_1950 56
5911 61,000 55
Jan
Jan
Feb
Jan
Feb
8931
8636
46
98
60
Jan
Jan
Jan
Jan
Jan
Jan 66% Jan
Jan 105% Feb
Jan
Jan
70
Jan
95% Feb
Jan 10034
Feb 98
Feb 9034
Feb 9116
Feb 93
Jan 10716
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
76;6 Feb
7734 Jan
8036 Jan
67% Jan
Jan
66
Jan
63
5,000
7916 Feb
85
Jan
1,00
84%
87
Jan
Jan
1,000 60
Jan 63
23,00
9336 Jan 99%
18,00
15
Jan
1836
9,00 _z1436 Jan
18
21,000 10616 Jan 108%
1,000 9834 Jan 100
74,000 55
Jan 67
7,000 45% Feb 0034
10,000 81
Jan 85
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
10016 10136 73,000 100% Feb 102
14
1436 25,000 12% Jan
1616
Jan
Jan
4916 49% 2,000
32,000
81
82
48
74%
Jan
Jan
8%
8
105
7255 7134
46
46
52
52
56
55%
55
55
6136
63
55
56
68
Jan
Jan
5,000 104% Jan 106
106
11,000 9536 Feb 98
97
Jan 105
103% 7,000 103
17,000 60
66
Jan 67%
106
9536
103
63
5136
8336
Jan
Jan
Jan
Jan
834
816
105
7234
4614
52
58
58
65
5714
68
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
24% 25
2,000
Feb
8%
30,000
8
Feb
834
1,000 10234 Jan 105
6,000 65h Jan 7216
23,000 45
Jan 5036
2,000 4954 Jan 62
142,000 5516 Feb 65
40,000 55
Feb 64
7,000 0136 Feb 70%
100,000 55
Feb 05
1,000 68
Jan 7016
3,000
24%
Feb
27
Jan
9566 91% 4,000
10,000
6415 66
92%
58
Jan
Jan
95%
66
Feb
Jan
158,000
61,000
38,000
27,000
17,000
31,000
16,000
1,000
16,000
1,000
26,000
10,000
0934
104
10316
104
106
9164
9716
102%
87
91%
103%
38
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jail
Jan
Jan
Feb
Jan
47
78%
78%
70
3755
53
68
86
80
5915
60
47%
46
68%
44;5
25
22,000
8,000
8,000
24,000
12,000
6,000
6,000
8,000
13,000
24,000
38,000
48,000
16,000
15,000
49,000
9,000
4234
77
76%
65
3236
52
64
8116
72%
57
59
4536
44%
68
4336
19
52
50
5516
50
50
51%
102% 102 10236
10134 10134 101%
99% 98% 100
7734 79
78
7734 7716 7816
91
92
10236 103%
103
95% 96
96
10816 108%
67,000
60,000
25,000
5,000
18,000
43,000
28,000
10,000
19,000
38,000
1,000
50
50
10116
101
96
77
7616
8816
101%
9414
10615
64%
7434 73
76
1047-4 104 104%
10416 10316 104%
104% 105
106 106%
92% 91% 92%
983( 98
9834
103 103
103
8836 89
9314 9336
103% 101%
104
38
43
43
47
7736
77
3736
53
68
86
79%
5734
59%
46
4336
20
76%
4854
86%
16%
884
61
96
3.4
28
Ulen Co deb Os
1944 28
Certificates of deposit.. 28
Union Elm Lt & Power
4165
1957 98%
Is series A
1954
Es series B
1947
Un Gulf Corp 5s_July 150 103
United Elea (N J) 4s_ _ 1949
United Elea Service 75 1956
United Industrial 6348 1941
1st Os
1945
United Lt & Pow 65_ _ _ 1975 47
1st 5345
_April 1 1959
I4eb g 6165
1974
Un Lt & Ry 5%5
1952 4715
68 series A
1952 7816
6s series A
1673
45
7736
77
6835
37
52
66
84%
78
57
59
4615
4436
6836
4316
19
8636
82%
76
48
8536
15
8716
102%
35
61
95%
66
27%
87%
85
7836
4834
87
17
8816
103
10,000 8016
25,000 8216
34,000 69
5,000 47
56,000 8516
23,000 14%
63,000 87
8,000 102
1,000
35
6316 6,000
97 265,000
14 34,000
2836 30,000
2334 29% 25,000
2316 29
21,000
9834
105
10334
102%
10136
8264
5514
5466
46%
69.35
47
4716
78
4211
9914
106
104
103
102%
82%
58
58%
48
70%
48
5136
79
4231
8234 Jan
10516 Jan
10536 Jan
105% Jan
Jan
108
Jan
95
99% Jan
103
Jan
89
Feb
Jan
90
1054 Jan
Feb
43
Jan
Jan 49
Jan 8236 Jan
Jan
Jan 82
Jan
Jan
70
Jan 38
Jan
Jan
Feb 01
Jan 69
Jan
Feb 87% Jan
Jan 8116 Jan
Feb 64% Jan
Jan
Jan 66
Feb 5364 Jan
Feb 53% Jan
Jan z6836 Feb
Feb 5016 Jan
Feb 32% Jan
Feb 65
Feb 197-4
Jan 10216
Jan 1013.4
Jan 100
Feb 84
Jan 8316
Jan 9364
Jan 10316
Jan 97
Jan z10816
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb 95
Jan
Feb e94
Jun 81% Feb
Jan
Jan 57
Jan
Feb 90
Feb 21% Jan
Jan
Jan 92
Jan
Jan 104
Jan
Jan
Feb
Feb
Feb
Jan
2734 Feb
43
69
9936
41
,
32
Jan
lb
2334 Feb
29% Feb
29
Feb
35
61
95%
128,000 9734
2,000 104%
29,000 10214
45,000 101
23,000 10116
3,000 7434
19,000 5536
19,000 54%
8,000 4634
4,000 6916
18,000 47
19,000 4716
11,000 73
6,000 42%
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Fel
99%
106
104
103
103
8364
66
68
53
7216
5336
57
80
4816
Jan
Jan
Jan
Jan
Fel)
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Financial Chronicle
Volume 136
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Bonds (Concluded) Par. Price. Low. High.
$
United Public Serv 68_1942
-CI 8 Rubber
3
-year6% notes----1933
634% serial notee--1933
64sserialnotes _...._1934
64% serial notes...1936
64% serial notes_ _1938
634% serial notes...1939
64% serial notes__1940
Utah Power & Lt 44s 1944
Utica Gas & Elea
1956
55 series D
Valvoline Oil 75
1937
Vamma Wat Pow 545 '57
Va Eiec & Power 58.-1955
Virginia Power 5s___..1942
Va Public Sem 548 A 1946
,
1st ref 52 ser B
1950
20
-year deb 6s
1946
Waldorf-Astoria Corp
1954
75 ctfs with wan
Ward Baking Co 68-1937
Wash Gas Light 53_1958
Wash Water Power 58_1960
West Penn Elec 5s- _2030
West Penn Pow 4s ser H'61
West Penn Traction 581960
West Texas ULU 55 A.1957
Western Newspaper Union
Cony deb 68
1944
Western United Gas & Elea
1st 534s sec A
1955
Wise Eleo Pow 5s_ _ _1954
Wiso-Minn Lt & Pow 58'44
Wisc.Pow & Lt 5s ser F'58
5s series E
1956
Wisconsin Public Service
5s
1942
6s series A
1952
1958
534 series B
Yadkin River Pow 58.1941
York Railways 5s. -1937
Foreign Government
And Municipalities
Agri° Mtge Bk (Colombia)
78
1946
Baden (Consol)
-1951
Buenos Aires(Prov)74s'47
7s-78
April 1952
Dauca Valley 75
1948
Dent Bk of German State &
Prov Banks 68 B._1951
Os series A
1952
Danish 54s
1955
55
1953
Danzig Port & Waterways
634s July 1 1952
3erman Cons Munk)7s..'47
Secured 68
1947
Hanover (City) 7s._.1939
Hanover(Prov)648- _1949
Indus Mtge Bk (Finland;
1st mtge Coils f 7s....1944
Lima 6)4s ctfs of Sap.1958
Maranhao (State) 7s..1958
Medellin 7s series E_ -.1951
Mendoza (Prov) Argentina
External 748 s f g-_1951
Mortgage Bank of Bogota7s (Issue of May 27) 1947
75 (Issue of Oct 27).1947
Mtge Bk of Chile 68.- 1931
Parana (State) 7s.._1958
Rio de Janeiro 646.-1959
Russian Govt
64sCertilicates..._ _1919
Saar Basin 7s
1935
Santa Fe 7s
1945
Santiago (Chile) 7s.....1949
7s
1961
2
7934
9934
344
31
7554
9934
53
344
31
. 0
6
31
67
24
5,000
62,000
80
9934 12,000
544 6,000
35
3,000
31
1,000
31
6,000
32
2,000
67
2,000
10234 10234
Range Since Jan. 1.
Low.
2
744
9934
53
344
31
30
31
65
High.
Feb
3
Feb 914
Jan 100
Jan 60
Feb 42
Feb 394
Feb 394
Feb 40
Jan 69
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
5,000 10034 Jan 10334 Jan
55
55
2,000 534
a72 a72
5,000 68
101
101 101
7,000 974
101 1024 3,000 101
7334 71
7434 16,000 71
68
70
13,000 674
6034 6034 61
9,000 57
Jan 55
Jan z70
Jan 101
Feb 103
Feb 77
Jan 714
Jan 624
334 34 1,000
93
95
23,000
934 944 159,000
994 1004 33,000
56
594 8,000
1004 100 1004 22,000
73
73
1,000
5234 52
534 70,000
54 Jan
Feb
Jan 97
Jan
Feb 9434 Feb
Feb 1024 Jan
Jan 63
Jan
Jan 101
Jan
Jan 73
Jan
Jan 544 Jan
934
934
10034
294
294 30
8534 89
1014 102
91
8934 91
86
844 8734
8534
8534 33
8635
9634
9634
87
3134
45
5834
4534
334
93
934
9934
53
99
72
484
254 Jan
25,000 8234
2,000 101
17,000 80
13,000 8134
19,000 88
Feb
Jan
Feb
Jan
Jan
97
18,000
8,000
97
914 4,000
8734 22,000
894 5,000
954
94
9034
85
88
Jan
Jan
Feb
Jan
Jan
97
97
9134
89
92
Feb
Jan
Feb
Jan
Jan
31
444
2834
23
10
314 2,000
4,000
46
294 12,000
2334 5,000
10
1,000
2934
444
28
2034
74
Jan
Feb
Jan
Jan
Jan
32
574
35
30
114
Jan
Jan
Jan
Jan
Jan
56
41
5834 48,000
4634 20,000
554 Jan
41
Feb
66
55
Jan
Jan
6534 Feb
57
Jan
75
65
Jan
Jan
41
4.834
4734
54
4334
Jan
Feb
Feb
Jan
Feb
54
6234
6134
594
5434
Jan
Jan
Jan
Jan
Jan
694
4
64
12
Jan
Feb
Jan
Feb
73
5
124
15
Feb
Jan
Jan
Jan
Jan
204 Jam
4934
4834
474
5834
434
3,000
1,000
4934 3,000
.5434 154,000
5414 163,000
5834 6,000
454 13,000
1234
1,000
2,000
1,000
6,000
184 19
7,000
18
284
2734
104
2634 274
2734 31
10
114
2,000
5,000
7,000
284 Feb
27
Jan
10
Jan
3
6
Feb
Jan 894
Jan 103
Jan 91
Jan 894
Feb 90
73
73
4
4
11
11
1234 13
954
104
30
Jan
Jan
Jan
Jan
Jan
Jan
Jan
96
98
904
86
86
654 6534
614 6134
5334
54
6,000
8
934 17,000
954 104 12,000
24 34 54,000
101
101
1,000
16
1934 17,000
534 64 7,000
54 54
1,000
1001
CURRENT NOTICES.
5
7
2
9934
15
44
44
Jan
Jan
30
31
13
Jan
Feb
Jan
934 Feb
12
Jar
Jan
44
Jan 101
Jan 194
Jan
64
64
Jan
Jan
Feb
Pet
J1417
Jan
• No par value. a Deferred del very. e o d Certificates of deposit. eons Consolidated. cum Cumulative. cony Convertible. e See note below. m Mortgage. n Sold under the rule. r Sold for cash. v t 0 Voting trust certificates.
w 1 When Issued. w w With warrants. z Ex-dividend. z w Without warrants.
See alphabetical list below for "Deferred delivery" sales affecting the range
for the year:
American Manufacturing, pref., Feb. 7, 30 at 4334.
American Power 'Sr Light 6s, 2016, Feb. 2, $2,000 at 54.
American Superpower, preferred, Feb. 10, 100 at 29.
Arkansas Natural Gas common class A, Jan. 19. 300 at 14.
Associated Gas dr Elec. 54s, 1938, registered Jan. 24, $5,000 at 2334.
Associated Gas & Eleo. cony. deb. 54s, 1977, Jan. 4, $1,000 at 27.
Associated Telephone, $1.50 preferred, Feb. 9, 100 at 1934.
Capital Administration 5s, w. w., 1953. Jan. 19, 31,000 at 764.
Central states Electric 545, w. w., 1954, Feb. 7, 84,000 at 364.
Cities Service cony. deb. 5s, 1950, Feb. 7, 84,000 at 324.
Consolidated Textile 88, 1941, Jan. 6, $4,000 at 5.
Creole Petroleum Corp., Feb. 6, 500 at 3.
Houston Gulf Gas 64s, w. w., 1943, Feb. 6, $1,000 at 32.
Indiana Electric 58, series C. 1951, Feb. 1, $7,000 at 80.
Insult Utility Investments 6s series B, w. w., 1940, Jan. 3, $3,000 at 4.
International Petroleum, Feb. 2, 200 as 834•
International Power Securities 7s, series E. 1957, Jan. 25, 32,000 at 94.
Peoples Light & Power 55, 1979, Jan. 5, $1,000 at 14.
Poor & Co. 68, 1939, lowest, Jan. 18, $2.000 at 4734.
Prudential Investors 86 preferred, Feb. 1, 70 at 634.
Republic Gas 65 ctfs. 1945. Jan. 18, 83,000 at 1434.
Standard Investing 54s, 1939, Feb. 1, $1,000 at 6834.
Syracuse Lighting 54e, 1954, Feb. 1, 31,000 at 10934.
Vamma Water Power 534s, 1957, Feb. 4, 85,000 at 72.
-ANNUAL STATEMENT OF NEW YORK LIFE
INSURANCE CO.
-Thomas A. Buckner, President of the
New York Life Insurance Co., commenting on the company's annual statement, published in this issue of our paper,
stated that 1932 was one of the most noteworthy years in
the company's history since it was organized in 1845. Mr.
Buckner says:
Though it has been nearly 88 years since the New York Life began business, 1932 was unquestionably our year of maximum service to policyholders. The total paid to living policyholders and to beneficiaries was
$255,200,000, exceeding by $27,600,000 the largest amount so paid in
any previous year.
The income for 1932 was $407.235.904.31 and the company met on
demand every contractual obligation from its current cash income, without
having to sell a single security and without borrowing a dollar from any
source. We made new investments amounting to $46.623,000 and closed
the year with a larger amount of cash in bank than at any other year-end
in the company's history.
The company's balance sheet shows assets of $1,974,076,041.43 and liabilities of $1,860,106,133.54, the excess of
assets over liabilities being $113,969,907.89. This amount
of unassigned funds, or surplus, is available for unforeseen
contingencies. Also, there is a special reserve fund not required by law amounting to $36,630,709.74, and a provisional apportionment for 1933 dividends of $52,059,288.
On Dec. 31 cash on hand or in bank amounted to $27,697,604.74 and the company owned over $56,000,000 in United
States Government bonds and $129,486,343.11 in State,
county and municipal bonds. Other assets are shown in the
statement, with the percentage of each item to the total
assets.
During the yeae$521,264,100 of new insurance was paid
for and the total of insurance in force at the end of the year
was $7,341,993,220.
"Underlying all these figures," said Mr. Buckner, "there
is a picture of intense human interest." He adds:
To each policyholder his New York Life policy has a unique and personal meaning. It appeals to one because he knows that his widow and
children are protected; to another it is a provision for old age; to still others
It is the means of meeting all the other uses to which life insurance is put.
To each one his policy is one of his most valuable possessions. It helps
to alleviate worry, to mitigate fear and to give a happier outlook on life
and its responsibilities. It is a promise for a better future.
Election of General Samuel McRoberts, Lewis L. Clarke, Charles W.
Weston and Lewis E. Waring, to the directorate of First CommonstoCks
Corporation is announced by Herbert L. Rackliff, President of Rackliff,
Whittaker & Loomis, Inc., originators and sponsors of the corporation which
operates as a restricted management investment fund. General McRoberts
also was elected to the corporation's newly created post of chairman of the
board. He is a director of Manufacturers Trust Co., National Surety Co.,
American Sugar Refining Co. and other companies. Mr. Clarke, who was
elected treasurer of the corporation, formerly was executive committee
chairman of Irving Trust Co. and Is a director of Bowery Savings Bank.
Postal Telegraph and other companies. Mr. Weston is Vice-President
of Manufacturers Trust Co., and a director of several companies including
Commercial Credit Co. and Mohawk Fire Insurance Co. Mr. Waring is a
partner of Clarke, Childs & Keech, members of New York Stock Exchange.
Twenty ofthe twenty-one New York City Clearing House banks earne
and paid their regular dividends and two paid extra dividends during the
year 1932, it is pointed out in a circular issued by Leach Bros., Inc. Each
one of these banks, it is added, has a long unbroken dividend record, in
some instances the record extending over a century and the average ove
62 years.
-Allied General Corp., New York, has prepared separate statistica
analyses of Tr -Continental Corp., The Lehman Corp., Adams Express
Second National Investors Corp., General Public Service, General American
Investors Co., Inc., Capital Administration Co., Ltd., American International Corp. and American European Securities Co.
Thomas A. Eakins, formerly Vice-President of A. M. Lamport & Co.,
Inc., and Morgan H. McClement, formerly member New York Stock
Exchange and partner in Bauer, Pogue, Pond & Vivian, have formed the
firm of Eakins & McClement for the transaction of a general business in
over-the-counter securities at 44 Pine St., New York.
-F.S. Yantis, who until Feb. 1st was vice-president of Chandler & Co.,
Inc.. has organized the firm of F. S. Yantis & Co., Inc., with offices at 61
Broadway, to conduct a general investment business. Prior to his association with Chandler & Co., Mr. Yantis was vice-president of Folds.
Buck & Co. of Chicago.
Eastman, Dillon & Co., members of the New York Stock Exchange,
announce that Fred W. Preller has again become associated with them in
their New York Bond Department after an absence of more than two years.
In the interim, Mr. Preller was engaged in the investment business for his
own account.
-Announcement is made by Boettcher-Newton & Co., members of the
New York Stock Exchange, that Enos W. Curtin has become associated
with their firm: Mr. Curtin was formerly a partner of D. M.Collins & Co.
and previously was affiliated with Jackson & Curtis and H.L.Horton & Co.
-E. W. Clucas & Co. announce the opening of a Chicago office at 208
South La Salle St., under the direction of Lawrence N. Starr as resident
manager. Mr. Marr was formerly a member of the firm of Vories Fisher,
Marc & Co.
James Talcott, Inc., has been appointed factor for the Hirshfield Textile Corp., New York City, distributors of knit goods and underwear, and
for Knit
-Well Hosiery Mills, Inc., Durham, N. C., manufacturers.
e See alphabetical list below for "Under the rule" sales affecting the range for
-William B. Nichols & Co., 48 Wall St., New York, have prepared an
the year:
analysis of •'The Brewing Industry," showing a survey of markets, disChicago District Electric 548, 1953, Feb. 2, 57,000 at 9534.
tribution methods, operating costs and capital requirements.
Federal Sugar Refining 68, 1933, Jan. 5, 82,000 at 4.
Kenneth D. Sarles has become associated with Blyth & Co., Inc..
Illinois Central RR. 434s, 1934, Feb. 9, 51,000 at 48.
in tlieir municipa bond department.
Narragansett Electric 58, series B, 1957, Jan. 17, 81,000 at 104.
Niagara Hudson Power class A option warrants, Jan. 12, 100 at 1.
-Julius Rapp has become associated with Guttag Bros. in their bondTennessee Public Service 5s, 1970. Jan. 13, 51,000 at 954.
(radio- oonnriment.
Financial Chronicle
1002
Feb. 11 1933
Quotations for Unlisted Securities-Friday Feb. 10
Public Utility Bonds.
Port of New York Authority Bonds.
Bid.
Arthur MI Bridges 435e
series A 1933-46
MdtS
Geo. Washington Bridge
4s series B 1936-50_ _ J&D
412s ser B 1939-53_ _NUN
Bid.
Ask.
Bayonne Bridge & series C
1938-53
J&J 3.
Inland Terminal 43(e ser D
!VMS
1936-60
4.90 4.75 Holland Tunnel 445 series E
M&13
4.90 4.75
1933-60
6.00 5.60
Ask.
96
92
5.80 5.50
4.30 4.20
U. S. Insular Bonds.
Bid. Ask
Bid Ask
4.75 4.50
97 100 Honolulu 58
90 US Panama 3s June 1 1961_ 102 103
81
10014 1003
4
28 Aug 1 1938
88
92
10014 1003
4
26 Nov 1 1938
92
88
90 95 Govt of Puerto Rico
97 100
435e July 1958
90
95
4.80 4.50
97 100
58 July 1948
4.20 4.00
Philippine Government
4s 1934
4s 1946
4158 Oct 1959
415s July 1952
55 April 1955
58 Feb 1952
5355 Aug 1941
Hawaii 4 He Oct 1956
Federal Land Bank Bonds.
Bid
45 1957 optional 1937_M&N 88
4s 1958 optional 1938_M&N 88
434e 1956 opt 1938____J&J 89
Jda 89
4125 1967 opt '37
4155 1958 opt 1938_M&N 89
58 1941 optional 1931..M&N 97
J&D 101
434e 1933 opt 1932
Ask
89
89
00
90
90
973
4
10112
4358
415e
415e
412s
4155
4158
Ms
1942 opt 1932__M&N
1943 opt 1933____Jda
1953 opt 1933___J&J
1955 opt 1935___J&J
1956 opt 1938____Jda
1953 opt 1933_-__Jda
1954 Opt 1934____J&J
Bid
93
93
9112
9112
9112
93
93
Ask
94
94
9212
9212
92.2
94
94
New York State Bonds.
Bid.
Canal & Highway
55 Jan & Mar 1933 to 1935
Se Jan & Mar 1938 to 1945
5e Jan & Mar 1946 to 1971
Highway Imp 435e Sept '63
Canal Imp 4355 Jan
_
Can & Imp High J M 1965
Barge CT 4155 Jan 1945_
Ask.
8.35
3.60
3.75
117
117
113
109
Bid. Ask.
World War Bonus
410 April 1933 to 1939__ 3.35
4345 April 1940 to 1949__ 3.45
Institution Building
45 Sept. 1933 to 1940_ 3.35
4s Sept. 1941 to 1976_ 3.40
Highway Improvement
4$ Mar & Sept 1958 to'57 110
Canal Imp 4s J & J '60 to'67 110
Barge C T 48 Jan 1942 to'46 107
New York City Bonds.
Bid.
9312
9312
9312
9312
9312
97,4
9714
9714
9714
Bid. Ask.
a38 May 1935
963 9714 a43(8 June 1974
4
8312 85 a4148 Feb 15 1978
0315s May 1954
8312 85 a4101 Jan 1977
a3 Ms Nov 1954
8812 90 a41413 Nov 15 1978
048 Nov 1955 dt 1956
91 041I8 March 1981
ale M A N 1957 to 1959- 89
8912 a434e M & N 1957._
88
a4s May 1977
8912 a4155 July 1967
88
a4s Oct 1980
43(s Feb 15 1933 to 1940_ 5.00 4.75 a4158 Dec 15 1974
93 a415s Dec 1 1979
91
a43(8 March 1960
9312 94,1
a4150 Sept 1980
a434s March 1962 & 1964.. 9312 91,1 ails Jan 25 1935
9312 9414 aga Jan 26 1938
a412s April 1966
9312 9414 a8s Jan 25 1937
a4353 April 15 1972
S Coupon. e Registered coupon (serial).
a Interchangeable.
Ask.
9414
9414
9414
9414
94 4
,
9812
9812
9812
9812
103 1033
4
10312 10414
105 1053
4
New York Bank Stocks.
Par Bid Ask
.20 293 3138
s
Bank of Manhattan CO.
35
100
Bank of Yorktown
31
100 25
Bensonhurst Nati
20 323 343
4
4
Chase
95
Citizens Bank of Bklyn_100
20 12- 44
City (National)
Comm'i Nat Bank dt Tr _100 150 160
100 1380 1480
Fifth Avenue
First National of N Y 100 1480 1535
100
50
Fiatbush National
IGO
37
Fort Greene
..l00 150 300
Grace National Bank.
25
Harbor State Bank
Harriman Nat Bk &'Tr _100
Kingsboro Nat Bank ___100 II- 68
Par Bid
Ask
Lafayette National
25
512 812
Merchants
100
50 30
Nat Bronx Bank
36
National Exchange
25 1312 1812
Nat Safety Bank & Tr
25
212 512
Penn Exchange
25
3
7
Peoples National
100 80 100
Public Nat Bank & Tr
_25 28
30
20
3
6
Richmond Natl
912 1112
Sterling Nat Bank dr Tr_25
Textile Bank
25
28
100 23
Trade Bank
28
Washington Nat Bank-100
12 4
Yorkville(Nat Bank 00.100 40
50
Trust Companies.
Par
Banat Comm Italians Trill()
Bank of Sicily Trust____20
Bank of New York & Tr 100
Bankers
10
20
Bronx County
Brooklyn
100
Central Hanover
20
Chemical Bank A Trust_ _10
Clinton Trust
100
Colonial Trust
100
Corn Bk & Trust
10
Corn Each Bk & Trust_20
25
County
Bid I Ask
__
140
17
15
319 369
7212 7412
18
13
165 180
135 139
423 4438
8
35
25
18
14
1712 1912
71
74
32
30
Bid Ask
Pa
20 2512 2712
Empire
Fulton
100 260 275
100 349 354
Guaranty
10 2314 2514
Irving Trust
100 2000 2100
Kings County
20
Lawyers Title A Guar_ 100 15
25 293 313
Manufacturers
4
4
2
4
Mercandle Bank & Trust_ -_
25 9912 10212
New York
29
Title Guarantee iv Trust_20 26
100
Trust Coot N A.
70
20 50 60
Underwriters Trust
1043 1750 1850
United States
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Dividend
Par In Dollars.
Alabama St Vicksburg (Ill Cent)
Albany A Susquehanna (Delaware & Hudson1.100
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
ao
Boston & Albany (New York Central)
100
Boston & Providence (New Haven)
1013
Canada Southern (New York Central)
100
Caro Clinchfield & Ohio (L A N. A C L)4% 100
Common 5% stamped
100
Chic Cleve C1110 dr St Louis pre(N Y Cent)
-100
Cleveland & Pittsburgh (Pennsylvania)
50
Betterman stock
50
Delaware (Pennsylvania)
Geonria RR & Banking (L & N. A C L)
100
Lackawanna RR of NJ (Del Leek A Western)-100
Michigan Central (New York Central)
100
Morris & Essex (Del Leek A Western)
50
New York Lackawana & Western(D LA W)_ 100
50
Northern Central (Pennsylvania)
100
01(.. Colony (N Y N H dk Hartford)
50
Oswego dt Syracuse (Del Lack & Western,
Pittsburgh Bess A Lake Erie(U S Steel)
Preferred
Pittsburgh Fort Wayne & Chicago (Penn)...-100
100
Preferred
..100
Rensselaer dt Saratoga (Delaware A Hudson)
100
St Louie Bridge let pref (Terminal RR)
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal (Penns)
100
Valley (Delaware Lackawanna A Western)
Vicksburg Shreveport A Pacific (Iii Cent)
Preferred
50
Warren RR of NJ (Del Lack A Western)
West Jersey A Sea Shore (Penn,
• No Dal TiJus.
S Less reports(' mattes.
6.00
11.00
6.00
2.00
8.76
8.60
3.00
4.00
6.00
5.00
3.60
2.00
2.00
10.00
4.00
60.00
3.876
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
5.00
5.00
5.00
3.50
3.00
Bid.
Ask.
65
162
68
28
88
133
40
50
67
55
61
33
33
105
57
600
55
75
72
76
88
27
65
170
75
30
92
140
45
86
60
60
64
37
35
115
63
800
57
80
75
81
60
30
50
118
143
100
105
53
105
205
73
45
45
40
55
e Defaulted.
60
126
148
108
110
56
110
210
80
50
50
44
60
rEz-coupon.
Bid
Amer S P S 5358 1948_M&N 5312
Atlanta G L 58 11/47 __J&D 99
Cen G E 515s 1933F&A 25
181 lien coil tr 512s '413Jdt
41
let lien coll tr (is'46.M&S 4314
Fed P S let 113
1778
Federated Util 510'57 PAAS 4614
Ill Wet Ser 1st & 1952.1da 7814
Iowa So Util 5448 195
0-J&J 5814
Louis Light lst 58 1953_Adt0 1031 t
Ask
57
_
28 ;
-1
46
4814
207
2
483
4
8112
60
Newp N ,fc Ham 55 '44_J&J
N Y Wet Ser 68 1951_Mdtel
Old Dom Pow 5s_May 15'51
Parr Shoals P58 1952_ _Ae.o
Peoples LA P 512s 1941 J&J
Roanoke W W 55 1950A&J
United Wat Gas & E 581941
Western PS 5355 1980_ F&A
Wichita Ry & L 58 1932.--
Bfd
83
7912
67
6812
34
8714
84
63
Ask
Bid
Ask
211
- _
8112
69
7112
3712
6914
66
Public Utility Stocks.
Par
Arizona Power pref____ 100
Assoc Gas A El ode pref..•
86.50 preferred
•
•
87 preferred
Atlantic City Elec $6 pref'
Bangor Hydro-El 7% pf_100
Broad River Pow pf____ 100
Cent Ark Pub Serv pref_100
Cent Maine Pow 6% pf _100
Cent Pub Serv Corp pref_ _•
Consumers Pow 5% pref-•
8% preferred
100
100
8.60% preferred
Dallas Pow A Lt 7% pref 100
Derby Gas & Elec $7 PreL -•
Essex-Hudson Gag
100
Foreign Lt A Pow units-Gas Elec of Bergen ..A00
Hudson County Gas
100
Idaho Power 6% pref
•
7% preferred
100
Inland Pow A Lt Pf
100
Jamaica Water Supply pf_50
Bid
Ask
---- 30
4
7
5
8
5
8
9712
102 16i23
30
47
74
78
1
3
7212 75
8514 87
89
90,
4
98 101
40
45
150
43
95
150
64
84
86
- -_
212
-7 - 49
47
Par
Kansas City Pub Serv pref•
Kentucky Sec Corp com_100
6% preferred
100
Metro Edison $7 pref B__•
Mississippi P & L 86 pref_ _•
Miss River Power pref...100
Mo Public Serv pref
100
Nassau & Suffolk Ltg pf 100
Nat Pub Serv pret A.._..100
Newark Consul Gas_ _ _ _100
New Jersey Pow & Lt $6 pf•
N Y & Queens ELAP 01100
Pacific Northwest P S.....
6% preferred
100
Prior preferred
100
Philadelphia Co $5 pref__50
Somerset Un Md Lt_ _ _ _100
South Jersey Gas dt Elec 100
Tem Elec Pow 6% pref_100
United G dr E(NJ) pref 100
United Public Service pret..•
Wash Ry & Elec corn_ _100
5% preferred
100
12
80
45
89
13
68
112
16- 100
75
85
98
10
1412
1112
47
52
71
78
150
55 6 6
(
48
41
88
7
68
260
84
335
89
Investment Trusts.
Ask
As k
Par Bid
1.60 MajorShaCprp
8
es
_
112
• 137 153
Mass Investors Trust
8
8
1.45 Mohawk Investment Corp_ _
2012 263
4
3 Mutual Invest Trust class A
8
35
8 43
Mutual Management com..• a
6
234
17
National Shawmut Bank _ _
31
33
1712 National Trust Shares
412 51 1
Nation Wide Securities Co.. 2.48 2.58
W
35
Voting trust certificates_
4 8,
4
73
2 NY Bank A Trust Shares..
33
8 418
3 12 No Amer Bond trust Ws
- 8214 8512
No Amer Trust Shares
1.30
2
212
Series 1955
1.66 1.90
10
314 1314 oiSerlaa ea 90c 000a
42
l 0 e r 1 1156
0
1.66 1.90
312 513
1.94 _ _ Old Colony Inv Tr corn __•
3
4 112
450 70c Old Colony Trust Assoc Sh •
7
81s
8
1033 113
812 1112
Pacific Southern Inve,t p1..
2112
19
Class A
3
4 1 12
dl
3
Class B
68
18
157 1714 Petrol A Trad'g Corp ci A _•
8
8
10
112 3 Quarterly Inc Shares
1.13 1.21
66 Representative Trust Shares 6.00 6.50
61
Royalties Management_..
d14 1
la
48
I's
lit
3
4 14 Second Internet fieo Cl A•
1.56
1
50 1414 2511
preferrrp
1.52 ___ SecTritlee Coed Gen $6 pf • 031
1 52 ___ Selected American Shares_ 1.70 1- .0
.8
1.57 1.70 Selected Cumulative She
n TruShares____
ome. 008__
1.67 1.70 Seelleecctedted
tees
2 4 58
1318 2:
s
Man
3.65 4.15
10 Shawmut Association com_•
7
7
7 14
• 1018 107
Spencer Trask Fund
69
8
812 12 Standard All Amer Corp___ 2.80
83 Standard Amer Trust Shares 2.45
78
2.61 ___ Standard Collet Trust She_
312 14
1.
Standard 011 Trust Shares A
_
314
2.95
Clue B
3
31;
27
8 31 1 State Street Inv Corp.....
• 4152 4512
258 ___ Super Corp of Am Tr Sin A 2.30 _ _ _
63
8 _
AA
1 40 1.80
514
2.40
2.10 2.30
BB
1.40 1.60
312 37
8
C
4.05 4.55
1.02 109
D
3.95 4.45
Supervised Shares
1.25 1.35
1
0 Trust Shares of America__ _ _
_
214 2%
2.05 2:3 Trustee Stand Investment C 1.50 1.75
1,45 1.70
463 50 8 Trustee Standard 011 She A
4
3
318
1.25 1.50
B
231 /18
2.55 ___ Trustee Amer Bank She A27
8 31a
15.81
Trusteed N B
S ut re,. 1.60 1.70
4.50... Trusteed NY City 13k She_ _
23
4 314 20th Century orig series... 1.80
1.95 2.25
233318
Series B
8
Two-year Trust Shares
67
8 83
8
82
1
8
ss United Bank Trust
43
8 53
2
112 2
125 1314 United Fixed Shares ser Y.
8
1.70 2.00 United Insurance Truet_ _ _
233 .-U S de British International
12
20
Preferred
•
5
11
1112 18 II Eleo Lt & Pow Shares A
14
1412
14 1
2.38 2.48
B
Voting trust etre
83 12
4
814 83
4
212 312 17n N Y Bank Trust C 3_
43
8 47
8
314 35 Un Ins Tr SIN ser F
8
312 33
U Shares ser H
312
33
8 38
7
214 -__ Universal Trust Shares.... 2.02 2.07
Par Bid
Amer Bankstocks Corp.--• 1.35
8
Amer Brit A Coot $6 pref -•
1.36
Amer Business Shares
258
Amer Composite Tr Shares_
Amer & Continental Corp
5
AmFounders Corp 8% p150 11
50 1112
7% Preferred
5
Amer & General Bee cl A•
• 27
6% Preferred
114
Amer Insuranstocks Corp.
3
Amp Standard Oil Shares-Bancamerica-Blair Corp--Bankers Nat Inv(Intl Corp •
Banceicilla Corp
Basic Industry Shares
British Type Invest A____1
Bullock
Central Nat Corp class A-Class B
Century Trust Shares
Chartered Investors com__•
Preferred
•
Chelsea Exchange Corp A__
Class B
Consolidated Equities Inc
Corporate Trust Shares_
Series AA
Accumulative series
Series AA mod
Series ACC mod
Crum dr Foster Ins Shares
Common B
10
7% preferred
100
Crum & Foster Ins com__•
8% preferred
Cumulative Trust Shares_
Deposited Bank She ser N Y
Deposited Bank Sin ser A.
Deposited Insur Sin A
Diversified Trustee Ohs A-.
Dividend Shares
Equity Corp corn stamped__
Equity Trust Shares A
Fidelity Fund Inc
Finn Commonstock Corp-.•
Five-year Fixed Tr Shares..
FixedTrust Shares A
•
•
Fundamental Tr Shares A-•
Shares 13
Guardian Invest pref w war
Oude-Winmill Trad Corp..
Huron Holding Corp.......
Incorporated Investors....'
Independence Tr Shared
Internet Security Corp(Am)
635% preferred
100
8% preferred
100
Investment Cool America.*
7% preferred
100
Investment Fund of N J...
Investment Trust of N Y..•
Investors Trustee Shares_
Low Priced Shares
Telephone and Telegraph Stocks.
Ask
Par Bid
Par Rid
Ask
35 Northw Bell Tel pf 634% 100 10() 108
Cuban Telephone
100
43 Pao &
7% preferred
Tales U 1%_ _25
100 38
8
13
33
__ Porto Rico Telephone_ _ _100
Empire A Bay State Tel_100
1 0_ 0
Franklin Teleg $2.50
100 23Roc12 Telep 88.50 1st 1'1_100 11112
Int Ocean Teleg 6%
66- So de All Teleg 81.25
100 50
25 12
__ Tri States Tel & Tel $8 _ _• 90
Lincoln Tel & Tel 7%
_
• go
New York Mutual Tel..100 14
___ Wisconsin Teiep 7% pref 100 10512 10812
-
Sugar Stocks.
Haytlan Corp Amer
a Ex-etoci airtosna,
Pal Bid
•
Ask
Patl Bid
2 liSugar Estates Oriente 01 100
z,Ex-divld•nd
Ex-rignta.
MP_
Volume 136
Financial Chronicle
1003
Quotations for Unlisted Securities-Friday Feb. 10-Concluded
Insurance Companies.
Chain Store Stocks.
Par Bid
Butler (James) com___ _100
2
100
Preferred
Diamond Shoe pref
100 40
Edison Bros Stores pref_100 32
Fan Farmer Candy Sh pf__• 18
4
_•
Fishman(M H)Stores_
Preferred
100 40
Kobacker Stores pref_ -100
100 1912
Lord & Taylor
100 as
1st preferred 6%
100 671
Dec preferred 8%
Par Bid
Ask
Miller (I) & Sons pref-100
6
2
5 MockJuds&Voehringerpf100 22
Murphy (S C) 8% pref_100 75
48
42 Nat Shirt Shops(Del.)of 100
9
N Y Merchandise let pf _100 73
23
31:
•
9 Piggly-Wiggly Corp
60 Reeves (Daniel) pref_ -100 107
Rogers Peet Co com__
100
16
Schiff Co pref
100 1E-
Ask
8
32
85
20 _
1
50
85
Industrial Stocks.
Par
Alpha Portl Cement pf--100
American Book $4
100
Bliss(E W)let pref
50
2d preferred B
10
Bohn Refrigerator pf____100
Bon And Co B corn
•
Brunsw-Balke-Col pref__100
Burden Iron pref
100
Canadian Celanese com_ __•
Preferred
100
Carnation Co corn.
•
Preferred $7
100
Chestnut & Smith com
•
Preferred
100
Color Pictures Inc
Columbia Baking com____•
•
1st preferred
2d preferred
•
Congoleum-Nairn $7 pf _100
Crosse & Blackwell corn.. _•
Crowell Pub Co $1. corn_ *
$7 preferred
100
De Forest Phonofilm Corp_ _
Doehler Die Cast pref..---•
Dryice Holding Corp
•
Eisemann Magneto coin_ _•
Preferred
100
Gen Fireproofing $7 Of....100
Graton & Knight corn
•
Preferred
100
Herring-Hall-Mary Safe 100
Howe Scale
100
Preferred
100
Industrial Accept corn --•
Preferred
100
Locomotive Firebox Co__ _•
Macfadden Publlc'ns com_5
Bid
50
31
---.
.
-25
30
20
8
67
63
4
771:
4
1
12
1
14
100
17
75
14
612
._
--__
5
30
14
2
8
1
3
2
-- i
2
2
Ask
Par Bid
1612
Macfadden Public'ns Pf---• 15
82
100 78
Merck Corp $8 pre:
24
National Licorice coca.... _100 18
19
National Paper & Type 100
20
New Haven Clock pref 100 12
New Jersey Worsted p1.100 35
12
9
•
Ohio Leather
100
let preferred
2d preferred
100
46100
Okonite Co $7 pref
3
6
•
Petroleum Derivatives_
15
9
•
Publication Corp corn
100 75
$7 let preferred
712
•
Riverside Silk Mills
•
5
Rockwood & Co
38
Preferred
100 30
2
Rolls-Royce of America ___•
.8 212
Rosy Theatre. unit
•
18 11
Common
Preferred A
•
12 212
_
19 Rubel Coal & Ice cern---• 11
4
25 243
Preferred $1.75
12 114
Solid Carbonic Ltd
-3
4
1
• --_
10 Splitdorf Beth Elec
1
9 Standard Textile Pro-100
4
100
Class A
4
fr
100
Class B
15
16
36 Stetson (J B) Co pref_ _25 12
12 2
114 Taylor Wharton Ir&St com •
312 43
100
4
Preferred
6
17
8 418
14 Tenn Products Corp pref _50
,
3 TubizeChatilion 7% cu 0100 41 4 51
2 s 3%
3
6 Walker Dishwasher com_ •
White Rock Mln Spring
80
100 70
37 let preferred
24
6
100 70
$10 2d pref
4
1
100
3 Woodward Iron
Ask
85
38
20
712
5434
28
3112
30
12
74
814
8212
2
10
2
3
2
2
1
Industrial and Railroad Bonds.
Bid Ask
Adams Express 4s '47_J&D 58
81
American Meter 138 1946_
795
8 ___
Amer Tobacco 45 1951 FAA 95
Am Type Fdrs 82 1937 MAN 48
Debenture 6s 1939.M&N 48
55
Am Wire Fab 7e'42M&S 60
___
Bear Mountain-Hudson
River Bridge 75 1953 A&O 75
7812
Chicago Stock Yds ts 1961 63
Canso' Coal 494s 1934 MAN 13
17
Consol Mach Tool 7s 1942 87
11
Congo! Tobacco 45 1951_ _ 93
Equit Office Bldg Es 1952_ _
5214 55 4
-1
flaytian Corp 8s 1938
0514 814
!puma! of Comm 854s 1937 44
49
Kam City Pub Serv es 1951 19
20
Loew's New Brd Proof). 1945
J&D 6212 66
Ask
Bid
85
Merchants Refrig es 1937__
1.
0
6014 73N 0 Or No RR 58 '55..F&A 615
NY & Hob Ferry 5e '46 J&D
N Y Shipbldir Si 1940_M&N 63
Pierce Butler & P 694s 1942 63
Prudence Co. Guar Coll
32
36
590. 1961
3512
Realty Assoc Sec (Ss'37-J&J 31
50
40
Securities Co of NY
61 Broadway 5948 '50..A&O 5712 61
43
So Indiana Ry 4s 1951_ FAA 39
18
Stand Text Pr 6545 '42 MdiS 12
Struthers Wells Titusville
39
43
694s 1943
78
Tol Term RR 490'57 MAN 75
114
US Steel be 1951
Witherbee Sherman 6e 1944
9
Certificates of deposit _ _ _ _ e6
: 3112
Woodward Iron 58 1952.J&J 0261
Chicago Bank Stocks.
Pan
Amer Nat Bank & Trust100'
Central Republic
100
Continental Ill Bk & Tt_100
First National
100
Bid I Ask)
Par Bid I Ask
70
80 1 Harris Trust & Savings 100 295 305
100 435 1445
14
84 Northern Trust Co
85
87 i
141 145 '
I
Aeronautical Stocks.
Bid
Ask
Alexander Indus 8% pf _100
American Airports Corp_•
Central Airport
•
Cessna Aircraft common *
Curtiss Reld Aircraft com_•
Kinner Airplane & Mot _1
Sky Specialties
•
Southern Air Transport_.
Swallow Airplane
•
Warner Aircraft Engine._*
Whittelsey Manufacturing.•
Ask
Bid
14 1
14
Ask
Ask
Par Bid
Par Bid
42 Hudson Insurance
5
Aetna Casualty & Surety_10 40
10
31
10
Importers & Exp of N Y _ _25
Aetna Fire
10 29
Aetna Life
10 1388 15.8 Independence Indemnity_10
114 314
43 Knickerbocker
o
25 38
Agricultural
a 3 414
American Alliance
10 1112 1412 Lincoln Fire
214
5
Lloyds Casualty
6
4
10
5
American Colony
Voting trust certits
412 612
a
American Constitution__ _20
3
514 814 Lloyds Ins of Amer
American Equitable
5
American Home__ __ ---20
412 612
,
13
5
4 24
American of Newark_ _294
62
4 814 Majestic Fire
Mass Bonding & Ins
25 111: 1612
27
American Re-insurance-10 24
24
47
8 Vs Merchants Fire Assur comb0 20
American Reserve
1
3
6
2
8
American Surety
25 127 147 Merch .14 Mire Fire Newark 5
4
10
6
17 Missouri States Life
Automobile
10 16
Baltimore Amer
Bankers & Shippers
Boston
Carolina
43
4 63
4
National Casualty
10
42
National Fire
10 40
238 43
s
2
National Liberty
25
20 20
National Union Fire
11
9
New Brunswick Fire
10
12
7
New England Fire
10
85
10 3012 3312
6 New Hampshire Fire
8t 1012
New Jersey
20
28
9
6
10
23 New York Fire
4
North River
2.60 101 1212
36
12.50 29
812 Northern
Northwestern National__25 711 7612
14
3
812 Pacific Fire
35
25 25
43 Phoenix
10 4814 5014
9
5
33 Preferred Accident
7
4
143 Provid..nce-Washh2gton _ _10 18, 2014
4
Public Fire
12 21:
2.50
7 Public Indemnity
Reliance Itumr of Phila_10
26
5
83 Rhode Island
4
30
25
6212 Rochester American
1414
73 St Paul Fire & Marine_ _ _ _25 108 113
1
23
10 21
Security New Haven
70
9 4 Springfield Fire & Marine 25 65
,
50
59 Standard Accident
6
25
Stuyvesant
253
s
100 265 315
193 Sun Life Assurance
8
100 345 360
413 Travelers
4
3
33
4 54
45 U S Fidelity & Guar Co__ _2
4 191 2112
161 U 13 Fire
.
16
2.50 14
1 4 Westchester Fire
,
51
4
21g 318
254
30
25 20
100 345 370
12
10 10
75
4
23
114
City of New York
100
Colonial States Fire
10
Connecticut General 1.ife_10
Consolidated Indemnity_ _5
Constitution
10
Continental Casualty_ _10
Cosmopolitan
10
Eagle
5
Excess
5
I ederal
10
1.1delity & Deposit of Mc1.2C
Franklin Fire
5
612
10
2
712
39
30
123
4
•
General Alliance
Glens Falls Fire
5
Glob.) dr Republic
5
Globe & Rutgers Fire__ _25
Great American
10
Great Amer Indemnity__
5
24
53
4
4212
12 4
,
53
4
Halifax Fire
Hamilton Fire
Hanover Fire
Harmonia
Hartford Fire
Hartford Steam Boiler
Home
Home Fire Security
Homestead Fire
73
4
25
233
8
83
8
393
4
42
14 8
,
8
4
63
4
10
ao
10
10
10
10
a
10
10
Realty, Surety and Mortgage Companies.
Par
Bond & Mortgage Guar_ _ 20
Empire Title & Guar_ _ __100
Guaranty Title & Mortgage_
Home Title Insurance__ _25
Iniernational Germanic Ltd
Bid Ask
614 914
40
-707- 100
8
4
20
15
514
Par Bid
Ask
Lawyers Mortgage
20
714
National Title Guaranty 100
112
New
4
2
N Y Title & Mtge
10
7
12
State Title Mtge new_ _100
New York Real Estate Securities Exchange
Bonds and Stocks.
Active Issues.
Bid.
BondsAllerton N Y Corp 534s 47
61 Broadway Bldg 555s '50
165 Broadway Bldg 554e'51
Court & Remsen St Big 68'40
Drake, The 6s
1939
10 East 40th St Bldg 6s 1940
18-20 East 41st St Bldg 68'40
Graybar Bldg 5s 1946
Grenada. The Os 1938
Harriman Bldg es 1951
Hearst Brisbane Prop es'42_
Hotel Lexington es 1943-......
Hotel St George 59is 1943_ _
Active Issues.
Ask.
9
56
57
13
20
12
62
62
17
12
48
5
51
41
7
15
24
16
52
10
56
25
Bonds (Concluded,
Pk Murray Office Blg 630'41
Postum Bldg 634s 1943._
Prudence Co 53.6s'61
Realty Assoc Sec Corp 63'37
Savoy Plaza Corp es '45.40 Wall St Bldg 6s 1958_ _ _ _
104th St
West End Ave.
Bldg 65 1939
Bid.
19
72
3212
30
8
35
Ask.
25
37
11
39
121:
Stocks
-
if
81
5
10
5
2
7
75
5
)
15 2
2
25
91:
7
15
10
312
10
90
712
193
4
312
29
Bid
Ask
Atlantic Coast Line es
5.75 5.00 Kanawha & Michigan 6s___
Equipment 848
5.50 4.50 Kansas City Southern 594s..
Baltimore & Ohio 6a
7.00 6.00 Louisville & Nashville es_
Equipment 4 34* & 58_..._ 7.00 8.00
Equipment 694s _
BuffRosh & Pitts equip es- 7.50 6.00 MInnStP&EISM494s&5s
Canadian Pacific 434s & es 6.25 5 50
Equipment 6948 & Ts
Central RR of N J es
5.00 4 00 Missouri Pacific 694s
Chesapeake & Ohio 811
4.75 4.25
Equipment es
Equipment 6349
4.75 4.25 Mobile & Ohio Es
Equipment es
4.75 4.25 New York Central 494e & Is
Chicago & North West es -- 9.00 7.00
Equipment es
Equipment 094e
Equipment 7s
9.01 700
Chia R I & Pao 494.& 5s
10.00 8.00 Norfolk A Western 414a
Equipment es
10.00 8.00 Northern Pacific 7s
Colorado & Southern es
r. 00 00 Pacific Fruit Express 7s
Delaware & Hudson ft. - 55) 4.50 Pennsylvania RR equip 5._ _
Erie 494et 5s
9.00 7 50 Pittsburgh & Lake Erie 034.
Equipment es
901)7.50 Reading Co 434s AS*
Great Northern es
5 50 4.75 St Louis & San Fran 5e
Equipment M
5.50 4.75 Southern Pacific Co 490-Hocking Valley 5e
5 51 4.75
Equipment 7s
Equipment es
6.50 4.75 Southern Ry 494s di 5*
Illinois Central 434s &
7.00 6.25
Equipment es
Equipment es
7.00 6.25 Toledo A Ohio Central es
Equipment 7s & 0
7.00 6.25 Union Pacific 71
Bid
7.00
8 50
5.75
5 75
10 00
10.00
1000
1000
10.00
6.50
6 50
6.50
4.50
5.50
4.50
4.75
8.50
4.75
1000
5 25
5.25
10 00
10 00
6 50
4.50
Ask
5.50
7.00
4.75
9.75
8.0))
8.00
S.50
8.50
S.80
6.00
6.00
0.00
3.00
4.50
3.50
3.75
5 75
4.25
8.00
4.75
4.75
8.00
8.00
5.50
3.50
• No par value. a And dividend.
s Ex-dividend. g Fs-rights.
Flat price.
Lincoln Bldg 594s 1953.
616 Madison Ave Bldg. ctfs
Montague Court Office Bldg
6.55s 1945
N Y Athletic Club Os 1946
N Y Eve Journal 6 /a '37_ _ _
New Weston Hot Ann es '40
New Weston Hot Ann ctts.
Paramount Theatres 6s '45_
Bond ds Mtge Guarantee Co
21 City dc Suburban Homes Co_
39 Broadway Bldg units__23 551 Fifth Ave Inc units
20
1312 F F French Invest'g Co Corn9
F FFrench Invest'g Co pref.
10
F FFrench Operators Inc
19 Lawyers Mortgage Co
17
70
75 Lawyers Title & Guar Co..
16
14
N Y Title & Mortgage Co
12 Title Guarantee & Tr Co..
9
161s 20
2
8
4
Other Over-the-Counter Securities-Friday Feb. 10
Short Term Securities.
Allis-Chal Mfg 5. May 1937
Amer Metal 590 1934 Adi0
Amer Wat Wks 6031934 A&O
Bid
7112
8934
9232
Railroad Equipments.
Ask I
Bid
Ask
74 4, Mag Pet 499s Feb 15'30-35 100
,
370 Union 011 58 1935__F&A 10014 100 4
937 United Drug deb 5e '33 A&O 99 4
8
,
Water Bonds.
Alton Water 58 1" 56--A&O
Ark Wat let rei A 1956_A&O
Ashtabula W W 56 '58_A&O
Atlantic Co Wat 5*'58.M&8
firm W W lit 594sA'54A&O
1st m 5s 1954 ear B-_J&D
let Is 1957 flalee C--FAA
Butler Water 54 1957A&O
City of Newcastle Wat 5s '41
City W (Chat) 5* 11 '54 J&D
1 t 58 1957 series C.M&N
Commonwealth Water
FAA
1st 5e 1956 B
1st m 54 1957 tier CF&A
1981 J&J
Davenport W
J&J
ES LA lot W 5.'42
let m tle 1942 ear BJ&J
IC' Os 1960 ear D.....F&A
Bid Ask
87
90
88
91
821: 85
80
84
99i210012
92
92
__
80 85
87
93
93
91
91
87
83
91
81
-_
90
85
92
83
HuntIon W let ee '54_M&8
let m M 1954 sec B__M&S
5s 1962
Joplin W W56'57 ear AM&S
Kokomo W W 5e 1958 _J&D
Mount Con W lst 5656 J&D
Monon Val W 5)4,'50_J&J
Richm W W let M'57.M&N
St Joseph Wat Os 1941_A&0
South Pitts Water 00FAA
1st M 1955
1st & ref 5s'60 ger A_ J&J
let & ref 5e '60 ser B_J&J
Terre H'te WW es'49A J&D
1st m 56 1956 ser 13._ J&D
Texarkana W lot 5s '58 FAA
Wichita Wat let (Ss '49 M&S
let m 56 '58 ear B....FAA
let ml. 1960 ser C_M&N
Did
94
88
82
81
84
88
80
86
MI
Ask
16'
85
84
86
90
88
971:
9914 100
92
92
99 101
-85
80
95
83 86
83
86
S La* reported market.
Current Cartung5
fElouthip,
uartertp anb /Oaf pearip.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, guar..
terly or half-yearly, that have appeared the present week. It covers all classes of corporate entities, whether rail.
roads, public utilities, industrial concerns or any other class and character of enterprise or undertaking. It is all
Inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to hand the present week.
It includes also those given in our issue of Feb. 4 and some of those given in our issue of Jan. 28. The object
of this index is to supplement the information contained in our "Monthly Earnings Record," which has been enlarged so as to embrace quarterly and semi-annual statements as well as monthly reports. The "Monthly Earnings
Record" was absolutely complete up to the date of issue, Jan. 27, embracing every monthly, semi-annual and
quarterly report which was available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The figures in most cases are merely for a month later, but there are also not a few instances of additions to the list, representing companies which had not yet made up their returns when the January number of the "Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week,furnishing a reference to every
return that has appeared since the last preceding number of the "Monthly Earnings Record." The latter is
complete in and by itself, and for most persons will answer all purposes. But to those persons who are desirous
of seeing the record brought down to date every week, this further and supplementary index in the "Chronicle"
will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly Earnings Record"
will enable any one at a glance to find the very latest figures of current earnings and income,furnishing a cumulative record brought down to date each and every week-an absolutely unique service. A further valuable feature
is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings Record," there is a reference
line showing by date and page number the issue of the "Chronicle" where the latest complete annual report
of the company was published.
Issue of Chronicle
Issue of Chronicle
issue of Chronicle
Name of CompanyWhen Published. Page.
Name of CompanyWhen Published. Page.
Name of Company-.
When Published. Pails.
Acme Steel Co
Feb. 11_1016 Chicago Great Western
Feb. 4__ 827 Great Northern
Feb. 4__ 829
Air Reduction Co
Jan. 28
650 Chicago, Indianapolis & Louisville_ Feb. 4_. 828 Green Bay & Western
Feb. 4._ 829
Akron, Canton & Youngstown
Jan. 28...647 Chicago & Illinois Midland
Sachs Trading CorpGldman
- 828
Jan.
Alabama Great Southern
Feb. 4... 831 Chic., Milwaukee,St. P. & Pacific...Feb. 4.. 828 Guarantee Co. of
North America_ _ _Fen 2 1: 653
a g.. 11 1025
8
Feb. 11_1005 Chicago & North Western
Alaska Juneau Gold Mining Co
Feb. 4 828 Gulf Coast Lines
Jan. 28._ 649
Alaska Packers Association
Feb. 4_ 844 Chicago River & Indiana
Feb. 4.._ 828 Gulf, Colorado & Santa Fe
Feb. 4_ 827
Allen Industries, Inc
Feb. 4__ 844 Chicago, Rock Island & Gulf
Feb. 4._ 828 Gulf, Mobile & Northern
Feb. 4__ 829
Alliance Investment Corp
Feb. 11..1017 Chicago, Rock Island & Pacific__ ..Feb. 4... 828 Gulf Power Co
Feb. 11...1006
Feb. 4 844 Chicago, St. Paul, Minn.& Omaha._Jan. 18_ 648 Gulf & Ship Island
Allis-Chalmers mfg. Co., Inc
Feb. 4._ 829
Alton
Feb. 4 827 Cinc., New Orleans & Tex. Pacific_Feb. 4_. 831 Gulf States Utilities Co
Feb. 11...1006
Jan. 28 647 Cinc. & Suburban Bell Teleph.CoFeb. 11__1013 Hamilton Woolen Co..
Alton & Southern RR
Inc
Jan. 28._ 667
American Bakeries Corp
Feb. 11_.i017 Clinchfield
Feb. 4_ 828 Hancock 011 Co. of Cal
Feb. 4_ 833
Amer. Brake Shoe & Foundry CO_Jan. 28._ 659 Cluett, Peabody & Co..Inc
Feb. 4_ 837 Ha rt-Carter Co
American Capital Corp
Jan. 28 659 Colonial Life Ins.Co.of America_ _Feb. 4. 846
Hart, Schaffner & Marx
American Chicle Co
Feb. 11_1017 Colorado & Southern
Feb. 4_ 828 Hartford Electric Light Co
American Commercial Alcohol Corp_lan. 28._ 650 Columbus & Greenville
Feb. 4 828 Hartford Gas Co
Amer.& General Securities Corp_ Jan. 28_ 660 Columbia Pictures Corp
Feb. 11__1006 Hercules Powder Co
Feb. 12241881i 852
FjjFeaaebnnb..:
i:6646681148
American Cities Power & Light Co _Jan. 28_ 657 Commercial Investment Trust Corp_Feb. 11..1009 Hibbard, Spencer, Bartlett
& Co
Jan. 28.. 668
American Furniture Co., Inc
Feb. 11..1018 Commercial Solvents Corp
Feb. 4.. 833 (A.) Hollander & Sons,
852
American Investors, Inc
Feb. 11..1018 Conemaugh & Black Lick
Hollineer Consol. Gold Mines, Ltd... Feb. 4
Jan. 28_ 648
4:: 852
IncF
American Snuff Co
Feb. 11_1018 Connecticut Power Co
Feb. 11..1013 Honolulu Rapid Transit Co., Ltd_Jan. 28._ 651
American Steel Founders
Feb. 4.. 844 Consolidated Dry Goods Co
Feb. 1l..1022 Household Finance Corp
Feb. 11..1023
American Superpower Corp
Jan. 28_ 657 Consol. Gas,El Lt.& Pr. Co.of Balt.Feb. 4... 833 Howe Sound Co
Jan. 28_ 651
American Surety Co. of N.Y
Feb. 11_1018 Continental Insurance Co
Jan. 28_ 664 Illinois Bell Telephone Co
Feb. I__1006
..
Amer.Telephone & Telegraph Co...Feb. 11..1007 Continental Securities Corp
Jan. 28 664 Illinois Brick Co
Feb. 11_1026
Archer-Daniels-Midland Co
Feb. 4__ 833 Continental Steel Corp
Jan. 28._ 664 Illinois Central System
Feb. 4_ 829
Arlington Mills
Feb. 11..1019 Corno Mills Co
Jan. 28_ 664 Illinois Central RR
Feb. 4._ 829
Arundel Corp
Feb. 11_1019 Cord Corp
Feb. 4.. 847 Illinois Power Co
0
Feb. :
. 4 106
1 829
Associated Telephone Utilities Co_ _Feb. 11 __1011 Crocker Wheeler Elec. mg.Co
.
Feb. II__1022 Illinois Terminal
Feb.
Atchison, Topeka & Santa Fe Ry -Feb. 4._ 831 Crucible Steel Co. of America
Feb. 11..1008 Indian 3lotocycle Co
Feb. 1_ _1026
..
Atlanta, Birmingham & Coast
Feb. 4._ 827 Cushmans Sons, Inc
Feb. 11__1006 Indiana Harbor Belt
Feb. 4__ 830
Atlanta & West Point
Feb. 4._ 827 Curtis Publishing Co
Feb. 4_ 847 Indiana Limestone Co
Feb .
. 11_1026
Atlantic City
Feb. 4_ 827 David & Freve, Ltd
Feb. 4.. 848 Indiana Pipe Line Co
11.1026
.
Atlantic Coast Line
Jan. 28.. 647 Delaware & Hudson RR.Corp
Jan 28 648 Indianapolis Water Co
Feb. 4__ 841
Atlantic Ice mfg. Co
Feb. 11_1019 Delaware. Lackawanna & Western Jan. 28._ 648 Industrial & Power Securities Co...Feb. 4_ 833
Atlantic Refining Co
Jan. 28 661 Denver & Rio Grande Western
Jan, 28_ 669
Feb. 4.... 831 Industrial Rayon Corp
Atlas Imperial Diesel Engine Co
Feb. 4._ 845 Denver & Salt Lake
Feb. 4.... 828 Inland Steel Co
Feb. 4__ 834
Atlas Powder Co
Feb. 4. 837 Denver Tramway Corp
Feb. 4. 841 Interlake Iron Corp
Feb. 11..1006
Auburn Automobile Co
Jan. 28._ 661 Detroit Bankers Co
Feb. 11__1022 International Great Northern
Feb. 4_ 829
Automobile Finance Co
Feb. 4_ 845 Detroit & Cleveland Navigation Co_ Feb. 11..1022 International Ry (Buffalo)
Feb. 4__ 841
Axton Fisher Tobacco Co
Feb. 11._1005 Detroit & Mackinac
Feb. 4_ 828 International Rys. of Cent. AmericaFeb. 4_ 833
Baldwin Locomotive Works
Jan. 28._ 653 Detroit Terminal RR
Feb. 4_ 828 International Sec. Corp. of Amer
Jan. 28_ 669
Bait. & Ohio. Chicago Terminal__ _Feb. 4__ 827 Detroit, Toledo & Ironton
Jan. 28_ 648 Interstate Bakeries Corp
Feb. 4__ 853
Baltimore & Ohio RR
Jan. 28_ 647 Detroit & Toledo Shore Line
Feb. 4__ 828 Investment Corp.of Phil's
Feb. 4_ 853
Bangor Ac Aroostock
Feb. 4__ 831 Diamond State Telephone Co
Feb. 11..1013 Irving Air Chute Co., Inc
Feb. 11..1027
Bangor Hydro Electric Co
Feb. 111005 Dividend Shares, Inc
Jackson & Curtis Securities Corp....Feb. 4__ 853
Feb. 11..1022
Barcelona Trac.Lt. &Pow.Co.,Ltd.Feb. 4__ 833 (Jacob) Dold Packing Co
Feb. 4.. 848 Jaeger Machine Co
Feb. 11_1027
Bastian Blessing Co
Feb. 11..1019 (S. R.) Dresser rag. Co
Feb. 4._ 843
Feb. 11__1023 Jamaica Water Supply Co
Baton Rouge Electric Co
Feb. 11_1005 Duluth, Missabe & Northern
Feb. 4... 828 Jewel Tea Co., Inc
Feb. 11..1027
Beaumont, Sour Lake & Western......Feb. 4.._ 830 Duluth, South Shore & Atlantic.....Feb. 4__ 828 Kansas City Southern
Feb. 4.._ 829
Belding-Corticelli, Ltd
Jan. 28_ 661 Duluth, Winnipeg & Pacific
Kansas. Oklahoma & Gulf
Feb. 4.... 828
Feb. 4._ 829
Telephone Co. of Pa
Bell
Feb. 11_1012 E. I. du Pont de Nemours & Co
_Feb. 4__ 834 Key West Electric Co
Feb. 11_1006
Belt Ry. of Chicago
Feb. 4_ 827 EastKootenay Power Co
Jan. 28_ 670
Feb. 11_1006 (D. Emil) Klein Co
Berkshire Street Ry. Co
Feb. 11...1005 Eastern Steamship Lines, Inc
Feb. 11..1027
Feb. 11...1005 (S. S.)Kressle Co
Bessemer & Lake Erie
Feb. 4._ 827 Electric Shareholdings Corp
Jan, 28_ 670
Jan. 28_ 665 (S. H.) Kress & Co
Bethlehem Steel Corp
Jan. 28_ 650 Elgin, Joliet & Eastern
Feb. 4_ 829
Feb. 4__ 828 Lake Superior & Ishpeming
Blue Ridge Corp
Jan. 28. 654 El Paso Electric Co
Jan. 28_648
Feb. 11..1006 Lake Terminal
Bond & Mortgage Guarantee Co
Jan. 28._ 662 Engineers Public Service Co
Feb. 4_ 834
Feb. 11_1006 Lane Bryant, Inc
Boston Elevated Ry
Feb. 11_1005 Equitable Office Bldg. Corp
Feb. 4_ 833 Lehigh & Hudson River
Feb. 4__ 829
Boston & Maine
Jan. 28.. 649 Erie RR
Feb. 4_ 832 Lehigh & New England
Jan. 28_ 648
Boston Wharf Co
Jan. 28._ 662 Erie System
Feb. 4
828 Lehigh Valley
Jan. 28_ 648
(J. G.) Brill Co
Feb. 11_1019 Ferry Cap & Set Screw Co
Feb. 11..1023 Lima Locomotive Co
Feb. 11
British Columbia Power Corp. Ltd Feb. 11_1005 Fidelity-Phenix Fire Insurance Co_Jan. 28_ 666 Lincoln Telephone & Telegraph Co_Jan. 28_ 1028
658
Brooklyn Eastern Dist. Term
Jan. 28__ 647 Finance Co. of America at BaltimoreFeb. ll....1023 Lindsay Light Co
awn.
_ 854
Burlington & Rock Island
Feb. 4__ 827
Service Co. at Baltimore.. _.Feb. 4_ 849 Loblaw Groceterias, Ltd
Feb. 4_ 834
Building Products, Ltd
Feb. 11..1020 Fitchburg & Leominster St. Ry
Jan, 28_ 651 Loew's, Inc
Feb. 11_1006
Butler Bros., Inc
Feb. 11__1020 FitzSimons & Connell Dge &Dk.Co_Feb. 11__1024 Long Island
Feb. 4_ 830
Feb. 11_1020 Florida East Coast Ry
Butte Copper & Zinc Co
Feb. 4.._ 828 Los Angeles Inv. Co
Feb. 11..1028
Feb. 4_ 833 Fonda Johnstown & Gloversville_ _Feb. 4__ 832 Los Angeles & Salt Lake
(A. M.) Byers Co
Feb. 4_ 829
Feb. 4__ 827 Foreign Power Securities Corp.,Ltd_Feb. II __1013 Louisiana & Arkansas
Cambria & Indiana
Feb. 4_ 829
Feb. 11__1006 Fort Smith & Western
Canada Dry Ginger Ale, Inc
Feb. 4_ 828 Louisiana, Arkansas & Texas
Feb. 4._ 829
Feb. 4__ 827 Ft. Worth & Denver City
Canadian Pacific Lines in Maine
Feb. 4_ 828 Louisiana Steam Generating Co_ __Feb. 11..1006
Canadian Nat. Lines in New EnglandFeb. 4__ 827 Ft. Worth & Rio Grande
Feb. 4_ 830 Louisville & Nashville
Feb. 4
829
Canadian Pacific Lines in Vermont_ Feb. 4_ 827 Fostoria Pressed Steel Corp
Feb. 11._1024 Lunkenheimer Co
Feb. 11__1028
Feb. 4__ 832 Freeport Texas Co
Canadian Pacific Ry
Feb. 4._ 836 McCall Corp
1
Feb. 11__1029
Jan. 28._ 663 Galland Mercantile Laundry Co ...Feb. 11...1024 Manchester Electric Co
(A. M.) Castle & Co
Feb. 11_1014
Feb. 11__1020 Galveston Wharf
Caterpillar Tractor Co
Feb. 4_ 828 Marine Midland Corp
Feb. 4._ 855
827 General Baking Co
Feb.
Central of Georgia Ry
Feb. 4._ 850 Marmon Motor Car Co
Feb. 11..11106
Feb. 11..1006 General Candy Corp
Central Illinois Light Co
Feb. 11 1024 Massachusetts Investors Trust
Feb. 11..1029
Central RR.of New Jersey
Jan. 28._ 647 General Capital Corp
Jan. 28_ 667 Mayflower Associate. Inc
Feb. 4__ 855
Central States Electric Corp
Jan. 28_ 653 General Cigar Co
Feb. 4__ 850 Middlesex & Boston Street Ry. Co Feb. 11_1006
Central Vermont Ry., Inc
Jan. 28._ 647 General Fireproofing Co
Midland Valley
Feb. 11..1024
Feb. 4._ 829
Century Shares Trust
Feb. 11..1021 General Motors Corp
Feb. 11..1024 Minneapolis-Honeywell Regulator
Chain Sr General Equities Corp.-Feb. 11..1021 General Railway Signal Co
Co
Feb. 4. 850
Feb. 11._1030
Store Investing Corp
General Tire & Rubber Co
Feb. 4_ 833
Chain
Jan. 28. 667 Minneapolis & St. Louis
Jan. 28_ 648
Chapman Ice Cream Co
Feb. 11_1021 Georgia
Feb. 4__ 828 Minn., St. Paul & S. S. Marie
Feb. 4._ 829
Charleston & Western Carolina
Feb. 4_ 827 Georgia & Florida
Feb. 4__ 832 Mississippi Central
Feb. 4_ 829
Chartered Investors, Inc
Feb. 4. 846 Geonsia, Southern & Florida
Feb. 4__ 831 Mississippi Power Co
Feb. 11_1006
Feb. 4_ 827 Giant Portland Cement Co
Chicago, Burlington & Quincy
Feb. 11._1025 Mississippi River Power Co
Feb. 4_ 842
Chicago & Eastern Illinois
Feb. 4.. 827 Globe Grain & Millins Co
Feb. 4__ 834 Missouri Illinois
Feb. 4
829
Feb. 11..1021 Grand Trunk Western
Chicago Electric mtg. Co
Feb. 4 828 Missouri-Kansas-Texas Lines
Feb. 4._ 829
Feb. 4. 828
Missouri & North Ark
Chicago & Erie
Feb. 4_ 829
Financial Chronicle
Volume 136
Issue of Chronicle
When Published. Page.
Name of CompanyFeb. 4__ 829
Missouri Pacific
Feb. 4__ 829
Mobile & Ohio RR
Feb. 4__ 829
Monongahela
Jan. 28__ 648
Monongahela Connecting
Montreal Light Heat & Power Cons_Feb. 11_1015
Jan. 28__ 671
Motor Bankers Corp
Jan, 28_ 671
M.& T. Securities Corp
Feb. 4__ 856
Nash Motors Co
Feb. 4_ 829
Nash., Chatt. & St. Louis
National Biscuit Co
Jan. 28__ 652
Feb. 4__ 834
National Bellas Hess, Inc
National Lead Co
Feb. 4__ 856
National Republic Investment TrustFeb. 11__1031
National Steel Corp
Feb. 4__ 834
Feb. 4__ 829
Nevada Northern
Feb. 4_ 857
New Amsterdam Casualty Co
Newburgh & South Shore
Jan, 28__ 648
Feb. 11__1009
New England Tel. & Tel. Co
New Jersey & New York
Feb. 4__ 828
Feb. 11__1006
New Jersey Zinc Co
New Orleans-Great Northern
Feb. 4_ 829
New Orleans & Northeastern
Feb. 4__ 831
New Orleans Terminal
Feb. 4__ 831
New Orleans, Texas & Mexico
Feb. 4_ 830
New York Auction Co
Feb. II__1031
New York Central
Feb. 4__ 830
New York, Chic. & St. Louis RR
Jan. 28__ 648
New York Connecting
Feb. 4__ 830
New York, New Haven & Hartford Jan. 28__ 649
New York, Ontario & Western Rys.Jan. 28__ 648
New York State Railways
Feb. 4__ 834
N. Y., Susquehanna & Western.
..Feb. 4__ 830
New York Telephone Co
Feb. 4_ 834
New York Transit Co
Feb. 4__ 857
Niagara Share Corp. of Ald
Feb. 4__ 857
Norfolk Southern
Feb. 4__ 830
Norfolk & Western
Feb. 4__ 832
North American Investment Corp Feb. 11__1031
North American Oil Consolidated
Jan. 28__ 672
Northern Alabama
831
Feb. 4
Northern Pacific
Feb. 4__ 830
Northern Pipe Line Co
Feb. 11_1031
Northwestern Pacific
Feb. 4__ 830
Ohio Brass Co
Feb. 11_1031
011stocks, Ltd
Jan. 28__ 672
Oklahoma City, Ada-Atoha
Feb. 4_ 830
Ontario Mfg. Co
Feb. 11__1032
(The) Orange & Rockland Elec. Co_Feb. 11__1007
Oregon Short Line
Feb. 4__ 831
Oregon-Washington RR. &Nav.Co_Feb. 4._ 831
Oshkosh Overall Co
Jan. 28__ 672
Pacific Lighting Corp
Feb. 4__ 838
Pacific Mills
Feb. 11__1032
Pacific Southern Investors, Inc
Feb. 4__ 858
(The) Pacific Tel. & Tel. Co
Feb. 11__1007
Panhandle & Santa Fe
Feb. 4__ 827
Pennsylvania
Feb. 4__ 830
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Name
-Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis ec St Louis
Southern
St Louis Southwestern
Western Maryland
Current
Year.
Previous
Year.
2,878,581
2,605,000
17,250
103,637
2,444,739
361,800
290,639
Period
Covered.
4th wk of Jan
4th wk of Jan
4th wk of Jan
1st wk of Feb
4th wk of Jan
4th wk of Jan
4th wk of Jan
3,449.865
2,964,000
22,484
155,799
2,578,605
382,414
368,811
Inc.(+)or
Dec. (--)•
8
-571,284
-359,000
-5,234
-52,162
-133,866
-20,614
-78,171
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
Gross Earnings.
lifonth.
January
February
March
AprIl
May
June
July
August
September
October
November
December
Length of Road.
Inc. (+1 or
Dec.(-).
1932.
1931.
$
274,976,249
266.892,520
289,633,741
287,473,938
254,382,711
245,860,615
237.482,789
251,761,038
284,724,582
298,078,110
253,223,409
245,751,231
8
365,522,091
338,182,295
375,617,147
369,123,100
368,417,190
369,133,884
376,314,314
363,778,572
364,385,728
362,551,904
304,829,968
288,205,766
90,545,842
-69,289,775
85,983,406
-101,649,162
114,034,479
123,273,269
-138.851,525
-112,017,534
-79,861.146
64,475,794
51,606,559
42,454,535
Net Earnings.
Month.
1932.
1931.
14112es.
244,243
242.312
241,996
241,876
241,995
242.179
242,228
242,208
242,292
242,031
241,971
241,806
Miles.
242,365
240.943
241,974
241,992
242,183
242,527
242,221
242,217
242.143
242.024
242,027
241,950
Inc.(4-) or Dec.(-).
1932.
January
February
March
April
May
June
July
August
September
October
November
December
1005
Issue of Chronicle
Issue of Chronicle
Name of CompanyName of CompanyWhen Published. Page.
When Published. Page.
Pennsylvania RR. Regional System Jan. 28__ 649 Spiegel, May, Stern & Co., Inc
Feb. 11__1035
Pennsylvania Water & Power Co
Feb. 4__ 843 Spokane International
Feb. 4__ 830
Peoria & Pekin Union
Feb. 4__ 830 Spokane, Portland & Seattle
Feb. 4__ 830
Petroleum Corp of America
Feb. 4__ 859 Springfield Street Ry
Feb. 11__1007
Philippine Ry
Feb. 4__ 832 Stahl-Meyer, Inc
Jan. 28__ 676
Pittsburgh & Lake Erie
Feb. 4__ 830 Stamford Gas & Electric Co
Feb. 11__1016
Pittsburgh & Shawmut
Jan. 28_ 648 Standard Brands, Inc
Feb. II__1007
Pittsburgh, Shawmut & Northern _Feb. 4__ 830 Standard Investing Corp
Jan. 28__ 676
Pittsburgh & West Virginia
Feb. 4__ 830 Standard Oil Co. of Kansas
Feb. 11__1037
Power Corp. of Canada, Ltd
Jan. 28__ 649
Feb. 8_ 834 Staten Island Rapid Transit
Pratt & Lambert, Inc
Feb. 11__1036
Feb. 11__1032 (Frederick) Stearns & Co
Premier Shares, Inc
Jan. 28__ 676
Feb. 11__1033 Sterling Securities Corp
Pressed Steel Car Co
Feb. 4__ 859 (John B.) Stetson Co. Philadelphia_Jan. 28__ 676
Process Corp
Feb. 4__ 861
Feb. II__1033 Sun Investing Co., Inc
Prudential Investors, Inc
Feb. 11__1016
Feb. 11__1033 Tampa Electric Co
Puget Sound Power & Light Co__ _Feb. 11__1007 Teck-Hughes Gold Mines, Ltd
Jan. 28__ 652
Purity Bakeries Corp
Feb. 4_ 831
Feb. 4__ 834 Tennessee Central
Railway Express Agency, Inc
Feb, 4__ 831
Terminal RR. Assn. of St. Louis
Railway & Light Securities Co
Feb. 4__ 829
Feb. 11__1034 Texarkana & Ft. Smith
Rapid Electrotype Co
Feb. 4__ 831
Feb. 11__1034 Texas Mexican
Reliance Mfg. Co. (Ill.)
Feb. 4__ 830
Feb. 11._1034 Texas & New Orleans
Rich'd, Fredericksburg & PotomacJan. 28__ 648 Third Ave. Ry. System
Feb. 4__ 834
Riverside Cement Co
Feb. 4__ 831
Feb. 4_ 860 Toledo, Peoria & Western RR
Riverside & Dan River Cotton Mills,
Feb. 4__ 831
Toledo Terminal
Inc
Feb. 11__1034 Transue & Williams Steel Forging
Rock Island Lines
Feb. 11__1037
Corp
Jan. 28__ 649
Rolland Paper Co., Ltd
Feb. 11__1016
Feb. 11__1034 Twin City Rapid Transit Co
Roosevelt Field, Inc
Feb. 11__1035 Union Elec. Lt.& Power Co.(Conn.)Feb. 11__1016
Rutland
Feb. 4._ 843
Feb. 4__ 830 Union Elec. Lt. & Pr. Co.of II1
St. Joseph & Grand Island
Feb. 4__ 831
Feb. 4.,. 831 Union Pacific
St. Louis, Brownsville & Mexico_ _Feb. 4__ 830 Union RR
Feb. 4__ 831
St. Louis, San Francisco Ry
Feb. 4__ 844
Feb. 4__ 832 Union Street Ry
St. Louis, San Francisco & Texas Feb. 4__ 830 United Milk Products Corp
Feb. 11__1038
St. Louis, Southwestern Ry. Lines Jan. 28__ 650 U S. & Brit. International Co.,Ltd_Jan. 28__ 678
San Antonio, Uvalde & Gulf
Feb. 4__ 834
Feb. 4__ 830 United States Steel Corp
San Diego & Arizona
Feb. 4__ 831
Feb. 4__ 830 Utah
Schulze Baking Co
Jan. 28_ 678
Feb. 4_ 860 Vick Financial Corn
Scotten Dillon Co., Inc
Feb. 11__1007
Jan. 28__ 674 Virginia Electric & Power Co
Scott Paper Co
Feb. 4__ 831
Feb. 11_ _1035 Virginian RR
Seaboard Air Line
Feb. 11__1039
Feb. 4__ 830 Wahl Co
Second Intern'l Securities Corp_
Feb. 11__1007
Jan. 28__ 674 Warner Bros. Pictures, Inc
Shawinigan Water & Power Co
Feb. 4_ 844
Feb. 11_100 Washington Ry. & . lectric Co
Shawmut Association
Jan. 28__ 679
Feb. 11__1035 Wayne Pu'Co
Shennandoah Corp
Feb. 4__ 832
Jan, 28__ 653 Western Maryland
Sierra Pacific Electric Co
Feb. 4_ 831
Feb. 4__ 843 Western Pacific
Simpsons, Ltd
Jan. 28_ 675 (The) Western Public Service Co.._Feb. 11__1007
Sivyer Steel Casting Co
Feb. 4__ 831
Jan. 28__ 675 Western Ry. of Alabama
Soo Line System
Feb. 11__1039
Feb. 4_ 832 (George) Weston, Ltd
South Carolina Power Co
Feb. 4_ 831
Feb. II__1007 Wheeling & Lake Erie
Southern Indiana Gas & Elec. Co_Feb. 11__1007 Whitaker Paper Co
Feb. 11__1040
Southern New England Tel. Co_ _Feb. 11__1015 Wichita Falls & Southern
Feb. 4__ 831
Southern Ry
Feb. 11_ _1040
Feb. 4__ 831
Windsor Hotel, Ltd
Southern Pacific Co
Feg. 11__1040
Feb. 4__ 830 Wisconsin Bankshares Corp
Southern Pacific Lines
Feb. 11__1040
Jan. 28__ 648 Wolverine Portland Cement Co
Southern Pacific S. S. Lines
Feb. 4-- 836
Feb. 4_ 830 F. W. Woolworth & Co
Southern Ry
Feb. 4_ 829
Feb. 11__1007 Yazoo & Mississippi Valley
Southwestern Bell Telephone Co_ _Feb. 4__ 834 York Ice Machinery Corp
Feb. II__1040
1931.
Amount.
8
45.940,685
57,375,537
67.670,702
56,263,320
47,429,240
47,008.035
46,125,932
62,540,800
83,092,939
98,336,295
63,968,101
57,854,695
8
72,023,230
66.078.525
84,706,410
79,185.676
81,052,518
89,688,856
96.983.455
95.070.808
92,153.547
101,914,716
66,854,615
53,482,600
$
26,082,545
8.702,988
-17,035,708
22,922.356
33.623,278
-42.680,821
50.857,523
32,530,008
-9.060.608
3.578,421
2,888,514
+4,372,095
Per cent.
-36.24
-13.11
-20.18
-28.97
-41.41
-47.58
-52.43
34.12
-9.83
-3.51
-4.32
+8.17
INDUSTRIAL AND MISCELLANEOUS CO'S.
Bangor Hydro-Electric Co.
Gross earnings
Oper. exps. &taxes
-Month of December- 12 Mos. End. Dec. 31
1931.
1932.
1931.
1932.
$192,593 $2,033,458 $2.259,835
$173,077
984,885
897,671
56,156
64,132
Gross income
Interest, &c
$116.921
25,327
81.135,787
302,962
$1,274,950
295.578
$91,594
$103,942
$832,825
308.157
$979,372
299,499
$524,668
139.392
Net income_ _ _
Preferred stock dividend
$128,461
24,519
$679,873
135,176
Balance
Depreciation
Balance
$544,697
$385,276
KN Last complete annual report in Financial Chronicle Feb. 20 '32, p. 1369
-
Berkshire Street Railway Co.
(As Reported to the Mass. Dept. of Public Utilities.)
1932-12 Mos.-1931.
Period End. Dec.31- 1932-3 Mos.-1931.
7,201,298
5,622.854
Revenue pass. carried__ 1,207,970
1,607.153
7.57
7.55
Average fare (cents)_ _ __
7.47
7.72
$221,991
$253,767
$55,724
Net loss
$69,084
Boston Elevated Ry.
Month of December1931.
1932.
Receipts$2,240,401 $2,526.899
From fares
981}
1,042
From oper. of spec, cars,spec. buses & mail serv_ _ _
63.139
43,504
,
From adv. in cars, on transf. pith . at stations, &c
4,326
2,515
From rent of equipment,tracks & facilities
6,171
5.880
From rent of buildings & other property
6,464
874
From sale of power and other revenue
Total receipts from direct operation of the road_ $2,294,219
6,335
Interest on deposits, income from securities, &c__
$2,607,983
7,666
$2.300,555 82,615.650
Total receipts
Cost of Service$252.007
$171,760
Maint. track, line equip. & buildings
350,087
259.190
Maintaining cars,shop equipment. &g
190,297
194,829
Power
836,319
695.993
Transp. exps.(incl. wages of car service men)
6,370
7,677
Salaries & expenses of general officers
62,596
102,825
Law expenses,injuries and damages & insurance_ _ _
96,201
113,003
Other general operating expenses
117,129
109,082
Federal, State & Millie,tax accruals
103.363
Rent for leased roads
103.363
233.252
232,534
Subway,tunnel & rapid transit line rentals
338,292
322.513
Interest on bonds and notes
5,832
4,694
Miscellaneous items
Total cost of service
82,284,811 $2,624,408
Excess of receipts over cost of service
15.743
Excess of cost of service over receipts
8,758
"Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1946
British Columbia Power Corp., Ltd.
Alaska Juneau Gold Mining Co.
fonth of January1933.
1932.
1931.
1930.
Gross earnings
$249,000
$279,500
$318,000
$251,000
x Net profit
66,000
74,200
126,500
y49,250
x After operating expenses and development charges, but before depreciation, depletion and Federal taxes. y After interest.
Axton Fisher Tobacco Co.
Period End. Dec.31- 1932-3
os.-1931.
1932-12 ifos
.-1931.
Net profit after deprec.,
$155,503 $1,416,952
taxes, int. & oth.chgs. 8808,820
$605,552
Baton Rouge Electric Co.
1932.
1931.
12 Months Ended Dec. 3181,444.117 $1,438,205
Gross earnings
507,425
522,806
operating revenue
Net
219.210
244,318
Bal. for dive. & sur. (after prov. for retire't res.)
annual report in Financial Chronicle Feb. 6 '32, p. 1021
Vi"Last complete
Gross earnings
Operating expenses
-6 Mos. End. Dec. 31Month of December
1931.
1932.
1932.
1931.
$1,180,286 $1,242,040 $6,533,939 $7,170,769
3.629.747
3.916.362
661.294
608,498
Net earnings
$580,746 $2.904,192 $3,254,407
$571,788
131 Last complete annual report in Financial Chronicle Oct. 8 '32, p. 248
-
Eastern Steamship Lines, Inc.
Operating revenue
Operating expense
Operating deficit
Other income
Other expense
tdonth of December- -12 vfos. End. Dec. 311931.
1932.
1932.
1931
$531,422
$515,645 $9,556,673 810,712,966
581,590
598.740
8,266,899
8,940.353
67,318
65,945
1,772,613
1,289,774
9,465
54,173
104,274
94.277
80,423
109,022
849,642
728.663
Deficit
$138,276
$120,794
8534,409 $1,148,224
"Last complete annual report in Financial Chronicle April 30'32, p.3281
1006
Financial Chronicle
Canada Dry Ginger Ale, Inc.
(And Subsidiaries)
3 Mos.End.Dec.311932.
1930.
1929.
1931.
Net sales
41,062,192 4936,475 $1,875,161 $2,772,277
Cost ofsales & expenses..
989.367
y873,791
1,541.510 1,874.690
Profit from operations
$72,825
$897,586
$62,684
$333,651
Other income
65.759
28,803
47,792
28,043
Gross income
$90,727
$381,443
$963.345
$101.628
Other deductions
57.044
78.803
22,530
34.784
Depreciation
70,366
76,857
73,787
72,764
Interest
5,717
U. S. and Dom. of Can.
Income taxes
85.100
26.600
315
Net profit for period
21,926 loss$23.560
$203,276
$750.835
Shares common stock
510,697
512.294
outstanding (no par)505,287
503,387
Earnings per share
Nil
$0.39
$1.47
$0.01
' x Due to a change in the method used to compile these statements these
profit before depreciation.
figures really represent gross manufacturing
y Revised to compare with 1932 figures due to change mentioned in x.
The reason for changing the method of compiling these statements is
given fully in toe company's annual report.
tZ'Last complete annual report in Financial Chronicle Dec. 17 '32, p. 4209
Feb. 11 1933
Gulf Power Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of December- 12 Mos. End. Dec. 31
1932.
1931.
1931.
1932.
Gross earnings
$69,707
$85,111
3878,130 $1,028,817
Oper. exps., incl. taxes &
maintenance
41,826
47,070
522,520
627,661
Gross income
$27,881
$38,040
$355,610
$401,156
Fixed charges
172,406
162,798
Net income
$183,203
$238,358
Provision for retirement reserve
30,000
30,086
Dividends on first preferred stock
67,396
67,801
Balance
$85,806
$140,470
lG"Last complete annual report in Financial Chronicle May 21 '32, p. 8824
Gulf States Utilities Co.
0-* 12 Months Ended Dec. 311932.
1931.
Gross earnings
$5,311,236 $6,354,347
Net operating revenue
2,783,123
Bal,for diva.& sur.(after prov.for retirement res.) 2.287,565 1,252,138
738,925
1:ZPLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1022
Central Illinois Light Co.
Illinois Bell Telephone Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of December- 12 Mos. End. Dec. 31.
1932.
1932.
1931.
1931.
Gross earnings
$408,245
$434,308 $4,514,259 $4,965,576
Oper. exps., incl. taxes
& maint
221,094
225,382 2,480,176 2,640,903
-Month of December- 12 Mos. End. Dec. 31
1932.
1931.
1932.
1931.
Telep. oper. revenues_ _ _ $6,269,853 $7,425,655 $78,461,719 $89,275,758
Telep. oper. expenses__ _ 4,357,981
5,374,078 55,422,289 61,849,207
Net telep.oper.revs_ _ $1,911,872 $2,051,577 $23,039,430 $27,426,551
Uncollect.oper.revenues
67,969
58.842
773,571
585,769
Taxes assign, to oper_ _ _
700,273
666,009 9,235,063 10,243,427
Operating income_ _ _ $1,143,630 $1,326,726 $13,030,796 $16,597,355
ra"Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1014
Gross income
Fixed charges
$187,150
$208,926 $2,034,082 $2,324,672
370,122
352,072
Net income
Provision for retirement reserve
Dividends on preferred stock
$1,663,960 $1,972,600
339,600
339,600
432,244
424,806
$892,116 $1,208.194
Balance
larLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2143
Columbia Pictures Corp.
And Its Subsidiary Companies)
Earnings for Three Months (13 Weeks) Ended Sept. 24 1932. a
Net profit before amortization of film int. charges & inc. tax__ b$1,318,099
Amortization on of film
c1,072,473
Interest charges
7,311
lb
Balance
$238.315
Other income
17,508
Net profit before Federal income tax
Provision for Federal income tax
lb
Net profit _
Balance, June 25 1932
Total surplus
Deduct dividends on preference stock
$255,823
35,795
$220,028
1,296,808
$1,516,835
13,333
Balance at Sept. 24 1932
$1.503,503
Earnings per share on common stock
$1.23
a Does not include results of operations of Chile and Sweden for the
period. b After deducting $7,452 depreciation of furniture and fixtures
In main office and branches charged to profit and loss. c Including $43,375
depreciation ofstudios and studio equipment capitalized to production cost.
larLast complete annual report in Financial Chronicle Oct. 1 '32, p. 2343
Cushman's Sons, Inc.
-12 Weeks Ended- -52 Weeks EndedDec. 31 '32. xJan. 2 '32. Dec. 31 '32. yJan. 2 '32.
PeriodNet profit after charges
and taxes
$201,336
$391,267
$663,079 $1,193,847
x 13 weeks. y 53 weeks.
East Kootenay Power Co.
Gross earnings
Operating expenses
-Month of December- -9 Mos.End. Dec. 311931.
1932.
1932.
1931.
$40,141
$324,133
$365,706
$37,448
16.343
104,229
12,780
128,857
$219,904
$23.798
$236.849
$24,668
Net earnings
la"Last complete annual report in Financial Chronicle June 18'32, p. 4491
El Paso Electric Co.
1932.
1931.
12 Months Ended Dec. 31$2,754,164 $3,421,726
Gross earnings
1,148,574
Net operating revenue
1,517,106
Bal.for divs.& sur.(after prov.for retirement res.)
473.674
840,900
rarLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1022
Engineers Public Service Co.
Gross earnings
Operation
Maintenance
Taxes
(And Constituent Companies)
-Month ofDecember- 12 Mos. Ended. Dec. 31
1932.
1932.
1931.
1931.
$3,693,814 $4,244,550 $44,835,077 $51.201,540
1,464,701
1,676,388 17,909,660 21.457,994
194,351
241,178 2,481,047
2,981,630
239,511
272,879 3,971,424 4,048,071
Net operating revenue $1,795,249 $2,054,104 $20,472,944 $22,713,843
Inc.from other sources _ a
113,272
110,133
1,348,841
1.192,358
Balance
$1.908,522 $2,164,237 $21,821.785 $23.906,202
Interest & amortization_
727,530
717,556 8,685,650 8,403,051
Balance
$1,180,992 $1,446,681 $13,136,135 $15,503,150
Reserve for retirements
4,589,182 4,655,160
Balance
$8,546,952 $10,847,990
Dividends on pref.stock of constituent companies b4,334,805 4,345,762
Balance
$4,212,146 $6,502,227
Amount applicable to common stock ofconstituent
companies in hands of public
22,094
61,272
Balance for dividends and surplus
$4,190,051 $6,440,954
stock of Engineers Pub. Serv. Co
Divs, on pref.
2,323,549 2,323,542
Balance for common stock divs, and surplus__ 81,866,502 $4,117,412
Earnings per share of common stock_c
$0.98
$2.15
a Interest on funds for construction purposes and income from miscellaneous investments. b Includes cumulative dividend unpaid or not
declared of $665,475. c After deducting 10.2% (1931-9.1%) of gross
earnings for retirements.
Note.
-Excludes surplus of constituent companies accumulated prior to
acquisition in the amount of $8,541,691 (1931-$8,976,772); also excludes
minority interest.
During a period averaging about 28 years,for which records are available,
the companies in the Engineers group have expended for maintenance a
total of 9.3% of their entire gross earnings for the perioa, and in addition
have set aside for reserves or retained as surplus a total of 10.4% of such
earnings.
la"Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1014
Illinois Power Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of December- 12 Mos. End. Dec. 31
aa
1932.
1931.
1932.
1931.
Gross earnings
$246,692
$258,467 $2,497,087 $2,805,789
Oper. exps.,incl. taxes &
154,535
144,582 1,536,668
maintenance
1,626,416
Gross income
Fixed charges
$92,157
$113,884
$960,419 $1,179,372
358,582
348.142
Net income
Provision for retirement reserve
Dividends on preferred stock
$601,836
150,000
259,818
$192,018
Balance
$831,230
150,000
261,626
$419,603
Interlake Iron Corp.
(And Subsidiaries)
Period End. Dec. 31- -1932-3 Mos.-1931. 1932-12 Mos.-1931.
Net loss after a.] charges 422?,838 4852,470 $2,169,887 $1.34,502
x Before year end adjustments.
10 Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1026
-
(The) Key West Electric Co.
1932.
12 Months Ended Dec. 311931.
$186,093
Gross earnings
$209,999
Net operating revenue
71,239
91.616
Balance for diva. & surplus (after prov. for retirement reserve)
23.874
63,780
Fa'Last complete annual report in Financia. Chronicle Feb. 6 '32, p. 1022
•
Loew's, Inc.
Nov.24'32. Nov. 20 '31. Nov. 21 '30. Nov. 22 '29.
12 Weeks Ended$1,831,065 $3,003,701 $3,887,979 $4,240.743
Operating profit
Depreciation, taxes, &c_ 1,014.905 1,108,234 1,200,958
1,088,789
Net profit before subs.
pref. dividends__ _ _ $816,160 31,895,467 $2,687,021 33.151,954
'Last complete annual report in Financial Chronicle Dec. 3 1932, p. 3853
Louisiana Steam Generating Corp.
12 Months Ended Dec. 31Gross earnings
Net operating revenue
1932.
1931.
$2,217,889 $2,354,477
710,430
660,935
Marmon Motor Car Co.
Period End.Nov.301932-3 Mos.-1931
1932-9 Mos.-1931
Net loss after deprec. and
other charges
$234,524
$887,758
$720,219 $1,788,224
rar Last complete annual report in Financial Chronicle May 14 '32, p. 3628.
Middlesex & Boston Street Ry. Co.
(As Reported to the Mass. Dept. of Public Utilities.)
Period End. Dec.31- 1932-3 Mos.-1931,
1932-12 Mos.-1931.
Revenue pass. carried_ _ 2,190,660 2,493,539 8,827.907 10,190,407
9.39
Average fare (cents)_ _ _ _
9.41
9.5
9.5
$9,314
Net loss
$39,476 prof.$4,872 prof.$4,580
Mississippi Power Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of December- -12 Mos. End. Dec.311932.
1931.
1932.
1931.
$244,721
$291,634 $2,996,320 $3,349,312
Gross earnings
Oper. exps., incl. taxes
144,218
168,026
and maintenance
1,965,351
2,133,318
Gross income
Fixed charges
$100.502
$123,607 $1,030,969 $1,215,994
756,268
720,174
Net income
Provision for retirement reserve
Dividends on first preferred stock
$274,701
73,200
273,485
$495.820
73,200
267,099
Balance
def.$71,984
$155,520
"Last complete annual report in Financial Chronicle July 23 '32, p. 629
New Jersey Zinc Co.
1932-3 Mos. 1931
Period End.Dec.311932-12 Mos. 1931
x Income
$417,790
8746.751 82,013.120 43,051,589
Dividends
(2
(2%)981,632 %)981,632 (8)3,926,528 (8)3,926,528
Balance, deficit
$874,939
$563,842
$434,881 $1,913,408
Earns. per sh.on 1,963,264
shs.cap.stk.(par $25)
$1.02
$0.21
$1.55
$0.28
x Income (including dividends from subsidiary companies) after deductng for expenses, taxes, depreciation, maintenance, repairs, depletion and
contingencies.
Financial Chronicle
Volume 136
(The) Orange & Rockland Electric Co.
-Month of December- 12 Mos.Ended Dec. 31
1932.
1931.
1932.
1931.
$67,568
$69,009
$747.942
$771,805
Operating revenues
Oper. exps. incl. taxes,
but excl. depreciation_
Depreciation
28,331
7,386
35,542
7,233
408,128
88.632
408,835
86,792
Operatingincome._
Other income
$31,851
2,910
$26,234
5,345
$251,182
29,316
$276,178
22.608
Fr Gross income
Interest on funded debt_
$34,761
5,208
631,579
5.208
$280,498
62,500
$298,786
62.500
Balance
Other interest
Amortization deductions
Other deductions
Divs, accrued on pf.stk_
Fed. inc. taxes incl. in
operating expenses
$29,553
192
1,148
337
7,861
$26,371
232
1,052
439
6,152
3217,998
1.030
13.394
4,331
88,115
$236,286
1,552
12,626
4,396
73,211
4,500
5,150
33,525
1007
Virginia Electric & Power Co.
12 Months Ended Dec. 311932.
1931.
Gross earnings
$15,428,448 $16,957,180
Net operating revenue
Bal. for divs. & surplus (after prov. for retire- 7,370,017 7,779,655
ment reserve)
3,669,949 3,885.340
FEPLast complete annual report in Financial Chronicle Feb. 6'32, p. 1025
32.550
The Pacific Telephone & Telegraph Co.
-Month of December- 12 Mos. End. Dec. 31
1932.
1931.
1932.
1931.
Telep.oper.revenues_ - _ $4,408,980 $5,110,011 $55,865,397 $62,641,505
Telep. oper. expenses_ __ 2,899,523 3,634,071 36,943,060 42,528,435
Net telep. oper. revs__ $1,509,457 $1,475,940 $18.922,337 $20,113,070
Uncollect. oper. revenues
45,800
41,500
605,000
501.700
Taxes assign. to oper_
516,156
462,590 6,162,382 6,027,661
Operating income_ _ _ _
$947,501
$971,850 $12,154,955 $13.583.709
arLast complete annual report in Financial Chronicle Feb. 27'32, p. 1579
Puget Sound Power & Light Co.
12 Months Ended Dec. 311932.
1931.
Gross earnings
$13,549,978 $15,765.898
Net operating revenue
6,565.558 7.287,882
Balance for divs. & surplus (after prov. for retirement reserve)
2,525,113 3,056,697
larLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1023
South Carolina Power Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of December- -12 Mos. End. Dec.311932.
1931.
1932.
1931.
Gross earnings
$186,785
$206,674 $2,156,429 $2.485,280
Oper. exps., incl. taxes
and maintenance
104,109
103,472 1,139,671
1,312,736
Gross income
$82,676
$103,201 $1,016,758 $1,172,543
Fixed charges
719,771
705,501
Net income
$296,986
$467,042
Provision for retirement reserve
120,000
120,000
Dividends on first preferred stock
164,112
137,067
Balance
$12.874
$209,975
10 Last complete annual repo?t in Financial Chronicle April 30'32, p.3275
-
Southern Indiana Gas & Electric Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of December- -12 Mos. End. Dec. 311932.
1931.
1932.
1931.
Gross earnings
$252.108
$288,215 32,960,618 53.265,382
Oper. exps., incl. taxes
and maintenance
107,853
131,121
1.572,125
1.736,068
Gross income
$144,254
$157,093 $1,388,493 31.529,313
Fixed charges
324.217
332,261
Net income
31.064,275 $1,197,052
Provision for retirement reserve
277,700
277.700
Dividends on preferred stock
524,459
500,785
Balance
$262.1i6
$418,566
tgrLast complete annual ceport in Financial Chronicle April 30'32, p.3275
Springfield (Mass.) Street Railway Co.
(As Reported to the Mass. Dept. of Public Utilities.)
Period End. Dec.31- 1932-3 Mos.-1931.
Revenue pass. carried.... 5,514,889 6.412,795 1932-12 Mos.-1931.
22,933,605 27,201,046
Average fare (cents)__
7.77
7.63
7.62
7.61
Net loss
$60.202 prof$29,068
$187,144 prof$115,331
Standard Brands, Inc.
(And Subsidiaries.)
Period Ended Dec.31- 1932-3 Mos.-1931.
1932-12
Gross profit after costs- -310.738.074 611,595,289 $44.904,239 Mos.-1931.
$47.915.906
Expenses
6.791,362 7.105,992 28,049,762 30.069,685
Operating profit
$3.946,712 $4,489,297 $16.854.476 317.846.221
Other income
209,473
213.298
910.035
973.100
Total income
$4,156,185 $4,702,595 617.764.512 318.819.321
Charges
161.500
268.585
765.107
540,468
Federal & foreign taxes
290.390
467,974
1,969.235 2,081,522
Foreign exch. aclJustm't _
524,692
524,691
Minority interest
8.649
8,229
28,679
30,321
Inventory investment_
1.100.000
1.100.000
Net income
$3.695,646 $2,333.115 315,001,491 $14.542,319
Preferred dividends_ _ 166,292
169,324
666,883
858,298
Common dividends
3.085.782 3,793,294 14,466.186 15.173,041
Deficit
sur.$443.572 31.629,503
$131.578 31.489.020
Profit and loss debits_ _ _
654.007
621.900
723.870
1.810,282
Profit and loss credits_
263,763
229,723
384.451
231,163
Surplus
$53,329df$2,021.680 di:486.544 def$3,068.139
Earns. per sh. on com--60.29
$0.17
larLast complete annual report in Financial Chronicle Feb. 11 '33, n. 1036
Warner Bros. Pictures, Inc.
(And Subsidiaries)
Quarters EndedOperating profit
Amortization of film costs
Amort. and depr. on all prop
Interest and discount
Prov.for invt. in affil. companies
Federal taxes
Nor. 26 '32 Nov. 28 '31
35.923.731 37,830.447
4,050,649 5.701.343
2,192,193
2,392,241
1,467.226
1,679.040
10,511
83.301
6.105
Loss
Other income
$1,796.848 32.031,583
50,408
187.841
Loss
Minority interest
$1.746,440 $1,843,742
322
5.126
Net loss
preferred dividends
$1,746,762 $1,848,868
99.240
Deficit
61,746,762 $1,948,108
-Above statement excludes Skouras Bros. Enterprises, Inc., and
Note.
St. Louis Amusement Co. and their subsidiaries.
Of Last complete annual report in Financial Chronicle Nov. 19 '32, p. 3516
-
(The) Western Public Service Co.
12 Months Ended Dec. 311932.
1931.
Gross earnings
$2,058,813 $2,475,542
Net operating revenue
723.771
920.803
Bal. for divs. & surplus (after provision for retirement reserve)
4,721
208,919
larLast complete annual report in Financial Chronicle Mar. 7 '32, p. 3460
FINANCIAL REPORTS.
Southern Railway Co.
(Preliminary Statement
-Year Ended Dec. 31 1932.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1932.
1931.
1930.
1929.
Gross oper. revenues___ 72,986,541 97.715,112 118.868.608 143,183,948
Total oper. expenses_ _ _ _ 60,865,040 79.783.959 89,162,916 102,701.588
Net rev. from oper_ -- 12,111,502 17.931.152 29,705,692 40,482,360
Taxes and uncollectible
railway revenue
6,029.871 7.331,658 8.395,339 9.349.244
Equip.& joint facil.rents 1,675,362 2,318.387 1.602,190 1.102,140
Railway oper.income_ 4,406,268 8.281,106 19.708.163 30.030,977
Other income
1,900,082 3.247.789 7,236.159 5,785,190
Total gross income
6,306,350 11.528.895 26,944,322 35.816.168
Interest and rentals_ - 17.524,857 17,451.737 17,817,809 17,687,380
Net income
def11,218,506 5,922,842 9,126,512 18.128.788
Divs. on pref. stock
y3,000,000 3.000,000 3,000,000
Common dividends
x5.192,800 10,385,600 10,385.600
Earns. per sh. on corn__ Nil
Nil
$11.65
$44.72
x Consists of $3.65 per share ($44,738,430) charged against surplus in
1930 and paid in 1931, together with the dividend of 35 cents per share
($454.370) charged against surplus in 1931.
y Although dividends of 5% ($3,000,000) were paid on pref. stock during
1931, this amount was previously appropriated out of surplus and therefore
Is not shown as a direct charge in 1931.-V. 135, p. 3518.
American Telephone & Telegraph Co.
(Annual Report-Year Ended Dec. 31 1932.)
Walter S. Gifford, President, reports in part:
During 1932 the number of Bell System telephones in service decreased
10%. The 13,793,000 telephones at the end of the year were 12% below
the maximum development, a point reached in 1930.
Local telephone conversations were about 5.5i% less than in 1931. Toll
and long-distance telephone conversations were 17% less than in 1931 and
23% less than 1930, the year of maximum toll and long-distance use.
There were no net additions to plant as a whole in 1932. the plant investment showing a decrease of 36.300,000, as compared with an average
increase for the previous five years of $282,000,000 per year. The property has been fully maintained and full provision has been made for depreciation.
Total assets of the System amounted to 64,901,576,000 at the end of
the year. Bonds of 523.000,000 matured during the year and were retired.
Cash assets-including funds temporarily invested in Government obligations
-were $204,000,000 on Dec. 31 1932. The System has no bank loans
outstanding and no obligations of substantial amount maturing until 1937.
when approximately $42,000,000 of bonds become due.
Total operating revenues of the System decreased 3119.400,000. or 11%•
Operating expenses other than depreciation decreased 11%. Total expenses, including depreciation and taxes, decreased 574,600.000. or 8.7%.
The net earnings were $194,400,000, a decrease of $63.600,000 as compared
with 1931. Of this decrease the amount of $10.125,862 was due to the
fact that no dividends were received from the Western Electric Co.
The net earnings of 3194.400,000 were at the rate of 3.9% on the cost of
plant and other assets, but as less than one-third of the 8ystem's capital
obligations are debt obligations these earnings were 3ji times the System's
interest charges. The net income after interest charges was short of dividends paid by $45,695,000. This amount was charged against surplus.
As the Western Electric Co., which is not included in the above figures,
operated at a net loss of about $12,600.000. the net income of the System,
including the Western Electric Co., was $58,300,000 less than dive. paid.
Treating the System as a whole, including the Western Electric Co.,
the earnings in 1932 on American Telephone & Telegraph Co.'s stock were
$5.96 per share. Considering the American Telephone & Telegraph Co.
by itself, its earnings, which include dividends received from associated
companies paid by them in part out of their surpluses and which do not
reflect the Western Electric Co. deficit, were $7.82 per share compared
with 69.05 in 1931.
Due in large measure to the financial policy followed in the past, the
company was able to continue dividends to its 700.000 stockholders at the
regular rate in 1932, although the System did not fully earn them. During
the 47 years of the existence of the company it has never made large profits,
but it had by Jan. 1 1932 accumulated by careful management and conservative financing a surplus amounting with its proportion of the surplus
of its associated companies to 529 per share of its stock outstanding. The
company has never in any year prior to 1932 paid out all its earnings in
dividends, payments to stockholders being limited at all times to reasonable, regular dividends. During the boom period culminating in 1929, in
spite of considerable pressure growing out of the speculative fever, the company paid no "melons" to its stockholders, declared no extra or stock dividends,and did not split up its stock. On the contrary, it made three substantial reductions in long-distance rates and at the same time greatly extended the scope, increased the speed and improved the quality of both
local and long distance service.
For the 18,662,000 shares of stock which are outstanding the company
has received 32.135,000.000. or an average of $114 per share. Thus the
company has received 3268.000,000 more than the par of $100 per share,
the opposite of "watered" stock. For many years an important consideration back of the financial policy of the company has been the
regular dividends,representing, as they do,a return on actual cash fact that
invested,
are vital to the day-by-day living of the vast majority of its hundreds of
thousands of stockholders, more than half of whom are women. No stockholder owns as much as 1% of the stock outstanding, the average holding
per stockholder being 27 shares. The
stockholders was
at the end of the year, a net increase number ofduring the year. 700.851
of 55.948
Ten years ago, on Dec. 31 1922. there were, including approximately
4 500,000 telephones operated by some 9.000 connecting companies or on
connecting rural lines, about 14.050,000 telephones in the United States
interconnected in or with the Bell System. On the same date
550,000 telephones in Canada accessible through toll lines. there were
This was,
except for connections with Cuba and some small border towns in
the then range of communication over a Bell System telephone. Mexico,
M.
On Dec. 31 1932 there were 17,500,000 telephones interconnected in
the United States, and,in addition, due in large part to transoceanic
telephony, these were connected with some 13,200,000 telephones radiooutside
the United States. About 92% of the 33.400,000 telephones in
the world
are now interconnected and all countries with more than
100,000
except New Zealand. Japan. China and Russia can-be reached bytelephones
telephone
from any part of the 'United States.
During 1932 overseas telephone service was extended
transmitting stations to the principal cities of the Union through existing
Bangkok in the Kingdom a Siam, the Balearic Islands of South Africa.
in the Mediter-
1008
Financial Chronicle
ranean, the principal cities in Egypt, the Republic of Peru and the city of
Lisbon in Portugal. In addition, through new stations near Miami, Fla.,
radio-telephone service was extended to Colombia. Venezuela and to
Nassau in the Bahama Islands.
Ship-to-shore telephone service was extended to nine additional liners,
making 15 in all at the end of the year. Each vessel, while at sea, is able
to reach all Bell System telephones, as well as those connecting with the
System in the United States. Canada, Mexico and Cuba.
The telephone cable between Kansas City, Mo., and Dallas. Tex.. was
completed during 1932, thus connecting Dallas and other Texas points
into the toll cable network which now provides a storm-proof system covering most of the eastern half of the country. Among other circuits this
cable includes direct New York-Dallas circuits, 1,850 miles in length.
which are the longest direct all-cable telephone circuits in the world.
At the end of 1932 110 airport ground stations in the United States had
been supplied with Western Electric radio-telephone equipment. A considerable number of aircraft, formerly having only one-way equipment for
receiving beacon signals and weather reports, now have been equipped with
two-way radio-telephone equipment.
All necessary and desirable replacements of plant were made during the
year. The continuance of this work on an adequate scale, without which
the speed and quality of telephone service would be endangered, would not
have been possible except for the practice which the System has followed
for many years of currently accruing depreciation to care for plant which
Is wearing out or should in due course be retired from service for other
causes. During the year plant which cost $253,400,000 was retired from
service, and total plant added amounted to $247,100,000, resulting in a net
decrease in plant investment of $6,300,000.
The etpenditure for plant of $247.100,000 was the lowest in ten years
and was reflected in the volume of business of the Western Electric Co.
Its sales for the year amounted to $117,850,000 as compared with its peak
of $411,000,000 in 1929. At the end of the year its manufacturing plants
were operating at about 15% of capacity. 'Due to general business conditions, the activities of its wholly-owned subsidiary,the Electrical Research
Products Co., were likewise greatly curtailed.
Stocks of Associated and Other Companies, Dec. 31 1932.
Par Value %ofTotal
.
ofHoldings. Outst g.
-Common:
Stocks of Associated Companies
$87,094,200 65.31
New England Telephone & Telegraph Co
13,337.400 33.34
Telephone Co
Southern New England
371,300,000 100.00
New York Telephone Co
120,395,200 100.00
New Jersey Bell Telephone Co
110,000.000 100.00
Bell Telephone Co. of Pennsylvania
5.000,000100.00
Diamond State Telephone Co
18,000,000 100.00
Telephone Co
Chesapeake & Potomac
Chesapeake & Potomac Telephone Co.of Balt. City__ - 30,000,000 100.00
18,000,000 100.00
Chesapeak & Potomac Telephone Co. of Virginia
16,200,000 100.00
Chesapeak & Potomac Telephone Co. of W.Va
124,998.700 99.99
Southern Bell Telephone & Telegraph Co
129,999,100 99.99
Ohio Bell Telephone Co
8,169.150 29.72
Cincinnati & Suburban Bell Telephone Co
109,988,607 99.99
Michigan Bell Telephone Co
32,999.200 99.99
Indiana Bell Telephone Co
40,000,000 100.00
Wisconsin Telephone Co
148,740.900 99.16
Illinois Bell Telephone Co
75,000,000 100.00
Northwestern Bell Telephone Co
172.998,800 99.99
Southwestern Bell Telephone Co
34.987,500 72.82
Mountain States Telephone & Telegraph Co
153,886.900 85.26
Pacific Telephone & Telegraph Co
Stocks of Associated Companies-Preferred:
64,095,700
78.17
Pacific Telephone & Telegraph Co
-Common:
Stocks of Other Companies
50,000 a50.00
Telephone Laboratories, Inc
Bell
1,000.000 100.00
Bell Telephone Securities Co
18,749,800 24.36
Bell Telephone Co. of Canada
432,500
50.00
Cuban American Telephone & Telegraph Co
98.82
b5.929.075
Western Electric Co., Inc. Ono par value)
5.500,000 100.00
195 Broadway Corp
75,000 100.00
Eastern Telephone & Telegraph Co (Canada)
25,000 100.00
Transpacific Communication Co., Ltd
-Preferred:
Other Companies
Stocks of
371.000
50.00
Cuban American Telephone & Telegraph Co
a Remaining 50% owned by Western Electric Co.,Inc. b No.of shares.
In addition to the above-mentioned associated companies, there are three
such companies all of whose stock is owned by Pacific Telephone & Telegraph Co.: The Bell Telephone Co. of Nevada, Home Telephone & Telegraph Co. of Spokane and Southern California Telephone Co.
Notes of, and Advances to, Other Companies, Dec. 31 1932.
$1,000,000
Bell Telephone Securities Co
17.050,000
195 Broadway Corp
2,050,000
Telephone Laboratories, Inc
Bell
12.245,000
Bell Telephone Co. of Canada
1,415,000
Eastern Telephone & Telegraph Co.(Canada)
752,000
Transpacific Communication Co., Ltd
$34,512,000
Total
STATEMENT OF EARNINGS AND EXPENSES FOR CALENDAR YEARS
(American Telephone & Telegraph Company.)
1930.
1929.
1931.
1932.
5
$
$
$
137,379,816 150,135,884 148,178,886 140,611,591
Dividends
24,970,012 27,138,694 28,026,861 21,563,035
Interest
Telephone operation revenues- 89,327,299 109,317,961 114,560,866 111,890,241
809.850 1,249,510 1,248,258 1,331,040
Miscellaneous revenues
252,486,977 287,842,049 292,014,871 275,695.907
Total
Expenses (incl, provision for dep.
81,492,690 90,024,636 94,034.385 81,873,035
and all taxes)
Net earnings
Deduct interest
170,994,288 197,817,413 197,980,486 193,822,872
25,087,379 31,150,879 32,435,779 27,633.114
Net income
Deduct dividends
145,906.909 166,666,534 165,544,707 166,189,758
167,954,604 163,588.474 139,238,073 116.378,771
81.22,047,694 3,078,060 26,306,634 49,810,987
Balance
Average number of shares outstanding (par 5100)
18,661,623 18,419,461 15,856,696 13,113,746
$12.67
810.44
Earned per share
87.82
89.05
BELL SYSTEM INCOME STATEMENT FOR YEARS ENDED DEC. 31.
(Inter-Company Duplications Excluded).
1932.
1931.
1930.
1929.
$
$
$
$
Exchange revenues
670,736,747 723,920,495 728,709.193 691,358,926
263,147,955 326,268,854 • 348.541,203 354,285,899
Toll revenues
Miscellaneous revenues
22,469,827
25,567.924
26,689,409
25,149,874
Total oper. revenuesDepreciation
Current maintenance
Traffic expenses
Commercial expenses
Gen.& miscell. expenses_
956,354,529 1,075,757,273 1,103,939,805 1,070,794,499
181.312.237 192,307,175 182,400,230 164,376,990
160,427,812 1191.056,98777,021,733
179,698,948
166,339,677 199,942,702 225,291,129 228,066,039
94,825,122 103,503,879 106,347.376 102,166,689
62,113,291
66,382.880
67,653,358
58,674.901
665,018,139
Total open expenses
291,336,390
Net oper. revenueUncoliectible revenues - 12,814,505
86,621,779
Texas
739,158.369
336,598,904
8,861,863
90,630.592
772,749,080
331,190,725
9,056,624
86,291,070
732,983,567
337,810,932
7,161,202
83,467,947
191,900,106
17,716,986
237,106,449
36,567,982
235.843,031
47,626,208
247,181,783
43,965,939
Total gross income- -- 209,617,092
Rent& miscell. deductions 15,146,053
55,134,800
Interest deductions
273,674,431
15,575,451
64,719,802
283,469,239
15,594,814
66,228,520
291,147,722
14,461,058
59,581,792
139,336,239
185,032,048
193,379,178
180,904,344
201,645,905
156,625,142
217,104,872
132,233,835
df.45.695,809
12,474,834
45,020,763
84,881,037
Operating income
-Net.
Non-oper. revs.
Net income
Deduct dividends
Balance
Feb. 11 1933
BALANCE SHEET DECEMBER 31.
(American Telephone & Telegraph Company.)
1932.
1931.
1930.
1929.
Assets
Stocks of associated cos_ _1,942,218.187 1,939,270,422 1,778,062,694 1,589,327.375
Stocks of other companies 169,347,438 168,855,388 168,692,888 138,158.953
Bonds & notes of & net
advs. to associated cos_ 328,655,978 316,577,487 320,628,940 305,783,933
Notes of & advs. to other
cos
34,512,000
32,499,000
51,197,000
50,995,500
Long lines plant & equip_ 453,746,050 459.632,582 435,311,016 349,533,183
Office furniture & fixtures
1.544,784
1,399,037
1,566,814
1,557,021
Accounts receivable
11,904,722
18,934,933
13,078.792
18,820,368
Temporary cash invest'ts 140,147,701 233.424,180 351,803,743
20,591,189
Cash
30,490,643
21,043,682
37,054,020
20,795,948
Totals
3,112,567,504 3,204,646,347 3,162,926,191 2,477,023,551
Liabilities
Capital stock
1 866,227,500 1,865,836.100 1,795,651,200 1,322,339,800
Capital stock installments 13,766,587
„
78 111,463,036
72,155,612
Total funded debt
447,335.400 458,300,900 462,615,700 521.445,700
Notes payable
14,436.507
9,872,603
13.122,615
11,545,213
Dividend payable Jan
41,990,119
41.981,294
29,752,456
40,401,814
Accounts payable
16,961,901
17,514.835
23,910,053
19,048,671
Int.& taxes accr., not due 10,771,326
13,027,008
17,373.768
12,395,177
Res. for depr. & conting's 128,978,340 129,093,640 122,811,093 114,652,404
Premiums on stock
268.749,078 268,568,584 259,131,6031 370,382,536
Surplus
303,350,743 325,493,926 322,369,4701
Total
3,112,567,504 3,204,646,347 3,162.926,191 2,477,023,551
BELL SYSTEM BALANCE SHEETS, DEC. 31.
1932.
1931.
1930.
1929.
Assets$
$
$
$
Telephone plant
4,188,749,128 4,195,063,589 4,043,421,739 3,671,099,689
Supplies, tools. &o
96,070.139
95,708,659 102,727,264 110,874,388
Stocks and bonds
303,378,025 305,514,657 283,752,088 232,928,595
Accounts receivable
109,128151,178,536.152 138,519,006. .
22,086,502
Temporary cash investnal 144,478,899 239,289,893 354,774,712
Cash
59,771,569
50,239,747
64,341.462
48,775,266
Total
4,901,575,912 5,024,335,551 5,000,195,801 4,228,430.088
LiabilitiesAm.Tel& Tel. Co.stock_ 1,866,227,500 1,865,836,100 1,795,651,200 1,322,339,800
ASSOC. cos, common stock 133,182,443 136,731,443 137,590,943 106,339,943
Pref,stock assoc. cos
97,937,110,347,547600 -97,990,600. .
72,155,612
72.339,276 111,463,036
Install. A. T. & T. Co.__ 13,766.587
do Assoc. companies_
202,450
268,333,447 268,152,953 258,715,776
Prem. on cap. stock
Mtge. bonds assoc. cos
472,503.079 487,179,595 559,364,397 559,445,579
Collateral trust bonds
Am. Tel & Tel. Co.... 66,690,000
75, 88 550
79,371,000
9 1:800
3
5
77, 84;3 0
414 530
3
0
380,450
Associated companies414,330
Convertible bonds
12,923,000
Am. Tel. & Tel. Co
12.923,000
12,923,000 218,952,200
Debentures and notes
Am. Tel. & Tel. Co... 381,592,908 382,028,515 383,359,914 232,584,103
109,383,149
95,852 19
5 1;
0
57,772,472
Associated companies
82,146,082
435,000
Miscellaneous notes
568,873
Bills payable
937,000
553,200
975,000
49,911,465
Accounts payable
79,292,391
93,352,580
73,280,770
117 894,089 125,983,017 130,913,631 117,594,722
Accr. liabilities not due
Surplus and reserves- -1.309,846,322 1,322,248,242 1,265,665,675 1,256,527,650
4 901,575,912 5,024,335.551 5,000,195,801 4,228,430,088
Total
-._v. 136, p. 491.
Crucible Steel Co. of America.
(32d Annual Report-Year Ended Dec. 31 1932.)
H. S. Wilkinson, Chairman, says in part:
The non-operating loss was over $400,000, of which $300,000 arises from
the non-operation of the ore mines. Properties are in good condition and we
have paid large taxes to the communities in which they are located. With
resumption of operations of these properties, the losses will rapidly disappear. Not having operated our ore mines for a period of two years, and
having consumed a large part of our ore on hand at furnaces, we expect an
operation this year.
A comparison of the tonnage produced by company during the past four
years,considering 1929 as 100%,is as follows: 1930,65.66%;1931,36.85%;
1932, 23.42%.
In volume, the business in 1932 was the worst the company has experienced in its history. We have no hesitancy in saying that we believe the
consumption of steel by the country during this period has been far in
excess of actual production, thus depleting the usual stocks, and that this
same amount of consumption, regardless of any increase in the general
business of the country, will require an immediate increase in production.
Obviously, any increase in general business will further stimulate this
production.
The tonnage of high grade tool and alloy steels received at the Crucible
mills for the months of December 1932 and January 1933 was the largest
that has been received by them since March 1932: With the reduction of
costs and expenses and a gradual return of demand for the company's
products, we expect to be able to report better results for the company, and
are looking forward with confidence to an increased volume of business
In the near future.
The number of stockholders remains practically unchanged, there being
an increase of 48. The number of shares of stock held by directors and
officers has not decreased during the past year and the holdings of the
principal stockholders remain substantially the same.
The unfilled orders on the books of the company for the dates are as
follows: Dec. 311929, 123,730 tons; Dec. 311930, $5,156 tons; Dec. 31
1931, 46,483 tons; Dec. 31 1932. 40,077 tons.
CONSOLIDATED INCOME STATEMENT FOR CALENDAR YEARS,
1930.
1929.
Operating profits
loss$7173.30 01,450,478 47,161,453 411969,544
Dr406.927 Dr310,345
Other income
493.706
979,778
loss$1,124,058 $1,139,633 $7,655,159 $12,949,317
Profits
Maint. of plants, deprec.
1,824,974
and renewals
2,479,067
3,113,509
4,584,889
664,583
Interest on bonds
677,083
496,528
202,083
Net income
loss$3,613,616loss$2016.517 $4.045,122 38.162,343
437.500
Preferred dividends....
1,750,000
1,750,000
1,750,000
Common dividends
2,749,346
4.399,960
Def cit
$4,051,116 $3,766,517
$454,224 sur$2012383
Shares common stock
450,000
outstanding (par $100)
450,000
500,000
550,000
Nil
Earnings per share
Nil
$11.66
$4.59
x After deducting Federal and other taxes.
CONSOLIDATED BALANCE SHEET DEC. 31.
1931.
1931,
1932.
1932.
Ands
Liabilities$
8
Property
x90,224,387 91,294,513 Preferred stock_ 25,000,000 25,000.000
Good-will, patCommon stock- 45,000,000 45,000,000
ents, trade13,250,000 13,500,000
Bonds
marks, &o.__
1
971,972 1,299,528
1 Accts. payable_
U. S. Govt. sec_
28,000
28,000 Notes Payable
2,000,000 2,000,000
Mat'ls & suppl's 14,478,125 17,559,191 Atm int. dr tax_
277,824
267,890
Unexpired taxes,
Insurance res've
788,449
788,449
int. and insur_
713,992
535,511 Surplus
22,752,743 27,097.105
Other securities_ y1,249,188 1,223,893
136,059
Notes receivable
77,527
Accts. rec., less
1,690,824 2,235,826
reserves
1,578,945 1,939,976
Cash
110,040,988 114,952,971
T0 ,
x
Total
32A:t9a6lt4er
110,040,988 114,952,971
provision for depreciation and amortization of $34,205,898
depletion of minerals of $1,013,031 ($984,956 in
171 in 1931)
P
($
1931). y Includes $915,855 common and $45,980 preferred stock of company at less than market also $243,705 5% debentures (at cost).
-V. 135.
p. 1335.
Volume 136
Financial Chronicle
New England Telephone & Telegraph Co.
(Annual Report-Year Ended Dec. 31 1932.)
Matt B. Jones, President, says in part:
Station Loss.
-In 1932 company installed 234,313 telephones and there
were 354,907 disconnections. In consequence there was a net loss of
120,594 stations resulting from the operations of the year, although the
consolidation of the Aroostook Telephone & Telegraph Co. with this company in August 1932 resulted in an increase of 9,196 stations actually
operated by the company, and makes the net loss of stations operated
111,398 for the year.
The loss of stations reached its peak in the third quarter of the year.
Since then there has been a gradual reduction in the rate of loss, and the
December loss was smaller than in any month since April 1932. The loss
of residence stations has been relatively heavier than the loss of business
stations.
Construction Expenses-Colneldent with the loss of stations and gross
revenues, construction expenses were sharply curtailed. Construction for
the year 1932 amounted to approximately $17.940,000. The larger items
are as follows: Land and buildings, $827,000; central office
$4,277,000; station equipment, $6,426,000; exchange lines, equipment,
$5.225.000;
toll lines, $674,000.
Consolidation.-Company was the owner of all the capital stock of the
Aroostook Telephone & Telegraph Co., which has been doing business in
Aroostook County, Me., and on Aug. 1 1932 that company was consolidated with the New England Telephone & Telegraph Co., and since that
date its property has been operated as a part of company.
OPERATING STATISTICS
-CALENDAR YEARS.
1932.
1931.
1930.
1929.
No. of owned stations__ 1,153,721
1,265,119
1,257.306
1,219,847
Miscellaneous stations__
53,722
68,403
77,524
98,724
Total stations
1,207,443
1,333,522
1,334,830
1,318,571
No. of miles of wire_ __ _ 5,316,917
5,235,414
5,018,009
4,583,887
No. of central offices
584
561
535
486
No. of employees
18,935
20.579
21.857
21,987
INCOME ACCOUNT FOR CALENDAR YEARS.
1932.
1931.
1930.
1929.
Operating revenues
$69,750,020 $75,420,021 $75,176,964 $73,339,178
Operating expenses
47,952,173 51,023,790 51.920.458 50,671.736
Net operating revenue $21,797,846 224,396,231 $23,256,506 $22,667,442
Taxes
5,527.520 6,409,153
6,007,172
5.530,843
Uncollectibles
855,451
441,690
395.696
323,984
Operating income____$15,414,874 $17,545,388 $16,853,637 $16,812,616
Non operating revenue_
286,431
518,245
560,363
519,734
Gross income
$15,701,306 $18,063,633 $17,414,000 $17,332,350
Interest
5,750,515
5,411,970
5,003,921
5.007,111
Rent and miscall. debits
784,608
810.132
811.749
659,760
Debt discount and exp
166,306
166.306
166,306
166.306
Net income
$8,999,876 $11,675,225 $11,432,023 $11.499,172
Dividends
10,667.662 10.661,518
9.954.331
8.855.456
Balance, surplus _ _ _def$1,667,786 $1,013 707 $1,477,692 $2,643.716
Earn, per share on stock
$6.75
28.76
$8.58
$10.38
BALANCE SHEET DEC. 31.
1932.
1931.
1932.
1931.
Assets$
Liabilities
$
$
Telephone plant 303,093,529 297,638,741 Capital stock.-133,345,800 133,345,700
General equip*5% deb. notes_
10,000,000
ment
4,903,029 5,141,157 *1st M.5% bds. 35.000,000 35,000,000
Investment se*lst mtge. 4148_ 40,000,000 40,000,000
curities
849.610 1,106,506 Note secured.-- 2,820,000 2,820,000
Advances to
Advances from
system corposystem corplut 32,600,000 21,500,000
rations
566,241
968,646 Notes payable-- 7,048,114 6.100,166
Miscellaneous
Accts. payable_ 2,637,606 3,735,682
Investments. _
645,503
544,686 Bills payable_ - _
100,000
200,000
Cash & deposits 1,252,754 1,255.580 Accr.liab.not due 1,871,111 2,554,492
Bills receivable
Subscrlp. dep.
and marketserv. billed
able securities
16,473
3,215 In advance_ _ _
426,934
413,376
Accounts receivMat.td.debt unp
87,000
100
able
8,331,624 9,298,02 Deferred credits
49.786
42,359
Materials and
Depreen reserve 60,096,339 55,320,190
supplies
944,931
721,372 Res.for amortis.
eferred Items_ 4,762,415 5,178,340 Intang. prop_
494,219
472,907
Corp.sur.unappr. 8.789,200 10,351,751
Total
325,366,110 321,856,724
Total
325,366,110 321,856,724
* All issues are equally secured by mortgage.
-V. 135. p. 2831.
(The) Shawinigan Water & Power Co.
(35th Annual Report
-Year Ended Dec. 31 1932.)
J. E. Aldred, President, reports in substance:
Results.
-The financial statement shows: Gross
for year, $12,635.279. and net before depreciation of $3,334,472.earningsfigures
Those
compare
with a gross of 613,693,194 and a net before depreciation
of 24,750.438
for 1931.
From surplus earnings $800,000 has been transferred to
renewal reserve, and $300,000 to contingent reserve for depreciation and
the purpose of
providing for contingencies and doubtful accounts, &c.
From
of earnings dividends have been paid on the common shares the balance
rate of $1 per share for the first half year and at the rate ofat the annual
50
share per annum for the last half year; the balance carried cents per
forward is
$888,098, subject to deduction for Federal and Provincial income
taxes
for 1932.
As a consequence of the limitation by our customers to their
tract commitments; the adjustment of contracts with certain firm concustomers;
the added burden of increased taxes imposed by Federal. Provincial and
municipal authorities, and in addition the high cost of United States
required to meet bond interest, &c., the net earnings of the companyfunds
have
been reduced. These factors, together with the desire of the directors
increase the company's net earnings available for reserves, determined to
the
dividend policy followed.
Exchange.
-Company paid during the year premiums for the purchase of
U. S. funds $605,431 as compared with an amount of $200,000 for 1931.
In addition to the amount shown as charged to exchange, there is included
under the item' power purchased" an amount of $165,092 representing
exchange on payments for power taken from Duke-Price Power Co.. Ltd.,
payable in U. S. funds.
Capital Expenditures -At Dec. 31 1932 there had been charged to capital
account in the company's books $9,893,000 as the cost to that date of the
Rapid° Blanc development. It is expected that, if conditions permit, the
work of installing two of the four proposed units will be gradually carried
out during the year. This will entail, including interest charged to construction, an expenditure of $2,729,000. It is estimated that a further
expenditure of $1,378,000 will complete the plant to a capacity of 160,000
h.p. making an aggregate cost of approximately $14,000,000.
Financing.-In February last the directors authorized the sale in the
Dominion of Canada of $6,000,000 5
-year 6% secured notes, payable both
as to principal and interest in the Dominion of Canada, and an amount
of $4,053,500 has been sold.
Distribution of Shares
.-The shares of the company are now held by 19.922
shareholders as against 19,120 shareholders at the end of 1931. an increase
of 802. Approximately 72% of the shares are held in the Dominion of
Canada and 1,303,119 shares owned by 12,618 shareholders are held in
the Province of Quebec.
-The total output for 1932 was 3,266,815,903 kwh.. as
Power Output.
compared with 3,436,436,460 kwh. for 1931. Of the output in 1932.
974.173.453 kwh, were sold as secondary power. The highest peak of the
electric stations for 1932 was 828,000 h.p., as compared with 725,000 h.p.
in 1931 and 731,000 h.p. in 1930.
Shawinigan Chemicals. Ltd.
-Company owns all the bonds and shares
of Shawinigan Chemicals, Ltd. Due to general industrial conditions, the
chemical company has been operating at reduced capacity. Company's
principal products are calcium carbide, acetic acid, lacquer solvents and
a large number of other derivatives of acetylene.
1009
For the year 1932, after deducting manufacturing costs, administration
and other expenses, the surplus, before bond interest amounting to $651,060,
applicable to depreciation is $345,044. The Shawinigan company received
revenue from this subsidiary through the sale of power which has been paid
for in cash; no interest on this subsidiary's bonds has been received nor
included in this company's accounts.
Saving its indebtedness to the parent company for bond interest,
gan Chemicals, Ltd., is in a strong liquid position, the excess Shawiniassets over current liabilities being approximately $1,000,000. of current
This company's business during the past few years has been gradually broadened,
and, whereas five years ago the chemical business was largely confined to
large consumers, since then the number of customers and their diversified
requirements have increased to a substantial extent.
COMPARATIVE INCOME STATEMENT FOR CALENDAR YEARS.
1932.
1931.
1930.
1929.
Gross earns, all sources_a$12,635,279 $13,693,195 $14,954,075 $13,475,862
Operating expenses, &c_ 2,437,653
2,854,6133.007,023
3.037.771
Power purchased
1,354,007
b1,560,845
1,387,318
1,224,814
Taxes & insurance
642,434
624.462
538,256
447,545
Exch. on U. S.funds_
605,431
200,000
Interest
4,054,443
3,909,675
3,450,807
2.857.750
Depreciation reserves_ -800,000
600,000
800.000
800,000
Net income
$2,534,472 $4,150.438 $5,770.671 $5,107,979
Dividends
1.633,687
4,901,063
5.445.625
4,317,603
Balance,surplus
Prey. surp.(a.ter adj.)-Transfer from gen'l res..
Total
Reserve
Trans. to conting. res-
2900,785 def$750,625
$325,046
$790.376
g287.314
d927,080 .1,010,347 f1,475.653
400,000
$1,188,099
300,000
$576,455 $1,335,393 $2,266,029
952,002
cTotal surp. Dec.31-- $888,099
$576,455 $1,335,393 $1,314,027
Shares capital stock outstanding (no par)____2,178,250
2.178,250
2,178,250
2,178.250
Earned per share
$1.16
$1.91
$2.65
$2.34
a Includes in 1932: gross oper. revenues. 210,773.459; revenue from investments in sub, and other companies, $1,179.551; interest charged to
power development on cost of work in course of construction. $682.270.
b Including U. S. Exchange thereon. c Surplus subject to deductions for
Income tax. d After deducting income tax of 2408,312 for 1930. a After
deducting income tax of $283,693 and adjustment of $19,987 for 1929.
f After deducting income tax of $227,603 and also additional amount of
$250,000 transferred to depreciation reserve account for 1928. g After deducting income tax of $214,142 for 1931 and after adjustments.
COMPARATIVE BALANCE SHEET DEC. 31.
1932.
1931.
1932.
1931.
AssetsLiabilities$
$
:Total fixed asYCapital stock__ 72,118,447 72,118,447
sets
170,405,959 165,172,165 Bonds
88,388.500 84,344,000
Moveable plant
810,538 1,760,255
Accts. payable_
and stores_ . 912,939 1,018,652 Bills payable_ _
.
424,780
769,380
Prepaid charges
253,536
311,058 Int.& diva. pay. 1,417,250 2,131,698
Account & bills
Depree. res.,&c. 9,570,466 8,979,072
receivable_ _ _ _ 2,002,762 2.427,347 Reserve account 1,899,526 1,899,526
Call loans
1.394,744 3,045,335 Contingent & InCash
1,300,747 1,266,286
753,083
682,010
surance fund_
888,099
576.456
zSurPlus
Total
176,270,689 173,240,843
176,270,689 173,240,843
Total
x Includes securities of subsidiary and other companies amounting to
$23.961,059 in 1932 and $23,225,997 in 1931. y Represented by 2,178,250
shares of o p.m value Z Subject to deduction for income tax.
-V. 136.
p. 659.
Commercial Investment Trust Corp.
(Annual Report-Year Ended Dec. 31 1932.)
Pres. Henry Ittleson, New York, Feb. 6, wrote in part:
Operations.
-The net volume of bills and accounts purchased during 1932
amounted to $317,397,520 compared with $374,093,766 in 1931. The consolidated net profits available for dividends amounted to $5,719,775 compared with 27,554,998 for the year 1931. This net profit of 25,719,775 does
not include any dividends received on investments of the corporation in its
own stock or any grain in the purchase for retirement or otherwise of any
of the corporation's own capital stock. After dividends on the first pref.
stocks and on the serial preference stock there remained available to
dividends on the common stock S4,117,827. equivalent to $2.04 per share
on the average number of shares of common stock outstanding in the hands
of the public during the year. This compares with $2.54 per share for the
average number of shares outstanding during 1931.
Corporation is in strong financial position, all determinable and known
losses have been written off, and reserves considered adequate to protect the
corporation against possible future losses and unforeseen contingencies
have been set up In accordance with the corporation's usual practice.
Collections have been satisfactory and outstanding receivables are in
excellent condition.
In prior annual reports the division of the corporation's business has been
shown according to volume. Inasmuch, however, as certain classes of receivables remain outstanding for longer periods of time than others and as
therefore income is related more directly to funds employed and outstanding
than to the volume of business during the year, it will be more informative
to show the classification of dollar outstandings, as well as the division of
volume, as follows:
Volume During
Dollars Outstanding at
Year 1932.
Dec. 311932.
Dom.reedy.,incl. Canada:
Retail automobile notes-268,135,591 21.47%
$58,061,013 39.19%
Wholesale auto.accept- - 38,846,780 12.24%
3,860.560 3.98%
Textile factoring accts.
receivable
19,471.360 18,81%
162,372,124 51.16%
• Other industrial receiv
45,678,642 14.39%
36,141,667 37.09%
All foreign receivaoles
.74%
899.360
.93,-;•
2,364,383
298,433,960 100 00%
• $317,397.520 100.00%
The volume of the corporation's business in all divisions declines during
the year owing to the general decline in trade and business of the
However, it is interesting to note that in our various factoring divisions the
country.
second half of the year showed an improvement over the first half of the
year. The textile industry appears to be one of the first to show signs of
recovery.
The collateral which constituted the guaranty fund referred to in report
for first half of 1932 has since been taken over and the 64,156 shares of the
corporation's common capital stock formerly contained in the guaranty
fund are reflected at book value on the balance sheet under investment in
affiliated company.
The program of liquidation of foreign business has been continued,
operations being carried on at only a few selected points abroad. The
liquidation has proceeded satisfactorily. Total outstandings in foreign
countries amount to $899,360, cash balances in foreign countries amount to
$1,058,003, and the invetsment in capital stock of foreign affiliated companies amounts to $674,495, all of these items having been valued at current
foreign exchange rates. The foregoing does not include funds and receivables
in Canada, which have also been valued at current exchange rates.
Capital and Surplus.
-The earned surplus account was increased S81,626
during the year. This was the net amount of earnings remaining after
payment of all dividends.
It has been to the advantage of the corporation to continue to repurchase a
consideraole amount of its debentures and of its various classes of outstanding stock. During the year it purchased $3.428,000 of its 534% cony.
debs.; 3,972 shares of its 634% first pref. stock: 1,46634 shares of its 7%
first pref. stock: 61.014 shares of its6% cony. preference stock; and, 14.200
shares of its common stock. There were canceled and retired during the
year 4,200 shares of the corporation's 634% first preferred stock; 1,300
shares of its 7% first preferred stock; and 60,814 snares of its 6% cony.
preference stock.
Since Jan. 1 1933,additional amounts of the first preferred stock have been
purchased and,in view of the large amount of cash on hand, directors deem
it in the best Interests of the corporation to redeem the balance of th e share
of 634% first preferred stock and of 7% first preferred stock remainins
Financial Chronicle
1010
outstanding. Accordingly, directors have so authorized and notice has been
given calling this stock for redemption on April 1 1933, at $110 Per share
plus the usual quarterly dividends payable April 1 1933. The redemption of
the first preferred stock will effect a reduction of $544,791 per annum in
dividend requirements ahead of the common stock. A special stockholders'
meeting will be called shortly, at which authorization will be asked for the
cancellation and retirement of the 66,459 shares of common stock heretofore
acquired and now held in the treasury.
The redemption of the first preferred stock calls for payment of a premium
of $10 per share, amounting in the aggregate to $809,860. A reserve in this
amount has been created out of paid-in surplus to cover the payment of this
premium. This reserve together with reserves created out of paid-in surplus
for other purposes, including the valuation of investments in securities
having a market quotation at market prices and other investments at
appraised values, exceed the surplus gain through the purchase of the corporation's own capital stock at less than par or stated values by the sum of
$164,168 and, accordingly, paid-in surplus has been decreased by this
amount. After deduction of this reserve and after giving effect to the
retirement of the stock, and figuring the debentures at face value and the
preference stock at $100 per share, the net asset value available for the
corporation's 53 % debentures will be $4,574 for each $1,000 debenture,
the net asset value available for the cony, preference stock will be $482
per share, and the book value of the common stock will be $28.64 per share.
The capital and surplus, after redemption of the first preferred stock
will be $72.754.952 which is adequate for current requirements.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
19297
19307
Th
Calendar Years1931.
Volume of business_ ___a317,397,520 a74,093,766a392,044,170 489,544,018
Net service and comm__ 14,734.177 18,029,147 21,672.727 23,979,594
8,811,151
8.333,704
Operating expenses
7,494,539
7,730,215
Operating profit
7,239,638 10,298,931 12,861,576 15,645,890
2,106.957
170,685
Miscellaneousincome_ _ _
331.060
406,737
P. Totalincome
7,570,698 10,705,668 13,032.261 17,752,847
7,419,191
3,761,774
2,138,338
Interest
1,237,420
1,143,584
951,694
Taxes
1,012,332
613,503
57.462
Subsid. pref. divs
9,132.610
8,318,793
7,554,998
Net profit
5,719.776
344.400
258,502
271,719
259,863
7% pref. dividends
446.232
347,148
338.945
297,109
6%% pref. dividends_ _ _
496,216
.1,044,976 el,778,328 b2,132,419
Serial pref.stock diva_
3,212,961
2,825.746
4,066,928
4,036,201
Common dividends
$81,627 $1,099,078 $2,367,763 $5,020,015
Surplus
41,559,205 41,641,747 40,352,786 40,655,573
Total surplus
2,079,494
2,079,534
2,064,038
Shs.cont. out'g(no par)_ 2,013,094
$2.54
$2.75
$2.04
$4.47
dEarns. per sh. on corn_
a Includes foreign subsidiaries. b Not including stock dividends amounting to $642,698. c Not including stock dividends amounting to $354,
d Figured on average amount outstanding during year. e Includes stock
dividends of $134.
-Net profit for 1930 does not include any dividends received on
Note.
investments of the corporation in its own stock, which dividends amounted
to $577,650, nor does it include any gain in purchase for retirement or otherwise of any of its own securities.
Feb. 11 1933
CONSOLIDATED SURPLUS ACCOUNT YEAR ENDED DEC. 31 1932.
Earned Surplus
Balance, Jan. 1 1932_
$13,859,773
Income for year ended Dec.31 1932, after all diva.(as above)...
81,627
Total earned surplus, Dec. 31 1932
$13,941,399
Paid-In Surplus
Balance, Jan. 1 1932
$27.781,974
Additional paid-in surplus resulting from reacquirement of corporation's own securities for less than par or stated value
2,181,114
Total
$29,963,088
Deduct-Prov. for reserves, deducted from assets, for unrealized depreciation in market or appraised value of securs__ _
504,423
Provision for reserve against possible loss on assets of company
acquired, which reserve has been deducted from assets and
original increment to paid-in
represents a portion of the
surplus upon acquisition ofsuch company
750,000
Provision for reserve for premium on retirement of 1st pf. stock..
809,860
Good-will of company acquired and miscellaneous adjustments_
281,000
Paid-in surplus, Dec. 31 1932
$27,617,806
Total surplus, Dec. 31 1932
$41,559,205
CONSOLIDATED BALANCE SHEET DEC.2.
193 31.
1931.
1932.
Liabilities$
$
Assets$
Cash
14,733,533 12,040,318 7% pref.stock .._ 3,676,500
634% pref.stock 4.422,100
Cash deposit In
ySerlal pref. stk. 15,090,200
380,000
xCommon stock 16.104,752
Notes andand accts.
98,433,960 140,105,513 Corn. stk. scrip_
795
receivable
247,291 Credit bal. due
Repossessed cars
179.738
manufacturers 5.709,818
Market. secure_ 1,350,699 1,669,925
Notes pay. of
Miscell. accounts
220,286
538,163 2,130,860 foreign cos.__
receivable-. _ _
534% cony.debs 20,357,000
Due from officers
Notes payable_
and employees
Accts. payable_ 3,995.192
for can't stock
1,074,389 1,153,449 Dealers reserve.. 1,086,917
750,361 Int. accrued on
z2,763,413
purehase
Investments
9 notes Se debs_
466,514
Fern, & fixtures
10
260,556 Deferred income 3,692,405
86,228
Deferred charges
Res. for loss and
Stock purch. for
contingencies_ 1,968,590
723,760
sale to employ
Res,for prem,on
retire, of 1st
pref. stk
809,860
Earning surplus_ 13,941,399
Paid-In surplus_ 27,617,806
1931.
$
3,823,150
4,819,300
21,191,600
16,636,272
811
4,715,835
1,194,621
23,785.000
27,520.314
5,033,532
1.197.601
545,073
4,644,054
2,713,132
13,859,773
27,781,974
Total
119,160,135 159.462,042
119,160,135 159,462,042
Total
x Represented by 2,013,094 (2,079,534 in 1931) shares of no par value.
y Represented by no par shares taken at $100 per share. z Includes 64.156
shares of corn, stock of the company carried at $1,828,446.-V. 136, p.847.
enerat Corporate anti 31nbe5tment 110.0E5.
STEAM RAILROADS.
compulsory reduction in the basic
Compulsory Rail Fare Cut in Offing
-S. C. Commission to the
passenger fare rate may be the answer of the I.
prospective reply of the railroads opposing a voluntary reduction under the
existing rate of 3.6 cents a mile. "Wall Street Journal," Feb. 4, p. 5. •
Nashville Chattanooga Be St. Louis Ry. Cuts Basic Passenger Fares,
-The
company proposes to reduce basic passenger fares between Nashville and
Memphis to 2 cents smile from 3.6 cents, and coach rate 134 cents a mile.
Round trip tickets will be reduced 10%. The reduction is made as an experiment and will be tried for a six-months' period. "Wall Street Journal,"
Feb. 4, p. 5.
32 Carriers Sue 1.-S. C. Commission on Rail
-Barge Rate.
-A group of 32
railroads have petitioned the U. S. District Court at Wilmington, Del., to
issue a temporary or interlocutory injunction,suspending until further order
by the court, effect and enforcement of rial-barge-rail and barge-rail rates
prescribed by the I.
-S. C. Commission in the Mississippi River. "Wall
•
Street Journal," Feb. 3, p. 5.
Matters Covered in the "Chronicle" of Feb. 4.-(a) Loans to two additional
-S. C.
roads from Reconstruction Finance Corporation approved by I.
Commission, p. 780; (b) Senator Couzens asks halt on railway loans.
Urges Senate to bar government advances until Congress orders otherwise,
p.781;(c) Selected income and balance sheet items of class I steam railways
for November. p. 784;(d) Monthly report of Railroad Credit Corporation,
loans of $53,259,918 advanced or authorized up to Jan. 31. p. 785.
Alleghany Corp.
-Trustee Holds Cash for Bonds.
Cash impounded by Guaranty Trust Co. as trustee for Alleghany Corp.
totals $1,714,788. it was reported Feb. 6. Notes of Terminal Shares, Inc.,
which are not quoted on any securities market, are appraised at approximately 75% of their face value, as of the last quarterly appraisal date.
Feb. 1, it was stated. These notes are outstanding and pledged behind
Alleghany issues to the extent of $15,416.000.
After payment of the Feb. 1 interest, the Guaranty Trust Co. held for
the account of the corporation's 58 of 1944. $870,108 in cash, representing
excess Income on the underlying securities. Cash Impounded for the 5s of
1949 totals $394.285 and for the 55 of 19p0, $450.385.
Exclusive of these cash amounts the value of securities held as collateral
for the 5s of 1944 was appraised at $18,156,600 as of Feb. 1, it was said.
There are $31.466,000 5s of 1944 outstanding. The following is pledged
as collateral behind the issue: 756,000 shares of Chesapeake Corp.. 177,700
shares of Missouri Pacific common stock 50 000 shares of Missouri Pacific
weferred. 50,000 shares of Pittston Co., and $4,400,000 in face value ot
Terminal Shares, Inc., notes. With the exception o. the notes, the market
value of these securities at the present time is about $14,840.000, which
would leave about $3,316,000 as the probable appraisal value of the Terminal
Shares notes.
Collateral for the $21,938,000 outstanding 58 of 1949 was appraised, it
was reported, at a total of $11,110,525. The following are pledged as
collateral behind this issue: 449,000 shares of Chesapeake Corp.. 30,000
shares of Lehigh Coal & Navigation, 125,000 Missouri Pacific common
stock shares, 54,100 shares of Missouri Pacific preferred, 300 000 shares of
Pittston Co. and $2,000,000 face value of Terminal Shares, Inc., notes.
Collateral for the $24,532,000 5s of 1950 was appraised at $9,910,269.
The following are pledged as collateral behind this issue: 43.900 shares of
Chesapeake Corp., 195,200 shares of Missouri Pacific common stock, 90,000 shares of Missouri Pacific preferred, 146 240 shares of Pittston Co.,
$11,152,000 of Missouri Pacific 5%% convertible debentures. 3,546 shares
Lehigh Coal & Navigation common stock, 54 shares of Wheeling & Lake
Erie prior preference stock and $9,016,000 face value Terminal Shares,
-V. 135, p. 4380.
Inc., notes.
-$5,000,000 Loan from ReconBaltimore & Ohio RR.
-The company was
struction Finance Corporation Approved.
authorized Feb. 3 by the 1.-S. C. Commission to borrow
$5,000,000 additional from the R. F. C. to meet equipment
trust maturities during the first six months of this year.
See details under "Current Events and Discussions" on a
preceding page.
Now Deposited Under Plan.
Over 90% of 4
The road has received more than 90% of its $63,250,000 of convertible
434% bonds under the plan for refunding thew on their maturity, March 1.
George M. Shriver, Senior Vice-President, announced Feb. 8. The plan
provides that the maturity shall be met, one half with cash and one half
with general and refunding mortgage 5% bonds, due in 1996.
"We consider this a remarkably good response to the offer, particularly
n view of the short time it has been open, said Mr. Shriver. "We will
continue to accept deposits in the belief that they will continue to come to
us In substantial amount."
Mr. Shriver said that if reports of improved sentiment in the steel industry proved to be correct, there would be a stimulation of coa traffic.
Cold weather would offer a temporary stimulant to this traffic, chiefly in
respect to anthracite, he added.
-V. 136, p. 838, 654.
Chicago & North Western Ry.-Loan of 811,127,700
from Reconstruction Finance Corporation Approved.
-See under
"Current Events and Discussions" on a preceding page.
The road has applied to the Railroad Credit Corporation for a loan of
$1,000,000, additional to loans of $1,910,500 already received from the
organization, according to the statements filed in connection with a successful application for the loan of $11,127,700 from the Reconstruction Finance
Corporation.
Obituary.
-John D. Caldwell, Vice-President and Secretary and a director
of the company, died late last week at Chicago.
-V. 136, P. 654.
Chicago Rock Island & Pacific Ry.-Asks ,000,000
Loanfrom Reconstruction Finance Corporation.
-The company
has asked the I.
-S. C. Commission's approval for a loan of
$8,000,000 from the F. R. C. to pay principal and interest
on existing debts. The road offers its 1st & ref. mtge.
bonds as collateral security for the loan. Further details
are given under "Current Events" on a preceding page.
V. 135, p. 4558.
Delaware & Hudson RR. Corp.
-Pay Scale Kept.
The experimental wage agreement made a year ago by the company
and its engineers, conductors and other employees is likely to continue,
according to Frederick L. Hanlon, chairman of the board of disciplining
system of the railroad.
The agreement expired Feb. 1, but up to this time no complaint has
been heard from men or officials. One provision was that if either side
were dissatisfied with conditions at the end of a year it could petition
for negotiations.
0
1
"Apparently the men are satisfied," said Mr. Hanlon,"and the officials
are also satisfied. So far as I know no negotiations will be conducted
when the board has its monthly meeting Feb. 15."-V. 136. 13• 655.
Erie RR.
-Extension of New York dc Erie RR. 3d Mtge.
Extended 43/2% Bonds Asked.
-
The company is requesting the holders of the 3rd mtge. 434% bonds of
New York Sc Erie RR,(extended to March 11933). subject to the authorization thereof by the I.
-S. C. Commission, to extend the bonds so that
they shall mature March 1 1938.
Interest shall be -t r to of 4%% per annum, payable March 1 and Sept. 1
In each year; red, as a whole but not in part, at the option of Erie RR.,
at any time on 30 days' notice at 10234% on or before Feb. 28 1934; thereafter at 102% on or before Feb. 28 1935;thereafter at 10134% on or before
Feb. 29 1936; thereafter at 101% on or before Feb. 28 1937; thereafter at
10034% prior to maturity: in each case with accrued interest. Both principal and interest will be payable at the office of Erie RR. In New York
in U. S. gold coin of the present standard of weight and fineness. The
present lien of the mortgage securing such bonds will remain unimpaired.
Coupons due March 1 1933 will be paid on and after that date on presentation in the usual mannar at the office of Erie RR., 50 Church St.,
N.Y. City.
Drexel & Co., Philadelphia, and White, Weld & Co., New York, in a
notice to the bondholders state:
"The extension privilege applies only to such holders of bonds as shall
deposit the same, with March 1 1933 coupons detached, at our offices on
or before Feb. 28 1933.
"Upon such deposit, interim receipts of Drexel & Co. will be issued exchangeable for an equal principal amount of bonds with the extension supplement and coupon sheet attached, when prepared.
"Erie RR. has agreed to provide funds to enable us to make payment to
the holders of bonds deposited for extension in the sum of $53.66 for each
$1.000 principal amount of such bonds,said payment to be made only upon
presentation to us of interim receipts on or after Feb. 28 1933 for the notation thereon of such payment. The yield of the extended bonds is thus
calculated to be about 5.75%.
'On March 1 1933 or at any time prior thereto, we will buy at our offices,
at the principal amount and accrued interest, the bonds of holders who do
not desire to avail themselves of the above privilege of extension."
-V,136,
p. 839.
Volume 136
Financial Chronicle
1011
-S. C. Commission, upon request of the company, has dismissed
The I.
the carrier's application for authority to issue $1,000,000 ref. & impt.
mtge. 454% gold bonds. The Commission was told the carrier did not
wish to go through with the issue under existing bond market conditions.
The application was filed in June 1931.—V. 135, p. 2170.
The sum in dispute was a credit for "undermaintenance" allowed in
settlement in 1922 to the railroad by the Director-General of Railroads
In the Norfolk-Southern's income tax return for 1920. it deducted from its
gross income the sum of $2,741,737 actually expended by it for maintenance
during that year.
The Commissioner of Internal Revenue reduced this amount by the
amount of the allowance or credit made by the Director-General in 1922.
thus increasing the road's net income by that amount. The Tax Board
reversed the action of the Commissioner, and was upheld Jan. 31.
On the other hand, the Tax Board was reversed by the court in a similar
matter involving the same railroad. A decision handed down by the
U. S. Supreme Court after the Board had acted led the Circuit Court to
reverse its action of the Board, and to hold that an item of $20,211 was
non-taxable as income.—V. 136, 13• 839-
Kansas City Southern Ry.—Asks Commission to Reconsider Ruling on Road's Proposal to Lease Texas Line.—
Paris-Orleans RR. (Compagnie du Chemin de Fer
de Paris a Orleans), France.—Bonds Drawnfor Redemption.
Green Bay & Western RR.—Dividends Halved.—
The directors on Feb. 7 fixed and declared 254% to be the amount payable
on class A debentures, and a dividend of 254% to be payable on the capital
stock, out of the net earnings for the year 1932, payable at 48 Wall St.,
on and after Feb. 20 to holders of record Feb. 18.
N. Y.
City'
From 1914 to and including 1932 the company paid an annual dividend
of5% on bath the class A debentures and the capital stock.—V.134, p.1366.
Indianapolis Union Ry.—Withdraws Bond Application.
The I.
-S. C. Commission has been asked to reconsider its recent ruling
on a proposal of the Kansas City Southern Ry. to lease the Texas lines of
its subsidiary, the Texarkana & Fort Smith RR. The recent decision
approved the proposed lease except as to a clause which would have relieved the Kansas City Southern from any obligations under Texas laws
of conforming to the required maintenance of shops and general offices for
the Texarkana system within the State. The proposed lease would have
enabled savings of $81,000 annually.
• A rehearing and a reargument including oral argument before the full
Commission is requested.—V. 136, p. 489.
Minneapolis & St. Louis RR.—Applies for Additional
Loan of $1,027,174 from Reconstruction Finance Corporation.
—The road has asked the 1.-S. C. Commission's approval
to borrow $1,027,174 from the R. F. C. Further details
are given under "Current Events" on a preceding page.
Philip J. Roosevelt Appeals to Commission to Bar $1,027,174
Loan.—
Philip J. Roosevelt, chairman of the reorganization committee announced Feb.9 that he had sent to the I. C.Commission a letter in which
-S.
he opposed the granting,in the present circumstances, of the proposed loan
of $1,027,174 by the Reconstruction Finance Corporation to the company
and asserted that unless the company's position was materially improved
the road should cease operations.—V. 136, p. 655.
New York Chicago & St. Louis RR.—Asks Further
Reconstruction Finance Corporation Loan of $2,100,000.—
The company has asked the approval of the 1.-S. C. Commission for a further loan of $2,100,000 from the R. F. C.
to pay fixed interest charges. See further details under
"Current Events" on a preceding page.
J. J. Bernet, Again Heads Nickel Plate.—
John J. Bernet has again been elected to the Presidency of the Nickel
Plate road. succeeding Walter L. Ross, who retired because of ill health.
Mr. Bernet is also President of the Chesapeake & Ohio Ry. and of the
Pere Marquette Ry.
Mr. Ross will continue as a director and member of the executive committee of the Nickel Plate, and will serve this road in an advisory capacity,
with title of President retired.—V. 135, p. 4382.
A. Iselin & Co. fiscal agents, announce that $50.000 of 534% external
sinking fund bonds, due 1968, have been drawn for redemption on March
1 for sinking fund purposes. Paymen will be made at 100 and int. at the
offices of A. Iselin & Co.,40 Wall St., N. Y. City.—V. 134. p.2332.
Union Pacific RR.—Regular Dividends, &c.—
The directors on Feb. 9 declared a dividend of $1.50 per share on the
common and the regular semi-annual dividend of $2 per share on the pref,
stock, both payable April 1 to holders of record March 1. The common
dividend lathe same as that paid for the three previous quarters.
"We have not yet determined what our policy will be toward purchasing
rails for 1933." said President Carl Gray. "We still have some new rail
on hand which we will lay this year, but our improvement program has
lengthened the life of the rails in use to a large extent, and until we find
out just what this will amount to we will not be able to determine on this
year's purchasing policy," he said.—V. 136, P• 839.
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of Feb. 4.—(a) Weekly electric output
again shows falling off, p. 726;(b) Percentage decline in electric production
larger in December. A decline of 9.5% shown for the year 1932 as compared
with the preceding 12 months,p.726
-:-Distribution on =3.
American Community Power Co.
The distributive value of the one-year 554% secured gold notes of the
company, as determined by a court order on Feb. I, will be paid by the
Central Hanover Bank & Trust Co. as trustee. The amount per $1.000
note will be $198.11, which includes cash held by the trustee and the pro'
ceeds realized from the sale of the collateral securing these notes at an auction
held in New York on Jan. 23.
The collateral was acquired by a committee representing the noteholders for $225,000, and consisted of $2,250,000 principal amount of
first mortgage and collateral trust
% series A bonds of General Public
Utilities Co.—V. 136, p. 841.
• Annapolis & Chesapeake Bay Power Co.—Sales
Approved.—
Sale of this company to the Consolidated Gas, Electric Light & Powe
Co. of Baltimore for $1,900,000 was ratified on Feb.6 by Judge William C.
Coleman in the U. S. District Court of Maryland. Obligations connected
with the sale amount to $3,373,000. See also V. 135, p. 2335.
Railroad Receiverships and Foreclosure Sales in "-',Appalachian Gas Corp.—Reetovedfrorn bist-he Chicago Stock Exchange removed from the list the 6% convertible
1932.—The "Railway Age," Feb. 4, said in part:
debentures, initial series, and 6% convertible debentures,
A total of 13 railroads with a mileage of 11.817 were placed in the hands
•of receivers during the year. At the close of the year the total number of
roads in receivership was 53 and their mileage was 24,448. This was the
greatest mileage which has been in the hands of courts sinceI1916 when the
total was 34,804 miles. This total would have been greatly increased but
for the aid of the Reconstruction Finance Corporation and the Railroad
Credit Corporation. The greatest railway mileage ever operated by receivers was 40,819 at the close of the fiscal year ended 1894. Yet in that
year the railways as a whole had net income of $60,173,000. In 1932, by
contrast, the net deficit is estimated at approximately 200 millions—which
suggests what the showing might be to-day had nature, the law and finance
been permitted to take their normal course unhindered.
Railroads in the Hands of Receivers on Dec. 31 1932.
Mileage
MileageDate of
Road—
Owned.
Operated.
Receivership.
Ann Arbor
294
294
Dec. 4, 1931
Apache
72
72
Sept.29, 1931
Apalachicola Northern
99
99
May 28, 1932
Beaufort County Lumber Co
25
25
Dec. 12, 1931
Boyne City, Gaylord & Alpena
92
92
Dec. 1, 1931
California & Oregon Coast
15
15
Feb. 19. 1925
.Cape Girardeau Northern
13
104
Apr. 14, 1914
Caro Northern
17
17
July 23, 1919
•Central of Georgia
1,944
1,419
Dec. 19, 1932
Chesterfield & Lancaster
36
32
Apr. 14, 1931
•Chicago, Attica & Southern
155
140
Aug. 4. 1931
eChicago, Springfield de St. Louis._
87
79
Jan. 24. 1930
Cowlitz, Chehalis & Cascade
32
32
Mar. 7, 1932
.aEast & West Coast
48
48
Feb. 2, 1931
Florida East Coast
844
859
Sept. 1, 1931
aFlorida, Western & Northern
233
233
Feb. 2, 1931
Fort Smith & Western
250
197
June 1, 1931
/Franklin de Pittsylvania
21
21
May 26, 1932
Gainesville & Northwestern
b36
34
Dec. 8, 1923
Gainesville Midland
74
72
Feb. 15, 1921
Georgia & Florida
464
421
Oct. 19. 1929
aGeorgia. Florida & Alabama
192
192
Nov. 7, 1931
Jacksonville & Havana
c60
42
Feb. 1, 1930
Minneapolis & St. Louis
1,628
1,515
July 26, 1923
Minnesota Western
115
112
Jan. 25, 1932
Missouri & North Arkansas
365
335
May 5, 1927
Mobile & Ohio
1,153
913
June 3, 1932
Nevada Copper Belt
41
41
Apr. 2, 1925
New Orleans Great Northern
265
228
Nov. 7, 1932
Norfolk Southern
933
790
July 27, 1932
North & South
41
41
Aug. 1, 1924
Ohio & Kentucky
40
d39
Dec. 2, 1925
.Oklahoma Union
19
19
July 1, 1929
Pittsburgh, Shawmut & Northern_
198
160
Aug. 1, 1905
Pittsburgh & Susquehanna
18
18
Apr. 22. 1931
Raleigh & Charleston
43
43
May 1, 1931
. Rio Grande Southern
174
174
Dec. 16, 1929
Rutland, Toluca & Northern
21
21
Mar,16, 1931
St. Louis San Francisco
5,802
5,890
Nov. 1, 1932
Sandy River & Rangeley Lakes97
97
July 8, 1923
Santa Fe, San Juan & Northern
57
32
Oct. 14, 1931
Savannah & Atlanta
145
142
Mar. 4, 1921
Savannah & Statesboro
33
33
May 1. 1931
Seaboard Air Line
4,431
3.422
Dec. 23, 1930
aSeaboard All-Florida
184
184
Feb. 2, 1931
Sierra lty. of California
79
79
May 5, 1932
Sievern & Knoxville
26
Dec. _. 1932
Tallulah Falls
-bi
57
June 24, 1923
Tonopah & Goldfield
102
93
July 20. 1932
Wabash
2.474
2,024
Dec. 1, 1931
Waco,Beaumont,Trinity & Sabine
115
115
Feb. 8, 1930
Wichita Northwestern
100
100
Nov. 10. 1932
Wisconsin Central
1,158
1,030
Dec. 2, 1932
a Leased to Seaboard Air Line. b Two miles operated under contract. c This
company has the right to operate over the line of the Chicago. Burlington & Quincy
between Jacksonville and Waverly, a distance of 17.95 miles. d Includes leased
line also. e Thls road was sold at foreclosure sale on June 25 1931, but the receiver
is still operating the property. f Abandonment of this road has been authorized
by the Inter-State Commerce Commission.—V. 134, p. 323.
Norfolk Southern RR.—Gets $464,689 in Court Action.
The company won a case involving $464.689 when the U. S. Circuit
Court of Appeals handed down an opinion at Richmond, Jan. 31, affirming
he action of the U S. Board of Tax Appeals in the case.
series B, beca
of withdrawal from the market of sufficient bonds to assure a free markel
—V.136, P. 156.
AssociatedGas & Electric Co.—January Production.—
For the month of January the Associated System reports electric output
excluding sales to other utilities, of 212,545,753 units (kwh.), a decrease of
11,190,559 units, or 5.0% under the total of 223.736,312 units reported
for January of last year. This decrease is less than the drop of 7.9% reported for the year 1932 and is also less than the decrease for December
1932. when a 5.3% decline occurred in comparison to the comparable periods
of the previous year.
Gas sendout for January 1932 continued its recent favorable showing,
with an increase of 1.5% above the first month of 1932. Cubic feet delivered for the month totaled 1,544,483,600, or 22,343.700 cubic feet above
January of last year.
For the week ended Jan. 28 1933. the Associated System reports electric
output, excluding sales to other utilities, of 48,615.632 units (kwh.) compared with 52.447.760 units for the same week in 1932. a decrease of 7.3%.
This is approximately the same decrease as was reported for last week.
Gas output for the week was 338,629.600 cubic feet, a decrease of 5,528.000 cubic feet, or 1.6% compared with the same week of 1932.
Withdraws Suit.—
The company has withdrawn its suit in the U. S. District Court at
Philadelphia to overthrow an order of the Pennsylvania Securities Commission which prohibited the company from marketing its 5% and 6%
convertible securities in Pennsylvania. No reason was assigned for company's action.—V. 136. p. 841.
Berkshire Street Railway Co.—Earnings.—
For income statement for three and 12 months ended Dec. 31 see "Earnings Department" on a preceding page.—V. 135, p. 3352.
Boston Elevated Ry.—Earnings.—
1929.
1930.
Calendar Years—
1932.
1931.
Total revenue
$26,428,493 $29,855,107 $32,510,721 $34,096.623
Operating Expenses—
2,351.922
Way & struc. (maint.)
2,336,088
2,330,941
1,816,851
Removal ofsnow & ice._
76.930
55,377
61,942
86,709
2.769.131
Equipment (maint.)_
2,650,037
2,350,725
2,819.257
1,776.760
1.580.540
Power(operating)
1,388.403
1,273,555
Power (maintenance)_
250,694
350.633
293,398
179.578
Transportation (oper.)
9,079.292 10,143,076 10.735,975 10,892.280
22,253
58,007
Traffic (operating)
22,744
6,572
2,731,238 2,787,048
2,972,430
General & miscellaneous 2,435,193
2.839,342
2.628,969
Depreciation
2,313,953
2,878,055
Total oper.expenses- _$19,542,428 $22,250,748 $23,527,975 $24,024,747
Operating ratio
72.37%
74.53%
73.94%
70.46%
—V. 136. p. 841.
Associated Telephone Utilities Co.
-Plans Two-Yew
Extension of $3,858,000 Note Issue Maturing April 1 1933)
Funds on Hand to Meet Interest but Not Principal—Company
Has No Bank Loans or Other Funded Debt Maturing Prior to
1941.—The company has requested holders of its outstanding
issue of $3,858,000 6% secured gold notes, due April 1 1933,
2
to agree to an extension of two years for the payment of
principal.
In a letter to noteholders Wm. j. Wardall, President,
states:
The above issue is outstanding in a principal amount of $3.858,000 and
becomes due, together with interest in an amount of $115.740 on April 1
1933. Company is entirely solvent and is meeting its obligations currently
as they fall due; it has funds with which to meet the interest payment on
these notes but it sees no possibility at present of acquiring the funds with
which to meet the payment on account of principal of the notes on April
1 1933.
The income statement shows the drastic decline in gross revenues suffered
by the company's operating subsidiaries in the last two
in gross revenues is unprecedented in the history of theyears. This decline
telephone industry
and similar declines have been experienced by all telephone companies.
The management, in which important changes were made in April 1932.
has exerted every effort to reduce
expenses both of
and of
Its subsidiaries and to counteractthe every other way the company loss of
in
possible the
1012
Financial Chronicle
gross revenues, but it has been impossible, through operating economies,
to do more than partially offset the loss.
Since April 1932, a material improvement has been accomplished in the
financial condition of the company and its subsidiaries. The company
has no bank loans. The total bank indebtedness of its subsidiaries is $250.000. With the exception of the notes, the company itself has no funded
debt maturing before Sept. 1 1941, and with the exception of an issue of
$180.300 due Oct. 10 1933, and an issue of $241,900, due Jan. 1 1936,- of
which only $56,900 is outstanding in the hands of the public, none of the
company's subsidiaries has any funded debt maturing before 1938.
In view of these facts and in the light of the general economic conditions,
the management believes it to be to the best interests of the holders of the
secured gold notes to extend the maturity date of the same. without other
changes in terms. Otherwise the company will be forced to default on the
payment of both principal and interest of the notes, which will in all,
probability mature the debentures, outstanding in the principal amount
of $24,823,400, and result in receivership with its costly consequences to
all security holders.
These notes are, and will continue to be, secured by collateral consisting
of 38,650 shares of subsidiary operating companies' preferred stocks, as
follows: 14,450 shares Michigan Associated Telephone Co., 67 cum. pref.
stock (par $100). 9.400 shares Interstate Telephone
$6 cum. pref.
Co..
stock (no par), and 14,800 shares Southwestern Associated Telephone Co.,
$6 cum. pref. stock (no par value).
While dividends are being paid on the Michigan Associated Telephone
Co. and Interstate Telephone Co. preferred stocks, no dividends are being
paid on the Southwestern Associated Telephone Co. preferred stock. A
forced liquidation of these preferred stocks, under present market conditions, would realize only a small part of what the management considers
their intrinsic value and but a comparatively small portion of the principal
of these notes.
The directors therefore urgently recommend that every noteholder
promptly join in the extension of the due data of these obligations for two
years-that is, until April 1 1935. If this is done, interest due April 1
1933 will be paid. This plan of extension entails no expense to the noteholders.
Notes, with the coupon due April 1 1933 attached, should be deposited
with Bankers Trust Co. of New York, as depositary.
If the plan is not declared operative by the close of business on Feb. 28
-at its discretion-extend the period of deposit
1933. the company may
for four successive monthly periods, by a letter to that effect addressed to
the depositary. If the plan has not been declared operative prior to such
date, or such extended date, or earlier of the company so directs, the depositary will return the notes so deposited, with the April 1 1933 coupons
attached, without expense to the noteholdeis. If a receiver should be
appointed prior to the plan being declared operative and not be discharged
within 30 days, holders of deposit receipts may withdraw their notes on
demand.
Bonbright & Co.; Paine, Webber & Co., and Mitchum,
Tully & Co., who originally distributed these notes, have
announced, after consideration of the plan of extension,
that they recommend its acceptance by the noteholders.
Balance Sheet Jan. 31 1933 (Parent Co. Only).
[Preliminary and subject to adjustments which may arise in connection
regular annual audit being made by Arthur Andersen & Co.)
with
Liabilities
Assets-Cum.pr. p1., no par vaineInv.in & amts. due from subs.
$7 series, issued & outst cost
(a)
standing, 45,692 shares - $4,569,200
Telephone oper. companies:
$25,756,756
$6 series, issued & out.
Common stocks
5,120,276
standing, 27,921 shares_ 2,581,694
Preferred stocks_ b
489,186 $6 cony. pref. stock, series A,
Bonds
1,117,385 (47,517 shares no par).__ 4,513,615
Notes receivable
23,852 Common stock (stated value
Accounts receivable
$10 per share)
55,316
Int. & divs. receivable
d6,227,214
Common stock scrip
Subs, holding cos. (which In
53,251
Capital surplus
turn own secur. of subs.
5,360,263
holding cos. & telephone
Earned surplus (deficit)
346,243
15 year gold debentures
operating companies):
9,855,820
Common stocks
Series A 6% cony. due
2,158,959
Sept. 1 1941
Preferred stocks
2,065,900
1,281,098
Series B 5% due Oct. 1 1942 1,750,000
Bonds and debentures
3,625,202 Series C 534% Cony. duo
Notes receivable
40,634
Accounts receivable
May 1 1944
21,007,500
187,174 2-year 6% secured gold notes
Int. & dividends receivable__
. 216,474
Miscellaneous investments_
due April 1 1933
3,858,000
376,623 Due to subsidiary companies
Organization expense
Note pay, to telep. operatc Debt disc. & exp. in process
,
2,227,065
ing company (dernand).e
of amortization
124,800
42,149
Note pay, to subs. bolding
Prepaid accts. & def. charges.
30,675
co. (8813,229 due in 5
Suspense-claims not settled_
507,805
moos., bal. on demand) f
Cash In banks
820,730
600
Note pay, to subs. holding
Working funds
18,160
co.(demand)
Notes receivable
72,000
24,972 Interest payable
Accounts receivable
5,088
307 Deferred liabilities
8,460
Interest receivable
38,137
Accounts payable
446,877
Accrued interest
53,156,486
$53,156,486
Total
Total
a Cost is based In part on values assigned to securities of the company
issued In exchange for securities of companies acquired, and in certain cases
imolving mergers of subsidiary companies it includes a charge measured by
the amount of undistributed earnings from dates of acquulsItion to dates
of mergers. b As shown in letter, certain of these stocks are Pledged as
collateral for the 6% secured gold notes, due April 1 1933. Also 2,000
shares of the $6 cum. pref. stock of the Illinois Commercial Telephone Co.
have been loaned to a subsidiary company. c Including $586,945 applicable
to securities retired in process of amortization over the life of the refunding
Issues and $346,047 net excess of cost over selling price of subsidiary comny bonds. d After deducting 242.933 shares in treasury. e The parent
telephone operating) company of this creditor company owes Associated
lephono Utilities Co. $655,300. f Associated Telephone Utilities Co.
owns $592.700 in principal amount of debentures of this subsidiary holding
company outstanding in a total amount of $1.000,000 and is owed $2,168,659 by the sole subsidiary of this subsidiary holding company.
-Cumulative prior preferred andiprefigred stock dividends in arrears
Note.
at Jan. 31 1933 amounted to $889.267.
Consolidated Income Account for Calendar Years.
1930.
1929.
y1932.
1931.
Operating revenues
$15,738,215 $17,358.465 $15,559,445 $8.845,181
Non-operating revenues_
54,819
65,762
43.768
91,402
re
Total gross earnings- 415.793,034 $17,402,233 $15.625,207 $8,936,583
Operation
5,440,298
5,817,318 5,277.539 2,856,985
Maintenance
2,386,310 2,567.793
2,366.059
1,266,219
State and local taxes_ - _ - 1 1.194,821
1,177,943
945,394!
528,971
Federal income taxes---)
1
126.349
Net earnings before de$6,771.605 $7.839.179 $7.036,215 $4,168,058
preciation
2,878,580
Interest on funded debt- 3,8.9.159 2.150.673
1,427.870
2.000,800
1,7-.3,987
Depreciation
1.451,095
925,658
114,685
32.167
6,242
68.727
General interest
Amort. of debt discount
282.132
142.737
210,791
130,454
and expense
9,683
Miscellaneous deductions
Int, charged to construe
41,271
17.547
67.830
38,501
tion-Cr
Dividends on pref. stock
of subs. in hands of
630,114
328.286
503,510
612.789
public
166,384
69,141
70,864
Minority interest
41,309
Int, on funded debt &
amortiz. of Associated
1.632.384
Tel Utilities Co
Net Income
x$17,876 $1,479,246 $1,878.163 $1,244,700
x No provision has been made for cum. pref. dividends ef certain subsidiary companies in arrears for the period amounting to $28.666. y Preliminary and subject to adjustments
Feb. 11 1933
Consolidated Balance Sheet Dec. 31.
al932.
1931.
1931.
n1932.
Assets$
IAalfll
(ties$
z Tel., plant &
x Cum. prior pf.
equipment..11I.136,636 116,428,449
stock
11,664,509 12,036,124
Inv. & adv., &c.
7£.0,769 Common stock 6,193,429 8,623,913
516,617
Rec. on subscr.
Com. stk. scrip.
35,839
53,451
to & loans of
Subscr. to treas.
treas. com.stk.
stock
196,520
of company_
872,134 Capital surplus- 5,705,923 9,184,532
Sink.funds &oth.
Earned surplus_ 1,449,408 1,521,242
spec. deposits.
47,488
182,548 Com. stock div.
Debt disc. & exp.
Payable
117,987
In process of
Pref. stk. of sub.
amortization
5,295,305 4,948,073
companies
8,721,196 8,922,942
Prep'd accts. &
Min. Int. in com.
def. charges._
741,922
648,050 stim. & surpl.
Cash
1,983,898 2,014,743
of subs. cos_ _
642,198
659,821
Notes receivable
52,309
145,077 Deterred nab_
.
77.487
588,117
Accts. receivable
746,263
949,486 Funded debt... 72,686,000 69,776,500
Working funds_
187,965
Notes Payable__
486,095 1,650,000
Marketle seem%
57,606
Brokers' loans
636,654
Rec.from subscr.
Accounts pay'le
706,099 1,011,415
to pref. stocks
Service billed In
of subs. cos_
102,042
164,662 advance
117,641
Materials& supp 1,972,852 2,014,701 Accrued taxes
1,110,212 1,047,368
Accrued Interest
876,878
810,629
Pref, stock dive.
accrued
80,184
143,743
Miscell.liab
17,863
203,260
Reserves
12,252,329 11,982,084
Total
122,840,902 129,148,689
Total
122,840,902 129,148,689
a Preliminary and subject to adjustments. x Includes $7 series, issued
and outstanding. 45.692 shares of $4,569,200; $6 series, issued and outstanding, 27,421 shares. $2,581.694; $6 cony. pref. stock, series A, issued
and outstanding, 45,517 shares, $4,513,615 all of which are of no par value
In 1932. (1931 $7 series, 45,772 shares issued including 211 shares held
in treasury $4,577,200; $6 series, 29,297 shares Issued including 1,574
shares held in treasury, $2,708.924; $6 cony. pref. stock series A issued
50,000 shares including 2.283 shares held in treasury, $4,750,000 all of
which are of no par value). The cost of the pref. stock reacquired and
held in treasury has been charged to capital surplus. y Represented by
619,342 shares stated value of $10 per share in 1932. (1931, 862,391 shares
of $10 stated value per share). z Including $18,308,198 amount by which
consolidated book value of property exceeds the combined book value of
subsidiary companies' properties.
Stockholder Asks for Receivers for Company.
The appointment of receivers for the company was asked in a bill of
complaint filed in Chancery Court at Wilmington, Dol., Feb. 8 by Edward
F. Kloby of Essex County, N. J., owner of stocks and bonds of the concern,
who alleged insolvency. The bill of complaint states that the company
controls through stock ownership a group of public utility properties providing telephone service in 25 States. The bill stated that the current
liabilities of the concern are in excess of its assets, "said liabilities being
admitted as being in the sum of $5,503,068 as against current assets of
$5.288,677." The bill declared that in "addition to the defendant company being hopelessly insolvent, William J. Wardall, its President. has
announced that the defendant corporation will be unable to meet its $3,858
000 6% notes due April 1, and has requested a moratorium for two years.'t
Statement by Wm. J. Wardall, President.-The following
statement was issued by Wm. J. Wardall, President of the
company:
Wo are informed that a bill of complaint has been filed in the Court of
Chancery of New Castle County, State of Delaware, asking for the appointment of receivers for the company by one Edward F. Kloby, representing
that he owns 100 shares of common stock of the company and $3,000, in
principal amount, of funded debt. We are confident that the company
can bo shown to be entirely solvent and that upon filing the answer of the
company, the suit will be dismissed forthwith.
-V. 135, p. 3855.
Bell Telephone Co. of Pa.-Earnings.
-1932.
Calendar Years1931.
1930.
1929.
$64,877,566 $73,200,094 $75,031,230 $71,373,979
Operating revenues
Operating expenses
46,985,680 51,644,593 53,827,087 49,927,030
Taxes & uncollectibles
3.415.315 3,467.098
3,357,614
3,275,411
Operating income..- 414,476,571 $18,088,403 $17,846,529 $18.171.537
382.638
Non-oper. revenue (net)
638,478
639,427
1,144,431
$14,859,209 $18,726,881 $18,485,956 $19,315,969
Gross income
Interest charges, &c_ _ _ _ 7,972.639
7,814.059
7.984,145
7.120,408
$6,886,570 $10,912,822 $10,501,811 $12,195,560
Net income
1,300,000
_
Preferred
1,300,000
1,300.000
1,300.000
Common dividends paid 8,800.000
dividends8,800,000
7,200,000
6,800,000
Other deductions
10,000
361
Balance, surplus.... def$3,213.430
$812,822 $1,991,811 $4,095,200
Shares of common stock
outstanding (par $100) 1,100.000
1,100.000
900,000
900.000
Earned per sh, on com__
$5.08
$8.74
$10.22
$12.10
Comparative Balance Sheet Dec. 31.
1932.
1931.
1932.
1931
Assets
Liu/Wines$
$
$
$
Telephone plant
Common stock_110,000,000 110 000,000
& equipment.313,148,629 314,033,408 Preferred stock_ 20,000,000 20,000,000
Invest.securities
684,300
680,300 Prems. on cap.
Miscell. Invest__ 1,283,149
953,999 stock
95,237
95,237
Marketable secs.
,
39,015 Funded debt_ _118,418,352
Cash & deposits_ 1,445,453 1,371,443 Accts. payable_ - 2,667.741 115,506,320
3,783,343
13111s receivable_
602,671 Subscrib. dep
604,625
1,502,509 1,204,763
Accts.receivable 5,356,679 6,185,508 Accr. Ilab. not
Mat'l & supplies 1,293.284
1,263,205
due
4,864,853 6,087,801
Accr.int.not due
824 Oth.def. credits_
1,125
81,299
77,783
Sink,fund assets
954,414 Reserve for accr.
902,529
Prepayments_ _ _
886,042 1,024,340
depreciation 50,994,789 50,171,735
Res,for amort. of
Unamort. debt
disc.& exp_ _ _ 2,378,536 2,505,528
intangible cap.
354,529
358,300
949,143 1,103,660 Corporate surp. 19,991,445 23,433,035
Other def. debits
328.970.754 330,718,315
Total
Tots328,970,754 330,718,315
Acquisition.
-
The I.
-S. C. Commission on Jan. 27 approved the acquisition of the
company of the properties of the Forest Telephone & Telegraph Co.-V. 136, P. 156.
Central Gas & Electric Co.
-No Interest.
-
See Central Public Service Corp. below -v. 136. p. 841.
Central Public Service Corp. (Del.).-Defaults
Interest.
The corporation has mailed notice to holders of its
% convertible
debentures duo Feb. 1 1949, that interest due Feb. 1 on 53 bonds
the
be paid due to pending bankruptcy proceedings. The corporationcannot
urged
exchange of the bonds for a like principal amount of Central Public Utility
-year 534% income bonds and voting trust certificates representing
Corp. 20
20 shares of common stock of the latter company.
Central Public Utility Corp. at the same time mailed a letter
of its securities stating that a report of earnings had been filedto holders
trustee of the company's income bonds, showing that there is nowith the
surplus
Income available for the payment of interest due Feb. 1 1933.
on the 20.
year 5;-5% income bonds.
Holders of Central Public Service Corp. 5
-year gold notes duo in
Central Gas & Electric 534% notes due in 1933, and Southern Cities 1934,
Public
Utility Co. 6% series A bonds due 1958, were likewise advised that
no
funds are available to meet the Feb. 1 interest payments and were urged
to accept the reorganization plan. 7 136. p. 326.
-1.
Chicago North Shore & Milwaukee RR.
-Seeks $600,000 Loan from Reconstruction Finance Corporation.
-See
under "Current Events" on a preceding page.
-V. 135,
p. 2490.
Financial Chronicle
Volume 136
Central Public Utility Corp. (Del.).
-No Interest.
-
See Central Public Service Corp. above.
-V. 135. p. 2996.
Cincinnati & Suburban Bell Telephone Co.
-Earns.
Calendar Years1932.
1931.
1930.
1929.
Telephone oper. revs__ _ 89,404,450 $10,412,145 $10,515,300 $10,380,833
Telephone oper. exps__- 5,714,706 6,624,316 7,035,809 6,940,290
Net tel. oper. rev_ --- $3,689,744 $3.787,829 $3,479.491 $3,440,543
Uncollec. oper. revs__ 85,800
74,108
99,657
69,468
Taxes assignable to oper 1,089.478 1,089,400 1,011.460
945,912
Operating income-- $2,514,466 $2,624,321 $2,368,374 $2,425.163
Net non-oper. income__
101,459
109,353
179,682
217,515
Gross income
82,615,925 $2.733,674 $2,585,889 $2,604,845
Other interest_ - 55,300
57.337
48.515
40,762
Rents & miscellaneous
72.624
64,242
83.117
69,903
Net income
$2,488,001 82,612,094 $2,467,472 $2,480,966
ividends
2,473,956 2,473,956 2,226,683 1,979.411
r• Balance
$14,045
$138,138
$501,555
$240,788
Shs. coin, stock outst'g
(Par 850)
549,768
549,768
439,869
549,768
Earnings per share
$4.52
$5.64
84.75
$4.49
Balance Sheet Dec. 31.
1932.
1931.
1931.
1 2
Assets
-Liabilities-Land de buildings_ 7,497,137 7,481,431 Common stock-- _27,488,400 27.488.400
Tel. plant dr equip.31,445,836 31,427,231 Prem. on cap.stk.
72,756
72,756
General equipml_ 483,011
502,131 Notes
1,085,188
961.342
0th. perm.Invest- 227,345
227,345 Accounts payable_ 846.758
696.903
Cash
615,638
488,890 Accr. Rah. not due 726,994
957,579
Marketable moue- 3,043,048 3,060,936 Def. credit items
61,422
54,177
Bills receivable
1,345
252 Res.tor accr. dept. 9.569,475 9,648.465
Accts.receivable
563,083
676,659 Res. for amort. of
Marls & supplies_ 365.196
358,239 intangible cap 78,562
76,997
Aces.Inc. not due_
15,904
16.090 Corporate surplus 4,403,891 4,403,493
Def. deb. Items
75,900
120.907
Total
44,333,443 44,360,117
-V. 135, p. 816.
Total
44,333.443 44,360,117
Connecticut Power Co.
-Earnings.
Consolidated Income and Expense Statement for Calendar Years.
[This statement includes the revenue and expenses of Connecticut Power
Co., Manchester Electric Co., Stamford Gas & Electric Co. and Union
Electric Light & Power Co. together with its subsidiary, New Hartford
Electric Co. Inter-company transactions eliminated.)
1932.
1931.
1930.
Electric & gas operating revenue
$6,550.858 $6,989,368 $7,207,203
Operating expenses
3.611,749 3,810,125 4,114,771
Retirement reserve accrual
627,818
659,236
629,270
Taxes
602,565
610,782
551,638
Operating income
$1,708,726 $1.909,222 $1,911,522
Other income
145,746
148,158
156,831 •
Gross corporate income
$1,854,472 $2,057,381 $2,068,354
Interest charges, amortization, &c__ _
168,944
186,157
162,302
Net Income
$1,685,527 31.871.223 $1,906,052
Preferred stock dividends
28,440
Balance for common stock dividends & surplus
$1,685,527 $1,871,223 $1,877,612
Common stock dividends
1,647,229
1,649,616
1,583,435
Balance to surplus
$38,298
$221,607
6294,176
Net direct charges to surplus
21,258
21,099
5,375
Surplus as of Jan. 1
2,188,352
1,972,119
1,699,042
Surplus Dec. 31
$2,205,392 $2,188,351 $1.972.119
Consolidated Condensed Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets$
8
$
22,220,637 22,049,248 Common stock_ _ _16,563,150 16,563,125
Fixed capital
Miscell.Invest---- 3,618.494 3,541,508 Premium on stock_ 2,068,876 2,068.876
509
Sinking fund
505 Bonds (less treas.
119,035 bonds)
Miscall.spec.funds 196,728
2,598,000 2,606,000
407,579
498,965 Notes payable_
Cash
250.000
700,000
Notes & accts.ree_ 997,541 1,065,262 Accounts payable_ 271,519
267,928
2,231
2,436 Miscell. liabilities_
Int.& divs.reedy_
90,329
89.599
468,147 Taxes accrued_ ___ 428,685
Matis & supplies_ 362,689
419,391
Prepayments
18,733
22,552 Aliso.& accrd.int_
26,231
40,639
Adv,to affil. cos__ 400,000
Unamortized debt,
37,823
discount St exp- _
39,462 Unadjusted credits
31,335
14,073
Unadjusted debits 194,987
112,
505 Reserves:
Work in progress..
16,215
19,486
20.358 Miscellaneous- -39,397
Contrib.for eaten_
61,917
58,402
Casualty & insur.39,056
28,797
Retirement
3,020,191 2,855,436
Surplus
2,205,393 2,188,351
Total
28.074,166 27,940,017 Total
28,074.166 27,940,017
Income Account for Calendar Years (Connecticut Power Co. Only.)
1932.
1931.
1930.
Electric & gas operating revenue____ $3,381,748 $3,640,769 $3.784,055
Operating expenses
1,894,543 2,012,250 2,228,980
Retirement reserve accrual
365,000
359,000
355,000
Taxes
223,506
240,180
220,017
Operating income
$898,699 $1,029,339
$980,056
Other income
916,451
875,984
878,254
Total income
$1,815,150 81,905,323 $1,858,311
Interest charges, amortization, &c._
146,554
141,323
148,480
Net income
61,668,596 $1,764,000 $1,709,830
Preferred stock dividends
28.440
Common stock dividends
1,640,385 1,642,557 1,575,721
Balance to surplus
$28,211
$121,442
6105,669
Net direct charges to surplus
1,760
2,248
Net direct credits to surplus
163,290
Surplus Jan. 1
1.690.226 1.571.032 1,302,072
Surplus Dec. 31
$1,716,677 $1,690,226 $1,571,032
Condensed Balance Sheet Dec. 31 (Company Only.)
1932.
1931.
1932.
1931.
Liabilities$
Assets$
$
i
12,267,831 12,208,094 Common stock_....16,498,675 16,492,675
Fixed capital
Invests.In affil.cos 8,993,190 8,959,810 Premium on stock_ 3,131.091 3,129,747
Mlscell.Invest--- 8,247.700 3,193,396 Bonds
2,584,000 2,589.000
509
505 Accounts payable- 120,902
Sinking fund
150.474
102,801 Miscell. liabilities_
Miss. epee. funds_ 180,533
36,698
43,440
159.917
173,652 Taxes accrued- _ -. 188,192
Cash
194.555
528,362 Misc.& acad.Int_
Notes & accts.re°. 461,247
24.024
23,056
150,471 Adv.from ARIL cos 400,000
Int. & Wits. roe-. 150,380
179.501 Unadjusted credits
Mat'is & supplies_ 143,869
23,514
8,556
5.068
10,796 Reserves
Prepayments
1,397.020 1,351.262
40,000 Surplus
1,716,677 1.690,226
Adv. to at(II. cos._ 400,000
Unamortized debt,
37,823
39.462
disc. & expense_
71.479
78,181
Unadjusted debits
3,255
7,960
Work In progress.26,122,792 25,672,993
Total
-V. 135, p. 3856.
Total
26,122,792 25,672,99
1013
Consolidated Gas Electric Light & Power Co. of
Baltimore.
-Acquisition of Annapolis & Chesapeake Bay
Power Co. Ratified.
-See latter above.
Bonds Being Presented for Payment.
At the close of business on Feb. 2 there were presented for payment
only 61,848,000 of the $4,242.000 series E 534% 1st ref. mtge.
fund gold bonds, which have been called for redemption on March sinking
9
The company recently offered to redeem the bonds immediately by 1933.
payment of 105 and int. to March 9 1933 without discount. To take advantage
of this immediate redemption offer holders of the bonds are requested to
present them at the Bankers Trust Co., New York, on or before March 1
1933.
Acquisition of Consolidated Public Utilities Co. Ratified.
-
The Maryland P. S. Commission has approved a petition of the Consolidated Gas Electric Light & Power Co. of Baltimore to acquire the issued
and outstanding capital-stock of the Consolidated Public Utilities Co. of
Westminster, Maryland.
The stock of the Westminster company, which the Baltimore company
has agreed to purchase upon approval by the Commission, has been delivered and payment made. It is understood that the Baltimore company
owns practically all of the stock of the Westminster company.
:1 To Reduce Domestic Electri7 Rates.
'JAB a result of negotiations with the Maryland P. S. Commission the Consolidated Gas, Electric Light & Power Co. of Baltimore will reduce its
maximum primary rate for domestic electric service
Baltimore and its
suburbs from 7 cents gross (6.72 cent net) to 5 cents in (5X. cents gross)
net
a kilowatt hour, effective June 1.
This reduction, it is stated, together with reductions of a like amount9n
primary rates in the domestic schedules for the surrounding counties willais
a saving to the people of Baltimore and vicinity of $550,000 a year.
-V.
136. p. 841. 657.
Consolidated Public Utilities Co. (Md.).-Control.See o A i
pns?iidated Gas Electric Light & Power Co. of Baltimore above.V.
Denver Tramway Corp.
-Refunding Plan.
-
A refunding plan for the $1.250,000 outstanding 6% 1st. mtge. collateral
trust sinking fund notes, due Oct. 1 1933, has been submitted to the noteholders. Refunding would be on the basis of 20% in cash and 80% in a
new issue of 10
-year 6% notes, dated April 1 1933. Such new notes would
be limited to $1.000,000 and a sinking fund would provide for retirement of
all the new notes at or prior to maturity.
-V.136, p.658,841.
Diamond State Telephone Co.
-Earnings.-Calendar Years1932.
1930.
1929.
Telephone oper. revenue $1,869,855 61,9931227 31,978.539 $1,850,305
194,
Telephone oper.expenses 1,161,278
1,268,718
1,303.035 1,315,352
Uncoil. oper. revenues__
26,140
11,0956,236
11,929
Taxes assignable to oper.
152,347
150,005
134,394
122,621
Total oper. income... $530,089
8564,409
$529,182
6406.096
Net non-oper. Income..
5,234
3.632
9.782
40,869
Total gross income___ $535,324
$568,040
$538,964
8446,965
Rent & miscellaneous__
56,942
54,699
40.156
35,808
Interest
36.413
38.689
130,310
114,057
Net income
8441,968
3474.653
8368,498
$297,099
Preferred dividends.. _ _ 32,500
32,500
32,500
32,500
Corn. dividends(8%)...400,000
400.000
260.000
200.000
Other approp. of income
5,000
Bal.for corp. surplus_
$42,153
39.468
$70,998
$64.599
Comparative Balarice Sheet Dec. 31.
Assets1932.
1931.
1932.
1931.
Land & buildings- 5629,326 $628,224 Common stock-55,000.000
$5,000.000
Telephone plant &
Preferred stock... 500,000
500,000
equipment
7,287,377 7,168,116 Prem.on capstock
1,764
1,764
General equipment 126,122
141,925 Adv. from system
Other Investments 180,369
180,369 corporation_ _ _ _ 405,000
455.000
Cash and deposit32,180
32,046 Notes
180,744
160,900
Accounts receiv- 179,609
199.199 Accounts payable_
93,477
132,374
Materials & suppl_
30,368
55,046 Subscribers'dep.&
Prepayments
15,929
15,483 service billed in
Other del. debits._
31,688
2,284 advance
71,046
78.680
Accrued liabilities
not due
92.181
92,629
Def.credit items
15,613
13,326
Reserve for accr'd
Depreciation
1,110,261
952,163
Reserve for amortization of intangible capital
19,953
20,195
Surplus
1.022,926 1,015.662
Total
0,512,967 0,422,692 Total
$8,512,967 88,422,692
-V. 134, p. 1370.
East Prussian Power Co. (Ostpreussen werk Aktiengesellschaft).
-Reduces Bonded Debt.
The Chase Harris Forbes Corp. as sinking fund agent, announces that
there has been deposited $84,000 of East Prussian Power Co. 64 due
to meet the sinking fund payment due Feb. 1 1933. This leaves 1953
outstanding $3.265;000 of the original issue of 33,500.000.-Y. 135. p.3522.
Foreign Power Securities Corp., Ltd.
-Earnings.
-
Years Ended Oct.311932.
1931.
1930.
1929.
Revenue
$343.360
$509,615
$556.788
$520,093
Profits from investments
realized
loss 30,389
123,291
241.299
416.887
Gross earnings
$312,971
8632,906
$798,088
$936,980
Expenses
33.522
42,574
58,530
42,533
Tax
304
4,098
2.833
Interest
310.714
293.914
300,000
134.950
Surplus for year
def$31,265
$296,115
$435,460
6756.665
Surplus brought forward 1,108.575
507.645
563,435
147,538
Transf. from com. stock
1.160,000
Total surplus
11,077,310 61,963,760
8998,895
8904,203
Dividends on pref. stock
150.000
300,000
300,000
300.000
Dividends on corn, stock
125,000
Prov, on acct. ofinc. tax
14,696
26,000
50,000
Loss on investments_
529,184
Prior year adjustments_
3,988
Discount on bonds
16,250
16,250
Organization expenses..
24,518
Sump,carried forward-$908,626 81,108,575
$507.644
$563 435
Earned on common_
Nil
Nil
81.09
33.65
Balance Sheet Oct. 31,
1932.
1931.
1932.
1931t
Assets
Liabilities
a Investments at
1st coll, trust concost
11,395.588 11,436,346
4,365,500 4,500,000
vertible 6s
Cash and call
Bond int. accrued_ 109,137
112,500
loans
371,589
599,906 Preferred dividend
75,000
Accrued Interest
31,250
98,304 Accounts payable_
8,498
3,213
Prepaid accounts3,134 Provision on acct.
852
Discount on bonds 149,481
203,902 of income tax...
57,000
42,30
Preferred stock__ 5,000,000 5.000,000
bCom.stk.& surp. 2,408.626 2.608,575
Total
11,948,762 12,341,593 Total
11,948,762 12,341,593
a On the basis of quoted market prices, and including $2,631,189
($2,752,636 in 1931) cost value of unquoted foreign securities, the value of
the corporation's investments at Oct. 31 in Canadian currency was
36,802,237 (88.707,932 in 1931). b Represented by 125,008 no par shares.
-V.135, p. 817.
1014
Financial Chronicle
Engineers Public Service Co.(& Subs.).-Earnin s.
Calendar YearsGross earnings
Operation
Maintenance
Taxes
1932.
1931.
1930.
1929.
$44,835,078 $51.201,540 $53,041,640 $50,810,589
17.909,661 21,457,994 22,892,548 22,236,492
2,481,048
3,723,136
2,981,630
3,445,783
3,971,425
3,765,795
3,417,619
4,048,071
Net oper. revenue____$20,472,945 $22,713,843 $22,937,512 $21,433,342
Inc.from other sources_ - 1,348,841
1,192,358
957,618
813,156
Balance
$21,821,786 $23,906,202 $23,895,130 $22,246,498
Interest & amortization_ 8,685,651
7,568,651
6,916,766
8,403,051
Balance
813,136,135 $15,503,150 $16,326,479 $15,329,732
Res,for retire'ts (accr.)- 4,589,183
4,904,679
4,880,588
4,655,160
Balance
88,546,952 810,847,990 $11,421,800 $10,449,144
Divs. on pref. stock of
constit. cos. (accrued) 4,334,806
4,345,762 • 4,359,495
4,083,963
Balance
$4,212,146 $6,502,227
$7.062,304
36,365,181
61,272
89.493
94,834
.
Ann.aPP1 to COM,stock
of constit.cos.in hands
gf public
22,095
Bal.for diva.& surplus $4,190,051
Divs. on pref. stock of
Eng.P.S. Co.(accr.)_ 2,323,549
$6,440,954 $6,972,810 $6,270,347
2,323,542
1.968,665
Feb. 11 1933
for 1931. Net Income being insufficient to cover dividends at the usual rate,
the balance was appropriated from the surplus accumulated over the past
22 years and the regular dividends were paid. To offset declining revenues
every effort was made to reduce expenses where such reduction would not
impair the telephone service, which must be complete at all times and
must be maintained at a high level of efficiency.
During the year 1932 the number of subscribers' stations connected was
184,683 and the number disconnected 359,359, resulting in a net decrease of
174,676. In addition to connections and disconnections, subscribers moving
to other addresses required us to change the location of 155,503 telephones.
During the year 1932 the gross expenditures for new construction
amounted to $17,725,378. The net increase in plant and equipment during
the year gas 81531,326.
Further proceedings in the U. S. District Court for the Northern District
of Illinois, concerning the confiscatory character of rates in the City of
Chicago prescribed by order of the Illinois Commerce Commission dated
Aug. 26 1923, have been concluded, and the matter is now awaiting decision
by the special statutory court consisting of three judges.
Comparative Income Account for Calendar Years.
1932.
1931.
1930.
Operating revenue
$78,461,719 $89,275.758 $92,742,142
Operating expenses
55,422,290 61,849,207 65,101,011
Uncollectible revenue
773,571
585,769
462,354
Taxes
9,235,062 10,243,427
9,607,030
Operating income
Other income
1,948,483
$13,030,796 $16,597.355 $17,571,747
1,486,307
781.690
1,015,338
Gross income
$14,517,103 $17,379,045 $18,587,084
Rents & miscell. deductions
Bal.for common stock
1,198,649
1.229.673
1.221.097
dividends & surplus $1,866,502 $4,117,412 $5,004,145 $4,321,864
Bond interest
2,436.515
2,448,587
2,448,810
Common shares outstand
Other interest
633.864
760,165
1,821,921
1,909,769
1,909,734
1,909,621
1,814,071
at end of period
Debt discount expense
123,053
123,713
123,666
$0.98
$2.62
Earnings per share
$2.15
$2.38
Net income
$10,125,021 $12,816,907 $12,971,590
Comparative Balance Sheet Dec. 31.
Dividends
12,000.000 12,000,000 10,400,000
1932.1931.
1932.
1931.
LiabilitiesAssets$
3
$
$
Surplus for year
def$1.874,979
$816,907 $2,571,590
yPreferred stock 41,075,434 41,075,434
Property, plant,
Shares capital stock (par $100)
1,500,000
1,500,000
1,500,000
&c
326,116,385 325.797.947 Pref.stock scrip.
696
696
Earnings per share
$6.75
$0.54
$9.98
13,207,384 13,266.703 zCommon stock 58,057,523 58,057,172
Investments
Comparative Balance Shares Dec. 31.
5,673
6,022
5,344,389 4,532,243 Com,stock scrip
Cash
1931.
411,468 Constit.cos.:
1932.
666,058
1932.
Notes receivable
1931.
LiabilitiesPref. stock -- 69,620,591 69,606,220
$
AssetsAccts.receivable 6,591,213 7,216,790
$
$
Capital stock_ -150,000,000 150,000,000
Prem.on stock
49,519
107,503
Land & bldgs. &
Mails &supplies 2,437,004 3,009.037
3,761
510,079
Stk.subs°.for
37,791
263,754
teleph. plant_288,887,790 287,081.060 Prem.on cap.stk
4,168
Prepayments_ _ _
4,168
Bonds
148,800,800 144,454,800
19,940
General equIpl_ 3,907,094 4,182,497 Funded debt.-- 59,346,104 48,820,200
2,594
Subscr. to stock
Coupon notes 2,919,500 3,000,000
139,703
Investments ___ 3,389,902 3,258,455 Real estate mtge
148,865
Sinking funds__
5,400
227,245 Notes payable
6,470,181 11,736,846
962,609 Notes
234,712
Cash & deposits_ 1,334,390
Special deposits_
9,310,905
Accts. payable_ 1,055,166 1,312,829
Marketable sec_ 1,574,073 3,089,424 Accts. payable. 2,463,464 3,281,128
.Unamort. debt
3,680 Bills payable....
Bills receivable_
7,627
207.373
amt.& exp _ _ 8,330,545 8,246,411 Accounts not yet
500,000
due
4,450,720 3,578,749
402,606
716.807
Accts.receivable 20,158,919 15,365.971 Subscribers dep.
,Unadl. debits_ _
962,342
& serv. billed
Divs. declared._
54,481
658,314
587,870
Mat'ls & suppl's
In advance_ _ _ 1,531,835 1,750,227
Retire't reserve_ 23,679,517 23,434,893
Accrued Income
150,467 Accr. liabilities,
Oper. reserves_ _
199,597
304,677
292,999
not due
not due
Unadj. credits
338,456
413.857
Deferred debits_ 7.155,056 6.991.771
14,680,448 15,261,626
Contriblor ext's
Other def. ere&
386,736
370,783
93,072
104,574
Min.int. in cap.
Res. for accrued
& surplus of
depreciation.76,777,984 68,942,377
Other reserves_ _
directly contr.
316,352
300,289
companies_ _ _
627,063
Approp. surplus 15,161,643 13,997,877
727,819 •
Earned surplus_ 5,845,015 5,292,091
Corporate surp_ 6,690,318 9,769,504
Total
327,272,762 322,048,276
Total
363,745,508 364,094,379
363,745,508 364,094,379
Total
327,272,762 322,048,276
Total
Representsd 13/ 158,080 shares $5 cumulative dlv. cony. &ref. (1931,
-V.135, P. 3165.
15K,080 shares); 19 ,932 shares $5.50 cum. div. pref.(1931, 196, 32 shares),
ange Plan
and 75 000 shares $6 cum. div. pref. (1931, 75,000 shares), all of no arLexington (Ky.) Water Power
value. z Represented by 1,909,734 shares of no par value in 1932 (1931,
• al- -Date- for Deposits --Feb-. 14
Effective
eceivership
1,909.734 shares). a Excludes surplus of constitutent companies accumuPetition Filed.
lated prior to acquisition in an aggregate amount of $8,541,691 (1931.
48,976.772).-V. 136, p. 157.
has ecome effective under which holders of 53 % convertible
The plan
sinking fund gold debentures, due 1953, were given the opportunity, in
Gas Securities Co., New York.
-Dividends.
accordance with terms of the offer dated Dec. 30 1932 (V. 136,p. 158), to
The company recently announced a monthly dividend of M of 1% in scrip
exchange debentures, on a par for par basis, for Associated Electric Co.
on its common stock and the regular monthly dividend of 50c. on its pref.
4%% gold bonds due 1953.
.stock, such dividends being payable Feb. 1 to holders of record Jan. 14.
Delivery of the Associated Electric Co. 4;4%gold bonds due 1953.
were paid on Jan. 3 last.
-V. 136, p. 157.
Like amounts
together with a check for the appropriate interest adjustment, will be made
upon presentation of the deposit receipts to the depositary.
General Water Works & Electric Corp.
-Sale.
For the benefit of such holders of the debentures who have not yet
Chancellor Wolcott of Wilmington, Del., approved Feb. 8 the plan of
deposited the same, the offer of exchange has been extended until the close
reorganization (V. 135, p. 2173) and set March 7 for the sale of the assets
of business Feb. 14 1933, provided, however, that debentures deposited
of the company and of its receivership estate, at a public auction to be held
or postmarked after Feb. 10 1933, will be subject to acceptance. A check
equivalent to the Jan. 1 1933 iterest coupon upon deposited Lexington
at Wilmington. The minimum bid is set at $1.250,000. •
The readjustment committee, which is headed by Wiley F. Conl and indebentures will be promptly forwarded by Transfer and Coupon Paying
Agency whether the debentures are accepted for exchange or not.
cludes W. 'Winans Freeman and Harry Williams Jr., had previously reDebentures should be deposted promptly with Transfer and Coupon
ceived sufficient deposits of deoentures of the company to permit it to dePaying Agency, Room 2308, 61 Broadway, N. Y. City, or Public National
clare the reorganization plan operative.
Bank & Trust Co. of New York, 76 William Street, New York, N. Y.,
Removed from List.
depositary.
The Chicago Stock Exchange has removed from the list the 33i-year 6%
Holders of debentures who may also hold first mortgage 5% bonds due
convertible gold debentures, series A, because of withdrawal from the
1968 of Lexington Water Power Co. are advised that a sufficient amount
-V. 135. p. 4214.
of sufficient bonds to assure a free market.
-market
of such first mortgage bonds for the purpose of the plan has now been
received so that deposits of these bonds will henceforth be "subject to
-Earnings.
Hartford Electric Light Co.
acceptance" dependent upon the availability of Associated Electric bonds
1931.
1930.
1932.
1929.
Calendar Yearsdeliverable in exchange therefor.
Sales of electric current:
New York Debenture Holder Sues for Receivership.
$5,597,676 $5,889,001 85,920.894 $5,757,611
Local sales
1,411,083
1,174,640
Acting on the petition of Louis Mansbach of New York, Federal
1,498,528
Other electrical corps. 1,083.380
193,946
231,031
Judge J. Lyles Glenn at Columbia, has ordered the company to show cause
161,137
223.244
Street railways
at Columbia on Feb. 15 why a receiver should not be appointed. Mr.
$6,842,193 17,257,588 $7,563,008 $7.479,384
Mansbach charged insolvency.
Total
171,052
55,060
227,202
Mr. Mansbach, in his petition, sets forth that he is the owner of deben341,669
Customers' October div_
tures in the sum of $5,000 issued by the company on which interest due
Jan. 1 was not paid. Ile alleges that the company is insolvent, mismanaged
Net sales elec. current $6,671,141 $7.202,528 37.335,806 $7,137,714
2,339
51.317
1oss568
and that its stock is watered.
-V. 135, p. 2492.
68,772
MISC,operating revenues
Total oper. revenues- $6,670,573 $7,204,867 $7,387,123 $7,206,486
3,407,254
3,573,976
Operating exps. & maint 3,153.933
3,849,906
634,776
640,573
583,231
623.046
Retirement res. accrual696,400
674,755
690,000
520.000
Taxes
Net oper. income__ $2,243,408 $2,466,436 $2.497,817 $2,213,533
156,610
179,198
162,180
131,227
Inc. from other sources.
$2,405,588 .2,623.047 $2,677.015 $2,344,761
Total income
2,416
1,581
1,180
5,754
Miscell. interest, &c
2,322,127
2.380,810
2.074.318
2,303,267
Common stock diva
10,963
1,680
21,903
Cr7,177
Adj.for prey. periods,&c
Total added to surplus
$282.825
$297,658
for year
$103,744
Comparative Balance Sheet Dec. 31.
1932.
1931.
1932.
LiabilitiesAssets$
21,000,000
26,401,265 26,123,276 Capital stock
Fixed capital
609,447
766,760 Notes & accounts
Cash
764,311
payable
215,900
Notes & accts. rec. 667,136
713,422 Consumers' & con& suppl 779,272
Material
tractors' deposits
36.279
29,080
34,439
Prepaym't & misc.
Miscellaneous- - -27,648
Conn. Power Co.
2,037,108 2.035,947 Accrued taxes, &c.. 591,879
stock
Retirement res.... 5,685,451
Conn. Power Co.
Contributions for
400,000
notes
line extensions
10,764
157,314
Miseellaneows___. 180,422
Misc. unadjusted
Hartford El. Light
credits
737,203
115,205
Co. corn. stock_ 115,463
3,134,239
203,123 Surplus
Suspense
207,611
Total
31,432,163 30,915,639
-V. 135, P. 1488.
Total
$247,358
1931.
$
21,090,000
179,493
32,831
21,787
562,917
5.349,551
•
10,763
727,800
3,030,494
81,432.163 80,915,639
Illinois Bell Telephone Co.
-Annual Report.
F. 0. Hale, President, states in part:
Net income was 310,125,021, which is $6.75 per average share of capital
stock outstanding, and compares with $8.54 per average share outstanding
Louisiana Steam Generating Corp.-Tenders:
-
The Chase National Bank of the City of New Iork, as trustee, 11 Broad
St., N. Y. City, is inviting tenders of 1st mtge.6% gold bonds, due Nov. 1
1939 for the sale to it, at prices not exceeding 103 and int. of these bonds
In an amount sufficient to exhaust $56,000 in the sinking fund. Proposals
will be received up to 3 p. m. on Feb. 27 1933.-V. 135. P. 3690.
Manchester Electric Co.
-Earnings.
-Calendar Years
1931.
Total operating revenue
$429,518
$486,245
Operating expenses
317,962
322,357
Retirement reserve accrual
20,216
27,130
Taxes
23,392
29,742
Net income
$67.948
$107,014
Other income
2.170
2,006
Total income
$70,118
$109,021
Interest charges, &c
2,408
246
Net income
$67,710
$108,774
Common stock dividends
67,200
68,320
Balance to surplus
$510
$40454
Net direct credits to surplus
Net direct charges to surplus
Dr.10,000
Dr.4,754
Surplus Jan. 1
74,384
110,085
Surplus Dec. 31
$110,085
11787/757
Condensed Balance Sheet Dec. 31.
Assets
1932.
1931.
1932.
Liabilities
Fixed capital
$870,705 $854,313 Common stock _ _ $560,000
Miscell. invests- _ 5,000
5,000 Accounts payable..
33,388
Cash
23,484
28,794 Miscell.
4,005
Notes & accts. ref.
66,208 Taxes accrued_
21,747
69,802
Int.& diva. ref. _
300 unacuustea credits
777
73
Mats.& supplies
27.313 Adv.from MM.cos 100,000
28,356
1,735 Reserves
Prepayments
284,073
1,708
Deferred charges... 105,458
40,682 Surplus
100,595
Total
$1,104,586 $1,024,347
-F. 134, p. 1195.
Total
1930.
$482,141
313,339
22,788
30.933
$115,080
2,128
$117,208
$117,208
69,440
$47,768
91
26,524
$74,384
1931.
$560,000
22,599
1,196
23,275
430
40,000
266,760
110,085
$1,104,586 $1,024,347
Volume 136
Financial Chronicle
'Memphis Natural Gas Co.
-Admitted to Listing.
-
The New York Curb Exchange on Feb. 1 admitted to unlisted trading
j.rlvileges the 918,680 shares of new co
on stock (par $5) boilable share
or;share for old common stock (no par). V. 136, P. 842.
Middlesex & Boston Street
y. Co. -Earnings.-
For income statement for three and 12 months ended Dec. 31 see "Earnings Department" on a preceding page.
-V.135, p.3166.
1015
bonds of the same par value of their old bonds, plus common stock in payment for the defaulted interest payments and interest on the
new bonds
to and including the installment due Dec. 15 1933. Common stock will
be
issued to take care of unsecured notes and accounts payable.-V.1
35.p.4386
oanoke Water Works Co. Removert-front-leiet.--
he Chicago Stock Exchange removed from the list the 1st mtge.
25
5 0
ld boyLs. series A, because of failure to make supplemental -year
application to list V. 134, p. 2721.
-..istMississippi Valley Utilities Corp.
-Court Sets Feb.' 11 ' Rochester
-& Lake Ontario Water Service Corp.
for Argument on Plea to Set Aside Bankruptcy.
Bond Extension Plan.
Judge John P. Nields in Federal Court at Wilmington has
set Feb.
for argument on whether bankruptcy of the corporation, operating 11
in
Tennessee and Mississippi, should be set aside. Walter P. Armstrong,
appointed receiver for the company in western district of Tennessee and
northern district of Mississippi on Jan. 9 of this year, has filed a bill in
the Federal Court asking judge Nields to vacate the bankruptcy. The
bankruptcy adjudication was made on Jan. 27. Armstrong claims the
voluntary petition of bankruptcy for the corporation filed on Jan. 27 by
Samuel R. Morgan of Little Rock, Ark., a large stockholder and claimant
to the Vice-Presidency of the company, was fraudulent in law. Armstrong
claims that Morgan was never legally elected Vice-President of the comaar ana y was aeil of Ie
n cra cthe boarct a dirataarthat i
s d
"utpofized i 7voluntary petition of
2 p tg
E
Montreal Light, Heat & Power Consol.-Earnings.-
Years End. Dec. 311932.
1931.
1930.
1929.
Gross earnings
$24,783,066 $25,410,776 $23,484.080 $22,286,284
expenses
7,758,773
7,880.825
7,493,940 7,099.642
Taxes
1,771,523
1,719.657
1,559,547
1,416,966
Deprec.& renew.reserve 2,478,307
2.541,078
2.348,4C8
1,228,628
Fixed charges
4,021.933
3.502,295 3,138,601
2,803,408
Net income
$8,752,531 $9,766,921 $8,943,584 $8.737,639
Dividends paid
6,733,772
6,586,967
5,837.779 4,890.470
Contingent fund
700,000
700.000
250.000
Pension fund
20,000
20,000
20.000
20,000
Insurance fund
250.000
Balance, surplus
$1,298.759 $2,459,954 $3,085,805
She,corn.stk. outstand- 4,488,925 4,492,042 4,083.674 $3,327,168
2,041,837
Earned per share
$1.95
$2.17
$2.19
$4.28
Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
AssetsS
Liabilities$
Cash & callloans 2,309,361 9,211,567 yCap.stk.& surp 97,016,076 95.690,724
Investments_ - _ 20,721,411 11,855,734 5% bonds
39.970,500 33,777.000
Bills & accounts
Debentures
23,227,150
receivable_ _ 2,004,797 2,311,362 xAccts. payable 3,300,992 3,512,800
aStocks, bonds &
Accrued interest 1,278,725 1,026,139
interest in sub.
Div. payable_- 1,705,889 1,706,976
companies less
Receipts on acct.
depreclation_.147,326,971 133,271,118
of subs.to new
Inventories
339,403
355,641
capital stock_ 2,302,611 18,091,784
Insurance fund_ 1,250,000 1,250,000
Contingent fund 2,650,000 1,950,000
Total
172,701,943 157,005,423
Total
172,701.943 157,005,423
x Including provision for income tax. y Represented by 4.488,925 shares
of no par value in 1932 (1931, 4,492,042 shares, no par). a Includes
Investments other than Dominion Government and municipal bonds shown
separately.
-V. 135. p. 4385.
National Electric Power Co.
-Sale of Collateral.
-
Collateral held by the Chase National Bank securing a loan
Electric Power Co., an affiliate of Middle West Utilities Co., to National
was sold
auction Feb. 7 by Adrian Muller & Son auctioneers in two parcels forat
a
total of $4,068.000. One parcel consisting of $392,500 5% debentures,
due 1978, of the National Public Service Corp., brought $68,000.
second parcel, securing a loan of $5,485,050, brought $4,000,000. The
The
securities were purchased by the Chase National Bank. See also
V. 136.
p.842.
Newport Water Corp.
-Sale Negotiations with City.
-
The City of Newport, R. I., on Feb.7 took its first step toward solving
the problem of increased water rates granted to the Newport Water Corp.
by the Rhode Island P. U. Commission. The Representative Council
passed a resolution directing the Board of Aldermen
investigate the
advisability of purchase and the costs of the properties to the
of
corporation
and to report back to the council their findings and recommendations.
Meanwhile. the Aldermen voted to consider the question of
the Reconstruction Finance Corporation sufficient money borrowing
from
to enable
the City to purchase the properties.
Mayor Sullivan told the board he had written to the R. F. C. asking how
to procure a loan, and had received a letter from
Information on the subject. The letter and datathe corporation inclosing
were sent to the council
for consideration. (Providence "Journal.")
-V. 126, p. 3755.
• New York & Queens County Ry.-To Make Asset
Distribution.
Mortimer N. Buckner, C. Stevenson Newhall and William
Potter, as the
committee representing holders of 1st consol. mtge. 4% gold
bonds,
April 1 1946, announces the receipt from the trustee securing these due
bonds
of a distribution out of the proceeds of the liquidation of the assets of
the
company. The committee is notifying holders of certificates
of deposits
representing these bonds that out of the proceeds received
a
at the rate of $575 per $1,000 principal amount of bonds will bedistribution
made upon
presentation of certificates to City Bank Farmers
Trust Co., 22 William
-V. 135, p. 2493.
St., depositary.
Northern Electric
Co. (Wis.).-Stock Dividend.
Authorization to issue $275.000 of common stock as a
stock dividend
has been granted the company by the Wisconsin P. S. Commission.
The Commission also held as "a condition of this authorization that
company shall not make the future accumulation of surplus aggregatingthe
an
amount equal to the debit accounts carried on the books of the company
for non-public service functions of the corporation the basis for further
stock dividends." V. 126, p. 3298.
Pennsylvania Water & Power Co.
-Curb Ruling.
-
The Committee on Securities of the New York Curb Exchange has ruled
that the common stock of this company be quoted ex-rights Feb. 6 1933;
that on all deliveries after Jan. 30 1933 in settlement of transactions made
prior to Feb. 6 1933 the rights accrue to the purchaser. See also V. 136,
p. 843.
Philadelphia Electric Co.-Acquisitions.-
loylvamitt P. S- Commission announeed-that-itriras approved
Sale
,
the property and fra Izjiz
er Valley ElDtric Co.
to t PhiladeriA.ia Electric Co.
r
The Commission -au.Approved the sale of th
perty and anchises
of the Coatesville Electric Light. Heat & Power 5.. nd the Chester Valley
Electric Light, Heat & Power Co., both of which have been operated
by
the Chester Valley Electric Co.. under lease arrangements made in 1911.
to the Philadelphia Electric Co.
This approves, in effect, the merger of these three
Philadelphia Electric Co., the Commission said. Thecompanies with the
company estimates
that as a result of the merger there will be an average reduction of 14
%%
in domestic charges and 21% in commercial charges in the territory of the
Chester Valley Electric Co.
-V. 135, p. 4035.
Public Utilities Corp., Portland, Me.
-Larger Div.
-
A quarterly dividend of $1.50 per share was recently declared
common stock, par $50, payable Feb. 10 to holders of record Jan. on the
31. A
distribution of $1.25 per share was made on this issue on Aug.
10 and
Nov. 10 1932. PTior to which quarterly dividends of $1.75 per share on
were
paid.-V. 135. p. 819.
111 Republic Gas Corp.
-Over 62% of Bonds Deposited.-
ir More than 62%. or $4,848.000 of the 1st lien coll. 6 7 cony, bonds,
,
0
has
been deposited with the protective committee of which James R. Buck of
James R. Buck & Co., Chicago. is Chairman. Under the committee's
reorganization (V. 135, p. 3692)the bondholders will
plan for a
receive new
Holders of the $2,500,000 1st mtge. 5% gold bonds are offered a
of
$50 for each $1,000 principal amount deposited in accordance bonusan
with
extension of the issue, due March 1, for five years as planned by the company. A letter to bondholders explains the offer as follows:
"On March 1 1933, there becomes due and payable the outstanding
$2,500,000 of the above bonds of which $1,765,000 are in the hands of the
public and $735,000 are deposited with the trustee of the first mortgage
bonds of New York Water Service Corp. New York Water Service
(parent company) covenanted by agreement with Rochester & Corp.
Lake
Ontario Water Service Corp. dated Jan. 26 1928, to pay or cause to be
paid all the funded indebtedness of the company.
"The condition of the security markets, however, prevents the sale of a
refunding issue of New York Water Service Corp.,except upon terms which
the State regulatory body has indicated it is not now willing to approve.
Moreover, Rochester & Lake Ontario Water Service Corp. is
meet this maturity through the sale of a new issue of its own firstunable to
bonds, because, upon payment of the outstanding Rochester mortgage
& Lake
Ontario first mortgage bonds and the discharge of the first mortgage, the
indenture securing* New York Water
lien upon the property. Rochester &Service Corp. bonds became a first
Lake Ontario can, however, in
opinion of counsel, extend the maturity of its present outstanding the
first
mortgage bonds, and in so doing preserve She full benefit of the lien of
the
first mortgage securing its bonds."
The letter then explains that it proposed "to extend for a period of five
years from March 1 1933, the maturity of its first mortgage 5% gold bonds,
such extended bonds to be callable in whole or in part on any interest
payment date at the principal amount thereof and accrued interest.". 135, p.4560.
Shanghai Power Co.
-Loan Underwritten.
-
At the office of American & Foreign Power Co.. Inc., C. E. Calder,
President, announced that a syndicate headed by the Hong Kong & Shanghai Banking Corp. has underwritten 33,000,000 silver taels first mortgage
5%% bonds of Shanghai Power Co., of which 15,000,000 silver taels are
being publicly offered in Shanghai at 96 and int. The bonds run for 40
years and are payable in silver tan's.
Shanghai Power Co. is the company which was organized
American
& Foreign Power Co., Inc., with an international group of by
associates to
purchase the electric power and light property of the International Settlement of Shanghai in 1929.
Payments for the property were arranged on a deferred basis
over a period of years with the last maturities due in 1933. The payable
city
tained a first mortgage for the balance due which had been reduced reto
approximately 28,000,000 silver taels. Therefore this financing will provide the entire balance necessary to completely pay the international Settlement and will place the debt on the property on a long-term basis as
compared with the present short-term maturity.
International Settlement of Shanghai is accepting immediately a letter
of credit of the Hong Kong & Shanghai Banking Corp.covering
due and releasing the lien of their purchase money mortgage. the balance
This financing is being done under a modern form of mortgage similar
to that developed by Electric Bond & Share Co. for financing on other
large public utilities.
Southern Cities Public Utility Co.
-No Interest.
-
See Central Public Service Corp. above.
-V. 135. p. 1493.
Southern New England Telephone Co.
-Report.
-
Calendar Years1932.
1931.
Telephone oper. revs_ 316,111,823
$16,111.823
Telep. oper. expenses..__ 10.881,165 $17,619,179
11,824,184
Net oper. revenues_ _ - $5.230,658 $5,794,995
Uncollectible oper. revs_
167,018
105,416
Taxes
1,142,788
1,176,020
Operating income.._ $3,920,852 $4,513,559
Other income
85,731
180,113
Total income
$4,006,583 $4,693,672
Rents
247,609
260,589
Interest
550,000
550,000
Other deductions
513,413
353,629
Net income
Dividends (8%)
1930.
1929.
$17,559,296 $16.666,185
12,062,627 11,450,012
$5,496,669 $5,216,173
67,119
47,354
1,126,142
1,047,374
$4,303,408 $4.121,447
157,864
141,979
14.461,272 14,263.424
253,486
195.052
337.500
471.830
458.955
21,366
$2,695,561 $3,529.454 $3,411,331 $3,575.176
3,200,000
3,200,000
2.900,000
2,800,000
Balance, surplus
def$504.439
$511.331
$329.454
$775.176
Shares outst'g (par $100)
400.000
400,000
400 000
350,000
Earnings per share
$6.74
$8.82
$10.21
$8.53
Comparative Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
AssetsLiabilities$
$
s
$
Land, bldgs.,plant,
Capital stock
40,000.000 40,000,000
equipment, &c77.462.125 77,098,248 Prem. on cap.stk_
36,080
36.080
Investment securiFunded debt
11.000,000 11,000,000
ties
51,126
50,556 Advances from sysMLscell. invest'ts. 228,680
228,510 tem corporations 7,500,000 6.000.000
Cash & deposits_ _ 900,157
282,216 Notes
1,694,209 1,485,049
Aects.receivable_ _ 1,843,623 2,062.540 Accounts payable_ 1,315,676 1,469,604
Mat's & supplies.. 537,175
589.309 Service bills in adPrepayments
187,914
151,610
vance
400,611
523.424
nerd debit items_ 101,954
15,037 Accr. nab. not due 1,382,062 1,530,912
Advances to sysIns.& casualty res. 103,889
103.930
tem companies_
91,000
86,000 Def. credit items.6,503
4,296
Res.for deprec'n_ _13,693,3%8 13,636,241
Res.for amortiven 242,647
237,988
Surplus
4,028,708 4,536,503
Total
81,403,755 80,564,026
Total
81,403,755 80,564,026
-V. 134, p. 1024.
Southwestern Public Service Co.
-Removed
om
The Chicago Stock Exchange removed from the
let
sinking fund 6% gold bor series A, because of list the to mtge. 20-Yr•
.
failure
make supplemental application to lis
'V. 135. p. 819.
Springfield (Mass.) Street Railway Co.
-Earnings
.
For income statement for 3 and 12 months ended Dec. 31
see "Earnings
Department" on a preceding page.
-V. 135, p. 3357.
Springfield (Mo.) Gas & Electric Co.
-Bonds Sold.
A group composed of Lee Higginson Corp., White, Weld
& Co. and Bodell & Co. have distributed at 86 and int.
to yield 6.11%, a block of $414,000 1st mtge. 5% gold
bonds, series A, due June 1 1957. A circular shows:
Capitalization Outstanding Dec.
1932 (Including This Issue)
1st mtge. gold bonds, series A,5% 31
pref. stock (no par)
4.01,$7 12,475 she.
Common stock (no par)
50,000 she,
a Additional bonds of this or other series issuaNe under
restrictions of
mortgage.
Business.
-Company supplies without competition the
electric power and light, gas and steam heating service in entire commercia
Springfield, Mo.,
and immediately surrounding territory. Electric power
distributed is
now purchased in major part from Empire District
Electric Co., and all
natural gas from Cities Service Gas Co. Company also
owns all outstanding
securities of Springfield Traction Co., supplying entire
electric railway
and bus transportation service. Sales of electric
Dec. 31 1932. were 27,791,026 kwh., and of gas current for year ended
421,503,000 cubic feet.
Earnings Years Ended Dec. 31.
Net Earnings Times Int.
on Funded
After
Net
&On
Debt.
Deprec.
Earnings. Earnings.
1.95
$392,532
3556,728
31,427,043
1926
2.03
407,992
589,898
1,528,245
1927
1.91
383,416
575,375
1,542.188
1928
2.47
496,822
671,135
1,680,523
1929
2.84
571.261
733,877
1,712.410
1930
2.07
415,766
589,416
1,539,523
1931
1.99
400,854
586,167
1,498,219
1932
Consolidated Balance Sheet Dec. 31 1932.
Liabilities
Assets
$1,226,700
87,213,188 $7 pref. stock
Plant, property.&e20.800
17,224 Subscriptions to pref.stock.Cash
50.000
268,855 Common stock (50,000 abs.)..
Accts. & notes rec., less res_ 4,014,000
Funded debt
75,515
Materials ae supplies
1,499
3,038 Notes payable
Prepaid items
65,469
Accounts payable
Acct. rec. from Fed. Light &
122,820
taxes accrued
282,586 Interest &
Traction Co
71.033
270,700 Other liabilities
Deferred charges
101,188
101,188 Coupons payable (see contra)
Dep.to pay matured coupons
1,741.392
Depreciation reserve
107,111
Injuries & damages,&C, res._
710.329
Surplus
Total
-V. 134 p. 3983.
Feb. 11 1933
Financial Chronicle
1016
$8,232,344
$8,232,344
Total
1930.
1931.
1932.
32.452.382 32.567403 32.619.774
1,385.458
1,311.794
1.229.221
227,000
246.813
220,926
276.893
318.000
331.766
1,871,140.
1931.
$275,117
156.308.
23,554
20,995
$105,603
179
$118,432
181
3717,862
600.000
Net income
Common stock dividends
$105.424
05,000
$118.251
105,000
$117,862
17,991
446,348
Balance to surplus
Net direct charges to surplus
Surplus as of Jan. 1
$424
27,628
139,139
$13,252
Cr750.
125,137
Total income
Interest charges, &e
$669,712
34,578
3690,314
44.599
3731,505
13,642
Net income
Common stock dividends
$635,134
600.000
$645,714
600.000
$35,134
6,785
591.855
$45.714
79
546,220
$546,220
3591.855
8620.205
Condensed Balance Sheet Dec. 31.
1932.
1931.
Liablitties1931.
1932.
Assets$8,057,178 $7,974,134 Common stock_36,000,900 36,000,000
Fixed capital
82,309 Bonds (less treas.
67,216
MIscell. invests
14,000
17,000
bonds)
10,
Misc, spec. funds..
700,000
206:692 Notes payable__ __ 250,000
161,902
Cash
107,962
54,265
386,016 Accounts payable_
accts. rec. 424,147
Notes &
54,681
42,954
149 5thiceql. liabilities_
193
Int. & divs. rec_
196.492
179,489
248,451 Taxes accrued____
180,363
Mats.&
7,700 Adv.fromaffil.cos 300,000
9,848
supplies_Prepayments
150,000
4,484 Divs.declared___
150,000
28,421
Deferred charges-1 484
4,703
Unadjusted credits 1,25 :
170 1,167,943
Reserves
620,205
591,855
Surplus
Surplus, Dec. 31
88,939,267 38,919,939
-Earnings.-Tampa Electric Co.
1931.
1932.
1929.
1930.
Calendar Years$33,806,113 $44.256,055 $4,611,978 84,596.430
Total earnings
1,917.743
1.834.335
1,568,207
1,368.402
Operation expenses
264.976
317,173
308.943
259.067
Maintenance
556.411
504.261
475,595 •
469,209
Retirement accruals-.
294.961
343.605
355,434
364.999
Taxes
81,344.436 31.591,844 31.620,834 31.510,141
Net earnings
51,668
47,867
5 .603
36.064
Int. & amort. charges
$1.308.373 31.541.241 $1,569,166 $1,462,273
Net income
2,657,111
2,451,287
2.433,728
2.308.736
Prior earned surplus
83,617.109 33,974,969 84.020.453 $44.119,385
Total surplus
25,036
46,220
164,024
51,861
Net direct charges
$3.565.247 $3,928.749 33.995.417 33.955.360
Balance
70,000
70.000
70.000
70,000
dividends....
Preferred
1,068,456
1,027,195
1,109,879
Common diva.(cash)... 1,268.182
423.233
406.878
440,135
Common diva. (stock).52 287
46
Earned surp. end year $2,227.066 $2,308,736 $2.433,728 $2,451:5 1
545.723
567,730
567.730
(no par)
Shs.com.stk.out.
8.75
32.65
$.59
$2.18
Earnings per share
Consolidated Comparative Balance Sheet Dec. 31.
• 1932.
1931.
1931.
1932.
$
8
Liabilities$
$
AssetsPlant & property-17,351,882 17,251.884 Pref. stock 7%___ 1,000.000 1,000,000
406.390 aCom.stk.(no par)11,357,253 11,357,253
500,138
Cash
456,500 1,082,000
682,000 Bonds
Ctbs. of deposit- 282,000
60,098
60,068
Accounts payable.
U.S. Treas. ctfs__ 303,000
192,587
15,588 Cust. deposits__ 193,473
26,519
Notes receivable_
10,292
49,798
428,978 Accrued interest-Accts. receivable_ 475,353
7
:47
35
224 6 1
278,157 Accrued taxes-- 253.770
Materials & supp. 253,007
18,385 Miso. liabilities 42,432
prepayments
Retirem't reserve_ 3,556,842 3,157,808
Subscribers to corn.
132,104
124,312
985 Contrib.for erten_
stock
49,506
47,814
6,017 Operating reserves
6,018
Miscell. Investls.
:1
420
27 191
18,647
141
1,034 Unadjusted credits
Sinking funds
Corn.
55,000 Co. stk. subscr_
Bonds In escrow_
43,977
37,500 Earned surplus__ 2.227,066 2,308,736
debits
Unadjusted
459,608
29,394
Treasury securities
19,313,860 19,641,527
Total
19,313 860 19,641,527
Total
-V. 136. p. 659.
a Represented by 567.730 shares of no par value.
1929.
1930.
1931.
1932.
Calendar YearsRev, from transport'n-- $9.032,748 $10,515.314 $12,210.248 $13,373.735
114.241
114.074
115,807
84,611
revenue
Other
Total oper. revenue... 39.117.359 $10,631.121 312,324.322 313.487,976
1,215,987
6,717
952.192955,6711,07
Way and structures
1,113,743
977.905
868,131
750,232
Equipment
1,122.082
1,107.720
1.087.192
1,003.755
Power
4,380.316
4,029.683
3.671.442
Conducting transport'n- 2,975,205
43.608
40.942
54.557
55.898
Traffic
978.306
931.214
838.608
672,139
Motor bus expenses....
1.076.390
1.031.117
934.497
815.909
General and miscell
37.225.328 $8,410.097 89.195.298 39,930.434
Total oper. expenses
3,557.542
3.129.024
2,221.024
Net operating revenue.- 1,892,031
1.201.923
875.167
721,853
666.899
Taxes
$1,499.171 32,253.857 $2,355,619
$1,225.132
Operating income
121,977
138.465
138.024
124.828
Non-operating income-.
$1,349,960 $1,637,195 32.392.322 32,477.596
Gross income
1.207.610
1.208.415
1,185.280
funded debt., 1.174.446
Interest on
14.107
24.153
56.786
62.234
Miscellaneous
$395,129 81,159,754 31.255.879
3113.280
,
Nei income
210.000
210.000
Prof. dividends(7%).....210,000
880.000
880.000
Common dividends....
$165,879
$69.754
3185,129
3113.280
Balance, surplus
Shares of common outx220,000
x220,000
21220,000
220,t.00
standing (no par)
$4.75
$4.32
$0.84
Earns. per share on com.
x Par $100.
271,862
15,629,641
156,816
Gross income
Interest charges
Operating income
Other income
m
192,947
647,600•
$74,161
44,271
3730.423
E081
-Earnings.
Twin City Rapid Transit Co.
188,353
2,323.
$63.891
41.712
$690.895
Dr581
Total
880,000
1932.
3267,471
161,834
20,000
21.745
Years Ended Dec. 31Total operating revenue
Operating expenses
Retirement reserve accrual
Taxes
$670,469
Dr757
$8,939,267 $8,919,939
Total
-V. 136. P. 8
43.
22,000,000•
Total
64,026,795 66,818,681
64,026,795 66,818,681
Total
x Created by change from $100 par value per share to stock without
par value with a stated value of $11,000,000 the number of shares remaining
unchanged. y 220,000 shares no par in 1932 (1931, 220,000 shares $100.
-V. 135. P. 4215.
Par).
Operating income
Other income
Balance to surplus
Net direct charges to surplus
Surplus, Jan. 1
1931.
22,000,000•
3,000,000.
-Earnings.
Union Electric Light & Power Co.(Conn.).
-Earnings.
Stamford Gas & Electric Co.
Calendar YearsTotal operating revenue
Operating expenses
Retirement reserve acctual
Taxes
Consolidated Balance sheet Dec. 31.
1932.
1931.
1932.
Liabilities
Road & equIpm1.513,993.099 81,240,108 y Common stock 11,000,000
Preferred stock- 3,000,000
Trust fund for seFunded debt uncured div. notes
21,818,000
380,000
amortised
880,000
and scrip Ms5,771 Secured div. notes
Misc. phys•ProP-.
5 771
329,632 and scrip des_ __ 880,000
Other investments 335,192
Audited accts, and
Deposits in lieu of
35,518
14,727
12,377
mtgd. prop. sold
wages Payable_
1,172,216 1,849,771 Miscell. accts. DRY.
Cash
791
23,038 Accrued list, (not
Loans & notes rec. 143,726
190,623
24,293
57,612
due)
Int.& diva. receiv.
609,147
85,954 Tax liability
Misc. accts. recelv. 110,560
775,616
706.210 Reserve for injuries
Material & supP
285,044
and damages_ _
Injuries and dam107,265 Res.for deprec'n _.15,463,894
ages reserve fund 107,265
Unadjusted credits 145,385
Rent and insurance
43,594 Capital surplus_ _ _x8,724,412
59,415
paid in advance_
1,873,980
Profit and loss__
Disc, and exp. on
fund. dt. amort. 1,404,915 1,477,351
Assets
$139,133
$111,935
Surplus as of Dec.31
Comparative Balance Sheet Dec. 31.
1932.
1931.
Liabtlitie-Assets
3922,140 3910.i02 Common stock. 31,076.250 $1,050,000
Fixed capital
40,593
9,481
88,405 Accounts payable_
60,519
Cash
80,842 M Breit. liabilities_
4,410
4,683
38,312
Notes dc accts. pay
20,791
10.498 Taxes accrued.___
20,765
8,216
Materials & suppl_
979
2,287 Interest accrued__
1,035
2,052
Prepayments
Miceli. unadj. cr.
358
494
Invest,to alit].cos.
64,750 Reserves
185,258
176,960
64,775
stock
Surplus
111,935
139.139
Invest,to atilt. cos.
8,000
7,000
adv
260,803
Miscell. investm'ts 298,578
5,563
.5,445
MLsc,special funds
1,558
2,590
Suspense
31,409,629 81,433,405
Total
-V. 126, p. 3299.
Total
81,409,630 51,433,405
INDUSTRIAL AND MISCELLANEOUS.
-wage
Printers Scale Cut 10%.-A board of arbitration has reduced the
scale of printers in newspaper plants in Baltimore, Md. 10%. The former
scale was $50.50 for day work and $53.50 for night shifts. "Wall Street
-,
It- 41
Journal" Feb. 7. R. 5.
Matters Covered in the "Chronicle of Feb. 4.-(a) Tire prices cut by major
companies. 13. 729;(b) Second consecutive increase reported in distribution
of automobiles in Mid-West during December. p. 729; (c) new model announced by De Soto Motor Corp., p. 730;(d) Good volume of business in
lead. Copper price holds. Zinc Is lower. p. 732;(e) Second largest dividend
in history of Metropolitan Life Insurance Co. to be paid to policyholders,
p. 748; (f) Report of Reconstruction Finance Corporation for period from
Feb. 2 1932 to July 20 1932.p. 760; (g) Report for December of Reconstruction Finance Corp.. p. 773.
Abbott Laboratories, No.
Dollar Volumes Show Gain.
Chicago, Ill.
-Unit
and
January was the third consecutive month in which both unit volume
and dollar volume of sales were larger than in the previous like period.
January dollar volume was 12% ahead of January 1932. Sales during
November and December 1932 were larger than in the like periodsrof
either 1931 or 1930 in both dollar and unit volume.
Last year the company spent more for research than in any previous
year and it is understood that the new products introduced have been
-V. 136. p. 329.
an important factor in bolstering business volume.
-Earnings.Acme Steel Co.
1931.
1932.
4
1929.' 1
1930.
Calendar Years9
76 775
$493: 34 $1,144.777 $2,945,844
$95.471
Net operating profit.70.512
77.065
75.517
Bond interest
3.619
50,731
315,566
128.311
Federal taxes.
_
--$372.027
$21,340
- $940.949 $2.553,214
Net income
Earns per sh. on capital
$00.06
$1.08
$9.30
$2.74
stock (par $25)
Comparative Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
3
Liabilities$
$
Assets
Capital stock
8,576,150 8,576.150
Land, buildings dc
7,787,179 8,283,757 Bonds
1,160.500 1,206.500
equipment
128,135 Dividends payable
125,702
85.762
137.218
Patents
406,922 Accounts payable_
633,160
83,900
191,954
Cash
898.580 Bond int. accrued_
Accts.receivable-- 554,703
23,065
24,130
50,717 Reserve for taxes_
41,506
Bills receivable...
140,787
136,828
27,000 Surplus
32.722
Stocks and bonds_
698,045 1,033,399
248.511
262,097
Treasury stock _ _
32,352
31,177
Sinking fund
1,315,043 1,425,216
Merchandise
6,989
4,921
Deferred charges__
10,768,209 11,306,180
Total
-V. 134, D. 4494.
Total
10,788,209 11,300,180
Alaska Juneau Gold Mining Co.
-Earnings.
For income statement for month of January see "Earnings Department"
on a preceding page.
-V. 136, p. 160.
Alexander Building Corp., Montreal.
-Plan Approved.
Bondholders have approved the plan of reorganization. Under the plan
bondholders will receive a new 6% first mortgage cumulative income bond,
principal and interest payable in Canadian funds, in exchange for the
present 6% first mortgage bonds, principal and Interest of which are
payable, at the option of the holder, in Canada and the United States.
The capital of the company is to be increased from 10.000 to 30,000
shares (no par value). Of these 30.000 shares, 10.000 will be given to the
holders of the $300,000 of debentures who have agreed to surrender their
debentures for cancellation, and the balance will be distributed among the
bondholders on the basis of one share of common stock for $100 of bonds.
The board of directors is to be increased from five to six, four of whom
will represent the bondholders. For this purposethe meeting nominated
J. A. Pariseau and W. S. Lighthail. Montreal; A. E. Corrigan and G. W.
Mitchell of Ottawa., The other two directors arerE4 R. Parkins.W.0..
Financial Chronicle
Volume 136
representing the debenture holders and J. S. Aird, of Nesbitt, Thomson
& Co.
-V.135. p. 4216.
Alliance Investment Corp.
-Earnings.
-
Years End. Dec. 31Divs.(excl,stock divs.)Interest on bonds
Interest on call loans & 1
bank balances
1932.
184,040
Total
Interest on debentures _ _
Interest on bank loans-Bond disc. & expense_ _ _
Miscellaneous expense
Reserve for taxes, &c_
$112,550
28,509
1931.
$172,584
1929.
$209,948
28,462
30,9691
5
11, 86
30,111
$203,554
92,3181
$260,510
121.978
12.149
17,434
1,200
$268,522
128,278
14,410
12,072
10,562
13.000
1107.747
loss17,852
$90,200
224,589
62,126
9,601
1930.
$223,098
25.824
11,367
1,487
Operating income_ -- $40,822
$98.382
Profit on securities sold_ 1oss462,344 1ess359,666
Profit from retirement of
debentures
89,752
129,660
Totali ncome
def$331,770 deft131.624
Preferred stock dive_
30 000
Common stock diva_
179,289
$269.184
60.000
112.089
Net profita
def$331,770 def$161.624
7.095
Surplus Statement Jen it o Dec. 31 1932.
Capital & earned surplus. Jan. 1 1932
Net income from income statement
Profit on debentures retired during 1932
Adjustment of profit & loss from sale of securities sold during
prior years
Cancellation of reserve for dividends
$314.789
60,000
143.964
1110.824
1,932,823
40,822
89,753
38.206
128
linamortized debenture discount & expense applicable to deben- $2.101,731
tures retired during 1932
19,471
Net loss on securities sold, based on cost
462,344
Total capital & earned surplus at Dec.31 1932
$1,619,916
Balance Sheet Dec. 31.
Asse s1932.
1931.
1932.
1931.
Cash In banks_ _ _ $63,397 $100,296 Accr.int. on debs. $24,750
32,512
Cash for deb.Int__
24,750
32,512 Unclaimed dive__
746
704
Accr. Int. on Inv__
9,056
11,257 Res. for Federal
Invests, at cost_ _b 3,843,116 4,402,967
2,422
25,000
taxes,&c
Bond din.& exp.83,805
87,680 Reserve for dive.
Furniture & flat.
against exercise
ess for deprec._
5,190
5,534
of stock purch.
1,534
1.406
warrants
985.000 1,272.500
5% gold debens
Prefstk.(par 6100) 1,000.000 1,000,000
376,074
aCommon stocks. 375,074
Capital & earned
1,619,916 1.932,823
surplus
Total
$4,009,313 $4,640,147
84,009.313 $4,640.148
Total
a Represented by 187,537 no par shares. There are also 34,625 shares
reserved against exercise of common stock purchase warrants at $30 per
share to Jan. 2 1934; at $35 per share to Jan. 2 1936; at 140 per share to
Jan. 2 1938. Of these warrants, 9,625 are attached to the 5% gold debentures. b The market value of securities owned Dec.31 1932 was$1,220,494
against 11.551,334 in 1931.
The report contains a list of the companies in which company has an
Investment of $3,000 or more Dec. 31 1932.-V. 134. p. 1372.
Allied General Corp.
-Investment Trust Average.
The corporation's investment trust common stock index again registered
little change during the week ended Feb. 3, fluctuating irregularly with
the general market. The average for the common stocks of the five leading
management trusts, influenced by the leverage factor, stood at 10.02 on
that date, compared with 10.59 on Jan. 27 and 10.73 on Dec. 31 1932.
The average of the non
stood at 10.37 as
in Feb. 3, as against 10.88-leverage stocksthe previous week. of the close
at the close of
The average
Of the mutual funds, which are usually quoted on an asset value basis,
stood at 7.91 on Feb. 3 against 8.34 at the close of the previous week
V. 136. p. 844.
Allied Kid Co.
-To Purchase Preferred Shares.
-
The company has notified holders of the preferred stock it has been voted
to invest up to $200,000 in the purchase of its pref. stock. Tenders are
asked from stockholders of record Jan. 26. The lowest tenders will be
accepted first until the sum of $200,000 is exhausted.
-V.135, p. 2496.
''-American Austin Car Co., Inc.
-Reorganization Necessary.The"Wall Street Journal" states: "The company produced an average
of 600 cars a month during the last five months of 1932. In 1930 8,558
cars were shipped; in 1931, 1.279; in 1932, 3,846. A major share of the
cars sold during the past year went to Southern States where gasoline taxes
are high and where earning power of the population has been sharply
reduced.
'
The new management has liquidated a major part of its original excessive commitments for materials, amounting to 11,250,000.
"While the company has made progress in developing markets for its
car, it still has many difficulties confronting it. The organization has
been operating with practically no working capital. It still is faced with
about 11.250,000 in outstanding notes and other obligations. At some
Lime in the future it must go through a financial reorganization.
-V. 135,
p. 4456.
American Bakeries Corp. (8c Subs.).-Earnings,
Div. 27 '30.
Years EndedDec. 31 '32. Dec. 26
Netincome after all charges,including
'
depreciation and taxes
y$32.426
$312.849
July. paid by sub. Co. on pref. stock__
37,309
40,068
Net Income accruing to parent co.._ def$4.973
Dividends paid by parent company:
Preferred stock
' 132,454
Class A stock
14,624
Preto. on pref. stock of sub. retired
676
State of Georgia income tax-1929_
929
en
equipment dismantled
i
- ----Decrease In surplus for year
$181,138
Previous surplus
777,407
$622,122
40,526
$272,781
$581.595
139,839
175,486
179
145,964
175,485
100
5,256
3,143
$42.723 inc$251447
820,129
568,483
Total surplus
$596.269
$777,407
3820,129
Earnings per share on 90.000 aim. of
clam B stock (no par)
Nil
Nil
x Loss on abandonment of equipment. y Includes miscellaneous in$2 9
come of $22,197 and after depreciation of $279.917.
Consolidated Balance Sheet.
Dec. 31'32. Dec. 26'31. LiabilitiesAssetsDec. 31'32. Dec. 26'31.
$382,318 $419,606 Accts. payable and
Cash
2,591
acced liabilities_ $60,864
U. S. Treas. bonds
$93,048
Res.In lieu of salesaccts.
64,215
108.024
men's fidel. bds_
receivable
1,258
19;232
19,756 Provision for FedbSundry accts.reo_
183,801
226,027 eml taxes
Inventorial
15,743
56,776
22,010 7% cum. pref. stk.
28,372
Prepaid expenses_
363,644
of subsid. co
554,800
Invests. (at coet)_ f400,960
574,800
cPlant & equipm't 2,966,888 3,164,044 7% cum. pref.stk. 2,100,200 2,100.200
2,133,467 2,131,630 dClass A stock___ 2,682.510 2,582,510
Good-will
eClass II stock.... 270.000
270,000
596,269
Surplus
777,407
86.181,644 86,454,741
Total
$6,181,644 $6,454,741
Total
a After reserve of $10,000. b After reserve of $15,950 in 1932 and
$12.750 in 1931. c After reserve for depreciation of $1,385,772 in 1932
and $1,234,605 In 1931. d Represented by 58.500 no par shares. e Represented by 90.000 no par shares. f Includes investments in American
1017
Bakeries Corp. as follows: 7% cum. pref.stock. 2,210 shs.,$171,900;class A
,
stock, 1,350 shs.. $8,491; class B stock. 10,000 abs., $186,975; and American Bakeries Co. 7% cum. pref. stock, 345 she., held for retirement,
valued at $32,994.-V. 134, p. 4495.
American Bankstocks Corp.
-Stock Increased, &c.
-
An increase in the authorized capitalization from 600,000 to 3,000,000
shares is one of four important amendments to the charter of this corporation approved at a special meeting of the stockholders on Feb. 7, it is announced by Packliff, Whittaker & Loomis, Inc., sponsors and wholesale
distributors for this restricted management investment fund.
Orders for more than 150.000 shares above the capitalization had been
received by investment dealers prior to the meeting which authorized this
charter amendment, according to Herbert L. Rackliff, President of the
sponsoring company. "In view of the unusual demand for the corporation's shares during January and the current month, we anticipate a sub.
stantial further expansion,' Mr. Rocklin' said.
Permission also was gained for the corporation to invest in U. S. Government securities in order that a higher rate of interest may be obtained when
cash assets are not currently invested in bank stocks.
Further amendments to the charter were made in order to determine
more exactly the method of ascertaining liquidating value and at the same
time enable shareholders; o receive such liquidating value more promptly
whenever shares are presented for conversion nto cash
The maximum number of directors, formerly placed at 15. has besot ncreased to 25 under a further charter amendment. The membership of the
board now consists of nine men widely known in banking and industry,
headed by Lewis L. Clarke. Chairman,formerly Chairman of the executivecommittee of the Irving Bank & Trust Co.
General Samuel McRoberts, a director of the Manufacturers Trust Co.,
National Surety Co. and many other well known corporations, has been
elected a member of the board of directors
he American Bankstocks
Corp
G. Foster Smith, ormer President of the Nassau National Bank and
director of South Brooklyn Savings Bank, has been appointed Secretary
Treasurer.
-V.136. p. 495.
' - •American Beverage Corp.-Admittert7;'
- •( he New York Curb Exchange on Feb. 1, admitted to unlisted trading
r1
T
p vileges the 134.460 shares of new ctirfon stock (par $g) tesuable share
for share for old common stock (no par).
V. 128, p. 2632.
American Chicle Co.
-Report for 1932.Thomas H. Blodgett. Chairman and President. states:
Directors recommend that at the forthcoming annual meeting 20,006
shares of stock acquired during 1932 and held in the treasury be retired
and canceled. Should this action be taken the total number of shares
outstanding will be 470.000.
Comparatite profit and loss statement and certified balance sheet are
appended.
Consolidated Income Account for Calendar Years.
1932.
1931.
1930.
1929.
bGross profit
a$4,266,379 44,692.445 a$5.030.765 $4.827.240
Selling & adm.expenses- 2,352.773
2,467,398
2,646.943
2,626,969
Net earnings
Other income (net)
81.913,606 $2,225,047 $2,383,822 32.200,272
142.656
149,411
146,316
209,626
Gross income
Interest, discount, &c_
Income taxes
$2.056,262 82,374.458 $2.530,138 $2,409.897
28,128
292.869
285,336
320,093
274,173
Balance, surplus
Previous surplus
11,763,393 $2,089,122 12.210.045 12.107.596
4.018,437
3,414.024 2.696,285
2,847,442
Total surplus
85,781.830 $5,503.146 $4.906,330 84.955.038
Diva, prior preferred _
46.579
Common stk. div.(15%)
652,169
Common dividends_ _ _ _ 1,427.708
1,484.709
1.492,306
1,019.567
Surplus adjustment..
c540,438
Diff. between cost &
stated val. of 10.000
she. cap. stk. retired_ _
261.240
Loss on sale of market.
sec. in excess ofreserv.
69.296
Surplus
14.023.586 $4,018,437 $3.414,024 $2,696.285
Shs. corn. outst.(no par)
490,000
500.000
500,000
500.000
Earned per share
$3.60
$4.18
$4.42
$4.22
a After deducting:
1930.
929.
Depreciation
169,98
6
16(091
/75.
05
Not
General reserves...
88,201
81,722
95,470
stated.
b Gross profit from sales after deducting cost of materia . labor and
manufacturing expenses including depreciation. c Includes write-down
of good-will and premium on prior preference stock less credit from 62.199
shares common stock sold at $40 per share (less underwriting commission)
recorded at 110 stated value.
Consolidated Balance Sheet Dec.31.
Assets1932.
1931.
1932.
1931.
aLand, bides. dr
cCommon stock_ _$4,900,000 $5,000,000
mach'y,after deAccounts payable_
85,549
87,119
predation
$2,082,803 $2,182,322 Accruals
105.131
330.703
Good-will, pats. az
General reserves
163,079
86.907
trade-marks.__ 1,500,000 1.500.000 Federal Inc. taxes_ 286,828
281,747
Marketable secure. 1,702.067 1,278,896 Earned Surplus....4,023,586 4,018,437
Treasury stock
593,281
441,855
Cash
847,957
865,545
1, Accts.receivable 362,737
422,028
Inventories
2,062,661 2,612,999
Inv.& note ma__ 326.104
368,840
Prepayments
88.582
142,410
$9,564,172 $9,804.915
Total
$9,564,172 $9.804,915
Total
a After depreciation of 82.467,928 in 1932 and $2,347.535 in 1931.
b After reserves of $38.767 in 1932 and 141,036 in 1931. c Reprefierted
by 490.000 shares of no par in 1932 and 500,000 in 1931.-V. 136, p. 844
-Divider is
.American & Continental Corp.
The directors on Feb. 3 declared a dividend of 50 cents per share on
the class A and common stocks, payable March 1 1933 to holders of record
Feb. 15 1933. A similar distribution was made on these issues on March 1
-V. 135, P. 2833.
1930; none since.
American Department Stores Corp. (Del.).-Ezchangs
Plan Declared Operative.
The offer of the corporation for the purchase of its outstanding lsit
pref. stock, representing the first step in its recapitalization plan has been
declared operative, according to an announcement issued by the company.
More than 75% of the 81,700.000 outstanding 1st pref. (1100 par) was
deposited, in addition to which the directors authorized the company's
officers to accept a substantial amount of stock which was mailed late.)
Terms of Plan Outlined.
Under the terms of the plan each 1st pref. stockholder is to receive $51)
In 6% debenture notes, together with one share of common stock. Guaran y Trust Co., 149 Broadway, N. Y. City, is depositary.
.
,
,By this action, explains a statement issued by the directors, "the
company eliminated the dividend arrears on the 1st pref. stock in the
amount of $15.75 per share, and in consideration of the 1st pref. stockholders taking a 50% write-off in face value, they are to receive in addition to the share of common stock interest bearing obligations of the
company, thus becoming direct creditors.
'Schluter & Co., Inc.. New York and Chicago, bankers for the company, announced that inasmuch as some of the stockholders were not
reached and through no fault of their own were unable to deposit their
shares under the original 'offer and plan' tenders to these stockholders
would be received for the time being. The bankers added that they
would then request the company to provide for these stockholders on
favorable terms,if not equally as good as for those who deposited promptly."
Description of 6% Sinking Fund Gold Notes.
Dated Dec. 31 1932; due Dec. 31 1947. Denoms. of 81.00 $500,
$100 and $50 c* Prin. and int. payable at office of Chase National
Bank. New York, trustee. Int. payable on Dec. 31 1933 for the yeas
.
1933 and semi-annually thereafter on June 30 and Dec. 31. Red. as a
whole or in part on not less than 40 nor more than 50 days' notice at 100
and int. prior to maturity.
-Corporation has agreed that so long as any of these
Sinking Fund.
notes are outstanding, it will, on or before June 1 1933, and annually
thereafter, set aside as a sinking fund for the purchase and retirement
of these notes, an amount equal to 20% of its available net earnings in
the fiscal year ended the preceding Jan. 31. This sinking fund shall
be applied by the corporation to the retirement of notes by purchase at
or below the redemption price, or if not so obtainable, by redemption.
Security.-These notes are the direct obligation of corporation, and upon
issuance will be its only interest bearing obligation, other than current
loans, outstanding with the public. This issue of notes as provided in
the indenture is subordinate principal and interest to any indebtednes
for money loaned heretofore or hereafter to the corporation. This provision is necessary to protect present creditors and keep open any lines
of credit from banks or bankers that might be available to the parent
company as a going concern.
Pro Forma Condensed Consolidated Balance Sheet Nov. 30 1932.
(After giving effect to acceptance of offer or purchase of stock by twothirds of the first preferred stockholders.)
LiabttUlesAssets
874.500
536,833 Notes payable-banks
Cash
164,709
Others
559,376
& notes receivable
Accounts
241,817
78,430 Accounts payable
Due from insurance cos
82,308
75,000 Accrued expenses
Advs.to Brager-Eisenberg,Inc
718,774 J. D. Purcell, installment
Merchandise inventories- - _ _
1,546
payable In 1932
43,146
Prepaid & deferred charges- 90,000
13,945 Mtge. on real estate
Due from closed banks--net_
J. D.Purcell, balance of purCap.stk.of Brager-Eisenberg,
141,044
chase price
847,232
• Inc
931,000
6,003 b6% gold debentures
eundry investments
570,333
a746,152 6% sinking fund gold notes-Property accounts
570,333
74,480 1st preferred stock
Unamortized deb. discount_..
273,120
64,425 2d preferred stock
Organization expense
354,355
376.308 Common stock
Good-will
145,038
Surplus
$3,640,103
Total
83,640,103
Total
• a After depreciation of $513,062. b Are obligations of American
Store Corp. of Pa., subsidiary holding company, which owns
Department
-V. 134% p. 2912.
and operates four stores in western Pennsylvania.
American Electric Securities Corp.-Sturk-Off-List.-"
The New York Curb Exchange has suspended dealings in the particIpat-V. 136. p. 660.
ng preferred stock.
--Earnings.
American Furniture Co., Inc.
Earnings for Year Ended Nov. 30 1932.
Operating profit for year
Reserve for doubtful accounts
Reserve for depreciation
$2,942
50,000
56,403
$103,461
62,170
• Net loss
Previous surplus
Deficit
Dividends paid
$41,291
80,791
Total deficit
$122,082
Resources
Cash
Cash deposits
Accounts receivable
Bills receivable
Inventory
Plant real estate
Tenement real estate
Buildings
Tenement houses
Sprinkler and heating
Machinery and fixtures
Stock in other companies
Prepaid insurance
Feb. 11 1933
Financial Chronicle
1018
Balance Sheet Nov. 30 1932.
Liabilities
$20,150
832,978 Accounts payable
4,763 Bills payable
25,000
8,333
294,469 Accrued labor
17,150
19,609 Accrued commissions, &i:i
542,043
352,916 Reserve, depreciation
65,000
98.850 Res.for doubtful accounts_ _ _.
54,600 Capital stock class A
868,300
632,212 Capital stock class B
1,025.000
44,500
178.537 Capital stock no par corn
122,082
99,618 Deficit
689,343
31,000
4,500
Total
J
-V. 135, p. 4561.
$2,493,394
$2,493,394
Total
-To Change Par.
American Home Products Corp.
Balance Sheet Dec. 31.
1931.
1932.
Liabilities1931.
Assets1932.
$7,559
$3,318
Taxes accrued....
& secured
Cash
42
60
demand loans__ $456,648 $531,872 Dive. unclaimed...
12,020
10,685
aReserves
Divs. rec. & int.
749,460
31,667 Capital surplus__ _ 1,089,287
accrued
26,951
584,599
Earned surplus._ _ 706,086
cNet book value of
securities
3,627,028 6.881,480 Preferred stock_ _ _d1,358,9001660114,105
2,765 Common stock. _ _ e947,441f
3,152
Deferred charges _
$4,113,778 $7,447,784
Total
Total
$4.113,779 $7,447,784
a Includes dividends accrued. b Represented by 27,138 shares $3 cum.
pref. stock and 947,441 shares class B common stock, both of no par value.
c Securities owned at cost, less reserve for depreciation, of 88,333,664 in
1932, and 26,522,982 in 1931. The market value of securities owned
Dec. 31 was $3.644.456 in 1932, and $3.998,146 in 1931. d Represented
by 27,138 no par shares. e Par value $1.-V. 136, p. 660.
American Re-Insurance Co.
-Annual Report.
The premiums written in 1932 were $759,719 compared to $1,413,627
in 1931. The decrease was caused largely by general business conditions.
The income from investments for the year amounted to $358,963 and dividends paid totaled 3250.000
Balance Sheet Dec.311932.
Assets
$6,501,076 Workmen's compen.& liability
and stocks
Bonds
$1,467,276
legal loss reserve
Mortgage loans guaranteed- _ 239,300
18.000 Res,for other losses & claims- 207,842
Other mortgage loans
341,069 Unearned premium reserve. - 408,580
Cash
34,907 Commissions payable
10,584
Premiums not over 90 days due
14,062 Reserve for taxes, reinsur., &c. 120,000
Reinsuarance recoverable_ __
59.191 Contingency reserve
1,633.901
Accrued interest
Voluntary catastrophe reserve 500,000
Capital stock
1,000,000
Surplus
1,859.420
57,207,607
Total
.
7
-V. 135, p. 632.
1932.
$2,165,427
174,579
Tota lincome
Administrative expenses
Interest
Taxes and legal expenses
Stock transf. & stock ctfs.
expenses
Def. chgs. written off
during year
Divs.accr. on pref.stock
Net loss on sale ofsecurs.
1932.
1929.
$321,961
3,590
$371,817
16,305
11,825
18,800
45,656
3245.193
31,837
5
4,865
$344.351
32,070
1.779
10.409
$433,778
34,863
14,510
13,757
$354,074
33.025
21,699
29,417
6.000
6,500
10,998
29,634
27,072
10,177
x93,230
7,896
$199,476
34,780
119,817
$232,402
3229.170
$293,592
Balance to surplus- -- y$202,487
x After crediting $160,185 proceeds on sales of certain stock dividends
transactions
received in 1930 and prior years. y Net losses from security
amounting to $1,639,254 were charged against reserve for depreciation
during 1932.
Surplus Account Dec. 31 1932.
$584,599
Earned surplus, Dec. 31 1931
220
Readjustment for 1929 Federal taxes
202,487
Net oper.income for year 1932(as above)
$787,305
Total
81,219
Div.for 12 mos.on $3 pref. stock paid & accrued to Dec.31 1932$706,086
Earned surplus, Dec. 31 1932
$749,459
Capital surplus, Dec. 31 1931
surplus created by action of stockholders at annual
Additional
meeting May 24 1932, by changing the common stock from a
3.789,764
stated value of$5 to par value of$1 per share
$4,539,224
Total
3,449,936
Additional reserve for depreciation
Capita surplus, Dec. 31 1932
$1,089,287
51.795,373
Total surplus, Dec.31 1932
Statement of Reserve for Depreciation, Year Ended Dec.31 1932.
$6,522,982
Balance, Dec.31 1931
3,449,936
Amount provided from capital surplus during year
Total
Netlossesfrom security transactions
Balance Dec. 31 1932
119,972,919
1.639,254
$8,333,664
1929.
Not
Reported.
81,818,026 $1,916,132 $1,893,049 $2,109,581
Net earnings
237,168
237,168
237.168
237,168
Pref. dividends (6%).. 1.430 000
1,430,000
1,430,000
1,540,000
Common dividends
(14%)
(13%)
(13%)
Rate
(13%)
$150,858
Balance, surplus
7,152,295
Previous surplus
Surplus res.for wk. cap.
$248.964
6,205,057
698,273
$225,881
5,979,176
698.273
$332,413
5,646,764
698,273
Profit & loss surplus__ $7,303,152 $7,152.295 $6.903,330 $6,677,450
Shares of common out440,000
440,000
440.000
440.000
standing (par $25)- -$2.59
$3.81
$4.25
Earns. per share on corn.
$3.76
Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
LiabilitiesAssets
$
$
Preferred stock... 3,952,800 3,952,800
Real estate, machinery & fiat__ 2,270,521 2,248.764 Common stock.. _11,000,000 11,000,000
59,292
59,292
Tr.-mks.g-will A0.10.126.986 10,126,996 Prof. div. payable_
6,503,022 6,848,499 Corn. div. payable 440,000
440,000
Supplies, &a
3,182,774 2,849,691 Taxes,insur., adv.,
Securities
dise'ts, &e., res_ 1,194,266 1,170,767
2,040,970 1,377,410
Cash
822,606 1,244,962 Depreciation res__ 2,107,124 1,964,499
Accts. receivable
1,196.528 1,148,559 Accounts payable_
118,316
104,590
Notes receivable
13.078 Undivided profits_ 7,303,152 7,152,295
17,809
Unexpired insur
26,161,225 25,857,957
Total
-V. 135, p. 4036.
Total income
Expenses
Taxes
Net losses
$229,925
3.443
1930.
$2,154,789
Total income
375
Interest paid
336,389
Federal & State taxes__ _
The company has notified the New York
value) from 1.800,000
(reduce the authorized common stock (no par
-V. 136. p. 495.
shares to 1,500,000 shares.
-Earnings.
American Investors, Inc.
1930.
1931.
1931.
Net operating profit__ $1,990.848
163,223
Divs. & int. received.._
719
Other income
Calendar YearsIncome from premium
Other income
Calendar YearsCash diva. & bond int.
.
eve] of stock diva.)..
Int. on bank bale., &c-Net profit on secur.sales
Miscellaneous income_ _
$7.207,607
--Earnings.
American Snuff Co.
Calendar YearsOperating profit
Depreciation
The corporation has notified the New York Stock Exchange of a prostock from no par value to
ed
posed change in the par value of the capital
new share.value, each present share to be exchangeable for one
V. 135, p. 3169.
-To Decrease Capital.
American Stores Co.
Stock Exchange of its proposal
Total
American Surety
26,161,225 25,857,958
New York.
-Earnings.
1932.
1931.
1930.
$8,907.978 $9,812,127 $10,238,498
1,675,162
1,515,415
1,732,349
$10,583.140 $11,327,541 311,970.847
5,575,944
6,242,023
6,182,018
239,444
438,494
265,682
4,619,067
5,101,879
6,031,880
Net loss
AssetsReal estate
Bonds
Stocks
Cash
Premium in course
of collection_
Acer'd Int. & rents
Reinsur. and other
accts. receivable
Total
-V. 136,
Co. of
Total
1nc.$148,684 $1,152,039 inc.$188,451
Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
$
Liabilities$
$
$
8,300,000 8,300,000 Capital stock
7,500,000 7,600,000
4,381.722 5.244,346 Surplus and undi8,439,173 8,251,428
vided profits_ 1,784,666 3,394,646
766,095 1,028,624 Res. unearn. prem. 5,881,413 6,377,374
Res.conting. claim 4,608,344 5,437,518
1,705,858 1,858,949 Exp. & tax reserve 820,197
885,998
82,971 Contingent reserve 2,000,000
68,559
Spec, claim res... 1,000,000 1,000,000
159,314 Accts. payable, dm 363,200
296,414
330,097
23,957,821 24,925,632
Total
23,957,821 24,925,632
p. 495.
-Stock Purchase Plan
American Tobacco Co.
Officers and directors of the company are required, under an order promulgated by Vice-Chancellor Backes In Jersey City, Feb. 8, to show cause
on Feb. 21 in Chancery Court, why they should not be enjoined from
issuing further amounts of class B common stock under the company's
employee stock purchase plan, and why sales already made under suchtplan
should not be canceled. Guaranty Trust Co. of New York, is included In
the "show cause" order.
The order was issued on an application filed by Richard Reid Rogers.
New York attorney, through his counsel, Blair Bailey of Newark and which
charged officers and directors of the company with "fraud and conspiracy
In connection with what is described as a "stock-splitting" plan In 1928,
which allegedly benefited defendants to the extent of more than $3,000,000.
-V. 136, p. 844.
-Earns.
Anglo American Corp. of South Africa, Ltd.
Brakpan
Springs
West
Daggafontein
.
Quar End.Dec.31'32 Mines, Ltd. Mines, Ltd. Springs,Ltd. Mines, Ltd.
E485,387
f488,570
£29.693
E232,121
Working revenue
347.852
258,502
, 170,978
196,304
Working costs
Working profit
-V. 136, p. 330.
E137,535
£230,067
E43,389
-To Sell Eight Mills.
American Woolen Co.
£61,146
Eight separate woolen mills, with 800,000 square feet of manufacturing
floor space will be offered at public auction on Feb. 27, Feb.28 and March 1.
by Samuel T. Freeman & Co. auctioneers, by order of the Textile Realty
Co.. a subsidiary of the American Woolen Co., created a few years ago to
dispose of the idle mills of the latter company.
The mills to be offered on Feb. 27 at 10 a. m., 1. p. m. and 3 p. m.,
respectively, include the Ray Mills, at Franklin, Mass.; Chase Mills, at
at Webster, Mass., and the Reda Mills at Uxbridge, Mass. On Feb. 28,
the following mills will be offered; Beoll Mills at West Fitchburg. mass.;
Financial Chronicle
Volume 136
Strathmore Mills, at Concord, and Bay State Mills, at Lowell, Mass.
The Glen Falls Mills at Moosup, Conn., and the Moosup Mills at Moosup
will go under the auctioneer's hammer on March 1. ("Boston News
Bureau.")
-.V. 136, p. 495.
-Earnings.
Arlington Mills.
Dec. 3'32. Nov. 30'31. Nov. 29'30. Nov. 30'29.
Years EndedSales manuf. products_ _137,033,226410,427,921 $8,105,897 $11.688,880
737.909
482,043
630.860
1,
Sales raw materials, &c._ 1
Total sales
$7,033,226 $11,058,781 $0.587,941 $12,426.789
154,157 1,172,413 prof.14.339
Net operating loss
536,041
Int., deprec.,
chgs_
575,505
701,824
797,826
550,089
Net loss
Sales
Cost of sales
$1,111,546
$855,981 $1,722„502
$783,487
Results by Quarters for 1932.
1st. Quar. 2nd. Quar. 3rd. Quar. 4th Quar.
$1,671.134 $1,329,946 $1,597,825 $2,434.31V
1,950,453 1,906,303
1,736,242 1,976,267
Loss on sales
Charges
Deficit
$279,319
114,801
$576,356
70,258
$138,417 prof$458052
183,401
207,013
$394,121
$321,819 prof$251009
$646,615
Coinnarative Balance Sheet.
Dec.3'32. yNov.30'31.
Dec.3'32. yNov.30'31.
Assetsi
Liabilities$
i
$
xPl..4,fixed assets.S8,058,326 18,266,876 Accounts payable_ $103,931 $142,379
Cash a,debts reels 2,131,282 2,455,447 Notes payable...._ 970,000 2,150,000
Inventories
2,051,005 4,068,830 Payroll
59,836
Ousts. notes rec.-- 310,000
Net worth (99,476
Treasury stock__
17,864
she. no par).-__11,611,247 12,722,793
Prepaid accounts- 176,538
224,018
Total
12,745,014 15,015,173 Total
12,745,014 15,015,173
z After depreciation of 86.823,894 in 1932 and $6,541,033 in 1931.
y Adjusted to cover retirement of stock and change of par value.
-V.134,
p. 1027.
Arundel Corp.
-Earnings.
-
Calendar YearsOperating income
Prov. for Fed'I taxes
Loss on abandonment&a.
and reconstruction of
fixed assets
1929.
1930.
1931.
1932.
$720.315 $2,033,103 $2,442,892 $2,262,291
220.345
215.825
82,696
Net income
Common dividends
$637.619 $2,012,480 $2,163,694 $2.041,946
1,477,566 1.108,170
1,347,688 1.477,568
20,623
63,372
Balance, surplus
$933,776
$686,128
def$710,069 x$534,912
Shares of corn, outstanding (no par)
492,556
492,556
492,556
492,556
Earns, per sh. on corn...
$4.15
$4.39
$1.30
$4.08
x Before charging $1,980,242 loss of notes to Everglades Drainage
District and other receivables.
Balance Sheet Dec. 31.
Assets1932.
1931.
1932.
1931.
Cash
$132,924 $580,121 Dividend payable- $246,261 3369.392
Marketable securi718,050
Accounts payable_ 387,235
ties at cost
1,729,265 1,879,378 Accrued expenses_
26,988
79,681
Accts. receivable 1,075,554 1,312,316 Prov. for Fed•I tax
82,696
Notes receivable_
5,741
6,620 Deferred income on
Accrued interest &
65,801
15,992
contracts
26,061
other receivables
139,385
28,011 Reserve for insur_ 160,180
Materials & suPPL
30,802
4,925,556 4,925,556
27,229 bCapital stock
Other accts. receiv 124,980
2,834,650 3,544,719
153,472 Surplus
Mtge. receivable
45,000
45,000
Deferred charges to
future operations 301,445
260,255
Investments
762,463
691,211
aLd., bldg., mach. 4,547,827 4,756,471
Total
$8,782,062 $9,740,084 Total
88,782,062 59,740,084
a After reserve for depreciation and depletion of $4,329,189 in 1932
and $3,960,905 in 1931. b Represented by 492.556 no par shares.
V. 135. P. 4387.
Associated Oil Co.
-To Retire Notes.
There nave been called for payment Sept. 1 next $1,230,000 of 12-year
6% gold notes, dated Sept. 1 1923. Payment will be made at the Guaranty
Trust Co., 140 Broadway, N. Y. City, or at the Anglo-California National
Bank, trustee, 1 Sansome St., San Francisco, Calif., at 102j4 and int.V. 135, p. 4036.
Atlantic City Embassy Theatre (Boardwalk Properties, Inc.), Atlantic City, N. J.-Litigation.
The bondholders' committee for the 1st mtge. fee 6% sinking fund
bonds, due June 15 1928 and certificates of deposit issued therefor, in a
letter dated Feb. 1 says in part:
Since formation on Nov.20 1932 this committee has been in negotiation
with the owners of the property and with the lessee corporation thereof,
and has made every effort to obtain the balance of funds needed to correct
existing defaults. These negotiations have not resulted satisfactorily,
and further action to protect your interests is now deemed necessary.
As stated in letter of Nov. 26 the lessee corporation, the Stanley Co.
of America, claimed that it had prepaid certain rent under its lease, and
that it was entitled to offset this amount against current rental payments.
This would deprive the property of a major part of the accrued income
and impair to that extent the security for your bonds.
Having been advised by counsel that an action should be instituted
to enforce the payment of current rent notwithstanding such claim of
prepayment, the committee applied to the trustee to prosecute the action
upon the basis of the assignment of rents held by the trustee. The action
has been instituted and includes the November 1932 rents.
Bondholders are requested to deposit their bonds with the Manufacturers Trust Co., 149 Broadway, New York City.
-V. 135, P. 3860.
Atlantic Ice Mfg. Co.-Earnings.--
Calendar Years1932.
1931.
1930.
1929.
Gross revenue
*3619.444 41793,030 41800.120
$802.731
Operating exps., maint,
and taxes, Including
Federal taxes
391,674
456,946
480,430
514,177
Income
$227.770
$336,083
1319,690
$288,554
Interest and amort
91.118
97,334
103,661
93,275
Balance
$136,652
3238.749
3216.028
$195,278
Depreciation
61,290
78.813
85.558
80.273
Balance
$75,361
$159,936
3130,470
3115,005
l'referred dividends_ _ _ _
38,556
38,556
38.517
31,674
Bal. avail. for com.stk
$36,805
$91,953
$121,380
$83,331
Shares of common stock
outstanding
14,189
14,092
14.189
14,082
Earnings per share
$2.59
$6.52
$8.55
35.91
* Inter-company sales eliminated. Previous years include inter-company
sales.-V. 135, p. 2497.
Axton Fisher Tobacco Co.-Earnings.
-
For income statement for 3 and 12 months ended Dec. 31 see "Earnings
Department" on a preceding page.
-V. 135. p. 4218.
Baldwin Locomotive Works.
-January Sales Lower.
-
Business booked by the Baldwin Locomotive Works and affiliated companies for the month of January, according to the consolidated report,
amounted to $517,000 as compared with $859,000 in January 1932, and
with $468,000 In December 1932. Shipments for the month, consolidated,
totalled $662.000 against $877,000 in January, 1932 and with $769.000
1019
In December 1932. Unfilled orders on the books on Jan. 31 amounted to
$2,482,000. (Philadelphia" Financial Journal.'')
-V.136, p• 653•
Bankers National Investing Corp.
-Smaller Dividends.
. The directors have declared the following quarterly dividends: 15 cents
per share in cash on the pref. stock, 60 cents dividend convertible series:
24 cents per share in cash on the common stock, class A and class B, and
6 cents per share in cash on the common stock, all payable Feb.25 to holders
of record Feb. 13. The company paid quarterly dividends of 28 cents
per share on the class A and class B common stock and 7 cents per share
on the common stock on Aug. 25 and Nov. 25 last as against 32 cents per
share on the class A and B stocks and 8 cents per share on the common
stock in the two previous quarters.
-V. 135, p. 3694.
(The) Bastian-Blessing Co.
-Earnings.
--
Years End. Non.301932.
Net prof. (aft. deprec.)bloss$423 844
Other income (net)
1931.
$72,972
12,036
1930.
$302,599
23.992
1929.
$757.521 .
19,004
Total
loss$423,844
Estimated Fed.Inc. tax_
$80,008
13,200
3326.592
38.700
$76.525 .
87.200
Net profit
$689,325
$287,892
$71,808
loss$423,844
Dividends
345,000
a305,501
194.513
27,550
She. of corn. stk. no par..
115.000
115,000
115,000
173,665
Earns, per share
$5.99
$2.50
Nil
$0.62
a Includes dividends on pref. stocks then outstanding. b This loss of
$423,844 is after deducting depreciation of $43,063, but before write down
of securities of $73,546. The total loss is arrived at as follows: Loss from
operations after write-down of inventories to present material and labor
costs, $156,379; loss from charging off slow moving and possible obsolete
materials, $53,000; elimination of all doubtful and additional reserves on
receivables, $107.058; losses on operations of subsidiaries, $107,408; total
losses after all reserves and depreciation charges of $43,063, &c., 3423.844.
Consolidated Balance Sheet Nov. 30.
Assets
1932.
1931.
1932.
1931.
Capital assets--- $771,158 $456,769 6% pref stock._ _ _ 8286,200
Patents, non-de6% pref. stk. of
preciated value_
11,263 Russ Soda Foun10,159
Cash
112,926
167,914 tain Co
357,750
Ctfs. of deposits..
zCommon stock.. 868,325
60,118
575,000
yAccts.S,notes rec. 512,200
248,492 Notes payable._ _ _ 230,000
Inventories
761,542
42,724
700,677 Accts. payable...
19,018
Notes & accts. rec.
Credit bal. due
56,851
customers
5,178
(secured)
Miscell. notes &
Est. Fed. taxes_
13,200
adv
30,990
Accrued liabilities_
28,140
25.012
Val. of life insur
17,363
Minority interest.
22,500
Long-term me_ 231,544
68.235 Cap.& pd.In surP• 881,305
465,175
Invests. cost).- 6297,124 z128,020 Earned surplus.- 172,189
(at
697,130
Deferred charges-27,156
18,337
Total
$2,889,133 $1,799,707 Total
$2,889,133 $1,799,707
z Represented by 173,665 shares (no par) stated value of $5 per share in
1932(1931 115.000 shares) (no par). y After reserve for losses of $155,222
(1931, 325.000). z Includes 35,891 shares at cost of $254.159 of company's
own stssIs in 1932 1931 4.050 share at cos
-V.134. P. 4497,
Beacon Building Trust, Inc.
-Bond Interest Guaranteed
for Three Years.
See Beacon Participations, Inc. below.
-V. 119, p. 582.
Beacon Participations, Inc.
-Liquidating Value-Releases Banks from Liability.
-
The stockholders have approved a proposal that the directors and officers release the First National Bank Atlantic National Bank and Beacon
Trust Co.,all of Boston, Mass., of liability with respect to an unsecured
note for $520,000 made by the Beacon Building Trust, Inc., to4he Beacon
Trust Co. and endorsed to and held by Beacon Participations, Inc.
In return for this release, Beacon Participations, Inc., will receive $100,000 and one-halfinterest in the equity of the building at 31 Milk St„ Boston.
over and above a mortgage bond issue totaling approximately $945,000.
The banks (First. Atlantic and Beacon) are to guarantee interest on the
building bonds for three years from Aug. 1 1932.
Beacon Participations, Inc., has a $100,000 loan from the First National
Bank, Boston, which is secured by collateral with a current value in excess
of $200.000.
Officers of Beacon Participations, Inc., say that the liquidating value of
the stock, upon consummation of the transaction involving the 31 Milk
Street building, will be about $5.50 a share, plus whatever may be realized
from the equity in the real estate. (Boston "News Bureau.")
-V. 135.
p.3169.
Blue Ridge Corp.
-Adjusts Book Value of Investments.
The stockholders on 1•eh. 8 approved a proposal, to adjust the book value
of the investments of the corporation as of tne close of business Dec. 31
1932 to market prices or, where there is no market, estimated fair value as
at that date. See also V. 136, p. 662.
-Balance Sheet Dec. 31.Borne-Scrymser Co.
Plant, equip., &c. 1731,112
Merchandise
293,082
Notes & accts. reo. 102,690
Cash
73.027
Other investments 514,145
Prepaid
154
-
$730,973
312,887
94,972
126,623
514,145
158
Total
$1,714,211 $1,779,761
-V. 134. p. 4664.
1931.
1932.
MatrUMes$1,000.000 $1,000.000
Capitalstock
5,754
3,926
Accts. payable...
164
434
Accrued expenses_
Reserves
445,650
412,903
382,497
262,742
Surplus
Total
$1,714,211 $1,779,761
(J. G.) Brill & Co.(& Subs.).-Earnings.
-
Calendar YearsSales
Operating expenses
1929.
1930.
1931.
1932.
$2,089,056 $2,935,924 $7,430,673 $6,457,630
3,275.838 4,048.312 7,474,399 6,633,682
Operating deficit
$1,186,782 $1,112,389
Miscellaneousincome.._ _
114,722
Net deficit
$1,186,782
Previous surplus
2,894,905
Adj. of allow. for Work.
Compensation
$997,666
4,157.095
$43,726
$176,051
$43,726
4,521,420
$176,051
5,114,171
10,276
Total surplus
$1,708,123 $3,169,705 $4,477,694 $44,938,119
Preferred dividends_ _ _ _
274,800
114,500
320,600
320,600
Common dividends_ _ _ _
60,127
Surplus adjustments__
.
350,548
Surplus
$1,243,074 *2.894,905 34,157,094 34.557.392
Comparative Balance Sheet Dec. 31.
1932.
1931.
1931. '
1932.
Assets
Liabilities
$
Plant, equip., &o.x6,911,686 7.232,318 Preferred stock.. 4,580,000 4,580,000
Pats. & good-will.
2
2 Common stock. _ _ 4,810,200 4,810.200
Sundry investment 604,506
824,409 Due to affil. cos_. 362.700
Ctf. of dep.. Incl.
Unearned lot, on
accrued interest 163,659
116,252
notes receivable 121,116
Marketable secur_ 118.662
171.907 Accounts payable_ 280,025
521,458
Inventories
1.703,077 1,692,226 Accrued wages- _
27,637
45,989
Cash
159,392
883,864 Other reserves_ _ _ 145.720
12,255
Accr.int, on sec.&
Surplus
1,243,074 2,894,905
notes receivable 1,495,125
42,505
Due from affil. co.
54,248
69.524
Ellis & accts. rec.. 186,370 1.954,907
Deferred accounts 158,559
124.671
Total
11,570,563 12,981,059 Total
11,570,563 12,981,059
x After depreciation of 35,084,556.-V. 135. p. 822.
Boston Herald-Traveler Corp.
-New Director, &c.
-
Casper Ranger, 2nd, has been elected a director to succeed Sidney1WInslow, 3rd, deceased.
110111111alik
Financial Chronicle
1020
President Sidney Winslow Jr.. informed stockholders that the net income
for 1932 will be around $250,000. This would compare with $360,000 in
1931. The financial position as of Dec. 31 1932 showed a marked improvement over the previous year. There were no bank loans and the
cash position was stronger. The mortgage was reduced from $2,000,000
-V. 134, p. 4664.
to $1.700,000. ("Boston News Bureau.")
(The) Broadmoor (Colonade Construction Corp.),
N. Y. City.-Call for Deposits.
The Real Estate Bondholders Protective Committee (George E. Roosevelt, Chairman), in a notice to the holders of 1st mtge. fee 6% sinking
fund gold bond certificates, due Oct. 1 1941, state in part:
S. W. Straus & Co., Inc., recognizing that necessity has arisen for the
immediate formation of a bondholders' protective committee to represent
bond certificates, has requested this committee to act as such and this
committee has agreed to do so.
The committee has been advised by the trustee and fiscal agent that
default has been made in the payment of interest coupons which became
due on Oct. 1 1932 in the amount of $57,000, together with monthly deposits of interest commencing on that date, aggregating $38,000, and also
that the balance of real estate taxes affecting the mortgaged property for
the second half of 1931 amounting to 321,479, exclusive of Interest and
penalties, and the real estate taxes for the entire year 1932 aggregating
$58,960 are delinquent and unpaid. These taxes constitute a lien against
the property prior to the lien of the first mortgage, and provision must,
of course, be made for their payment. Total defaults under the mortgage
thus aggregate approximately $175,439.
Funds in hands of the trustee aggregate $26,749, of which approximately
the entire amount consists of the income from the property for the last
four months of 1932.
This issue consists of $1,900,000 of bond certificates, all of which are
outstanding. The bond certificates are stated to be secured by a first
mortgage on land stated to be owned in fee, located at the northwest corner
-story fire-proof apartof Broadway and 102d St., New York, and on the 16
ment hotel building erected thereon. There are also outstanding $380,000
general mortgage fee 634% sinking fund bonds which are secured by a mortgage junior in lien to the mortgage securing the bond certificates.
The Harriman National Bank & Trust Co., 59 Liberty St., New York,
has been designated to act as depositary. Holders of bond certificates
are urged to deposit their bond certificates with the depositary immediately.
-V. 123. p. 2659.
Feb. 11 1933
Butte Copper & Zinc Co.-Earnings.Calendar Yearsx Receipts from lessee__
Other income
1932.
$26,440
5,750
1931.
$49,874
7.704
1930.
$70,293
12,453
1929.
$232,013
31,857
Total income
Expenses & taxes, &c_ _ _
$32,190
46,873
$57,578
87,360
$82,746
84,566
$263,870
60,817
Net deficit
Dividends (50c.)
$14,683
$29,781
$1,820prof$203,053
300,000
Deficit
$96,947
$14,683
$29,781
$1,820
Earns, per share 600,000
Nil
shs.cap.stk.(par $5)Nil
$0.34
Nil
x Receipts from lessee operator of company's properties, being 50% 3f
00
4
net smelter returns.
Balance Sheet Dec. 31.
1931.
1931.
Assets1932.
Liabilities
1932.
Mines and mining
Capital stock
$3,000.000 $3,000.000
$3,364,886 $3,364,886 Notes payable_ ___
claims
7,500
10.000
100,000 Accounts payable_
826
Plant & equipment 100,000
16,382
170.925
170,924 Taxes accrued_ ___
6,916
140
Investments
1.721
6,617 Res. for deprec___ 100,000
100,000
Accts.receivable
4,825
8,332 Surplus
533,018
Cash
518,335
*3.642,357 $3,650,760
Total
-V.134. p. 4665.
Total
$3,642,357 $3,650,760
Canada Dry Ginger Ale, Inc.-Earnings.
For income statement for 3 months ended Dec. 31 see "Earnings Department" on a preceding page.
The current financial position of the company on Dec. 31 was as follows:
Current assets, $4,212,186: current liabilities, $443,446. Current assets
nciuded cash and securities to the extent of 32.855,752.-V. 136, p. 840.
-Plan Approved.
Canadian Locomotive Co., Ltd.
-year sinking fund gold bonds at ths
The holders of the 6% 1st mtge. 40
adjourned meeting hold on Dec. 27 1932 approved the plan of reorganizaoutlined in the "Chronicle" of Dec. 3 1932, page 3861.
tion as
Edward FitzGerald and G. M. Todd of Montreal and Col. H. D. Lockhart Gordon of Toronto were nominated as the persons to each of whom
should be allotted and issued one of the management preferred shares contemplated by the scheme for the reconstruction of the company.
A meeting of the preferred and common shareholders was held on Dec.28
and the scheme of arrangement, which embodies the shareholders' part of
the general plan of reorganization, was passed unanimously. Thisscheme
of arrangement has now been confirmed as required by the Dominion
-V. 135, p. 4220.
Companies Act.
-The di-Halves Preferred Dividend.
------Bucyrus-Erie Co.
rectors on Feb. 10 declared a dividend of 50 cents per share
on the 7% cum. prefi stock, par $100, payable April 1 to
holders of record Feb. 28. This compares with a distribution of $1 per share made on Jan. 3 last. Previously,
the company paid regular quarterly dividends of $1.75 per
-Sale.
Carolina Coal & By-Products Co.
-V. 135, p. 4219.
share on this issue.
On Feb. 1 at Cumnock, N. C., the property of the company, was sold at
auction by order of the Federal Court. Judge Thomas J. McPherson,
sale,
before it began that the
-Smaller Distribution on Preferred trustee, who was in charge of thea firstannouncedfor
(J. I.) Case Co.
subject to
mortgage
$400.000 bonds
property would
-The directors on Feb. 9 declared a dividend of 1% are outstanding be sold the taxes are unpaid. Onlywhichbid was made, a
Stock.
one
and that
$5,000. This
on the 7% cum. pref. stock, par $100, payable April 1 to nominal one oftrustee for the was by former Senator N. B. Dial of Washingfirst mortgage bondholders, who bought in the
holders of record March 12. The last regular quarterly ton, D. C., as sale is subject to confirmation by Judge Johnson J. Hayes of
property. The
4
payment of 13 % on this issue was made on Jan. 1 1933.- United States District Court.
V. 135, p. 3528.
-Dividend Omitted.
-The direc-- ----Caterpillar Tractor Co.
"
-Annual Report.Building Products, Ltd.
tors on Feb. 4 voted to omit the quarterly dividend ordi1932.
1931.
1930.
Ca.enoar Years-1929.
Feb. 28 on the capital stock, no par
narily payable about
3466,481 x$263,820
$326,434
Profit after taxes
$418.483
value. Distributions of 12 cents per share were made on
Preferred dividends_
6,602
163,142
Common dividends
241,692
241.692
205,438
this issue on May 31, Aug. 31 and Nov. 30 last, compared
def$96,661
with 25 cents per share on Feb. 29 1932, 50 cents per share
Balance
$22.128
$84,742
$206.443
x After adding income from investments and deducting reserve for con
on Nov. 30 1931 and 75 cents per share in previous quarters.
tingencies fa portion of which is available for income tax) and reserve for
depreciation of $118.805 (1930. $112,517) and also a reserve for reducing
investments to quoted values. y Profits from operations and income from
Investments after making provision of $125,315 for depreciation amounted
to $9,069 to this we added $87,413 for portion of reserves for investments not
now required, and deducted $330,000 which was transferred to bad debt
reserve.
Comparative Balance Sheet Dec. 31.
1932.
1931.
Liabilities1932.
Assets1931.
Land, bldgs. & eq.$1,346,988 $1,315,635 xCapitalstock_-__$1,483,110 $1,483,110
351,626 Accts. payable, &e, 101,284
Stock on hand_ --_ 406,250
103,859
559,012 Depreciation
712,190
Accts.ex bills rec__ 301,060
594,069
1,151,260
995.009 Conting., Incl., inInvestments
92,303
come tax
78,605
132,074
182,748
Cash
4,611
6,978 Surplus
860,117
956,778
Deferred charges._
Total
$3,288,775 $3,320,563
$3,288.775 $3,320,563
Total
438.a Represented by 116,:346 (non-vot ng) class A shares (no par) at 31.
110 and 4.5(0 (voting) class B sharcs at 345,0(0.- \. 136, p. 1997.
-Earnings.
Butler Brothers, Chicago.
Calendar YearsLoss for year
Depriation
ec
Interest
1930.
1931.
1932.
1929.
$1,148,851 81,707,220 31,491.7461
417,789
36...825
414,834
not
561,472
681,735 avaiable.
520.943
Deficit
Dividends
32.084.628 $2,686.481
*2,542,306 pf31442,453
341,433
2,276,220
Deficit
$2,084,628 $2,686.481 32.883,739
$833,767
Total surplus Dec.31
5,024,964
1,689,012
4,754,976 7,297,282
Shares cap. stock out1,109,429 x1,138,110 x1,138,110 x1,138.110
standing (par $10)Nil
Nil
Earnings per share
Nil
$1.26
x Par $20.
Consolidated Surplus Account Dec. 311932.
Surplus, Dec.31 1931
$1,689,042
Capital surplus arising from reduction of cap,stock to $10 par
11.381,100
Total
313.070,142
Deficit for the year asabove),2,084.628
Surplus adjustments through write-offs and creation of add
reserves for following purposes:
Unamortized disct. on debs., improve, on leased prop., revaluation of fixtures de equip., cancellation of employees'
stock contracts, German war claim, doubtful accts., pension
fund, pension liability and other contingencies
5,960,550
Surplus. Dec. 31 1932
*5.024,964
Campo,alive Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
$
$
AssetsLiabilUies$
$
2,291.212 2,746,969 Capital stock-..._b11.094,290 a22762,200
Cash
Mdse.Inventory 8,144,298 8,141.901 5% ser. gold debs. 7.050,000 7,500,000
Accts.receivable 7,742,193 9,281,328 Accr. Int. & taxes. 603,033
586.89
Realest.. plant,dec 8,409,998 10,548,274 cAccts. payable__ 1,506,905
982,733
390,324 Notes payable_ _ ... 300,000
34.995
Temp. investmls.
500,000
67.253 Pension reserve_ __ 600,000
72.173
Prepaid int. dc Ins.
Other del. charges 226,483 1,066,522 Res. for contIng__ 374,860
Loan on St. Louis
Impts. to leased
1,247.749
plant
720.000
*property. &e
800,000
856,076 Surplus
5,024.964 1.689,042
Employees stk., Id 103,806
373.237
168.117
Pension fund
101,236
Supplies
80.774
Total
27.274,052 34,820,869
27,274,052 34,820,869
Total
a Par $20. b Par $10. c Current Invoices in course of payn-ent not
-V. 136 p. 331.
yet due for discount.
-Dividend Deferred.
Canada Wire & Cable Co., Ltd.
The directors have deferred action on the quarterly dividend due March
ion the 6Yi% cum. pref. stock, par $100. The last regular quarterly
payment 01134% was made on this issue on Dec. 15 1932.-V. 135. p.991.
1932.
1931.
1929.
1930.
-Cal. YearsEarns.
813.258,505 $24.143,138 545.355.435 $51,812,461
Net sales
Cost and oper. expenses_ 12,678,304 20.351.338 33,373,065 37,144,395
1,731,219
1,625.300
1.718,588
Depreciation
1,263,043
465.855
613.557
345,389
632,075
Interest
191,744
1,459,188
916,904
Federaltax
Net profit
Dividends paid
Rate per share
def$1,616.873 31,361.200 *8,714,801 511,600,446
1,176,489
5,646.720
5,646,720
7,528,960
($0.6234)
($3)
($4)
($3)
*2.793,362 $4,285,520sur$1185,841sur$5953,727
Deficit
1,882.240
1,882,240
Shs. stk. outst'g (no par) 1,382,240
1.882.240
loss$0.86
$0.72
$6.19
Earnings per share
$4.63
Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
$
Liabilities$
$
$
Assetsx Plant, equip., &c17.983,268 18,958,893 y Capital stock__ _ 9,411,200 9,411,200
2,773,026 6,712,971 5-yr.5% conv.gold
Cash
7,837,632 9,506,693
notes
6,809,000 8,367,000
Inventories
666,906
Marketable scour_ 4,974,970 1,604,999 Accounts payable_ 826,989
o iome ta
Notes & accts.rec. 8,502,198 9,778,237 Prinv for Federal
1
200,000
Patents
309,402 Capital surplus_ -.13,733,577 13.733,577
451,854
Mlsceli.Invest
398,676 Earned surplus__ _11,98E253 14,891,196
239,070
Deferred charges
42,762,019 47,269,873 Total
42.762,019 47,269,873
Total
x After deducting reserve for depreciation of $7.788,717 in 1932 and
*6,380,899 in 1931. y Represented by 1,882,240 shares of no par value.
-V. 135, p. 4220.
Celluloid Corp.-Par Value Changed.-
The New York Curb Exchange on Feb. 3 announced the removal from
unlisted trading privileges of the corporation's old no Par common stock
and the admittance of new $15 par common stock. The new stock was
-V. 134, p. 1767.
issued for the old, share for share.
Central Zone Building, Inc.-Report of Committee.
The real estate bondholders' protective committee (George E. Roosevelt,
Chairman) in a report to depositors of 1st mtge. fee 6% sinking fund gold
bond certificates states:
This issue consists of $2,000.000 of certificates, all of which are outstanding. Over 71% of outstanding bond certificates have already been de,
posited with this committee. There are also outstanding 5295.000 general
mtge. 634% sinking fund gold bonds which are junior to the lien of the
certificates.
The certificates are secured by a fee 1st mtge. on land situated between
45th and 46th Sts.. just east of 2d Ave.. N. Y.City, together with a 24-story'
loft, office and showroom building of fireproof construction erected thereon.
The Continental Bank & Trust Co. of New York. trustee under the
mortgage, entered into possession of the property on Feb. 1 1932, and since
that time has been operating it for the benefit of the certificate holders.
The following statement of cash receipts and disbursements for the 11
months under the trustee's operation ending Dec. 31 1932 are taken from
reports of Magoba Management. Inc. For the purpose of comparison,
similar figures for the full year 1931. based upon the report of Abraham
Solomon & Co., accountants and auditors, are also included.
11 Mos.End.12 fos. End.
Dee. 31 '32. Dec. 31 '31.
Gross cash receipts------------------------------$234.859
$291,661
Operating disbrusements and insurance
64,449
110,631
Net receipts----------------------------------$170.410
*Taxes and other expenses
135.023
$181,029
18,948
$35,386
$162.080
90,060
Part payment of int. on mtges.
amort. of 2d mtge_
Cash balance as of Dec. 31
$35,386
$72,020
*Real estate taxes, incl. penalties for 1931 and 1932 paid during 1932.
Real estate taxes for 1932 plus Interest for the first half were $62,603.
It is to be noted that of the sum of $135,023 used for the payment of taxes
and miscellaneous expenses, $69,1641were applicable to past due taxes.
Financial Chronicle
Volume 136
)lonly current taxes for the 11 months' period had been paid, the net
• cash income for the period would have been 8109,769.
The committee views with satisfaction the substantial reduction in op• erating expenditures, and the manner in which the rate of gross income has
been maintained during the year 1932.
Defaults have occurred in the payment of coupons due Feb. 15 1932 and
Aug. 15 1932. Real estate taxes for the year 1931 and the first 6 months
of 1932 were in default at the time the trustee took possession, but these
taxes amounting to $100,948, including penalties, have been paid from
• accumulated earnings on deposit vrithsthe trustee. The trustee has also
paid taxes to Dec. 31 1932 and incidental expenses totaling $33.114.
The committee has endeavored to have current real estate tax bills cut
• down, along with other reductions in expenses of operation. The 1932
assessment, originally $2.375,000, was reduced on protest to $2,300,000.
Certiorari proceedings are pending in which a further reduction in the 1932
• assessed valuation is sought. The property is assessed at $2,250.000 on
the 1933 rolls.
The committee has directed the trustee to foreclose the mortgage securing
the bond certificates. The committee believes that this property can be
advantageously reorganized in the interest of the bondholders, and it
• intends to take immediate steps to effect such reorganization.
Bondholders are asked to deposit their bonds with Manufacturers Trust
Co., 149 Broadway, N Y. City.
-V. 134, P. 4498; V. 128. p. 1912.
Century Shares Trust.
-Earnings.
-
Calendar YearsCash dividends
Interest received
1932.
$93,433
2,375
1931.
$160,082
1,080
1930.
$162,732
3,314
Total income
Interest paid
'Trusteesfees
• Operating expenses
Reserve for Federal tax
$95,809
$161,162
140
4,211
160
3.638
----
$166.046
1.579
120
3,019
1,245
Netincome
Reserve for divs. on particip. shares
Transferred from profit & loss from
sales ofsecurities
$91,457
Dr265
$157,364
1,353
$160,082
1,916
Total
Dividends on participating shares_ _-
$91,191
90,314
72,002
$158.718
158.711
$234.000
234,000
Undistributed income
$7
$877
The net loss from sales of securities Dec. 31 1932 was $2,203,620.
Cost of investments exceeded their market value by $2,470,042 on Dec.31
1930, by 83,938,344 on Dec. 31 1931 and by $1,915,626 on Dec. 31 1932.
Balance Sheet Dec. 31.
Assets1931.
1932.
1932.
Liabilities-1931.
, b Inveet, at cost-$292
$556
Accrued expenses_
Casualty Maur.. $66,479 $244,413 Res. for div. on
Tire insuranoe-- 1,519,534 2,620,342
40,110
partic.shares___
78,211
Life lasumnce-- 332,080 1,127.211 a Shares outstand_ 5,582,014 5,807,033
N. Y. banks &
Deficit from sales
trust cos
1,168,354 1,314,024 of securities..._ 2,378,230
174,609
• Other banks &
Surplus resulting
trust cos
341,650
209,712
500,990 fr, retire, of she. 482,355
U. S. Treas. notes
7
884
Undistributed Inc_
& certificates... 220,979
• Cash with Brown
Bros. Harriman
& Co
59,079
78,425
Int. & diva. res.20,878
c35,502
Total
$3.727,425 $5,920,909 Total
$3,727,425 $5,920,909
a 114,600 (112,050 in 1931) participating ,without par value and 114.600
(112.050 in 1931) ordinary, without par value. b Market value 81,731,841 in 1932 and $1.868,637 in 1931. e Dividends only.
-V. 136. p. 846
Chain & General Equities, Inc.
-Earnings.
-
Period
-
Calendar Years-- Feb. 5'29 to
1932.
1930. Dec. 31 '29.
1931.
Interest
$4,626
$167,655
$1.913
$9.361
Miscellaneous
650
6,227
7,198
Dividends(cash)
104,414
177.953
36,843
135,438
Stock (ex-div.mkt. vals)
28,070
17,130
Net profit on secs.sold_ _
See d
See b
See c
92,529
Total
446,203 4138,002 4216.877
$388,925
Interest
818
Advisory & oper. expense
20,660
9,422
13,394
30,880
Fiscal agency expense_ _ _
7,812
10,889
8,891
6,747
• Other expenses
11,441
6,097
11.423
Prow,for Fed.Inc. taxes_
26,312
Net income
416,449 4105,371 4179,230
3324.167
Prof. dive. paid & accrd_
171.354
224,864
215.089
Balance
sur$16.449 def$65,983 def$45.634 sur$109.078
a Exclusive of net losses on securities sold. b Net loss on securities
sold
during six months ended Dec. 31
to surplus account. c Net loss 1930 in amount of $1,249,713 was charged
on securities sold for the calendar year
1931 in amount of $1.330,871 was charged to surplus
on sales of securities during 1932 has been charged to account. d Net loss
amount of $1,118,744. The unrealized depreciationcapital surplus to the
of securities owned
(excluding investment in Inter-state
• quotations or estimated fair value in Equities Corp.). based on market
the absence thereof, has decreased
during the year by $806.249.
Statemen. of Capital Surplus as at Dec. 311932.
Capital surplus as at Dec. 31 1931
Surplus reserved for dividends accrued on preferred stock at 81,468.240
Dec. 31 1931 but not declared
132.880
Total
$1,601,120
Net income for the year ended Dec.31 1932(as above)
16.449
Discount on 5,607 shares of own pref.stock purchased & retired_
427,116
Credit arising from reduction of capital through retirement of
common stock previously held in treasury
3.200
Total surplus
$2.047,886
Net loss on sales of securities during 1932
1,118.744
Capital surplus as at Dec.31 1932 (before providing for depreciation in securities)
8929,142
Balance Sheet Dec. 31.
1932.
Assets1931.
Liabilities1932.
1931.
$459,831 $314,866 Due for seo. bought
• Cash
$562
Securities owned.e 1,651,890 a4,469,932 Accounts payable_
$8,894
Divs. receivable_d
2,686
6,420 Accr. div.on pf.stk
132,880
Invest. in con).stk.
Res.for taxes & acof Inter-state
crued expenses__
5,499
Equities Corp..° 1,438,211
Preferred stock__ 1,990,600 2,551,300
384
Prep'd expenses.497 bCommon stock__ 627,200
630,400
c 929,141 1,468,240
Surplus
$3,553.004 $4,791,715 Total
Total
83,553,004 $4,791,715
a The cost of securities owned on Dec. 31 1931 exceeded market value
Or estimated fair value in the absence thereof at that date by 82,468,659.
to Represented by 627,200 no par shares. c See surplus account above.
d Includes interest accrued. e The aggregate value of securities owned at
market quotations, except two items which have been valued at fair value
of 848,900 by the directors, was less than the above book value by $1,296.652. The account. of Inter-state Equities Corp. Indicate, moreover, that
-there is no asset value applicable to the common stock of the company as
at Dec. 31 1932. 100,000 shares thereof are under option to net not less
than $2 per share.
-V. 136, P. 846.
A list of securities owned is given in the report.
Champion Coated Paper Co.-Dividend Again Reduced.
The directors have declared a quarterly dividend of 25 cents per share
on the common stock, payable Feb. 15 to holders of record Feb. 10. This
•compares with 75 cents per share paid on Nov. 15 last, 31.50 per share
on May 16 and Aug. 15 1932 and $2 per share each quarter from Feb. 16
1931. to and incl. Feb. 15 1932.-V. 135, p.3361.
1021
Chapman Ice Cream Co. of Calif.-Earnings.
Calendar YearsNet sales
Cost of goods sold
Distribution & adm.exp.
1932.
$306.455
101.517
233,764
1931.
$496.681
160.952
296.197
1930.
$610 950
222.222
300,749
1929.
8657,916
258.583
280,841
Net profit on sales...los428.827
Other income
Dr.1,516
339.531
3.631
$87,978
2.745
$118,491
5,159
Total profit
Federal income taxes_
loss$30,343
$43.162
5.022
$90.723
10,782
$123,649
13.487
Net income
Dividends
loss$30,343
$38.139
56.248
379.942
62,498
$110,163
76,498
Deficit
$18.109 sur$17,443 sur$33.665
830.343
Earns, per sh. on 50,000
shs. cap. stk.(no par)
$1.60
$0.76
Nil
$2.20
Condensed Balance Sheet Dec. 31.
1932.
LfebtlftLes1931.
1932.
Assets1931.
$242
Cash
$3,206
$11,167
$15,991 Accounts payable_
675
Liberty bonds_ -- 24,820 Notes payable_
Accts.receivable
9,375
7.201 Dividend payable_
3.400
5,023
Inventories
16,192 Fed. Income tax_
13,226
y Land, bldgs.& eq 115,281
142,062 Iles. and deferred
2,943
Notes receivable
4.528
1,275
23.150 credit to income
25,000
25,000
Other assets
x Capital stock._
39,610
199.003
Deferred chgs. to
163,737
Surplus
10,223
operations
15,129
Total
$194,183 $244,550
$194,182 $244,550 Total
x Represented by 50,000 no par shares. y After reserve for depreciation
of $143,104 in 1932 and 8128,389 in 1931.-V. 135. p. 3529.
Chevrolet Motor Co.-Sales Higher.
Chevrolet dealers report the delivery of 16,826 new cars and trucks to
consumers during the last 10 days of January, bringing the total retail sales
for the month to 39,701 units as compared with 35,199 units in January last
year,according to H.J. Klinger, Vice-President and General Sales Manager.
This is a gain of 12.8%.
January sales were the largest since June, last year. and the last 10
-Just prior
days sales were larger than any reporting period since June 20
to the establishment of a Federal excise tax, and compares with 13.438 units
sold in toe last 10 days of January 1932, a 25.2% gain, Mr. Klingler said.
To date, over 50,000 of the new 1933 models have been placed in owners'
hands since announcement of the new line, despite the fact that a field
shortage existed. With field stocks at normal now, Mr. Klinger said he
expected February sales to show a substantial gain over February of last
year.
In the first 10 days of January, dealers delivered 10,162 units; in the
second 10 days, 12,713 units.
-V.136, p. 846.
Chicago Corp.
-Initial Distribution at Smaller Rate.
The directors have declared a quarterly dividend of 25 cents per share
on the $3cum. cony. pref. stock, no par value, payable March 1 to holders
,
of record Feb. 15. This compares with quarterly distrutions of 50 cents
per sharetTmade on this sisue on June 1, Sept. 1 and Dec. 1 last by the
Continental Chicago Corp. before its merger into the Chicago Corp.
Previously, the latter paid regular quarterly dividends of 75 cents per share
ona the stock.
A statement issued by President Charles F. Glore, follows:
"The corporation at this time has $6.000,000 in cash or its equivalent in
addition to its investment portfolio. Because of the prevailing low rate for
temporary short term funds,income is necessarily restricted. The dividend
declared is in line with the policy of the directors to pay in dividends to
preference stockholders approximately the amount of income received by
the-corporation in cash dividends and interest on Its holdings. It is conservatively estimateclithatlearnings for 1933 on the basis of present holdings will
be in excess of $1 per share on the convertible preference stock. Asset value
to-day is in excess of 832 per share on preference stock."
-V.136. p. 332.
Chicago Electric Mfg. Co.
-Earnings.
--Calendar YearsNet sales
Cost of goods sold, excl.
of deprec
Selling & gen. exp., excl.
of depreciation
1929.
1930.
$592,999 $1.047.898
1932.
$565,728
1931.
8580,766
439.200
449,692
485,553
896,468
89,576
85,791
91.431
124.439
Profit from opera., before deprec
'n
Income credits
$36,952
6,369
$45,283
6.373
316.015
7.552
$26,902
9.833
Gross inc., bet. deprec.
Income charges
843,320
22,636
$51,656
13,697
$23,567
18.775
$36,735
Net inc. for the year,
before deprec'n_ _
Deprec'n based on cost-Federal income tax
$20.684
30,399
$37.958
35.000
$4.791
28.467
$36,735
$2,958 def$23,676
$32,373
4,362
Net profit for the year loss$9,715
Surp. at beginning of the
164,317
year
161.358
192,214
160,071
$154,602
$164,317
3168,538
$192,444
7,180
230
Balance, surplus
Prof. & loss charge-loss
on equipment retired
Earned surplus credits- -
13,626
$192.214
8161,358
3164,317
8168,228
Balance Sheet Dec. 31.
1931.
1932.
Liabilities
Assets
1931.
1932.
Cash
865,142 $129,480 Accts. & accrued
820,234
U.S. fourth 1,1131Y
exp. payable___ $22.995
Loan bonds
130,179 :CI. A preference
472,403
250,000
U. S. Treas, bills,
stock
125,000
yCl. B com.stock_ 125,000
matures
225,000
Accrued interest_
1,107 do subscr. for
24,500
24,500
z35,323 but not Issued
zAccts.receivable23,394
164,317
Inventories
60,961 Earned surplus... 168,228
50,009
Due from subscrlb,
to cl. 13 Cap. Stk.
24,500
24,500
6,180
3,253
Deterred Charges
Good-w.& pats...
1
1
418,722
Plant & property- 199,425
Surpl. at end of the yr.
8590,723 8806,455 Total .... . ... $590.723 SS06,455
....Total
x Having preference in liquidation- $30 a share and as to earnings
of
of $2 a share annually. Authorized 30.000 shares of no par value; issued
and outstanding 25.000 shares. y Represented by 25.000 shares $5 Par
value. z After deducting reserve of $6.500 in 1932 and 85,600111 1931.
Note -No dividends have been declared or paid on the class A participating cum. preference stock during the years 1928 to 1932, inclusive.
V. 134, p. 1377.
olumbia Syndicate.-Stna-0#4484.e New York Curb Exch5ge has removed from unlisted trading privi.
leges the capital stock, par 81.
-To Decrease Stock
Commercial Investment Trust Corp.
The stockholders will vote March 14 on decreasing the authorized capital
stock from 125,000 shares of 7% 1st pref. stock, 300.000 shares of 634%
1st pref. stock, 2,500,000 shares of serial preference stock and 7,500.000
shares of common stock to 37.000 shares of 7% 1st pref. stock, 269.400 she.
of
% 1st pref. stock, 500.000 shares of serial preference stock and
4,000,000 shares of common stock. See also V. 136, p. 847.
.
-Removed from List.Congress Hotel Co.
The Chicago Stock Exchange removed from the list the 1st mtge. annex
-V.132,p. 1807.
6% bonds due Feb. 1 1933 because of maturity.
1022
Financial Chronicle
Columbia Pictures Corp.-Earnings.
Income statement for 3 months ended Sept. 24 1932 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
Assets801.24'32. June 25'32. Liabilities- Sept.2432. June 25'32.
$632,596 $954,831 Notes payable_ _ - $192,323 $250,698
Cash
Accts.receivable- 1,169,748 1,100,750 Accts. payable &
601.509
accrued expenses 730,998
Inventories
2,869,955 2,284,547
Prepaid expenses.. 123,898
137,760 Adv. payable from
50,400
50,400
domestic custDeposits
4,169
4,803
Owing to oth. proInvest. in wholly104,508
124,308
ducers
owned foreign
subsidiaries.. _ _ _
125,642 Res. for Fed. inc.
73,758
101,807
117,603
tax
Cash surrender valDepos. rec. from
ue of life insur147,163
for'gn customers 126,518
34,561
32.200
ance
323,772
Mortgage payable_ 259,068
Miscellaneous in2,197 Purch. cont, pay.
ments
2,197
27,204
after one year
aLand, buildings.
40,578
17,789
1,406,524 1,444,361 Due to officers_ _
&c
503,260
Res.for conting_ _ 503,260
527,795
bCov. pref. stock_ 525,225
cCommon stock 2,069,196 2,070,578
69,944
68,283
Capital surplus_ _ _
1,503,503 1,296,808
Earned surplus
$6,315,680 $6,088,820
56,315,680 56,088,820 Total
Total
a After reserve of $621,544 in Sept. and $572,529 in June. b Reprosented by 17,391 (17,545 in June) no par shares. c Represented by 167,885
-V. 136, p. 332.
(167,933 in June) no par shares.
Consolidation Coal Co.
-Deposits of Bonds Urged.
Thomas B. Butler, Secretary of the 43 V Refunding Mortgage Bond,
holders' Committee,reports that of the $3,398°000 of the refunding mortgage
,
434% gold bonds of the company outstanding, $1,675,000 have been deposited with the committee.
"The committee finds itself handicapped in initiating any action which it
may deem desirable for the protection of bondholders without a larger
representation of bonds," states Mr. Butler. He urges prompt action on
the part of the holders in forwarding the bonds to him at 13 South St.,
Baltimore, Md. The committee includes Joseph B. Kirby, Chairman,
President of Safe Deposit & Trust Co.of Baltimore; Edwin W.Levering Jr.,
Vice-Pres. of U. S. Fidelity & Guaranty Co.; Paul G.Pennoyer of A. Iselin
& Co.; and Douglas Gorman, Pres., Cumberland Coal Co. and member of
the executive committee of Maryland Casualty Co.
According to Mr. Butler this is entirely an owners' committee and the
Institutions represented on it are owners of over $400,000 par value of the
-V. 136, p. 498.
bonds, all of wnich have been deposited.
-Earnings.
Consolidated Dry Goods Co.
Earnings for Year Ended Dec. 31 1932.
Operating loss for year
Depreciation
Net loss
Previous surplus
Net surplus
Preferred dividends
$15270:112174
$177,331
1,774 939
$1,597,608
52,500
$1,545,108
Balance Sheet Dec. 31 1932.
! Liabilities
Assets$58,793
5154,742 Accounts payable
Cash
100,000
Accts. rec.-less reserve
631,959 Notes payable
7,027
Merchandise
1,008,413 Accrued expenses
18,282 Mortgages on real estate
Investments
354,000
12,273
Real estate-less reserve
477,817 Reserve for contingencies
Store impts.-less reserve
293,285 Preferred stock
750,000
:Common stock & surplus_
Store fixtures & equip.-iess
- 1,545,108
232,529
reserve
10,197
Deferred charges
Surplus Dec.31
Total
Total
$2,827,202
$2,827,202
x Represented by 30,000 shares without par value.
-V.133, P• 1933.
Continental Oil Co. of Del.
-New Gas
The company is completing a big gas well in the Jal field, southeastern
New Mexico, in its No. 1-B Sholes, in Section 13-25-36, the first well drilled
in that field for more than a year. At 3,153 feet it gauged 109,000,000
cubic feet a day and was then killed to be drilled deeper. A sand at 3,218-50
feet gauged 13,000,000 cubic feet and another sand at 3,256-3,300 feet
gauged 10,900,000 feet.
The Jal field supplies natural gas to El Paso, Texas,and cities, towns and
smelters in Arizona through two pipeline systems. ("Wall Street Journal.")
-V. 136, p. 332.
-Balance Sheet Nov. 30.Creamery Package Mfg. Co.
1932.
1931.
1931.
Assets1932.
Cash
$91,306
$405.979 $166,426 Accounts payable_ $67,358
Accts. & notes rec.z1,334,810 2,181,761 Notes payable_ _
12,993
1D,450
Inventories
1,549,428 2,263,263 Accruals
77,250
Investments
92,250
277,666
210,467 Res. for taxes_
275,000
35,609 6% pref.stock_ _
275,000
42,100
Prepayments
Lands, bidas., ma:Com.stk. & surp. 5,494,827 7,909,922
chry..equip.,aze y2,317,444 2,959,454
Other assets
1
745,948
Total
$5,927,428 58,542.928
Total
55,927.428 18,542,928
x Represented by 155,000 no par shares. y After depreciation of $1.717,430. z After reserve for doubtful accounts of $317,500.-V. 136, p. 498.
Crocker Wheeler Electric Mfg. Co. Earnings.
-Calendar Years1932.
1931.
1930.
Net operating loss
$357,093
$154,442prof$244,739
Other income
15.128
20.923
22,270
Net loss
$341,965
$133,518prof$267.008
Depreciation, amortization & replace.
79,797
90,026
92,504
Interest charges
4,802
7,516
10,720
Miscellaneous charges
649
Provision for Federal income tax
19,163
Net loss for year
$429,278
$228,346prof$143,973
Earned Surplus Account Dec. 31.
1932.
1931.
Previous surplus
$673,623
$912,381
Net loss for year (as above)
429,278
228,346
Equipment & investment charged off
2,550
10,411
Surplus as at Dec. 31
Feb. 11 1933
-To Pay Interest.
Consolidated Rock Products Co.
The directors have authorized the payment of the January semi-annual
interest and sinking fund of $87,500 on the Consumers Rock & Gravel Co.
Inc., 1st mtge. 6% bonds. The interest was not paid on its due date
Jan. 2.-V. 136, p. 332.
Cushman's Sons, Inc.-Earnings.
For income statement for 12 and 52 weeks ended Dec. 31 see "Earnings
Department" on a preceding page.-V. 135, p. 3003.
& Fisher Stores Co.
-Dividend Omission.
The directors have decided to omit the annual dividend ordinarily
payable about Feb. 1 on the common stock, no par value. A year ago,
the company paid an annual dividend of $1 per share on this issue.
-V.
128, p. 2097.
111 Dartmouth Mfg. Co.
-May Sell Property.
At the annual meeting to be held Feb. 13, the stockholders will be asked
to grant the directors a blanket authority to lease or sell any or all assets
of the corporation on such terms as they in their discretion may determine
without further vote of the stockholders. "It is urgently necessary that the
board of directors should be given the broadest powers to negotiate for the
sale, in whole or in part, of the property of the company," says President
Walter H. Langshaw,"or do whatever else in these critical times may seem
-V. 134, p. 1031.
to them advisable."
-Earnings.
Detroit Bankers Co.
Earnings for Year Ended Dec. 31 1932.
Net earnings after depreciation & all other charges
$5,740,348
Previous capital, surplus & undivided profits
68,459,912
Capital stock $500,000, surplus $250,000 of new First National
Bank at Pontiac
750,000
Total surplus
Dividends paid
Transfers to reserves
$74,950,260
2,813,500
9,757,493
•
$62,379,267
Total capital, surplus & undivided profits
Dec. 311932.
Balance Sheet
Liabilities
Assets
$29,910,000
Cash on hand & in banks- $80,843,228 Capital
43,044,445 Surplus
29,140,000
U.S. Govt.securities
3,329,267
Other bonds and securities.- 40,042,561 Undivided profits
2,239,731
1,882,500 Reserve for int., taxes. &a
Stock in Fed,reserve bank-901,065
dint.& advances.-- 178.851.033 Bills payable
Loans,
895,232
Loans secured by mortgages 172,812,456 Accepts.& letters of credit
Banking offices & real est. _ 36,807,721 Circulation outstanding.... 8,588,140
4,758,285 Deposits, demand
192,820,109
Accrued income receivable. _
Time
291,913,258
Cust.'e liab. on accept, and
894.576
letters of credit
Total
-V. 134, p. 4500.
$550,738,803
Total
$559,738,803
-Earnings.
Detroit & Cleveland Navigation Co.
1932.
1931.
1930.
1929.
Calendar YearsGross income,transport_ $1,412,015 $2,241,290 $2,745,477 $3,720,178
1,627,194
1.958,161
2,145,983
2,485,130
Operating expenses
Net oper. revenue__ _loss$215,179
77,834
Other income
$283,129
80,881
$599,494 $1,235,048
115,850
200,332
loss$137,345
Total income
72,207
Taxes
381,675
Accrued depreciation_ _ _
157,336
Insurance
$364,010
75,112
377,565
161,596
$715,344 $1,435,580
69,119
x248,510
444,794
468,244
164,590
loss$748,562 loss$250,263
Net income
4,241,248
3,749,527
Previous surplus
61
64,758
Sundry adjustments_ __ _
Total surplus
Dividends paid
$36,841
4,662,169
25,279
$718,826
4,561,605
Dr.14,461
$2,936,207 $3,991,047 $4,724,288 $5,265,969
241,520
483,040
603,800
Profit and loss (surp.) $2,936,207 $3,749,527 $4,241,248 $4,662,169
Earn, per sh. on 603,800
Nil
Nil
$0.06
$1.19
shs.cap. stk.(par $10)
x Includes rent.
Balance Sheet Dec. 31.
1931.
Liabilities1932,
1931.
1932.
Assets$6,038,000 56,038,000
:Vessel property...54,299.089 14.647.575 Capital stock
Accts. & vouchers
xTerm, prop.,eqp.
89,406
1,023.199 1,035,603 Payable
22,267
.3r supplies
Other property- _ - 1,190,528 1,210,662 Res've to amortize
26,348 Inapt. on leased
33,630
Cash
property
102,940
95.773
Secur., notes, Jtc.,
2.379,508 2.881,150 y Misc. reserves
100,440
77,458
owned
Deterred items_ _
9,507
6,375
Co's Capital stock 158.283
49,002 Profit and loss. _
47,460
2,936,207 3,749,527
Accts.receivable_ _
139,057
144,802
Deferred assets$9,276,500 $9,989,400 Total
$9,276,500 19,989,400
Total
x After depreciation. y Includes reserves for Federal taxes.
James Turner has been elected Vice-President and a director to fill
a vacancy.
-V. 134, p. 1032.
-,
Dominion Stores, Ltd. January Sales.
1933.
1932.
Decrease.
Four Weeks Ended Jan. 28$1,398,267 $1,749,931
$351,664
Sales
It is stated that part of the decline in sales was due to the fact that 39
fewer stores were operated in the 1933 period than in the year before.
-V. 136, p. 332.
-Earnings.Dividend Shares, Inc.
Earningsfor Period from July 25 1932(Date ofIncorporation) to Dec. 31 1932.
capital stock to equalize the per
Received on subscriptions to
share amount available for distribution on then outstanding
shares, credited to distribution account as provided in certificate of incorporation
1109,382
Cash dividends _ ___
179,693
Interest on bank balance
388
--------------------------------------- $289,463 .
Totalincome-- _
Transfer agent's fee-------------------------------------10,225
2,471
Stock certificates---- _ --- -------------------------------Federal original issue tax,&c
2,399
Trustee's fees & other expenses
1,959
$241,795
$673,623
Balance Sheet Dec. 31.
1932.
1931.
Liabilities
Assets1932.
1931.
888,735 Notes payable
$88.285
Cash
bank loans
Customers' notes
$150,000 $150,000
277,328
Other
124,898
& accts. receiv
5,000
Accts. payable &
Raw mat'is, work
accrued expenses
22,272
in process and
26,930
Yeapital stock._ _ _ 3,512,3.0 3,512,360
,
finished products
893,826 Earned surplus_
683,402
& parts
241,795
673,623
Employees' stock
49,101
purch.obligat'ns
32,512
Misc. invests. Prepaid exps. & expenditures on new
104,415
products
118,764
xLand, bindings,
machry. & over.
equipment__ _x 2,885,565 2,949,508
Balance applicable to quarter ended Jan. 15 1933, included
in surplus per statement annexed
$194,998
Surplus Account for Period from July 25 1932 (Date of
Incorporation) to Dec. 311932.
Capital surplus: Received on subscriptions to capital stock (not
including $109,382 received on subscriptions to capital stock
& credited to distribution account as provided in certificate of
incorporation, per statement annexed)
,539
9759656)
from sales of stocks during the period, com- $7Defict
-out method (see note)
-in first
der
puted under the first
$3,931,427 54,362,913
$3,931,427 $4,362,913 Total
Total
x After reserve for depreciation of $1,247,592 in 1932 and $1,191,795
.-V. 135. p. 303.
In 1931. y Represented by 290,500 no par shares
Total-----------------------$7.723,434
Note.-tiiring ifie - licere was an unrealizea ae----------- in the
perCoil
market value of investments amounting to $223,922.
Available for distribution
Dividend paid on capital stock
$272,408
77.411
Total--- ----- --------------------- - ------------- 17,528,436
Amount apialcable to regular quarterly distributions:
Balance at Dec. 31 1932 applicable to quarter ended Jan. 15
1933, as above
194,998
Financial Chronicle
Volume 136
Balance Sheet Dec. 31 1932.
Liabilities
Assets
Due for securities purchased,
Investments, common stocks
$48,453
$9,509,110
not received
(at cost)
352,404 Accounts payable & accrued
Cash in bank
22,125
175,304
expenses
Due from subscr. to cap. stk..
78,275 Capital stock (25 cents par)._ 2,328,632
Cash dividends receivable
7,723,434
7,551 Surplus
Prepaid expenses
$10,122,644
Total
$10,122,644
Total
Note.
-The aggregate market value of these Investments at Dec. 31
1932 was $94285,188.
Common Stocks Dec. 31 1932.
No of
Noel
Industrials.
Shares.
Shares.
5,400 Detroit Edison Co
Allied Chemical& Dye Corp
2,000
American Can Co
4,000 Edison Elec.Ilium. Co.(Boston)._ 400
American Tobacco Co.cl B
4,400 Pacific Gas & Electric Co
13.000
Corn Products Refining Co
3,000 Pacific Lighting Corp
5,300
E.I. du Font de Nemours& Co..Inc 9,400 Public Service Corp. of N.J.
6,000
Eastman Kodak Co.(of N.J.)
4,700 Southern Calif. Edison Co.,Ltd_- 8,000
General Electric Co
23,000 United Gas Improvement Co
16,000
General Motors Corp
Banks and Insurance Companies.
19,000
Great Atlantic & Pacific Tea Co.
Bankers Trust Co.(N. Y.)
1,600
of America, non-voting
700 Central Hanover Bank & Trust Co. 1,500
Liggett & Myers Tobacco Co.cl B- 5,500 Conn. General Life Insurance Co... 3,400
National Biscuit Co
8,000 Guaranty Trust Co.(N.Y.)
800
National Dairy Products Corp. 20,000 Hartford Fire Ins. Co
3,400
R.J.Reynolds Tobacco Co.,el. B 11.000 Insur. Co. of North Amer.(Phila.) 3.800
Union Carbide dr Carbon Corp__ _14,400
Oils.
F. W. Woolworth Co
10,000
7,000 Standard Oil Co.of Cant
7,000
Standard 011 Co.(Ind.)
Utilities.
9,000
Standard Oil Co.(N. J.)
American Tel.& Tel. Co
10,000
4,000 Texas Corp
Consol. Gas, Elec. Light & Power
Rails.
2,400
la Co. of Baltimore
4,000 Norfolk & Western Ky. Co
Consolidated Gas Co.of New York 5,000 Union Pacific RR. Co
5,000
-V. 136, p. 848.
Dome Mines, Ltd.
-Value of Production.
Month ofOutput (value of)
-V. 136, p. 499,164.
Jan. 1933.
$364,879
Dec. 1932.
$322,284
Jan. 1932.
$319.736
(S. R.) Dresser Mfg. Co.
-Earnings.
Calendar YearsGross profit from oper_ _
General expense
Research & experim. exp
Recapitalization expense
1929.
1931.
1930.
1932.
$387,969 $1,223,602 $1.431,835 $1,332,677
374,657
320,663
368,055
296.355
36,714
63,532
10,378
33,818
42,235
Profit from operations
Total other income (net)
$57.796
37.344
$792,015 $1,020,464
75,382
53.649
Gross income
Res, for inventory adj_ _
Depreciation
Fed.inc. tax provision_ _
$95,140
9,000
71,562
2.957
$845,664 $1,095,846 $1,064,488
10,000
15.000
50,518
29,461
63,351
121,699
121,633
91,839
Net profits
Dividends paid
$11,621
196,825
$675,475
550,000
$923.629
550,000
$959,401
105,087
$903,394
475,000
Balance, surplus
def$185.204
$428,394
$373,629
$125,475
Earns, per sh.on 100,000
shs. of no par cl. A stk
$0.12
$4.00
$4.00
$4.00
Earns, per sh.on 100,000
shs. of no par el. B stk
Nil
$5.24
$2.92
$5.03
Comparative Balance Sheet Dec. 31.
Assets1932
1931
1932.
1931.
Liabilities
Cash
$1,089,953 $1,218,046 Accounts payable
Accts.receivable_ _ 133,746
218,907
and accrue& _ $20,260
$36,593
Notes receivable &
Accrued Federal &
accrued interest
15,413
34,566
5,288
93,350
local taxes
Due from empl_ _ _
34,545
34,061 yCapitalstock - _ 1,750,000 1,750,000
Marketable secure.
3.529
6,463 Capital surplus... 434,645
464,650
Inventories
451,821
548,944 Earned surplus- _
953,018 1,292,034
Other investments
91,417
180,850
:Land, buildings,
mach'y & equip_ 1,266,442 1,355,315
Patents
1
1
Deferred charges..
76,344
39,482
Total
$3,163,211 83.636,635
$3,163.211 $3,636,635
Total
x At cost less depreciation. y 100.000 shares of class A participating
cony. stock (no par); 100,000 shares of class B stock (no par).
-V. 135.
p.3004.
Drug Shares, Ltd.
-Trustee for Debentures.
-
Chemical Bank & Trust Co., New York, has been designated trustee
under an indenture with Drug Shares, Ltd. for an issue of fully registered
5
-year collateral trust debentures. Principal and interest are payable at
the office of the trustee.
The Bank has also been appointed agent of the voting trustees for the
issue and transfer of voting trust certificates for capital stock of Drug
Shares, Ltd.
Du Pont Cellophane Co., Inc.
-Patent Suits.
-
The company, a subsidiary of E. I. du Pont de Nemours & Co., has filed
suit in the U. S. District Court, for the Southern District of New York
ress
triciko7o and als t filed suit in theU. S. District Court for
i4ew yot
?
f
VcaIria. 1
st
n 1
>is
Brooklyn, alleging that these concerns had sold as 'Cellophane" products
not made by the du Pont Cellophane Co.
The complaint states that since the introduction of cellulose film into the
United States the du Pont Cellophane Co. and its predecessors have had
exclusive right to the word "Cellophane" as a trade mark for this product.
These suits have been instituted for the purpose of maintaining the exclusive right of the du Pont Cellophane Co. to its trade mark "Cellophane" and to prevent the use of such trade mark upon similar material
manufactured by its competitors.
Suit was filed in the U. S. District Court at Richrhond, Va., Feb. 7, by
the company against the Sylvania Industrial Corp. for alleged infringement
of moisture-proof cellophane patents. The Sylvania Industrial Corp. of
Del. was sued early in 1932 on the same patents, but the Delaware corporation subsequently Was dissolved and the defendant reincorporated in
Virgiula.-V. 136, P. 333.
" •Du Pont Motors, Inc.
-----Receivership.
Chancellor Wolcott in Chancery Court at Wilmington, Del.. Feb. 9,
appointed S. Scott Baker of Wilmington as receiver. The petition for a
receiver was filed by Indu Corp. and Seaburg & Blackwell of Wilmington
who allege the company is unable to meet maturing obligations.
-V. 131,
p.482.
Exchange Buffet Corp.-January Sales.
Sales for Month and Nine Months-Ended Jan. 31.
1933-Aionth-1932.
Decrease,1 1933-9 Mos.-1932.
Decrease.
$322,690
$414,135
891.445183.058,565 $3,713,961
$658,396
-V. 136. P. 333.
Ferry Cap & Set Screw Co.
-Earnings.
Earnings for the Year Ended Dec. 31 1932.
Manufacturing loss for year
Selling, general and administrative expense
Depreciation
$50,548
90.501
55,385
Operating loss
Other income-net
$196,434
440
Net loss
Deficit Dec.31 1931
$195,994
78,319
Deficit Dec.31 1932
$274,313
1023
Balance Sheet Dec. 31 1932.
Assets
Liabilities
Cash
$63,981 Accounts payable
Notes and accounts receivable 012,918 Accrued expenses
110,106 Capital stock
Inventory
Cash Burr. value of life insurance 12,448 Profit and loss-deficit
Other assets
309
Bldgs., mach'y, equipment, &c_b287.053
Inventory value of factory and
office supplies
26,259
Unexpired insur. premiums, &c_
2,990
88,059
3,587
c778,730
274,313
Total
$516,063
Total
$516,063
a After reserve of $3.009. b After depreciation of $380.424. c newelsented by 77.783 no par shares.
-V. 130, p. 3886.
-7'o Increase Capital
Fidelity & Casualty Co. of N. Y.
and Surplus.
A special meeting of the stockholders has been called for Feb. 11 to
vote on the proposed increase in capital stock to $2,250,000from $2,200.000,
and an increase in surplus account by $3,950,000. Present capital consists
of 220,000 shares of stock, $10 par, practically all of which is owned by the
Continental Insurance Co. and the Fidelity-Phenix Fire Insurance Co.
The two latter companies, if the proposed plan is approved by the stockholders, will advance $4,000,000 to the Fidelity & Casualty Co., taking in
return 5,000 shares of new $10 par stock at a cost of $800 a share.
At the close of 1932 assets totaled $34,652,485, of which bonds and
stocks, based on values approved by the National Convention of Insurance
Commissioners, amounted to $29,021,521. Cash capital was $2,200,000
and net surplus $1,561,266, making policy holders' surplus $33,761,266.
-V. 136, p. 849.
Fidelity & Deposit Co. of Md.-Balance Sheet Dec. 31.1931.
1931.
1932.
1932.
Assets
8,099,284
Bonds
6,582,133
Stocks
Home office bldg._ 2,417,300
Prems.in course of
collection
1,939,351
Reins, salvage due
from other cos_ _ 206,273
Mortgage loans,&c 108,000
Cash in banks and
trust companies 1,089,015
Liabilities
11,000,015 Reserve for
unearned prems 6,109.640
7,511,453
5,786,453
2,340,000 Claims
Agents' comm.
2,426,771 Taxes & exps. in
754,910
transit
121,200 Miscall. purposes_ 428,708
175,584 Return&advs.prem 180,758
Reinsur. to other
327,321
companies
718,778
Special and con2,000,000
tingent
Divs. declare& _
x2,400,000
Capital stock
2,453,495
Surplus
6,650,302
6,375,537
543,530
484,700
432,650
433,452
270,000
6,000,000
3,203,630
Total
20,441,355 24,393,802
20,441,355 24,393,802
Total
x Paid-up stockholders on June 14 1932 approved a reduction in the
capital from $6.000,000 to $2,400,000 and in the par value from $50 to $20.
-V. 136, p. 499.
Fidelity Fund, Inc.
-Increases Holdings in Common
Stocks.
The monthly report of Fidelity Fund, Inc., sent to stockholders by
Anderson & Cromwell, managers, shows that the'perceatage of common
stocks held in the portfolio has again been increased, with holdings on Jan.
31 comprising 57.3% of the fund. Of the balance, 40.2% is invested in
bonds and 2.5% in cash, accrued interest, &c. In explanation of this
change in the portfolio, the report says: "The management recognizes the
fact that maladjustments still exist among important components in the
economic structure, but feels that suffcient readjustment has taken place
to warrant a more liberal attitude towards high grade equities. Accordingly, the percentage of common stocks held in the portfolio has again
been increased."
-V.136, p. 666.
Finance Co. of America at Baltimore.-Earnings.
Calendar YearsGross inc. less chargeouts
Operating expenses
Interest
Federal income taxes- --
1932.
$307,326
142,566
89,568
9.090
1931.
$476.820
172.038
151.369
17,111
1930.
$578.396
198,327
184.477
5,678
1929.
$540,060
156,544
200,607
17.585
Net inc. avail,for diva
Preferred dividends.. Common dividends
$66.103
22,523
68.500
$136,301
19,269
113,250
$189,913
14,088
100.000
$165,324
14.613
75,000
Added to surplus
$3.782
def$24,920
Common equity-beginning of period
1,501,960
1,375.517
Additions during period_
Deprec. of securities_ __ - Dr.31,600 Dr.12...835
Debit adjust., applic. to
Dr.390
Cr.583
previous years
$75.826
$75,711
1,430,944
978,944
387,250
Dr.4,810
Cr.10.961
Common equity-end
$1,319,581 81.375.517 81.501,960 81,430,944
of period
Comparative Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
AssetsColl, trust notes_ _ $923,500 $1,414,000
Cash on hand and
6,841
7,848
$415,932 8632,257 Accrued interest_ _
on deposit
3,194
3,194
7% pref. dlvs___
a Open accts. rec.
1,223,234 1,572,382 7% pref. el. A diva
(quar.)
25,000
12,500
Common dive_ _ _ bSec.& unsec.notes
17,111
10,689
853,883 Fed.income taxes_
666,418
receivable
19,324
31,776
C Instalment liens.
24,952
64,549 Sundry accts. pay
483,000
421,000
d Industrial liens_ _ 316,337
159,197 Funded debt
34,626
40,183
23,195 Reserves
Sundry accts. rec 26,067
182,500
250,382 7% preferred stock 182,500
Marketable sec_ _ 210,896
127,840
7% pref. stk. cl. A 144,340
U.S. Govt. bonds.
99,120
45,288 e Common stock_ 975,341 1,006,941
48,570
Treasury stock_ _
368,576
Sundry securities _
2,077 Earned surplus_ _ _ 344,239
1,000
1
1
Furniture & equip_
Due pureh. of co.'s
58,617
stock
48,443
Preced & unamon.
30,241
17,611
disc. de insurance
Total
Total
$3,098,581 $3,692,069
$3,098,581 $3,692,069
a After deducting reserve due customers as and when accounts are paid
of $887,634 and reserves for doubtful accounts of $31.841 in 1932 (1931
$671,495 reserve due customers, reserve for doubtful accounts of $42,320.
b After deducting reserves for doubtful accounts of $37,381 in 1932 (1931
$7,892). c After deducting contingent reserve and reserve for doubtful
accounts of $10,797 in 1932 (1931 $21,829). d After deducting reserve due
customers of $92,718 and reserves for doubtful accounts of $3,958 in 1932
(1931 $43,742 reserve due customers $1,186 reserve for doubtful accounts).
Represented by 75,000 shares no par value class A stock and 50,000
shares no par value class B stock.
-V. 135, p. 825.
mwr
First Chrold Corp.
-Larger Distribution.
A dividend of $1.80 per share has been declared on the capital stock, no
par value, payable Feb. 18 to holders of record Feb. 11. This compares
with $1.20 per share paid on Nov. 18 last, $1.10 per share on Aug. 18 1932
and $1 per share on Feb. 18 and May 18 1932.-V. 135, p. 3173.
ame
-New Directors, &c.
First Commonstocks Corp.
General Samuel McRoberts, Lewis L. Clarke, Charles W. Weston and
Lewis E. Waring have been elected directors.
General McRoberts. a director of the Manufacturers Trust Co., the
National Surety Co. and the American Sugar Refining Co. has also been
elected to the newly created post of Chairman of the Board. Mr. Clarke
who was elected Treasurer, is a director of the Bowery Savings Bank and
the Postal Telegraph & Cable Co. Mr. Weston is Vice-President of the
Manufacturers Trust Co. and a director of the Commercial Credit Co.
and the Mohawk Fire Insurance Co. Mr. Waring is a partner in Clarke,
Childs & Keech.-V. 136. p. 499.
-January Sales.
(M. H.) Fishman & Co., Inc.
Month of JanuarySales
-V. 136, p. 165.
1933.
$101,306
1932.
*115,208
1931.
896.092
1930.
$83,118
Fitz Simons & Connell Dredge & Dock Co.(& Subs.).
1932.
Calendar Years1064152,216
x Net income
Preferred dividends..
Common dividends
93.347
Common diva. (stock)_
1931.
$170.166
128,592
1930.
S138.699
4,240
120.765
31.386
1929.
$312.750
4.240
109.863
27.843
$170,804
$41,574 def$17,692
.
Surplus for year_ _ --def$245.563
Shs. common stock out60.432
66,664
66.821
66,821
standing (no par)---..
$5.10
*2.06
$2.54
Nil
Earnings per share
administrative and operating expenses, including
x After charging all
depreciation (amounting to $101.550 in 1932) and Federal taxes in 1931.
1930 and 1929.
Comparative Balance Sheet Dec. 31.
1931.
1932.
Liabilities1931.
1932.
Assetsz Common stock__$1,259,105 $1,259,105
Land, plant, and
eq., docks, &c_y$1,340,635 61,432,710 Accts. payable.&e.
Incl. prov. for
177.341
140,047
Cash
28,973
80,538
Fed.Inc. taxes_ _
273.859
71,099
Marketable securs.
171,459 Accrued 1nsur. &
Notes & accts. rec. 192,316
26,825
38.511
taxes
25,566
Cash val. life Ins
8,598
49,702 Other accrued dab.
61,673
Inventories
25,000
25.000
30,000 Res, for coating__
30,000
Investments
146,292
70,549 Operating reserves 138.945
70,470
Treasury stock_ _ _
7,183
9,603
Deferred income__
22,440
Long term secig734,638
Surplus
485.737
Long term notes
9,726
9,302
receivable
11,845
6,233
Deferred charges
$1,982,787 $2,252,757
Total
$1,982,787 $2,252,757
Total
x Represented by 66,821 no parshares. y After depreciation of $629.677
-V. 135. p. 826.
514 West End Avenue Apartment Building, N. Y.
-Call for Deposits.
City.
tit The Real Estate Bondholders Protective Committee (George E. Roosethe holders of 1st mtge.(i;i% coupon serial
velt, Chairman) in a notice to
gold bonds, dated Oct. 1 1923. and due Oct. 1 1928-35, states that at the
request of S. W. Straus & Co., Inc., the committee has agreed to act for
the holders of the bonds.
The committee has been advised that the mortgagor defaulted in the
due Oct. 1 1932, in the
payment of coupons on the bonds the agreement effective amount of $14,on Feb. 9 1932
381. and that in accordance with
the Oct. 1 1932 serial maturity in the amount of $19,500. has not been paid.
Further, taxes in arrears for the entire year 1932 amount to $17,152. The
fiscal agent has on hand the sum of 310.426.
This issue consists of $525,000 originally issued, of which $82,500 have
been retired during the period Oct. 1 1927 through Oct. 1 1931. leaving
$442.500 outstanding at present. The bonds are secured by a direct closed
first mortgage on land owned in fee at 514 West End Ave., in N. Y. City,
together with an apartment house erected thereon.
The Continental Bank & Trust Co. of New York has been designated to
act as depositary for this issue. Holders of bonds are urged to deposit their
-V.135. p.3530.
bonds with the depositary.
-Earnings.
Fostoria Pressed Steel Corp.
1932. \
1931.
Years Ended Dec. 31$185.292
*99.619
Manufacturing profit
111,384
97,071
Selling & administrative expenses
270
Cr6.467
Other deductions
662
8.117
Provision for Federal taxes at current rate of 12%Net profit
Dividends paid
Increase in market value of Fed,farm loan bonds.. _
Additional provision to reduce Federal farm loan
bonds to indicated market value
$8,353
26,904
Cr4,025
*65,521
27,323
6.650
$31,548
def$14,526
Balance
256,444
224.896
Previous surplus
256.444
241.918
Balance. Dec. 31
$0.30
$2.38
Earns, per sh. on 27.500 she. capital stock(no par).
Balance Sheet Dec. 31.
1932.
1931.
Liabilities1931.
1932.
AssetsAccounts Payable- 1 614,125{ $23,337
Cash on hand it on
11,656
$72,627 Accrued
$60,242
deposit
275,000
z Capital stock _
275,000
Ctfs. of dep. & ac28,364
28,364
Capital surPlus
35,323
crued Interest_.
241,916
256,444
Profit & loss surpl_
Fed,farm loan Wis.
& U.S. Govt.sey92,073
x116,363
curities
10,125
Participation sits_
Trade acceptances,
60,351
41,368
notes es acets.ree
143,318
97.448
Inventory
Cash surrender val.
4,435
of life insurance.
5.583
Notes rec. for cap.
32,752
32,752
stock sold
Capital stock of
Fostoria Pressed
4,917
7,141
Steel Corp
Misc. notes & ac3,800
2,570
counts recelv
Land, bldgs., machinery, equip.,
168,485
136,438
&e
12,044
14,054
Deferred assets...._
$559,407 6594.802
Total
$559,407 $594,802
Total
x Federal farm loan bonds are stated at the indicated market value at
Dec. 31, and United States Government securities at cost value, $300
(_$4,600 in 1931). y Participation certificate from Union National Dank.
trostmia, Ohio. amounting to $10.000 is also included in this total. z Repre-V. 134, p. 1203.
sented by 27.500 no par shares.
-Changes Dividend
Galland Mercantile Laundry Co.
Dates-Annual Statement.
The directors on Feb. 6 declared a dividend of $1.16 2-3 per share.
being at the rate of $3.50 per share per annum, to be paid on April 1 to
holders of record March 15. This is for four months, to bring the new
dividend dates into line, and the remaining dates on which dividends
are to be declared will be in time for payment on July 1, Oct. land Jan. 1.
From March 1 1929 to and incl. Dec. 1 1932. regular quarterly distributions of 873 cents per share were made. In addition, an extra dividend
of 12M cents per share was paid on Sept. 3 1929.
Income Account for Calendar Years.
1932.
1930.
1929.
1931.
Profit
$160,472
$197,887
$188.087
$160,989
4,062
4.144
Other Income (net)
5.171
15,692
Total profit
Depreciation
ederal income taxes- _
$165,133
36.592
18.286
S213,579
34.946
21,117
*192.149
42,900
18.256
*165.643
42.317
13,077
Balance
Dividends paid
$110,255
87,498
$157.515
87,498
$130.903
87.498
$110.248
90,624
$22.757
134,691
$70,c17
128,946
343.495
92,115
$19,624
62,170
$4.41
$6.30
$5.30
$4.41
Balance, surplus
P.& L. surplus Dec. 31Earns, per sh. on 25,000
abs. cap. stk., no par..
Feb. 11 1933
Financial Chronicle
1024
AssetsCash
Accts. & acct. Int.
receivable
Mails & supplies..
Marketable bonds..
Bldgs. under constr
Good-will
Land, buildings &
equipment
Cotton goods In
circulation
Deferred charges...
Comparative Balance Sheet Dec. 31.
1932.
Liabilities1931.
1932.
$91,018 x Capital stock.-- $850,801
$75,904
Accounts & wages
23,583
payable
87,084
81,950
41,097 Installment Pay52,440
15,200
11,888
ments on mach.
35,242
purchases
20,243
1 Tax payable
1
134,691
Earned surplus.. 611,001
650,425
144,013
12,698
1931.
3850.801
34,767
25,440
21,117
128,946
161.513
18,826
81,029,318 $1,081,072
Total
$1,029,318 $1,061,072
Total
x Represented by 25.000 no par shares.
-V. 134. p. 1203.
-Earnings.
General Candy Corp.(& Subs.).
Calendar YearsConsolidated net profits for year
Loss on sales of marketable investments
1932.
$119.356
1931.
$72.627
18.654
Net profit
Previous earned surplus
$119,356
146.775
$53.974
161.933
Total earned surplus
Class A dividends paid (net)
Federal St New York State income taxes
Prior years' taxes
Other taxes
Sundry adjustments, prior years
5266.131
53.463
15.926
1.7ft8
$215,907
66.882
Earned surplus, Dec.31
Capital surplus, Dec.31
$193.625
348.096
Total surplus
AssetsCash
Marketable invest.
Accts.receivable....
Notes receivable....
Misc. rec. & adv
Inventories
Co's own stk.
(cost)
Prepaid expenses_
Deposit on lease
Machinery,equip..
furniture, &c
Good-will, leases,
options, &c......_
2.249
1.369
$146.775
366.162
$512.937
$541.721
Comparative Balance Sheet Dec. 31.
1931.
1932.
L1abfliftss1931.
1932.
616,960
$140,367 $169,056 Accounts payable.. $24,993
121,792 Accts. rec., credit
249,842
3.687
7,243
balance
145,532
132,457
1,816
17,448
4.688 Tax reserve
6,494 Sundry payables &
7,677
2,861
deposits
145,289
158,712
11,444
82,323 Contracts payable
101.998
20,243
24,497
19.563 Accruals
17.499
732,500
5,000 :Class A stock.. _ 732.500
5.000
25,000
25,000
yClass B stock
366,162
299,850 Capital surplus- _ 348,096
x237.710
& loss our
Profit
146,775
193,625
325,000
325,000
plus
$1,376,263 $1,324,587
Total
$1.376.263 $1,324,587
Total
x Represented by 146.500 shares. par $5 (of which 39,575 in treasury
In 1932 . y Represented by 5,000 shares. par $5(of which 4.112 in treasury
In 1932). z After depreciation of *527,061.-V. 135, p. 3698.
-Earnings.
General Fireproofing Co.
1929.
1932.
1930.
1931.
Calendar Years$2,600,963 $4,548,240 $7,635,211 $1,437,866
Sales
Loss after Federal tax &
466.725
14,932 prof752.517proll,087.553
preferred dividends......
41.50)478,655 42)653.920(2.25)735660
Common diva, paid_
Deficit
She. corn. stk. outstand.
(no par)
.
Earned per sh. on corn_
S466.735
$493,587 sur$98,597 sur$351,893
326,960
326,960
315.200
315,100
$3.33
Nil
Nil
$2.0111
Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
LiabilitiesAssetsYCommon stock- _$1,370,816 $1,368,440
xLand, buildings,
778,300
equipment, &c.$2,279,473 $3,347,820 Preferred stock ....- 778,300
361,051
448,112 Notes & accts. pay 273,335
432,230
Cash '
892,490 Dividend reserves_
92,395
Notes & accts. rec. 407,607
7,525
815,130 1,09,903 Res. for taxes_ _ _ _
Inventories
136,113 Adv. charges and
133,015
Investments
55,792
27,157
136,552
accrued accounts
77,360
Other assets
9,051 Llab. Insur. res. &
15,189
Pats. & tr. marks..
74.480
67,055
57,280
34,009
contingencies_ __
Prepaid exp., &c
20,287
Reserves
Surplus
1,742,660 3,264,431
Total
Total
34.276,481 $6,022,702
64,276,481 $6,022,702
x After deducting *1.244,877 for depreciation in 1932 and $1,332,569.
in 1931. y Represented by 315,200 (315.100 in 1931) shares of no Par
value.
-V. 134. p. 4668.
-Regular Dividends.
General Motors Corp.
-The directors on Monday, Feb. 6, declared on the outstanding
common stock, par $10, the regular quarterly dividend of
25 cents a share, payable March 13 1933 to holders of record
Feb. 16 1933. In addition the regular quarterly dividend
of $1.25 a share was declared on the $5 pref. stock, no par
value, payable May 1 1933 to holders of record April 10 1933.
Distributions of 25 cents per share were also made on the
common stock on June 13, Sept. 12 and Dec. 12 last, as
compared with 50 cents per share on March 12 1932 and
75 cents per share each quarter from March 12 1929 to and
incl. Dec. 12 1931. Extras of 30 cents per share were also
paid on this issue on July 2 1929 and on Jan. 3 1930.
Preliminary Reportfor 1932 Shows Net Earnings of $164,979
-Net Charge to Surplus $63,034,738 for Year.
Alfred P. Sloan Jr., President, announced Feb. 6 the
following:
Subject to final audit, net earnings of General Motors Corp. for the year
ended Dec. 31 1932, including equities in the undivided profits or the
losses of subsidiary and affiliated companies not consolidated, amounted to
$164,979. This is after providing for depreciation of real estate, plants and
equipment in the amount of $37,173,641. there having been no change in
the policy In regard to charges against operations on account of depreciation.
After providing $9,206,387 for preferred dividends, and after payment of
dividends on the common stock of $3,993,330. there resulted a net charge
to surplus for the year 1932 in the amount of $63,034.738.
Cash, United States Government and other marketable securities at
Dec. 31 1932 amounted to $172,780,695, compared with $205.029.119 at
Dec. 311931. Net working capital at Dec. 31 1932 amounted to $225.437,194, compared with $273,915,923 at Dec. 311931.
During 1932. General Motors dealers in the United States delivered to
consumers 510,060 cars and trucks, compared with 937,537 cars and trucks
In 1931. Sales by General Motors Operating Divisions to dealers in the
United States during 1932 amounted to 472,859 cars and trucks, compared
with 928,630 cars and trucks during the year 1931. The excess of deliveries to consumers over sales to dealers for the year 1932, therefore.
resulted in a decrease of 37,201 units in dealers' stocks in the United States.
Total sales to dealers, including Canadian sales and overseas shipments.
amounted to 562.970 cars and trucks in 1932,compared with 1.074,709 cars
and trucks in 1931.
A more detailed statement Including the balance sheet and income
account will be issued to stockholders in due course.
Pontiac January Sales Up.
According to a Detroit dispatch, sales of new Pontiac passenger cars tn.
Wayne County during January totaled 248, against 93 in January lash
year. In December only 19 new Pontiac cars were registered, the company
introducing the new models late In that month.
Volume 136
Financial Chronicle
January Sales Show Improvement.-The company on Feb.
8 issued the following statement:
111rJanuary sales of General Motors cars to consumers in the United States
totalled 50,653 as against 19,992 in December, and 47.942 in January a
year ago.
January sales of General Motors cars to dealers in the United States
totalled 72.274 as against 44.101 in December and 65,382 in January a
year ago.
January sales of General Motors cars to dealers in the United States and
Canada, together with shipments overseas, totalled 82,117 as against
53,942 in December and 74,710 in January a year ago.
Sales to Consumers in United States.
1929.
1932.1930.
1933.
73.989
74,167
January
47,942
61,666
50,653
February
88,742
110.148
68,976
46.855
March
123,781
166.942
48,717, 101,339
173,201
April
142,004
81.573
135,663
169,034
May
131.817
122,717
63,500
154.437
June
97,318
103.303
56,987
147.079
July
80,147
85,054
32,849
151,722
86,426
August
69.876
37.230
124.723
75,805
September
51,740
34,694
114,408
October
57,757
49,042
26,941
68,893
November
41.757
34,673
12.780
44,216
57,989
December
53,588
19,992
Total
January
February
March
April
May
June
July
August
September
October
November
December
937,537 1,057,710 1,498,792
510.060
Sales to Dealers in United States.
1929.
1930
1933.1931.
94.458
95,441
76,681
72,274
65,382
141,222
110,904
80.373
52.539
118.081176,510
98,943
48,383
176,634
132,629
132,365
69,029
175,873
136.169
136,778
60.270
163,704
87.595
100.270
46.148
70.716
157,111
78,723
31,096
147.351
76.140
62.667
24,151
69.901
127.220
47,895
23,545
98,559
22.924
21,305
5,810
39,745
48,155
23,716
2,405
36,482
68.252
68.650
44,101
Total
928,630 1.035,660 1,535,852
472,859
Total Sales to Dealers in U. S. and Canada Plus Overseas Shipments.
1929.
1930.
1931.
1933.
1932.
106.509127,580
January
89,349
82,117
74,710
175.148
126,196
February
96,003
62,850
220,391
March
135,930
119,195
59.696
227,718
April
150,661
154,252
78,359
May
147.483
220,277
153,730
66.739
June
97,440
200,754
111,668
52,561
189.428
July
79,976
87,449
36.872
August
85,610
168.185
30,419
70.078
September
78,792
146,483
58,122
30,117
October
28,253
122,104
25.975
10,924
November
57.257
60,977
29,359
5,781
40,222
December
80,008
79,529
53,942
Total
562,970 1,074,709 1,174,115 1,899,267
Unit sales of Chevrolet. Pontiac, Oldsmobile, Buick, IASalle and Cadillac
passenger and commercial cars are included in the above figures.
Subsidiary Makes Distribution to Employees.
-
1025
Guarantee Co. of North America.
-Earnings.
-
Years Ended Dec. 31Income-Premiums (fidelity & surety excl.)
Interest and rents
1932.
6483,075
232.602
1931.
$500,607
243.740
Total income
Underwriting expenses
Reinsurance
Losses paid net
Investment & real estate expenses
Dividends and bonus paid
Profit and loss items
6715,677
284.960
89.502
146.515
51,281
97.472
14.819
$744.347
279.680
86.066
124.204
56.404
97,472
94.352
$31.128
4,285.743
$6,168
4,279.575
Balance
Previous surplus
Balance Dec. 31
64.316,871 $4.285,743
Comparative Balance Sheet Dec.31.
AssetsLiabilities1932.
1931.
1932.
1931,
Cash
5335,492 5285.080 Unearn. prem. res. 5210,085 5220,831
Bonds and stocks_ 3,648,366 3,657,896 Losses pend. & in
Real eat. dr bidgs• 246,327
252,389 proc. of adjust_ 170,277
187,645
Prems. in course
Dividend payable_
24,368
24.368
of collections._
58,157
60,951 State & inc. taxes
Accrued interest
23,888
27,593
25.800
28,405 (estimated)
Rents due & accr_
938
51,662
50,831
1,024 All other liabilities
Voluntary reserves 650,000
600.000
Surp. to sharhold. 2,881,992 2,871.66$
Capital paid-in..- 304,600
304,600
Total
84.316.872 54,285,743
-V.135, p. 4391.
Total
$4,316,872 54,285,743
Great Atlantic & Pacific Tea Co.
-Sales.
Sales as estimated by the company for periods from the beginning of
the fiscal year, Feb. 28 1932 to Jan. 28 1933 compare as follows:
1932.
1931. -DecreaseFive_weeks ended April 2 $88,912.192 $104,742,250 $15,830.058 15.1%
Four weeks ended Apri130 72,368,664 85,026,365 12.657,701 14.9%
Four weeks ended May 28 72,432,886 81,053,595 8,620,709
Five weeks ended July 30 86.062,734 99.342,006 13,279,272 13.3
Four weeks ended July 30 64,238,819 77,027,658 12,788,839 16.6
Five weeks ended Sept. 3 79,316,702 93.981.527 14,664,825 15.6
Four weeks ended Oct. 1 63,625.099 74,076,684 10.451,585 14.1
Four weeks ended Oct. 29 66,530,473 76,508.258 9,977,785 13.0 •
Four weeks ended Nov.26 62,848,653 74,705,685 11,857,032 15.8
Five weeks ended Dec. 31 79,615,596 91,309,637 11,694,041 12.8 •
1933.
1932.
Four weeks ended Jan. 28 57,235,494 68,966,450 11,730,956 17.0%
Total
$797.187,312 $926,740,115$133,552,803 14.4%
Tonnage sales as compiled from the company's estimates for period
from Feb. 28 1932 to Oct. 29 1932 compares as follows:
Decrease
1932.
1931.
Five weeks ended April 2
$32,627 5.9
$552,825
$520,198
Four weeks ended Apri130
33,996 7.4
422,714
456,704
Four weeks ended May 28
5.762 1.3
443,449
437,687
Five weeks ended July 2
32,474 4.0 •
553,562
531.088
Four weeks ended July 30
16,258 3.97
413,726
397,468
Five weeks ended Sept. 3
17,285 3.4
507,772
490,487
Four weeks ended Oct. 1
16.519 4.0
408,323
391.804
Four weeks ended Oct. 29
1.1
4,739
420,398
415,659
Four weeks ended Nov.26
23,502 5.6
418,777
395,275
Five weeks ended Dec. 31
17.695 3.4 •
516,165
498,470
1932.
1933.
Four weeks ended Jan. 28
24,033 6.0%
371.394
395,427
The distribution of $320,000 has been made among 1,075 employees of
the New Departure Manufacturing Co., a subsidiary, who were members
St the 1927 General Motors two-for-one plan. Employees may take cash,
General Motors stock or house contracts. Under the plan employees placed
Total
$214,884 4.2%
$4,872,244 $5,087,128
$300 or less with the company In 1927. to which the company added $150
-V. 136, p. 851.
and interest. Those wno invested $300 are receiving $621.-V. 136. P.
851,500.
' Woolen Co.
,
Hamilton
-Purchase of Stock Approved.
At the annual meeting of
stockholders,held Feb. 1, it was
Georgia Hotel Co. (Vancouver).
-Bondholders Approve the directors be authorized theapply not more than $62,000 of voted that
surplus to
to
Change.
the purchase of common stock at not exceeding $50 per share. T.Jeffersos
Coolidge. Vice-President of the First National Bank of Boston, has been
Bondholders at a meeting recently approved the proposed plan for
added to the board.
-V. 136, p. 668, 501.
modification of the trust deed to Permit reduced interest charges for a
limited period.
-Dividends Omitted.
Under the plan as approved the present 1st mtge. serial bonds will be L---Hancock Oil Co. of Calif.
The directors have voted to omit the quarterly dividends usually payable
exchanged for new 6% 1st mtge. sinking fund bonds maturing June 1 1947.
about March 1 on the class A and class B stocks, par $25. From Sept. 1
The new bonds will have minimum interest requirements of 4%, but if
1931 to and incl. Dec. 1 1932, quarterly distributions of 10 cents per share
earnings are sufficient 6% will be paid. In any year when less than 6%
were made on these issues, compared with 15 cents per share in each of the
is paid the difference between the amount paid and the coupon rate will
two preceding quarters.
-V. 136, p. 851.
accumulate for later payment. All interest and principal will be payable
In United States funds.
-V. 135, p. 4565.
-Proposed Change in Par.
(A.) Hollander & Sons, Inc.
Giant Portland Cement Co.
The stockholders will vote Feb. 21 on changing the par value of the
-Earnings.
capital stock to $5 per share from no par value.
Calendar Years1932.
1931.
1930.
1929.
Net loss after depreciaThe stockholders will also vote on reducing the amount of capital repretion and taxes
sented by shares of stock without par value now outstanding from 61.500.4225,088 x$164,797prof$115,133 prof$87,838
Bank,&c.,int., rents,Szc
000 to 51,000,000 and to transfer the sum of$500,000 from capital to surplus.
18.517
17,205
The authorized and outstanding capital of the corporation at present
Loss
-V. 136, p. 852.
consists of 200,000 shares without par value.
$225,088
$164,797prof$133,649prof$105,043
Deduct-Int. on bds., &c
407
2,160
Fed. inc. tax for year.
Hope Engineering Co.-Obituary.
13,856
10,016
Loss on dismantling of
President Raymond S. Lord died at Mount Vernon, Ohio, on Feb. 5.machinery, Sze
V. 133, p. 3099.
886
3,306
7.868
8,606
Net loss
ygrade Food Products Corp.-Atiffritted-14-144117*..-$225,974
$168,103prof$111,518 profS84.261
Pref. dividends paid_
he New York Curb Exchange on Feb. 1 admitted to unlisted trading
(7)127,979 (7)131.015
pfTiieges the 376,449 shares of new common stock (par $5) issuable share
..
Balance, deficit
for share for old common stock (no par). V. 136. 13• 335.
$225,974
$168,103
616,461
to
$46,754
x After depreciation of $107.055 in 1931 and $107,264 in 1931.
Household Finance Corp. & Subs.).-Earnings.
Balance Sheet Dec. 31.
1930.
1931.
Calendar Years1932.
Assets1932.
Liabilities1932.
1931,
1931.
Gross income from operations
$12,673,211 $12,406,779 $10,610,912
Real estate, Wigs,
Preferred stock_ __51,627,400 51,627,400
5,145,705
Operating expenses
x7,309,594 6,355,181
machinery.&c--52.449,362 $2,552,806 Common stock__ _ 1,103,753 1,103,981
Cash
161.988
212,171 Accts. payable...
12,816
10.806
Net income
$5,363,617 $6.051,597 $5,465,207
Chicago Board of
Customers' credit
32,352
20,562
Other income credits
64,376
Educat'n notes_
19,975
59,925 balances
729
715
Notes & accts. rec.
51,174
15,682 Payroll and unGross income
$5.427,994 $6,072,159 65,497,559
Loaned on collat.
claimed wages
1.348
1,203
1,244.735
948,785
822,687
Interest paid
demand notes_.
50,000
100,000 Accr.Int. A: taxes.
a1,185
652
625,412
588,188
569.619
Federal income tax
Sundry debtors_ -2,284
1,879 Reeve for contin84,628
39,097
Other
219,517
Rents & int. rec.4,425
9,615 gencies,&c
9,000
9,000
Inventories
368,437
375,340 Surplus
355,839
581,813
Net income
$3.634,280 $4,154,608 $4,066,156
Deferred charges-4,427
8,153
695.453
Participating preference dividends...
905.732
733.389
Class A dividends
291,595
632,522
369,033
Total
53,112,073 53,335,571
Total
$3,112,073 $3,335,571
Class B common stock dividends
1,588,444
1,548,301
1,684,692
a Accrued taxes only.
-V. 134, p. 1382.
Gillette Safety Razor Co.
-Suit Alleging Infringement:
-
The company has filed a suit in the Federal Court at Wilmington, Del.,
against the Marathon Razor Blade Co., charging infringement of two
patents for improvement to safety razors.
-V. 136, P. 166.
Girard Life Insurance Co., Phila., Pa.
-Smaller Div.
-
An annual dividend of 75 cents per share has been declared on the capital
stock, par $10, payable Feb. 15 to holders of record Feb. 1. Previously
the company paid annual dividends of $1 per share.
(W. T.) Grant Co. (Del.).
-January Sales.
Sales for fonth and 12 Months Ended Jan. 31.
1933-Month-1932.
Decreased 1933-12 Mos.- 1932. Decrease.
$4,270 210 64,494,549
$224.339 i$73.084.191 $75,679,203 $2.595,012
-V. 136. p. 334, 166.
Great Northern Paper Co.-Smaller Distribution.
A dividend of 25 cents per share has been declared on the common stock,
par $25, payable March 1 to holders of record Feb. 20. This compares
with 40 cents per share paid on Dec. 1 last, 60 cents per share on March 1,
June 1 and Sept. 1 1932. and 75 cents per share previously each quarter.
-V. 135, p. 3531.
Balance, surplus
$547,726 $1.367,494 $1,490,664
x Includes installment notes receivable written-off as uncollectible of
$7,309,594.
Summary of Consolidated Surplus Year Ended Dec. 31 1932.
Balance, Jan. 1 1932:
Capital surplus
$230,087
Earned surplus
2,891,531
Net income, per above summary
3,634,280
Total surplus
$6,755,897
Capital surplus charges and credits (net charge)
166,057
Earned Surplus Charges:
Addition to reserves for losses on installment notes receivable
500,000
Organization expense of inactive subsidiary written-off
5,999
Balance, Dec. 31 1932, before dividends
Dividends on: Participating preference stock
Class A common stock
Class B common stock
Balance. Dec. 31 1932
Capital surplus
Earned surplus
$6,083,840
905,732
632,522
1.548,301
$2,997,286
64,029
2.933,257
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Liabilities
payable__ _13,525,000 20,125,000
6.580,370 6,465,611 Notes
Cash
256,581
Empl. thrift acci- 195,039
• aInstaliment notes
780,887
__ 762,723
37,867.302 44,907,481 Divs.
receivable
14,326
payable.Sundry &cols pay_
Sundry notes and
588,188
448,995 Fed'i income tax__ 620,842
79.779
acc'ts receivable
Pur. money oblig_ 1,430,333 1,430,333
Notes receiv., sale
117,467
36,939
Rea. for conting• of cap. stock to
157,707 Panic. pref.stock_ 10,584,450 10,460,350
empl.(secured). 148,902
stk. 4,559,100 3,319,350
37,592 cCom. class A
45,452
Other receivables.
466,788 dCom.class B stk _10,453.375 12,270,075
• Office equipment. b443,280
230,087
64,029
Capital surplus_ _
Earned surplus__ 2,933,257 2,891,530
•
45,165,086 52,484,173
Total
45,165,086 52,484,173
Total
a1After reserve of$1.500,000 (1931 $916,479), not subject to write-off;
of
all known losses written-off against operations. b After depreciation418,135
$232.020. c 182.364 (132.774 in 1931) shares of no par value. d shares
excluding 38,169 (12.991 in 1931)
(490,803 in 1931) shares (no par),
-V. 136, p. 501.
held in treasury.
-Plants Resume Production.
Hudson Motor Car Co.
the company's
About a half of the employees who walked out on strike at
plants last Monday had returned to their jobs on Thursday, Feb. 9, and
• production was resumed, but on a greatly decreased schedule, plant officials
said. It was reported that 1,000 men were at work in the body plant and
• 2,000 in the main factory.
Exports Increased During 1932.
Hudson-Essex exports to countries outside of Canada totaled 3,383 cars
In 1932 compared with 1.698 cars in 1931, an increase of more than 100%.
Orders now on hand for 1933 export total 811 cars.
August
, Since the introduction of the Terraplane at about the first ofrapidly.
1932. exports for the Hudson Motor Car Co. have been increasing
Countries showing a big gain include Portugal, Norway. Belgium. Holland,
South Africa, Hawaii, Porto Rico, Switzerland, Germany and Sweden.
V. 135, p. 3174.
-Receivership.
Hutcheson Arms Apartments, St. Louis. by Circuit Judge
Ed w::d (1;. Platt of St. Louis was appointed receiver Jan.30
$2,000 in
Calhoun c f St. Louis at the request of J. R. O'Hanlon, owner of O'Hanlon
bonds en the building, who alleged default in payment. Mr.
alleged the Hutcheson Arms Apartment Corp., which owns
in his n tition
bond
the building, had defaulted in payment on principal and interest en a
issue of $225.000 and is in arrears in the payment of taxes for 1931. The
petition was filed Dee. 12.
-Earnings.
Illinois Brick Co.
1931.
1932.
Years End. Dec. 31loss$219,115 loss$126,641
Net income_ a
702,549
449.892
Exp.,deprec.,taxes,&c_
1930.
$3.103
314,943
1929.
$6o9.789
325,920
$669,007
$829,190
$311.840prof$363,870
564,000
282,000
$669,007
def808,003
$829.190
9.892
$593,840
603,704
$200,130
805,095
def$1,477,010 def$819,298
Total surplus
3,300
Additional Federal tax_
Cr11.295
Divs. in excess of res
Adjustment
$9,864
$604,965
Cr28
Cr31
1.292
Net loss
bDividends
Deficit
Previous surplus
$603.704
$808,003 sur$9,892
Profit and loss deficit _ 111.480.309
235.000
235,000
214,565
206,615
Shs. cap.stk. (par $251_
$1.54
Nil
Nil
Nil
Earns.per sh.on cap.stk.
costs, selling and general expenses. b Dividends
a After deducting
shown are those declared for year in advance.
Comparative Balance Sheet Dec. 31.
1931.
1931. I Liabilities1932.
1932.
Assets$5,165,375 $6,364,125
:Plant dc equip. _ _52,213,115 $2,477,569 I Capital stock
44,727
46,834
1.642,367 1,631,871 Accounts payable_
Real estate
145,374
89,609
301,150 Accr.wages.tax,&o 140,342
Cash
171,712 Fire & tornado
Notes & accts. rec. 124,778
803,470
688,857
223,113
494,833 insurance
Inventories
387,281 Excess of par over
U.S.Treas. notes. 437,265
199,125 cost 018100k our206,440
Liberty bonds_ _
427,557
261,704
chased
29,614
30.444
ts
Other investments
3,629
• Prepaid ins., &e... 136,138
808,003
'Prof. Sr loss def__ _ 1,480,309
Total
16,583,577 16,504,787
Total
-V. 134,
x After reserve for depreciation.
$6,583,577 86,504,787
p. 1036.
Co.-Financial Report.
Indiana Limestone
A. E. Dickinson, President, says in part:
The reorganization plan adopted March 1 1932 has now been consummated and the reorganized company (Indiana Limestone Corp.) commenced
operations Jan. 1 1933.
Income Account Years Ended Nov. 30.
1929.
1930.
1931.
1932.
13,200,791 84,618.403 $10,351,643 $10,917,268
Sales (net)
6.932,432
7.282,310
4,100.926
2,226,295
Cost of sales
Advertising, sell. admin.
1,099,556
1,539,726
1,644,753
713,916
and general expenses_
121,178
161,038
185,333
83.011
Other expenses (net)_ _ _
589,939
500,424
613,274
266,927
Deprec. and depletion
1,178,249
1,149,141
1,122,243
1,118,194
Interest
4,000
3,000
Federal taxes
Net loss
Preferred dividends_
11.207,553 $2,365,784 prof.$15,226 pf.$10,348
(53)262,500 (7)350.000
$247,274
11.207.553 12.365.784
Balance Sheet November 30.
1932.
1931.
1932.
Liabilities
Assets$
bFixed assets (net) 36,792.705 37,049,924 7% cumulative
4,715,800
pref. stock
Cash
271,157
125,973
a Common stock_ _19,555,742
cNotes and accts.
19,477
rec. less reserve. 1,062,275
730,453 Notes payable__._
2,251,190 2,385,805 Accounts, wages.
Inventories
1,049,572 1,175,900
taxes, interest,
Stripping
995,261
d159,423
191,858
Investments
&c., payable__
310
19,744,390
Funded debt
Sinking fund assets
3,413,566
30,469
34,021 Deficit
Def. charges, &c.._
Deficit
1339.652
1931.
4.715,700
19,555,842
25,969
1,681,436
17,921,000
2,206,013
41,617,104 41,693,934 _Total
41,617,103 41,1___93 934
Total
-1,485,143 no par shares in 1932 and 1,485,138 in 103I.
- , --- a Represented by
b Less provision for depreciation and depletion of $2,398,171 in 1932 and
$2.138,950 in 1931. c Less reserve for doubtful accounts and notes $163,095
in 1932 and $203,724 in 1931. d After reserve for possible losses of$125,000.
-V.136, p. 335.
-Earnings.
Indiana Pipe Line Co.
Calendar YearsNet income
Dividends
1932.
$85,823
75,000
Balance.surplus
Previous surplus
$10,823
155,667
1931.
$353,638
300,000
Comparative Balance Sheet Dec. 31.
1929.
1930.
1931.
1932.
Assetsb$2,209,363 b$2,278,302 15.359,172 $5.344,344
Pipe line plant
Cash, other invest. &
2,996.559
2.239,417
2,175.713
accounts receivable_ _ _ 1.335,594
$3,544,957 $4,454,015 87,598.589 $7,840,898
Total
Liabilities
$3,000.000 $3.000,000 $3,000,000 a$3,000,000
Capitalstock
18,014
5,060
3,900
2.156
Cap. stock reduc. acct._
Accts. pay, incl, res. for
1,529,080
1,381,340
1,294,447
376,310
tax lire ins.,annuit.,&c
2,913.068
3,008,689
Res. acct. for accr. depre
380.734
203.498
155.667
166,491
Profut Sz loss
$3.544,957 $4.454,015 17,598,589 $7,840,898
Total
a The cash distribution of $20 per share in connection with the reduction of the capital stock from $5,000,000 to $3,000,000 having been charged
on the records of this corporation to capital stock account, constitutes a
return of capital not subject to Federal income tax. b After depreciation.
-V. 135, p. 2182.
--Earnings.
Indian Motocycle Co.
Calendar YearsSales
Costs and expenses
Depreciation
1929.
1031.
1930.
1932.
$913.845 $1,575.273 $2,167,088 $2,844,675
2,616,325 2,933,477
1,697,571
936.929
1..4.613
119,428
117,028
115,806
Operating loss
Other income
$138,890
17.304
8239,328
28,941
$568,665
27,032
Total loss
Interest
All other charges
$121.586
19.357
94,355
$210,387
18,531
163.428
$541.633profS123.723
26,009
10,558
457,141
222,270
Net loss
Preferred dividends....
1235.299
$392,346
8774,461
Deficit
AsselsaLand es blclgs___
bMach. & equip__
Good-will. &o....
Investments
Cash
Notes rec.(trade).
Install. notes rec.dAccts. receivable
Other accts.rec...
Inventories
Prepaid exp. & ascreed income...
$233.415
357.138
$359,427
22,890
$382.317
$774.461
$392.346
$235,299
Consolidated Balance Sheet Dec. 31.
1931.
1932.
Liabilities1931.
1932.
$475,138 $492,165 Preferred stock-- $688,000 $688,000
352,138 cCommon stock-- 2,700,000 1,227,176
314,870
500,00034,500
500,000
20,177
208,453 tocal taxes pay_
122,400
69,369
76,360
24,997 Accounts payable_
20,671
356,028
31,940 Notes payable__ - _ 378,028
10,414
13,271
9,323
51,097 Accrued expenses_
49,278
13,767
13,767
323,204 Res. for Fedl taxes
285,827
5,530 Capital surplus__. 200,000
4,401
1,994,440
381,261 Deficit
329,820
5,905
3,816
Total
$2,118,725 $2,374,602
$2,118,725 82,374,602
Total
a After depreciation of $319,446 in 1932 and $302,418 in 1931. b After
and $446,140 in 1931. c Common stock
depreciation of $400,412 in 1932
represented by 290.000 shares of no par value. d After deducting $207.215
reserve for doubtful accounts in 1932 and 3166.192 in 1931.-V. 135,
p.3174.
-Hearings Feb. 14.
Insull Utility Investments, Inc.
Federal Judge Carpenter at Chicago has opened the case involving a
review of Referee Garfield Charles' findings and the order disqualifying
Calvin Fentress as trustee in bankruptcy. Under his ruling all petitions
for review are continued and all interested parties can present further
evidence upon the qualifications of Mr. Fentress as trustee. The next
hearing has been set for Feb. 14 and the next creditor's meeting before the
referee has been set for Feb. 15.-V. 136, p. 853.
-Stook Off Curb List.
Insurance Securities Co., Inc.
The New York Curb Exchange has announced that dealings have been
suspended in the common stock. The company has discontinued its
transfer office in New York. which is contraty to a rule of the Exchange.
The company (one of the Union Indemnity group) was placed in receivership Jan. 6 (see Union Indemnity Co. in V. 136, p. 340).-V. 135. p. 4223.
-Earnings.
Interlake Iron Corp.(& Subs.).
1931.
1932.
1929.
1930..
Calendar Years- •
$8,920,836 $13,399,826 122,600.173 318.725,844
Sales(net)
8,435,021 11,804.697 18,149.005 14,854,112
Cost ofsales
389.668
542,601
454.784
529,990
Gen. & selling expense..
56,667
Loss on coal operations_ _
Profit from operations
Other income
539.479 $1,140.345 $3,921,177 $3,329.130
128.379
267,921
370,988
502.095
Total
Interest
Depreciation
Reserve for taxes
-Adjust.ofinvestments..
Adjust. ofinv. values...
Reorganization expenses
Bad & boubtful accts...
1167.858 $1,408,266 84.423,272 83,700.118
793,563
767.091
419,262
618,756
829,972
888,423
1.251.777
1.519,644
230,629
218,787
246.137
546.843
436.111
200.057
159,163
31,960
Net loss
Dividends
52,169.887 81,357,502pf$2.066,083pf$2,002,640
299.955
1.999.717
759,907
12,169.887 51,657.457 sur$66.366sur$1,242,732
Deficit
x3,272.826 4.930.284
4.787,448 3.544.716
Previoussurplus
70,059
76,469
surplus adjust.
Miscell.
81,172,999 x$3,272,826 x$4,930,284 04.787.448
Total surplus
2,000,000
2,000.000
759.762
Shs.com stock (no par). 2.000,000
Nil
Nil
$1.03
$2.63
Earns. per sh.on corn_ _ _
paid in surplus of $1,863,021.
x$1ncludes
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1932,
1931.
Liabilities
$
$
$
Assets$476,488 $450,496 Notes payable...
700,000
Cash
Accts.receivable._ 1,038,412 1,304,887 Accts.& wages pay 476,262 1,190,713
Accrued Int., &c._
92,857
98,381
Officers & emAccr. State 4: local
ployees notes &
taxes
15,913
554,094
544,670
receivable
accts.
213,880 Funded debt
83,393
13,606,000 13.942,000
Market.securities_
9,856,123 12,567,782 Reserves
3,031,444 2,934,403
Inventories
,1
Investments _ __z23,669,327 23,590,895 YCapital stock- _ _ 52,169,5(14 52 69,594
Paid-in surplus... 1,172,999 1,863.022
:Real estate, Plant
1,409,805
& equipment 35,285,744 35,984.827 Earned surplus...
739,730
677.759
Deferred charges
Total
71,103,160 74.852,498
71,103,160 74.825.498
Total
x After depreciation of $11.092,090 in 1931 and $10,313.631 In 1932.
no par shares. z Includes company's own
y Represented by 2,000,000
capital stock, 94,092 shares in H132 and 98,092 shares n 1931, valued.
respectively at $1,049,651 and $1,055.405.-V. 135. P. 2890.
International Match Corp.
-Hearing Postponed.
1930.
$747,763
825,000
1929.
1837.490
1,050,000
153.638 def$77,237 def$212,510
380.734
203,498
593,244
Total surplus
Appropriation to reserve
$166,491
$257,136
101,469
$303,498
100,000
$380.734
Profit & loss surplus..
Shares of capital stock
outstanding (par $10)_
Earns, per sh. on cap.stk
1166.491
1155.667
$203,498
$380,734
300.000
$0.29
300.000
$1.17
300.000
$2.49
300,000
$2.79
Feb. 11 1933
Financial Chronicle
1026
Hearing on the motion by the Irving Trust Co. as trustee in bankruptcy
to expunge claims of Kreuger & Toll, Swedish Match, and various affiliated
concerns against International Match has been postponed until March 1
at 10:30 a. m. This marks the third adjournment, the hearing having
been originally scheduled for Dec. 14 1932.-V. 136, p. 669.
International Shares Corp.
-Initial Dividend.
An initial semi-annual distribution of 4.773 cents per share was payable
Jan. 16 1933 on the American Accumulative Trust Shares, a fixed trust
-year trued, agreement
of the capital accumulation type, issued under a 20
dated April 25 1932, and maturing June 30 1952. between the International
Shares Corp. as depositor and the Anglo California Trust Co. as trustee.
At any time prior to termination a holder of 1,000 shares may surrender his certificates and receive from the trustee the deposited stocks
with proportionate accumulations. A holder of less than 1,000 shares
may surrender his certificates and receive in exchange a sum in cash equal
to the market value of the proportionate share of deposited stocks together
with the proportionate share of accumulated income. After 90 days after
termination of the agreement the trustee is required to sell all deposited
stocks, sales to be completed within 30 days and proceeds distributed with
accumulations.
The shares were issued in bearer form in denominations of 25, 50, 100,
500, 1,000. and 4,000 shares. Each trust share represents a 1-4,000th
interest in the following list of 212 shares of common stocks of30 companies:
Shares. Company
Shares. Company
4 American Can Co.
8 United States steel Corp.
8 Standard Oil Co.(N. J.)
12 American Smelting & Refining Co.
12 Texas Corp.
4 Allied Chemical & Dye Corp.
4 Union Pacific RR.
8 Union Carbide & Carbon Corp.
4 E.I. du Pont de Nemours & Co.. Inc. 4 Atchison Topeka & Santa Fe RY•
8 Pennsylvania RR.
4 Eastman Kodak Co.
4 American Telephone & Telegraph Co. 4 Corn Products Refining Co.
4 National Biscuit Co.
12 United Gas Improvement Co.
8 General Foods Corp.
8 Pacific Gas & Electric Co.
8 Borden Co.
4 Consolidated Gas Co. of N.Y.
4 American Tobacco Co."B."
4 Public Service Corp. of N.J.
8 R. J. Reynolds Tobacco Co. "B."
8 F. W. Woolworth Co.
12 Otis Elevator Co.
d: Co.
8 Sears, Roebuck
8 International Harvester Co.
4 Procter dc Gamble Co.
12 General Electric Co.
12 General Motors Corp.
The shares were originally offered in April 1932 by Robert N. Miller &
Co.. San Francisco, Calif., sponsors.
The offering price of' Accumulative Trust Shares is based upon and
varies with the actual New York Stock Exchange transaction prices of the
underlying stocks during the market hours, and is based upon the last sale
prices during the hours the Exchange is closed. To these prices the customary
odd lot differential and actual exchange commissions paid by the depositor
corporation are added. The resulting aggregate is divided by 4,000 (the
number of trust shares in one unit) to determine the value of the underlying stocks per trust share. A charge of 4 % of the value as determined
above is added to cover the cost of deposit, issuance of certificates, and
trustee fees for the full life of the trust. plus 5% of such value for distr buting costs, and all other expenses.
Inter-Ocean Reinsurance Co., Cedar Rapids, Iowa.
Initial Dividend, itc.on the
An extra dividend of 50 cents per share was recently declared
new capital stock, par $10 payable Jan. 31 to holders of record Jan. 25.
An initial semi-annual dividend of $1 per share has also been declared
on this issue, payable March 31 to holders of record March 14.
The company is controlled through stock ownership by the Inter-Ocean
Securities to.
-January Sales.
Interstate Department Stores, Inc.
Sales for Month and 12 Months Ended Jan. 31.
Decreased 1933-12 Mos.-1932.
-Month-1932.
1933
V76.301
$1,050.112
-V. 136, p. 335.
Decrease.
$173,811 ;818,259,172 321,566,837 83,307,665
-Shipments Higher
Interstate Hosiery Mills, Inc.
Shipments for January showed an increase of 112% over January 1932,
it is announced.
-V. 136. P. 669, 167.
-Earnings.Irving Air Chute Co., Inc. (8c Subs.).
Calendar YearsNet sales
1932.
1930.
1931.
1929.
$649.425
Cost of sales, sell., adm.
and general expenses_
444,397
Operating income___ Other income
$205,028
16,987
Gross income
Foreign taxes deducted
at source, &c
,
Sundry charges
Prov. for U. S. & foreign
income taxes
$222,015
Net inc. after charges &
Federal taxes, &c
Dividends paid
Not available
12,858
18,427
27,933
8162,797
58.800
$184,046
179,750
$241,697
236,388
$452.672
x
$452,672
$5,309
$4,296
3103.997
Balance
Shs. of cap. stock out211.000
209.000
211.000
211.000
standing (no par)
$1.17
$0.87
$2.16
$0.77
Earnings per share
x Company paid an initial dividend of 50 cents per share in July 1929
and 37% cents per share in October 1929 and January 1930. The amount
in dollars chargeable against the year's earnings is not given in the annual
report.
Comparative Balance Sheet Dec. 31.
1932.
AssetsCash
$326,563
Market. sec. & accrued interest
95,552
36.750
Trade acceptances
Accts. receivable
121,682
80.073
Inventory
Other assets
136,216
Land, bides.,&c
125,971
45,973
G'dwill, pats., &c
Deferred charges..
29,311
1931.
$356,901 Accounts payable_
Estimated Govt.
31,156
income tax
39,587 Dividend payable_
81,979 Accruals
105,215 x Capital stock_
131.438 Surplus
56,037
49,874
24,390
1932.
$15,996
1931.
$17,761
29,858
19,600
3,470
367,100
562.067
20,994
$998,091
Total
$998,091 3876,579
Total
X Represented by 211,000 shares (no par).
-v. 135, p. 2002.
77
367,100
470,646
$876,579
Jaeger Machine Co.(& Subs.).
-Earnings.
Years End. Nov.301930.
1929.
1931.
1932.
Sales less returns, allowances & discounts_ - -_ x$173,003 $1,900,373 $3,456,511 $3,881,965
See x
Cost of sales
1,410,315 2,272.552 2,428.373
Sell., gen. & admin. exps
497,444
826,985
310.834
794.509
Loss on Duplex Foundry
division
11,065
11,867
Operating loss
Interest income
$149,699
11,951
$18,451prof$356,974prof$659,082
8.964
8,431
8,884
Loss
Prov. for Fed. Inc. tax_
Prov. for amort. of pats.
$137,748
$9,487prof$365,405prof$667,967
30,459
62,739
77,627
77,627
Net loss for year
Dividends paid
$137,748
$9.487prof$257.319prof$527.601
79,214
338,109
386,410
Deficit
Earnings per share on
3137,748
388,701
380.790 sur$141,191
Nil
Nil
$1.65
$3.39
x Gross profit on sales after deducting cost of sales.
Consolidated Balance Sheet Nov. 30.
1932.
Liabilities
1932.
Assets
1931.
1931.
$71,052
$50,513 Notes & accts.pay. $13,637
$36,686
Cash
50,000
25,335
Marketable secur_
38,682
80,000 Accrued items_
750
693 y Common stock-- 1,632.075 1.673,934
Accrued int. ref. _
236,895 Capital surplus_ _ _ 325,883
Notes d: accts. ref. 196,108
340.016
809,016
174,176
Inventories
945,036 Surplus from oper_
319,617
373,664
Invest.in idle plant 371.598
:Land, bulld.,ma572,197
chincry & eq.,&C 517,760
1
2
Patents
154.820
149,936
Deferred charges
common stk.(no par).
Total
$2,171,106 $2,408,935
12,171,105 $2,408,935
Total
X After reserve for depreciation of $300,570 in 1932 and $347,227 in 1931.
y Represented by 150,698% no par shares in 1932 and 154,5633 in 1931.
-V. 135. p. 307.
1027
Financial Chronicle
Volume 16
Jewel Tea Co., Inc.
-Annual
Report.
John M. Hancock, Chairman, and M.H. Karker, President, state in part:
Net profit for the year-after provision for Federal income taxes, depreciation and reserves, but not including losses in the operation of Jewel
-was 31.053.825 or $3.76 per share, compared with
Food Stores, Inc.
$1,363,780 or $4.87 per share in the previous year. Treasury stock at the
end of the year, not under contract for sale to employees, totaled 15.191
shares, leaving 264,809 shares outstanding in hands of investors and on
this number of shares earnings for 1932 were at the rate of $3.98 per share.
For the 42 weeks from the date of purchase on March 12 1932, company operated the retail outlets of Jewel Food Stores, Inc. The loss from
operations, including substantial amounts spent in adapting and improving
the properties, amounted to $210,443. This loss was charged against the
reserve for contingencies, established out of earnings in previous years
and not out of surplus, and the balance of this reserve has been transferred
to surplus. Future gains and losses in the operation of the stores will be
reflected in forthcoming operating statements.
Total sales amounted to 311.090.562,compared with 813.742.691 for 1931,
a decrease of 19.30%. Excluding sales for the extra week in 1931 the decrease is 18.04%.
Sales of Jewel Food Stores, Inc., for 42 weeks amounted to 33.571.690.
For about 12 years, but more pronouncedly in the last four years, there
has been substantial decline in the cost of buildings, machinery and equipment. Directors deemed it advisable to write down fixed assets from book
value to present actual values, based upon current replacement costs with
due allowance for depreciation for the full time that the property has been
in use. This adjustment amounts to 8404.538 and has been charged to the
capital account.
Comparative Income Account.
Dec. 31 '32. Jan. 2 '32. Dec. 27 '30. Dec. 28 '29.
Years Ended$11,090,562 $13,742,691 815,521,791 316,844,110 ,
Net sales
884,579
169,046
Operating profit
Other income
Total income
Federal tax reserve
1,468,703
211,688
1.722.829
227,574
1.582,205
306,158
$1,053,626 $1.680.391 31,950,403 31,888.364 ,
245,110
197,062
x316,610
31,053,626
Balance
996,053
Common dive.(cash)_ _ _
$57,573
Balance,surplus
2,404,357
Previous surplus
restored to surp. y280,000
Approp.
31,363,780 31,705.294 $1.691,302
1.377.468
1,230,000
1.211.765
$152,015
2,320,190
$327,826
1.991.110
76.900
$461.302
1.704,314
82,741,930 32,472,205 32,395,836 82,165,615
Total surplus
Loss from operation of
210,443
Jewel Food Stores,Inc
z1,100,000
Traria. to cap. acct
Recapital. exp. & other
surplus adjustment _
Common div. (stock)_ _ _
Provision for decline in
market value of secur_
14,506
120,000
• 67,848
75,646
Contingency reserve_
• 40,000
Profit & loss surplus_ $1,431,487 32,404,357 $2,320,190 81,991.110
280.000
280,000
280,000
280,000
Corn, shares outstanding
$6.04
$6.09
$4.87
Earns .per sh. on com
$3.76
x This reserve in 1931 included all taxes paid, while in previous years
this reserve covered only Federal taxes. Taxes other than Federal income
in previous years were charged to operating profit. y Reserve for contingencies, appropriated from profits in prior years. z As authorized by
board of directors, of an amount equivalent to advances from Jewel Tea
Co., Inc., to Jewel Food Stores, Inc., for acquisition of assets and for
working capital.
Comparative Balance Sheet.
Dec. 31 '32. Jan. 2'32..
Mai/tittlesDec.31 '32. Jan.2 '32.
Assets
x Land, bldgs., &c.$1,912.011 $2,186,041 y Common stock _ _$4,935,462 $4,240,000
1
1 Letters of credit
Good-will
5,300
64.100
1,429,694 1,023,200
and acceptances
Inventories
68,804
146,266
230,984
288,966 Accounts Payable_
Accts.receivable
346,099
1,825,436 2,395,334 Sundry accruals__ 292,784
Investments
212,093
130,690
145,185 Federal inc. taxes_
182,709
Trust funds
280,000
824,949 Dividend spayable. 210,000
Cash
737,059
148,185
689,273 Surety deposits.... 182,709
Advances
101,562 Trading stamps
Other def. charges 720,705
39,831
outstanding__ _ _
Common stock for
280,000
437,114
471,884 Res, for contingemployees
Res.for auto. acci85,759
dent& tire losses 101,185
1,431,487 2,404,357
Surplus
$7,475,715 $8,129,397
Total
$7,475,715 $8,129,397
Total
x After deduction of $1,049,475 for depreciation in 1932 and $865.411
-V.136, p.669.
value.
in 1931. y Represented by 280,000 shares of no par
Jones Estate Corp.-Trustee, &c.
Chemical Bank & Trust Co. has been appointed trustee under mortgage
Indenture, dated as of Jan. 23 1933, securing an authorized issue of 84.-year 5% mortgage ponds. See also Squibb Building below.
00 20
-Dissolution.
Kelsey-Hayes Wheel Corp.
The stockholders on Feb. 8 approved the dissolution of this corporation.
pursuant to the terms of the reorganization plan whereby assets of the old
-V. 136,
corporation were acquired by the new Kelsey-Hayes Wheel Co.
P. 670. 503.
-%. 136, p.670. 503.
-To Receive Dividend in Nevada
Kennecott Copper Corp.
-See Utah Copper Co.
Consolidated Copper Co. Stock.
-V. 135, p. 3532.
below.
-Earnings.
(S. S.) Kresge Co.(& Subs.).
1929.
1930.
1931.
1932.
597
678
711
719
$
$
$
$
Sales (Incl. subsids.)---124,536,619 145,838,038 150,508,126 156.456,732
354,807
778.393
264.523
558.459
Other income
Calendar Years-
No.ofstores
125,095,079 146,102,561 150.862,933 157.235.125
Total income
Cost of sales & sell. exp-113,372.915 130,164,750 133.971,485 136.841.008
1,417,313
1.289,520
403.539
1,469,877
Interest charges
3,774.456 3,728,200 3.519.277 3,143,367
Deprec. & amortiz
Reduct. of prov. for loss
Cr56,264
on market. securs_
Profit on redemption of
Cr50,343
bonds,&c
Amortiz. of bond & mtg.
24,956
disc. & expenses
1,461,500 1.895.000
1.330.600
902,763
Federal income tax
Net profit
5,656.719 9,461,698 10,621,151 14.952.211
140.000
140.000
Pref. dividends (7%)140.000
140,000
(16)8808.005(16)8820.761
Corn,diva.(rash)_(11%%)6.309,550(16)8573.066
748,632 1.673,146 5.991.450
Balance,surplus
de1792,83I
Profit & loss surplus.- 27,635,589 28,428,420 27,948,206 x26.256.911
Sim. corn, stock outstdg.
5,517,930 5,517,930 5,517.930 5.517,929
(par $10)
$1.90
$1.69
Earns. per sh. on com
32.68
$1.00
x After deducting 50% stock dividend amounting to $18,393.098.
January Sales.
-
1932.
1931.
1933.
1930.
loath of january87.706,389 88.845,394 39,824,933 39.351.731
Sales
On Jan. 31 hat, the company had 677 American and 42 Canadian stores
in operation, a total of 719 stores, against 713 stores at the end of January
1932.-V. 136. p. 503.
-January Sales.
(S. H.) Kress & Co.
Month of JanuarySales
-V. 136. D. 853, 670.
1932.
1933.
1931.
$3,912.983 $4,273,984 $4.399,821
1930.
$4,202,340
Financial Chronicle
1028
Kreuger & Toll Co.
-Rulings Reserved-American Creditors to Select Trustee Feb. 18.A meeting of the American creditors was set Feb. 3 by Henry K. Davis,
referee, for Feb. 18 at 10:30 a. m. in room 235 of the Federal Building
on Park Row,N.Y. City,for the election of a bankruptcy trustee to succeed
•Gordon Auchincloss. Mr. Auchincloss represented lvar Kreuger's Swedish
•Match Co. as well as Kreuger & Toll in the preliminary stages of un'tangling the confusion left by Kreuger's suicide.
Mr. Auchincloss will continue to represent the Swedish Match Co.
-while the Kreuger & Toll creditors after the forthcoming election will have
separate representation to facilitate the eventual partition of assets of the
,
Kreuger system.
Refree Davis took jurisdiction also of a motion and heard arguments
to enjoin the officers and directors of Jordahl & Co.,formerly the American
Kreuger & Toll Co.. from disposing of any of the concern's assets pending
'determination of their ownership by plenary suit, as well as a related
motion to enjoin Anders Jordahl, President of the company, and his wife.
Mary D. Jordahl, from transferring or dealing in the company's stock
ending the suit.
The referee reserved decision on the two injunctions, saying the injunctions would be issued pendante lite if he determined from the arguments
that the bankruptcy trustee ot Kreuger & Toll had made out a sufficient
case to support the proposed plenary suit.
p
Investors Bring Flood of Claims on Final Day for Filing in
Bankruptcy.
The New York "Times" Feb. 7 had the following:
In a last-minute rush American investors who put $130,000,000 into
the debentured of the Kreuger & Toll Co. four years ago filled the office
of Henry K. Davis, referee, at 140 Nassau St., all day yesterday until
midnight. Yesterday was the last day under the bankruptcy law to file
proof of claim to share in such assets as may be salvaged eventually from
the wreck of Ivar Kreuger's world-wide organization. Most of the claims
represented small holdings among the 75,000 investors.
Although most of the larger claims were filed some days ago, they were
supplemented yesterday by a claim for $43,000,000 filed on behalfof Human
Swedish match company, for advances for funds for loans of securities and
for undertakings by the Swedish Match Co. on the responsibility of Kreuger
4z Toll. In addition, a claim for 275,000,000 francs (about 310,700.000)
extended
was filed yesterday for 36 French banks, representing credits syndicate
-Bas and associated
to Kreuger by the Banque de Paris et du Pays
members.
Among the claims previously filed was one of the Marine Midland
Trust Co. as trustee under a debenture agreement, and as general repreand attorney for holders of 5% gold debentures and coupons,
sentative'
for 548,000.000. The holders of these debentures were counseled also to
-file their claims individually. Indemnity Co. filed a claim for $652,000,
The Hartford Accident &
declaring the amount was due on 14 indemnity bonds executed for the
Kreuger company, guaranteeing payment of a group of Mexican and
-V. 136. p. 854.
Spanish bondholders.
-Sales.
Kroger Grocery & Baking Co.
Sales tor the first four-week period ended Jan. 28 1933 totaled $14,612,473, against $16,667,952 in the first period of the preceding year, ended
Jan. 30 1932, a decline of 12%.
The average number of stores in operation for the first period of 1933
was 4,730,against 4,885 in the corresponding period of 1932,a decline of3%.
Retail food prices declined 14% between Dec. 15 1932 and Dec. 15 1931.
according to the Bureau of Labor Statistics of the United States Department
-V. 136, p. 854. 503.
of Labor.
-January Bales.
Lane Bryant, Inc.
1932.
Month of JanuarySales
-V.136. p. 854. 336.
1933.
8864,261
1931.
1930.
$949,643` $1.482,849 $1,149,852
-Dividend Rate DeLanston Monotype Machine Co.
-The directors on Feb. 9 declared a quarterly
creased.
dividend of $1 per share on the outstanding capital stock,
par $100, payable Feb. 28 to holders of record Feb. 17.
This compares with quarterly payments of $1.50 per share
paid each quarter from Nov. 30 1931 to and including
Nov. 30 1932.-V. 135, p. 4393.
-Call for
Lefcourt Empire Building, N. Y. City.
Deposits.
E. RooseThe Real Estate Bondholders Protective Committee (George it% serial
mortgage fee 5
velt, Chairman), in a notice to the holders of 1st request of S. W. Straus
June 15 1926, state that at the
gold bonds, dated
a bondholders' protective
& Co., Inc., the committee has agreed to act as
committee to represent bonds of the above issue.
advised by the trustee and fiscal agent that
le The committee has been
interest instalments
default has been made in the payment of monthly
of the soecnd
aggregating 57,188. due Dec. 15 1932 and Jan. 15 1933 and
of $11.658. exclusive of interest
half of 1932 real estate taxes in the amount advised that the trustee holds
penalties. The committee is further
and
in its hands available for the
an assignment of the rents and that funds funds currently to be received
payment of taxes aggregate $2.215 and that the month of January 1933
constituting income of the property for
by It
now delinquent
will be insufficient to make payment of the taxes which are financial conthe
and unpaid unless an extraordinary improvement in
property takes place. In addition, the unpaid and past due
dition of the
serial maturities now aggregate $49.000.
This issue consisted of $800,000 originally Issued, of which $50,000
outstanding. The bonds
have been retired serially, leaving 5750,000 now 20-story Lecourt Empire
are stated to be secured by a first mortgage on theto be owned in fee.
together with land thereunder, stated
Building,
New York City,
The City Bank Farmers Trust Co. 22 William St., Holders of bonds
for this issue.
has been designated to act as depositary depositary immediately.
-V.122,
bonds with the
are urged to deposit their
p. 3612.
Lehigh Portland Cement Co.-Pref. Div. of 873/ Cents.
The directors have declared a dividend of 873.i cents per share on tho
7% cum. pref. stock. par $100, payable April 1 to holders of record March
14. A similar distribution was made on this Issue on Jan. 3 last, prior
-V. 135.
to which the stock was on a regular 7% annual dividend basis.
p. 4042.
-Annual Report.
Lima Locomotive Works, Inc.
Joel S. Coffin, President, says in part:
The net loss for the year, after deducting manufacturing, maintenance
and administrative expenses and depreciation on plant and equipment,
amounted to $890,537, compared with a net loss of $1,414,129 for the
previous year.
Sales billed were considerably lower than for any previous year in company's history. No orders for locomotives were received as the railroads
of the country placed no such orders with any company during the year.
In the 1931 annual report, the value of unfilled orders on the books was
reported as amounting to 51,215.425. The locomotives included in this
figure were not completed during 1932 and have therefore been carried
over into 1933. Work on the order has progressed during the year, however, and it is expected that delivery will be made during the first half of
year at
Ccimpany purchased 15,800 shares of its own stock during the 31 1932
and as of Dec.
cost of $158,867, an average of $10.05 per share,shares, carried at cost,
had in its investment account a total of 40,800
9781.666, an average of $19.16 per share. This represents 19.3% of the
211,057 shares outstanding.
Unfilled orders as of Jan. 1 1933, amounted to $1,238,190. It is impossible to state with any degree of assurance when the purchase of equipof locomoment by the railroads will be resumed. The effective capacityto meet the
tives in use,for economical operation, which will be insufficient
demand when railway traffic shall have been restored to more nearly normal
proportions, the large amount of equipment that, due to deterioration and
obsolescence, Is not in proper condition for maintaining continuous, satisImfactory service, and the recent definite tendency toward a generalbeen
provement in carloadings, as compared with the falling off that has
Feb. 11 193.1
reported each year since .19X, all point toward The resumption of equipment purchasing by the railroads as soon as general business conditions
warrant. The longer this buying is postponed, the greater will be the
ultimate demand.
Consolidated Income Account for Calendar rears[Including Ohio Power Shovel Co.)
1931.
1932.
1980'.
1929.
Net loss
$837.637 $1,274,212pf$1,8211.860pf $934,000'
139,916
257,241
411,994
Reserve for depreciation
52.899
20,500
Reserve for taxes
190,09.
Net loss
Common dividends
$890,536 $1,414,129pf$1,382,318. 05501,506
x385,054
Deficit
$890.536 $1,799,183sur$1382,318 ear$501,508
P.& L.surplus
1,566,872
2.460,153 4,262,579
2,882,558
Earns. per sh.on 211,057
Nil
abs. com.stk.(no par)
Nil
$6.55
$2.38
x A special dividend of $2 per share, amounting to $422,114, was paid
on Feb. 17 1931. Of this amount, 837,060 applied to 18,530 shares included in the investment account of company, making a net charge of
8385,054.
Consolidated Balance Sheet Dec. 31,
1931.
1932.
1032.
1981.
Liabilities-$1
Assets$
5
$
y Common stock_ 10,552,850 10,552,850
Land.blags.,mst71,170
66,037'
chinery, &c____ 3,138,178 3,173,217 Accounts payable_
Misc. accr. Habits_
72,010
87,999
Drawings, patrns,
1 Reserve for cooling 250,500
42,343
325,000
dies, .fcc
2,687,716 2,687,716 Accident insurance
Good-will
reserve
97,779
158,572
389,635 2,096,733
Cash
1,566,872 2,460,153
U. S. Govt. occur.. 2,023,281 1,523,281 Su rplu
622,799
Co.'s own stock_ 781,666
3,280
Other investments
x Bills S. accts. ree 1,317,076 1,811,913
2,056,254 1,494,105
Inventories
168,572
97.779
Accident ins. fund
78,994
Deferred charges
77.260
Total
12,6/1,191 13,660,611
12,611,191 13,660,611
Total
a 40,800 shares in 1932 and 25,000 shares In 1931 (at cost). x After
amounting to 33,453,383 in 1932 and $3,401,554
reserve for depreciation
In 1931. y 300,000 shares without par value authorized. 88,943 shares
unissued, 211.057 shares outstanding. z After reserve of 540.000.-V. 134,
P. 1207.
Loew's, Inc.-Earnings.
For income statement for 12 weeks ended Nov. 30 see"Earnings Depart-V. 135, p. 4393.
ment" on a preceding page.
-Earnings.
Los Angeles Investment Co.
Years Ended Dec. 31Revenue from operations
Interest revenue
1932.
8639.674
202,967
1929.
1931.
1930.
$690,206 $1,178,876 $1,847,847
373.730
360,490
291,756
Total revenues
Operating expenses
Interest expense
Taxes
$842,641
370.607
239,450
221,400
$981,962 $1,339,366 $2,221,577
581,143
500,250
389.913
42,731
92,898
115.989
208,860
214,072
206,860
Net profitfrom open*.& deprec. on
property, &c
$11,185
$269,201
627,208
652,608
$732,147 $1.388,842
LO8Se9
370,014
497,156
$383.407prof$362.133profV91,688
$616.023
Comparative Balance Sheet Dec. 31.
1931.
1931.
1932.
1932.
Liabilities$
$
AsselsCapital stock
4,500,000 4,500,000
•oper.& inv. real
8,307,595 3,873,004 Accts.and commisproperties
5,697
8,886
sions payable_ _
Cash on hand & on
33,010
18,272
23,707 Accr. payrolls, &o.
8,720
deposits
5,104 Notes oayable
Materials & seep'.
896,000 el.966.750
46,073 d122,960 Gold notes, home
Accts.& notes reo_
maker notes &
Mtees, tr. deeds &
71,686
Ctrs. & diva. pay
70.419
sales contracts 2,748,624 3,796,707
Mtges. payable.._ 2,785,130 1,788,950
Bag.& bds. owned
115,713 Dep. In trust and
(oth.than of subs) 188.777
10,266
escrow accounts
4,433
Unsold real estate
& improvements 3,329,898 3,178,321 Restricted surplus 1,313,633 1,322,664
Earned surplus
2,854,290 3,778,821
b Furs., mill may86,959
83,498
chinery, &e
843,385
Invest.in subs._ _ 847,301
Notes rec. froln
1,121,306 1,143,255
subs. (sec.)
Notes & accts. rec.
726,840
fr. subs.(unsec.) 728,009
61,890
39,260
Deferred charges
Net loss for year
12,449,063 13,477,845
Total
Total
12.449,063 13,477,845
a After deducting $368,649 for depreciation of buildings in 1932 and
$313.315 in 1931. b After deducting 571.080 for depreciation in 1932
and $87,512 in 1931. c Of which $922,750 secured and 51,044,000 unsecured. d Includes accrued interest receivable.
-V. 134, p. 3991.
-Earnings.
Lunkenheimer Co.
Earnings for Year Ended Dec. 31 1932.
Net loss from operations after depreciation
Previous surplus
Miscellaneous credits
Write up of U. S. securities to market value
$686,284
4,910.756
12.618
53,789
Total surplus
Pref. dividends (payable in 1933)
Common dividends (paid in 1932)
Net write down of Carthage plant
Net write down of other assets and marketable securities
$4.290,879
38,831
25,000
329,592
29.953
Surplus Dec. 31 1932
$3.867,503
Balance Sheet Dec. 31.
1931.
Liabilities1932,
1932.
1931,
AssetsAccounts payable. $30,386
551.003
Cash. notes & so38,831
counts receivable 4325,295 $370.529 Pref. dividends....
38,863
508,062 Res. for county
U.S. Treas. bonds 561,851
40,843
taxes & miscell.
33,457
Other market. sec_
2,214,163 Items
1,705,819
34,038
Inventories
41,865
50.836 Preferred stock _ _ _ 597.400
23,655
Other assets
597.900
*Plant & equIpm't 2,783,776 3,302,750 y Common stock_ 1,000,000 1,000,000
153,202 Surplus
3,867,503 4,910,756
Deferred & miscell 135,202
Good-will, pats.,
trade - marks,
1
1
copyrights,
Total
55,569,058 56,640.388
Total
15,569.058 $6,640,888
x Less reserve for depreciation of $2.474.688 in 1932 and $2,639,438 in
1931. y Represented by 200,000 no par shares. z Does not include
notes roccivable.-V. 138, p. 504.
McCrory Stores Corp.
-Debenture Committee Favors
Reorganization.
A letter sent to debenture holders by Stanley A. Russell, chairman of the
debenture holders protective committee, states that deposits of debentures
are coming in regularly. The letter states in part:
'On the basis of reliable information so far available and subject, of
course, to further investigation, we believe the main objective should
be to secure, if possible, a sound, equitable reorganization of the business
of the corporation as a going concern as promptly as practicable. While
some time apparently must elapse before adequate information is available
upon which to predicate action, the committee will advise debentu
re
holders from time to time if any important developments arise.
Myers' Committee for Debentureholders Questions $2,500,000
.-Transactions
The assertion that the corporation, 16 days prior to its receivership,
raid $2,500,000 to banks, is made in a statement issued Feb. 5 by a committee representing holders of 5.$% debentures, headed by John A. Meyer.
The statement says;
"We respectively call upon bankers' committee to make full disclosure
of everything its members and the institutions affiliated with it know
about the $2,500,000 payment to the bank creditors of the McCrory
,
company. We are willing to accept, subject to further inquiry, the statement of the bankers' committee that neither the banking institution which
helped to organize it nor either of its affiliated banks was a bank creditor
of the McCrory company during the year 1932."-V. 136, P• SM.
McCall Corp.(& Subs.).
-Earnings.
Calendar YearsNet sales
Oper.exp.& deprec'n
1029
Financial Chronicle
Volume 136
1929.
1932.
1930.
1931.
$10,839.267 $12,949.302 $14,636,561 512,974.158
9,592.232 11.008,857 12,408.228 10,617,975
Operating profit
Other income
51.247.035 51,940,445 52,228.333 $2,356,182
154.118
90.425
74,153
Dr35,432
Total income
$1,337,460 $1.905.013 $2.302.486 $2,510.300
Reserve for taxes, &c
305.743
241.714
122.026
276,788
Res.for doubtful sects_ 30,670
42,031
52,126
25.038
Net income
Common dividends
$1.163,308 $1,603,186 $2,018,741 $2,173,887
1,178,129
1.436.802
1,163,052
1,392.866
Balance,surplus.. _ _ _ _
$995,758
$581,939
$210,320
$256
Shares of common stock
578,552
outstanding (no par)_ _
579,204
552,360
545.360
Earns, per sh. on com___
$3.76
$3.49
22.90
$2.13
Comparative Consolidated Balance Sheet Dec. 31.
1931.
1939.
1932.
1931.
3
Assets$
$
329,126
Cash on hand_ _ _ _
947,680
735,092 Accounts payable_ 268,527
274,230
Marketable securs 612,250 1,232,850 Reserve for taxes_ 134,119
129,472
84,898
y Accts. rec.(net).
233,833 Accruals
Cr428
344,980
Notes receivable__
2,662
4,662 Divs. pay. Feb. 1_ 272,724
Inventories
Deferred credits_ 1,048,508 1,492 985
1,261,866 1,681,387
20,151
22,085
Accts. rec. from
Reserves
9,631,067 9,632,629
officers dr empes 428,471
551,839 z Capital stook
Mtge. rec. at face
Earned surplus_ 4,877,762 5,358,615
value
280,112
199,662
Inv.in & acct. reo.
from S. M.News
Co.,Inc
200,590
173,551
Mdse, with dealers
at cost
91,422
105,522
Deferred charges
277,646
180,695
x Fixed assets_
3,869,356 4,144,296
Subscription lists_ 8,365,931 8,360,930
16,337,558 17,584,124
Total
16,337,558 17,584,124
Total
x Less reserve for depreciation of $2,236.876 in 1932 and $1,900.164
In 1931. y Less reserve for doubtful accounts and reserve for discards
of $514,572 in 1932 and $990,503 in 1931. z Represented by 545.360
shares of no par value in 1932 and 552.360 in 1931.-V. 135. p.998.
McLellan Stores Co.
-Common Stockholders' Committee.
A protective committee of common stockholders has been formed,
with John F. Sherman, chairman of the Sherman Corp., as chairman.
Other members of the committee are Peter M.Leavitt, President of Leavitt
Stores Co. and James D. Glunts, of James D. Glunts & Co. The committee states that approximately 100,000 shares of the outstanding 563,000
shares have been pledged to it.
The letter of the committee states that it is not a "self constituted
committee of outsiders, investment bankers or otherwise, desiring to
break into this situation for private gain.' Included among the common
stockholders supporting this committee, the letter states, are Fred. A.
Powdrell. President, and W. W. McLellan, chairman of the board.
This committee pledges itself unreservedly .to act independently and
n the exclusive interests of the common stockholders," the letter states.
Deposits of stock are urged. The interests of common stock, outstanding
In the amount of 563,000 shares, are subordinate to those of creditors
and to $3,700,000 principal amount of preferred stock, the letter points
out, emphasizing that for this reason 'liquidation must be avoided."
Mack Committee Asks Deposit of Proxies.
-
The common stockholders protective committee of which Walter S.
Mack, Jr., Vice Pres. of Chain & General Equities Inc., is chairman,
has addressed a letter to the holders of the common stock advising them
that the members of the committee are all substantial stockholders in the
company and requested the other holders to send in their proxies to the
committee rather than their stock certificates. The point is made that the
Committee is not requesting deposits of the stock "where the stockholder
loses his capacity for independent action and where expenses are involved
for depositing stock certificates.' Reference is made to the fact that on
Feb. 3 three common stockholders, who were directors of the company
When it was declared a bankrupt, and who still are directors, sent out a
letter to the stockholders requesting that they send in their stock certificates
to them and naming a trust company as depositary for the certificates.
Proxies are requested in order that the first committee, which is independent. may represent the common stockholders who are not connected
with the past management and who are capable of independent action if
necessary.
"The number of proxies that have been sent in by the stockholders has
been most gratifying," says the letter. The proxies were sent out on Feb. 1.
Daniel
Merritt, 48 Wall St., N. Y., is secretary of the committee,
Which also includes F. Dewey Everett. Partner, Hornblower & Weeks;
0*
Bernard L. Gorfinkle, Pres., Standard Acceptance Corp.; Ezra W.Johnson;
John S. Lawrence, Pres. Freeland, Bates & Lawrence; and Colin J. MacLeod, Chairman of the Board. Irving Air Chute Co.
-V. 136. p. 854.
-Earnings.
Manufacturers Finance Co.(& Subs.).
1931.
Calendar Years.
Earned cornpensation _ _ _ 621.072,929
Exps. (incl. taxes, &c,)_
396,462
Interest paid
316,640
Res,for losses & conting_
$962,008 52,668,860 83.028,436
1,178.649
1,196,467
364,518
1,015.793
964,395
181.780
178,234
191.939
57,490
Net income
Preferred dividends_-2d pref. dividends
2358,220
157,746
$359.826
152,875
$316,058
157,752
a105,207
$655,759
157,741
140,280
M-A-C Plan of Hartford, Inc.(Conn.).
-Div. Decreased.
The company on Dec. 15 last paid a quarterly dividend of 30 cents
per share on the no par participating preferred stock to holders of record
Dec. 10. Previously, quarterly payments of 50 cents per share were made
on this issue -V. 128, p. 3088.
Marmon Motor Car Co.-Earnings.
For income statement for 3 and 9 months ended Nov. 30 see "Earnings
Department" on a preceding page.-V. 135, p. 3533.
-Receivership.
Martha Washington Candies Co.
Judge Albert L. Reeves at Kansas City, Mo.. on Jan. 2q appointed
William Gillespie, as ancillary receiver here for the company. The receivership was requested by Harry Oliphint, receiver for the It & D Shoe Corp. of
Illinois, who set forth that a receivership for the candies company was
established by a Federal Court in Illinois last September. and that an
ancillary receiver was necessary to handle the company's properties in
Missouri.
-Earnings.Massachusetts Investors Trust.
1932.
$875.465
c1931.
$899,640
1930.
$716,255
15,405
1929.
$468,652
109,394
48,749
25,510
51,832
13,229
61,299
8,108
45,623
6,022
Total income
$949,725
aTrustees compens. incl,
services of State Street
Trust Co., agent
56,983
Transfer agent
35,995
Printing, statistical 2r{
miscellaneous
26,296
Legal services
Res.for accr. taxes on inc
Interest paid
375
Prov, for taxes assessed
19,776
against sh'hldrs. & exp
Original issue tax stamps
Inc. tras. to accum.surp
$964,701
3801,067
5629,692
57,882
25,158
48,401
10,766
35,973
10,027
15,097
4,739
35,435
7,067
180
39,812
3,609
355
38,389
16,912
2.165
15,699
$826,389
111,168
$677,929
107,199
$523,475
65,244
6,034
43,849
24,250
$943,591
914,933
$828,977
6717,809
$612,969
505,769
Calcndar YearsDivs. from securities___
Interest on call loans _
Sale of stock divs. distrib. in lieu of cash_ _ _
Interest on bank deposits
Bal. o fine. avail, for
distribution in diva_
$810,300
Undistributed Inc. Jan. 1 Dr.18,994
Accr. dive.rec. on stk.of
Massachusetts Invest's
Trust sold
8,237
Excess of res, for taxes
Dec.31 1931 over amt.
required
3,723
Total surplus
Dividends paid__
Portion of compensation
of trustees
$803,265
795,737
6,590
Undistrib.inc. Dec.31
8111,168
$107,200
$7,528
$22,068
a 6% of gross income for period. b Does not include stock dividends
paid in January and July 1930. c Includes United Investors, Inc., for
the period from Oct. 20 1931 to Dec. 30 1931.
Statement of Receipts & Charges on Principal Account Year End.Dec.31 1932.
Balance of principal Dec. 31 1931
$26,309,938
Receipts from new shares issued (228.905 81-100 shs, exclusive
of 8,769 61-100 shares issued as stock distribution
3,078,482
Prin. amt. paid on 150,967 66-100 shs. repurchased at 1% (approximately $21.000) less than net asset values at dates of
purchase. Accrued divs, paid thereon have been charged
against income
Dr2,118,836
Total
Charges to principal
Net loss from sales of securities
Federal stamp tax paid on new shares issued
Less adjustment of prior year tax reserve
527,269,584
$6,913.475
2.533
$6,916.008
1,320
6,914.688
$20,354,897
Appropriations to principal from income voted by trustees
(2% of gross income for the period)
18,994
Balance of principal Dec. 31 1932
520,373,891
Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Liabilities2
$
$
Assets$
'Invest, at cost...19,626,463 24,678,622 Cap.stk. dc surp-y20,373.891z26,297.346
535,409 Undistributed inc.
7.528
12,592
753,356
Cash
17,364
21,881
1,100,000 Prov.for accr.taxes
Ctf. of deposit_
Special deposit for
Day• of taxes assessed
against
17,789
18,964
shareholders __
Total
20,398,783 26,331,820
20,398.783 26,331,820
Total
a Market value $12.785,090 in 1932 against $12,426,627 in 1931. y Represented by 951,752 shares of $1 par value. z Represented by 865,044
no par shares.
-V. 136, P. 337.
Melchers Distillers, Ltd.
-Balance Sheet Dec. 31.1932.
1931.
1932,
Liabilities1931.
Assets--Cash
$20,232
$34,659 Bank loan
$195,000 2250,000
Accts.receivable__
51,363 Bills dr accts. pay86,953
1,524
17.155
1,101
Inventories
670,828
763,497 Accrued liabilities99
Land.bidg.& eapt. 1,438,559 1,437,409 Deposit under contract
Trade mks., good10,000
will, &c
1,555,200 1,555,200 Provision for est.
14,360
16,178
Deferred Charges__
5,807
4,641
Mortgage payable
4,000
4,000
seises A stock
)3,550,304 3,500.000
aClaas B stock
877,048
Profit & loss acct.._
10,126 def826.744
Total
Total
23,776,415 $3,847,738
23,776,415 23,847,736
a Represented by 100,000 no par shares class A stock and 50,000 no par
Balance,surplus
$53,097
$200,474
$357.738
2206,951
shares class B stock.
135, p. 1834.
per sh. on 80,000
-V.
Earns,
$0.23
$4.47
shs. corn. stk.(no par)
$0.75
$0.78
Mercantile Acceptance Corp. of Calif.
-Div. Deferred.
a In arrears for quarter ended Dec 31 1930. b Includes $133,781 for
The directors recently decided to defer the quarterly dividend due Feb. 1
Interest on mortgage company advances and installment investment,
on the $1.60 cum. cons', pref. stock, no par value. The last regular quarcharged to surplus in order to show correct net earnings from accounts
terly distribution of 40 cents per share was made on this issue on Nov. 1
receivable business.
1932.-V. 135. p. 1503.
Consolidated Balance Sheet Dec. 31.
1932.
1931. "'"Mercantile Stores Co. Inc.-Common Div. Omitted 1932.
1931.
Assets
The directors have voted to omit the quarterly dividend ordinarily pay1,103,702 1,277,023 Coll, trust notes- 1,126,000 1,596,500
Cash
able about Feb. 15 on the common stock no par value. From Nov. 15
Coll.tr.notes(1935) 3.390,600 3,583,500
Open accts., notes
1930 to and incl. Nov. 15 1932, quarterly distributions of 25 cents per
4,836
& acceptances 8,089,846 8,800,791 Sundry accts. pay_
share were made on this issue, as compared with $1.25 per share each quarter
Installment oblig's 597,026 1,022,650 Final paym'ts due
from Aug. 15 1928 to and incl. Aug. 15 1930.-V. 131. p.3052.
2,508,106 2,558,892
customers
750,000
700,000
1st mtge. notes
129,871
Reserves
etal & Mining Shares, Inc. Steck-Offirist.Due from officers
2,184,000 2,184,000
Preferred stock
and employees
he New York Curb Exchange announced Feb., that until
1,500,000 1,900,000
2d pref. stock
on purchase of
had suspended dealings in the common stoCk. V. 134, p. 1593.
furtheno'ic
1,118,037 1,050,374
123,173
120,701 Common stock
stock
1 035,474 1,111,594
Miller & Lux, inc.-Deposit Date for Bond and Notes
Investments
Furniture and fixExtended to Feb. 25.
tures (less de59,551
75,254
Deposits of bonds and notes now total 85% of the required amount, J. E.
preciation)
Pickett, President of the corporation, announced Jan. 27. At the same
67,868
93,960
terns._
Deterred
time the protective committee stated that the time limit for deposit of
11,826,642 13,007,974
both classes of securities has been extended from Feb. 1 to Feb. 25, next.
Total
11,826,642 13,007,974
Total
V. 135, p. 4393.
-V. 134. P.1385.
z Represented by 80,000 no par shares.
Financial Chronicle
1030
-Earnings.
Minneapolis
-Honeywell Regulator Co.
1929
1930.
1932.
1931.
Calendar Years$3,636,617 $5,441,073 $5,272,069 $6,233,395
Net sales
Cost of goods sold and
4,498,629
3,163,624 4,437,483 4,011,091
operating expenses..
147,246
181,748
292,849
Depreciation
269,014
Net profit
Int.,St dividends received
Miscellaneous income_
$213,978
31,702
12,822
$710,741 $1,079,230 $1,587,520
57,580
56.677
48,451
12.065
15,145
18,752
Gross income
Interest on bonds
Prov. for doubtful accts
Provision for Fed taxes_
Miscell. deductions_ _ _ _
$258,502
11,C00
33,861
14,776
8,542
$777.943 $1,151,053 $1,657,165
13,167
13,000
11,167
17,709
15,973
9,943
178,832
135,268
68,903
9,934
24,856
7,406
Net income
Previous surplus
Net cap. surp. arising
from acq. of pref. &
com.shs.of co. cap.stk
$190,323
2,015,975
$680,524
2,344,970
$961,954 $1,437.524
1,368,252
1,824,724
1.116
$2,207.414 $3,025,494 $2,786,679 $2,805,776
Gross surplus
78,245
90,000
89,136
Preferred dividends_ __ _
860,287
664,874
399,916
448,187
Common dividends___ _
42,517
Amortiz. of organiz. exp
6,792
37,141
37.964
Patent costs written off
119,682
63,582
Amortization of patents_
Res. for decl. in market
97,001
12,437
value of securities_ _ _ _
Res. of corn. stk. purch.
35,000
options
Surplus, Dec. 31
$1.556,930 $2,015,975 $2,344,970 $1,824,725
179,950
189.975
Shares corn.stk.(no par)
197,500
203,674
$7.99
$5.06
$0.51
$2.90
Earnings per share
Balance Sheet Dec. 31.
1932.
1931.
1931.
Liabilities
Assets1932.
$64,552
$1,283,807 $1,530,161 Accounts payable. $40,110
Cash
Accrued taxes &
U. S. Govt. obit_ 462,490
exp., & res. for
168,776
53,066
Securities (market)
75,904
Federal taxes_
163,010
Tr. notes & accts.
22,500
22,500
918,577 Dividends payable
& accr. inc. rec_ 612,553
let mtge. Is. ser. A 183,000
200,000
Empis' stk. purch.
11,000
19,127 Serial Is, series B.
20,000
12,910
&c. accounts___
1,181,340 1,436,143 6% pref.stock__ 1,460,010 1,500,000
Inventories
113,969 bCommon stock__ 3,144,409 3,242,699
138,918
Life ins. policies
1,556,930 2,015,975
70,849 Surplus
Treasury stockaReal est., plant,
1,980,708 2,155,746
.1to
773,151
Pat.,good-will, &c 714,172
21,000
17,936
Prep'd lic.& Ranch
31,235
40,963
Other prep'd exp
$6,493,863 $7,228,736
Total
$6,493,863 $7,228,738
Total
a After reserve for depreciation of $1.053,224 in 1932 and $984,702
Represented by 197,500 (203,674 in 1931) no par shares.
in 1931. b
135. p.2841.
-Plan to Refinance
-Kansas Pipe Line Co.
Missouri
Company.
Receivers announced, Feb. 2, that they have submitted to the courts a
settlement agreement entered into between themselves and a protective
committee of holders of the company's collateral trust notes the approval
of which will result, it is stated, in the discontinuance of the foreclosure suit
instituted against the company by the noteholders.
As part of the agreement, the receivers, subject to the courts' action,
have given their assent to a plan for reorganization of the Kentucky Natural Gas Co., a wholly owned subsidiary.
The plan submitted to the Chancery Court of Delaware and the U. S.
District Court for the northern district of Illinois, eastern division,reveal
that J. H. Hillman Jr., of Pittsburgh has agreed to finance additional construction to the pipe line system of the Kentucky company in an amount
not to exceed $1,150,000.
Funds for the reorganization of Missouri-Kansas Pipe Line Co. will also
be provided by Mr. Hillman, it is revealed, provided court approval for the
reorganization of the Kentucky company,is obtained and the reorganization
completed.
The agreement to settle differences of Missourt-Kansas noteholders and
the receivers provides for cancellation of the notes and their indenture in
exchange for which the noteholders' protective committee will receive 750
shares of capital stock of the Panhandle Corp., one-half owner of Panhandle
Eastern Pipe Line Co. and $1,060,000 of bonds of Kentucky Natural Gas.
Reorganization of the Kentucky company would be effected through a
consolidation of the assets of the company with Indiana-Kentucky Natural
-Kansas subsidiary.
Gas Corp. also a Missouri
A new company would be formed through this merger and holders of
bonds of the Kentucky company would receive for each $1,000 principal
amount of bonds, 10 shares of preferred stock and five shares of common
stock of the new organization. Unsecured creditors would receive 45% of
the total common stock to be outstanding under the plan it is stated. The
Missouri
-Kansas Pipe Line Co. is the principal unsecured creditor.
The plan also provides that Ernest Woodward acting as receiver for Kentucky Natural Gas, Thurlow G. Essington, receiver for Missouri-Kansas
Pipe Line and Irving Herriot counsel for Missouri-Kansas stockholders'
protective committee, will be elected directors of the new company for
three years, Mr. Essington and Mr. Herriot will also serve as directors of
Panhandle Corp. as representatives of Missouri-Kansas company, if the
-V.
proposed plan and settlement agreement are approved by the courts.
135, p.4568.
Missouri State Life Insurance Co., St. Louisfr
Balance Sheet Dec. 31.Assets
Bonds
1st mtge.loans on real estate
Real estate
Real estate sales contracts._
Collateral loans
Loands to policyholders ._
Stocks
Premium notes
Cash in banks & home office
Accrinterest on investments
Outstand. & def. premiums_
All other assets
$32,905,452
36,023.629
21,509,445
2,887,506
1,804,884
46,743,832
4,809,924
800,861
603,831
2,911,410
3,966,558
280,845
Liabilities
Polley reserves
8132,934,599
Policy claims In process of
adjustment not due
1,582,259
Prem.& int. paid in advance 1,621,748
Divs. left on dep. with co.-- 1,315,669
288,832
Reserved for taxes
Reserved for real estate and
934,608
mortgage loans
8,835,180
All other liabilities
639,942
Appor. for policy dividends_
850,000
Contingency reserve for inv.
5,000,000
Capital stock
1,245,341
Surplus
$155,248,182
$155,248,182
Total
Total
Insurance paid for in 102 amounted to $111,481,372, and insurance In
force, Dec. 31 1932 to total, $981,201,802.-V. 136.P. 506.
-To Change Par.
Mohawk Carpet Mills, Inc.
The company has notified the New York Stock Exchange of a proposed
change in the par value of the capital stock from no par to $20 per share,
---17. 135. p. 1173.
each present share to be exchangeable for one new share.
p. Montague Court Office Building, Brooklyn, N. Y.
Receivers Named.
-story office building
A stdt to foreclose the second mortgage on the 35
at 16 Court St., Brooklyn, was extended by Supreme Court Justice Mitchell
Brooklyn. Feb. 2, to include a receivership in behalf of holders of
May in
first mortgage bonds on the property. The court designated Cyril V. Redmond and Arthur H. Peiterson as receivers.
The first action was brought in behalf of the Bank of United States as
trustee of the second mortgage bondholders. The Anglo-South American
Trust Co., trustee of the first mortgage bonds, asked for the second receivership. The first mortgage amounted to $2,000,000 originally, but
Present outstanding bonds amount to $1,652,000. The second mortgage
bonds originally totaled $1,000,000. Outstanding bonds and interest are
said to amount to $883.000.
Feb. 11 1933
The bondholders' committee, it is said, is preparing a plan of reorganization for the $1.652,000 6)i% serial bonds. The committee hopes, it is
stated, to include in its plan provision for payment of 2.;,i % interest on
the bonds deposited with it.
-V. 122, p. 759.
---Montauk Beach Development Corp.
-Foreclosure.
Suit was filed, Feb. 6, in the U. S. District Court in Brooklyn by the
Bankers Trust Co. against the corporation for the foreclosure of a mortgage
of $2,741,000 and the payment of arrears in interest of $54,820. The trust
company acts as trustee of a first mortgage and collateral trust indenture
dated May 1 1928, under which gold bonds were issued.
At the request of the Bankers Trust Co. Judge Robert A.Inch appointed
Otis S. Carroll of Brooklyn, and William H. Robbins of Bay Shore, L. I.,
as receivers for property at Montauk Point, L. I., subject to the lien of the
indenture. The men were named receivers in equity for the Montauk
Beach Development Corp. last May 6, on the application of Parke G.
aynes of Montauk Point.
-V. 134, p. 3650.
hi Montgomery Ward & Co., Chicago, Ill.
-Jan. Sales.
Month of January-Sales
-V. 136. p. 337.
1933.
1932.
1931.
1930.
$10,100.149 $12,028,054 $16,620,238 $18.331,133
Montreal Loan & Mortgage Co., Montreal, Que.Extra Dividend.
The usual annual extra dividend of 1% and the regular quarterly dividend
of 3% have been declared on the capital stock, par $25, payable March 15
to holders of record Feb. 28. An extra of like amount was also paid on
-V. 134, p. 2737.
March 15 of last year.
-January Sales.(G. C.) Murphy Co.
1933.
1932.
Month of January1931.
1930.
$1.129,575 11,110,793 $1,221,313
Sales
$939,388
The number of stores in operation on Feb. 1 1933 were 176, as against
-V. 136, p. 337.
171 a year ago.
(The F. E.) Myers & Bro. Co.-Pref. Stock Retirement.
-
The directors on Jan. 30 1933, authorized the retirement on March 31
1933, of 5,000 shares of 6% pref. stock, par $500,000, at 105 and diva.,
on a pro rata basis to each stockholder, that is to say that one-third of the
preferred holdings of each stockholder of record March 15 be so redeemed.
Payment will be made at the Union Trust Co., corner Euclid Ave. and
-V. 136,
Ninth St., Cleveland, 0. No fractional shares will be retired.
p. 505.
National Biscuit Co.-Resignation.Frank C. Lowry has resigned as Vice-President of the company, it was
announced on Feb. 3. He was succeeded last month as President by R. E.
Tomlinson,
-V. 136, P. 671,
Mr. Lowry is President of Lowry St Co., sugar brokers.
652.
-Orders.
National Cash Register Co.
January domestic sales of this company were the largest in three months,
a Dayton, Ohio, dispatch states. Several substantial orders from banks
for accounting machines and from retail stores for cash registers were signed
-V. 136, p. 337.
in January, it was said.
Stores,
National Department Stores Inc.-Receivership.-
H. Schwartz of New York,
Joseph P. Wales of Wilmington and
Feb. 6 were appointed receivers by the U. S. District Court at Wilmington, Del. An involuntary bankruptcy petition was filed by Goss-Wein &
Levin of Brooklyn and others, with claims totaling $4,000. The company
filed an answer admitting insolvency.
The company, in a statement, said:
"It is believed that company's affairs can be reorganized in such manner
as to afford proper recognition and protection of the rights of all creditors
and others Interested, and a plan looking thereto is now in preparation
and will in due time be presented for consideration. Meanwhile, all steps
will be taken to safeguard the valuable assets and good-will of the company
and its subsidiaries.
"The stores in Minneapolis. Detroit and St. Louis were at the time of the
appointment of the receivers operated directly by National Department
Stores, Inc. All other stores are owned and operated by separate corporations. and all or practically all of the capital stock of these separate corporations is owned and controlled directly, or through subsidiaries, by National
Department Stores, Inc.
"In the case of Lipman Wolfe, of Portland, Ore.; Goldberg's, of Trenton,
N. J.; Stifers, of Wheeling, W. Va., and Frank & Seder, of Philaidephia,
Pa.,transfers of these stores were recently made to corporations wholly owned
and controlled by National Department Stores, Inc., in order to preserve
their good-will and to enable the stores to be operated unaffected by the
receivership of National.
"The bankruptcy proceedings were instituted in Delware because it Is
the home State of the corporation, and because there are no assets within
the State of New York."
Advisory Merchandise Creditors' Committee Would Aid
Company.
The committee (below) in a notice Feb. 9 addressed to the creditors
states:
The company is an outlet for over 30,000 merchandise vendors and manufacturers in this country. Every effort should be made to continue this
important chain and get it out of its present difficulties as soon as possible.
The advisory merchandise creditors committee(below) has been organized
pending the formation of a permanent merchandise committee, and is
now working to accomplish this end.
A general meeting of merchandise creditors will be promptly called to
organize a permanent committee. Price Waterhouse & Co., the company's
accountants, are now at work on their audit. Plans for reorganization are
being formulated so that no time will be lost meanwhile.
The committee is acting in conjunction with the New York Credit Men's
Association, Garment Credit Conference Inc., Apparel Credit Men's Association and Credit Clearing House. The National Department Stores
Inc. has assured the committee of its desire to aid in every way to accomplish speedily a successful attainment of the committee's efforts.
The co-operation of all creditors is invited.
Advisory Merchandise Creditors Commiltee.-John H. Jephson, Chairman,
Textile Banking Co.; John P. Edris, J. Friedman & Co.; Morris W. Haft,
Morris W. Haft & Bros., Inc.; David Golub, Pres. Garment Credit Conference, Inc.; Samuel C. Lamport, Lampert Mfg. Supply Co.; Herbert C.
-V. 136, p. 337.
Melleney, Hudnut Sales Co., Inc.
National Liberty Insurance Co.
-Resumes Dividend.
-
A dividend of 10 cents per share has been declared on the capital stock,
par $5, payable Feb. 20 to holders of record Feb. 15. A semi-annual distribution of 20 cents per share was made on Jan. 26 1932; none since.
-V.
135, p. 829.
National Lock Washer Co., Newark, N. J.
-Rights.
--
The stockholders have been notified of an issue of 3,000 shares of 8%
cony. cum. pref. stock at $100 par. Common stockholders as of Jan. 27
1932 may subscribe for one share of the new issue for each 16 2-3 shares
held. Subscriptions are payable quarterly from March 1, when rights
expire. The new issue is to be redeemable at $110 on 60 days' notice and
is convertible before any redemption date into two shares of common for
each share of preferred.
The pref. stock is to be non-voting unless the dividend should not be
paid and is to have the same rights as common shares in the event of nonpayment of the preferred dividend.
There are outstanding 50,000 shares of common stock of $20 par. There
is no bonded debt and none is to be incurred while the pref. stock is in existence.
This is the second issue of pref. stock of the company. The other, of
$100,000 at 8%,sold in 1918, was retired at 10500 Jan. 11924.
The proceeds of the new issue are to be used to meet the expenses of
plant improvements.
Cyrus 11. Loutrel is President.
-Sale Ratified.
National Pumps Corp.
-
The stockholders on Feb. 8 approved the sale of the Dayton Refrigerator Corp., a subsidiary, to Heinz & Munschauer, Inc.. of Buffalo, N. Y.
The National Pumps Corp. will continue the manufacture of the mechanical units of the refrigerator, while assemblying and sales will be carried on
by Heinz & Munschauer.-V. 134, p 2727.
Financial Chronicle
Volume 136
-National Republic Investment Trust.-Earnings.
Years Ended Dec. 31Interest & dividends received
Trading & syndicate profits
1932.
$37,445
1931.
$213,324
1930.
$286,692
45,283
Total income
Operating expenses & interest
Loss on sale of securities
$37,445
8,536
11,112
$213,324
37.301
197,614
$331.975
49,280
Net income
Preferred dividends
$17,798
def$21,592
225.000
$282,695
275,000
Balance
Profit on own shares purchased
$17,798 def$246,592
18,770
379.152
sur$7,695
241.863
Balance, surplus
Depreciation of listed securities
Depreciation of other assets
Reserves
Write-down of shares of National
Republic Bancorp
$36,568
68.124
52,458
$132,560
559.173
140,694
100,000
$249,558
1,013.734
84,225
$667.307
$848,401
3,108,278
Deduct from surplus
Assets
Cash
List.bds.at market
List.stks.at market
Miscell. securities
at market
yShares Nat. Rep.
Bancorp
$3,192,293
Balance Sheet Dec. 31.
1932.
1931.
Liabilities$7,508
$4,371 xNet worth
21,600 Bills payable
329,368
546,464 Reserves
8,960
1931.
1932.
$367,634 $3,579,927
155,000
100,000
100,000
32,410
121,798 3,230,076
$467,634 $3,834,927
Total
Total
$467,634 $3,834,927
x Represented by 100,000 shares cum. cony. pref. stock, less 29,939
shares (1931. 28.939 shares) held in treasury and 280.000 shares common
stock, less 26,404 shares held in treasury, both of no par value. y The
121.798 shares of National Republic Bancorporation carried at cost, Dec.
-V. 134,
31 1931, has been written down to nominal value of $1 per share.
p. 1386.
National Tea Co.
-January Sales.
Jan. 2833. xJan.30'32.
Four Weeks Ended$4.928,125 $5,747,427
Consolidated sales
xIncludes 4 weeks and 1 day (Jan. 2).
The number of stores in operation declined from 1.504 to 1.394. or 7-3%,
as a result of the closing of stores which for various reasons had become
unprofitable.
-V. 136, p. 857.
-January Sales.
Neisner Brothers, Inc.
Month of JanuarySales
-V. 136, p. 671.
1933.
$792,676
1931.
1932.
$843,018 $1,035,384
1930.
$819,446
-Stock Held by Utah
Nevada Consolidated Copper Co.
-See latter company below.
Copper Co. to be Distributed.
V. 135, p. 3703.
-January _Sales.
(J. J.) Newberry Co.
Month of JanuarySales
1933.
1932.
$1,883,098 $1,834,221
1930.
1931.
$1,769,392 $1,510,740
-v.136, P. 337.
New England Equity Corp.-New Officers, &c.
At the annual meeting of the company, the following afficers were elected:
Dudley H. Dorr, President; Herman S. Turner, Vice-President; Enock L.
Kincaid, Treasurer; Paul A. Seibold, Assistant Treasurer; and Arthur S.
Nesmith. Clerk.
,
The following directors were elected: C. A. Watts, 0. W. Caspersen,
R. E. Tucker, H. S. Turner, S. L. Cass, F. P. Chapman, A. G. Butterick,
F. L. Hinkley E. B. Hough, W. C. Lewis, J. N. Fulham, and R. B.
-V. 136% p. 672.
Parks.
New Jersey Zinc Co.-Earnings.
For income statement for 3 and 12 months ended Dec. 31 see "Earnings
Department" on a preceding page.
-V. 135, p. 3367.
-Earnings.
New York Auction Co., Inc.
Calendar Years1932.
Total income from oper_ 4215,588
Selling expenses
41.005
Adminis. & general exp..
182,644
Miscellaneous charges_
Provision for bad and
doubtful accounts_
100.541
21,532
Int, on mortgage debt._
Other charges
1,066
Prov. for Fed. inc. tax_
Dividends
1931.
x$307,194
51.004
208,667
1930.
$283,344
57.295
231,540
2.285
29.850
556
249,993
30,732
4,155
Deficit for period_ $131,202 sur$14.832
$290.372
Earns, per sh. on 95,847
shs. (no Par)
NilNil
x Includes other income of 8568 (1931. $ ° 1
$ 72).
1.3
Balance Sheet Dec. 31
1932.
Assets
1931.
Liabilities1932.
$40,048 $108,170 Notes payable to
Cash
bank
$50,000
Adv. to shippers &
834,018 Accounts Payable_
56,612
wets. receivable 481,281
7,582 Vouchers payable_
7,933
Notes receivable_
2,926
7,815 Miscellaneous_ _
5,303
Misc. accts. receiv
13,092
18,694 Res. for deprec. of
Mdse. InventerY-fixed assets_ _
83,501
:Land, buildings &
411,076
504,221 Res,for bad debts_
150,000
equipment
22,192
247
22,396 Miscell. reserves
Furn., fixtures, &c
19,250
y Capttaletaek_ _ 692,829
Mortgage roc
Prepayments sun56,560
46,593
dry charges- - -
1929.
$599,814
82,560
326,091
35.514
17,397
143,865
$5,616
$1.44
1931.
$300,000
208,899
9,284
8,550
97,003
100,000
285
823,467
$1,046,425 $1,547,488
Total
$1,046,425 $1,547,488
Total
x After deducting mortgages payable of $352,000 in 1932 and $487,600
-V.134. p. 1387
in 1931. y Represented by 95,847 shares, no par value.
-Resumes Dividends.
York Shipbuilding Corp.
The directors on Feb. 9 declared dividends of 10 cents per share on the
participating stock, par $1, and on the founders' shares. par $1. both
payable April 1 to holders of record March 20. Quarterly distributions of
50 cents per share were made on the former issue from April 20 1926 to and
incl. Jan. 20 1927; none since. No payment has been made on the founders'
shares since 1925, when an exchange was made for stock in the former com-V. 135, p. 3176.
pany of the same name.
-Transfer Agent.
North American Aviation, Inc.
The New York Stock Exchange has received notice from this corporation
of its decision to reverse its action appointing the City Bank Farmers
Trust Co. to succeed the Commercial National Bank & Trust Co. as
transfer agent for its capital stock, effective at the close of business on
transfer agent until further
Jan. 31 1933. The latter will continue as
notice.-V. 136, p. 672.
-Protective Committee.
North American Cement Corp.
the interests of the holders of
A committee has been formed to protect series A, 6%% due Sept. 1
fund gold debentures,
the 35,970,500 sinkingannounced its intention to default the March 1 in1940. Company has
terest payment.
Chairman, Arthur W. Loasby
The committee consists of Leo M.Blancke,
with offices at
Graves Jr.,
and W. E. Stanley. George K.Roosevelt & is Secretary 120 Broadway,
O'Connor,
N. Y. City and
15 Broad St.. counsel.
N.Y. City are
Trust Co., 165 Broadway. N. Y.
The depositary is Chemical Bank &
136. p. 505.
City.
-V.
1031
-Earnings.
-North American Investment Corp.
1932.
Calendar Years4153,403
Gorss earnings
61.246
Expenses
3,535
Taxes
Bond int. and amortiza119,883
tion of discount
Expense applic. to prior
2,920
period
Amortization of discount
1,826
on capital stock
Net loss on sale of secur_ 2,816,215
Net loss
Preferred dividends _
Common dividends
$2,852,223
1931.
x$361,830
80,810
8,229
1929.
1930.
y$660,142 y$1,010,654
88,800
90,122
34,095
81,807
184,209
159,472
105.443
1,825
2,894,381
1,633
69.942
$2,807,626prof$376,142prof$663.340
45,835
189,857
156,252
42.401
212,845
181,556
$2,852,223 $2,895,862
Deficit for year
Surplus at beginning of
df2,131,803
703,147
year
Cr39,637
Cr89,471
Adjustments (net)
826,560 sur$325,532
729,707
Dr47,27I
453,942
Deficit at end of year. $4,894,554 $2,153,078 sur$655.876 sur$779.473
Shares of common stock
42,401
42,401
42,401
48.432
outstanding
Nil
Nil
$10.47
$4.39
Earnings per share
x Interest earned. $48,595; dividends received, $309,602; miscellaneous
income, $3,632. y Includes profit on sales of securities. z Interest earned
$47,254 and dividends received $106,150.
Balance Sheet as of Dec. 31.
1931.
Liabilities-1931.
1932.
1932.
Assetsx Investls at cost.$3,331,397 $6,057,314 Common stock_ _ _$4,240,100 84,240,100
594 6% pref. stock__ 1,798.700 1,798,700
594
Due from subsoil))
30,807 5%% pref.stock_ 1,304,700 1.304,700
Bankers accept_ -75 Collat. tr. bonds__ 1,692,000 2,758,009
142
Accounts receivle.
1.730
826
610,074 1,589,712 Accounts payable_
Cash
28,200
10,054 Accr.bond lot.pay.
45,967
17,744
Accrued Interest_ _
1 Res. for Fed. tax_
1.505
2,068
1
Furniture & fixts_ _
Subscrip. to 53i%
Discount on capipreferred stock81,101
1,300
1,300
79,275
tal stock
2,299
Deferred credits_ _
3,944
Unamortized bond
4,894,554 2,153,078
231,808 Deficit
132,978
discount
1,060
3,776
Deferred debits$4,175,980 $8,002,528
Total
$4,175,980 $8,002,526
Total
x The market value of securities owned as of Dec.31 1932 was $1,943.474
as compared with $2,396,746 Dec. 31 1931.-V. 135. p. 3009.
-Annual Report.
Northern Pipe Line Co.
D. S. Bushnell, President. says in part:
During 1932 company transported 5,297,134 barrels of revenue-producing
freight compared with 5,640.171 barrels during the year 1931, a decrease
of 343,036 barrels, or 6.087. The various grades of crude petroleum
handled by company were Mid-Continent, Pennsylvania Grade and Texas
crudes.
A reduction in the capital stock was approved by the stockholders
Jan. 21 1932.
Comparative Income Account-Calendar Years.
1932.
1931.
1930.
1929.
Net Inc. all sources
$67,040
11131,075
$110,512
$140,018
Dividends
(5%)60,000 (7)140,000 (8)160,000 (8)160,000
Balance, deficit
$8,925
sur.$7,040
$49,488
$19.982
Shs. cap. stock outstdg.
(par $10)
120,000
x40,000
x40,000
x40.000
Earned per share
$0.56
$3.28
$2.76
$3.50
Balance Sheet Dec. 31.
Liabl.luies1932.
Assets1931.
1932.
1931.
$1,004,072 $1,037,921 Capitalstock
Plant
_x$1,200,000y$2,000,000
Cash, other invest.
Accts. pay. &tax
& accts.,rec._ 387,586 1,166,280
reserve, fire Ins..
Annumdty fund_
416,862
annuities, &c__233,244
873.054
'astir. fund
183,669
182,664 Capital stk.reduci.
Other assets
2,424
2,456
4,339
account
Profit and loss_
133,130
140,170
Total
Total
$1,577,753 $2,806,185
x Par $10. y Par $50.-V. 135, P. 3367.
$1,577,753 $2,806,185
Norwood Hotel, Chicago.
-Bond Deposits Requested.
Following default of interest payments on Dec. 1 on the 1st mtge. bonds
or the Norwood Hotel and Norwood Hotel Annex, the committee for protection of holders of bonds underwritten or sold by the Straus Brothers
Investment Co., has issued a call for deposit of the bonds. Notice of default has been served and the trustee has demanded possession of the
properties in behalfof the 1st mtge. bondholders, Barnet L. Rosset,chairman
of the protective committee, explains. Foreclosure proceedings, he adds.
will be instituted if found advisable.
The Norwood Hotel issue originally was $215,000, of which $184,000 now
is outstanding. The Annex issue originally was for 8127,000, of which
$123,500 is outstanding. The committee's depositary for bonds is the
Metropolitan Trust Co.of Chicago.
-Earnings.
Ohio Brass Co. (8z Subs.).
1931.
1929.
1932.
1930.
Calendar Yearsx$878,829 x$113,773 pf$1,817.519 pf$2,823,057
Net loss
Earns. per sh.on 347,534
Nil
shs. corn. stk.(no par)
Nil
$7.78
$4.88
x After full depreciation charges ($341,532 in 1932 and $370,231 in 1931).
Consolidated Balance Sheet Dec. 31.
1931.
1931.
1932.
1932.
AssetsLiabilities
Mfg.plants&equip. 3,435,465 3,862,575 Preferred stock- _ 2,000,000 2,000.000
Cash
881,579 Corn. stk. (no par
451,576
347,534 shares). 6,800,847 7.867,726
Marketab e secure. 3,399,472 3,126,752
121,278
Notes receivable- - 192,338
223,233 Accounts payable_
86.181
5.440
Accts.receivable-- 426,623
575,718 Reserve for taxes_
203,766
981,553 1,528,354 Reserve for dive
Inventory
Total
-v. 135.
8,887,028 10,198,210
Total
8,887,028 10,198,210
p. 2184.
Oak Lane (Pa.) Manor Apartments.
-Call for Deposits.
The real estate bondholders' protective committee (George E. Roosevelt,
chairman) in a notice to holders of 1st mtge. sinking fund 6% coupon
gold bonds states that at the request of S. W. Straus & Co., Inc., the
committee has agreed to act for holders of these bonds.
The committee has been advised that serious defaults exist under the
mortgage securing the bonds. The nature ofsuch defaults and the amounts
thereof are as follows:
Failure to pay the coupons which came due on Jan. 16 1933_ _-_
$13,290
Failure to make monthly payment for January 1933 on account
of $13,290 face amount of coupons becoming due on July 16
1933
2,215
Failure to make all sinking fund payments on account of bonds
which should have been retired on July 16 1931
18,500
Failure to make all sinking fund payments on account of bonds
which should have been retired on July 16 1932
19,500
Failure to make sinking fund payments for the months of July
1932 to January 1933 on account of $20.500 in principal
amount of bonds which should be retired on July 16 1933_ _ _ _
11,958
Failure to pay balance of real estate taxes,exclusive of penalties,
for year 1931
615
Failure to pay real estate taxes, exclusive of penalties, for the
year 1932
8,000
Total
$74,078
As at Jan. 26 1933 the trustee had on hand the sum of
$699, representing net rents turned over to it by the owner of the
property. Deducting
this sum from the total amount of actual defaults shown
above the property'
as at Jan. 26 1933 was in default to the extent of
273,379.
1032
The issue, originally outstanding in the amount of $500,000, has been
reduced by sinking fund requirements to $443,000. The bonds are secured
by first mortgage on land owned in fee located at Oak Lane, Pa., a suburb
of Philadelphia, and the four-story apartment building erected thereon.
The Continental Bank & Trust Co., 30 Broad St., New York City,
has been designated to act as depositary. Holders of bonds are urged
-V. 121, p. 594.
to deposit their bonds with the depositary.
Ohio Leather Co.-Balance Sheet Dec. 31.1932.
Assets
b Plant & equip.,
&c.„ less deprec_ $938,106
83,918
Cash
U. B. Treas. notes
Ac accr. Interest.. 499,357
Accts.& notes rec.,
283,453
less discount_
799,421
Inventory
150,497
Other assets
4,650
Prepaid expense
Feb. 11 1933
Financial Chronicle
1932.
Liabilities
1931.
First pref. stock__ $432,300
$905,865 Second pref. stock 631,100
310,856 a Common stock.. 677,609
Accts. payable &
accrued taxes___ 159.884
232.271
20,340
Dividends payable
377,308 Conting. reserve__ 264.333
44.448
846,586 Liability ins. res_ _
41,680
151.096 ContIng. cred. res_
487,707
6.362 Surplus
1931.
$455,100
749,500
677.609
205,054
22.218
210,100
43,869
45,584
421,309
Total
Total$2,759,401 $2,830,343
$2,759,401 $2,830,343
a Represented by 48,657 shares of no par value. b After allowance for
depreciation of $769,086 (after deducting net charges of $24,703 for sundry
expenses and plant adjustments) in 1932 (1931, $728,436 after deducting
net charges of $16,317 for sundry expenses and plant adjustments).
Y. 135, p. 144.
Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
AssetsLiabilities$
$
$
39,612,300 39,612.300
Plant
49,377,024y49,093,978 Capital stock
583,136
Cash
2.514,840 2,148.058 Sundr. accts. pay_ 575,380
300.000
Inventory reserves 300.000
U.S. Gov. securs_ 790,000
Accts.receivable 3,249,702 4,179,857 Res. for deprec 24.295,994 23,227,677
250,000
xInventories
5,242.116 7,675,600 Res. doubt. sects_ 250,000
540,345
3,583,896
Unearned ,
nsuece
Deficit
240,049
311,600
premium
23,675
36,046
Prepaid Items-- _
Total
61,449,778 63,432,769
61,449,778 63,432,769 Total
x Inventories were taken at cost or market, whichever is lower. y Plant
taken at book value.
As of Dec. 31 1932 the company contracted to purchase cotton, wool.
cotton cloth and supplies for the total amount of $1.167,467. which, as
of that date, was $12,140 below the market.
-V. 135, 13• 1671.
Pacific Mortgage Guaranty Co., Los Angeles, Calif.
To Retire from Real Estate Loan Market.
Chairman Harry J. Bauer states that the company will retire from the
real estate loan market and the sale of first mortgage certificates. Mr.
Bauer adds that first mortgage certificates will be retired as fast as cash
Is collected from mortgages and deeds of trust. The directors decided to
liquidate the company in view of the absence of a market for its business.
-V. 130, p. 1728.
-The directors on Feb.4
-Omits Dividend.
Oil Co.
on',Pacific Spruce Corp. Remo
decided to omit the quarterly dividend ordinarily payable
The Chicago Stock Exchange has removed from the list the 1st mtge.
fund
about March 15 on the common stock, no par value. A & ef. 634% sinking bonds gold bonds because of V5i±licirawal from the
to assure a free market)
-.V. 123, p. 1390.
distribution of 10 cents per share was made on this issue on market of sufficient
Dec. 15, compared with 20 cents per share on June 15 and
Pan American Petroleum & Transport Co.-Divs.The directors have declared dividends of 20 cents each on the common
Sept. 15 last.
payable March 15 to
The directors, however, declared the regular quarterly and class B common stocks, both of $5 par value. last, similar payments
holders of record Feb. 16. On Sept. 15 and Dec. 15
i
-V. 135. p 3368.
on the 6% cum. pref. stock, par $100, were made on both Issues.
dividend of 1
payable March 15 to holders of record March 4.
-Receivers Denied in .Iersey-"".Paramount Publix Corp.
Subsidiary Acquires Wyoming Property of Associated Public ,Focleral Judge Guy L. Fake at Newark, N. J., Feb. 9 refused to appoint
bankruptcy receivers for the New Jersey assets of the corporation. On
Service Co.
- ithe grounds that the corporation controlled only nominal assets in the
of the Ohio Oil Co., has
The Rocky Mountain Cos Co., a subsidiary
iState and that no bankruptcy receivers had been appointed for the comacquired the Laramie Gas Co. of Laramie. Wyo.. a subsidiary of the Assopany in New York, the Court denied the application of William Harris,
ciated Public Service Co. of Chicago, and has begun converting the distri
appearing for a bondholder.
buting system for the use of natural gas. The distributing company
the city gate from the Ohio 011 Co. and the Mutual
'
--, ,(Ancillary Receivers in
will purchase gas at
Oil Syndicate from the Dutton Creek field, Carbon County, Wyo., where
Judge James H. Wilkerson in U. S. District Court at Chicago has ap:ix gas wells have been completed.
pointed Charles D. Hills and Adolph Zukor as temporary ancillary reof Illinois Pipe Line Co. (Ohio Oil Co.) from i ceivers for the corporation on petition filed by Broadway & Twentieth
-inch oil line
-mile 8
A 22
Dutton Creek to Laramie will be converted to carry natural gas. The
l'roperties, Inc.
oil line has not been in use since the Standard Oil Co. of Indiana abandoned
Its Laramie refinery. The cost of converting the distribution system and ----(Ancillary Receivers Appointed in Mass.
Federal Judge McLellan at Boston has appointed Homer Albers of Bosbuilding additional gathering lines and main line connections will be $670,ton ancillary receiver for Paramount Publix Corp., together with Charles
000. Two large brick buildings at the Standard refinery in Laramie were
-V. 135, p. 3367.
E. Mlles and Adolph Zukor, who were recently appointed receivers in the
purchased for offices and meter station.
-V. 136, p. 858.
Corp.), Federal Court in New York.
1410 Broadway Bldg. (Broadway-39th Street
-Dividend Increased.
Parker Rust-Proof Co.
-Bondholders Asked to Reduce Interest on Bonds. New York.
declared a dividend of 62% cents per share on
The holders of the 1st leasehold mtge. 7% sinking fund gold bond cer
tificates ($1,391.000 outstanding) are being asked to reduce the interest
5
rate on their bonds to 31, % annually. In a letter A. Bricken. President,
says in part:
"The earnings of the building have not been sufficient to enable us
to pay the taxes for the last half of the year 1932. We expect to procure
the money necessary to pay these taxes.
"We have presented this situation to the landlord and he agrees with
us that it Is necessary to reduce our fixed charges by about $100.000.
"To help meet this condition he has expressed his willingness to reduce
the rent by $49,000 per year until April 15 1941, when the bond certificates
will be due, if in the meanwhile there should be no default under the lease
and no default under the mortgage by reason of which the trustee shall
exercise certain rights thereunder and 'if any such default or defaults
shall occur prior to April 15 1941, the date of the maturity of said leasehold mortgage, then such reduction of rent shall cease forthwith."
"This $49,000 is equal to one-half of the annual Interest on the mortgage
bond certificates and was arranged in the belief and expectation that
tae bond certificate holders will agree to reduce their interest by the same
amount."
Bondholders who are willing to accept the reduction are asked to send
their bonds for stamping to Continental Bank & Trust Co. of New York.
V. 132, P. 3355.
OntarioMfg. Co., Muncie, Ind.-Earnings.-
1929.
Calendar YearsNet$913,379 $1,130,439 81,036,296 $1,949,892
of goods sold and
Cost
961,890
:3 9
26 45
1,555 43
987.608
811,546
commercial expense_.
62.567
67.014
70,627
Depreciation
1,196
40.731
8.768
3.165
Prov. for Fed. tax
$327,375
$10,642
$67,049
$27,691
Net profit for year.- Common stock & surplus
1,010,497
587,828
949.048
997,938
Dec. 31
Disc, on pref. stk. purch.
6,930
Capital transit through
22.000
275.100
conversion of pref.stk.
Total surplus
$1.032.559 $1.016.096 $1,043,140 $1,190.303
28 620
18,202
18,158
17,351
Preferred dividends_ _ _ _
75,216
151,185
30,109
Common dividends
674
Ac1.1. decreasing surplus_
Common stock & sur$949.048 $1,010.497
$985,100
plus Dec.31
$997,938
Shares of common stock
59.558
60,218
60.218
60,218
outstanding
Nil
$5.01
$0.81
$0.17
Earnings per share
Balance Sheel Dec. 31.
1931.
1932.
1931.
1932.
Assets$21,551
$76.405 Accounts payable- y$2,720
$63.514
Cash
184.225 Accruals Inc. Fed.
147.862
Accts.receivable
15,055
8,908
259.924 Income tax
193.169
Inventories
Res.for employees'
Cash Burr. value
2,450
5,152 Insurance
4,522
life Insurance....
259,400
Preferred stock- 236,300
zLand, buildings.
615,600
615.600
553,105 aCommon stock
mach'y & equip. 534,631
382,338
208.084 Earned surplus-.. 369,500
Marketable secur_ 285,896
2.450
58
Miscell. assets
3.797
3,375
Prep'd insur. prem
Unamortis. portion
3,251
of reorgan. exP$1,233,027 $1,296,394
Total
$1.233.027 $1,296,394
Total
x hepresented by 60.218 no par shares. y Includes accrued wages.
a After reserve for depreciation of $416,394 in 1932 (1931, $360.189).4. 135, p. 1671.
Pacific Mills, Lawrence, Mass.-Earnings.
1929.
1930.
1931.
1932.
Calendar Years$21,268,125 $33,808,023 $36,843,573 $47,603,674
Net sales
22.419.276 34,929.273 36.630,688 43.924,397
goods sold
Cost of
Ir Net operating deficit_ $1,151.151 $1,121,250prof$212,885 pf$3.679,277
1,440,340
1,458,801
1,424,124
1,358.204
Plant depreciation
600,511
826,220
1,236,176
300,888
Inventory mark'd down_
325,782
Cr41,297
charges
Cr101,365 Cr120,106
Interest
Amortization of discount
121,394
141,491
on term notes
160,082
245,556
140,234
336,074
Other charges
$3,044,952 $3,801,678 $2,417,887pf$1,031,168
Net deficit
Earnings per share on
Nil
$2.58
Nil
Nil
capital stock
the comThe directors have
mon stock, no par value, payable Feb. 20 to holders of record Feb. 10.
A distribution of 50 cents per share was made on Nov. 21 last, as compared
with 75 cents per share on Feb. 20 and May 20 1932.
The dividend just declared is in conformity with management's past
policy of paying dividends as earned, according to President W. M.
Cornelius, who stated as follows:
"This distribution is well within our last three months'earnings. Volume
of shipments for November and December was in excess of any previous
like two months. Due to additional new customers and wider use of new
processes the company's 1933 prospects are satisfactory."
-V. 135, P.3703.
---Pathe Exchange, Inc.-Dropped-from -List
.a
. .2 . no . h aiLbj n itra on freiT thr B
c
11. l:us wn21 2?.teltneli er as!regbclrorgedago ies usvionoLl grscEornauizer
oee
ng
- 175-5 7535
Ve' 7:r .
Stoeen
(J. C.) Penney Co., Inc.
-January Sales.
Month of January-1930.
1933.
1932.
1931.
Sales
$8.688,091 $9,285.577 $9,727.116 $10,610.938
The company in January 1933 had 1,473 stores in operation as compared with 1,460 stores in the same month in 1932.-V. 136, p.338.
-Sales Increase.
Pepperell Mfg. Co.
In the last six months of 1932, the first half of its fiscal year the company
sold $8,328,000 worth of goods, an increase or 2.9% over $8.093,000 In the
last six months of 1931. In view of the lower level of prices, the increase in
pounds was much greater than that in dollars, and is estimated to have been
at least 25%.-V. 135. p. 1836.
-Wins Suit.
Phelps Dodge Corp.
The U. S. Circuit Court of Appeals in New York has handed down a decision in the suit brought by the Circle Flexible Conduit Co. against the
National Electric Products Corp., a fabricating branch of Phelps Dodge
Corp., holding that the A. B. U. armored cable patents of the latter are
valid. These patents have been regarded as of importance by the electrical
industry.
-V.135.
The decision of the Court reverses a decision in the lower court.
p. 2005.
Philadelphia Insulated Wire Co.
-Balance Sheet Dec.31.
1931.
1931.
1932.
idaotlittes-1932.
Asses$1,393,641 $1.393.641
:Plant & property $768,041 $782,693 Capital stock
105,464 Sales tax due State
24
94.994
Cash
80,870 ' 94.636 Dividends payable
12,500
25,000
Notes & accts. rec_
180.492 Accrued Wages....
157,119
841
1,356
Inventories
430,031 Accounts payable_
5,940
3,606
U.S. Gov, Recurs_ 352,195
54.979 Surplus
104,034
153,488
231,243
Treasury stock
2.541
2,665
Accrued interest
6,344
4,180
Prepaid Insurance..
$1,564,098 $1,657.180 Total
$1,564,098 $1,657,180
Total
a After deducting reserve for depreciation of $322,995 in 1932 (1931.
135. p. 4228.
$306.568).-V.
-Earnings:
Pratt & Lambert, Inc.
1932.
Years End. Dec. 31Oper. profit after deprecloss$122.448
37,991
Other Income
1931.
$427 098
50.222
1930.
1929.
$574.613 $1.192,545
118,019
193,042
loss$84,4b7
Total income
U. S. Con. taxes-est__
$477.321
30,000
$692.632 $1,385,587
76.000
134,000
106484.457
2.932,188
$447,321
3,181,478
102,751
$616,632 $1.251,587
3,374,846
3,135,759
Net profit
Previous surplus
Surplus credit
$2,847,731 $3.811.550 $3,991,478 $4,387,346
Total
217.889
Dividends
703,234
810,000
1.012,500
Write donw inventory_ _
152.371
Prior year adjustment..
23,759
Adjust, for reval. of co's
251.403
equities in sub cos_ __ _
75,000
Add.res. for credit losses
Profit & loss, surplus_ $2,303,437 $2,932,188 $3,181,478 $3,374,846
She. of cap. stk. out45
standing (no Par) - - y192,6,
x194,745
202,500
202.500
Nil
Earned per share
x$2,29
$3.04
$6.18
x Excludes 7,755 shares, reacquired In 1931. y Excludes 9,855 shares
reacquired in 1932.
Financial Chronicle
Volume 136
Comparative Balance Sheet Dec. 31.
1931.
1932.
1931.
Liabilities1932.
AssetsCapital stock-- -y$3,212.684x$3,236,243
Plant, equip., &c.
59,204
82,704
(less depreo.)_ _ _31,842,850 $1.930,652 Accounts payable_
146,359
573,162 Div. payable Jan._
24,094
Cash & ctfs. of dep. 772,501
668,910 Accr. U.S.& Can.
Marketable secure. 416,628
30,135
113,333
taxes (est.)
Notes & accept.rec z77,922
2,303,437 2,932,188
Surplus
Accounts rec. (less
652,361
890.895
reserves)
Tray., adv.& sun27,536
dry accts. rec. _ _
642,291
801,042
Inventories
Miscell. accounts,
investments,&e. 1,129.954 1,368,877
57,249
60,875
Deferred charges
$5,622,920 $6,404,120
$5,622,920 $6,404,120
Total
Total
x Represented by 194.745 shares of no par value excluding 7,755 shares
reacquired in 1931. y Represented by 192,645 no par shares excluding
-V.135, p.4046.
9.855 shares reacquired in 1932. z Notes receivable only.
Phoenix Hosiery Co., Inc.
-Preferred Dividend.
The directors have declared a dividend of 88% cents per share on the 7%
cumul. 1st pref. stock par $100, payable March 1 to holders of record Feb.17.
,
A distribution of 8759 cents per share was made on this issue on Dec. 1 last,
the first payment since Dec. 1 1931 when a regular quarterly dividend of
11.75 per share was paid.
-V. 135, P. 3535.
Phoenix Securities Corp.
-New Directors.
Harold Lehman of Lehman Bros., New 1 ork. and James Q. Newton of
-V. 136.
Boettcher, Newton & Co.. Denver, have been elected directors.
p. 673.
Pick Barth Holding Corp.
-Sale of Collateral.
Adrian H. Muller & Son (office 81 William St., N. Y. City), Henry J.
Leake auctioneer, will offer for sale to the highest bidder, at public auction,
at the Exchange Sales Rooms, 18 Vesey St., New York. on Feb. 27, in one
parcel and as an entirety, 37,629.57 shares of curnul. pref. stock of Albert
Pick Corp. (Del.) Stock is at present held as collateral to secure an issue
of 6% 3
-year collateral trust notes of Pick Barth Holding Corp., and this
sales held for the account of the holders of notes and Pick Barth Holding
Corp. to the extent of the latter's interest, if any.
-V.136, p. 338.
Premier Shares, Inc.
-Earnings.Calendar Years
Cash dividends
Regular stock dividends (at value at which charged
to earnings or earned surplus by the issuing cos.)
Interest on bonds
Interest on certificates of deposit
Interest on call loans
Other interest
Salaries (incl. directors' fees) & office expenses_ _ _ _
Other expenses (inc. taxes)
Netincome
Adjust, of res. provided for from prior years earns_
Adjustment of capital surplus in respect of realized
capital loss in prior year
1932.
182,429
1931.
$130,172
2,427
3,748
2,250
211
553
2,425
191,618
11,584
4,826
$142,294
13,765
9,655
$75,208
$118.874
Cr3.874
5,406
3,840
450
Dr8.647
Cr8,647
1114.101
Income account balance
$83,854
Note.
-The unrealized depreciation in securities at Dec. 31 1932 was
$226,997 greater than at Dec. 311931.
Statement of Dividends Declared.
Payable from
Accrued
Contributed
Dividends
Total
Surplus.
Paid-in.
Payment DatesAmount.
Income.
$24,067
April 15 1932
$20,783
$44,850
25,421
July 15 1932
20,139
45.560
26,714
Jan. 16 1933
42,932
69,647
Totals for year 1932_ _
For the period from inception of operations
to Dec.31 1931, per
annual report for 1931
1160,058
$83.854
176,203
407,123
176,041
226,922
14.161
Cumulative totals_ _
$303,125
14.161
$567.181
$259,895
Statement of Capital Surplus (Paid-in). Dec. 311932.
resulting from adjustment of the capital stock account
Amount
at Feb. 6 1932 to the equivalent of $1 par value per share of
the number of shares outstanding at that date (viz.: 438,862),
pursuant to action taken at the stockholders meeting on Feb.
51932
13.602.472
Excess of proceeds from sale of capital stock during the period
from Feb.6 to Dec. 31 1932 over the sum of the par value of
the shares sold and the amount (75 cents per share) credited
to contributed surplus available for dividends
Cr62,199
Less: Excess of amounts paid on shares liquidated during the
period from Feb. 6 to Dec. 31 1932 over the sum of the par
value of such shares and the amounts charged against contributed surplus available for dividends in respect thereof_ _ _ _
Dr27,374
Total
$3.637,297
Deduct: Realized capital loss from sale of investment securities.
viz.: Loss realized in 1931 and charged to operations in
that year, adjustment in respect of which is reflected in
statement of income account for the year ended Dec. 31 1932
8,647
Loss realized in 1932
1.196
Portion of above losses transferred as offset to realized gains
from sales in 1932
Or1,328
Balance, Dec. 31 1932
$3,628,782
Balance Sheet Dec. 31 .
1932.
Assets1931.
Liabilties-1932.
1931.
GeneralfundsCapital stock_ _c $964,314e$4,034,829
',Investments (at costa) Its securities of:
Capital surplus
$1,049,025 $1,027,291
Railroads
3,628,782
(paid-in)
1,238,687 1,196,677 Dividend payable_
Industrials
42,932
30,715
1,581.058 1,526.05,5 Accounts payable_
Public utilities
7,222
8,715
197,590 Realized cap, gala_
Banks at trust cos 197,540
See d
8,724
Divs. receivable._
13.304 Contributed sumpCall loans
102,000
lus available for
1,310
Accr'd int. reedy.
3.873
9^,796
div'dends
117,912
66,265
Cash
6,880 Reserve fund (in
28
Prepaid items
40
trust) portion of
Office equip. (less
realized cap,gain
604
depreciation).-.
600
Cotrributed surplus funds:
30,795
1,912
Cash
60,000
75.000
Cite, of deposit
41,000
Call loans
Reserve fund en
trust) for realzed capital gains
1
1
Cash
1
Total
84,234,048 84,192,173
14.234,048 84,192,173
Total
received or receivable, at value at
a "Cost" includes stock dividendswhich charged to earnings or earned surplus by the issuing companies.
b Market value of investments in securities at Dec. 31 1932, 11.278.662.
Dec. 311931. $1,386,913. c Of the 1.000.000 11 par value shares authorized, there had been issued to Dec. 31,1932, 499,736 shares, and to that
date 35,422 shares had been liquidated under the provisions of the deed of
trust. d Realized capital gain, $1.25 less proportion transferred to reserve
-V. 135.
fund (75%), $0.94; balance, $0.34. e 436.248 no par shares.
p. 4396.
1033
-Earnings.
Process Corporation.
Calendar YearsNet sales
Cost of sales & oper.exps
Net miscellaneous items_
Other income
Depreciation
Federal taxes
Net income
Dividends
1931.
1932.
1929.
1930.
$798,383 11,444,538 $2,260,428 11,882,749
1,436,360
905,355
2,154,485
1,757,232
Dr.4,122
Dr.9,898 Cr.26.173
Cr.5,537
40,063
50,878
49,865
46,774
8,600
13.750
loss$151,157 loss$37.163
11,234
11,998
$37,581
25.499
$91,166
120.000
def$162,391 def$49,160
$12,082 det$28,834
Balance
Earns, per sh. on 60,000
Nil
Nil
$0.62
$1.52
shs. coin. stk.(no par)
Balance Sheet Dec. 31.
Liabutties1932.
1931.
1931.
1932.
Assets
$3,100
Cash
$224,438 .368,059 Notes payable_ __ _
$3,100
1,123
45,328 Accounts payable_
1,484
24.646
Notes et accts. ree_
72,990 Accr'd payroll do
Inventories
85,830
general taxes_
2,353
6,636
Cash value insur_ _
2,691
384,045 Res. for real estate
Fixed assets
350,355
5,000
taxes
26,619
Deferred charges- _
25,840
Good-will
1 Accr'd commissions
1
19,550
8,500
Other assets
25,629
27,372
(estimated)- -2,000
10,800
Res.for refunds__ _
506,800
x Capttal stock _ _ 506,800
3,100
Non-current notes
Excess over cost of
net assets acquired by perch.
4,930
of subsidiaries__
4.930
Earned surplus_ _ _
207,977
370,367
Total
Total
$739,430 $926,767
$739,430
x Represented by 60,000 shares (no par)
.-V. 134, p.4171.
$926,767
-Earnings.
Prudential Investors, Inc.
Calendar YearsInterest
Cash dividends
Miscellaneous
1932.
1101,097
264,502
674
1931.
164.161
401,654
584
Total income
General expenses
Taxes paid & accrued
$366,272
35.797
5,728
1466.399
48,935
7,265
Net income
Preferred stock dividends paid and accrued
$324,747
300,000
$410.198
300.000
Balance of income available for common stock__
124,747
$110,199
Stock dividends received but not sold are not treated as income: the
effect of such stock dividends on the corporation's books is solely to reduce
proportionately the book value per share of all the stock owned in the
company in question. Such dividends received during the year ended
Dec. 31, but not included in income, had a market value, based on quota
Mons as of Dec. 31. of $40,384 in 1932 and 189.308 in 1931.
Statement of Changes in Surplus for Year Ended Dec. 31 1932.
Balance of income available for common stock (as above)____
$29,747
Surplus Dec. 31 1931:Operating
325.838
Capital
1,396,539
Total surplus
11,747.125
Excess of book value of securities sold over sales price (net)
100,689
Adjustment to value investments at book value or market.
whichever is lower, as of Dec. 31 1932
511.965
Surplus Dec. 31 1932: Operating
350.585
Capital
783.886
$1.134,471
Condensed Balance Sheet Dec. 31.
Assets1932,
1931.
Liabilities1932,
1931.
Cash in banks:
Accounts payable_
82,796
32,515
Demand dep.-. $796,366 8513,312 Pref,stock div.pay
75,000
75,000
Time dep
1,150,000
500,000 Reserve for taxes__
5,834
5,725
Collateral call loans
500,C00 Unearned discount
243
U.S. Treas. notes_
478,000
497,950 y Capital stock... 6,000,000 6,000,000
Other short-term
Surplus
1,134,471 1,722,378
notes
174,776
048,375
Invest. in sub. cos_
2,515
2,515
:Other Investm'ts:
Bonds
682,636
551,498
Pretstocks(Incl.
2,634 abs. of
the corp.'s own
$6 pref. stock) 519,247
565,795
Common stocks
(Incl. 14,460
ohs. of the
corp.'s own
common stock). 3,385.685 3,982,568
130.537
Foreign stocks_
Due for sec. sold
1,906
6,870
Accts. receivable
1,250
11,844
20,366
Accrued Int. rec.._
Total
$7,217,711 $7,806,250
Total
$7,217,711 $7,806,250
z Market value as of Dec. 31 1932 was 14.815.625, against $5,237.299
in 1931. y Represented by 50.000 shares $6 pref. stock and 525,000
shares common stock all of no par value.
-V. 135 p. 4046.
Radio-Keith-Orpheum Corp.
-Committees Formed to
Protect Securities.
A committee for the protection of the 10
-year 6% debentures, due Dec. 1
1941, and the extended 11,118,500 6% gold notes due Jan. 1 and July 1
1933 has been formed. This committee, which consists of George N.
Armsby, Chairman; Edward C. Delafield and Arthur Lehman, is asking
the holders to deposit their securities promptly. Chadbourne, Hunt,
Jaeckel & Brown are Counsel, and E. Carley, Sec., 44 Wall Street, New
York, N. Y. The depositary is City Bank Farmers Trust Co., 22 William
St., New York.
The Radio Corp. of America, which owns $9,786,655 principal amount of
the fully paid debentures (about 84% of the total issue of 111,600,000) is
not depositing its debentures, but has agreed to co-operate with the committee.
Deposit of certificates either full paid or 65% paid of the debentures also
are asked for.
The Radio Corp. states that the committee has been formed in order
that these security holders may have unified independent representation
without expense. The company asserts that in any reorganization for readjustment of the finances of R-K-0 that"it is the intention of Radio Corp
to see to it that all holders of debentures receive in respect of their
debens.
the same treatment as Radio Corp. receives in respect of its debentures."
Stockholders' Protective Committee Formed.
-
A stockholders' protective committee has been formed for
of the common stock consisting of Robert C. Adams, Ferdinandthe holders
Eberstadt,
Maurice Goodman, Paul Al. Mazur, Grayson M-P. Murphy and Herbert
Bayard Swope. The committee says it does not deem It necessary to
ask
for deposits at the present time but requests all stockholders to
authorize
the committee to represent them.
Stockholders whose stock does not stand in their own names as
record
owners are asked to send their names and addresses to the
Secretary of
the Committee, NV. F. Colclough, Jr., 48 Wall St., so that
further information may be forwarded to them. The depositary is
Commercial National
Bank & Trust Co. of New York. Counsel are Sullivan
& Cromwell.
The Committee states: "The Radio Corp. of America,
mately 64% of the outstanding stock, has agreed to which owns approxicommittee in trying to work out a reorganization fair co-operate with the
to all interests, and
has contributed to the expenses of the committee,
right to decide at a future date whether or not to although reserving the
deposit its stock with
the Committee."
Financial Chronicle
1034
Maryland Receivers Named.
-
Samuel J. Fisher and Morris A. Rome Feb.8 were appointed receivers by
Judge H. Arthur Stump in Circuit Court at Baltimore. Judge Stump
directed that receivers take control of the property in Maryland.
Receiver for R-K-0 Units Named.
Charles W. Cullen. United States Referree in Bankruptcy. Wilmington,
Del. Feb. 3 appointed Herman Zhobel, of New York, as receiver for the
Radio-Keith-Orpheum Western Co. and the R-K-0 Southern Co., which
last week filed voluntary petitions in bankruptcy.
Claims to Be Filed Before May 6.
The Irving Trust Co., as temporary receiver in equity, has notified all
persons having or asserting any claim against the corporation to file written
proof on or before May 6, at the corporation's office, 1270 Sixth Ave.,
N. Y. City.
-V. 136, p. 860.
-Earnings.
Railway & Light Securities Co.
Calendar YearsInterest rec. & accrued_
Cash dividends
1932.
$265,518
359,010
1931.
$315,918
438.200
1930.
$349,410
507.606
1929.
$466,280
311,387
Total income
Expenses & taxes (other
than Fed, tax on profit
on sales of securities)Int. & amortiz. charges_
$624,529
$754,118
$857,016
$777,667
60.783
238,703
b66.356
275,621
95,425
276,732
96,264
285,132
Operating profit
$325,043
Profit on sale of securs.
after Federal tax_ ___ closs140,416
$412,141
$484,859
$396,271
c36,578
129,505
1,392,049
Total profit
Preferred dividends_
COMMOD dividends
$448,719
a103,450
a308,646
$184,627
126,306
61,157
$614.364 $1 788.320
91.872
91,872
449,757
699.646
Balance smplus
deff2,836
$36,623
$72,735
$996,802
Earns, per sh. on com.,
incl. profit on sale of
securities
$2.12
$3.49
$0.39
$14.91
Earns, per share on corn.
not incl. profit on sale
$1.22$1.89
$2.62
$2.68
of securities
a Exclusive of $10,081 paid in equalizing dividends in connection with
acquisition of Devonshire Investing Corp. net assets. b Excluding expenditures of $11,051 incurred in acquisition of Devonshire Investing Corp.
net assets. c Not included in company's income statement.
.
-Stock dividends received by company during 1931 but not sold
Note.
had a market value on Dec. 31 1931 of $26,057.
-The differences between book and market value of investments
Note.
not sold during the period are not reflected in the above statement.
Statement of Earned Surplus for 1932.
Balance from statement of income
$325,043
-Jan. 1 1932
Earned surplus
2,278.889
Charges to earned surplus: Preferred dividends,.
Common dividends
126,306
61.157
Reduction In book value of investments as at Feb.
10 1932, and $5,000 reserve for expenses in con$8,610,349
nection therewith
Portion thereof absorbed by reduction in stated
6,331,460
value of common stock
Remainder charged against balance of surplus at
Jan. 1 1932
187,462
$2,416,469
2,278,888
-Dec. 31 1932
Earned surplus
Statement of Special Surplus for 1932.
-Jan. 1 1932
Special surplus
Credits to special surplus:
Net credit from retirement of collateral trust bonds $124,787
Other credits
2,122
Charges to special surplus:
Loss from sale of securities (based on book values
at time of sale)
Reduction of book value of 1,500 shares Internat.
Match Cor. pref. to $1 at Dec. 31 1932
$2,603,932
$137,579
$126,909
Reliance International Corp.
-50c. Preferred Dividend.
A dividend of 50 cents per share has been declared on the cum.pref.stock,
$3 cony, series, payable Mar 1 1933 to holders of record Feb. 20. A similar'
payment was made on this issue on June!. Sept. 1 and Dec. 1 1932 last, as
against 75 cents per share on June 1 1931.-V. 135, p.3368.
Reliance Mfg. Co. (Ill.). Earnings.
Calendar YearsOperating income
Oper.& liquidating losses
of companies
Depreciation
Federal taxes
1932.
$420,939
1931.
$554,088
133,532
51,190
130,737
38,413
Net income
Adjust. of miscell.res__ _
Disc, on cap. stk. purch.
during year, &c
Excess of proceeds of life
insur. over cash surrender value
$236,217
12,000
Total surplus
Preferred dividends_ _ _ _
Common dividends
Amt. approp. as res. for
contingency
Amounts written off in
respect of invests, in
outside companies_
Adjust, of prior years
Fed.income taxes_
$253,094
121,209
Surplus for year
Previous surplus
Surplus credit adjustm t
Surplus debit adjustm't_
Discount on pref. stock
purch. for retirement_
$81,885
1,570,903
1929.
1930.
loss$7,315 $1,053,670
a135,929
145,643
b202,54%
127.685
80,000
$384,938 def$288,887
$643,435
4,877
395,980
$384,938
127,468
$107.093
133,411
185,653
$643,430
137,210
375,005.
$196,143 loss$211,971
1,358,630
1,775,203
5,986
210,589
8131,220
1,767.061
27,471
150,548-
50,000
55,999
5,328
16,130
Surplus
$1,652,788 $1,570,903 $1,358,630 $1,775,203
Shs, corn. stk. outstand231.552
250,000
ing (par $10)
250,000
250,000
$0.49
$1.03
Earns. per share
Nil
$2.02
a Operations which were discontinued during the year. b Organized
during year and amount includes promotional expenses.
Balance Sheet Dec. 31.
•
1931.
1932.
1932.
Assets1931.
Preferred stock--$1,708,900 $1,782.600.
x Land. bldgs. &
$623,951 $614,703 Common stock... 2,315,520 2,500,000
equipment
38,592 Sink, fund. res. for
38,592
Investments
111,844 red. of pref.stk.
Co.'s common stk..
75,000
75.000
Res for conting__ _
75,000
Cash sum. value of
25,000
4,621
Capital surplus.- - 258,447
231,453
life ins. policies_
102,940 Surplus (earned).... 1,394,341 1,339,449
Empls. stk. notes_ 154,232
12,645
6,697 Accounts payable_ 145,882
Sundry accts. rec.
176,124
42,097 Accruals
39,755
Prepaid items 51,087
43,627
2,077,297 2,016,052 Tax reserves
Cash
82,271
69,467
Notes,accept.& inDivs. payable__ .. _
29,993
31,196
16,624
10,092
terest receivable
y Accts. receivable 1,051.412 1,193,274
2,117,314 2,137,627
Inventories
$6,136,442 66,273,017 Total
Total
$6,136,442 $6,273,917'
x After deducting reserve for depreciation of $1,450,208 in 1932 (1931
$1,329,474). y After deducting reserve for doubtful accounts, 5tc., $118.
143 in 1932 (1931, $110,143).-V. 135, p. 2843.
Rich Ice Cream Co.-Dividend Rate Decreased.
A dividend of 35 cents per share was recently declared on the common
stock, no par value, payable Feb. 1 to holders of record Jan. 16. This
compares with 50 cents per share paid each quarter from May 1 1931 to
and incl. Nov. 1 1932, prior to which the company made quarterly distribu-V. 132, p. 3166.
tions of 60 cents per share.
Riverside & Dan River Cotton Mills, Inc.
-Earnings.
140,416
29,999
170,415
Special surplus
-Dec.31 1932 (deficit)
$43,506
Note.
-The differences between book and market value of investments
not sold during the period are not reflected in the above statements.
Comparative Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Liabilities$
S
$
$
AssetsBonds and notes,- 3,232,047 5,601,406 Coll.trust bonds.- 4,760,000 5,440,000
3 625,429 11,865,567 PreLstk.($100 par) 2,113,600 2,113,600
Stocks
112,283
549,804 Accounts payable_
99,944
Accept'notes rec_.
32,603
42,833
122,115 Coupon int. accr'd
1,389,657
Cash
8'
2,206
3,120 Tax liability
Accts.receivable-,
31,1,4
113.274
Acced int. reedy_
67,797
93,786 Res.for dividends.
Common stock (no
Unamort.bond dis2,146,447 8.477,907
-45,195 oar)-s
count & expense 285,812
Special surplus_ _ _ def43,5061
Reacquired bonds
Earnedsurplus_ _ b137,5791 2.'-78.888
($26,000 face
value)
478.545
9,179,230 18,580,992 Total
9.179,230 18,580,992
Total
a Represented by 163,140 shares. b From Jan. 1 1932.
-The total market value of securities owned Dec. 31 was less than
Note.
their book value by the following amounts which are not reflected in the
above statements: 1932-$501,935 and 1931-$8,191,319.-V. 135, p. 2843
Rapid Electrotype Co.-Earnings.-1932.
1931.
Calendar Years1930.
$1,358,697 $1,376,394
Sales
$57,202
143,271
Net profit after charges and taxes_ _ _ _
139,321
62,727
Dividends paid
Nil
$3.53
Earnings per share on capital stock-$3.43
Balance Sheet Dec. 31.
Liabilities1932.
Assets1931.
1932.
1931.
Cash
$3,772 Accounts payable_ $49,708
$16,242
$1,685
Notes receivable_
Notes payable-4,241
106,888
27,172
Accts.receivable_ _
97,282
216,921 Res. for Fed. taxes
19,624
Inventories
4,929
101.735
121,390 Accrued accounts_
2,920
Insur. (cash surr.
zCommon stock... 564,1621y1,020,365
value)
21,479
21,119 Earned surplus... 211.0791
Cash advances
20,494
Other assets
90,144
x Land, buildings,
machinery, tools
& equipment_ _ _ 488,303
514,049
Patents,formula &
131,898
132,520
good-will
Def. debit items
2,386
Atlantic Electrotype Co
53,573
Total
$936,767 $1,086,224 Total
$936,767 $1,086,224
x Less depreciation of $399,329. y Represented by 40,515 shares (no
par). z Represented by 44,890 shares no par value.
-V. 135, p. 3868.
Regent Knitting Mills, Ltd.
-63/% Bonds Extended.
2
Notice is hereby given that under an extraordinary resolution adopted at
a meeting held on Nov. 7 the holders of the
% series 1st mtge. gold
coupon bonds issued by Regent Knitting Mills, Ltd.,the payment of which
has been assumed by the Regent Knitting Mills, Ltd., and under a supplementary trust deed executed by the Regent Knitting Mills, Ltd. in favor
of General Trust of Canada, as trustee, on Jan. 16 1933. the maturity of
,
all the bonds presently outstanding has been extended to Sept. 1 1942,
interest to be paid meanwhile at the rate of 634%
.-V. 135, p. 3868.
Feb. 11 1933
1932.
1931.
$9,923,462 $10,959457
259.201
249,135.
9,442,231
9,115,042
666,446
704,816
Cr462,004 Dr807.331
Years Ended Dec. 31Income from sales, rents, &c
Discounts, reserves
Raw material, labor, expense, &c
Depreciation
Stock in process & finished goods on hand
Profit from goods sold
Other income (net)
$17,588
11,726
$29,314
Total net profit
Previous surplus
Adjustment for reserves affecting prior years_
Surplus Dec. 31
$83,332
13,247
$96,570
$6,110,269 $6,013,689
Dr60,000
$6,079,583 $6,110,268
1932.
Balance Sheet Dec. 31.
1931,
1932.
Assets
Real estate de maPreferred stock-- 7,500,000
chinery
32,274,761 32,041,179 Common stock-- 7,500,000
Inventories
3,093,018 2,320,015 Bills payable
1,625,000
Stocks owned in
Deprec. reserve.....14.568,376
other companies
90,041
110,041 Bal. credit Profit
Cash
432.959
644,624 and loss account 6,079,583
B us & accts. rec._ 1,304,822 1,885,156
Prepaid items... _
77,631
77,358
Total
37,272,960 37,078,646
-V. 135, p. 4397.
Total
1931.
7,500,000
7,500,000
1,900,000
14,068,377
6.110,260
37,272,060 37,078,643
Rolland Paper Co., Ltd.-Earnings.
Calendar YearsEarnings for year
Bond interest
Allowance for deprec__ _
1932.
$323,765
146,781
84.000
1931.
a$346,876
148,206
84,000
1930.
5E379,357
137,500
72,000
1929.
b$440,479
137,500
72,000
Net profit
Previous surplus
Insur, res. written back_
$92,984
312,204
$114,670
281,034
8,500
$169,858
211.176
$230,979
80,190
Total surplus
Preferred dividends_ _ _ _
Propor. of organization
expenses written off_ _
$405,188
90,000
$404,204
90,000
$381,034
90,000
$311,176
90,000
2,000
2,000
10,000
10,000
$211,176
$313,188
$281,034
$312,204
Surplus, Dec. 31
Earns, per sh. on 60,001
$2.18
$1.33
$0.05
$0.41
shs. corn. stk.(no par)
a After operating expenses, Federal and general taxes and provision for
tax.
bad and doubtful debts. b Before provision for income
Comparative Balance Sheet Dec. 31.
1932.
1931.
1931.
Liabilities
1932.
Assets$82.560
$173,616 $108,552 Accounts payable_ $75,596
Cash
175.317 Interest, &c., and
Invest. securities_ 282,073
46,601
40,311
207,817 other accounts-res 194.137
Receivles, less
268,000
657,813 Depreen reserve... 352010
537,280
Inventories
2,394,600 2,450,000
534% bonds
Cash in hands of
6% pref. stock_ _ _ 1,500,000 1,500,000
trustee for bond:Common stock- - 1,300.032 1,300.032
525
holders_
312.204
101,284 Profit & loss acct. 313.187
63,131
Sundry investmls
4,708,611 4,694,471
Fixed assets
14,148
16.253
Deferred charges- $5,975,626 $5,959,403
56,976,626 $5,959,403 Total
Total
-V. 134, p. 4673.
x Represented by 60,001 shares (no par).
1035
Financial Chronicle
Volume 136
Roosevelt Field, Inc.(&
Calendar Years
Meld and concession revenues
Flight revenue
School revenue
Miscellaneous
Int., divs. & discount received
-To
Seaboard Fire & Marine Insurance Co.
-Earnings.
Subs.).
1932.
$87.952
16,351
67.773
17,485
16,764
1931.
$174,486
40.313
88,119
32,271
18,950
1930.
$205,370
135,876
146,325
24,147
31,696
$206,325
230,820
11,044
$354,140
341.015
11,860
$543,413
597.470
73,724
$ 35,539 prof$1,265
def121,040 def122.306
$127.781
5.476
Total revenue
Oper., maint. & gen.& adminis. exp_ _
Depreciation
Net loss
Earned surplus
$122,306
8121,041
$156,580
Consolidated Balance Sheet Dec. 31.
1931.
Assets1932.
1932.
1931.
Liabilitiesb Capital stock _ _41,800,000 $3,600,000
Land St impts._
519,254
2,128,194
Bldgs.,airplanes, c$3,474,4201
Surplus
2,464
3,815
engs. Se other
Accounts payable_
equipment__
1 a547,732 Accrued expenses,
3,333
2,173
Treasury stock_ __ 134.832
deposits, &c_ __ _
90.000
12,576
7,649
Deferred credits
Prepaid insurance,
30,562
rents, dens.,&c.
36.197
51,066
Cash
52,065
Marketable secure. 173,670
373,685
Accts. claims St
22.372
35,614
accruals rec.-- _
17,022
Notes receivable
32.250
Inventories
34.482
Operating deficit
r$2,973,394
$3,941,831 $4,137,626
Total
$3,941,831 84,137,626
Total
a After reserves of $813,403. Is Represented by 360,000 $5 par shares
depreciation and obsolescence
in 1932 and no par shares in 1931. c After
of $758,032, of which $651,528 was appropriated from paid in surplus prior
to 1932.-V. 134, p. 2544.
-Comparative Balance Sheet.Sagamore Mfg. Co.
AssetsDec.31 32.Dee.26 31. Liabilities- Dec. I '32. Dec.26'31.
13,000.000
Commotion
$3,663,640 $3,660,367 Capital stock
Bills & accounts
Real estate & tene227,240
50,000
payable
30,000
ment houses_ _ -30,000
Surplus & reserve
Debts rec., cloth,
for depreciation_ 1,815.483 1,801.833
903.909
cotton & invests. 729,511
Cash & U.S.Govt.
442.331
434,797
securities
54,865,483 15.029.073
Total
54,865.483 85,029,073
Total
Lawton S. Brayton of New York has been elected to the board of direct
tors succeeding William L. S. Brayton, deceased. John S. Brayton has
-V. 135, P• 1175.
been elected clerk.
-Extension of Time for Deposits.
Saks Realty Corp.
As less than 80% of the leasehold mtge. 6% serial gold bonds have been
deposited under the plan announced on Nov. 19 1932 the date of deposit
has been extended to the close of business on Feb. 23. (See V. 135, p.3705).
-V. 136. p. 507.
"Sauquoit Silk Mfg. Co. of Phila.-To Decrease Capital.
-The stockholders will vote March 29 on decreasing the authorized capital
stock from 60,000 shares, represented by a stated capital of $4.250,000,
to 30.000 shares, represented by a stated capital of $2,500,000.
Schiff Co.-January Sales.
Four Weeks Ended Jan. 28Sales
-V. 136, p. 339.
1933.
$358,082
1932.
$435,315
Decrease.
$77,233
-Lists Holdings.
Scottish Type Investors, Inc.
Scottish Type Investors, which was organized October 1932 through
subscription by British Type Invstors shareholders, nas published its
first statement for the three months ended Dec. 31 1932 showing net
earnings of 10% for the quarter, after deducting all current expenses. Its
report listing the portfolio shows investments to be all common stocks,
namely:
American Radiator & Standard
Irving Trust Co.
Sanitary Corp.
-Texas RR. Co.
-Kansas
Missouri
Chase National Bank, N Y.
National City Bank of New York.
Chrysler Corp.
Southern Pacific Co.
Electric Power & Light Corp.
Union Carbide & Carbon Corp.
General Electric Co.
The United Corp.
General Motors Corp.
Westinghouse Electric & Mfg. Co.
International Tel. & Tel. Corp.
-V. 135, p. 2666.
Scott Paper Co.(& Subs.).-Earnings.
Calendar Years1932.
1929.
1931.
Net sales
$8,007,191)$8,816,411 $8,483,361 $7,761,559
Mat'ls, labor & exps.,&c. 4.139,467
4,539,934
4,947,114
4,614.473
Repairs & maintenance249,674
210,364
271.172
301,059
Depreciation & deple'n472,232
401,862
396.090
275,360
Sell., admin.& gen.exp.,
incl. freight paid on
goods sold
2,053,773
1,759.786
2.193.016
2.104,057
Operating income-Other income
$931.303 $1,113,705 $1,117,966
43.259
39,473
37,036
Total income
Int. paid & misc. mot
Pray,for Fed. tax
$968,339 $1,156,964 $1,157,438 $1.031.514
36,701
28,225
22,878
21,934
136,724
133,892
110.038
128,000
Net earnings
Divs, on pref. stock ___ _
Cash diva, on coin. stock
afitock div. on coin. stk_
$818,405
159.032
236,340
$997,360
165.084
229.429
13,111
$986,846
165,733
220,573
12,605
$976.115
55,399
5893,251
165,349
212.070
12.119
Balance to surplus__ - $423,033
$587,935
$503,712
8589,737
Shs. corn. stk. outst'g__
162.059
155.840
168.572
168,839
Earnings per share
$4.94
$5.06
$4.67
$3.90
a Amount charged to earnings at $2 per share in respect of common
stock issued to common stockholders.
Consolidated Balance Sheet Dec. 31.
1932
Assets1932.
1931
1931.
aLand, bldgs•, ma7% pref. A stock __ $1,825,600 $1,855,000
chinery, eq., &e $4,177,687 $5,932,515 6% pref. B stock.. 579,700
590,000
337,834
652,402
Cash
507,048 bCommon stock__ 337,808
206,358
Funded debt
Acc'ts & accept'ees
317,000
receivable
569,517
553,585 Accts. Payable and
accrued items._ 268,085
1,027,216 1,054,368
308,913
Inventories
136,724
Investments
83,912 Federal tax reserve 128,000
Res. for conting. &
Cash sum. value of
42,451
61,658
preferred divs
life ins. Policies
Capital surplus_ 13,401,412 (1,841,910
bldg. & loan as12,975,249
17,438
20,372 Earned surplus_ _1
soela'n, stk.. &e.
Cash for retire, of
206,358
bonds of sub
Prof.stock in treas.
c106,618
at cost
Cash with sinking
29,879
fund agent
Pats., trade-mark
1
1
and good-will...
32,177
36,610
Deterred charges..
$6,789,414 $8,224,288
Total
86,789,414 $8,224,288
Total
a After deducting reserve for depreciation and depletion of $2,137,448
168,839 shares (no
In 1932 (1931 51,511.905). Is Represented byby 723 shares series Apar
at
value) in 1932 (1931 168.572). c Represented
440 shares series B at 537,669.-V. 135, p. 3536.
568,950 and
Decrease
Capitalization.
The stockholders will vote Feb. 21 on approving a recommendation of
the board of directors that the capital of the company be reduced from
$1,000,000 to $500,000 by reducing the par value of the shares film $10
to 85. This would release 3500,000 for transfer to surplus. The company
is affiliated with the Yorkshire Insurance Co. and other carriers under the
-V.130, p. 4624.
management of Frank & Du Bois.
Seaboard Oil Co. of Del.-Extra Dividend.
An extra dividend of 10 cents per share has been declared on the no par
common stock in addition to the regular quarterly dividend of like amount.
both payable March 15 to holders of record March 1.
The company in its announcement states:
"In the calendar year 1932 three quarterly dividends of 10 cents each
were paid, dividend payments having been resumed by the company on
June 15.
"Consolidated profits for 1932 were more than sufficient to cover four
quarterly payments; therefore the directors have declared an extra dividend
-V, 135, p. 3011.
of 10 cents,"
-Sales.
Sears, Roebuck & Co., Chicago.
-1932.
1933-56 Wks.
-1932.
Period End. Jan. 29 1933-4 Wks.
515,661,617 519.008.449 $295,722.846 8366.217.503
Sales
is including 14 periods
Due to the change in the fiscal year the company
-V.136. P. 339.
instead of 13 in the above report.
-Deposits.
Sharon Steel Hoop Co.
Holders of more than 56% of the 1st mtge. 5% s. f, gold bonds, series A.
due 1948. have approved the plan by which semi-annual interest due Feb. 1
is being paid partly in cash and partly in interest-bearing notes, it was
announced on Feb. 6. Holders of slightly more than $3,000,000 of the
company's total issue of $5,388.000 outstanding have agreed to the plan,
by which $10 in cash and $17.50 in three-year interest-bearing notes is
-V. 136. p. 860.
exchanged for each 827.50 of interest due.
-Earnings.
Shawmut Association.
1930.
1931.
1932.
Calendar YearsInt. on call loans, notes
881.798
$27,397
$16,728
rec.& bank balances__
107,013
127,549
128,290
Interest on bonds
189,303
206,077
160,307
Cash dividends received_
Net loss or gain from sale
loss1,291,489 loss274,860 loss294.205
of securities
loss$986,163
Total income
Federal income tax
Legal exps.& stamp tax_
39.479
Administrative expenses
Net amount paid to bunk
$86,163
loss$1,025,642
Net earnings
Divs, to shareholders_ _ _
258,226
Int. on pay. of prior year
Income tax
$22,022
318.160
Deficit for the year. _ _ $1.283,868
Previous earned surplus717,208
Net credit from transactions in treas. shares
22,430
5297.013
1,014,220
64,141
1929.
8257.107
63,168
146,442
1.453,758
$83,908 $1,920,474
180.706
554
48,681
76,568
13, 471
57,340 81,513,062
319,485
318,160
875
$310,820sur$1193,577
124,358
325,040
7.105
$14,220 $1,325,040
$717,208
Total surplus
clef$544,230
$23.85
$19.98
$14.58
Asset val.of stk.(per sh.)
$14.03
Comparative Balance Sheet Dec. 31.
1931.
1932,
Liabilities1931.
1932,
Assets$259
Cash
$551,774 8917,351 Accrued expenses_
56,199
Accounts payable_
Accts. & accrued
39,615 zeal:UM stork _ _ _ _ 8,071,088 8,103,138
int. receivable
147,548
717,208
Undivided profits_ d1544.230
Notes & accts, rec.
partly sec. by
shs. of Shawmut
Assn, dr other
collateral
77.467
192,599
ySecs. (at cost) _
5,535,269 6,568,900
Inv.In shs. of atilt.
banks (at cost). 1,270,990 1,102,139
87,583,057 88,820,604
Total
57,583,057 $8,820,604
Total
x Subscribed and pad 400,010 shares of no par value, of which 396.975
outstanding and 3.025 (3.100 in
396,900 in 1931) shares were issued and
all
1931) shares were represented by subscrptioin receipts not exchanged,the
of which totaled 88.150.000. less 3.873 (2,300 in 1931) shares held in
Market value.
treasury amounting to $78,912 ($46,862 in 1931). y
($3.565,700 in 1932 and $3,547,600 in 1931).-V. 135. p. 3869.
Sherwood Apartment Building (Buffalo, N. Y.).
Protective Committee.
6;is.
The protective committee for the holders of the 1st mtge. serial Friel,
dated Jan. 7 1924, consists of: S. J. T. Straus, Chairman. James E.
W.Straus. Joshua MorriJohn L. Laun, Nicholas Roberta and Frederick Continental Bank & Trust
son, Sec., 565 Fifth Ave., N. Y. City. The
Higson,
Co.. 30 Broad St., N. Y. City, is depositary, and Jones, Clark &
New York, are counsel.
of the property and is collecting the available
The trustee is in possession
revenues, which will be held for or applied in the interests of bondholders.
Such revenues, however, continue insufficient to cover fixed charges.
including currently accruing and past due real estate taxes. Bondholders
-V. 135. p. 4570; V. 136,
are asked to deposit their bonds immediately.
p.339.
"-.Siemens & Halske A. G., Berlin.----Smaller Dividend.
The company has declared an annual dividena of 7% on the capital
stock, payable in March. This compares with 9% declared a year ago,
and with 14% two years ago.
Net profits for the year ended Sept.30 1932 amounted to Rm.6.970.000.
against Rm. 11,070.000 for the preceding year. Sales totaled Rm. 186.000,000. compared with Itm. 285,000,000.
Siemens-Schuckert, largest affiliate of Siemens & Halske, again paid no
dividend. Losses of Rm.12,200,000 were covered out of reserves. SiemensSchuckert had sales of Rm. 224.000,000, against Rm. 346,000,000. The
two companies had reserves of Rm.70,000.000 created during more profit-V. 134, p. 3705.
able years.
ilver's Lunch Stores, Inc.-BarriTreptcy.--
An involuntary petitioni bankruptcy was filed Jan. 25 is43,-2.-Elliaciat
against the company with offices at 171 Eighth Ave., N. Y. City.
Company operates a cha of cafeterias. The petition was filed by three
creditors, Harry Pave, on an assigned claim for 850, Ruth Freedman, on
an assigned claim for $364, and the G. II. P. Cigar Co., Inc., on a claim
for $143.
--Earnings.
Spiegel May Stern Co., Inc.
1929.
1930.
1932.
1931.
$7,114,360 $9,923.745 814,997,652 823,921,905
9,813,066 17,075,197 21.966,242
7,408,482
Calendar YearsSales
Operating expenses
81,955,663
252.770
Operating income_ ___def$294,122
Miscellaneous income__ _
90,453
$110,679df$2,077,544
140.255
70.792
Total income
Federal taxes
Interest
Depreciation
8181,471d1'$1,937,290 $2,208,433
212,675
64,656
208,257
195,172
66,694
112,067
82,677
def$203.669
46,522
68,000
Deficit
Preferred dividends_ _
Common dividends
$318,291
211,731
$50,121
$2.257.614sur$1717,909
455,000
455,000
262,500
525,000
Deficit
Earnings per share on
common stock
$530,022
$50,121
82.975,114 sur$737,909
Nil
Nil
Nil
$12.79
1036
Financial Chronicle
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1931.
1932.
Assets
Liabilities$
i
a Fixed assets-- 1,227,262 1,339.145 6Si% pref.stock-- 4,053,600 4,439,200
Inventories
487,695
593,424 b Common stock-- 1,750.000 1,750,000
Accts.& notes reo.c4,348,832 6,929,823 Accounts payable- 219,818
628.366
U.S.Gov.see__ - 521,818
200.000
Notes payable._
Due from employ_
77,250
33,736
42,419 Sundry creditors..
Bal.due on contract
127,800
50.000 Taxes accrued.... 107,449
Cash
719,362
545.019 Accrued pay roll &
Surplus value of inman'ment bonus
8,208
19,569
surance policies
700.000
118,616 Coining. reserves_ 400,000
Deferred charges-- 407,378
1.195,647 2,133.129
445,507 Surplus
Total
7,746,083 10,063,953
Total
7.746,083 10,063,953
a After depreciation of $742.800 in 1932 and $653,347 in 1931. b Represented by 175,000 no par shares. c Accounts receivable only after reserves
of $1,292.458.-V. 135, p. 1341.
-Plans to Refund Bonds.
(A. 0.) Smith Corp.
A special meeting of the stockholders will be held on Feb. 27 to consider
authorization of a 63,000,000 five-year 534% first mortgage issue, the
proceeds of which would be used to retire $3.100.000 ten-year 634%. 1st
mtge. bonds maturing May 1, next. The latter issue was authorized in
1923 and $5,000.000 was originally outstanding. Through sinking fund
requirements it had been reduced to 53,109.000.-V. 135, p. 2506.
Squibb Building (Jones Estate Corp.).
-Mortgage.
The Jones Estate Corp. has given a trust mortgage for $4,365,000 to the
Chemical Bank & Trust Co., as trustee, on the Squibb Bldg. at 745 Fifth
Ave. to secure an issue of 20
-year 5% bonds maturing Feb. 1 1953. The
premises are now subject to mortgages aggregating $635,000 held by the
New York Public Library. Astor, Lenox and Tilden Foundations, and to
real estate taxes for the years 1931 and 1932: also to a mechanics' lien filed
by J. L. Murphy, Inc., not now exceeding $8,500.
An analysis of the reorganization plan recently made effective for the
Squibb Bldg. (Abenad Realty Corp.), reveals that the building, now assessed at $3,800,000, has been used to support the acquisition for the new
corporation of the ownership of the site formerly occupied on lease and assessed at $3,900,000. making a property with a total valuation of$7,700,000.
In this the original investors of $4.500.000 receive $450,000 of 6% 2d mtge.
bonds, which will pay interest only out of net earnings, after all operating
expenses, including tenant changes. taxes and interest and sinking fund
charges, have been paid on $5,000,000 of 5% 1st mtge. bonds, issued to the
owners of the land.
Before the $450,000 2d mtge. bonds now substituted for the original
investment may yield any return, therefore, it is estimated that the property must lofty annual fixed charges of 5481,000 and operating expenses of
about $150,000, a total of $631.000. Against this, at present the gross
revenue of the building is understood to be not more than $250,000 yearly.
In addition to the 2d mtge. bonds, the original investors also receive a
common stock participation of 45,000 shares in the Jones Estate Corp.,
which now holds the entire property. In other words, the original investor
of$1,000 will receive $100 in a 2d mtge.bond and 10 shares of common stock.
The bonds of the Squibb Bldg. which were brought out in July 1929, by
S. W. Straus & Co., were secured only by a leasehold, which the builders.
the Abe N. Adelson interest, had acquired through Frederick Brown from
the trustee of the estate of Mary Mason Jones. The lease provided for a
ground rental of $295,000 annually and stipulated in the event of failure
to pay the rental, that the landlord could re-enter and take over the property. The bond issue was soon in default, only about two coupon payments
being made, at which time the bondholders took over the building from the
original builders.
Upon the failure to pay the ground rental the landlord did not re-enter
the property for various reasons, including heavy income taxes and tax
arrears. The bondholders' committee which subsequently had purchased
the leasehold at a public sale for $250,000 turned the lease over to the Jones
Estate Corp., which had been founded with a view of purchasing the lease.
The Mary Mason Jones Estate, which owned the land in fee, will receive
under the reorganization terms $4,365.000 1st trust mtge.
5%
bonds. In addition the Jones Estate Corp. agrees to assume $635,000 of
underlying bonds which are owned by several N. Y. City institutions.
In other words, $5,000.000 in bonds were paid by the Jones Estate Corp.
or the site and obligations previously incurred of the Mary Mason Jones
estate. In 1932 the assessed valuation of the land for tax purposes was
$4,200.000.
While the Mary Mason Jones Estate was to receive $195,000 annually
as ground rental under the original lease, it will receive under the new plan
approximately $45,000 annually less. However,in addition, the estate will
receive 27.000 shares of the common stock of the Jones Estate Corp.
At the time of the erection of the building E. R. Squibb & Sons leased
for 21 years 12 floors and the two pent-house floors from the builder. It
is understood that the yearly rental was 8333.333. Under the reorganization plan the company has agreed to lease three floors for a term of 20
years at a rental of $63.000 per annum. As a result of the reorganization,
this company is relieved of rentals amounting to approximately 5270.000
annually.
Squibb, in order to provide working capital for the new corporation and
to pay tax arrears and other debts incurred against the building, had agreed
to purchase $1,000.000 ot the 2d trust mtge. bonds, bearing interest at
6%. In addition, Squibb will receive 108,000 shares of the issued total of
180,000 shares of common stock of the Jones Estate Corp., thereby assuring
them of the control of the new company. (For further details of plan see
Y. 135. p. 1006).-V. 136. p. 339.
(Frederick) Stearns & Co. (& Subs.).
-Earnings.
-Calendar Years1932.
Consolidated net profit
loss$179,577
Previous surplus
2,545,009
Tax adjustment prior years
Discount of preferred stock retired
58,702
Other adjustment
21,970
Credit from adjust. of net assets of foreign subs.
10,715
Decrease in surpl. appllc. to min.int.-Nyal Co_ _
7.833
Total surplus
Preferred dividends
Common dividends
Nyal Co. dividends
Adjustment of net assets
Prey. for loss on bonds
1931.
x$78,766
2,845.311
6,640
4,529
4,599
82.464,653 $2,939,845
26,925
109,926
119,729
5,562
159,619
60,000
Surplus Dec. 31
$2,377,728 $2,545,009
x After reducing the earnings of foreign branches and subsidiaries to
the
rates of exchange in effect Dec. 31 1931.
Consolidated Balance Sheet Dec. 31.
Assets1932.
1931.
Liabilities1932.
1931.
Cash
$354.287 $296,693 Accounts payable. $117,347
$97,759
Govt.& invest bds 333,438
430.501Accr. inc. taxAccta.receivable_ 1,027.991 1,134,404
.
U.S.A. & foreign
58.304
Mertes. Inventory. 1,160,675 1,288,724 7% pref.stock____ 1,450,400 1,558,900
Other assets
130,881
1315,429 x Non-par val.stk. 1,662.900 1,662,900
Permanent assets_ 1,701,661 1,729,763 Surplus
2,377,728 2,545,009
Pat., processes &
Cap. stk. of cos.
trade-marks_ _ __ 888,742
891,307
not owned
74,840
76,710
Deferred assets. _ _
98,593
113,639 Surplus (spells. to
other cap. stock
13,053
20,886
Total
85,696,268 86,020,469
Total
$5,696,267 $6,020.469
Represented by 133,032 shares of no par value.
-V. 135. P. 147.
Standard Brands, Inc.
-Annual Report.
-
In a statement accompanying the report. Joseph Wilshire, President, says:
"for each of the first three quarters of the year dividends on the common
stock were maintained at 30 cents per share. As a conservative measure,
the common stock dividend for the last quarter was reduced to 25 cents per
share. The achievements of company under the difficult operating conditions of the past year are largely due to its strong organization, in which
many men work as one man and demonstrate the wholesome and enthusiastic cooperation existing between officials and workers of Standard Brands,
Incorporated, many of whom are stockholders.
In connection with the financial statements the following comments seem
pertinent:
Feb. 11 1933
"In accordance with the procedure established in 1931, current assets
and current liabilities of foreign subsidiaries, as well as parent company
cash on deposit in currencies of foreign countries, were revalued at rates of
foreign exchange existing on Dec. 31 1932. The result was an increase in
value by $63,770 which was credited to current income.
"Inventories are reported at cost or market as of Dec. 311932, whichever
is lower. The resulting reduction of book values by $375,000 was charged
to current operations.
"United States and Canadian Government, municipal and other bonds
and securities were revalued at the lower of cost or market as of Dec.311932.
in accordance with the practice adopted during 1931. This revaluation restilted in a charge to contingency reserves of $3,726 and a credit to surplus of
$293,815, these being the two sources from which securities were originally
written down.
"Dividends received (amounting to $75,495) on common stock of company held in the treasury have been eliminated from income and from
dividends paid, reducing both of these items accordingly, and the shares so
held are excluded from those upon which earnings are reported."
Consolidated Income Account for Calendar Years.
b1932.
c1931.
e1922.
d1930.
Gross profit after deduct.
mfg. & other costs of
goods sold
544.904.239 $47,915,906 $448,138,199 $44.184.473
Selling, administrative &
gen. expenses
28.049,762 30,069.685 30.581,437 25,431.229
a Net profitfrom oper.$16,854.476 $17,846,221 $17,556,762 $18,753,245
Other income credits____
910.035
973,101
1.417,434
2,206,193
Gross income
Income charges
$17,764,512 $18.819,322 $18,974,196 620,959,438
I765.106
I540.468
356,385
471,456
Net inc. before charging Fed.& foreign inc.
$16,999.405 $18.278.854 $18,617,811 $20,487,982
taxes
Fed. & foreign inc. taxes 1,969.235
2,081,522
2,168,592
2,139,206
Amt. applic. to minor.
int. in pref. & common
28,679
stks. ofsub.company_
30.320
46,965
4,386
Extraordinary charges_
1.624.692
Net inc. applic. to
$15,001.491 514.542.320 $16.402,254 618.344.391
parent company
Profit and loss credits:
Adj. of unrealized de293,815
prec. on securities
Sur. arising through
acquis. of stks of
6,412
260,6751 1.113,278
sub. co. during year
90,635
Miscellaneous
169,3941
30.502
Adj. of prop. val. & related deprec. res. aPP•
to prior years (net)
-.-194,250
Total surplus
615.385.943 814.773,453 $16,632.323 $19,457,669
Profit and loss charges:
Adj. of book val. of
264,697
foreign subs
Losses on prop. &
equip. 4c, sold or
250,222
abandoned (net).._ Prov. for gen. insur.
reserve
64,940
565,347
65,6951
Miscellaneous
208,952
140,089
$5,2141
Prem, on pref. stock
purch. dr retired
1.025.450
Write-down of U. S. &
Can. Govt. & oth.sec.
579,804
Sur. for yr. before div.$14.662,072 512.963.209 $16,681,414 518.892,321
Surplus Jan. 1
22,661.748 25.729.886 28,083.325
Not
Sur. before charg. divs$37,323,820 $38,693,086 $44.764,739
corn666,883
Preferred dividends_ _ ....
558,29$
parable
1,021,589
Common dividends
14.466,186 15,173.041 18,013,264
622.190,751 522.661,748 $25,729.886 $28,083,325
Surplus Dec.31
.:12,645.166 12,644,313 12,644.002 12,630,107
Shs.com.stock (no par)
Earnings per share
51.14
$1.08
$1.37
$1.22
a After charging depreciation of 52.438.747 in 1932, 62.625.425 in 1931,
52,773.863 in 1930 and $796,412 in 1929. b Includes operations of certain
Oct. 31 and Nov.30 1932. c Includes
foreign subsidiaries for periods
company
gir.Vin
1,
f9'
f7aIti ra
o
Baking PowderaCendedo fi
niltl
l
;
the 11 months ended Nov. 30 1931, and of the German and South African
subsidiaries of Royal Baking Powder Co. for the year ended Oct. 31 1931.
d Includes operations of the German and South African subsidiaries of
Royal Baking Powder Co. for the year ended Oct. 31 1930. • Includes
Standard Brands, Inc., and subsidiaries and predecessor companies.
f Includes all realized foreign exchange losses amounting to $222,071 In
1932 and $207,647 in 1931. x Including 69.300 shares in treasury and
1.530 shares reserved for unexchanged common stocks of subsidiaries.
Consolidated Balance Sheet Dec. 31.
(Including certain Foreign Subsidiaries as of Oct. 31. or Nov.30 1931.)
1931.
1932.
1931.
1932.
Assets
Liabilities
13,802,795 10,305.311 Accounts payable. 1,758,342 1,425,869
Cash
1,649.841 Aesrued payrolls,
Bankers' accept's.
998,472
U.S.Treas. billstaxes & expenses 518,739
499,665
:51,130 Accrued Federal &
British Treas. bills
gU.S.& Canadian
foreign luc. taxes 1,969,437 2,093,851
Govt. bonds_ _ _ 7,155,607 3,960.587 Reserves
601.410
554,740
'State & mun. bds. 551,896 2,763,683 Gen. Mewl* fund
Other mktble. bds.
x328,587
aceount-Appro135,707
Accrued int. reele 157,277
priated surp. set
Notes & collateral
aside to meet
285,348
loans receivable. 186,265
contingencies_ 1327.572 1,365.810
Acets recelvable_d4,791,903 5,043,517 Minor, int. la sub
Due from officers
company
438,454
501,743
89,294
& employees_
bPreferred stock
9,502,900 9,675.700
11,883,755 12,995.739 ccorsaam stock-25,290,332 25,288,626
Inventories
bds. (incl.
Wks. &
Surplus
22,190,751 22,661,748
co.'s coin,stock)
939,995
1.779,159
at cost
609,000
Real estate mtges.
Board of Trade
19,190
memberships_
37,957
Life Maur. policies
Total gen. Ins. fd. 1.427,572 1.365,810
aLand, Miss., machinery & equip.
incl. deny.eq._21,058,100 21,879,748
744,800
767,646
Deferred charges
Trade marks, pats.
1
1
and good-will...
ended
'gfatzeti4T,TisualiaorimeM
-
63.651,267 64,114,421
Total
Total
63,651,267 64.114,421
a After reserve for depreciation of525,296.407 in 1932(1931,
$26.522,893)•
b Represented by 95,029 shares of no par value in 1932 (1931,596.757
shares of no par value). c Represented by 12,644,313 no par shares at
stated value of $2 per share (including 1,530 •shares reserved for unexchanged common stocks of companies
acquired and 69,300 In treasury).
d After reserves of $493,908 in 1932 (1931. $521,216). x At cost or market
whichever lower.
To Redeem Preferred Stock.
The directors on Feb. 8 voted to redeem 25,000 shares of the
pref. stock, series A, on April 1 at $120 per share plus accrued $7 cum
of $1.75. The shares to be redeemed will be drawn by lot on Feb.dividends
20. The
transfer books of the pref. stock will be closed from Feb. 20, permanently
in the case of the shares to be redeemed, and until Feb. 28 in the case of
shares not drawn for redemption.
Of the $7 cum. pref. stock, series A, 95.029 shares were outstanding o
Dec. 31 and 3,550 shares were held in the treasury. On May 8 1931
1037
Financial Chronicle
Volume 136
sales exceeded that of any other line with the exception of Ford and Chevrolet. Total sales of White Motor Co. alone in 1931 were $23,517,461.V.136, p. 861.
amount originally
when the directors voted to redeem 50,000 shares of the Joseph Wilshire
issued at $120 Per share plus accrued dividends, President
strong financial position it is deemed advisable to call
said: "Due to our
in practically one-third of our preferred stock issue." $7 cum. pref. and 21
The quarterly dividends of $1.75 per share on the
holders of
cents on the common were declared, both payable April 1 to
record March 6.
Technicolor, Inc. (iitc Subs.).-Earnings.
Calendar YearsNet sales
Cost of sales, &c
General & administrative expenses
Selling expenses
Net loss
Other income
Infringement Alleged.-
Emulsol Co. Chicago, has filed a $250.000 suit for patent infringement
Brands, Inc.,
in the U. S. district Court at Cleveland. against Standard
Fleischmann Co. and Widlar Corp. The patent involved is owned by
Emulsol Co. and covers salted frozen egg yolk product, also manufacturing
process. Emulsol contends that Fleischmann salted yolk supplied to
-V. 136. P. 861.
Widlar Corp.. Cleveland. infringes on its patent.
1930.
1931.
1932.
$500.191 $1.164,666 $5.925,916
4,045.280
1,374,023
427.163
374.396
235,204
135.168
662,068
163,404
76.196
$138,335
228,145
Total income
Other deductions
Provision for depreciation of plant
Amortization of patents, research &
development costs
-down plant
Overhead expense of shut
-estimated
Fed. & State inc. taxes
-Annual Report.
Standard Oil Co. of Kansas (Del.).
says in part
$89.810
1,583
184,511
$607.965prof$844.172
2.847
753,226
$145,262
107,275
$847.019
50.544
President C. B. Wrightman in his remarks to stockholders,
21,540
-The statements of income discloses that the net profit of the new
Results.
117,678
company for the nine months' period of its operations amounted to $61,971.
120.000
no financial statements of the old company submitted inasmuch
There are
as the assets of that company have now been transferred to the new com$676.475
$37.986
xloss$235.504
Net profit for the year
pany. However, the operations of the old company during 1932 up to the
x Loss for the year is after capitalizing expenditures of $61,150 deemed
time of its dissolution showed a net loss of $463,432.
1093 of
to be research, development and patent costs and does not include
The major reason why the new company was able to operate at a profit,
been charged
$241.689 on Boston plant equipment disposed of, which has
was operating at a heavy loss during a contemporary
while the old company
were
directly to surplus account.
period, was due to the fact that the major operations of the nowlcompany
confined to the production of crude petroleum while the major operations
Condensed Consolidated Balance Sheet Dec. 31.
1931.
1932.
of the old company were confined to refining crude petroleum and marketing
Liabilities1931.
1932.
Assets$62,691
the refined product.
$240,379 $457,411 Accounts payable- $84,171
Cash
-The company has changed its accounting procedure
Accounting Policy.
88,212 Acer. accts., Incl.
16,803
Accts. receivable
the New York Stock
from that reflected in its application to list its stock on
Federal & State
15,000
Notes receivable_
11,940
Exchange so as to capitalize intangible drilling costs on producing properties
taxes
53,104
56,071
Merril. inventories
and to amortize them over the estimated life of the respective wells and to
565 Cost. dep.on cont.
470
Other assets
50,735
capitalize lease rentals. This is in accord with the "Standards of Accountfor Rimed. deliv
aLd.,b1dgs., mach.
ing Practice" of the American Petroleum Institute. Depletion, computed
100
& equipment.... 1,539,162 2,240,625 Accrued interest__
15,000
on a barrel basis of oil produced, is being charged to current expense.
15,000
34,478 Mortgage payable
Leasehold
The enclosed statement of income has been determined upon the foregoing
Customers' dep.on
Research.develop.,
basis and represents therefore net profit after deducting all operating costs,
contr. for future
pat.& goodwill_d3,702,941 3,663,224
399,875
55,000
reserves, taxes, interest, insurance, depletion, depreciation and contindelivery
29,790
21,881
Deterred charges
gencies.
Minority int. In
Assets,including properties and equipment, leases, royalties, &c., are all
Technicolor Mo2,633
1,997
carried at cost, less deductions for depletion, depreciation and retirements.
tion Picture Co_
4,112,951 4,110.660
-The balance sheet indicates that the company
Plan to Acquire Shares.
bcommon stock
c 1,257,752 1.979,610
purchased over 50,000 shares of its own stock up to the close of the year.
Surplus
Directors have approved a plan to purchase additional shares of company's
85,577,707 $6,582,408
stock and stock of the old company not yet exchanged out of available
Total
$5,577,707 $6,582,408
Total
surplus, at a price of $17 per share. Any stockholder desiring to tender his
b Repa After depreciation of $1,070,832 in 1932 and $794.532 in 1931.been apholdings to the company may obtain from the company (or from the Comby 594,413 shares (no par). c Of which $174.250 has d After
tender
resented
mercial National Bank & Trust Co.of New York) a form of letter of
in treasury.
propriated for the purchase of preferred stock
which should be delivered together with the certificates representing such
allowance for amortization of 8194,651.-V. 135. p. 313.
shares, duly endorsed in blank or accompanied by instruments of assignment in blank, with signatures guaranteed, to First National Bank & Trust . -Corp.-To Change Par Value. onunon s
Co. of Tulsa, Okla., before the close of business on Feb. 28 1933. On re- - "Telautograph
Cie
The corporation proposes to change the par value of th
ceiving the certificates, the bank will promptly issue a non-negotiable
to $5 from no par, each present share to be exchanged fo one new share.
receipt therefor.
-V.135. P. 3178.
exceeds the company's surplus
If the total number of shares to tendered
available for such purchases, the company will apportion ratably its pur-Timefor Deposit Extended.10 East 40th Street Corp.
chases aver the total number of shares tendered by the stockholders on the
Holders of first mortgage 6% gold bond certificates have been notified
basis of the number of shares tendered by each, disregarding fractions of
by the protective committee, of which Alvin J. Schlosser is Chairman,
shares in the apportionment. The usual stock transfer taxes to the extent
that the time for deposit of these bonds under the deposit agreement dated
transfers are involved will be payable by the stockholder making the tender
July 19 and the amended plan of reorganization dated Nov. 26 has been
and the amount of such taxes will be deducted from the purchase price
extended to Feb. 15 1933, Manufacturers' Trust Co. is depositarnfor
payable for the stock.
the committee, and Warner Marshall Jr.. 15 Broad St., is Secretary, I
by the comChecks in payment for the shares purchased will be mailed
to subHolders depositing certificates subsequent to Jan. 30 who wish
pany as promptly as possible after March 2 1933, together with any cerscribe to series B bonds and shares of common stock of the new company
for the shares, if any, which the company might find itself
tificates issued
must be made simultaneously with deposit.
are notified that subscriptions
unable to purchase from surplus as aforesaid.
although right is reserved by the committee to extend the time for making
Earnings for 9 Months Ended Dec. 311932.
subscriptions. The right to subscribe is optional and depositors may par$225,282
Sales
-V.136. p. 508.
ticipate in the plan without making subscriptions.
16.027
Cost of production (excl. of deprec. & depletion)
Gross profit from sales
Other income-Interest,discount,&c.(net)
Gross earned income
General & administrative expenses
Taxes
Depreciation, depletion, amortization, &c.(net)
Title & Mortgage Co. of Sullivan County, N. Y.
Insurance Department of N. Y. to Conduct Business and
Rehabilitate Cornpany.-
$209.255
6,381
$215,636
78,318
11,593
x63,753
$61,972
Net profit
x Derived as follows:
Depreciation, $40.219: depletion, $10,174
amortization of intangible development costs. $49,046; leases expired and
(or) surrendered, $37,761: loss on disposal of fixed assets (net), $14,805;
total, $152,004; Deduct: charges for depreciation, depletion, amortization,
&c.. applicable to capital surplus, $88,251: balance as above. $63.753.
Statement of Surplus Dec. 311932.
Capital Surplus:
scan of cash received over par val, of stock originally issued
$371.500
Reduction of par value of stock originally issued (from $25
par to $10 par), 5,000 shares
75,000
Total
Arising from acquit:. of net assets of Tulsa Oil Co.
Adjustments applicable thereto
$150,440
54.087
Deduct charges for depr., deplet., amortiz., &c--
$204,527
88,251
$446,500
116.276
Arising from acquisition of net assets of the
$2,095,306
Standard Oil Co.(Kan.)
85,000
Deduct provision for contingencies
-" -Transue & Williams Steel Forging Co.-Reduction in
Capitalization Proposed.-,
capital represented by
2.010,306
Total capital surplus
Earned surplus:
Net profit for the 9 mos. ended Dec. 31 1932 (as above). --
$2,573,082
61.972
Total surplus Dec. 31 1932
$2,635,054
Balance Sheet Dec. 311932.
Liabilities
Assets
$9,627
Cash In banks
43.746,775 Accounts payable
4,883
U. 8. Govt. bonds
400,000 Accrued taxes & Insurance.
253,631 Commitments(development in
Accounts receivable
200,217
4,742
progress)
Inventory (crude oil)
76,784
Capital stock In treasury
.620,033 Reserve for contingencies
c3,200,000
Capital stock
Deposit In escrow (purchase
d2,573,082
of leases)
10,000 Capital surplus
61,972
Earned surplus
011 & gas leases, oil wells &
equipment &other faellitles.b1,087,492
Development in progress
200,217
3,674
Prepaid & deferred items
1
Good-will
$8.126,565
Total
$6,126,565
Total
a After reserve for doubtful accounts of $1,118. b After reserves for
development costs of $203.149.
depletion, depreciation and intangible
c Authorized 320,000 shares of $10 par value; 182,245 shares issued and
137.755 shares to be issued in exchange for the same number of shares of
$25 par stock of the Standard 011 Co.(Kansas). d Arising from acquisition
-V. 136,
of assets in exchange for capital stock. •50,955 shares at cost.
p.861.
terling Motor Truck Co.-Re,novol f,orn
The Chicago Stock Exchange removed from the list the preferred stock
payaltie).because of discontinuance of Chicago transfer agent and
(
V. 135, p. 313.
registrar
-Truck Sales.
Studebaker Corp.
Total sales of White, Indiana, Studebaker and Pierce Arrow trucks in
President of
1932 amounted to $13,578,000. according to A. G. Bean, as the result
White Motor Co. which now markets all of the above trucks
with Studebaker Corp. Mr. Bean said that on the basis of
of the merger
complete registrations it is now indicated that the White group's dollar
The Insurance Department State of New York has issued the following announcement:
For some time past a group of prominent citizens of Sullivan County has
been seeking to reorganize the Title & Mortgage Guaranty Co. of that
county. A large number of creditors and stockholders has extended their
support to these efforts.
Department
Due to the uncertainty of present conditions, the Insurance
to be
believes it would be practically impossible for such reorganization
directs it. It would be
effectuated unless the department supervises andwillingness to contribute
most unfair to those who have signified their
contributions
moneys to the company if the department permitted such
from now when
at this time and then found itself in a position six months
It was imperative that the company be taken over.
the company has been obAccordingly, an order of rehabilitation ofSuperintendent of Insurance
tained. Under the terms of such order the
debusiness and affairs of the company. The
is directed to conduct the
company and protect
partment will continue the efforts to rehabilitate the
will work with
the interests of all concerned in it, and in that connection
• gliX//1
the group already interested in the reorganization. Sullivan County are
The co-operation and assistance of all citizens of
earnestly requested.
The stockholders will vote Feb. 20 on reducing
100,000 shares of outstanding no par capital stock to $500,000 from $2.000.000.
1929.
1930.
1931.
1932.
Calendar Years$617,099
$247.491
$99.266
$81,371
:Gross profit
151,240
y94,483
y84,657
Depreciation
249,759
186.903
172,020
99,634
Sell.. office & adm. exp.
12.695
8,505
638
6.678
Other deductions-net
28,800
Federal taxes
33,075
Extraord. chgs. & adjust
$99,158prof$325,844
$167,875
$142,673
Net Loss
50,750 (81)100,000 (81)100,000.
Dividends
$199,158 sur$225,844
$218,625
$142,673
Deficit
$3.26.
Nil
Nil
Nil
Earns. per sh.on cap.stk
x Gross profit on sales after deducting all returns, allowances, labor,
material and factory expenses, &c. y Depredation under normal conditions would have been $152,069 ($150.781 in 1931): because of subnormal operations the above figures were taken.
Analysis of Surplus Year Ended Dec. 31 1932.
Capita
Deficit from
Operations. Surplus.
.
8272.809 $1,121,210
Balances, Jan, 1 1932
142.673
Net loss, year 1932
Balances, Dec. 31 1932
8415.482 $1,121,210
415,48
$705,728
Surplus, Dec.31 1932
Balance Sheet Dec. 31
1931. 1
1932.
Liabilitte.sAssets1931.
1932.
'Real est.& equip.$1,965,223 $2,035,023 yCapital stock- 82,000,000 82,000.000
11,675
4,625
117,291 Accounts payable_
Cash
160,128
105.786 Accrued payrolls,
Notes & accts. rec.
61,814
23.518
10,098
&c
Co.'s stk. purch.ior
9,925 Accrued taxes,&c.
17.092'
13,744
7.754
resale to employ.
848,401
19,464 Surplus
705,728
Misc. receivables_
18.305
606,963
519.435
Inventory
6,234
1,534
Deterred charges_ _
Total
Total
$2,734,195 $2,900,687
$2,734,195 $2,900,681
x After depreciation of $1,478,901 in 1932 and $1,400,429 in 1931.
y Represented by 100,000 no par shares.
-V. 136, P. 677.
Financial Chronicle
1038
Tr -Continental Corp.
-New Director.
-
Otis A. Glazebrook Jr.. of G.M.-P. Murphy & Co., has been elected a
director.
Mr.Glazebrook was president of Graymur Corp.,the assets of which were
recently acquired by Tr -Continental Corp.
-V. 136. p. 677.
Trinity Apartments Ltd.-Plan Operative.Pursuant to an extraordinary resolution passed at a meeting of the
holders of the 1st mtge. 6%% 20
-year sinking fund gold bonds held on
Dec. 29 1932 Trinity Building, Ltd. (being the new company) has acquired
all the property and assets of Trinity Apartments, Ltd., and the bonds and
shares of said Trinity Building, Ltd., will be available on and after Feb. 15
1933 for delivery to the holders of the bonds of Trinity Apartments, Ltd..
in exchange for such bonds on the basis of $100 of 20
-year general mortgage
bonds and one share of common stock of Trinity Building, Ltd.,in exchange
for each $100 bond of Trinity Apartments, Ltd.
The holders of the bonds of Trinity Apartments, Ltd., are required
to surrender their bonds with coupons maturing on and after April 1 1932
appertaining thereto to Montreal Trust Co., Montreal, on and after Feb.
15 1933 and will be entitled to receive in exchange therefor bonds and
common stock of Trinity Building, Ltd., on the basis above mentioned.-•
Feb. 11 1933
The balance sheet is based upon the consolidated balance sheet of United
Milk Products Corp. and its subsidiary at Dec. 31 1932 (which see), and
gives effect to the follow ng:
(a) The acquisition by the company of the property and assets (except
cash in the amount of $208,215), including the business as a going concern
and the good-will and corporate franchises of United Milk Products Corp.,
and the assumption of the liabilities of that corporation.
(b) The issuance of 55,524 shares of the pref. stock and 34,899 shares
of the common stock of the company.
(c) The elimination from cash of $208,215 retained by United Milk
Products Corp.
(d) The reduction by $300,000 of the net book values of fixed assets as
the same appeared on the books of United Milk Products Corp. and its
subsidiary.
(e) The elimination of the "milk supply" account amounting to $4,364.(f) The reduction of the book value of brands and trade marks from
$10 to $1.
(g) The determination of the capital of the company upon organization
as set forth on the balance sheet.
(h) The establishment of a reserve of $166,572 for dividends on pref.
stock of the company for one year.
(i) The establishment of a capital surplus of $398.959.
Trinity Building, Ltd.-Succeeds Trinity Apartments. ...-United Milk Products Corp.
-Plan Operative.
-
See Trinity Apartments, Ltd., above.
Trusteed New York Bank Shares.-Initial Distribution.
An initial semi-annual distribution of 4.4 cents per share was paid on
these shares on Feb. 10. See also V. 135, p. 3870, 3370.
224-238 West 49th Street Co., Inc.
-Mortgage Suit.
The Lawyers Title & Guaranty Co. filed suit in the New York Surname
Court Jan. 27 to foreclose a mortgage on the Forrest Theatre and Forrest
Hotel property in West 49th St., New York. The action was brought
against the 224 to 238 West 49th St. Co.,Inc.;the Trebuhs Realty Co., Inc.,
a holding company for real estate owned by the Shuberts, and others.
The mortgage originally for $1,200.000, is now at $960,000. The suit was
brought because of default in interest payments of $28,800 each on Jan. 1
and July 1, last, and also beacuse an instalment of $9,600 of principal was
not paid on Jan. 1.
The complaint asks that the property be sold for the amount due, subject
to a lien of the remainder of the mortgage.
'
-Distribution.
-Union Bridge Co. of Pittsburgh.
At the January term of the Court of Common Pleas of Allegheny County,
,Pa., Howe Nimick, trustee for the bondholders, presented his petition to
the Court praying that he might be authorized to distribute the funds in
his hands as trustee for the bondholders among such persons as may present bonds to him as trustee on or before March 1 1933. Bondholders are
notified that unless they present their bonds to the trustee on or before
March 11933 they will have no right to participate in the distribution ofany
fund now in the hands of the trustee. A schedule will be presented by thes
trustee to the Court distributing the remainder of the funds in the hands
of the trustee to the owners of bonds who present them for payment on or
before said date.
Union Indemnity Co., New Orleans.-Asks Receivers'
Removal.
The removal of S. Sanford Levy and W. Clay Beckner as co-receivers
was sought in a civil court at New Orleans Feb. 4 by 11 creditors of the
company, who charge that their interests are prejudiced in favor of privileged creditors. The 11 creditors are headed by Clifford N. Randall of
Los Angeles and are all non-residents of Louisiana.
It is alleged in the petition, filed by Sol Weiss, that the receivers are
unqualified to act, Mr. Levy being a former vice-president of the company
and Mr. Beckner being a member of the board of the Reconstruction
Finance Corporation, the company's largest creditor.
The intervention charged that Mr. Levy and Mr. Beckner allowed a
New Orleans bank to apply funds they had on deposit toward indebtedness
owed the bank, while more than 200 holders of drafts and checks were
not paid a sum totaling more than $1,000,000.
The creditors asserted that the choicest stock and holdings of the company were pledged to secure a loan of $1,400,000 and all that remained
was a "hollow shell" for the rest of the company's creditors.
-V. 136,
p. 340, 677.
^United Business Publishers, Inc.
-Receivership.
George B. Miller. of Wilmington, and Andrew Pearson, of Montclair,
N. J., Feb. 7 were appointed by Federal Judge John P. Nields at Wilmington. Del., as receivers in equity for the corp. The bill of complaint
was filed by the Federal Printing Co., claiming it was a creditor in the
amount of $177,379. The bill also asked an injunction to restrain the
officers or employees of the corporation from disposing of any of its properties.
Arnold L. Davis, New York, counsel for the company, announced Feb. 7
that appointment of receivers for the company was a step necessary to
be taken in working out plans for readjustment of the company's financial
situation. He said the appointment of Arthur C. Pearson, chairman
of the board, indicated the operation of subsidiaries would be continued
without interruption. Mr. Davis called attention to the fact that the
company Is a holding company not to be confused with its subsidiary,
the United Publishers Corp., and that the duration of the receivership
was largely dependent upon the time necessary to readjust the financial
structure of the holding company.
Protective Committee for 15
-Year5% Sinking Fund Notes.
Default has been made in the payment of an instalment of interest
due Feb. 1 1933 on the 15
-year 53i% sinking fund secured gold notes.
At the request of the holders of more than one-half in face amount of
such outstanding notes, the undersigned have consented to act as a protective committee for such noteholders as shall deposit their notes with
City Bank Farmers Trust Co., as depositary, at its principal office, 22
• William St., New York.
Committee.
--Stewart M. Seymour, Chairman, Gilbert G. Browne,
IT. C. Sonne and Stewart C. Pratt. Frederic W. Girdner, Secretary,
68 William St., New York, and Reynolds. Richards & McCutcheon,
Counsel.
-V. 135, p. 4049.
'-..,United Cigar Stores Co. of America.-Offhist
--
he New York Stock Exchange h as stricken from the list the common
an preferred stocks, because
the discontinuance of transfer and registration offices in N. Y. Cit
The New York Produce
change has admitted to trading the common
and preferred stocks.
-V. 136. p. 677.
.
United Dry Docks Inc.
-Sale of Plant.-
The Buffalo (N. Y.) Tank Corp., has purchased the tank and plate
fabricating plant of United Dry Docks, Inc., at Staten Island, N. Y.,
effective Feb. 1. The plant has an annual capacity of 15,000 tons of
fabricated plate work.
The Buffalo Tank Corp. states that the Staten Island plant is adequately
equipped and no new machinery will be purchased. No change in the capital structure or executives of the Buffalo company will be made. ("Iron
-V. 134, P. 1839.
Age.")
United Milk Products Co.
--Successor to Corporation
Consolidated Balance Sheet.
-The company has acquired the
properties of United Milk Products Corp. (see below).
Consolidated Balance Sheet Jan. 1 1933.
LiabIUtica
Accounts payable
$239,553
Local dr State taxes accrued
19,894
$3 participating pref. stock
(cumul. beginning Jan. 1
1934) without par value____a2.498,580
Common stock
6174,495
Reserve for div. on pref. stock_
166,572
Capital surplus
398,959
$1,143,931
Cash
247,313
• Inv. U.S. Govt.securities._
Trade sects. ree., less reserve. _ 259.209
138,325
Inventories
79,276
Deferred assets
Real estate, bides.. machry.
1,629,997
1
Brands & trade marks
53,498,052
Total
Total
$3,498,052
a 55,524 shares (no par value). b 34,899 shares (no par value.)
connection with this balance sheet state:
Arthur Young & Co., auditors, in
The plan of reorganization (V. 134, P. 2170) has been consummated and
the corporation, which has been dissolved is engaged in distributing among
Its stockholders cash and preferred stock and (or) common stock of United
Milk Products Co., the new company, upon the following basis:
(a) The holders of preferred stock of the corporation: Certificates for
preferred stock of the new company and (or) scrip therefor, on the basis of
8-10 of one share of preferred stock of the new company and $3 in cash for
each share of preferred stock of the corporation;
(b) The holders of common stock of the corporation: Certificates for
common stock of the new company and (or) scrip therefor, on the basis of
1-6 of one share of common stock of the new company for each share of
common stock of the corporation.
A large proportion of the stockholders have already surrendered their
stock certificates and have received cash and preferred stock and (or)
common stock of the new company. Certificates holders who have not as
yet surrendered their certificates should forward them at once to Corporation
Trust Co., 15 Exchange Place, Jersey City, N. J., in order that they may
receive the shares to which holders of certificates are entitled on the basis
set forth above.
Consolidated Statement of Operations, Year Ended Dec. 31 1932.
[United Milk Products Corp. and Subsidiary.]
$259,731
Net earnings from operations before deducting depreciation_ _
202,403
Depreciation
Net income from operations
Earned surplus at Jan. 1 1932
$57,328
576,195
Earned surplus at Dec. 31 1932*
$633,523
* After crediting $878,072 during prior years representing excess of par
value over cost of preferred stock purchased and canceled.
Consolidated Balance Sheet at Dec.311932.
Liabilities
Assets$1,352,146 Accounts payable
$239,553
Cash
19,894
Invest. U. S. Govt. securities_ 247,313 Local and State taxes accrued_
Trade accts. rec., less reserves_ 259,209 b Capital stock
6,940,500
138,325 Capital surplus
537,468
Inventories
79,276 Earned surplus
633,523
Deferred assets
Real estate, bides., machinery,
a1,929,997
&c
Milk supply at book value.c... 4,364,662
Brands and trade marks (book
10
value)
$8,370,938
Total
$8,370,938
Total
a After depreciation of $1,448,649. b Company had outstanding
Dec.31 1 932 69,405 shares of 7% pref. stock (par $100) and 209,394 shares
of common stock of no par value (of which 40,606 shares in treasury).
c Excessive production and diminished consumption of milk products
have materially reduced the value, as at the organization of the company,
of this item, which represents the ability to obtain an adequate daily
supply of raw milk from established sources developed over a period of
years. Because of the difficulty of reflecting changes in this item, it was
proposed, under the plan of reorganization ratified by stockholders on
Dec. 9 1932, to omit it from the balance sheet. Pending consummation
of the plan, which became offective at the close of business on Dec. 31
1932, the item was not revalued on the books of United Milk Products
Corp.
-V. 135, p. 4230.
United National Corp.
-Financial Report.
Ben B. Ehrlichman, President, says in part:
On Sept. 15 1932 directors recommended that the capital be reduced
and that the assets be reappraised to reflect approximate current values.
It was pointed out that this action would not result in changing the net
asset value or the terms of the participating preference and common stock,
or the number of authorized or outstanding shares.
A meeting.of the common stockholders was called to act upon this recommendation and to approve the reduction of capital to $1,500,000. This
meeting held Oct. 29 1932, resulted in unanimous approval by the common
stockholders.
Corporation owns 92.3% of the shares of the capital stock of United
Pacific Casualty Insurance Co. This investment was appraised on the
basis of the market value of the company's security holdings, pans cash
on hand,with no consideration being given to reserves or intangible values.
Since the last annual report the insurance business of United Pacific
Life Insurance Co. has been merged with Northern Life Insurance Co. of
Seattle. The assets of this company (other than its outstanding contract
with Northern Life Insurance Co.) were liquidated, as were also the assets
of United Pacific Fire Insurance Co. and United Insurance Agency. The
activities of United Trust Co. were discontinued and its assets liquidated.
The investment of United National Corp. in the Realty Division. which
includes United Exchange Building, Inc., United Medical & Dental Building, Inc., and United Rhodes Realty Corp., has been given no value inasmuch as any appraisals of real estate equities at this time are necessarily
controversial. Having in mind the importance of maintaining a sound
financial position, it has been deemed wise to relinquish ownership and(or)
leaseholds of the corporations owning the Shopping Tower and Pine Street
Center, and also to proceed to relinquish the equity in the building on
the northeast corner of Columbia Street and Second Avenue, Seattle, in
view of the excess expense over income in connection therewith. In
April 1932 the United Rhodes Realty Corp. completed negotiations for
the disposal of the Medical Arts Building in Tacoma, receiving in payment
therefor a first mortgage on that building in the principal sum of $500,000,
together with certain other real estate.
Balance Sheet Oct. 311932.
Assets
$43,438 Reserves for expenses, RabinCash & ctfs. of deposit
8,876
Bee, &c
Notes & accounts receivable_
$25,305
245,707 Capital (represented by 500,
Stocks and bonds
250,000 000 shares of non-par-value
Mortgage receivable
115,541
mile, preference stock dr
Notes & accts.rec.-contr.cos
843,743 32,261 shares of non-paraInv. In stks. of contr. cos
618,000
value common stock)
Panic, prefer. stk. in treas..
1,500,000
1
Furniture & fixtures
$1,525,305
Total
Total
-V. 133,
a At appraised values. b 6.000 shares.
$1,525,305
o. 1778
----United States Hoffman Machinery Corp.=Proposed
Change in Par Value of Common Shares.
The stockholders will vote Feb. 28 on approving a change in the par
-V. 136, p. 861.
value of the common stock to $5 from no par.
United States Realty & Improvement Co.
--Reduces
Stated Capitalization.
The stockholders on Feb. 7 voted to decrease capital represented by
outstanding capital stock from $45,475,163 to $18,000,000, equivalent to
$20 per share.
Financial Chronicle
Volume 136
This will result in a credit to surplus of $27,475,163, which will be transferred from surplus to reserve for eventual losses on investments immediately, and the reserve for eventual losses will then amount to $32,998,463.
Of this amount, $10,755,328 will then be used to write off the company's
investment in the Savoy-Plaza Corp., not including, however, the investment in the first mortgage bonds, and the balance, $22,243,134, in the
opinion of the company, will be more than sufficient to cover any future
-V. 136. P, 508, 487.
possible losses on investments.
See under "Indications of Business Activity" on a preceding page.
V.136, p. 861.
United Verde Extension Mining Co.
-Production.
1930.
4,447,540
3,737.914
3.362,598
4,094,740
4.013.796
3.580,772
3.898,170
4,028,442
3,771,274
3,404,000
3,800,000
2,473,000
1929.
4.675.640
4,047,610
5,207,946
5.364,57Q
5.465,350
5,020,000
4,470,336
4,593,462
5.140,000
6.038,000
4,776,000
4,742,000
University Tower Corp.
-Pays Interest.
Interest on 1st mtge. 6% bonds due 1950, has been paid regularly since
the bonds were issued. In June 1932, holders of 85% of the 63i% cony.
gen. mtge. bonds, outstanding to the amount of $1,000,000, approved of
proposals relieving the company of certain obligations. The general mtge.
bondholders waived default by the company on interest due May 1 1932,
and agreed to postponement of such payment to May 1 1935, together with
other interest payments due in the intervening period. Sinking fund payments were also postponed. The action thus taken affected only the general
mtge. bonds.
-V. 135, ri• 147.
Utah Copper Co.
-Stock Distribution.
The directors on Feb. 4 decided to distribute to stockholders all the stock
held by the company in the Nevada Consolidated Copper Co. at the rate of
1.3 shares of Nevada for each share of Utah owned. The distribution is
to be made to stockholders of record of Feb. 14 as soon after that date as
is possible.
Pracitcally all (1,598,896 shares) of the outstanding 1,624.490 shares of
common stock of the Utah Copper Co. are owned by the Kennecott Copper Corp.
At last accounts 2,111,317 shares of Nevada Consolidated Copper Co.
capital stock, no par value, out of 4,857,248 shares outstanding, are owned
by the Utah Copper Co.
-V.134, p.4338,3299.
‘`••...,,Van Sicklen Corp.
.
-Removed from List.
-
The Chicago Stock Exchange removed from the list the participating
class A stock (no par value), because of discontinuance of Chicago transfer
agent and registrar.
-V. 131, p. 1730.
Wahl Company-Earnings.
1929.
Calendar Years1930.
1932.
1931.
Gross sales
$2,942,699 $3,323,281 $5.697,937
Net sales
$1,243,760
1.963,332 2,682.594 4,957,768
Mfg.,sell. & adm.exp.... 1,727,785 2,226,532 2,990.453 4,957,058
Net deficit
Miscellaneous income_ _ _
$484,025
19,865
$263,200
89,091
$307.859
56,697
Loss
Miscell., &a., expenses_
Prov.for conting,loss on
foreign exchange
$464,160
92,370
$174.109
72,517
$251,162 prof$80,646
105,516
105.436
32.083
51,214
Net loss
Preferred dividends_
$588.614
$297.840
$356,598
prof$710
79,936
$24,870
(7%)76,503
Deficit
$101,373
$356,598
$297.840
$588.614
Comparative Balance Sheet Dec. 31.
Assets1932.
1932.
1931.
1931.
LlabalifesaLand, bidge., ma7% cum. pref. stk.$1,092,900 $1,092,900
ohinery, tools &
I dCommon stock__ 2,438,847 2,442,075
equipment
$1,046,196 $1,139,884 Accounts payable..
51,910
80,135
Patents
98,459
38,335
39,584
97,4591 Taxes accrued.-Cash
314,127
1,249,433
285,342
146,055 Deficit
bNotes dr accts.reo 396,863
775,991
cInventories
440,108 1,133,493
Investments
54,932
56.932
Deferred charges._
23,123
18,288
Total
$2.373,808 $3,368,104
$2,373,808 $3,368.104
Total
Note.
-Dividends on preferred stock are in arrears at Dec. 31 1932
amounting to $344,264. or 3155%•
a After deducting reserve for depreciation, $1.113,779 in 1932 and
$1.131.259 in 1931. Is After deducting reserve for doubtful accounts.
allowances and discounts. c Inventories of finished stock, work in process,
raw materials and supplies (at cost or market, whichever is lower).
d Common stock represented by 146,246 shares of no par value in 1932 and
151,846 shares in 1931.-V. 134, p. 1046.
Waldorf System, Inc.
-January Sales.
Month of JanuarySales
-V. 136, p. 340.
1933.
1931.
1930.
1932.
$1,109,920 $1,223,494 $1.295.567 $1,380,179
Walgreen Co.
-.January Sales.
-
Month of January1933.
1932.
1931.
1930.
Sales
$3,664,713 $4,217,589 $4,451,343 $4,282,366
At the end of January 1933, the company had 473 stores in operation,
against 468 stores on Jan. 31 1932.-V. 136, p. 340.
it Warner Bros. Pictures, Inc.
-Earnings.
Par income statement for 3 months ended Nov. 26 see" Earnings Department" on a preceding page. Current assets as of Nov. 26 1932. including
$2,732,030 cash, amounted to $14,881,360 and current liabilities were
$12,743,189.-V. 136, p. 340.
Westbrook Apartment Building (Buffalo, N. Y.).
Reorganization Plan.
The committee for the 1st mtge. 614% serial coupon gold bonds dated
July 5 1923 has adopted and filed with- Continental Bank & Trust Co.
of New York,30 Broad St., N. Y. City, as depositary, a plan of reorganization.
The plan will give bondholders who deposit their bonds with July 1 1932
and subsequently maturing coupons attached:
For each bond of the denomination of$1,000
$500
$100
10
-year cumulative income bonds
$1,000
$500
$100
*Voting trust certificates
10 shs. 5 shs.
1 sh.
* The aggregate of oting trust certificates to which depositing oondholders will be entitled will represent the entire common stock ownership
of the property. These represent shares of common stock of the new
company, full paid and non-assessable.
In determining the securities to be given to the oondholders, the committee has purposely not provided for a fixed rate of interest coupon on
the bonds in order to avoid the possibility of a new foreclosure in case the
interest should not be earned in any year. If, on the other hand, the
interest is earned, it will be paid on the income bonds to the same extent
as if they nad a fixed 3% rate. At the same time, the committee believes
that stock ownership alone may not be a satisfactory substitute for the
original investment of the bondholder which was a first mortgage bond.
The present arrangement approximates as closely as possible the previous
position of the bondholder, with the addition of the beneficial ownership
of the equity.
-Earnings.
Western Reserve Investing Corp.
Earnings for Year Ended Dec. 31 1932.
United States Steel Corp.-Unfilled Orders.
Copper Output
1933.
1932.
(Pounds)1931.
January
3,014,232 3,013,930 2,824,696
February
3.031,459 3,221,198
March
3,049,976 3,236,882
April
3,019.072 3.074,758
May
3,020,100 3,369.080
June
3,007.702 3,284,984
July
3,008,902
a
August
a
3.038.998
September
a
2,969,622
October
a
2.909,008
November
2,913,886 2,784,000
December. .322 2.917,000
a Operations suspended.
-V. 135, p. 4049.
1039
If all bondholders approve the plan it is believed that the expense and
delay of foreclosure may be avoided. Bondholders are requested to deposit
their bonds on or before Feb. 28 next.
The bondhloders' committee consists of: James E. Friel, Chairman.
John L. Laun, Charles Ridgely and Ralph C. Baker, Joshua Morrison,
-V.136, p. 629.
Secretary, 565 Fifth Ave., New York, N. Y.
Dividends
Interest on bonds
Other interest
$81,222
44,490
4,102
Total income
Interest on debentures
Expenses
$129,814
106,892
26.689
Loss, exclusive of loss on sale of securities
Loss on sale of securities
Profit on sale of securities
$3,768
780,663
Cr19,293
Net loss
Surplus Dec. 31 1931
Unamortized discount on 5.;4% gold debentures retired
Discount on 5;i% gold debentures retired (par value $18,000)
$765,143
55,550
Dr533
Cr10.036
Deficit Dec. 31 1932
Balance Sheet Dec. 31.
Liabilities
1932.
1931.
1932.
Assets
Cash on deposit_ ._ 3357,928 $360,461 Accounts payable_
Accr. Int. on debs_ $44,298
a Marketable securities (at cost) 5,171,579 5,934,232 15-yr. 5I4% gold
debentures
28,359
1,933,000
25,165
Accr. hit. & divs_ _
6% prior pref.stk. 1,956,500
Unamort. portion
62,865 b $t3 pref.stock_ _ _
57,134
100,000
of disc, on debs_
c Common stock
330,000
Paid-in surplus.-- 1,948,100
P.& L. surplus_ _ def700,091
$700,091
1931.
$58
44,710
1,951,000
1,956,500
100,000
330,000
1,948,099
55,550
Total
$5,611,807 86,385,917
$5.611,807 $6,385,917
Total
a The indicated market value of securities at Dec. 31 1932 was $1,537.172, against $1.692,064 in 1931. Is 20.000 no par shares. c 60,000 no par
shares.
Note.
-(1) Common stock in treasury is reserved for the following purposes: For effecting cancellation and modification of certain rights belonging to prior pref. stock, 10,000 shares: for possible issuance under terms
and conditions to be determined by board of directors, 10.000 shares.
Note.
-(2) Dividends on the $6 cum. pref. stock are in arrears from
July 1 1930. and on the 6% prior pref. stock from July 1 1931.-V. 134,
P. 1214.
Westinghouse Building (150 Broadway Corp.).
Call for Deposits.
The real estate bondholders' protective committee (George E. Roosevelt.
chairman) in a notice to the holders of 1st mtge. fee and leasehold serial
6% bonds, dated Feb. 27 1923 and due April 1 1926-39, states that at the
request of S. W. Straus & Co., Inc., the committee has agreed to act
for the holders of these bonds.
The committee has been advised that interest coupons to and including
Oct. 1 1932 and serial bonds matured through April 1 1932 were paid
when due, out of funds deposited with the fiscal agent. The committee
has been further informed that all real estate taxes due through the second
half of 1932 and ground rent through January 1933 have been paid.
Monthly principal instalments due the fiscal agent under the mortgage.
of $126,750, for the period May 1 1932 to Jan. 1 1933, inclusive, are unpaid, and monthly interest instalments of $71,110 for the period Oct. 1
1932 to Jan. 1 1933, inclusive, are likewise unpaid. Funds on hand with
the trustee as at Dec. 31 1932 amount to $33,828. in addition to $14,083
In a specie account applicable to serial maturities. On the basis of the
information furnished to the committee by the trustee and the fiscal agent,
there will be a default in the payment of serial maturities amounting to
$169.000 on April 1 1933. The committee is informed that there may
be enough funds in the hands of the trustee to make payment on the interest coupons in the amount of $106,665 maturing on April 1 1933.
This issue consists of $4.500,000 originally issued, of which $944,500
have been retired during the period April 1 1926 through April 1 1932.
leaving $3,555,500 bonds now outstanding. The bonds are secured by
a closed first mortgage on land, building and leasehold estate located on
the northeast corner of Broadway and Liberty St., N. Y. City, with a
23
-story steel frame brick and limestone fireproof store and office building
erected thereon.
City Bank Farmers Trust Co., 22 William St., N. Y. City, has been
designated to act as depositary for this issue. Holders of bonds are urged
-V. 133, p. 3478.
to deposit their bonds with the depositary.
-Earnings.
(George) Weston, Ltd. (& Subs.).
Years Ended Dec.31Netprofit
Previous surplus
1932.
$137.321
282.085
1931
$153,963
262.946
Total surplus
Additional Dominion taxes (prior year)
Provision for current taxes
Preferred dividends
Common dividends
$419.406
1,442
15,394
67,347
50,000
$416,909
3,882
15,847
65,095
50,000
$285.224
$282,085.
Balance,surplus
$1.46
$1.09
Earnings per share on common stock (no par)- -- Consolidated Balance Sheet Dec. 31.
1931.
1932.
1932.LiabilitiesAssetsCash
$33,536 8156,275 Accts. pay. & scar.
$154,682 $110,507
Accounts receiv_
expenses
417,201
300,300
Inventories
229,546 Res. for Dom.Inc.
279,317
15,847
15,393
taxes
Spec, acct. receiv_
256.250
12,500
12,500
27,540 Com. div. payable
Prep'd & def. chgs
24,856
206,259
Special accts. pay_
Investment at cost 670,416
50,000
50,000
Contingent reserve
Shares in controlled
2,532
387,322 Sundry reserves_
& related cos..
888,000
16,529 7% preferred stock 878,000
Life lnsur. prem. _
23,407
Common stock_ _ _ 1,008,983 y1,019,981
x Land, buildings.
plant&equipment 1,088,350 1,105,143 wm.Paterson,Ltd.
53,993 621 shs.7% cum.
44,199
Other assets
59,600
62,100
1
pref. stock
1
Good-will
Surplus
285,224
282,084
Total
$2,464,382 $2,649,802
$2,464,382 $2,649,802
Total
x After depreciation of$260,987 in 1932(l931.$222.089). y Represented
-V. 135, p. 148.
by 48,610 no par shares in 1932 (1931, 49.140 shares).
-Redemption.
White Eagle Oil & Refining Co.
In connection with the recent announcement of the redemption on
-year 534% sinking fund debentures. President It. R.
March 15 of the 10
Irwin stated in part:
Any holder of the debentures may. upon surrender thereof at the office
of Dillon, Read & Co., 26 Nassau St., N. Y. City, on or before March 1
1933, together with all coupons maturing on or subsequently to March 15.
1933, attached thereto, obtain payment of the redemption price of 102
and int. to March 15 1933, less bank discount at the rate of 234% per
annum from the date of surrender to March 15 1933. See also V. 136.
p. 861.
White Motor Co.
-Stockholder Charges Directors with
Accepting Shares Illegally.
Suit has been filed in Common Pleas Court at Cleveland against directors
and the company, charging that directors caused 15,000 shares of common
stock to be illegally distrbuted to themselves. Suit was filed by Harriet
Underwood as a stockholder and on behalf of all stockholders. Action asks
for accounting and return ofstock to company.
The company, in a letter to stockholders prior to the merger with Studebaker Corp., stated that with the approval of the Studebaker Corp. 15,000
shares of White Motor common of 40,000 held in the company treasury were
being withdrawn and placed in possession of a committee of directors for
1040
Financial Chronicle
distribution to key men of organization to whom it was felt the company
was indebted on account of length of service or outstanding accomplishments.
-V. 135. p. 4230. 3371.
Whitaker Paper Co.
-Earnings.
-
Calendar Years
Net sales (less discount)
Cost Merchandise
Operating expense
1932.
1931.
$6,239,589 $8.906,895
5,146,030 7,425,774
1.214.602
1,433,477
Operating income
Other income (net)
loss$121,042
42,839
loss$78,203
44,469
Total income
Interest and fixed charges
Provision for Federal income tax
$47,644
27,554
875,198
56.985
2,200
Net income
loss$122,671
$16.013
Balance Sheet Dec. 31.
Assets-1931.
1932.
LtabilUiss1932.
1931.
Cash
$458,677 $169,083 Accounts payable_ 6177,603 $241.854
Accts. & notes rec. 827,582 1,193,287 Accruals
23,095
23,482
raven. of mchdse.. 803,288 1,036,953 Personal accts, due
Cash surr. val. life
employees
1,363
2,491
12,293
ins. policies_ ....
8,806 Prey. for Fed. inc.
37,038
Prepaid mchdse
21,166
tax
2,200
1,500
Accr. Int. rec
Mortgage bonds_
512,500
576,500
Prepaid expense
14.118 Preferred stock
14,815
941,800
954,600
Personal accounts8,412 Common stock.....x2,139,081 2,145,113
12,437
Empl.stock acct._
19,177
28,750 Capital surplus.... 126,083
135,834
Securities
6,953
6,452 Earned surplus
221,246
410,113
Fixed assets
1,907,209 1,954,613
Deferred charges
50,544
41.700
Total
$4,142,671 $4,492,187 Total
$4,142,671 $4,492,187
x Represented by 30,273 no par shares.
-V.135. p.831.
Willys-Overland Co.
-Shipments Higher.-
Shipments during January were 87% ahead of January last year, accord•ng to Chairman John N. Willys.-V. 136. p. 173.
Windsor Hotel, Ltd.
-Earnings.
Calendar YearsNet earnings
Depreciation
Bond interest
1932.
2205,403
100.000
198.087
1931.
$439,627
100,000
204.104
1930.
,$606,190
200,000
209,603
1929.
$681.180
170,000
214.814
Net profit
loss$92,684
Preferred dividends-- - 48.750
$135,523
143,814
$196,587
146.250
8296,366
146.250
Surplus
def$141,434
Previous surplus
364,736
Adjustments
678
Premium on bonds red_
def$8,291
376.175
728
Dr3,877
$50,337
323.781
2,057
$150,116
160.840
12,825
Profit & loss, balance- 2222.623
$364.736
$376.175
Balance Sheet Dec. 31.
Assets
1931.
1932.
1932.
Cash
$52,405 Accts. payable-- - $90.399
$35,630
Invest. (at cost)-- 655,676
753.174 Accrued charges..
97,519
Accts.receivable_ _
50.043 Unclaimedwages.
50,374
2,166
Interest recelvable
8,660 1st mtge. bonds__ 2.094,600
5,189
Inventories
57.332
66.108 Ref. mtge. bonds_ 1,032,300
y Land, buildings
Preferred stock
2.000,000
lel& equipment
6,007,978 6,755,000 x Common stock_ _ 1,309.827
Other assets
38,028 Deprec. reserve..
37,257
Profit & loss acct. 222,623
P
2323,781
1931.
875,073
100,280
2,138
2,166,300
1,054,900
2.000,000
1,309,827
650,167
364,736
Total
$6,849,435 67.723,419
Total
68,849,435 $7,723,419
x Authorized and issued 50.000 shares no par value represented by
capital surplus. y After reserve for depreciation of $750.167 in 1932.
-V. 135. p. 1177.
Witherbee Court Apartment Building, Pelham Manor,
N. Ye-Call for Deposit of Bonds.
The real estate bondholders' protective committee (George E. Roosevelt,
chairman) in a notice to the holders of 1st mtge. sinking fund 6% coupon
gold bonds, due June 1 1937, states that at the request of S. W. Straus &
Co Inc., the committee has agreed to act as a bondholders' protective
committee on behalf of holders of bonds of the issue.
The committee, has been advised by the trustee and fiscal agent that
default has been made in the payment of semi-annual interest coupons
which became due on the bonds Dec. 1 1932 amounting to $11.130, in the
annual sinking fund instalment of principal due June 1 1932 amounting to
116.000. In the monthly deposits due on account of the annual sinking
fund requirements from and including June 1 1932 aggregating $11,333,
and In the monthly deposits of Interest due Dec. 1 1932 and Jan. 1 1933
aggregating 83,710. The committee is similarly advised that the real
estate taxes are unpaid and delinquent in the total amount of $10,514.
The trustee is in possession and is operating the property for the benefit
of the holders of the bonds. The committee has been informed by the
trustee that funds now in its hands, and which will be applied by it toward
payment of these taxes, aggregate $9,324. Accordingly, these funds
are entirely insufficient to make payment of the arrears of real estate taxes
and interest and sinking fund deposits and payments on the bonds.
II, This issue originally consisted of 8425,000. of which 854,000 have been
retired through operation of the sinking fund. Bonds are stated to be
secured by a first mortgage on lands stated to be owned in fee, located
In Pelham Manor, N. Y., and on the four-story semi-fireproof brick and
cur stone apartment building erected thereon.
10 City Bank Farmers Trust Co., 22 William St., N. Y. City, has been
designated to act as depositary. Holders of bonds are urged to deposit
their bonds NNW' the depositary immediately.
-V. 121, p. 89.
4Ele.
Wolverine Portland Cement Co., Coldwater, Mich.
Earnings for Year Ended Dec. 31 1932
Net sales
$212,956
Cost of goods sold
214.943
Selling expenses
17,769
Administrative and general expenses
20,130
Non-operating charges (net)
715
Depreciation
58.191
Depletion
2.237
Net loss for year
8101.030
Surplus balance Jan. 1 1932
32.585
Increase In reservefor market decline in investments
5.359
Operating deficit. Dec. 31 1932
273.803
Condensed Balance Sheet Dec. 31 1932.
Assets
LfabllUtes$91,417 Accounts payable
Cash
67,001
Marketable Investments
15,185 Accrued liabilities
11,829
30,269 Common stock (par $10)
Notes & accts.receivable
1000,000
180,599 Operating deficit
Inventories
73,803
:609,319
Fixed assets
18,238
Other assets
Total
6945,027
Total
x After depletion of 8998.078.-V. 132, p. 1245.
$945,027
Wolverine Tube Co.
-Reduces Preferred Payment.rA dividend of 87 Si cents per share has been declared on the 7% corn.
pref. stock. par $100, payable March 1 to holders of record Feb. 15. Previously thescompany paid.*regular quarterly dividends of $1.75 per share
on:this issue.
-V. 135, p. 4230.
(F. W.) Woolworth Co.
-January Sales.
Month of JanuarySales
-V. 136. p. 826.
1931.
1933.
1932.
1930.
815.844,687 $17,991,622 $19,239,840 818,405,159
Feb. 11 1933
Wisconsin Bankshares Corp.
-Earnings.
-
Calendar YearsGross operating income
Interest and operating expenses
Profit from operations
Other income
1932.
1931.
$12,372,700 $14,763.848
9.681,476 11,381,664
$2,691,225 $3,382,184
375,131
715,477
Total income
Other deductions (incl, prov. for loss on securities $3,066,356 $4,097.660
and loans and discounts)
1,691,021
Provision for income taxes
318,401
68,005
Dividends on preferred stock
60,000
19,016
Sundry charges to income
102,388
Net income before minority interests
82.835,963 $2,069,222
Allowance for minority interests
60,037
38.238
Net income
42,775,926 $2.030,984
x Before provision for losses on securities and loans.
•
Analysis of Combined Net Worth Year Ended Dec. 31 1932.
Balance appllcable to capital stk. of Wisconsin Bankshares
Corp. as at Dec. 1931
$38,830,349
Minority interest, Dec. 31 1931
Combined earnings for year ended Dec.31 1932, before provision 1,470,612
for losses on securities and loans and after preferred dividends
applicable to Wisconsin Bankshares Corp
2,775,926
Applicable to minority interests
60.037
Provision for losses made from current earnings
.577,310
Dd.
Transfers from reserves
145,695
Sundry adjustments to net worth
8,477
Bankers Realty Co. not combined at Dec. 31 1932
62,617
Total
841.776,402
Transfers from net worth to reserves
10,786.298
Adjustments charged directly to net worth
295,857
Write-off of organization expense
277,785
Adjustment of treasury stock
611,337
Write-down of minority interest in bank stocks
36,338
Dividends paid minority interests
21,333
Dividends paid dr declared by Wisconsin Bankshares Corp..
982,271
Additional investment in member institutions
579,241
Minority interests Dec. 31 1932
955,001
Balance
Capital stock
Surplus
$27,230,941
19,549,884
7,681.058
Combined Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
Assets$
Liabilities$
$
$
Loans & dlscts-.128,998,581 170,513,599 Demand dep._ _110.812.088 133,173,513
Overdrafts
23.145 Time deposits._ 86,540,683 105,644,033
22,467
U. S. Govt.see_ 22,715,357 25,557,393 Special deposits. 2,974,852
Other bonds.stk
Bills payable &
& securities.. 27,221,915 39,155,322
notes redisct_ 5.640,556 4,619,011
Stock in Federal
Circulation (NaReserve Bank
761,000 timid banks). 12,945,780 4,589,460
659,750
Cash & due from
Div. payable....
195,499
banks
61,088,741 42,856,022 Interims issued&
Int. earned, not
outst. (net)._
142,179
398,120
collected
1,323,284 1,665,455 Mtges. payable
Trans. Items &
(underlying) 719,500 1,301.000
sued. debtors.
423,103
475,307 Other liabilities..
228,321
17,448
5% redemp.fund
648,750
229,560 Unearned eta_
533,399
248.741
Invests. In bank
Reserve for taxes
989.878
444,836
bldgs., other
Other reserves-- 9,444,015 5,454,527
real estate dr
Accepts., letters
flirt*. & fix._ 15,410,879 18,227,008
of credit & for.
Customers' Dab.
bills
3.010,662 3.340.172
acct,letters of
Pref. stk. In uncred.& accepts 2,010,663 3,340,172
derlying group
914.600
900,000
Other assets__ ._
142.434
372,036 Minority interest:
Trans!. assets__ 2,785,413
Capital stock.
904,897
692,382
Sum.& undlv.
Profits
565.714
262,618
Bal. emelt), to
corn,stock..-W7.230,942 a38.830.349
Total
262.431,438 301,176,021
Total
262,431,438 301,178,021
a Represented by 9,836,367 shares (par $10). b Represented by 1.954,988 shares of no par value.
-V. 136 p 679
---- 0il de Gas Co.-Stack-19ff-List,1
he New
rk Curb Exchange has suspended dealings in
co
on stock. V. 135, P. 3871.
York Ice Machinery Corp.-Earnings.-
the class A
Year Ended Sept. 30•
1932.
1631.
Net income before interest and prov.for deprec'n- - 4369.296
$4611745
1 ,
Interest on 6% first mortgage bonds
Interest on debentures outstanding during Year.....
__
3 62445
8:9
3
7 2
3 . 41
1038995
49
Provision for depreciation
472,599
573,233
Loss for year
$564,424
x Including discount in the amount of 8112,770 on $527,040 debentures
bonds and
retired.
Summary of Capital Surplus, Year Ended Sept. 301932.
Balance Oct. 11931. representing appreciation arising from revaluation of patterns as of Oct. 1 1927, less extraordinary
adjustments
836,074
Stated value of issued no par value common stock in excess of$5
per share, transferred to capital surplus in accordance with
resolutions of the stockholders (approved Oct. 1 1932) and
board of directors
7.045.482
Total ------------------------------------------------87.081,538
s
Reduction as of Oct.f
---property
accordance with resolutions of the stockholders (approved
Oct. 11932) and board of directors
2,238,503
Unamortized expenses written off
-Balance Oct. 1 1931:
Organization expenses
201.941
Discount and expenses on bonds
-First mortgage
70.980
Debentures
78,430
Book value of invest. In other than affiliated cos., reduced_ _
80,973
Legal costs in connection with settled patent suit
25,000
Adjustment of branches and Canton factory inventories for certain obsolete items accumulated prior to Oct. 1 1931
130,311
Patent and experimental expenses-written off
131,386
Miscellaneous
28.529
Balance, Sept. 30 1932
$4,095.480
Comparative Balance Sheet Sept. 30.
1931.
1932.
1932.
1931.
Assets$
$
Liabilities$
$
610,094
Cash
619,763 Accounts payable_ 224,998
480.352
Deposit for pay.on
Accrued accounts_ 247,562
292,580
1st mtge. bd.int. 165.975
173,606 Est. cost to comMarketable secs_
14,179
plete contracts_
33,412
69,366
:Notes& accts.rec. 4,231.867 5,059,773 Reeerves
51,183
120,160
Accrued interest._
52,999
47,138 Deferred credits
167,836
207,968
Cost of uncompletFunded debt
6,864,000 7,311,000
89,610
ed contracts_ _
192,059 7% Pref.stock.... 5,337,100 5,357,100
Inventories
2,953,288 3,880.114 z Common stock.- 807.4051 8.270.961
Investments
881,594 Surplus
996,501
3,984,8081
y Property
8.578,242 11,192,514
1
1
Patents
39.728
Deferred charges
425,729
Total
17,718.304 22.089,467
Total
17,718,304 22,089,467
x After deducting reserve for doubtful notes and accounts of $226.023 In
1932 (1931 $100,088). y After deducting reserves for depreciation of
$5.020,215 in 1932 (1931 25,735.676). z Represented by 161,481 shares
of no par value in 1932 (1931 161,681 shares of no par value).
-V. 132.
D.1057.
1041
Financial Chronicle
Volume 136
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, Feb. 10 1933.
2c.;
COFFEE on the spot was dull; Santos 4s 9% to 9Y
Rio 7s and Victoria 7-8s 8Mc. Cost and freight offerings
from Brazil this morning were generally unchanged although
one shipper reduced quotations by 5 points. For prompt
shipment, Santos Bourbon 2-3s were here at 9.30 to 9.400.;
38 at 8.65 to 8.80c.; 3-4s at 8.60 to 8.75c.; 3-55 at 8.50 to
8.70c.;i4-5s at 8.40 to 8.45c.; 5s at 8.25 to 8.35c.; 5-6s at
8.35c.; 6s at 8.150.; Peaberry 2-3s at 9.15e.; 4s at 8.500.
ancl4-5s at 8.60c.; Rio 7s at 7.25c. and 7-8s at 7.15e. On
the 4th inst. futures closed unchanged to 2 points lower and
quiet. Spot coffee was steady at 934c. for No. 4 Santos.
On the 6th futures declined 5 to 17 points on Rio and 1 to 7
on?Santos with cost and freight prices lower and spot coffee
dull awaiting the next sale of the Farm Board. Cost and
freight Santos 8.45 to 8.75e. showed a recent decline of 5 to
15/points. Spot Santos 4s 43e. Rio 7s 85e. nominal;
Victoria 7-8s 8% to 8%o. On the 7th futures were 5 points
lower to 1 higher on Rio and 2 points lower to 2 up on Santos
with the trading very small. A cable to the Exchange reported that the Federal Government of Brazil has temporarily appointed Armando Vidal as head of the National
Coffee Council. The council's activities are under Government investigation. For the week ended Feb. 4 the Council
withdrew from the market 26,000 bags of Rio, 135,000 bags
of Santos and 3,000 bags of Victoria coffee.
On the 8th futures were quiet closing unchanged to 4 points
lower with sales of 8,000 bags of Santos and only one lot of
Rio. Cables to the Exchange said that the National Coffee
Council up to Feb. 4 had paid for 17,227,000 bags and that
Victoria regulating warehouse stock on Jan.31st was 309,000
bags. Spot coffee was quiet. Nobody knows when the leftover 31,750 bags of Farm Board coffee will be offered again.
Some think at the middle of the month. Cost and freight
Santos 4s were quoted at 8.55 to 8.650. Spot Santos No. 4
/
93o.; Rio No. 7,8% to 830.; Victoria'7-8s nominal at 8%43.
On the 9th futures were unchanged to 5 points higher with
the trade and Brazil buying. Europe sold May Santos at an
advance of 1 to 5 points with sales of 80 lots. Cost and
freight was quoted at 8.45 to 8.850. for Santos 4s prompt
shipment. Spot Santos 4s 93. to 93 c.; Rio 7s 8% to 8%e.
%
Maracaibo-Trujillo, 93% to 10c.; Cucuta, fair to good, 103.
to lie.; Pm. to ch., 11 to 11%c.; Washed, 103 to lie.
%
Colombian-Ocana,
to 10c.; Bucaramanga-Natural,
10 to 10%c.; Washed, 10 to 103c.; Honda, Tolima and
%
Giradot, 93 to 10c.; Medellin, 10% to 10/0.; Manizales,
10 to 103c.; Armenia, 10% to 10%c. Mexican-Washed,
%
11 to 12o. Surinam, 8% to 83 c. East India-Ankola
201to 28e. To-day Rio futures here closed unchanged to
5 points lower with sales of 500 bags and Santos futures were
5 points lower to 1 point higher with sales of 8,000 bags.
Demand was slow. The trade was buying on a small scale.
Final prices show a decline for the week on Rio of 7 to 27
points and on Santos of 1 to 12 points with March in both
instances the weakest.
Rio coffee prices closed as follows:
Spot (official)
March
May
July
8.50
5.631nom I September
5.43 nom December
5.14§nom.
4.97 nom.
4.86 nom.
Santos coffee prices closed as follows:
(unofficial)July
Spot
8.181 8.20 I September
March
7.81 7.82 December
May
7.44§nom.
7.18
7.03 nom.
COCOA to-day ended 2 points lower to 1 point higher on
futures with sales of 111 lots. Final prices show a rise for
the week of 3 to 4 points.
-On the 4th futures closed unchanged to 1 point
SUGAR.
higher with sales of 5,350 tons and 47 mills grinding. Wall
Street and Cuban interests bought. Futures on the 6th
were 2 to 3 points higher on a report that Java is to cut
its:production to 450,000 tons to 1934 against its 1933 output
of 1,320,000 tons. The sales of futures were 16,100 tons.
Wall_Street, Cuba and Europe bought. There was some
hedge selling and also liquidation of March with notices a
fortnight off. Spot saws were more active on the basis of
2.65e. with sales of 4,000 tons and 8,000 bags. It was
reported that 16,000 tons Cuba or San Domingo had been
sold to Europe at equal to .648. f.o.b. but this was not
definitely confirmed. London was quiet at 4s. 10%d. A
total of 49 mills are now grinding in Cuba, according to
latest information received here. Those starting yesterday
and their quotas are as follows: Paline, 134,132 bags; Triunfo,
25,515; San Jose, 61,903; Manuelita, 41,099 and San German, 209,341. Figures of the Cuba sugar movement for
the week ended Feb. 4 are as follows: Arrivals, 37,993;
exports, 25,585; stock ports, 542,361. Exports were: To
New York, 6,619; Baltimore, 3,901; Galveston, 1,886;
Miami, 145; Richmond, 1,201; Norfolk, 663; Wilmington,
940; Charleston, 3,696 and Chile, 6,534. The Sugar
Institute reports that the melt figures of 13 United States
refiners show a reduction of 45,000 tons as compared to last
year for the first half of January, while deliveries for the same
period as compared to a year ago are 27,000 tons lower.
On the 7th futures advanced 2 to 4 points supposedly on
hedge covering against big sales to London in the last few
days said to be 40,000 tons of Cuba, Peru, Demerara and
Santo Domingo at equal to 650. f. o. b. Cuba. Back of this
is a report that an agreement has been reached with United
spreafl between raw and refined
Kingdom to widen the .
sugar. There was a reaction at one time when recent buyers
of Philippine sugar began to sell hedges against it but when
this passed the price snapped upward and back to the best
of the day. There was considerable liquidation of March on
the eve of the coming notices and the sales of the day were
440,500 tons, the largest thus far this year. Fifty-five mills
-Mar. Philipare grinding in Cuba. Some 20,000 tons Feb.
pines sold at 2.68c. Futures on the 8th advanced 1 to 2
points and spot raws 5 points with sales of 27,000 tons of
Philippine and Porto Rico at 2.68 to 2.71c. according to
position. The sales of futures were 30,900 tons. There was
some March liquidation and buying of more distant months
but it was on a lessened scale. There were still reverberations of that big business in London involving 100,000 tons
including 30,000 tons within a day or two on the basis of .70c.
f. o. b. Cuba or .71c. in some cases, a rise of 5 points. Refined in London advanced 3d. Terme prices were firm.
Futures on the 9th declined 1 to 3 points with sales of 510
lots. Sixty-two mills were grinding. London was easier
yesterday. Refiners were reported to be pausing, following
their recent heavy purchases. Sellers of rows were asking
5s. 234d., equal to about .68c. f. o. b. Cuba. Private cables
said that this week orders for refined sugar, including homegrowns amounted to about 150,000 tons. Deliveries of beet
sugar during the month of January as compared with the same
month last year showed a decline of 97,056 bags. The total
this year amounted to 1,858,164 bags against 1,955,220
according to the Domestic Sugar Bureau. Figures this week
show receipts at 48,750 tons, meltings 34,283, importers'
stock, 82,582; refiners' stock, 49,961; against last year,
respectively, 45,000, 40,000, 91,000 and 53,000. To-day
futures closed 1 to 2 points lower with sales of 10,550 tons.
Final prices show a rise for the week however of 6 to 7 points.
Closing quotations follow:
(unofficial)
March
May
July
0.68
Bid September
December
January
8:11§-0:§§
0.88 0.89
LARD futures on the 4th inst. ended unchanged to 3
the tc_2
points T
- - -ower. Hogs were iteady, however,
%e.,
$3.25. Prime 4.35 to 4.45c.; refined to Continent 45
Exports of lard were 893,503 lbs. On the 6thinst. futures
ended 5 points higher on light hog receipts and a small demand. Hog prices advanced 25c. to $3.65 top. On the
7th inst. futures advanced 7 to 10 points on a stronger hoc
market. Hogs advanced 30 to 400. owing to small receipts.
3
Prime lard 4.45 to 4.550.; refined to Continent 4% to 43'e.
On the 8th inst. continued small hog receipts and short
covering caused an early advance but later came a reaction
on scattered selling and prices ended unchanged to 5 poinrs
higher. Hogs were 150. up with the top $4.15. On the
1042
Financial Chronicle
9th inst. futures ended 10 to 15c. lower owing to the larger
hog receipts and general liquidation. Hogs were 15c. to 25c.
lower with the top $3.90. Cash lard, prime 4.50 to 4.60c.;
refined to Continent 43/sc. To-day futures closed 2 to 5
points lower in sympathy with a decline in the grain markets.
Final prices show an advance for the week however of 7 to
10 points.
Feb. 11 1933
futures closed 5 points lower and new unchanged to 15
points lower. Old March closed at 4.30c. bid; new, 4.95 to
5.05c.; new June, 5.35 to 5.45c.; Sept., 4.70 to 4.850. On
the 7th futures were unchanged to 6 points higher; 4,000
January Argentine steers sold at 6c. March old closed at
4.50c. bid; new, 4.95c. bid; June new, 5.38 to 5.45c.; new
Sept., 5.76 to 5.85c.; N. Ir. City calfskins, 9-12s, $1.25;
7-9s, 850.; 5-7s, 750. On the 8th futures were unchanged
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
to 10 points higher; 20,000 Chicago hides sold it is stated at
Fri.
Wed. Thurs.
Mon. Tues.
Sal.
March
3.87
3.90
4.00
4.00
3.85
3.90
a decline of %c. March old closed at 4.50c. bid, June new,
May
3.92
3.95
4.07
4.10
4.00
3.95
5.45 to 5.480. On the 9th futures closed 5 points lower to
July
4.05
4.07
4.22
4.17
4.05
4.10
4.27•4.17
September
4.20
4.15
25 higher. 8,000 February extra light native steers sold at
Lou, and When Mid;
Season's High and When Made. I Season's
49.(c. and 4,800 native light Feb. steers at 43/2c. Futures
3.72
1March
March
Dec. 6 1932
4.35
advanced 25 points on old contracts and closed 5 points lower
Dec. 6 1932
3.82
1May
May
5.42
4.05
July
Feb. 2 1933
Feb. 9 1933 July
4.30
to 5 higher on new. March old, 4.75c. bid; March new, 5.05
PORK steady; Mess $14.25; family $14.50; fat backs to 5.15c.; new Sept., 4.83 to 4.90c.; Dec., 6.20 to 6.300.;
$10 to $12.50. Beef steady; Mess nominal; packet nominal; calfskins were in better demand. Spot hides were mostly
family $10.50 to $11.50; extra India mess nominal. Cut quiet. To-day futures closed 2 points lower to A points
%
meats quiet; pickled hams 4 to 6 lbs. 53/2c.; 6 to 10 lbs. 53c.; higher with sales of 11 lots. Feb. ended at 4.90c.; March at
14 to 16 lbs. 83/20.; 18 to 20 lbs. 73jc.; 22 to 24 lbs. 7c.; 5.05 to 5.15c.; May, 5.30c.; July, 5.60c.; Sept., 5.82 to
pickled bellies 6 to 8 lbs. 83ic.; 8 to 10 lbs. 83/20.; 10 to 12 5.88c.; Dec., 6.18 to 6.25c. Final prices are 10 points
lbs. 73/20.; bellies clear, dry salted, boxed, New York 14 to higher than a week ago.
20 lbs. 53/2c. Butter, creamery, firsts to premium marks
OCEAN FREIGHTS have been rather quiet with rates
and higher score than extras 19 to 203c. Cheese, flats, lower.
to 18c. Eggs, mixed colors, checks to special packs
123/2
-6 loads New York-French Atlantic.
CHARTERS included: Bookings
5 and 6c.; several loads Montreal opening. Hamburg, 63•6c.; New York133/2 to 17c.
Hamburg, 53ic. spot; 14,000 qrs., 10c. Montreal April 26 to May 15:
OILS.
-Linseed was unchanged at 7.2c. for carlots. Seed Sweden. 10M, 11 and Mic., Canadian. Tankers-Crude, part cargo
March, Gulf
niarkets have been steady. Cocoanut, Manila coast tanks 5,000 tons, Houston-March, Rouen, 108. 6d.;-Bremen, 6c.to Havre,88. 65.
Grain Booked
-3 loads, Boston to Hamburg
23 to 23/sc.; tanks, New York, spot 33' to 33-ic. Corn,
%
-Offerings at all points, especially the
TOBACCO.
crude, tanks, f.o.b. Western mills 3c. China wood, N. Y.
%
drums, carlots, delivered 53c.; tanks, spot 45 c.; Pacific Kentucky-Tennessee fired markets, were the largest of the
%
coast, tanks 43 c. Olive, denatured, spot, Greek, shipment season, reports the S. B. Smith Co.from Mayfield, Ky., but
51-54e.; Spanish drums 58 to 600.; shipment carlots, Greek on account of the greater percentage containing excessive
Virginia were re47 to 49c.; Spanish 52 to 53c. Soya Bean, tank cars, f.o.b. moisture, lower averages except in fired .
Western mills 3c.; carlot, delivered drums, N. Y. 4.3c.; ported. Sales in the various districts during the past week
L.C.L. 4.7c. Edible, olive $.20 to $1.40. Lard, prime were as follows: Mayfield: 796,325 lbs. average of $4.58,
83/2c.; extra strained winter 73/2c. Cod, Newfoundland 21c. 27c. lower than the preceding week. Paducah: 269,780 lbs.
Turpentine 443/2 to 49c. Rosin $2.90 to $5.65. Cotton- average of $3.67, 56c. lower. Murray: 239,930, averaging
seed oil sales to-day including switches 4 contracts. Crude $4.22, 480. lower. Hopkinsville: 136,605 of dark average
S. E. 95 under March. Prices closed as follows:
$4.91, and 553,460 of Burley average $7.78. Dark was 890.
and Burley, $1.15 lower than the previous week. ClarksSoot
3.60@ Bid June
3.851 3.95
Bid July
ebruary
3.60
3.95 3.99
ville: 1,545,820 average of $6.42, 78e. lower. Springfield:
3.70 3.75 August
March
3.97 4.07
1,281,205 averaging .32,52c. higher. Owensboro:1,690,565
April
3.73 3.83 September
4.05 4.09
May
3.83 3.87
of Dark average $3.26, and 824,980 of Burley average of
-Retail gasoline prices were cut 1 Mc.and $7.39. Dark 310. and Burley, $1.09 lower. One Sucker
PETROLEUM.
the tank wagon price Mc. in the Boston section by the District: 1,419,195 of Dark average of $4.92 or 57c. lower.
Standard Oil Co. of New York. Competition is keen. In Madisonville: 165,800 averaging $3.41. Providence: 56,280
the Bridgeport section prices were also weaker. One large average of $2.39. Lynchburg: 532,327 average of $0.80,
marketer was reported to be offering 10 gallons of gasoline for $1.48 higher. Blackstone: 445,394 averaging .89, $1.49
95c., less the commercial cash discount of 2c. which places higher. Farmville:467,000 average of $10.42 or $2.57 higher.
the net retail price at 53.4c. Domestic and industrial heating According to advices to the Tobacco Journal from Richmond,
oils were in better demand and stronger owing to the recent Va., the season at Danville will end Feb. 17. The closing
cold weather. Marine fuel oils were steady. The Gulf date is considerably earlier than usual, but the committee
cargo price of fuel oil was advanced to 45c.and this has helped acted on the basis of opinion that practically all tobacco for
local conditions. Spot grade C bunker fuel oil was steady at which there is a demand has been sold. Poor quality types
75c. refinery and diesel oil was in fair demand at $1.65 same are being offered now and the price trend has been downward
basis. There was a better inquiry for gasoline for forward since the re-opening fo)llowing the Christmas holidays. To
delivery, but spot tank car business was disappointing. Re- date 26,051,014 lbs. have been sold for $2,054,072.70, the
finers quoted around 5c. in some instances for above 65 average being $9.61 a hundred pounds. The tobacco turnoctane; below 65 octane was available at around 43/2c. from over was heavy in Havana despite a brief week as some 5,585
some of the smaller distributors while others were said to be bales changed hands. At Hartford, Conn., a tone of condelivering in tank wagons at 4c. or actually Mc. below the fidence in the Connecticut market situation is in the air as
tank car price. Jobbers hesitate about taking spot gasoline a result of the willingness of the Regional Agricultural Credit
but are showing more interest in forward deliveries. Ker- Corp. to loan money to farmers for the purpose of sorting
osene was in better demand. Prices were unchanged at 53c. and packing their 1932 tobacco holdings.
for 41 to 43 water white, tank ear refinery.
-The big storms and cold weather which prevailed
COAL.
Tables of prices usually appearing here will be found on an earlier page in
at the West and the cold weather in New York caused some
our department of"Business Indications," in an article entitled "Petroleum
increase in the demand.
and Its Products."
RUBBER.
-On the 4th closed in some months 2 points
SILVER futures on the 4th inst. advanced 5 to 10 points
higher with sales of 570 tons. On the 6th futures ended 1 with sales of 1,125,000 ounces; March, 26.18 to 26.250.;
point lower to 2 points higher and spot was 3c., though quiet. July, 26.50 to 26.60c.; Sept., 26.75 to 26.85c.; Dec., 27.05
The sales of futures were 970 tons closing with Feb. 2.88c., to 27.090. On the 6th inst. the close was unchanged to 15
March 2.88 to 2.90c. for No. 1 Standard. May 3.030., old. points lower after sales of 650,000 ounces; March, 26.12 to
3.29 to 3.30c. On the 7th futures were 2 to 3 points lower 26.15c.; May, 26.30c.; July, 26.470.; Sept., 26.60c.; Dec.,
on smaller trading; in fact it involved only 250 tons; Feb. 26.85c. On the 7th inst. futures declined about 20 points on
was 2.85 nominal at the close on No. 1 Standard and March an average with commercial bar down %,c. to 253/2c. here
sold at 2.96e.; No. 1 B closed at 3.01 to 3.040.; July 3.07c. while London was off 3-16d. to 1658d. March here ended
/
to 3.09c.; Dec. 3.27 to 3.30c. Spot and Feb. 2 15-16c.; at 25.90 to 260.; July at 26.390.; Sept. at 26.40c., and Dec.
spot standard 3 11-190. London declined 1-32 to 1-16d. at 26.790. On the 8th inst. futures rose 10 points on an
but rallied and closed mostly unchanged. On the 8th futures average with sales of 200,000 ounces. At New York bar
ended 2 points lower to 3 higher. London closed 1-32d. silver rose Vic. to 253 c. while London was 163 d. March
%
%
lower. The sales here were 360 tons closing with Feb. No. 1 closed at 26.02 to 26.05c.; July, 26.40c.; Sept., 26.56 to
Standard 2.88 bid, March 2.95c.; May No. I B 2.99 to 3.02e.; 26.790., and Oct., 26.690. On the 9th inst. futures declined
Sept. 3.16 to 3.170.; Dec. 3.26 to 3.27 outside spot-and Feb. about 25 points after sales of 1,350,000 ounces, with March
2 31-32c. On the 9th futures advanced 2 to 5 points with in the best demand. March ended at 25.85c.; May at 26.00
sales of 620 tons. No. 1 Standard Feb. 2.90o. nominal. to 26.190.; July at 26.290.; Sept. at 26.40 to 26.490., and Oct.
March sold at 2.97c., No. 1 B May 3.02 nominal; Sept. at 26.50c. To-day futures closed 4 to 9 points lower after
3.18 to 3.20c.; Oct. 3.22c.; Dec. 3.29 to 3.30c. Outside sales of 250,000 ounces. March ended at 270.; May at
spot and Feb.3c.: Standard thick latex 33 c.;thin 33/sc. To- 25.990.; July at 26.15c.; Sept. at 26.28 to 26.32c., and Oct.
4
day futures ended unchanged to 5 points lower with sales of at 26.41 to 26.490. Final prices are 34 to 38 points lower
35 lots of No. "B" and 49 lots of No. 1 Standard. No. 1 than a week ago.
Standard Feb. ended at 2.90c.; March at 2.970.; April 2.99c.;
COPPER was stronger. Copper Exporters, Inc. withNo. 1 "B" Feb. 2.90c.; March 2.97c.; April 2.990.; May drew
3.02c.; June 3.06c.; July 3.10c.; Aug. 3.14c.; Sept. 3.18 to Sales from the market at 5.05c. and were not selling at all.
in
3.20c.; Oct. 3.22 to 3.23c.; Nov. 3.25c.; Dec. 3.28.; Jan. On the Europe, moreover, were made at as high as 5.190.
other hand,some sales were made in Germany as low
3.33c. Final prices show an advance for the week of 2 to as 4.950., but
generally higher prices were the rule. An •
4 points.
unusual development wasthe buying by Japan forshipment to
-On the 4th futures closed unchanged to 10 Tacoma, Washington. The American demand,though someHIDES.
points higher the latter on old contracts. On the 6th old what better of late, is still low. Most of the business is for •
Volume 136
Financial Chronicle
March and April shipment. There was some inquiry for third
quarters, but producers are not willing to sell so far ahead.
London on the 9th inst. advanced on spot standard 2s. 6d.
to .£29 is. 3d.; futures up 13s. 9d. to £29 6s. 3d.; sales 150
tons of spot and 1,250 tons of futures. electrolytic bid advanced 5s. to £33; asked up 10s. to L33 10s.; at the second
'
London session spot standard advanced is. 3d.; sales 400
tons of futures. Futures here on the 9th inst. advanced
about 5 points closing with American contract mostly•nominal; Feb. 3.99c.; March, 4.01 to 4.05c.; April, 4.05c., with
5 points higher for each succeeding month. To-day domestic
delivery was 5c. and c.i.f. Europe 5.075 to 5.175c. To-day
futures here closed with Feb. 3.99c.; March, 4.01c.; April,
4.05c.; May, 4.10c.; June, 4.15c.; July, 4.20c.; Aug., 4.25c.;
Sept., 4.30c.; Oct., 4.35c.; Nov., 4.400.; Dec., 4.45c.; Jan.,
4.500.; no sales.
TIN sold at 23.80c. on the 9th inst. for spot Straits a new
high for the year. The strength of securities helped tin. So
did favorable January statistics. In London on the 9th inst.
spot standard advanced £1 2s. 6d. at the first session to
£149 12s. 6d.; futures up Ll to £150; sales 250 tons of spot
and 150 tons of futures; spot Straits advanced 15s. to E155
7s. 6d.; Eastern c. i. f. London off 5s. to £152 10s.; at the
second London session prices advanced 5s. on sales of 5 tons
-of spot and 40 tons of futures. To-day futures here closed
with Feb.,22.800.; March,22.900.; Apr. 23c.; May,23.10c.;
June, 23.20c.; July, 23.30c.; Aug., 23.:10c.; Sept., 23.50c.;
Oct., 23.60c.; Nov., 23.70c.; Dec., 23.80c.; Jan., 23.90c.;
no sales.
LEAD was rather quiet at unchanged prices, i.e., 3c. for
New York and 27 o. East St. Louis. Makers of lead sheets,
A
pipe and miscellaneous products were the best buyers. Sales
for February shipment were estimated at 9,000 tons against
15,000 tons for January. Very little has been bought for
March shipment. In London on the 9th inst. spot declined
2s. 6d. to £10 8s. 9d.; futures up Is. 4d. to £10 15s.• sales
150 tons of spot and 300 tons of futures; at the second London
'
session spot fell is. 3d.; sales 50 tons of spot.
ZINC.-Generally 2.65c. East St. Louis was regarded as
the price but sales were made this week 2M points under
that figure. The lower prices brought in a better volume of
business, yet the market is still quiet. January statistics
were unfavorable. In London on the 9th inst. spot rose 5s.
to £14 and futures advanced 3s. 9d. to £14 5s.; sales 400 tons
of futures.
STEEL.
-The orders for structural steel are increasing,
received by subsidiaries of the United States Steel Corporation and Bethlehem Steel Corporation and by other large
steel producers. The American Bridge Company, a subsidiary of United States Steel has received orders for nearly
25,000 tons. One order consisted of 21,500 tons for the
superstructure of the warehouse of the New York Central
Railroad in this city, and another was for 1,500 tons for a
bridge in Illinois. The Meelintic-Marshall Construction
Company,a subsidiary of Bethlehem Steel, has booked nearly
-3,000 tons and the Wheeling Steel Corporation 4,800 tons.
Inquiries for large tonnages are being made,including 28,000
for a water and power development in Southern California
and 22,000 tons for post office buildings in this city. It is
also contended that the self-liquidating construction program
involving close to $100,000,000 recently approved by the
newly created Emergency Public Works Commission of New
York State,should cause a demand for hundreds of thousands
of tons of steel.
PIG IRON has remained quiet and featureless, sales
being mostly in carloads. The East bought 35,000 tons of
foreign basic iron supposedly much cheaper than at the price
quoted for domestic iron.
WOOL.
-A Government report on the 7th said: "The
finer grades of Western grown wools are moderately active,
with prices fairly steady as compared with last week. Ter.
ritory wools in original bags comprising 64s and finer qualities
bring around 400. scoured basis, for bulk average French
combing staple and 41 to 42c. for lots containing some
strictly combing staple. Choice lots of graded strictly
combing Texas have sold for 43 to 44c. scoured basis,
while the shorter graded staple out of similar lines bring
40 to 41o. scoured basis. Boston quotations from another
report: Ohio & Penn.fine delaine, 183 to 19c.;fine clothing,
133 to 14%; 3d-blood combing, 18 to 19c.• 3'4-blood clothing, 16 to 17o.;
combing, 19 to 20c.•
clothing, 16%
combing, 18 to 19c.; low 5i-blood, 17 to 1803.
to 17c.;
Territory, clean basis
-Fine staple, 43 to 44c.; Fine, fine
French combing, 38 to 40c.; Fine, fine medium clothing,
37 to 3843.; %-blood, staple, 41 to 42c.; %
3 -blood, staple,
37 to 38c.; 54-blood, staple, 360.; low 5i-blood, 33 to 340.
cabled on Feb.3rd that at the Adelaide wool sales
London
32,500 bales were offered and 30,750 sold. The selection
was good and competition was brisk. Latest advices from
Sydney state that the market there is unchanged. Compared with last Adelaide sales, prices are 5% higher. It
was announced that a sale will be held on April 28th. In
London on Feb. 3rd offerings of 7,234 bales met with brisk
sale to Yorkshire and the Continent on the recent basis
of prices. Sales at pence per pound were:
!, Sydney, 1,540 bales, merinos, scoured, 1434 to 1634cl.; greasy. 8 to 13d.
10
Queensland. 2,159 bales, merinos, scoured, 15 to 1930.; greasy, 7 to 12d.
Victoria, 1,567 bales, merinos, scoured, 14 to 15d.; greasy. i1 3j to 1434cl.;
crossbreds, greasy, 634 to lOgd. South Australia, 526 bales, merinos,
15% Ito 1630.; greasy, 0 to 11 gdss.; crobreds, greasy, 5 to 101. West
1043
Australia, 209 bales, merinos, greasy, 834 to lOgd. New Zealand, 1,165
bales, crossbreds, scoured, 734 to 1534d.; greasy, 434 to lOgd.
In London on Feb. 6th offerings 6,700 bales. Liberal
purchases were resumed by Yorkshire and the Continent on
the recent basis of values.
Sydney, 1,856 bales, merinos, scoured, 14 to 16d.; greasy, 734 to 11 gd.
Queensland, 186 bales, merinos, greasy, 834 to 1134d. Victoria. 185 bales,
merinos, greasy, 934 to 1234cl. South Australia, 371 bales, merinos,
scoured, 12 to 16d.; crossbreds, scoured, 9 to Ild. West Australia, 228
bales, merinos, scoured, 12 to 154.; greasy, 7 to 10d. New Zealand, 3.869
bales; crossbreds, greasy, 934 to i334d. Victoria superior greasy lambs
marked "BO" realized 17d. New Zealand slipe ranged from 4d. to 1234d.,
the latter price being paid for quarterbred lambs.
In London on Feb. 7th offerings of 5,125 bales were about
equally distributed to home and Continent. Prices were
frequently in sellers' favor, chiefly on scoured merinos and
slipe crossbreds. Sales at pence per pound were:
Sydney, 1,278 bales, merinos, scoured, 13 to 17d.; greasy, 834 to 1234d.
Queensland, 569 bales, merinos, 1634 to 1934d.; greasy, 834 to 1034cl.
Victoria, 358 bales, merinos, scoured 1634 to 1734d.; greasy, 11 to 12d.
South Australia, 177 bales, merinos, scoured, 15 to 17d. West Australia,
42 bales, merinos, greasy, 8 to 10d. New Zealand. 2,347 bales, merinos.
scoured, 16 to 17d.• crossbreds, scoured, 14 to 17d.; greasy, 4 to 10d.
Cape, 352 bales, merinos, greasy, 634 to 734d. New Zealand slipe ranged
from 43'2 to 1334d., the latter prices for halfbred lambs.
In London on Feb. 8th the first series of Colonial wool
auctions this year closed. Offerings of 7,700 bales met with
active general buying on the recent basis of values. It is
estimated that home buyers purchased 64,000 bales and the
Continent 56,000 bales. Of the 43,000 bales held over,
34,700 were unoffered. Compared with the December sales,
greasy merinos showed a 5% to 7%% advance, scoured
merinos ranged from par to 5% higher as did greasy and
slipe crossbreds, while Cape wools were 5% dearer. Sales
at pence per pound were:
Sydney, 1,228 bales, merinos, greasy, 734 to 11 gd. Queensland, 583
bales, merinos, scoured, 1334 to 1634el.; greasy, 9 to 10d. Victoria, 989
bales, merinos, greasy, 1034 to 1234d. Crossbreds, greasy, 434 to 934d.
South Australia, 517 bales, merinos, greasy, 9 to 1134d. New Zealand,
1,947 bales, crossbreds, greasy,414 to 8d. Puntas, 1.988 bales, crossbreds,
greasy, lig to lOgd. Baires, 499 bales, crossbreds, greasy. 334 to 634d.
The next sales will begin on March 14. New Zealand slipe ranged from 5 to
1134d., the latter price for halfbred lambs.
On Feb. 3rd at the Albm.y sales offerings of 17,000 bales
were mostly sold. Continental and Japanese buyers competed keenly for an excellent selection. Compared with the
last sales, super merinos were firmer and superior combbacks
and medium and fine crossbreds were 10% higher. Prices
realized: merinos, 15d.; combbacks, 14d.; crossbreds, 13d.;
merino lambs, 148 d. On Feb. 3rd at the Invercargill sales
%
27,600 bales were offered and 85% sold. There was a good
attendance of buyers and competition was keen. Prices
realized: greasy halfbreds, 50-56s, 8d. to 11 Yid.. fine crossbreds, 48-50s, 5 2d. to 10d.; 46-48s, 55.4d. to 9Vid.; crossbreds,44-46s, 456d. to 9d.; 40-44s, 23/2d. to 6d. Corridedale
,
wool realized from 10%d. to 123 d. At Brisbane on Feb.
%
6th the fifth series of wool sales opened. Competition was
keen with the Continent the chief buyer. Prices were unchanged compared with last week's Sydney sales. At
Brisbane on the 7th an average selection was offered and 92%
of the offering was sold. Demand was keen and confined to
scoured wools with Japan the chief operator and France and
Germany giving good support. Local buying was notable.
Yorkshire was quiet. Compared with the last Sydney sales,
greasy superfine wools ranged from part to 5% higher, good
and average wools were firm. Greasy and dusty wools were
easier. Compared with the previous Brisbane sales, prices
were 5% higher.
WOOL TOPS FUTURES to-day ended unchanged. Sales
included May at 49.40c. and July at 50 and 50.20c. Prices
closed with Feb. at 48c., March 48.40c.; April 48.80c.• May
and June 49.20c.; July, Aug. and Sept. 50c.; Oct. 56.20c.;
Nov. 50.40c.; and Dec. and Jan. 50.60c.
SILK futures on the 4th inst. closed 2c. lower to lc. higher
with sales of 620 bales. Feb., $1.13 to $1.16; March, $1.13
to $1.15; and April to Sept., $1.15 to $1.16. On the 6th
inst. trading fell off to 70 bales and prices ended unchanged
to 2c. higher; Feb., $1.14 to $1.15; March, $1.14; April,
$1.16 to $1.17; May, $1.15 to $1.17; June, $1.15 to $1.17;
July, $1.17; Aug., $1.15 to $1.18; and Sept. $1.16 to $1.17.
On the 7th inst. the closing was lc. lower V:, 2c. higher with
sales of only 160 bales; Feb. and March, $1.14 to $1.16;
April, $1.15 to $1.17; May and June, $1.16 to $1.17 and
July, Aug. and Sept., $1.17. On the 8th inst. ended lc.
lower to lc. higher with sales of only 220 bales. Feb. and
March ended at $1.14 to $1.16; April and May, $1.15 to
$1.17; June, $1.16 to $1.17; July, $1.15 to $1.16; and Aug.
and Sept., $1.16. On the 9th inst. futures ended 1 to 2c.
higher after sales of 340 bales; Feb. and March, $1.16 to
$1.17; April, $1.17 to $1.18; and May to Aug., $1.17; and
Sept., $1.17 to $1.18. To-day futures closed 1 point lower
to 1 point higher with sales of 320 bales. Feb. and March
ended at $1.16 to $1.18; April at $1.16 to $1.19; May,
JunelJuly and Aug., $1.17 to $1.19; and Sept. at $1.18.
Final prices show an advance for the week of 1 to 2 points.
COTTON
Friday Night, Feb. 10 1933.
THE MOVEMENT OF THE CROP, as indicated by
our telegramslfrom the South to-night, is given below. For
the week ending this evening the total receipts have reached
121,163 bales, against 182,110 bales last week and 198,981
bales the previous week, making the total receipts since
Aug. 1 1932 6,808,302 bales, against 7,806,046 bales for the
same period of 1931,showing a decrease since Aug. 1 1932 of
997,744 bales.
Financial Chronicle
Feb. 11 1933
cotton destined to the Dominion comes overland and It is impossible to give re-
Receipts at-
Sal.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
1,661 4.604 7,955 4,225 2,192 1,675 22,312
Texas City4,867 4.867
Houston
7,340 8,649 10,235 6,406 2,868 11,789 47,287
Corpus Christi
41
225
207
339
14
145
971
New 0rleans
3,506 5,710 8,815 2,158 3,791 10,488 34.468
Mobile
123
524 1,283 1.162 1,055
150 4,297
Jacksonville
43
43
Savannah
70
22
162 2,868 3,211
43
46
Charleston
68
166
302
---237
---773
Lake Charles- _
--__
-_-_
---------- 1,177 1.177
Wilmington
191
261
13
108
7
155
798
90
36
109
16
611
Norfolk
298
62
--------------------- - 348
48
Baltimore
Tntnin thin weak 131ç05 20.081 28.905 14.456 10.320 3.887 121.16.1
The following table shows the week's total receipts, the
total since Aug. 1 1932 and stocks to-night, compared with
last year:
1932-33.
Receipts to
Feb.10.
1931-32.
This Since Aug This Since Aug
Week. 1 1932. Week. 1 1931.
Stock.
1933.
1932.
Galveston
22,312 1,646.666 56,372 1.945,305 825,485 923,915
4,867 204,477 8,266 188,475
Texas City
67.163
73,091
Houston
47,287 2,351.032 46,769 2,852,526 1,812,496 1,584,024
Corpus Christi971 281,628 1,360 416.175
78,123
78.483
Beaumont
28,494
16.815
25,004
New Orleans
34,468 1,390,984 110,626 1,338,293 1,047,428 1,103,590
Gulfport
606
Mobile
4,297 238,511 14,692 342,868 151,877 232,847
Pensacola
33,288
108.483
552
48,193
Jacksonville
43
8.281
356
24,557
14,159
17,115
Savannah
3,211 123,291 5,563 268,728 168.863 298,130
34,415
25,555
Brunswick
96,570
66.449 150,803
773 134,606
915
Charleston
79,425
61,617
Lake Charles--- _ 1,177 147.296 3.216 122.086
42,583
46,113
521
25,478
798
21,715
Wilmington
43.654
214
611
57,643
55,052
67,861
Norfolk
8,689
---Newport News198.805 210,370
New York
695
18,558
Boston
13.017
11,076
426
18,978
2,019
348
Baltimore
2.593
1
Philadelphia
5,313
121.163 6.808.302 249.848 7.806.046 4.669.6724 R44 494
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Tnt9.19
Receipts at- 1932,33. 1931-32. 1930-31. 1929-30. 1928-29. 1927-28.
Galveston___
Houston
New OrleansMobile
5avannah
Brunswick _
Charleston_
Wilmington
Norfolk
NewportNews
All others____
22,312
47,287
34.468
4.297
3.211
56.372
46,7691
110.6261
14.6921
5,563i
17,913
25.914
23,702
17.259
11,078
11,195
18,371
12.169
2.892
2.024
22,121
20.670
26.038
2,647
2,501
37,698
23.794
30.828
2,947
5,286
773
798
611
9151
5211
2141
1,406
2,043
1,949
1,898
1,068
1.316
553
656
1,776
898
1,461
1.017
14.176i
7,406
4.842
2,573
4,608
3.490
Total this wk_ 121.163 249,848 106.106
53,506
81.570 107.419
400
oli..,... Amr 1 8 MR 302 7.1108.04 7.44R 238 7 999 8997 090 090 A•4200,
The exports for the week ending this evening reach a
total of 143,067 bales, of which 24,373 were to Great Britain,
15,790 to France, 20,627 to Germany, 23,730 to Italy,
nil to Russia, 25,901 to Japan and China and 32,646 to
other destinations. In the corresponding week last year
total exports were 199,241 bales. For the season to date
aggregate exports have been 5,207,929 bales, against 5,308941 bales in the same period of the previous season. Below
are the exports for the week.
Exported to
GetJapan&
Great
Feb. 10 1933.
Exportsfrom- Brtfatn. France. many. Italy. Russia. China. Other,
Total.
____ 8,172 9,388
1,488 10,448 12,371
Galveston
100 _--- 8,186 15,879 41,867
12,208 5,737
42,110
Houston
502 ---- ---694 15ii
Texas City
847
60
------------------- ---50
50
Corpus Christi
____ 8010 6532 40,129
New Orleans.-- 9,o55 7,723 6,48S 1757
_
1,796
Jacksonville
------------------------1,796
Savannah3000
00
----------- 6.0
__
-------6,000
_Wilmington
722
____ ____
Norfolk
____
____
___ 1,53
290 .___
Angeles_ _
Los
___ 1,823
Total
Total 1932
Tnth.1 1031
24,373 15,790 20,627 23,730
37,018 14,812
14.906 12.937
17,692 12,416
11.281 13.164
From tc
j
Aug.1 1932
Fey. 10 1933. Great
i (letExports Ir,
Britain. France.' many.
---- 25.901 32,646 143,067
--- 93,174 24,129 199241
---- 32.487 ii 807 en's,",
Exported to
-
I Daly. Russia
Japan &
China. Other.
Total.
. 67216,8601,286,999
172,987160,621 183,722120.472 --- 432 3
Houston _ __ 189.209 255.015 350,286158,9 . ____ 337.943242.456 1,533,864
___
10.078 17,634 111,138
Texas City --26,363 14,280 41,228 1,55
CormsChrint 28,450 59,629 39,462 18,803 ---- 77.997 50719 275,060
469
420
2,287
100
Beaumont__
Galveston-
---------214
3,490
____
11
.193
___
4,926
_
6,267i ___ ____
Panama City
100
_I
506
on
Gulfport_ _
-New Orleans_ 243,449 91,427 210:190147:418 ____ 270,942 99,901 1,063,327
56.889 10,717 102,062 13,467 _...... 34,149 12,865 230,149
Mobile
____
3,104 --------3,800
4,098
24 11,026
Jacksonville_
127 44,225 1,324
__
15.116
5,368 2,000 68,168
Pensacola_ _ _
77.767 1,350 50,647 6,500 ---11,060 4,917 152,241
Savannah
17,542 --------4,500 1,697 34,415
____
10,676
Brunswick
__-- 83,445__-53,925
2,000 7,968 147,338
Charleston
------2,245 17:5•8 --------1,600 21,345
_
Wilmington _
136 ___
5,071
229
15:031 1,110
43 21,620
Norfolk
6
318
300
390
New York _
1,183
320 2,464
Boston
2,784
11,461, --------83,146 7,049 104,331
125
2,550
Los Angeles.
50
100 ---24,854
731
___.
317 28,052
San Francisco
____
__
Seattle___ _I
5
435
440
_ -- 28.298 10,117 101,170
7.438 22,854 21,589 10,87
Lake Charles.
Total
910.898617,781 1,175,052497,204 ____ 1,327,294679,7905.207,929
-Total 1932 _ _ 766,277 238.784 1,029,978434.564 -- 2,282.084 557,254 5,308.941
TntAl 1031 _ _ 845.290761.058 1.212.802346.859 29.279 931.784477.8474 504 (tin
-Exports to Canada.
-18 has never been our practice to include in the above
Note.
table reports of cotton shipments to Canada, the reason being that virtually all the
turns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of December the exports to the Dominion the present season
have been 20,071 bales. In the corresponding month of the preceding season
the exports were 17,335 bales. For the five months ended Dec. 31 1932 there were
97,200 bales exported, as against 90,841 bales for the five months of 1931.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Great
GetOther CoastFeb. 10 - Britain. France. many. Foreign wise.
Galveston
New Orleans
Savannah
Charleston_
Mobile
Norfolk
Other ports5
Total.
Leaving
Stock.
13,500 4,500 7,000 21,000 2,000 48,000 777,485
11.394 3.343 6,939 23.782
153 45,611 L 001.817
1,500
167,363
66,449
144,721
55,052
1.000 45,000 2,309,518
----------------1,500
_
____
2,t11
- ,
1.1:d6
2.500
1,000
____
3,Vii
-
4,000 36.500
Total 1933_ _ 31,678 8,879 17,939 84.353
Total 1932._ 29,543 8,836 15,709 1401405
Total 1931
13.125 11. 61 12.535 40.184
* Estimated.
-.6.
8
.186
7
-
3,418 147,267 4,522,405
1,973 196,466 4.844,484
4.630 81.635 3.948.386
COTTON has been irregular, often advancing on a scarcity
of contracts and covering of shorts as well as trade buying,
but also often getting a setback from profit-taking or hedge
selling. The severe cold weather at the South has temporarily hurt the sale of spot cotton, and no doubt has killed
a certain amount of boll weevil. But underneath everything
has been the old resistance to pressure, with 6c. in some
sense the fighting line. Below that price the buying has
been persistent, and latterly there has been a rise to a level
noticeably above it. There is persistent talk in Washington
to the effect that a pool may be authorized to take over
and hold some 3,500,000 bales so that from next season's
supply this quantity would have to be deducted. This,
has had a certain effect Advances in grain and stocks from
time to time have not been without their influence. Cotton'
goods have been active and in some cases %c. higher, but
in futures the outside speculation has been small.
On the 4th inst. prices fell 5 to 6 points in a quiet
Saturday's business, when liquidation of March and some
further decline in stocks caused a weaker tone. Prices in
the earlier trading were down 10 to 15 points. Exports
were light. Spinners' takings decreased for the week. Beneficial rains fell in the South. Cotton goods were quiet here
and in Manchester. General business was quiet. Later
came a rally on covering and the usual trade buying on
declines, which left the net loss for the day moderate. Om
the 6th inst. prices declined early 10 to 12 points on renewed
liquidation, hedging and other selling. Then suddenly themarket ran into a good demand from spinners and a scarcity
of contracts. The technical position after the heavy selling• of last week had become noticeably stronger. Wheat rose
11
hc., sterling 3%c., Wall Street covered freely, and stocks
rallied. The South balked at selling much at below 6e.
Hedge selling fell off sharply. The upshot was a rally of
20 to 23 points from the morning's low. Print cloths were
more active at 3c. for 38%-inch 64x60s. The consumption
of all kinds of cotton throughout the world Is estimated at
2,042,000 bales for December by the New York Cotton Exchange Service. This compared with 2,039,000 bales in
November, 1,931,000 in December 1931, and 1,908,000 In
December 1930. From August through December the consumption is placed at 9,000,000 bales, compared with
9,686,000 bales for the first five months of last season and
9,081,000 bales two seasons ago. Exports from India in
December totaled 165,000 bales of 400 pounds each, compared with 121,000 bales in November, 191,000 in December
last season, and 357,000 bales in December two years ago.
Exports for the first five months of this season amountea
to 655,000 bales, against 819,000 bales In the correWponding
period last 'season and 1,345,000 bales'two seasons ago.
"World consumption of all kinds during the current season
to Dec. 31 was 214,000 bales larger than in the corresponding portion of last season and 819,000 bales larger than two.
seasons ago," says the Exchange Service. "These increases
are due entirely to a stepping-up of world consumption of
American cotton, accompanied by a decline In the use of
foreign growths. World spinners used 609,000 bales more
American cotton during August-December this season than
during August-December last season, and 1,203,000 bales
more than two seasons ago. Meanwhile, they consumed
395,000 bales less foreign cotton than last season and
384,000 bales less than two seasons ago."
On the 7th inst. prices advanced 5 to 10 points, with
smaller offerings, little hedge selling, and a steady trade
demand, as well as some outside buying. The George Bill
Plan helped the rise. Washington told of a proposal to.
pool all cotton being financed by the Government and distribute a share to each grower agreeing to reduce production to the extent of participation in the cotton now
being held from the market. That is to say, as estimates
place the quantity being financed by the Federal Farm
Board, the Department of Agriculture and other agencies at
approximately 3,500,000 bales, a reduction of that amount
in this year's crop would be so much to the good as an
influence on prices. What will really be done remains to
be seen. Meanwhile, there is said to be a lack of subsoil:
moisture in the Western belt and a lack of fertilizer in.
the Eastern belt, which may to some extent offset the effect:
Volume 136
Financial Chronicle
1045
of a general return to the farms and the cheapness of labor.
The official quotation for middling upland cotton in the
That, too, remains to be seen.
New York market each day for the past week has been:
Liverpool cabled: "Market apathetic due to poor AlexFeb. 4 to Feb. 10Sat. Mon. Tues. Wed. Thurs. Fri.
5.95 6.00 6.05 6.05 6.15
andria and Bombay advices.
Sterling sentimentally Middling upland
6.15
affected by rise in unemployment. Manchester reports
FUTURES.
-The highest, lowest and closing prices at
meager inquiry. India buying very lightly, and little better- New York for the past week have been as follows:
ment likely pending tariff news. China inactive. Yarns in
restricted turnover at unsatisfactory prices. Most traders
Saturday, Monday. Tuesday, Wednesday, Thursday.
Fri
Feb. 7.
Feb. 4.
Feb. 6.
Feb. 8.
Feb. 9.
Feb 10.
marking time awaiting Government's reaction to Lindsay
communication, outcome in Manchuria, political develop- Feb.
Range...
ments in Germany and France, and economic policy of
Closing. 5.78- 5.85 -- 5.92 --- 5.92- 5.98- 6.02
Roosevelt Administration."
March
Range
On the 8th inst. prices advanced 10 to 12 points, with
5.75- 5.88 5.72- 5.94 5.86- 6.02 5.93- 6.08 6.00- 6.10 6.06 6.14
Closing. 5.83- 5.84 5.90- 5.91 5.97- 5.98 5.97- 5.98 6.03- 6.07
contracts none too plentiful, trade demand steady, wheat April
higher, stocks firm, and the demand for cotton goods broadRange.
Closing. 5.90- 5497- 6.03- 6.03- 6.09- 6.14
ening on the basis of 3%c. for 382
/
1-inch 64x60 print cloths, May
E.
a rise of /
1c. Wall Street bought futures early. Some
2
Range_ _ 5.88- 6.01 5.85- 6.08 5.99- 6.14 6.06- 6.22 6.15- 6.22 6.19 6.27
Closing. 5.97- 6.04- 6.10 --- 6.10- 6.15- 6.16 6.21
thought something bullish might come of the George Plan
to pool all Government financed cotton. Later came one of June _
Range
Closing. 6.03 ---- 6.10 ---- 6.16 ---- 6.16 ---- 6.21 ---- 6.21
those familiar setbacks in which the early advance practically disappeared. Profit-taking and other selling, in- JulyRange- 6.00- 6.13 5.98- 6.21 6.14- 6.28 6.18- 6.34 6.27- 6.35 6.31 - 6.40
cluding some by New Orleans co-operatives and the ContiClosing _ 6.09- 6.16- 6.23- 6.22- 6.23 6.27- 6.28 6.31 6.34
Aug.nent, were factors. Selling in cautious, but bullish convicRangetions do not lead to aggressive or persistent buying for
Closing 6.16 ---- 6.23 ---- 6.30 ---- 6.29 ---- 6.34 ---- 6.31
Sept.
a rise.
Range..
The American Cotton Crop Service says: "During the
Closing 6.22 --- 6.29- 6.36- 6.36- 6.41- 6.4i
past week crop reporters in the southern third of the belt
Range- • 6.20- 6.33 6.18- 6.38 6.31- 6.47 6.40- 6.54 6.47- 6.54 6.51 6.59
emphasize a very brisk demand for planting seed. Late
Closing • 6.29- 6.35- 6.36 6.43- 6.43- 6.44 6.48 -F 6.51 6.51
reports state that merchants in the small towns are being Nov.
I
Range..
flooded with inquiries concerning the availability of seed
Closing. 6.35 ---- 6.40 ---- 6.49 ---- 6.49 ---- 6.54 ---- 6.5'
.
supplies for the new crop. In this connection reports state Dec.
,p
Is
Range.. 6.33- 6.47 6.30- 6.52 6.43- 6.59 6.52- 6.66 6.59- 6.67 6.5- 6.70
.
that the crop program for 1933 is rapidly taking form, with
Closing • 6.42- 6.46- 6.55 --- 6.58- 6.61 -- 6.6
,
farmers preparing to plant limited acreages to practically Jan.(1934)
,
41- IL
Ill
all crops. Except the Western belt, most crop reporters are
Range-. 6.38- 6.50 6.35- 6.55 6.49- 6.63 6.57- 6.67 6.64- 6.68 6.71 8.76
Closing ft 47- R.66- R ftfl - 6.61- 6.62 6.64- 6.65 6.71 8.71
of the opinion cotton acreage will be little changed from
last year by farmers who planted cotton in 1932, but that
Range of future prices at New York for week ending
it is still difficult to determine the effect of plantings by Feb. 10 1933 and since trading began on each option:
thousands of industrial workers who have moved back to
Option for
the farm."
Range for Week.
Range Since Beginning of Option.
On the 9th inst. prices ended 3 to 6 points higher, on con- Feb. 1933_
1933
Oct. 13
tinued talk from Washington that a pool will take over a Mar. 1933__ 5.72 Feb. 8 6.14 Feb. 10 6.05 Jan. 16 1932 6.70 Aug. 29 1932
5.53 Dec. 8
1932
9.84
5.90 Dec. 2 1932 6.77 Nov. 11 1932
large quantity of cotton and so reduce next season's supply. Apr. 1933_
May 1933_ 5.85 Feb. 6 6.27 Feb. 10 5.69 June 8 1932 9.93 Aug. 29 1932
Also there was less said about the domestic allotment plan June 1933_
6.02 Nov.28 1932 6.38 Nov.23 1932
going through.. The trade demand continued. Contracts July 1933__ 5.98 Feb. 6 6.40 Feb. 10 .5.75 Dec. 8 1932 10.00 Aug. 29 1932
Aug. 1933_
6.00 Dec. 3 1932 7.06 Oct. 10 1932
were a bit scarce, and prices earlier in the day were 10 to Sept. 1933_
1932
1932 7.39
Dec.
13 points higher. Wall Street was buying, and stocks ad- Oct. 1933__ 6.18 Feb. 6 6.59 Feb. 10 6.07 Dec. 8 1932 7.11 Sept.30 1932
Nov. 11
5.93
8
Nov.
vanced. So, for a time, did wheat. Liverpool and some Dec. 1933 6.30 Feb.
1933_
6.70 Feb.
6.30 Feb.
11
1933
of the wire houses sold. Cotton goods were active and Jan. 1934__ 6.35 Feb. 6 6.75 Feb. 10 6.35 Feb. 6 1933 6.98 Jan. 26 1933
8
10
1933
6.82 Jan.
6
strong. The weather in the belt was very cold, cutting
THE VISIBLE SUPPLY OF COTTON to-night, as made
down the spot trade for the moment and theoretically, at
least, destroying many weevil. January fertilizer tag sales up by cable and telegraph, is as follows: Foreign stocks as
In the 13 Southern States were 20% larger than for January well as afloat are this week's returns, and consequently
1932, but were about 40% smaller than the sales for January all foreign figures are brought down to Thursday evening.
1931, according to the National Fertilizer Association. Ordi- • But to make the total the complete figures for to-night
narily a number of manufacturers purchase fairly large (Friday) we add the item of exports from the United States,
supplies of tags with the opening of the new year. Normally including in it the exports of Friday only.
Feb. 101933.
1932.
1931.
1930.
about 10% of a full year's sales of tags are made in the Stock at Liverpool
bales- 790,000 667.000 893,000 912.000
month of January, but last year the January sales repre- Stock at London
Stock at Manchester
101,000 167,000 216.000 100.000
sented only 7% of the year's total.
To-day prices closed 2 to 6 points up, after an early adTotal Great Britain
891.000 834,000 1.109,000 1,012.000
Hamburg
vance had carried some deliveries as much as 13 points Stock at Bremen..
530,000 333.000 557.000 508,000
higher. Liverpool, spot interests and commission houses Stock at Havre
Stock at
280,000 177.000 373.000 304.000
were credited with the constructive buying at the opening Stock at Rotterdam
23,000
20,000
12,000
9,000
Stock at Barcelona
83.000 100.000 116.000 115.000
while the principal selling later in the day was attributed Stock at Genoa
111,000
89,000
54,000
63,000
to the South and profit-taking by traders as well as co- Stock at Ghent
operatives. Worth Street reported a better demand for Stock at Antwerp
cotton goods. Final prices for the week show an advance
1,027,000 719.000 1,112.000 999.000
Total Continental stocks
of 16 to 18 points. Spot cotton ended at 6.15c. for middling,
Total European stocks
1.918,000 1.553.000 2,221,000 2,011.000
or 15 points higher than a week ago.
India cotton afloat for Europe_ . 103.000
48,000 156.000 218.000
American cotton afloat for Europe 423.000 368.000 200.000 362,000
Staple Premiums
Differences between grades established
Egypt,Brazil,Ste.,MTt for Europe 57.000
74,000
75.000 102.000
60% of average of
Stock in Alexandria. Egypt
547.000 722.000 699.000 467.000
for delivery on contract Feb. 17 1933
six markets quoting
Stock in Bombay. India
644.000 483.000 919.000 1.322.000
for deliveries on
are the average quotations of the ten
Stock in U. S. ports
4,669.672 4.844.484 4.030.021 2.271.840
Feb.17 1933.
Stock in U. S. interior towns
2,084,026 2,102.990 1,588.762 1,326.078
markets designated by the Secretary of
15-16
1-inch &
U.S. exports to-day
19,862
30.299
11.938
inch. 6, longer.
Agriculture.
Middling Fair
white
63 on
Strict Good Middling
do
51
Good Middling
do
.40
Strict Middling
do
28
Middling
do
Basis
Strict Low Middling__ do
.25 off
Low Middling
do
.53
*Strict Good Ordinary- do
.85
*Good Ordinary
1 18
do
Good Middling
Extra White
40 on
Strict Middling
do do
.26
Middling
do do
Even
Strict Low Middling__ do do
25 off
Low Middling
do do
.53
.24
Good Middling
.08
Spotted
.24 on
.24
Strict Middling
.08
do
Even
.20
Middling
.08
.26 off
do
*Strict Low Middling-- do
53
*Low Middling
do
86
.20
Strict Good Middling_ _Yellow Tinged
.08
Even
.20
Good Middling
.08
do do
.22 off
.20
Strict Middling
.08
do do
.37
*Middling
.57
do do
*Strict Low Middling__
do do
86
*Low Middling
do do
1.19
.19
Good Middling
.08
Light Yellow Stained-- .33 off
*Strict Middling
do . do
do - .59
*Middling
do do
do - .88
.19
Good Middling
.07
Yellow Stained
.52 off
*Strict Middling
do do
87
*Middling
1.18
do do
.20
Good Middling
.01(
.20 off
Gray
.20
Strict Middling
.08
.38
do
*Middling
do
63
*Good Middling
Blue Stained
58 off
*Stria Middling
do do
.85
*Middling
1.18
do do
*Not deliverable on future contracts.
.08
.08
.08
.08
.08
.081
.07
.24
.24
.24
.24
.24
.20
.18
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Total visible supply
10465 560 10.225773 9.900.721 8.079.918
Of the above, totals of American and other descriptions are as follows
American
Liverpool stock
•
456,000 303.006 493.000 436.000
Manchester stock
62,000
86.000 104.000
74,000
Continental stock
955.000 669.000 992.000 902.000
American afloat for Europe
423,000 368.000 200.000 362.000
U. S. port stocks
4,669.672 4.844.4.84 4.030.021 2.271.840
U. S. interior stocks
2,084.026 2,102,990 1,588.762 1.326,078
U.S. exports to-day
19.862
30.299
11.938
Total American
8,659.560 8.403.773 7,419,721 5,371.918
East Indian, Brasil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt Brazil, Arc., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India. &c
Total American
334,000
364.000
400,000
39,000
72,000
103.000
57.000
547.000
644,000
81,000
50,000
48,000
74,000
722.000
483,000
112,000
26.000
120.000
97.000
156.000 218.000
75.000 102.000
699.000 467.000
919.000 1.322,000
476.000
1.796.000 1,822,000 2.481.000 2.708,000
8,659,560 8,403.773 7.419.721 5.371,918
Total visible supply
10455560 10225.773 9,900.721 8.079,918
Middling uplands, Li
5.09d.
5.59d.
5.85d.
8.69(1.
Middling uplands, New Vork.._
6.15c.
6.70c.
11.00c. .15.85c.
Egypt, good Sakel, Liverpool_ _
8.19d
8.703. 10.058. 14.558.
Peruvian, rough good. Liverpool13.75d.
Broach. fine. Liverpool
4.81d.
5.41d.
4.68d.
6.50d,
Tinnevelly, good. Liverpool
4.94d.
5.54d.
5.53d.
7.854'
Continental imports for past week have been 143,000 bales.
The above figures for 1933 show a decrease from
week of 92,987 bales, a gain of 229,787 over 1932,last
an
increase of 554,839 bales over 1931, and a gain of 2,375,,
682 bales over 1930.
Financial Chronicle
1046
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail below:
Movement to Feb. 12 1932.
Movement to Feb. 10 1933.
Towns.
Receipts.
Week. Season.
Ala.,Blrming'm
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Fore it City
Helena
Hope
Jonesboro_ _
Little Rock_ _
Newport-Pine Bluff_ _ _
Walnut Ridge
Ga., Albany.. __
Athens
Atlanta
Augusta _ _ _ _
Columbus.. _ _
Macon
Rome
La., Shreveport
Miss,Clarksdaie
Columbus_
Greenwood.Jackson
Natchez
Vicksburg..._
Yazoo City.._
Mo., St. Louis_
N.C.,Greensb'ro
Oklahoma
let 15 towns°--S.C., Greenville
Tenn.,Memphis
Texas, Abilene_
Austin
Brenham
Dallas
Paris
Robstown_
San Antonio_
Texarkana
Waco
Receipts.
i Ship- Stocks
mews. Feb.
Week. I Season. I Week. 12.
I Ship- Stocks
menu. Feb.
Week. 10.
605 66,326
6301 11,063
11,865
18
6,782
64 36,968
56,941
364 78,877
334 53,693
6,345 61,165 2,682 106,858
550 29,913
819 19,079
1;774 43,943 1,853 68,272
298 56,
1,279 25,285
136 20,100
817 7,363
1,083 71,920 2,002 160,072
1,000 17,451
659 43,922
3,933 59,239 2,635 148.619
389 44,967
890, 10,516
6
5,253
3,141
___
375 29,579
700 50,555
2,330 242,499 4,642 56,577
2,497 112,418 2,401 163,777
1,000 24,603 1,969 52,467
249 28,712
358 40,795
75 13,960
355
11,671
1,513 72,183 1,724 103,6
2,655 59,710 3,093 171.018
249 20,951
303 14,314
385 165,096
3,957 90,307
25,652
841 29,699
151
11,876
102 7,850
353 39,734
931 18,327
207 46,310
692 20,459
3,472
300 3,522 105,795
302 15,644
695 21,662
1,008 33,738
182 8,931
109 66,041
1,003 82,808
3,988 55,893
401 18,953
951 54,750
560 17,828
126 5.600
2.429 75,373
536 20,619
4,052 63.084
1,025 14,090
37 4,377
250 38,045
697 155,134
3.755130,207
1,818 28,955
213 36,931
100 10,073
3.014109.013
3.923101.080
388 15,268
3,073 109,729
_ 28,785
392 8,388
696 21,473
852 25,312
3,498
946
521 22,477
5,4781 687,686 15,233 107,378 10,955 577,095
4,057 89,842 3,806 99,505 6,462 110,420
40,8921,483,347 56,518 510,635 52.7061,582.627
946 1,380 52,047
1,0011 77,557 1,281
318 26.966
200 3,404
2001 21,306
248
85 9,568
871 15,978
17,51
711, 87,070
820 29,419 2,636 133,542
450 51,366 1,168 14,718 2,032 90,799
121
6,432
131
437
11
31,097
45 10,675
:
251
112
587
16,31
1,602 42,481
884 23,942
677 57,697
470 70,112 1,112 16,265
614 76,994
15,587 89,382
3,889 74,594
60,235 464.786
2,120 1,269
100 4,366
600 8,114
4,933 36,548
2,140 18,803
52 1,518
247 1,223
848 18,091
1,523 20,395
35,2731
674
5,927
202
1,232
99
626
175
201
1,216
500
1,895
326
8
300
9,676
1,490
474
45
145
184
1,656
183
319
95
87,
143
171
3.472.
3,172
6,720
33.049'
54,710',
178,833:
22,568
73,762,
49,5611
18,9071
124,307.
47,932
109,262
64,0771
1,334
21,945
176,5171
94,681
15,580,
17,016,
11,409'
70,820
117,341
14,641
123,055
33,607
7,823
33,232
31,933
105,606
21,422
Total, 56 towns 89,5444,360,775 123,652 2084026 110,5284,700,501 131,871 2102990
*Includes the combined totals 01 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 34,185 bales and are to-night
18,964 bales less than at the same period last year. The
receipts at all towns have been 20,984 bales less than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS:
The quotations for middling upland at New York on
Feb. 10 for each of the past 32 years have been as follows:
1933
1932
1931
1930
1929
1928
1927
1926
6.150.11925
6.550.11924
10.900.11923
15.75c.11922
20.100.11921
18.450.11920
14.15c.11919
20.85c.11918
24.55c.11917
33.850.11916
28.002.11915
17.400.11914
13.85^ 11913
37.75c. I 1912
25.154.11911
31.500.11910
15.55c.11909
12.15c.11908
8.650.11907
12.550.11906
13.050.11905
10.650.11904
14.350.11903
15.250.11902
9.85c.
11.70c.
11.10c.
11.250.
7.70c.
14.25c.
9.F,00.
8.56c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Futures
Market
Closed.
Spot Market
Closed.
Saturday__ _
Monday _ _ _
Tuesday _ _ _
Wednesday _
Thursday _ _
Friday
Quiet,5 pts.dec.__ _
Quiet. 5 pts. adv.... _
Quiet, 5 pts. adv.- _
Quiet,unchanged - _
Quiet,10 pts. adv _
Quiet, unchanged
SALES.
Spot.
Steady
Steady
Steady
Barely steady_ _
Contr'cl Total.
-466
Steady
Steady----
-ion
700
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1932-33Feb. 10ShippedVia St. Louis
Week. Aug. 1.
Total gross overland
Leaving total net overland*
Week. Aug. 1.
106.095
3,015
400
11,899
90,750
238,610
3,498
664
---___
3,708
14,610
111,256
21,148
458
5,456
105,024
265.813
13,444
450,769
22.480
509,155
11,543
6.091
105,446
426
284
3,585
19,940
7,619
151,342
Overlang% N. Y., Boston, &c__Between interior towns
Inland &c. from South
Total to be deducted
-1931-32-
3,472
220
200
283
3,546
5,723
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia points
Via Other routes. drc
348
263
750
1,361
123,080
4,295
178,901
12.083
327,689
18,185
330,254
* Including movement by rail to Canada.
/The foregoing shows the week's net overland movement
this year has been 12,083 bales, against 18,185 bales for
thelweek last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 2,565 bales.
In Sight and Spinners'
Takings.
Receipts at ports to Feb. 10
------1931-32-----Since
Since
Aug. 1.
Aug. 1.
Week.
121,163 6,808,302 249,848 7,806,046
Net overland to Feb. 10
330,254
12,083
327,689 18,185
Southern consumption to Feb. 10.. 95.000 2,669,000 90,000 2,520,000
Week.
Total marketed
228.246 9,804,991 358,033 10,656,300
Interior stocks in excess
*34,185
684,384 *20,954 1,312,963
Excess of Southern mill takings
over consumption to Jan. 1_
619,346
____
277,689
Came into sight during week_ -A94,061
337,079
Total in sight
10,767,064
---- 12,588,609
North. spinn's's takings to Feb. 10 18,453
614,943
562,196 29,939
* Decrease.
Movement into sight in previous years:
Week-
Bales.
1931-Feb. 13
-Feb. 14
1930
1929
-Feb. 15
Since Aug. 1-
Bales.
180,791 1931
132,532 1930
176,861 1929
11,620,443
12,520,129
12,836,616
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
Feb. 10.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Montgomery__ Augusta
Memphis
Houston
Little Rock--Dallas
Fort Worth.. _
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
5.80
5.76
5.70
5.84
5.94
5.55
6.09
5.60
5.75
5.53
5.46
5.45
5.85
5.89
5.76
5.90
6.00
5.60
6.11
5.65
5.85
5.60
5.50
5.50
5.90
5.95
5.80
6.97
6.07
5.70
6.17
5.70
5.90
5.67
5.55
5.55
5.90
5.95
5.80
5.97
6.07
5.70
6.17
5.70
5.90
5.67
5.55
6.55
5.95
6.00
5.90
6.03
6.13
5.80
6.23
5.85
5.95
5.73
5.65
5.65
6.00
6.03
5.90
6.08
6.17
5.85
6.28
5.85
6.00
5.77
5.65
5.65
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Feb. 4.
Monday;
Feb. 6.
Tuesday, Wednesday, Thursday,
Feb. 7.
Feb. 8.
Feb. 9.
Friday,
Feb. 10.
February.
March_
April
May
_ 5.76- 5.77 5.89- 5.90 5.94- 5.95 5.93- 5.95 6.00- 6.03- 6.04
5.91- 5.92 8.02- 8.03 8.08- 8.07- 6.08 6.13- 6.18-
June
July
August__
6.03 --- 6.14- 6.15 6.21- 6.19- 6.20 6.26- 6.31-
September
October -- 8.22 --- 6.34- 6.35 6.40 Bid. 6.38- 6.45- 6.49November
December_ 6.35 Bld. 6.48- 6.52- 6.54- 6.58 Bid. 6.61 Jan.(1934) 6.40 Bid. 6.53 Bid. 6.58 Bid. 6.57 Bid. 6.63 Bid. 6.67 Bid.
Tone-
Steady. 2:1,19,3.:.
E ,P°!__.
J
2:eal!.. lta2z. til:It% ,Iti!t
REPORTS BY TELEGRAPH.
WEATHER
-Reports to
us by telegraph this evening indicate that the week generally
has been unfavorable for farm work in most sections of the
cotton belt. Extremely low temperatures the latter part of
the week and frequent rains the early part of the week delayed
field work in most localities.
Rain. Rainfall.
5 days 1.55 in.
2 days 0.16 in.
3 days 0.59 in.
4 days 1.16 in.
3 days 0.58 in.
3 days 0.10 in.
4 days 1.30 in.
3 days 0.27 in.
4 days 0.36 in.
3 days 1.55 in.
5 days 1.31 in.
3 days 1.12 in.
3 days 3.11 in.
4 days 2.15 in.
3 days 0.83 in.
3 days 1.44 in.
Galveston, Texas
Abilene, Texas
Brownsville, Texas
Corpus Christi, Texas
Dallas, Texas
Del Rio, Texas
Houston, Texas
Palestine, Texas
San Antonio, Texas
New Orleans, La
Shreveport, La
Mobi`e, Ala
Savannah,Ga
Cha*leston, S. 0
Charlotte, N. C
Memphis, Tenn
Thermometer
high 65 low 20 mean 43
high 64 low 4 mean 34
high 82 low 30 mean 56
high 72 low 24 mean 48
high 56 low 4 mean 30
high 64 loW 14 mean 40
high 68 low 14 mean 41
high 64 low 6 mean 35
high 62 low 14 mean 38
high __ low __ mean 53
high 65 low 9 mean 37
high 73 low 17 mean 45
high 77 low 22 mean 50
high 72 low 26 mean 49
high 62 low 12 mean 38
high 55 low 6 mean 31
The following statement we have also received by telegraph, showing the height of rivers at the points named at
9 a. m. of the dates given:
Feb. 10 1933.
Feet.
700
1,100
____ 1,100
70.593 147,200 217,793
Total week_
Since Aug. 1
Feb. 11 1933
-1932-33
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
12.9
27.8
22.3
11.5
38.8
Feb. 12 1932.
Feet.
17.2
37.1
46.3
21.9
49.1
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures.do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
End
Receipts at Ports.
1932. 1931. 1930.
stocks at Interior Towns.
1932.
1931.
1Recelptsfrom Plantations
1930. 1 1932. 1 1931. 1930.
Nov.
.
11-- 377.879417,118372 2792,201,8012
,052,0381,884.19714413.197581,048484.359
18-425.222402,388338.3712,248.9532 176.8911 1.712.633 472,574 527.239 366.807
.
25-308.488317,628,298.028 2,251,477 2 20 0711.770,725310.992 341,044,356.120
. 0.3
Dec.
111
2- 375,711312.183255,569 2,246,716 2,209.002 1,797.998I370,950 320.8781282,842
.205
9-- 298,545 227,112 222,908 2,256,650 2
.7131.815.747257.542 223,823 240,657
le__ 282.084283,317,210,804 2,260,614 2,214.853 1.811,082 260,028292,457206.179
23- 162.170 191,6371161,383 2,231.716 2,217.262,1,800,744 133.272 194,046 151,065
30-- 182.588 218,440 122.3772,213,37412,219.563 1,777,081 164,246220,741 98.714
Ian.
1933. 1932. I 1931. 1 1933.
1932
1931. 5337 1932.
6-. 194.020 353,609 115.570,2,169,330 2,206.968 1,750,859,149,976 341,014
13_ 168.774 274.65 106.8062,167,2432.198.054 1,725.164 166.687265.743
20.- 188,072241.478 80.428 2,165.999 2.175.407 1.696,148 186.828 218,831
27.- 198,981 280,
115,045,2,138.40112.158.461 1.658,872171.383263,498
Feb.
8._ 182,110 223.645,105,953 2.118,211I2,123,944 1,827,3181181,920,189,128
10_ 121,163 249,848 106,10612,084,026 2,102,990 1,588,762 86,978 228 894
1931.
89.348
81,110
51.412
77,289
74,897
67 552
Financial Chronicle
Volume 136
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1932 are 7,426,863 bales;
in 1931-32 were 9,055,375 bales and in 1930-31 were 8,465,607
bales. (2) That, although the receipts at the outports the
past week were 121,163 bales, the actual movement from
plantations was 86,978 bales, stock at interior towns
having decreased 34,185 bales during the week. Last year
receipts from the plantations for the week were 228,894
bales and for 1931 they were 67,552 bales.
. WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like price:
Cotton Takings,
Week and Season.
1931-32.
1932-33.
Week.
Season.
Season.
Week.
Visible supply Feb.3
10,287,217
10,548,547
Visible supply Aug. 1
6,892,094
7.791,048
American in sight to Feb. 10.
337,079 12,588.609
194,061 10,767,064
Bombayreceipts to Feb. 9__ _
769,000
43,000
70,000 1,100,000
Other India ship'ts to Feb. 9_
211,000
23.000
237.000
16,000
Alexandria receipts to Feb. 8_
16.000 1,126,000
737,000
21,000
Other supply to Feb.9_*b
342,000
9,000
313,000
11,000
Total supply
Deduct
Visible supply Feb. 10
10,860,608 20,945.112 10,715,296 21,928,703
10,455.560 10,455.560 10,225,773 10,225,773
489.523 11,702,930
Total takings to Feb. 10_a__ _
405,048 10,489,552
402,523 8,700.930
• Of which American
293,048 8,006,552
87.000 3,002,000
Of which other
112,000 2,483,000
Smyrna, West Indies, &c.
* Embraces receipts in Europe from Brazil,
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,669,000 bales in 1932-33 and 2,520,000 bales in 1931-32
-takings not being available-and the aggregate amounts taken by Northern and foreign spinners. 7,820,552 bales in 1932-33 and 9.182,930 bales
In 1931-32, of which 5,337,552 bales and 6,180.930 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1932-33.
Feb. 9.
Receipts at
-
Since
Aug. 1.
Week.
1931-32.
Week.
70,000 1.100,000 43.000
Bombay
Week.
Since
Aug. 1.
769,000 185,000 1,748,000
Since August 1.
For the Week.
Exports
from-
1930-31,
Since
Aug. 1.
Conti- Japan &
China.
Total.
neat.
Great
Great Conti- Japan&
Britain. new. China.' Total. Britain.
Bombay
1
1932-33._ 4,000 18,000 63,000, 85,000
000 18,000 19,000
1931-32..
16,000
1930-31._ 9:6615 7, 00
0
Other India:
1
16,000
1932-33__ 1,000 15,000
23,000
1931-32.. 12,000 11,000
1930-31.. 12,000 15,000
27,000
18,0001, 116,000 437.000 611,000
11,0001 93,000 584,000 688,000
84,000 397,000. 961,000 1,442,000
237,000
49,000 188,000
211,000
57,0001 154,000
317,000
85,000 232,000
Total all
1932
-33._ 5,000, 33,000 63,000101,000 67,000, 344,000 437,000 848,000
1931-32._ 12,000, 12,000 18,000 42,000 68,000, 247,000 584,000 899,000
1930-31._ 21,000 22,000
43,000 189,0001 629,000 961,000 1,759,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
27,000 bales. Exports from all India ports record an increase
of 59,000 bales during the week, and since Aug. 1 show a
decrease of 51,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and in cloths is steady. .Demand for India is
• improving. We give prices to-day below and leave those
of previous weeks of this and last year for comparison:
1932.
32s Cop
Twist.
1931.
fi)4 Lbs. Shirt- Cotton
ings, Common Afiddrg
to Finest.
Upl'ds.
e. d.
d.
. it.
Nov.
3 0 6
11......'.. 840104
3 0 6
18_ 9 01011
8%01014
3 0 6
Dec.
3 0 6
2._.- 814010%
9- 8%010
3 0 6
3 0 6
16- 8%010%
3 (8 6
23.... 83.4010
2 0 5
30...._ 83.4010
Jan.6._
1320---27---Feb.
3.....
10__
d.
U.
s.d.
it.
5.60
5.61
5.44
8301034
89010%
81j010%
0 @
0 0
0 0
4
4
4
5.06
4.89
4.90
5.30
5.04
5.26
5.07
5.29
81i01014
9%011
8%010%
8%010%
8%01014
0
0
0
0
0
4
4
4
4
4
5.14
5.21
5.20
5.30
5.39
0 86
0 86
1886
0 86
5.33
5.30
5.25
5.15
814010%
854010%
85401034
840104
0 0 84
0 0 84
0 1884
1 0 84
5.33
5.41
5.52
5.50
3 0 86
3 08 6
4.94
5.09
85401034
8540101‘
1 811 84
1 08 4
5.587
5.59
193 .
83.4010%
3
814010
3
840 34
3
3
8540 94
83418 934
840 934
32s Cop
Twist.
SU Lbs. Shirt- Cotton
ings, Common Mickirg
to Finest.
UM'
ds.
s. d.
0
0
0
0
0
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
Feb. 8
Receipts (Cantars)
This Week
Since'Aug. 1
1932-33.
105,000
3.777.915
1931-32.
80,000
• 5.613.237
1930-31.
100.000
5.285.616
Export (Bales)-
1047'
This Since
This Since
This Sines
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
To Liverpool
9.000 82,992 5.000134.156 ---- 86.959
To Manchester, &c_
5.006 60.650 -__ 97,728
_ 71,629
To Continent and India 13.000281,253 13,000333,774 20,000325,511
To America
1,000 21,897 1,000 14,799 ---- 7,131
Totalexports
28.000 446.792 19.000 183.457 20.000491.230
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 pounds.
This statement shows that the receipts for the week ended Feb. 8 were
105,000 cantars and the foreign shipments 28,000 bales.
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 143,067 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bates.
GALVESTON.-To Venice-Feb. 2
-Lucia C. 2,335---Feb. 13,435
Jolee, 1,100
To Trieste-Feb. 2
1,966
-Lucia C, 1,875; Jolee-Feb. 1.90
To Fiume
717
-Feb.2
-Lucia C,717
-Marina 0,2,714
To Genoa-Feb.1-Jolee,2,740---Feb. 3
5.454
To Naples
-Marina 0,500
800
-Feb. 1-Joiee, 300.
--Feb. 3
To Lisbon-Feb. 2 Prusa. 125
125
To Oporto
873
-Feb. 2-Prusa,873
To Corunna-Feb. 2-Prusa, 49
49
To Bilbao-Feb. 2-Prusa, 83
83
To Havre
-Feb. 3-Phyrgia, 1.488
1,488
To Bremen-Feb. 3-Gonzenheim, 5,942.. Feb. 4
-Planet,
10,448
4,506
To Gdynia-Feb. 4
-Planet, 708
708
To Barcelona-Feb.6
-Mar Negro. 5,920
5,920
To Japan-Feb. 7
-Chinese Prince. 1.200-Feb. 8-Tsuyama Meru, 5,272
6.472
To China-Feb. 7
.Feb. 8-Tsuyama
-Chinese Prince, 500.
1.700
Maru, 1,200
To India-Feb.8
-Knoxville City, 1,630
1,630
NEW ORLEANS
760
-To Hull
-Jan. 31-Oakwood,760
To Bremen-Jan.31-Nishmaha, 6,310
6,310
To Hamburg
178
-Jan.31-Nishinalia, 178
To Rotterdam-Jan.31-Nishmaha, 1,706
1.706
To Liverpool
-West Harshaw, 5,472_--Feb. 2-Jan. 31
7.972
Brodesk, 2,500
To Manchester-Jan. 31
822
-West Harshaw,822
To Havre-Jan.31-Effingham, 5,035
5,035
To Antwerp-Jan.31-Effingham, 3,180
3.180
To Marseilles
188
-Feb.8
-Istria, 188
To Dunkirk-Feb.2
2.500
-Tampa,2,500
To Barcelona-Feb.7
894
-Carlton,894
To Gdynia-Feb.2
400
-Tampa,400
To Gothenburg-Feb.(?),30
350
To Genoa-Feb.6-Labette,857
857
To Venice-Feb. 6-Labette,800
800
To Trieste-Feb. 6-Labette. 100
100
To Colon-Feb. 4-Labette, 2
2
To London
75
-Jan. 14
-Effingham, 75
To Japan-Feb. 4
4.086
-Chinese Prince, 4,086
To China-Feb. 4
3.924
-Chinese Prince, 3,924
NORFOLK.
-To Liverpool
200
-Feb.(fl-Datonian. 200
To Havre
98
-Feb.10
-City of Hamburg,98
To Bremen-Feb.10
174
-City of Hamburg,174
To Manchester-Feb.
250
(?)-Datonian,250
HOUSTON.
-To Lisbon-Feb. 3-Prusa, 248
248
To Leixoes-.-Feb. 3-Prusa, 525
525
To Oporto
-Feb. 3-Prusa, 1,975
1,975
To Santander-Feb. 3-Prusa, 25
25
To Corunna-Feb.3--Prusa,301
301
To Bilbao-Feb.3-Prusa,217
217
To Passages
-Feb.3-Prusa,700
700
To Barcelona-Feb. 3
-Mar Negro, 4,213
4.213
To India-Feb.3
3,600
-Knoxville City, 3,600
To Japan-Feb. 6-Tsuyama Maru, 3,653; Chinese Prince.
400_ _ _Feb.8-Ibukisan Maru,1,504
5.557
To China-Feb. 6
-Chinese Prince, 2,629
2.629
To Dunkirk-Feb.7
787
-Tampa.787
To Oslo-Feb.7
-Tampa.182
182
To Gdynia-Feb. 7-TEtmpa, 486
486
621
To Copenhagen-Feb. 7
-Tampa, 621
$50
To Gothenburg-Feb.7
-Tampa,350
To Liverpool
-Feb. 6-Bradesk, 2,775; Minnie de Larrinaga,
9,615
3,143; Nitonian,3,697
To Manchester-Feb. 6
-Minnie de Larrinaga, 1.070; Ni2,593
tonian, 1,523
100
To Venice-Feb.6
-Lucia C. 100
4,950
To Havre
-Feb. 7-Syros, 4,950
1,860
-Feb.7-Syros,1,860
To Ghent
2
To Antwerp-Feb. 7-Syros,2
574
To Rotterdam-Feb. 7-Syros,574
6.000
-Alberta, 6,000
WILMINGTON-To Venice-Feb. 6
290
-To Liverpool-Feb.4-Defftdyk,290
LOS ANGELES.
-Pros. Grant,
-Oregon Maru,550_ _Feb. 4
To Japan-Feb. 2
1,533
5-Kwanto Meru, 100
883_ _ _Feb.
-Youngstown, 50
50
-Feb. 8
-To Havre
CORPUS CHRISTI.
502
-To Genoa-Feb. 1-Jolee,502
TEXAS CITY.
87
To Lisbon-Feb. 2-Prusa, 87
527
To Oporto
-Feb. 2-Prusa, 527
694
-Feb. 3-Phrygia.694
To Havre
-Planet, 2,156.._Feb. 3-Gonzenhelm,
To Bremen-Feb. 4
3.517
1,361
233
To Gdynia-Feb.4
-Planet,33_ _ _Feb.3-Gonzenhehn,200
3,000
-Alberta,3,000
SAVANNAH.
-To Venice-Feb.9
1,796
JACKSONVILLE -To Liverpool-Feb. 4-Steinstad, 1,796
143,067
Total
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High StandHigh StandDensity. att.
Density. ant.
Trieste
.500. .85e.
Liverpool .450. .60e.
.50c. .65e.
Manehester.45e. .600. Flume
.50e.
Barcelona .350.
Antwerp .350. .50e.
Havre
*
*
.27c. .400. Japan
Rotterdam .35c. .500. Shanghai '
*
Genoa
.400. .550.
Barnbayz .400. .55e.
Oslo
.35c.
.500.
.460. .610.
Bremen
Stockholm .42e. .57c.
.50e.
Hamburg .35c.
"Rate Is open. a Only small lots.
High Stand
Density. era.
Piraeus
.75e. .90e.
Salonica .75c. .90c.
Venice
.50e. .650.
Copenh'gen.38e. .53e.
.40e. .55e.
Naples
Leghorn .40e. .55e.
Gothenberg.42e. .570.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks,&c.,at that port:
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Jan. 20. Jan. 27.
51,000
51.000
740,000 762,000
411,000 438,000
66,000
' 70,000
43,000
64,000
182,000 156.000
136.000
96.000
Feb. 3.
50.000
775,000
439,000
31,000
17.000
170.000
115,000
Feb. 10.
52,000
790,000
456.000
66.000
44,000
151.000
97,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
1048
Spot.
Financial Chronicle
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Market,A
fair
12:15 i
Quiet.
Quiet.
More
Quiet.
business
Good
P. M.
demand, demand.
doing.
Mid.Upl'ds
4.94(1.
4.88d.
4.89d.
4.960.
4.94d.
5.09d.
Ftaures.{
Market
opened
Quiet,
Quiet,
Steady,
Quiet,
Quiet but St'dy, 1 pt.
1 pt.
3 to 6 pin. 6 to 7 pin. 1 to 3 pts. steady,4 to adv. to 2
advance,
decline,
advance. advance. 5 pts. dec. pts. dec.
Market, {
Quiet,
Quiet,
Steady, Very st'dy,
Firm.
Quiet but
4
2 to 3 pts. 10 to 11 pts 9 to 10 pts. 7 to 8 pts
4 pts.
st'dy,2to 3
P.M.
decline,
decline,
advance, advance, advance. pts. adv.
Prices of futures at Liverpool for each day are given below:
Feb. 4
to
Feb. 10.
I
Sat.
1
Mon. I
Tues.
Wed. I Thurs. I
Fri.
'12.1512.3012.15 4.0012.15 4.0012.15 4.00'12.15 4.00112.15 4.00
m.p. In. P. In.P. m.1p. m 13. ni.112.2±11).m.
P.
Ip. m•ID.
New Contract. d.
d.
d.
d.
d.
d.
d.
d
d
d.
d.
d.
February(1933)
4.69 4.63 4.59, 4.64 4.68 4.69 4.75 4.71 4.79 4.84 4.82
March
4.70 4.64 4.60, 4.65 4.69 4.70 4.77 4.73 4.81 4.86 4.84
April
4.71 4.65 4.611 4.66 4.70 4.71 4.78 4.74 4.82 4.87 4.85
May
4.73 4.66! 4.621 4.68 4.72 4.73 4.80 4.76 4.84 4.89 4.86
June
4.74 4.67, 4.63, 4.69 4.73 4.74 4.81 4.77 4.85 4.9 4.87
July
4.75 4.69 4.65', 4.70 4.74 4.75 4.82 4.78 4.86 4.91 4.89
August
4.76 4.70 4.66 4.71 4.75 4.76 4.83 4.79 4.87 4.92 4.90
September_ _ _
4.78 4.71 4.671 4.73 4.77 4.78 4.85 4.81 4.89 4.95 4.92
October
4.80 4.73 4.69, 4.75 4.79 4.80 4.87 4.83 4.91 4.96 4.94
November_ _ _ _
4.81 4.74 4.70 4.76 4.80 4.81 4.88 4.84 4.92 4.98 4.95
December __
4.83 4.76 4.72 4.78 4.82 4.83 4.90 4.86 4.94 5.00 4.97
January (1934)
4.87 4.78 4.74' 4.80 4.84 4.85 4.92 4.88 4.96 5.01 4.99
February
4.86 4.79 4.75 4.81 4.85 4.86 4.93 4.89 4.97 5.02 5.00
Feb. 11 1933
active in some time past but slackened as selling struck
the price.
To-day prices ended % to %c. lower under selling by
commission houses and professionals. Demand was small.
Fluctuations were within narrow range. Little attention
was given to the destruction of some 600,000 bushels of
wheat by fire, and to reports that Greece was asking for
offers of some 15,000,000 bushels of Argentine wheat.
The Northwestern Grain Dealers put the final crop in
western Canada at 405,000,000 bushels. Final prices show
an advance for the week of % to lc.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed, Thurs. Fri.
7
6534 6634 664 6734 67% 674
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
7
4631 4734 4734 4834 47% 4731
July
4634 4831 484 483.' 4834 484
September
48
4934 4931 493- 494 494
Season's High and When Made,
Season's Low and When Made.
May
65
Aug. 10 1932 May
434
Dec. 28 1932
6034
July
Oct. 4 1932 July
Dec. 28 1932
4334
September
52
Jan. 11 1933 September
454
Jan. 3 1933
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
4634 473.i 4734 48
4734 474
July
4731 4834 48
49
484 48
October
4834 4934 4934 50
4934 49
No. 2 red
CORN has followed the fluctuations of wheat pretty
closely developing few if any destinctive characteristics
of its own. The country has on the whole continued to
Friday Night, Feb. 10 1933.
FLOUR prices on the 6th inst. advanced 5 to 10c., but offer sparingly but on the other hand the cash demand
it did not stir up trade at all. On the 8th inst. prices were has not appeared to be urgent. There have been reports
advanced in some cases Sc.
of export business through the Gulf but these have not
WHEAT advanced on persistent reports of damage to been fully confirmed. On the 4th inst. prices ended unwinter wheat by sub-zero temperatures in the cold wave changed to %c. lower after first dropping / to %c. Septem1
4
which has overspread the entire country but to-day prices ber touched a new low on the crop and there were purchases
fell off again as the weather ceased to be for the moment of 100,000 bushels to arrive. The increased country offerings in the face of low prices led cash interests in some
of particular speculative interest. Unfavorable whiter
wheat conditions however may prove to be a factor of cases to expect larger interior sales. On the 6th inst. prices
advanced % to %c., in a quiet market. The rise was due
great importance later on when it is possible to ascertain
mostly to the advance in wheat. Country offerings were
just how much actual damage has been done. Cash
markets at times have advanced noticeably. In spite of small.
On the 7th inst. the speculation was small and prices
the deterring effect of hedge selling and profit taking
feeling has been growing more bullish although there is ended %c. lower. On the 8th inst. prices advanced / to %c.,
1
4
no sign yet of any sustained advance. On the 4th
obeying the upward pull of wheat. It was said, too, that
inst.
prices closed / to %c. lower on professional
1
4
selling of 100,000 bushels had been sold for export via the Gulf, but
May and general liquidation following. At one time prices this was not confirmed. Argentina and the Danube were
were % to %c. lower but a partial recovery came
offering rather freely. On the 9th inst. prices closed % to
later
as evening up for the week-end set in with buying
/ net lower after an early advance of 14c., in response
1
4c.
against
bids and spreading between Chicago and outside markets to the rise at that time in wheat. To-day prices ended %c.
especially Kansas City. The May delivery is
net lower, in response to the decline in wheat. The destrucwatched
with keen interest. Some fear that liquidation of
tion of 900,000 bushels by fire last night had little or no
May
may offset the unfavorable outlook for the winter wheat effect. Country offerings were small. Final prices, however, are %c. higher for the week.
crop. There was a cold wave in the winter wheat section
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Which has little snow protection.
Sat. Mon. Tues. Wed, Thurs. Fri.
On the 6th inst. cash prices advanced 12 to lc. at Kansas No.2 yellow
/
393.4 3934 4034 4034 4034 4074
City, lc. at Winnipeg and 1%c. at Minneapolis, and futures
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
at Chicago 11 2c. as a cold wave struck a partly snowless
/
Sat. Mon. Tues. Wed. Thurs. Fri.
May..
254 2534 2534 26
26
winter wheat belt. Dust storms made matters worse July
2734 274 274 274 2734 25
273.
2834 28% 2834 29
over part of Kansas and Nebraska. The weather was September
2834 2834
Season's High and When Made. I Season's Low and When Made.
freezing with scant protection for the staple. On the May
Aug. 8 19321May
4034
25
Dec. 28 1932
Oct. 4 1932IJuly
3474
7th inst. prices ended unchanged to %c. lower. Big snows July
264
Dec. 28 1932
September
Jan. 11 1933ISeptember
3134
284
Feb. 4 1933
fell in the winter wheat belt but the temperatures
were
OATS have copied the price movements of the other grain
very low and it was a matter of debate among traders
as
to which circumstance would affect the market most. Be- markets, only on a smaller scale, the trading being for the
most part uneventful. On the 4th inst. prices declined %c.,
sides there was an idea that there was considerable
hedge
selling against purchases of Red Cross wheat. Some with May and September down to new lows for the season.
thought the Federal Farm Board was selling. In any Later there was a rally, which left closing prices unchanged
case prices were at one time %c. lower though there was to %c. lower, as shorts covered and liquidation slackened.
On the 6th inst. prices rosé %c., lifted by wheat and some
a rally later on covering.
On the 8th inst. prices advanced %c. on the cold wave increase in covering and other buying, though the speculain the winter wheat belt where it was 20 to 25 degrees tion could not be called active. On the 7th inst. prices closed
1
4c.
below zero with part of that region unprotected by snow. / higher, regardless of other grain, as cash Interests
were buying July and September. On the 8th inst. prices
Winnipeg advanced • % to /
73c. on covering of hedges
were up % to / on moderate buying and the swing of
1
4c.
against export sales via Vancouver. Some think
that
damage to the crop really occurred in a drop of 70 degrees other grain towards higher prices, even if the speculation
in temperature to 6 below in the Panhandle of Texas. was far from active. On the 9th inst. trading was lightened
One estimate of the crop from Kansas City was 75,000,000 and prices ended unchanged to %c. lower. To-day prices
bushels against 106,000,000 in 1932 and 240,000,000 in 1931. ended unchanged and were largely under the influence of
Reports of damage came from parts of Nebraska, Kansas, other grain. Final prices show a rise for the week of
Colorado, Northern Texas and the Ohio River Valley. % to %c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
They took in much of the winter belt. The Orient bought
Tues,
Mon.
Sat.
Wed.
Thurs.
Fri.
two cargoes of Argentine wheat, Large quantities of
No. 2 white 264-27 264-27 27-2734 274-2734 274-274
27-2734
Australian wheat it appears are under contract to go to the
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Far East. Most of the advance at Chicago was held. On
Sat. Mon. Tues. Wed, Thurs. Fri.
May
1634 17
17
1731 173.i 1731
the 9th inst. prices advanced % to lc. on bullish crop news July
1634 1734 174 174 1734 174
17
1734 1734 18
and good buying but hedge selling by mills and a drop September
18
17%
Season's Irish and When Magill:4321 m Season's Low and
at Winnipeg changed all that later and the ending was May634 When Made.
A
Feb. 4 1933
July
Ploy: 7 19321J4
unchanged to %c. net lower. Speculation was the most September
1674
Feb. 2 1933
18
Feb. 8 193318eptember
17
Feb.
BREAD STUFFS
184
ug.
4 1933
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
2431 24% 2431 244 2431 2431
May
2334 2334
233 2334 24
23
July
RYE has responded to the ups and downs of wheat, with
almost photographic exactness, exhibiting no independent
features of itself in narrow and rather uninteresting
trading. On the 4th inst. the business was very small, and
for a time rye declined in sympathy with the lower prices
for wheat, but later as liquidation died down and covering
Increased there was something of a rally. On the 6th inst.
prices advanced 1 to 1%c., under the stimulus of the
bullish market for wheat and nervous covering by shorts
as well as more or less scattered buying. On the 7th inst.
prices were %c. lower, with wheat weaker. On the 8th inst.
prices rose %c. under the impetus imparted by the rise in
wheat, with a fair amount of covering and some other
buying. On the 9th inst,. prices simply moved with wheat
4
and closed 1 to %c. lower on light business. To-day prices
ended % to C. lower, in sympathy with other grain. Final
4c. higher than a week ago.
4
prices- are 1 to 11
1,732,000
,
' Total week 1933_ .'on nnn
„
"--- ---'- •"'''
GRAIN.,
Oats, New York
Wheat, New York2702734
No.2 red, c.i.f., domestic__ _67%
No. 2 white
26@2634
Manitoba No. 1 f.o.b. N.Y__5834
No.3 white
Rye No.2f.o.b.bondN.Y. 4231
I.
nom.
Corn, New YorkChicago No.2
No. 2 yellow, all rall
4034 Barley
No. 3 yellow, all rail
N.Y.. c.i.f.. domestic4531
4034
25@36
Chicago. cash
FLOUR.
$3.40®33.55
Spring pat. high protein $4.00 $4.20 Rye flour patents
3.90 Seminole. bbl., Nos. 1-3 4.2086 4 60
Spring patents
3.60
1.45
Clears first spring
3.70 Oats goods
3.50
Soft winter straights
3.20
1.0086 1.10
3.40 Corn flour
Hard winter straights_ 3.30
3.50
Hard winter patents
3.65 Barley goods
3.45
Coarse
Hard winter clears
2.3586
3.45
3.35
Fancy pearl Nos. 2,
Fancy Minn. patents- 5.00
5.70
City mills
4.1586 4.30
4 and 7
5.00
5.70
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for each
of the last three years:
Wheat.
Oats.
Corn.
Rye.
Barley.
bbls.1951bs. bush. 60 lbs.hush. 56 lbs. bush. 32 lbs. bush.581bs.bush.481bs.
Chicago
180,000
53,006
727,000
9,000
127,000
85,000
Minneapolis_
111,000
990,000,
94,000
47,000 138,000
Duluth
240,000
14,000
14,000
37.000
4,000
Milwaukee.__
6,000
2.000
39,000
65,000
1,000
85,000
20,000
Toledo
139,000
55,000
68,000
Detroit
8,000
30,000
10.000
9,000
10.000
Indianapolis_
57,000
188,000
307,000
St. Louis.... 122,000
235,000
321,000
6,000
333,000
44,000
Peoria
72,0001
48,000
259,000
12,000
13,000
Kansas City _ ..
614,0001
16,000
186,001
Omaha
153,000,
21,000
242,000
27,000,
St. Joseph.._
43,000
147,000
Wichita
139.000
8,000
17,006
Sioux City.
11,000
3,000
13,000
Total wk.1933
Same wk.1932
Same wk.1931
385,000 2,768,006 2,489,000
373,000 5,185,000 3,294,000
421,000 7,762,006 4,951,000
987,000
1,022,000
1,667,000
102,000
77,000
155,000
343,000
371,000
576,000
Since Aug.
1-1
1932
10,264,000222,157,000112,958,000 55,441,000 6,873,00025.678,000
1931
11,849,000214,263,000 72,933,000 43,042,000 4.359.000 22.192.000
11,918.000281,746,000114.118,000 73,100,00015,946,00036,272,000
1930
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Feb. 4 1933 follows:
Receipts at-
Flour. [ Wheat. I
Corn.
I
Oats.
Bye.
Barley.
bls.195lbs. bush.60 lbs. bush.56 lbs)bush. 32 Ibs.bush.1581bs.bush.48Ths.
134,000,
15,000
2,000
New York.. _
2,11 I
4,000
philadelphia29.000
57,000
Baltimore _ _ _
3,000
14,000,
24.000
4,000
3.000,
63,006
30,000
51,000
New Orleans; 45,000
Galveston...
21,000
8.000
8,000
Halifax
1
102,000
St. John
III
16,000
2,000
Boston
25.000i
230,000
W.St. John._
478,000
Total wk.1933 271,000
Since Jan.V33 1.277.000[_39,000
79,000
386,000
58,000
397.111
5,1 I 1
43,1 o I
0,000
93.000
1,000
77,000
. 296,0001 1,110,000
1.000
Week 1932.. _
657,000 574.000 279.000
401,000
Since Jan.1'32 1,798,0001 4.596,000
*Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Feb. 4 1933, are shown in the annexed
statement:
Oats.
Flour.
Corn.
Rye.
Barlett.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
5,571
856,000
262,000
24,000
32,000
1,000
71,000
17,000
2,000
120,000
6,000
8,000
8,000
11,000
35,000 307,000
4,000
25,000
230,000
•
102,000
New York
Albany
Boston
Philadelphia
Baltimore
Norfolk
Newport News
Halifax
New Orleans
Galveston
W.St. John
St. John
BARLEY has been quiet, but latterly firm, without, however, disclosing any really striking features. On the 4th
IBA. prices declined to a new low for May delivery, but
later, taking its cue from other grain, barley rallied and
4c.,
closed %c. higher. On the 6th inst. prices advanced 1
following the course of other grain, led by wheat. May
closed at 27c., on light trading. On the 7th inst. barley
was dull and unchanged. On the 8th inst. prices moved up
4c. on moderate buying for both sides of the account. On
1
4c. higher, at 27%c. To-day May
the 9th inst. May ended 1
closed at 27%c., or 1
4c. higher for the day, and 1%c. up
for the week.
Closing qusdations were as follows:
Flour.
Wheat.
Exportsfrom-
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
3334 3434 3434 3534 3431 34
3
32% 33% 3334 3434 3434 34
July
Season's High and When Made. I Season's Low and When Made.
3031 Nov 1 1932
4231 Aug. 10 1932 May
May
Dec •28 1932
31
July
3831 Oct. 15 1932 July
Receipts at-
1049
Financial Chronicle
Volume 136
324,000
IAnun
17,000
53.571
A,001
0 000
The destinat'on of these exports for the week and since
July 1 1932 is as below:
I
Flour.
Exports for Week
and Since
July 1 to--
Week
Feb. 4
1933.
Since
July 1
1932.
Wheat.
Week
Feb. 4
1933.
Since
July 1
1932.
Corn.
Week.
Feb. 4
1933.
Since
July 1
1932.
Bushels. Bushels. Bushels.
Bushels.
Barrels. Barrels.
592,000
334,000 41,922,000 145,000
United Kingdom.. 31,895 1,244,556
527,376 1,309,000 61.802.000 179,000 3,333,000
8,676
Continent
2,000
83,000 9,428,000
80,000
So. & Cent. Amer. 2,000
34,000
114,000
2,000
316,000
10,000
West Indies
5,000
2,000
38,000
Brit. No. Am.Col. 1,000
1,000
478.000
4,000
118,466
_.•__
Other countries.
53,571 2,324,398 1,732,000 113.746,000 324,000 3,967,000
ir Total 1933
89.000
16.000
Al 1101 3 557 983 1.780 000 103.459.000
......r.1 1029
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Feb. 4, were as follows:
United StatesBoston
New York
" afloat
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
wiehita
Hutchinson
St. Joseph
Kansas CRY
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
.
Ch19ago
afloat
Milwaukee
"
afloat
Minneapolis
Duluth
Detroit
Buffalo
" afloat
GRAIN STOCKS.
Barley,
Rye,
Oats,
Corn,
Wheat,
bush.
bush.
bush,
bush,
bush.
1,000
9,000
18,000
4,000
26,000
415,000
297,000
179,000
2,000
5,000
45,000
44,000
816,000
3,000
2,000
17,000
58,000
604,000
6,000
177,000
478,000
84,000
18,000
754,000
81,000
4,000
937,000
83,000
4,555.000
2,151,000
9,000
5,682,000
460,000
4,778,000 1,061,000
88,000
33,000
201,000
762,000
38,469,000
33,000
65,000
15,697,000 1,892,000 1.648,000
26,000
6,000
155,000
230,000
1,450,000
10,000
7,000
534,000
4,352,000 2,258,000
611,000
635,000 1,838,000
534.000
9,000
11,000
505,000
11,594,000 11,123,000 3,720,000 1,168,000
498,000
272,000
231.000
703,000
91,000
819,000
1,616,000
5,691,000
138,000
353,000
80,000
970.000 10,118.000 3,685,000 5,314,000
24,997,000
935,000
217,000 2,818,000 1,500,000
14.792,000
30,000
25,000
26.000
.14,000
195,000
329,000
563,000
1,716,000
6,944,000 7,057,000
598,000
113,000
890.000
6,211,000
Total Feb. 4 1933_151,138,000 31,819,000 24,621,000 7,908,000 8,688,000
8,676.000
Total Jan. 28 1933......153,694,000 31,650,000 24,424,000 7,896,000 4,000,000
Total Feb. 6 1932...203,846,000 14,308,000 16,109,000 9.326,000
not included above. Wheat, New York. 700.000 bushels;
-Bonded grain
Note.
New York afloat, 525.000: Philadelphia. 212,000: Boston, 1.227,000: Buffalo.
2,424,000; Buffalo afloat, 4,719,000: Duluth, 2,000: Duluth afloat, 733,000; total,
10,542,000 bushels, against 20,270,000 bushels in 1932.
Barley,
Oats,
Corn,
Wheat,
bush.
bush.
bush.
bush.
bush,
Canadian436,000
858.000
474,000
1,986,000
Montreal
1,024,000 1,774,000 1,218.000
Ft. William & Pt. Arthur_61.196,000
736,000 1,113,000
2,903,000
37,997,000
Other Canadian
4,401,000 3,368,000 2,767,000
Feb. 4 1933_ _101,179.000
Total
4,615,000 3,360,000 2,698,000
Total Jan. 28 1933.. _100,207.000
6,290,000 8,660.000 4,524,000
62,135,000
Total Feb. 6 1932_
Summary
151,138,000 31,819,000 24,621,000 7,908.000 8,688.000
American
4,401,000 3,368,000 2,767,000
101,179,000
Canadian
Total Feb. 4 1933_252,317,000 31,819,000 29,022,000 11,276,000 11,455,000
Total Jan. 28 1933......253,901,000 31,650,000 29,039,000 11,256,000 11,374,000
Total Feb. 6 1932-265,981,000 14,308,000 22,399,000 17,988.000 8,524,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Feb. 3, and since July 2 1932 and July 1 1931,
are shown in the following:
Corn.
Wheat.
Exports.
Week
Feb. 3
1933.
Since
July 1
1932.
Since
July 1
1931.
Week
Feb. 3
1933.
&nee
July 1
1932.
Since
July 1
1931.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
58,000 4.344,000 1,653,000
North Amer., 4,658,000204,226,000203,194,000
1,412,000 40,523,000 15,595,080
Black Sea....72.000F 18,472,000104,240,
3,438,000 38,781,000 58,974,000 3,182,000 141,711,000 268,283.000
Argentina
Australia _ 5,193,000 73,210,000 79,710.000
600,000
India
0th. countr's 480,000 20,125,000 22,750,000 595.000 21,512,000 15,249,000
Total
13,841,000354,814,000467,465,000 5,247,000208,090,000 298,780.000
WEATHER REPORT FOR THE WEEK ENDED
FEB. 8.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Feb. 8, follows:
Following more than a month of unusually settled weather, with abnorma
warmth in central and eastern portions of the country, the week just closed
brought a decided reaction to severely wintry conditions, with rapid and
abrupt changes in temperature. Early in the week a well-developed "low"
moved from the central Rocky Mountain area northeastward across the
western Lake region, attended by precipitation over practically all sections
from the Mississippi Valley eastward and followed by a sharp drop in
temperature. The middle part of the week was characterized by great
contrasts in temperatures in the Northern States,and at the close a severely
cold wave had overspread the Northwest. with minimum temperatures
from 20 degrees to more than 30 degrees below zero in the northern Great
Plains, and 10 degrees to 12 degrees below as far south as northern Kansas
and central Iowa
1050
Financial Chronicle
The table on page 2 shows that the weekly mean temperatures ranged
from about normal to around 6 degrees above normal east of the Mississippi
River and over the west Gulf area. The abnormally cold weather the latter
part of the week was overbalanced by the high temperatures the first
part in most of these sections. The greatest plus departures from normal
occurred in the Northeast and Gulf coast sections. In the northern Great
Plains and rather generally from the Rocky Mountains westward, the
period was decidedly cold, the latter part being extremely so. In these
sections the weekly mean temperatures ranged from about 6 degrees to
16 or 18 degrees below normal, the greatest minus departures obtaining
in the central Rocky Mountain area and Great Basin. The far Northeast
and Pacific Coast districts had more moderate temperatures, with the
average deficiencies most 1 degree or 2 degrees.
In the East, freezing temperatures were reported from first-oraer stations as far south as Thomasville, Ga., and Montgomery, Ala. In the
Ohio Valley, minimum temperatures ranged from 2 degrees to 10 degrees
above zero. Over the western half of the country, except the extreme south
and the extreme west, sub-zero temperatures were general, extending as
far south as Oklahoma. 2 degrees below, and Amarillo, Tex., 6 degrees
below. On the morning of the 7th inst. nearly one-half of the entire United
States was experiencing temperatures below zero. The lowest reported from
a first-order station was —36 degrees at Miles City, Mont., and Bismarck,
N. D., but many co-operative stations had lower temperatures. At Moran,
Wyo.,a reading of 55 degrees below zero was reported.
The table shows also that precipitation was fairly heavy along the Gulf
coast, ar d that moderate amounts occurred in most other sections east of
the Mississippi River. Beneficial falls were experienced in the lower Rio
Grande Valley, but the weekly totals were generally light to moderate
in the north-central area, the Great Plains, and in more western districts.
Practically no precipitation occurred over a large area of the Southwest.
Except in a few sections, seasonal outside operations on farms are now
largely at a standstill. In the warmer Southern States, the oil in many
fields continues too wet to plow, and this is the case also in much of the
Ohio Valley and Middle Atlantic area. A little plowing was accomplished
in drier sections of the South, but a good many places report seasonal
work backward. Most of the week was favorable for growth of winter
crops in the more southern States, and, at the close no widespread frost
damage had yet occurred, though some scattered frost was reported as far
south as northern Florida. Many fruit buds and blooms in southern sections are in precarious condition in case of a hard freeze.
The severe cold in most of the West and the Northwest is especially
hard on livestock, and heavy feeding is general, with some reports of losses.
At the close of the week, the cold wave had overspread much of the Wheat
Belt, and snow covering was mostly scanty, though snow was still falling
in considerable sections. High winds were again detrimental in the dry
western portions of the belt, and wheat shows further deterioration. In
the far Northwest, snow early in the week was decidedly favorable for
winter grains, but in California the continued cool weather retarded plant
growth. Seasonal work is backward in most Pacific sections.
SMALL GRAINS.—Winter cereals made good progress during the week,
with condition good to excellent, from the central and east Gulf States
northeastward. In the Ohio Valley the weather was slightly detrimental
for winter wheat, with more widespread reports of unfavorable freezing
and thawing. In Texas winter grains are improved and are generally in
good condition, but in Oklahoma they are poor to only fair, with no improvement and some damage by soil blowing. In the western third of Kansas
wheat continues to deteriorate due to high winds and dust storms, but in
eastern part it greened up somewhat, with much showing above ground.the
The severe cold wave which overspread the western half of the Wheat
Belt at the close of the week brought sub-zero temperatures on the morning
of the 7th inst. to central Oklahoma and northwestern Texas. In Missouri
and locally in eastern Kansas snow preceded the cold weather while to
the eastward snow was falling at the close of the week, with reports of an
ample cover in the western Ohio Valley. From the western Lake region
westward the snow cover is variable, with ample protection only in parts.
From the central Rocky Mountain region northwestward most
fairly well protected, especially in the PaLific Northwest; cold wheat is
weather
retarded growth in California.
THE DRY GOODS TRADE
New York, Friday Night, Feb. 10 1933.
The unceremonious appearance of a continent-sweeping
cold wave brought a sharp upturn in retail activity during
the past few days, a sudden fall from spring temperatures
to the neighborhood of zero, in the course of a few hours,
bringing the public into the stores for heavier clothing in
general, in a fairly large way. It is hoped that the brisk
demand now in evidence will go far toward cleaning out
retail stocks and make for a more auspicious opening of
Spring offerings at retail than recently seemed possible.
It is pointed out that stocks of winter goods in retail channels are by no means heavy, and only a relatively short
period of the present chill temperatures might easily wipe
out supplies in a good many sources. Coincident with the
better call for clothing, household textiles have also been
selling better as the public has responded to promotions of
such goods by retailers. With stocks of winter offerings
in wholesale channels very low, it is supposed that retailers
may have to lose some business for which they may be
unable to restock, mills being cited as reluctant to turn
again to the manufacture of heavy fabrics even if orders
were placed sufficiently in advance to enable them to produce and forward the goods in time. A strengthening tone
In print cloths, following upon the stabilization witnessed
In the previous 10 days or so, has had a constructive effect
on the textile trade as a whole. The recent stubborn resistance of print cloth sellers to buyers' persistent attempts to
undermine prices bore fruit during the past few days in a
more confident demand from buyers, whose taking, during
this period, of substantial quantities of gray goods at rising
quotations appears to confirm the truth of the contention
that buyers are in actual immediate need of goods and have
only to be convinced of the stability of the market to come
In and buy.
However, the sum total of dry goods moved to date is
still much smaller than that for the corresponding period
of last year, and jobbers and wholesalers are reported
to
be determined to keep stocks very low until more definite
indications of improvement appear in the general situation.
There is as yet no reliable evidence of what trend industrial
activity will take in the course of the next two months,
which will almost certainly prove a very significant period.
It is hoped that some measure of seasonal business improvement will materialize irrespective of further possible delays in putting through desirable political adjustments at
Washington, but such adjustments are still regarded as the
essential prerequisite of sustained economic improvement
during the present year. and are accordingly being anxiously
avvniteel. There is obviously much weight to the argument
that business in general will tend still to wait. in cominr
Feb. 11 1933
weeks, for a cue from Washington. Meanwhile the producing end of the rayons division continues to operate at capacity and intends to sustain that rate through March, with
the usual spring curtailment of production likely to begin
In April. The rayon dress goods trade, it develops, has been
hit only moderately by the current labor stoppage, which
Involves the cheaper types of dresses mostly, a large proportion of currently moving all-rayon fabrics being made
up into medium and higher priced garments. Keen competition is a feature in the primary silk goods trade, especially between manufacturers of flat crepes. A larger volume of these fabrics is changing hands, but at profit margins which have in a great many cases been reduced practically to the vanishing point. Other lines of silks continue mostly dull, though prints and heavy novelties are
fairly well bought in some directions. Spring buying of
floor coverings is getting under way, a large number of
buyers having visited local markets recently and placed
orders covering deliveries up to the first of April.
DOMESTIC COTTON GOODS.—Cotton goods markets
experienced a decided improvement this week, centering in
the gray goods market, where substantial quantities of
goods were ordered at rising prices. It has been assumed
for some time in markets for gray goods that buyers needed
goods badly enough to come into the market for them
without delay if only they could be confident that the
figure at which they purchased would not be undersold
immediately thereafter. By maintaining values more or
less intact during the past fortnight, even when business
was lagging, sellers laid the foundation for such confidence,
and proved their case. Broadcloths and some fine combed
goods are reported to have sold in a substantially better
way, as well as print cloths. Estimates, characterized as
conservative, placed sales of print cloths during the week
at somewhat in excess of half a million pieces. A larger
proportion of this business, moreover, is said to have been
transacted at higher prices than ruled at the opening of the
new week. A great part of February production of these
fabrics has accordingly been accounted for, with a number
of mills reported completely sold ahead for that month, and
a number of others for a substantial part of it. There
seems to be no immediate danger of further important
pressure trona superabundant spot offerings, and this should
do much to keep the market on an upward trend during
the next few weeks. A decidedly better disposition on the
part of buyers to book further ahead is perhaps partly
due to the decidedly greater reluctance of sellers to take
such business at current prices. Narrow sheetings are
reported to have sold in some millions of yards at prices
which were not always available for publication, but it is
'noteworthy that the whole market is now quoting, and in
some instances already openly getting, slight premiums
in price over the quotations which recently ruled. Carded
broadcloths experienced more activity on the lower counts.
Favored types of fine goods continued the recipients
of a
moderate demand, which is largely for spot or nearby shipment, and involves no upward revision of prices.
while large contract orders have been very few However,
and
between, fine goods mills have little in the way of far
stock
accumulations, and are accordingly in a good
position to
resist pressure for further concessions. Print cloths 27-inc
h
64x60's constructions are quoted at 2 3 16c., and
/
28-inch
64x60's at 2 5/16c. Gray goods 39
-inch 68x72's constructions
are quoted at 31
7fic.. and 39-inch 80x80's at 41 ,@4%c.
/
WOOLEN GOODS.—While woolens and
worsteds are
going into consumption at a decidedly accelerated
retail, at present. as a result of the buying spurt rate at
released
by the advent of very cold weather, no such
constructive
change has as yet been witnessed in primary
markets,
where current demand for all types of men's
wear fabrics
is reported as down to a point where it is
compelling
tailment of production. Yet the feeling is reported curto be
persisting that only a small proportion of spring
ordering
has been accomplished and that the next six
or
will witness a brisk business in goods which eight weeks
should have
got under way much sooner. It is pointed
out by sellers
that retailers. notwithstanding relatively
slow day-to-day
business, have continued to move garments
tion in a steady stream. and that retailers into consumpno less than mills have only the smallestand wholesalers
of
hand, these being considerably smaller than supplies on
time last year. Meanwhile the demand for at the same
goods is increasing, enabling many mills to women's wear
keep
unreduced schedules for a time until men's wear going at
buying has
developed.
FOREIGN DRY GOODS.—There is no special
feature in
the present market for linen fabrics, there being scattered
ordering of dress goods and suitings. mostly restricted to
sample lots, and a condition of continued quiet in household lines, except for certain popular novelties which are
still selling well. The price basis is. however, firm, with
prospects of further advances in reflection of reduced supplies of flax abroad and the consistent strength in continental markets. Belfast has not yet had any success in
getting higher prices, but hopes for better luck once spring'
business improves, it ih reported. An easier trend in Calcutta cables was offset, in its effect upon local burlap
markets, by higher sterling, so that spot prices have held
firm, though futures have receded moderately. Sales continued limited to small lots. Light weights are quoted at
3.05c., and heavies at 4.30e.
Volume 136
Financial Chronicle
,*taitz an Txtg pepartnunt
MUNICIPAL BOND SALES IN JANUARY.
We present herewith our detailed list of the municipal
bond issues put out during the month of January, which
the crowded condition of our columns prevented our publishing at the usual time.
The review of the month's sales was given on page 871
of the "Chronicle" of Feb. 4. Since then several belated
January returns have been received, changing the total
for the month to $35,945,630. This figure does not include
Reconstruction Finance Corporation loans actually made or
committed to States and municipalities during January in
the amount of $53,273,816. The number of mumcipalities
issuing bonds in January was 120 and the number of separate
issues 138.
Name.
Page.
Rate. Maturity. Amount.
692__Alameda County Calif__334 1936-1938 1500.000
692-Allen County, Ohio
6
1934-1938
29,000
692-Alpine Sch. Dist., Utah_ _5
1-5 yrs. r180,000
, N. Y
440 1934-1938
62.000
353-Belmont County. Ohio_ _6
1933-1935 160,000
874_ _Belzoni,Miss
6
r17,000
522-Bethlehem, Conn
414 1934-1943
43,000
692_ _Bethlehem, Pa
314 1934-1945 816,000
692„Bethlehem, Pa
314 1946-1949 272,000
353_ _ Big Falls, Minn
4,000
4il 1937-1944
353_ _Boyle, Miss
r7,000
6
522_ _ Braham, Minn
5
1933-1940
1,500
353-Broadwater, Nob
534
191--Buffalo, N.Y
3.10 1936-1937 3,000.000
692-Butler County, Ohio_ --434 1934-1940 162.000
874- _Butler, Co., Ohio
6,120
534 1934-1943
-r10,000
523-Clarks Summit,Pa
25,000
414 1937-1945
693-..Columbus, Ohio
94,951
434 1935-1944
523-_Cortlandt, N. Y
73.087
434 1934-1952
354-Covington,Ky
434 1933-1942
75,000
354_ _Crawford County, Ohio -454 1934-1938
48,000
875__Dallas Co.,Iowa
1938-1941
13,000
5
693..,,Defiance, Ohio
6
1934-1942
r40,000
523-Denver (City and County)
Colo
1933-1943 d60,000
5
Moines Ind. School
693--Des
District. Iowa
434 1944-1953 120,000
693-Des Moines Ind. School
District, Iowa
414 1940-1942 r50,000
875-Des Moines,Iowa
434 1934-1947 188,324
523_Dubois Count Ind
Dubois
434 1934-1938
4,200
875-Dunldrk, N. Y
534 1934-1943 152,000
354--Du Page County,Ill
5
1934-1943 150,000
523_ _Elkhart County, Ind_ _ -..5
50,000
1934-1938
875- _Emerson. Nob
534 1943-1947
r5.000
696--Enfield, Conn
434 1935-1941
70,000
355_ _Essex County,N.Y-----3% 1935-1938 200.000
693.. Evanston School District
No. 75, Ill
534
r26.000
1943
693-Fergus Co. Sch District
No, 1, Mont
1934-1943
10,000
6
876--Fountain. Colo
1940-1951
r13.000
5
876-Gallia County, Ohio
434 1934-1938
12,000
192_ _ Geneva, N. Y
20.000
434 1934-195.3
524_ _ Gloucester. Mass
75,000
334 1934-1948
876-_Grand Prairie Ind. S. D.,
Tex
1-25 yrs.
5
17.500
355_ Harrison, N. Y1935-1942
Harrison,
33.000
192_ _ Hempstead. N. Y
lt1 1938-1972 500.000
694- _Hillside Township, N.J- 6
.
r5,000
355--Hornedale S. D., Idaho_
6,700
694_ Hood River, Ore
Hood
r59,000
5
876-Ironton, Ohio
1934-1942
6
r9.000
876--Jackson County. Ohlo
434 1934-1938
24,000
356_ _Jackson County, Okla---6
r17,850
524- _Johnstown. Pa
434 1933-1937 205.000
356-_Kane County, III
5
250,000
876-- Kansas City. Ran
434
1-10 yrs.
24,8.32
876- _Kansas City, Kan
4
1-10 yrs
19,479
Habra, C
694- _La H
Oat!
534
1962
100.000
,524-- Lake Charles, La
6
29,000
876-Lake County,Ind
1941-1943 r205,000
876--Lake George, N.Y
4.90 1934-1938
10,000
356-Lake Placid, N. Y
5.10 1933-1949
37,500
524--Lawrence, N. Y
434 1938-1958 265.000
356_ _Lawrence County, Ohio_ -434 1934-1938
46,400
356-Leonard School District
No.9, N. Dak
6
1934
4.000
193_ _Logan, Utah
5
r40,000
193- _ Los Angeles. Calif
434 1934-1973 2,000,000
524-Louisiana (State of)
534 1934-1953 5.000,000
524--Lower Saucon S. D.,Pa...4
1943-1963
45,000
524_ _Lynbrook. N. Y
4.40 1933-1937
27.000
1395_ _Macon County, Ill
5
1934-1938 175.000
877-Madison County, Ill
400,000
877_ _massilion, Ohio (3 1=0_ _6
21,000
525_ _Medina, Ohio (2 las.)._ _534 1933-1937
8.460
877-MilleravUle Pa
4
1934-1945
12.000
695_ _Minneapolis, Minn
334 1934-1938 300,000
357...Missis8ippi (State of)._ _ _ _
581,000
194_ _Monroe County, N.Y..__334 1934-1938 200.000
877-_Morgan City, Lo
6
1-15 yrs.
175,000
357 ..Mount Pleasant Ind. Sch.
District. Iowa
414
25,000
194-Multnomah County,Ore_6
1939-1948 500.000
194-New Castle, Pa
434 1942-1952
60,000
525-New Hyde Park,N.Y_ - _5AO 1934-1938
5,500
357-Newport, S. U. Del__ -6
1934-1952
19,000
878-New York, N.Y
4341 On or be- 16,000,000
878__New York, N.Y
4 j fore 1943 I 334.000
1935-1938
696-Norwood, Ohio
6
7,000
1396_0gden, Utah
434 1938-1943 110.000
434 1936-1965
878-_Oyster Bay, N.Y
30,000
1934-1943
526-Ouachita Co., Ark
55.000
5
4
1934-1949
696-Pine Island, Minn
r8.000
434 1934-1953 100.000
8'78 Plymouth, Conn
5
696--Pocahontas Co., Iowa
28,500
1937-1949 100,000
858-Port Jervis, N. Y.(2 las.)5
334 1943-1958 250.000
879--Radnor Twp ,Pa
8,000
526- _Raymond, Neb
120,000
879--Richland County, Ill
434 1935-1941 200,000
359-Rock Co., Wis
5
1935-1944 300,000
859-Rock Island Co., III
359__Rockville Centre, N. Y 4.40 19384962 125,000
1933-1936 100,000
3
859--Rome, N.17
359-Saddle River Twp., N. J.- 1933-1962 163,000
_ _ . Clair Co.,Ill
1936-1045 500,000
4
1940-1947
60,000
696-St. Lawrence Co., N. Y-4
359-San Francisco (City &
County), Calif
4
1937-1947 1,890,000
859-San Francisco (City &
5
1936-1937 270.000
County). Calif
5
1934-1938
879-Baranac Ioke, N. Y
8,000
1934-1943
527-Saulte Ste. Merle, Mich-15
20,000
Price. Basis.
100.01
3.24
100.25 5.90
100
5.00
100.06 4.38
100
100.004
100.004
100
4.50
3.64
3.64
4.25
1051
Page.
Name,
Rate.
527-Scott Co.. Iowa
5
879
-Seneca County, °Mo....4W
697--Spokane Co., Wash
51i
879 .Stuttgart. Ark
359.-Suffolk Co. N. Y
2.60
527„Suffolk Co., N. Y
334
697-Syracuse, N.Y.(3 iss.)-3.40
697-3yracuse, N. Y
3.40
879„Tuckahoe, N. Y
5
880-Utica, N.Y. 6 issues)-3.40
(
698_ _Vandal's, Mo
534
880_ _Veblen Ind.S. D.,S.Dak -698.._Vermilion Co.• 1.11
6
880-Versailles, Ohio
6
880__Walworth Co., Wis
5
880.. WebsterCounty, Iowa 5
360_ _West Caldwell,lc J
6
196_ _Westchester Co., N.Y
3.70
698- _West Haven, Conn
434
698.. Winnebago Co. 111
5
368._Woodridge, N. J
6
528_ _Ypsilanti, Mich
434
Maturity. Amount. Price. Basis.
1948-1952 160.000 100
5.
1934-1938
25,000 100.10 4.
1935-1953 500.000 100
5.50
6.000 100
1935
150,000 100.03 IY,4
1934-1953 250,000 100.11
8.74
1934-1953r2,240,000 100.02 3.39
1934-1938 1.800,000 100.02 3.39
12,000 100
5.00
1934-1953 569,127 100.15 3.36
1-15 yrs.
16,500 100
5.50
1936-1953 r28,500
1935-1937
90,000 100
6.00
1-10 yrs.
6,000 100
6.00
1936-1942 250,000 101
4.82
1935-1943
13,000
1933-1942 120,000 99.25 6.16
1934-1938 250.000 100.02 3.69
1934-1943
50,000 102.04 4.06
1935-1939 200.000 98.12 5.75
1933-1953
76,000 100
6.00
1934-1938
8,500 100
4.50
Total bonded sales for January (120 municipalities, covering 138 separate issues)-435,945.630
d Subject to call in and during the earlier years and to mature in the
latter years. k Not including $97,293,039 temporary loans or $53,273.816
Reconstruction Finance Corporation municipal loans. r Refunding bonds.
The following items included in our totals for previous •
months should be eliminated from the same. We give the
page number of the issue of our paper in which reasons
for these eliminations may be found.
103.33
4.21
Page.
Name.
523 _Carbon County, Utah (December)
693-_Clay County, Iowa (December)
524. _La Salle County, Ill. (December)
527--Springfield, Mo.(December)
100.07
100.16
100.24
3.08
4.46
5.45
We have also learned of the following additional sales
for previous months:
100.64
100.58
96.82
100.08
100
100
4.39
4.43
5.44
4.47
5.00
6.00
100
5.00
100.54
4.45
100.90
100.18
102.46
4.36
4.48
3.62
97.26
100.01
100
101.03
100.09
5.59
4.99
5.50
4.01
3.47
100
6.00
100.25
100.89
102.06
4.68
4.39
3.20
100
100
101.59
5.00
4.50
4.38
100
100
100.43
100
100.03
99.46
102
101
100.33
100
100
100
100
100.14
100.35
5.00
6.00
4.60
6.00
4.49
100
- ---100.7790.82
105.80
100
100.25
98.26
100
100
101.03
100.05
96
100.31
100
100.08
100
103.16
100.06
100
3.85
3.78
5.48
6.00
Via
Amount.
310,000
45,000
250,000
275,000
Page. .
Name.
Rate, Maturity. Amount.
Price. Basis.
522_ _Beachwood,Ohio(Oct.'32)6
1934-1942 r$18,684 100
6.00
522- _Botkins, Ohio(Aug.1932)6
1933-1937
2.120 100
6.00
353_ _Brilliant, Ohio (Sept.'32) 6
1934-1938
r5,000 100
6.00
354_ _Butte Falls,Ore.(Sept.'32)6
1934-1952
9,500 100
6.00
354__Castleton, N. y
6
1933-1942
10,000 102.10 5.54
191- _Charlevoix, Mich. (Mar.
1932)
6
2-10 yrs.
11,000 100
6.00
523- _Chisholm,Minn.(Aug.'32)6
20,000
354_ _Cuyahoga Falls, Ohio
(Nov. 1932)
6
1934-1939 r25.304 100
6.00
192_-Deal, N.J.(May 1932) 6
1933-1948 240,000 99
6.20
354-East Grand Rapids,Mich.
(Oct. 1932)
6
1935-1942 r140.800 100
6.00
192_ _Floyd County,Iowa
5
1945
21,000
358._Gerry, N.Y.(Aug. 1932)6
1933-1942
20,000 100
6.00
524__Grand Rapids az Kent
Twp, S. D. No. 3,
Mich. (May 1932)___6
1933-1940 r16.000 100
6.00
694-Harlovrton, Mont. (Aug.
1932)
5
5-10 3T8.
d5,000 100
5.00
356-Huntington Woods, Ohio
(Aug. 1932)
6
1935-1943
r9.000
193_ _Johnson County,Tex
-6
r2,997
193_ KnoxCo., Ohio (July'32)6
1934-1938
20,000
694_ _La Salle County, Ill
5
1936-1945 540.000 95.50 5.72
525_ _Marion County,Ind
6
1934
6.345 100
6.00
193__Marshall Co. Sup. Dist.
No, 3, Miss
6
1933-1957
6.00
12,500 100
525- _Midland, Mich.(May'32)6
1933-1935
1.093 100
6.00
525_ _Montgomery Co., Ohio
(Sept. 1932)
6
1933-1952 r120,000 100
6.00
695-Morr1sville S. D., Pa.
(Nov. 1932)
434 1933-1942
20,000 100
4.75
195_ -Point Pleasant Beach,N.J _
73.000
526_ Richland Co., Ohio (2 iss.
June 1932)
6
1933-1937
6.00
86.408 100
195._ Rush Co.,Ind.(Nov.'32)6
1934-1938
10,965 100
6.00
195_ Shelton, Wash
20,000
359_ Spencer, Iowa
1934-1943
64,489 100
5
5.00
527_ Travis County, Tex
----30 Years
38 000 100
.
196_ _ Vernal, Utah
50,000
434
360_ _Warren, Ohio (Oct. 1932)6
r161,075 100
6.00
360_Warren,Ohio Oct. 1932)6
13,4346.00
196 Will County, 11
1934-1943 249.000 98.57
5
.
All of the above sales (except as indicated) are for December. Theca
additional December issues will make the total sales (not including temporary loans) for that month $116,657,471.
5.10
4.24
4.63
No United States Possession bonds were issued during
January.
6.00
--4.11
6.58
4.07
4.40
4.90
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
JANUARY.
Page.
Name,
Rate. Maturity. Amount.
Price. Basis.
880-British Columbia (Prov.
of)
534
1945 84,000.000
645
148._Calgary, Alta.(temporary
loan)
1,800.000
880--Colborne, Ont
6
1-20 yrs.
15,000 96.50 6.47
880_ _Lanark County, Ont_ _ _ _6
1-10 yrs.
6,000 101
5.78
698_ Lincoln County, Ont_ - _5
10 yrs. 251,000 101.91
5.25
698 _Ontario (Province of)___ _4
-Ontario
6.000,000 100.09 4.49
1938
698„Preston, Ont
1-20 yrs.
57,000
360_ Quebec (Province of)_ _ _ _434
9,000,000 *97.19 4.67Aii
1963
196_ _Stirling, Ont
30 yrs.
18,400 100.75 5.95
6
698._ Vancouver, B. C. (temporary loan)
2,500,000
880 -Verdun, Quo
534 1-40 yrs.
167,000 101.57 5-36
Total oflong-term Canadian debentures sold in
January
319,514,400
*Canadian funds.
1.56
5.50
3.81
3.48
73:6
.
6.00
-7156
6
3.98
5.37
6.00
100
100
100.44
100
100
103.60
Iiiii
105.30
102.59
4.38
3.30
100
97.44
100.25
100.18
100.40
_ __ _
96.05
100.45
5.65
3.95
4.50
4.46
5.00
4.00
4.05
4.96
4.38
2.83
100.003 4.08
100.003 4.06
5.00
100
100
5.01)
NEWS ITEMS
Connecticut.
-Changes in List of Legal Investments for
Savings Banks.
-In a bulletin issued on Feb. 3 (No. 3) the
State Bank Commissioner announced the following changes
in the list of securities considered legal investments for
savings banks in this State:
Additions.
Providence Gas Co., first 4s. 1963.
Union Electric Light & Power Co., general mortgage 434s, 1957.
Deductions.
Elgin Joliet & Eastern Railway 55, 1941.
Amarillo, Texas,
Baltimore, Maryland,
Louisville, Kentucky,
Decatur, Ala.
-Protective Committee Announces Interest
Payment on Defaulted Bonds.
-The Bondholders' Protective
Committee recently formed for the defaulted bonds of
1052
Financial Chronicle
520, issued
Decatur, Albany and New Decatur—V. 136, P.
00 was
a notice to the bondholders on Feb. 4 that over $30,0 above
on the
available for the payment of certain interest payment is a
bonds. Accompanying the notice of interest
t situation
statement by the Committee, outlining the defaul
securities at
and urging the bondholders to present their satisfactorily
once if they are desirous of having the matter ents read as
concluded as soon as possible. The statem
follows:
Feb. 11 1933
idation.—
Kansas.—Legislative Bill Proposes County Consol
" of
A dispatch from Topeka to the "United States Daily ing
Jan. 12 reports as follows on a proposed measure provid
for the consolidation of counties in the State:
ture
Legisla
A county consolidation bill for consideration by the 1933
who said
has been prepared oy the State's Attorney, Roland Boynton, counties
of
he believed if the Legislature did not want to direct consolidationthe joining
desire to make provision for
by statute, the members might
of two or more counties through vote of the electors.
Commissioners
The bill would make it mandatory for the Board of County
dating the
to call a special election to vote on the proposition of consoli
such action
county with one or more other counties when a petition for
The con25% of the electors of the county. received a
has been signed by at least
l
solidation would become effective immediately if the proposa election in
le vote ay a majority of the voters participating in the
favorab
each of the counties involved.
would give the
Under the bill, the county having the largest population
officers remain in
new county its name, retain the county seat and its of the consolidated
ioners
office for the remainder of their terms. Commiss
s.
unneces
county would be authorized to dispose ofover all sary building and other
debts, bonds
The consolidated county would take
and State Senatorial
obligations of the counties involved. Congressional precincts would not
districts, school districts, townships and election
be changed until rearranged by law.
Notice to Owners of the Above Bonds.
s of this Committee and
Pursuant to an agreement between the member
ed in a resolution
Council of Decatur, Alabama, embodi Council, certain
the Mayor and
adopted by the City
drafted by this Committee and t of interest coupons on the above bonds
revenues were pledged to the paymen
separate bank accounts promptly as
and were ordered segregated in
collected.
that these segregated funds now
This Committee is glad to announce to pay all coupons which matured
nt
aggregate over $30,000, a sum sufficie
prior to Oct. 1 1932.
have been collected and the proceeds
All such coupons on deposited bondsbondholders.
ing
paid by the Committee to deposit
al
February from these special accou nts
It is expected that collections during payment of additional coupons•
Methods for Dealing with Defaults on Illinois Speci ed
permit
will produce sufficient funds to heretofore or hereafter deposited will have
Assessment Bonds.—The following statement, prepargo
Matured coupons on all bonds
has been
tee. The time for deposit
by Austin L. Wyman of Cummings & Wyman, Chica
the prompt attention of this Commit
Bondextended to March 15 1933.
bond attorneys, who are counsel for the BlanchardAssessDecatur Bondholders Committee,
l
By Rucker, Agee, Chairman.
holders' Protective Committees for Illinois Specia defaults
To Holders of the Above Bonds.
ment Bonds, discusses the methods for dealing with causes
ng the payment of certain interest
es
Find enclosed an announcement regardi
on that type of municipal obligation and outlinthethe
the above bonds.
on
remedies
s of this Committee are assoBecause the houses with which the member active handling of Alabama
of default on special assessment bonds and
the
in
ciated have specialized for many years
of these houses
which are open to the holders: .
because many customers and friends holders of submunicipal bonds,
ee.
bonds, and because
Special Assessment Bondholders' Committ
now hold large amounts of the above ed it, the undersigned agreed to act
of defaulted special assessment
stantial amounts of the bonds request bondholders.
Protective committees for the holders The necessity for such a comnting the above
ion.
as a Committee, represe most unsatisfactory and unhealthy, with large
bonds are a relatively new institut Illinois, at least, the difficulties surinadequate
The present situation is
mittee has long been apparent, but in
ent bondholders' rights have
sinking funds and with grossly
short term maturities without t of interest. The members of this Comrounding the enforcement of special assessm ees in many municipalities
revenues for even the paymen
hitherto deterred the organization of committand to date the only organiultimately, principal of and
to
hope the city can be caused Thepay
been a definite need for them, the bondholders of special
not propose to
mittee
where there has
Committees does
in full.
Interest on, all of its bondsunless revenues are provided which may reasonzation which has made any attempt to protect
areas generally has been the Blanchaccept any refunding bonds
assessment bonds in suburban Chicagohas been familiar with the operations
expected pay the bonds. .has not been as large as was expected
ably be
ard committee. The public generally
deposited
t cases has been impatient at
holdings
The amount of bonds
of bondholders' committees, and in frequenled to believe would follow the
people with rather substantial
by the Committee. Even someCommittee to interest themselves in this
the delay in producing results, which it was ee.
members of this
who asked the
depositing of its bonds with such a committ ders' committees generally
have not deposited their bonds.
matter on behalf of bondholderswill sympathize with the position of the
Because of the antagonism toward bondhol
reason for unified action
We trust that bondholders best we cannot hope for better than a hard
that has developed, a proper understanding of the ry.
matter. At
Committee in this
n. We all
in special assessment bond issue defaults is necessa
time, thought and attentiorealization
0,000
job that will take a great amount of of the matter was due to a
, Illinois, there are, roughly estimating. $200,00 these
In Cook County
A very large majority of
have plenty to do. Our undertaking tory results being obtained by bondof special assessment bonds outstanding. interest, or both.
that there is no possibility of satisfac greater part of the bondholders.
are in default in either principal or
issues
the
holders except by united action by ders consider the matter from the standCauses of Default.
The Committee asks that bondhol tee and think if this is done the bonds is, of course, the general
The largest contributing cause to such default would not be so serious
point of the members of the Commit this letter is not written in any spirit
appreciate the fact that
c depression. This of itself, however, outlined. The general
economi
but solely
holders will
to force action by any bondholder, ion of the
ng circumstances, below
were It not for attendi
of complaint or in any desire
ry though it may be,
and businesslike disposit
taxing machinery breakdown, more or less tempora their special assessfor the purpose of permitting a prompt
paying
has kept thousands of property owners from
matter by members of the Committee. tee will be open to inspection by
Commit
ry for many taxpayers to pay their
ments, since it has long been customa
The books and accounts of the time. This Committee represents the
r. The so-called taxpayers'
any depositing bondholder at any ts or agreement with the city for comgeneral taxes and special assessments togethe
bondholders only. It has no contrac
strike has been a contributing factor. s resulting in tax delinquency has
every desire to co-operate with the
pensation or expenses. However it has constructive solution if possible,
One of the most important element
at sales; the delinquent propcity administration in working out a
been the fact that no tax buyers are biddingfor the non-payment of special
and delay of costly and prolonged
thereby hoping to avoid the expense
erties have been forfeited to the municipality that the two years allowed for
ns
litigation.
ents; past practice has demonstrated
assessm
received as to various legal questio
seriously—in other words,
A number of inquiries have been be able to answer such inquiries is one
redemption from such forfeitures is not taken it is convenient for him to
need to
concerning the bonds. The the Committee. The attorney's fees for comthe property owner feels that at any time when
not only to redeem his property, but save the penalty
the formation of
reason for
do so he may be able
questions would be very much larger
plete investigation of the various legal be justified in paying. The Comand probably part of the principal.
than any individual bondholder would a sufficient amount of bonds have
Remedies of the Bondholders.
answer these questions until
mittee cannot
to protect his rights, but so far
to a Justifiable figure.
Many ways are open to the bondholder a small block of bonds, is conbeen deposited to spread the expense out the necessary time and attention
holder of
as an individual holder, or thesuch rights involves an expense so grossly
The Committee is unwilling to devote
by the
adequate protection of
it feels that its services are earnestly desired
cerned,
to the matter unless
as to result practically in the
of all outstanding bonds is deposited.
disproportionate to the amount involved money has actually been colbondholders and unless a large portion be deposited has been extended to
If the
may
avenues of protection being closed. us suit will lie for its payment. This
The time within which bonds
municipality, a mandam
lected by the
March 15 1933.
ts the holder of a defaulted
further delay express a definite desire for
comparatively simpie situation seldom confron diversion of money belongUnless the bondholders withoutin this matter and deposit their bonds
an illegal
tee
bond. In many cases there has been some other purpose. This diversion
the services of this Commit return the deposited bonds, dissolve itself
ent fund to
ing to the special assessm
promptly, the Committee will s to devote themselves to other matters.
t out of the second
usually takes one of the following forms: (a) Paymen
and thereby permit its member
of expenses of spreading,
LEO KAYSER (Marx & (Jo.) s).
or succeeding installments of special assessments
Brother
ent, which, under the law, must be paid
J. M. LEVINE (Steiner an (Ward, Sterne & Co.)
levying and collecting the assessmcollections. Where delinquencies in the
BUCKER AGEE, Chairm
only out of the first installment
s, as sometimes
where
first installment collections exist, or there the expense
the statutory limit,
General Bondholders' happens, exceedbe used for payment of suchis no income for subsequent
expenses; (b) the borrowing
da.—R. E. Olds Resigns from
Flori
nced by R. E. Olds, installments toality
general corporate purposes (since the municiby the municip
Protective Committee.—It was annou on Feb. 3 that he had pality lacks funds forfor itspurposes during the period when taxes were not
such
manufacturer of Detroit,
belonging solely to the special assessment acautomobile
due) of funds
committees and also paid when the illegal charging by the village collector and by the county
(c)
resigned from all Florida bondholders' as Chairman of the counts;r ofso-called cost of collections,including the charging by the county
collecto
resigned from his position
ent item turned into the county treasurer;
that he had
tive Committee. The collector of 50 cents per delinqu bonds or coupons of series, while other
full of some
paymen
Florida General Bondholders' ProtecMr. Olds on Feb. 4 to and (d) incoupons .inthe same series receive nothing. aIt should be borne
of
bonds or
following is the statement made by
that local improvements or special assessment bonds in Illinois
the reasons for his In mindgeneral obligations; that the source of payment is so limited that
are not
the Orlando "Sentinel," concerning
(a very
except where an excess of collections of some installments exists d only
resignation:
rare situation) not only can a special assessment bond be collecte solely
"p:Isting. Florida bond
particular assessment, but It must be paid
Florida bond committees wered,' R. E. Olds, famed
Declaring that
out of the proceeds of the
results obtaine
it was
owners too much money for the of the largest Florida land and bond
out of the particular Installment of that assessment against which
decisions
automobile manufacturer and one Orlando last night that he had resigned
issued. 'These funds are by their nature, and by Supreme Court
the
ced in
trust funds, to be administered strictly in accordance with ingsstatute and
owners in the country, announ committees and that he had also resigned
in favor of
ent
tee, which
the lien rights established in the special assessmve proceed
from all Florida bond owners'
Bondholders' Protective Commit
the respective bonds and against the respecti installments.
as Chairman of the General
in Jacksonville.
It should be. borne In mind also that all delinquent special assessments
maintains headquarters millions of dollars invested in Florida securities,
situation and
Mr. Olds, who has
are collectible through the county treasurer, and that even before delinquent,
study of the Florida bond
in his
after the village collector in that particular municipality has turned of the
has made a close and intensive posted men in the State on Florida bond
recognized as one of the best in Florida and that it will be one of the
books, the special assessment installments are payable at the coffee
Is
hly believe
bond owners
problems. "I thoroug
county collector.
said Mr. Olds. "providing we
collector,
Many questions arise as to the proper application by the villageve offices.
first States to 'come back," help both bond owners and communities
respecti
as well as by the county collector, of funds paid to thosehe may employ an
form an association which will cannot do this by incurring exhorbitant
we
which are in difficulties, but
A bondholder legally may file a suit for an accounting;
we must do is to help com. What
pay
auditor to check the records of the county and of the village: he may employ
attorney fees for litigation expense
basis that will enable taxpayers to
sometimes daily, touch with the
munities get back on a refunding and county credit. When this is done
some one to keep in weekly, and are being made, and the applicamunicition of
equitable taxes and so restore city make any needed improvements and
pality to learn what collections
ons; he may have frequentchecks and investigations made to
communities will be able to
these
those collecti
'
expenses.
is
determine whether the statutory method of pro-rationsto followed in cases
meet all their legitimate
visitor in Florida for the past
a regular winter
pay coupons and
where a deficiency exists in the collections with which
Mr. Olds, who has been this kind of co-operation, Florida can quickly
ing the
with
"There
bonds maturing in full; he may secure an injunctional order restrain
30 years, believes that
rs;
problems and move forward once more.
collection of illegal fees and charges, by the county and village collecto
solve its bond and credit the north of us," said Mr. Olds, "consisting of
population to
rest
been done,secure a receiver for the special assessment fund,
to spend the
he may, as has
Is a vast
ons under an order
would be glad to move to Florida
the sooner
which receiver will disburse the special assessment collecti
people of means who
as Florida gets its house in order, and the State
ure proceedings to foreclose the lien of
into
of court; he may institute foreclosto acquire the title. Practically, howof their days just as soon
"the quicker they will begin to move
we do this." he added, past decade.
the special assessment bonds and these avenues are closed by the barrier
of
ever, as we have suggested, all action is taken on a sufficient number of
as they did during the retail sales tax will help the situation," said Mr.
"I believe a uniform small that it will not be felt by a great majority
of prohibitive expenses, unlessthe load of such expense.
Olds. 'I mean a tax sosame time sufficient to relieve the burden of taxes
bonds to lighten by pro-ration
the people, yet at the
to stabilize our
of
Necesszty for Special Assessment Bondholders' Committees.
This will, in my opinion, help
order to acas at present distributed.more reasonable taxes. When this is done those
Obviously, a method must be adopted for unified action inthe
Government and give us
here and are so strong
which might be sought under
foregoing
investments
complish any of the objectives
that
of us who have settled and made large others to invest and settle down
ce to get
it may be that before these bonds are finally liquidated over
program.
for Florida will use our influen I do not believe that Florida is going to
g as security Tot them may be taken
much of the property standin and
here for the rest of their lives. approach these bond problems from the
liquidated, as conditions permit. Many
believe that if we
the bondholders' committee
by
stand still. I
a few years, will "eat
course
quickly."
go
thousands of parcels of real estate, in theand willof
angle I have outlined that we will forfoward
definitely be abandoned
and assessm
a month's cruise in Mexican waters
next week
their heads off" in taxes program forents, g the greatest benefits to the
Mr. Olds is leaving to Daytona Beach, where he owns a winter home,
securin
owners. Any
by their
and expects to return
about the first of March.
Volume 136
Financial Chronicle
holders of special assessment bonds Must be started frankly with the idea
that many years will be consumed in completing liquidation. Such a program is not merely impracticable or difficult for the individual holder, but
utterly impossible. In committee action lies the sole hope of holders of
special assessment bonds for the recovery of the greatest amount of his
investment.
Expenses of the Committee.
While many committees use a fixed percentage per bond in computing
costs, this is of doubtful wisdom in a liquidation of special assessment
bonds over a period of years. The Blanchard committee, representing
the holders of bonds sold in metropolitan Chicago areas, has fixed for its
own fee a charge of 5%,not on the face of the bond but of the amount collected. General committee legal representation, exclusive of litigation,
has been fixed at 1% of the amount collected. In addition, certain sums
will probably be necessary expenditures for services of the distributors
and dealers of special assessment bonds sold outside of the particular territory in which the property lies. For none of these expenses Rill the bondholder be called upon to pay any assessments, or make any contributions,
except out of the collections made. Granting precedent is of relatively
little value in forming judgment upon such matters as arise during the
period of current distress, nevertheless the only accomplishments that
have ever been achieved in enforcing bonds of governmental agencies have
been through the activities of committees formed for the holders of defaulted bonds.
We suite again that in our belief no adequate relief can be secured by
the holders of defaulted bonds in special issues, except through capable,
honest, bondholders' committee representation.
New York City.
-Board of Estimate Adopts Revised 1933
Budget of $518,427,972.
-After a stormy public hearing on
Feb. 8 the Board of Estimate formally adopted the revised
1933 budget of $518,427,972, having added only $62,178.17
to the totals sumitted by Mayor O'Brien on Feb. 6-V.
136, P. 873. The additions to the sum submitted by the
Mayor were approved by the Board in special session just
before the vote on adoption was taken and were composed of
seven or eight minor modifications. The figure adopted for
this year shows a decrease of $112,938,325 under the record
1932 budget of $631,366,297. The Board of Aldermen were
convened in special session on Feb. 10 to consider ratification
of the budget. Under the special State legislation permitting
the reopening of the document, the revised budget must be
closed and printed by Feb. 25-V. 135, p. 4242. The public
hearing was punctuated by bitter verbal clashes between
members of the Board of Estimate and citizens who attacked
them on their methods of reducing the budget. The "Journal
of Commerce" of Feb.9 had the following to say:
The Board of Estimate formally adopted the revised budget for 1933,
amounting to $518,427,972, at a special meeting last night. This was
$62.178 more than the previous tentative figures. The Mayor said the
increase was made up ofseven or eight items which included an allowance for
claims that might be made against the city by mechanics on a per diem
basis for the difference due on account of the prevailing rate of wages•
Following this action the Mayor sent the budget to the Board of Aldermen for action at a special meeting of that body to be held to-morrow at
1:30 p.m. With favorable action by the Aldermen the document Will go
to the Mayor for signature, provided the Aldermen do not delay adoption
at its meeting.
To Get Assessment Report.
The Mayor also moved that all communications which might be received
now relating to the budget be filed.
In an interview the Mayor stated that he would have a talk to-day with
the President of the Board of Taxes and Assessments to obtain from him.
if possible, the amount of reductions in realty assessments and the approximate difference in the total from last year. 'Upon these figures will depend
the fixing of the tax rate which has been tentatively estimated at 2.32, as
compared with 2.59 for the whole city last year.
The attention of the Mayor was called to the passing of a resolution by the
Shippers' Conference opposing the proposed tolls on city bridges. He
replied that evidently the shippers and truckmen were under a misapprehension. It was not proposed to tax trucks but only pleasure cars, he said.
He added that he had heard some commendation for this means of raising
revenue.
Dispute Develops on Budget.
The Board of Estimate conducted a whole-day hearing on the budget
before it finally adopted it. The budget was warmly commended by the
Citizens' Budget Commission and the real estate interests, but it was
severely criticized by Rabbi Wise and Norman Thomas, who asserted that
there had been cuts for essentials such as for education, playgrounds. libraries and old age pensions which could have been avoided had eutsIbeen
made in other directions. They said assistant sergeants-at
-arms in the
Board of Alderman could have been eliminated at a saving of $20,000.
Rabbi Wise also criticized the budget of the President of the Borougeof
Manhattan, which he charged was misleading. A heated altercation
thereupon took place between Rabbi Wise and Borough PresidentlLery.
Mr. Thomas also got into an agrument with the Mayor, with the latter
suggesting that he base his speech on something constructive rather than
destructive. The two critics named represented the City Affairs Committee
New York State.
-Reconstruction Finance Corporation
Considering $146,522,950 Construction Loan Applications.
Washington dispatches on Feb. 8 reported that the Emergency Public Works Commission, recently appointed by
Governor Lehman-V.136, p. 874, arrived at the Capital to
seek loans of about $93,000,000 from the R. F. C. It was
disclosed by the Corporation to the New York Commission,
which is headed by .Alfred E. Smith, that it has under consideration at the present time construction loan applications
from this State of $146,522,950. This amount is contained in
13 applications,four of which,involving a total of $7,435,000,
the R. F. C. has already approved and it awaits the fulfillment of certain conditions for the actual advancement of the
funds. One already approved is that for $3,400,000 by the
New York State Bridge Authority for construction of the
Catskill-Hudson toll bridge. The other self-liquidating loans
already approved include one for $3,957,478 for the Hillside
development in the Bronx;$70,000 for additions to the water
system at Hamburg, and 88,000 for a similar undertaking at
Saranac Lake Village.
-State Tax Commission Holds Postal Savings DeOhio.
posits Taxable as Personal Property.
-The intangible tax
aivision of the State Tax Commission ruled on Jan.31
that postal savings deposits are taxable in Ohio as personal
property at the same rate as bank deposits, which is two
mills, state news dispatches from Columbus to the "United
States Daily" of Feb. 8. It is estimated by thelintangible
tax division that there are aboutt$50,000,0001in;postal
savings deposits in that State, andlia tax at the two-mill
rate would yield approximately* $100,000. The Commissioner is said to have held that depositors must file a
return on the amount of their deposits as of Nov. 25 1932.
1053
Pennsylvania.
-U. S. Supreme Court Dismisses Suit to
Prevent Toll Collections on Delaware River Bridge.
-Washington news dispatches to the Philadelphia "Public Ledger"
of Feb. 7 report that on the previous day the United States
Supreme Court dismissed the suit brought by Pennsylvania
against New Jersey to prevent the collection of tolls by
that State on the Jersey end of the Delaware River Bridge
connecting Philadelphia and Camden. The court action
is said to have been started seven years ago when Pennsylvania insisted the bridge should be toll-free.
Twentieth Amendment to Federal Constitution
Formally Adopted.
-The Twentieth Amendment, the socalled "lame duck" amendment to the Federal Constitution,
was formally proclaimed on Feb. 6 as having been adopted,
when Henry L. Stimson, Secretary of State, attached his
signature to a certificate that the amendment "has become
valid to all intents and purposes as a part of the Constitution
of the United States." The certification declared that
ratifications had been received from 39 States up to that
time. The text of this amendment was given in V. 136,
p. 692.
BOND PROPOSALS AND NEGOTIATIONS
ABERDEEN, Grays Harbor County, Wash.
-BOND AND COUPON
PAYMENT.
-It is reported that Floyd A. Vammen. City Treasurer, is
calling for payment at his office, from TFeb. 2 to Feb. 18, various local improvement district bonds and coupons.
AKRON, Summit County, Ohio.
-LOAN APPLICATION MADE.
The city council on Feb. 7 asked the Reconstruction Finance Corporation
for a loan of $214,492 for poor relief purposes through March and April.
ALABAMA, State of (P. 0. Montgomery).
-LOAN GRANTED.
The following is the text of a relief loan announcement made by the Reconstruction Finance Corporation on Feb. 9:
"The R. F. C., upon application of the Governor of Alabama, to-day
made available $50.389 to meet current emergency relief needs in three
counties of that State for the period Feb. 1 to Feb. 28 1933.
"These funds are made available under Title I, Section 1, sub-section (c)
of the Emergency Relief and Construction Act of 1932 with the understanding that the responsibility of the political subdivisions and the State
of Alabama to make every effort to develop their resources to provide relief
Is not in any way diminished.
"In support of the Governor's application it was stated that funds now
now available or which can be made available within the State at this
time are inadequate to meet the relief needs.
"The R. F. C. heretofore has made available $1.656.868 to meet current
emergency relief needs in political subdivisions of the State of Alabama."
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
-TAX COLLECTION REPORT.
-Robert G. Woodside, County Comptroller, in his statement of fiscal affairs during the year ended Dec. 31 1932 includes the
following report on tax collections:
TAX ACCOUNT.
County.
Poor.
Road.
Taxes outstanding Jan. 1 1932.., 81,502,758.49
8816,894.60
$362,935.82
Taxes levied during year 1932.. _ 5,914,149.38
227,820.18
2,114,000.90
$7,416,907.87
4,543,689.13
263,574.28
210,534.22
Taxes collected during year 1932._
Taxes exonerated
5% discount on collections
81,044,714.78
1319,195.43
172,819.68
8,101.56
82,476,936.72
11,588,055.58
67,119.03
74,457.47
85,017,797.63
Taxes outstanding Jan. 1 1933_ _ _ _ 82,399,110.24
Bond Interest.
Taxes outstanding Jan. 1 1932._ $2,381,512.93
Taxes levided during year 1932._ 8,871,034.63
$300,116.67 $1,729,632.08
$544,598.11
8747,304.64
Park Tax.
Feral Property.
3214,229.09
$202,886.05
227,928.86
1,990,175.98
$11,252,547.56
Taxes collected during year 1932._ $6,941,217.13
Taxes exonerated
380,398.44
5% discount on collections
315,792.84
$442,157.95
8206,512.11
44,338.51
8,101.56
$2,193,062.03
$1,799,482.31
72,831.61
90,510.24
57,637,408.41
$3,615,139.15
Estate Personal
Property.
Taxes outstanding Jan. 1 1932.-$3,371.91
Taxes levied during year 1932....
124,585.08
8258,952.18
8183,205.77
$1,962,824.16
8230,237.87
Taxes outstanding Jan. 1 1933...
Taxes collected during year 1932._
Texes exonerated
5% discount on collections
$127,956.69
$116.852.87
230.51
Poll.
385,394.00
Total.
$5,484,588.89
19,855,089.01
$385,394.00 $25,339,677.90
$90,152.44 $15,605,157.00
342.50
1,001,654.56
3,985.06
711,482.95
$117,083.38
$94,480.00 817,318,294.51
$10,873.61
$290,914.00 $8,021,383.39
RECAPITULATION OF OUTSTANDING TAXES.
County.
Road.
Poor.
8232,614.34
$349,188.16
593,854.34
258,399.39
658,519.29
125,924.37
527,525.9$
53,584.38
1,391,402.79
Taxes outstanding Jan.1 1933....
Year 1930
Year 1931
Year 1932
Year 1930
Year 1931
Year 1932
82,399,110.24
Bond Interest.
8658,312.16
869,846.78
2,086,980.21
$747,304.64
$544,598.11
Perel Property.
Park Tat.
$41,929.96
59,059.50
70.561.89
57,908.69
53,584.38
130,399.22
$3,615,139.15
EatWe Personal
Property.
Year 1930
Year 1931
Year 1932
$183,205.77
Poll.
$10,873.61
$290,914.00
1
210,873.61
2290,914.00
8230,237.87
Total.
$1,434,958.46
2,041,160.41
4,545,264.52
$8,021,883.39
• Included with county for 1931.
ALLIANCE CITY SCHOOL DISTRICT, Stark County, Ohio.
BOND SALE.
-The $30.000 6% coupon school bonds offered on Feb. 6
-V.136. p. 692
-were awarded to the BancOhlo Securities Co. of Columbus, at par plus a premium of $36, equal to 100.12, a basis of about 5.95%•
Dated Jan. 15 1933. Due 210,000 on Oct. 15 from 1934 to 1936. incl. A
bid of par and accrued interest was tendered by Kent, Grace & Co. of
Chicago.
ALPINE SCHOOL DISTRICT(P.O.American Fork), Utah County,
Utah.
-BOND DETAILS.
-The $150.000(not $180.000)issue of5% schoo
refunding bonds that was sold recently
-was purchased at
-V.136, 13. 692
par as follows: $70.000 to the Zion Savings Bank & Trust Co.; 850.000 to
the Utah State National Bank; $20,000 to the Utah Savings & Trust Co.,
and $1,000 to the First Security Bank, all of Salt Lake City. Denoms.
$500 and $1,000. Coupon bonds dated April 1 1932. Due $30,000 from
1934 to 1936 and $60,000 in 1937. Interest payable A. & 0.
AMELIA, Clermont County, Ohio.
-BOND OFFERING.-Imo'F.
Hutson, Village Clerk, will receive sealed bids until 12 M. on Feb. 25:for
the purchase of $1,500 5X% fire department apparatus purchase bonds.
Dated Jan. 30 1932. Denom. $300. Due one bond annually on Sept. 15
from 1934 to 1938 incl. Interest is payable annually. Bids for the bonds
to bear interest at a rateother than 5X %, expressed in a multiple of X
of 1%, will also be considered. A certified check for $100, payable to
the order of the Village Treasurer, must accompany each proposal.
1054
Financial Chronicle
Feb. 11 1933
ANNE ARUNDEL COUNTY (P. 0. Annapolis), Md.-PROPOSED
Bidder
Discount Basis.
LOAN ISSUES.
-Two bills have been introduced in the State Legislature,
National Shawmut Bank (purchaser)
2.32
the one authorizing the issuance of $750,000 funding bonds, to bear interest
Home National Bank
2.35
atenot more than 5% and mature $25,000 annually on March 1 from 1935
Brockton National Bank
2.37
to 1964, incl., while the other authorizes the County Commissioners to
W. O. Gay & Co
2.39%
issue notes up to an aggregate of $200,000 for the payment of current
BROOKLINE, Norfolk County, Mass.
obligations. Proceeds of the funding issue would be used to retire the float-FINANCIAL REPORT.
A report recently issued by Albert P. Briggs, Town Treasurer, shows that
ing indebtedness of the county existing as of Jan. 1 1933. The measure
collection has been made of 81% of the 1932 taxes and that of the $480,000
would become effective immediately after passage.
taxes of 1931 unpaid at the close of that year, all has been paid into the
ASHLAND COUNTY (P. 0. Ashland), Ohio.
city treasury except about $2,000. The figures indicate that the bonded
-BOND SALE.
-The
$20,000 6% coupon poor relief bonds offered on Feb. 2-V. 136, P. 692
- debt was reduced by $83.425 in 1932 and that the present total of indebtedwere awarded to the First National Bank of Ashland, at par plus a premium
ness is $3,447,999 below the statutory limit. Debt reduction in the present
of $310,equal to 101.55, a basis of about 4.90%. Due in amounts of $10,000
year is expected to reach $300.000.
each in one and two years. Bids submitted for the issue were as follows:
BUCHANAN, Berrien County, Mich.
: Bidder-BOND SALE.- :tie issue of
Int. Rate. Premium
$6,500 5h % general and special obligation refunding bonds authorized by
First National Bank, Ashland (purchaser)
6%
$310.00
the State Public Debt Commission on Jan. 6 has been sold locally at par.
Ashland Bank & Savings Co
5
25.00
Due Aug. 1 as follows: $2,50C in 1933, and $2,000 in 1934 and 1935.
Braun, Bosworth & Co
5ye%
4.00
BUCHANAN, Westchester County, N. Y.
-BONDS DEFEATED.
ATLANTIC CITY, Atlantic County, N. J.
-SALARY PAYMENTS
Harold Conklin, Village Clerk, states that at the election held on Jan. 20
IN SCRIP -Mayor Harry Bacharach announced on Feb. 8 that part
the voters defeated the proposed $90,000 water bond issue.
payment in scrip will be made to 1,500 city employees, to whom about
BUFFALO,Erie County, N. Y.
$800,000 in back pay is due. Scrip notes, bearing interest at 4% and re-BELATED BOND SALE REPORT.
In addition to its awards at pubic sale of various bond issues,the city during
turnable for the payment of all municipal obligations, such as taxes, llcenses
1932 also sold the following bond issue:
and building permits, will be issued up to an aggregate of $350,000, it was
$75.000 4% school site bonds purchased on Nov. 1 1932 by the Water
said. Eighty-five per cent of salary payments due up to Jan. 1 1933 will be
Bond Sinking Fund at a price of par. Dated Nov. 1 1932 and
paid in scrip, and the remaining 15% in cash.
due serially on Nov. 1 from 1933 to 1952, inclusive.
AUGUSTA, Richmond County, Ga.-BELATED BOND SALE.Total of bond retirements during the fiscal year of 1932 was 39.976,656.69.
We are now informed that a 354,01)0 issue of 4%% refunding bonds was
sold at par on Nov. 1 1932 to the sinking fund commission. Dated Jan. 1
BUTLER, Butler County, Pa.
-BOND OFFERING.
-9, R. Twyford,
1933. Due serially.
City Clerk, will receive sealed bids until 10 a.m. on Feb. 24 for the purcoupon series B funding bonds. Dated Feb. 1
chase of $100,000 4% %
BALTIMORE, Md.-TAX COLLECTIONS SHOP INCREASE.
- 1933. Denom. $1,000. Due 310,000 on
Feb. 1 from 1938 to 1947, incl.
Thomas G. Young, City Collector, announced on Feb. 7 that collections of
Interest is payable in Feb. and Aug. The bonds, it is said, are free of
taxes and other receipts by the Bureau of Receipts during the month of
State tax and may be registered as to principal. A certified check for
January aggregated $3,732,172, representing an increase of 81,130.166 in
$1,000 must accompany each proposal.
similar revenues received during the corresponding month in 1932. Collections last month included $332,170 in delinquent taxes, it was said.
Financial Statement.
Comparative statements of three other January accounts follow: Real
The present actual bonded indebtedness of the said City of
estate, last month, 31.895,908; 1932, $1,068,541. Tangible personal proButler, created without the authority of the vote of the
perty,last month.$34,297; 1932,$89,008. Automobiles,last month,$8,869;
electors thereof
$534,000.00
1932, $37.255.
The present actual bonded indebtedness of the said City of
Butler, created by and with the authority of the electors
BATH, Sagadahoc County, Me.
-TEMPORARY LOAN.
-The Nathereof
553,000.00
tional Shawmut Bank has purchased an 850.000 temporary loan issue at
1.415% discount basis. Due on Aug. 1 1933.
Present actual total bonded indebtedness
$1.107.000.00
BEDFORD (P. 0. Katonah) Westchester County, N. Y.
-TEMfloating indebtedness of the City of
The total
PORARY FINANCING.
-The Mount Kisco National Bank has agreed to
Butler is-Certificates ofindebtedness
$129,450.00
loan the town up to $40,000 through the purchase of four-months tax antiMortgages
19,000.00
cipation notes, in blocks of $5,000 each.
D. (Previous notice of this action was given in-V.136.P. 877, under a
Total floating debt
$148,450.00
Mount Kisco, N. Y. caption.)
Making a present total debt of all kinds of which total debt, $553,000.00
was authorized by public election.
BELMONT, Belmont County Ohio.
-BELATED BOND SALE
The amount of the last preceding assessed valuation of
REPORT.
-The 31.225 6% refunding bonds offered on Nov. 19-V. 135,
taxable property within said City of Butler as assessed
P. 3194
-were purchased at par by the First National Bank of Bethesda.
and equalized for the year 1933
Dated Nov. 1 1932. Due Oct. 1 as follows; $425 in 1934. and $400 in
$34,047,530.00
The assets of said city are as follows:
1935 and 1936.
Cash in the sinking fund
$7,323.93
BELMONT COUNTY (P. 0. St. Clairayille), Ohio.
-BOND OFFER•
Cash in general fund
1,611.78
ING.-E. E. Taylor, Clerk of the Board of County Commissioners, will
Uncollected taxes for 1930
4,572.59
receive sealed bids until 12 m. (Eastern standard time) on Feb. 27 for the
Uncollected taxes for 1931
26,425.88
purchase of $50,000 6% poor relief bonds. Dated Dec. 31 1932. Denom.
Uncollected taxes for 1932
78,200.01
E,000. Due $10,000 on March 1 from 1934 to 1938 incl. Interest is
Paving & sewer assessments due eit3 (int. & cost incl.)
70.1,
00.00
payable in March and Sept. A certified check for 5% of the amount of the
Paving and sewer assessments (face)
53.000.00
issue, payable to the order of the Board of County Commissioners, must
is a municipal corporation located in Butler CeuntY.
The City of Butler
accompany each proposal.
Pennsylvania, and entitled to the provisions of the Act of Assembly approved June 27 1913, entitled "An Act providing for the Incorporation,
BERKS COUNTY (P. 0. Reading), Pa.
-FINANCIAL REPORT.Regulation and Government of Cities of the Third Class," and the amendIn connection with a proposal to submit a $2,000,000 bond issue for consideraments hereof and supplements thereto.
tion of the voters at the general election in November, it is pointed out
that the county has an assessed valuation of $219.319,130 and a bond and
CALIFORNIA, State or (P. 0. Sacramento).
-VETERANS' BOND
floating indebtedness of $7,233,000. The borrowing capacity is reported
-A bill was Introduced in the State Legislature on
BILL INTRODUCED.
as $15,352,399, indicating that the county has an unencumbered balance of
Jan. 27 by a group of 36 Assemblymen, representing all sections of the
$7,233,000. Negotiations are in progress for a loan of $300,000 at 2%%
State, calling for a $30,000.000 bond issue to carry on the work of the
interest from the First National Bank of Philadelphia, it was said.
Veterans' Welfare Board in making loans to ex-service men for homes and
farms
-V.136, p. 874. Three previous bond issues have raised $50.01 ,000
BEVERLY, Essex County, Mass.
-TEMPORARY LOAN.
-The
for such loans, and approximately 12,000 veterans still have applications
$200.000 revenue anticipation loan offered on Feb.8-V. 136. p. 874
-was
unfilled, it is stated.
awarded to the National Shawmut Bank of Boston at 0.45% discount
basis plus a premium of $2. Dated Feb.8 1933 and due on Nov. 15 1933.
CALIFORNIA TOLL BRIDGE AUTHORITY (P.0.San Francisco),
Bids for the loan were as follows:
-BRIDGE BOND BILLS SIGNED.
Calif.
-The San Francisco "Commer.
BidderDiscount Basis.
cial News" of Jan. 28 reports that Governor Rolph signed the six legislative
National Shawmut Bank (purchaser) (plus $2 premium)
0.45
bridge bills recently passed by the legislature.
---V. 136, 693
-to sell
p.
Beverly National Bank (plus $8 premium)
the U2,000.000 San Francisco-Oakland bridge bonds to the Reconstruction
Second National Bank of Boston
0.57
Finance Corporation.
Merchants National Bank of Boston
0.87%
II CAMBRIDGE, Middlesex County, Mass.
-TEMPORARY LOAN.
Faxon,Gade & Co
0.914
William J. Shea, City Treasurer, reports that the 8500.000 revenue antici- pation loan offered on Feb. 9 was awarded to the National Shawmut Bank
BEXLEY CITY SCHOOL DISTRICT, Franklin County, Ohio.
-The issue of $375,000 5%% coupon school building condiscount basis, at par plus a premium of$4. Dated Feb.
BOND SALE.
of Boston at 1.53%
- 10 1933 and due on Nov. 3 1933. Denoms. $50.000. $25,000, $10,000 and
struction bonds scheduled for award on Nov. 30 1932-V. 135, p. 3553
was sold on Dec.9to the Banc Ohio Securities Corp.of Columbus,at a price
$5,000. Payable at the First National Bank of Boston, or at the office of
mature semi-annually as
of par. The bonds are dated Dec. 1 1932 and
the First of Boston International Corp., New York. The notes will be
authenticated as to genuineness and validity by the First National Bank of
follows: $9.000, April and Oct. 1 1933; $10,000, April, and $9,000. Oct. 1
from 1934 to to 1936, incl.; $9,000. April and Oct. 1 1937; $10,000, April,
Boston, under advice of Ropes, Gray. Boyden & Perkins, of Boston. The
and $9,000, Oct. 1 from 1938 to 1940, incl.; $9,000, April and Oct. 11941;
one other bidder for the issue was Faxon, Gade & Co., of Boston, which
310.000, April, and $9,000, Oct. 1 from 1942 to 1944, incl.• $9.000, April
named a discount rate of 1.63%.
and Oct.:1945;$10.000, April and $9.000, Oct. 1 from 1946 to 1948,incl.,'
'
Tax Collections,
$9,000. April and Oct. 1 1949;$10.000, April and 39,000. Oct. 1 from 1950
Per Cent Paid.
to 1952, incl.
nee levy_ _$6,810,121-- _Collected Dec. 31 1930-44,981,387---73.1
BLAKELY,Pa.
-BOND SALE REPORT.
1931 levy__- 6,507,108_ _ _ _Collected Dec. 31 1931- -- 4.736,678.---72.8
-Thomas J. Williams, Borough
-Collected Dec. 31 1932---.. 4,941,785---69.4
Secretary, informs us that an issue of $26,000 5% funding bonds. due
1932 levy__ 7,116.691--12.000 annually, is being sold through the office of the Borough Treasurer.
CAMBRIDGE,Middlesex County,Mass.
-CORRECTION.
-The award
BOSTON, Suffolk County, Mass.
-TEMPORARY LOAN.--CltY
on Feb. 3 of $500,000 coupon bonds jointly to the Chase Harris Forbes
Treasurer Edmund L. Dolan on Feb. 10 awarded a $2,000,000 revenue
Corp. and the First of Boston Corp. of Massachusetts, at a price of 100.75,
anticipation loan to the First National Bank of Boston and the National
was made on the basis of $270,000 municipal building bonds at 3%%
Shawmut Bank of Boston, jointly, at an interest rate of 3%. This bid
interest and 8230,000 fire station and fire signal system bonds at 3
O.
was the only one received. The issue is dated Feb. 13 1933 and due on
and not at rates of 3%% and 3;4% as reported in V. 136, P. 874.
he
Oct. 3 1933. The same banks purchased privately last week a $2,000,000
city completed the financing on a net interest cost basis of about 3.27%•
The bankers made public reoffering of the bonds at prices to yield from
loan,' due Oct. 2 1933, at a rate of 2.25%. after no public offers had been
received
-v. 136. p. 874. In connection with the current financing, the
1.50 to 3.25%, according to maturity. The bonds are dated Feb. 1 1933
City Treasurer stated that during the period from Dec. 31 1932 to Feb. 8
and mature serially on Feb. 1 from 1934 to 1953, incl.
-In addition to other bond awards
ge BELATED BOND SALE REPORT.
1933 collections had been made of 81.316,639 in 1932 taxes, bringing the
total received to $50,590,000, or 75.4% of the original levy. The perpreviously announced in our columns, the city during 1932 also sold the
following issues aggregating $200,000:
centage on Dec. 31 1932 was 73.43%•
$100,000 414% street bonds purchased at par by the City Co. of MassaBOWLING GREEN CITY SCHOOL DISTRICT, Wood County,
chusetts. Dated Aug. 1 1932 and due $20,000 annually on Aug. 1
Ohio.
-The Board of Education has adopted
-BONDS AUTHORIZED.
from 1933 to 1937, incl.
6% refunding bonds,
antordinance providing for the issuance of $13,000
50,000 43.e% sewer bonds purchased by the First of Boston Corp. at a
for/the purpose of meeting maturities of that amount on Mar. 1 1933.
basis of about 4.49%. Dated Aug. 1 1932 and
price of 100.05
Thejrefunding issue will be dated Mar. 1 1933. Denoms. $700 and $600.
1 from 1933 to 1952, incl., and $1,000, Aug. 1
due $2,000 on Aug.A
Due/4600/cm Mar. 1 and $700 Sept. 1 from 1934 to 1943 incl. Principal
from 1953 to 1962, incl.
andlinterest (Mar. and Sept.) are payable at the office of the Clerk of the
ee,eee 33e % street bonds purchased by Faxon,(lade & Co. of Boston, at
,
which become due on Mar. 1 1933 are
Board of Education. The bonds
a price of 100.28, a basis of about 3.40%. Dated Nov. 1 1932
described as follows:
and due $10,000 annually on Nov. 1 from 1933 to 1937, incl.
GENERAL BONDS OUTSIDE 15 MILL LIMITATION.
Total of bond retirements in 1932 was $560,000
Amount.
Rate.
Issued.
Due.
I- No. Name ofBond.
CARBONDALE, Lackawanna County, Pa.
-The
-BOND SALE.
71Ito 77 inc. Senior High- 4% Sept. 1 1927 Mar. 1 1933 $7,000.00
8200.0005% coupon debt funding bonds offered on Jan.16-V.135, p.4582
- - 43(% Aug. 1 1931 Mar. 1 1933 33.000.00
6.7,and 8 Ridge
-have been purchased by a group composed of E. H. Rollins & Sons and
$1,000.00
Aug.15 1912 Mar. 1 1933
Street53 Central or Junior High 4
R. M. Snyder & Co.. both of Philadelphia, also Singer, Deane & Scribner.
Sept. 1 1925 Mar. 1 1933 $1,000.00
7 Lehman Property_ _-- 5%
Inc., of Pittsburgh. Dated Jan. 1 1933. Denom. $1,000. Due $10,000
Sept. 1 1918 Mar. 1 1933 $1,000.00
6%
2512Refund1ng Bonds
annually on Jan. 1 from 1934 to 1953 incl. Public re-offering of the bonds
-BOND AND CERTIFICounty, Minn.
BRAINERD, Crow Wing
Is being made at prices to yield 4% for the 1934 maturity; 1935, 4.10%:
CATE SALE.
-The two issues of bonds and certificates aggregating $8,000,
1936 to 1938, 4.25%; 1939 to 1943, 4.30%, and 4.35% for the maturities
-were purchased at par by the
offered for sale on Feb. 6-V. 136, p. 692
from 1944 to 1953 incl.
City Firemen's Relief Association. The issues are divided as follows:
Financial Statement.
$1,650 6% certificates of indebtedness. Due on Feb. 1 as follows: $500
Real valuation (est.)
$30,000,000
in 1934 and 1935 and $650 in 1936.
Assessed valuation
e
12,100,000
6,3505% revolving fund bonds. Due on Feb. 1 as follows: 81,000.
Total bonded debt (incl. this issue)
431,000
and 1937, and 81.150 in 1938.
1934 and 1935: 31.500, 1936
Floating Debt
None
Sinking fund and other legal deductions
-TEMPORARY LOAN.118,000
BROCKTON,'
Plymouth County, Mass.
Net debt
313 000
The/National Shawmut Bank has purchased a $300.000 temporary loan
Percentage of debt
2.88%
discount basis. Due on Dec. 15 1933. Bids for the loan
Issue at 2.32%
Population (1932). 22,000.
were7as follows:
Volume 136
Financial Chronicle
-BOND SALE.
-The
CARROLL COUNTY (P. 0. Carrollton), Ohio.
-were
12.600 coupon poor relief bonds offered on Feb. 3-V. 136. p. 523
purchased as 6s, by local investors, as follows: Frank Cox paid par for bonds
.numbered 1 and 2: V. G. Stoody paid $508 for bond number 3; Scott
Brandon paid $560 for number 4, and J. N. Mowls paid $624 for bond number 5. The entire issue is dated Jan. 1 1933 and due on Mar. 1 as follows:
$450 in $934; $500 in 1935 and 1936; $550 in 1937. and $600 in 1938.
-The
-PRICE PAID.
CASTLE SHANNON, Allegheny County, Pa.
issue of $65,001 4 % coupon bonds purchased on Dec. 13 by Singer, Deane
-was sold at par plus a premium
& Scribner of Pittsburgh-V.135, p. 4243
• of $1.,59.50, equal to 101.63, a basis of about 4.31%. Dated Dec. 11932.
Due $5,000 on 'Dec. 1 from 1937 to 1949. incl.
CERRO GORDO COUNTY (P. 0. Mason City), lowa.-BOND
.SALE.
-A $53,000 issue of poor relief bonds is stated to have been offered
forlsale on Feb. 6 and awarded to the First National Bank of Mason City,
as.4Ms at par.
-ADDITIONAL INP CHARLOTTE, Mechlenburg County, N. C.
FORMATION.
-The 5430.000 tax anticipation notes that were sold re•cently-V. 136. p. 875
-were purchased by the American Trust Co., the
Independence Trust Co., the Union National Bank, the Charlotte National
Bank, and the Commercial National Bank, all of Charlotte.
-It is reported
CHEHALIS,Lewis County, Wash.
-BONDS CALLED.
by E. N. McBroom. City Treasurer, that he called for payment on Jan. 22
,the following bonds: Those up to and including No. 120 of Local Impt.
Dist. No. 155, and bonds up to and including No. 246 of Local Impt.
Dist. No. 45A.
-BOND OFFERING.
CHELAN COUNTY (P.0. Wenatchee) Wash.
We are informed that E. M. Gillette, County Auditor, Is re-offering for
.sale on Feb. 15, the $200,000 issue of funding bonds offered on Jan. 11
without success
-V. 136. p. 523. Interest rate is not to exceed 6%, payable J. & J.
CHICAGO, Cook County III.-BELATED BOND SALE REPORT.During 1932 the city sold privately to the City Treasurer the following
'issues of 4% bonds aggregating $3,220.000:
$3,110,000 school educational bonds sold on Aug. 4 1932 at a price of 95.
Dated Dec. 15 1931 and due serially on Jan. 1 from 1935 to
1941 incl.
100.000 street impt. bonds sold on Dec. 31 1932 at a price of par. Dated
July 1 1931 and due on July 1 1933.
8,000 public impt. bonds sold on Dec. 31 1932 at a price of par.
Dated July 1 1917 and due on July 1 1933.
2,000 public impt. bonds sold.on Dec.31 1932 at a price of par. Dated
July 1 1915 and due on July 1 1933.
Bonds redeemed in 1932 amounted to $19,402,500.
-James A. Hemingway, Acting President of the
WARRANT CALL.
Board of Education. has called for payment,on or before Feb.8, the followsing described tax anticipation warrants, upon presentation through any
bank to the City Treasurer's office, Halsey, Stuart & Co., Chicago, or at
the Guaranty Trust Co., of New York: Education fund, 1930. Nos. E-1535
to E-1638. for $5,000 each, 5% dated Sept. 1 1930, and building fund.
1930. Nos. B-2480 to B-2493 for $5,000 each, 5%.dated Nov. 1 1930.
-The campaign started on Jan. 21 for
$10,099,500 WARRANTS SOLD.
the sale of 1932 tax anticipation warrants of the city resulted in the immediate subscription by three packing concerns of $2,255,000 warrants
and up to Feb. 2 a total of $10,099,500 has been subscribed for, according
to William W. Welsh, vice-chairman of the subscription committee.
It was reported on Feb. 6 that the executive group of the citizen's committee has under consideration a proposal that the campaign for selling the
1932 warrants be abandoned, because of the poor response accorded the
drive by the public.
-At an election held
-BONDS VOTED.
CICERO, Cook County, 111.
on Jan. 31-V. 135. p. 4241 the voters approved of an issue of 5750,000
bonds, the proceeds of which will be used to pay municipal salaries which
have been delinquent since July 1 1933. also to meet other indebtedness
of the city. The bonds were approved by a vote of 8,288 to 5,364. The
city is stated to have received a number of inquiries regarding the issue,
which is to bear interest at 6% and mature serially from 1.935 to 1950 incl.
BIDS WANTED.
-Jerry J. Viterna, Town Clerk, has announced that
he will receive sealed bids at once for the purchase of the above issue of
bonds.
-BONDS AUTHORIZED.
CLARK COUNTY (P.O. Vancouver) Wash.
-At a meeting of the County Commissioners held on Jan. 30 a resolution
was approved calling for the issuance of $115.000 in bonds to fund a deficit.
-The $16,500
CLAY COUNTY (P. 0. Spencer) lowa.-BOND SALE.
-were
coupon refunding bonds offered for sale on Jan. 30-V. 136, p. 693
purchased by the White-Phillips Co. of Davenport, as 5s at par. Due on
Nov. 1 as follows: $5,000 in 1940 and 1911. and $6,500 in 1942. There were
no other bids for the bonds.
CLEARFIELD TOWNSHIP (P. 0. Butler), Butler County, Pa.BOND SALE.
-George W. Sipe, Secretary of the Board of Supervisors,
reports that an issue of $9,700 4% funding bonds has been purchased at
par by H. L. Stwartzlander, of Butler.
CLEVELAND, Cuyahoga County, Ohio.
-$3,200.000 BONDS SOLD.
-Immediate resale having been made of a block of 52.000,000 5l % water
works bonds which was purchased by them at a price of 10( .057. a basis
of about 5.49 A , and re-offered on Ceb. Son a yield basis to investors of
from 5 to 5.10%, a syndicate headed by Lehman Bros. to New York on
the same day exercised its option and purchased the remaining $1,200,000
bonds of an authorized issue of $3,200,000. The additional bonds were
also offered at prices to yield from 5 to 5.10% and proved easily of sale,
the bankers reported. The 53,200,0,0 water works bonds are part of the
aggregate of $5,332,000 offered by the city on Dec. 14 1932, at which time
only $1,372,000 worth were awarded. This amount was purchased as 6s
at a price of 100.‘,2 by the Guardian Trust Co. of Cleveland. The 53,200.000 bonds currently sold bear date of Nov. 1 1932 and mature $80000
,
annually on Nov. 1 from 1934 to 1973 incl. Members of the underwriting
group are Lehman Bros. and Estabrook & Co. both of New York; Otis &
Co.. Cleveland; Stranahan, Harris & Co., Toledo; the BancOhio Securities
Co., Columbus; also the Provident Savings Bank & Trust Co. and the
Fifth-Third Securities Co., both of Cincinnati.
COHOES, Albany County, N. Y.
-TAX RATE LOWER.
-The tax
rate for the current year has been fixed at $25.87 per $1,000 of assessed
valuation, which compares with the previous levy of $32.40. The State
and county levy of $5.23 makes the total assessment against local property
at the rate of $31.10 per $1.00f. The budget, as adopted by the Common
Council, provides that $548,882.27 be raised by direct taxation. Following
adoption of the budget, Mayor Foley announced that the city will be
within its legal bonded indebtedness for the first time since 1928, when
auditors from the State Comptroller's office found that the limit had been
exceeded by 5500,000.
COKE COUNTY ROAD DISTRICT NO.2(P.O. Robert Lee), Tex.
BOND CANCELLATION APPROVED.
-We are now informed that at the
election held on Jan. 7-V. 135, p. 4583
-the voters favored the proposal
to cancel $150,000 in road [rapt. bonds by a count of 152"for" to 2"against."
COLLIER TOWNSHIP SCHOOL DISTRICT (P. 0. Rennerdale),
Allegheny County, Pa.
-The $30.000 5% coupon school
-BOND SALE.
-were awarded to Glover & Macbonds offered on Feb. 6-V. 136, p. 523
Gregor of Pittsburgh, the only bidder, ac a price of 100.1.3, a basis of about
4.99%. Dated Dec. 1 1932 Due Dec. 1 as follows: $4,000 in 1935.
1938. 1941 and 194,1; 55,000 in 1947 and 1950, and $4,000 in 1952.
COLUMBUS, Franklin County, Ohio.
-BELATED BOND SALE
-In addition to its public awards, the city during the year 1932
REPORT.
also sold privately various bond issues to the Treasury Investment Board
and the Board of Sinking Fund Trustees. A record of these transactions,
previously not reported in our columns, appears herwith:
Amount of
Purpose
Maturity.
Issue.
Int. Rate. Date of Bonds.
an. 1 1932 Sent. 1 193
3
$255,000 St. cleaning east--- 4
Mar. 15 1932 Feb. 1 1934-1938
13.250 Fire department--- 4
May 1 1932 Mar. 1 1934-1938
5,940 St. impt.(No. 191)- 5
June 11 1932 Mar. 1 1934-1938
9,500 Police department- 5
July 15 1932 Mar. 1 1934-1938
1,342 Sewers (No. 193)__ 5
Dec. 15 1932 Feb. 1 1935-1940
5,500 Market house
4
Dec. 15 1932 Feb. 1 1935-1955
21,000 Sewer
4
Dec. 29 1932 Feb. 1 1935-1937
1,400 Tuttle field exten
Dec. 29 1932 Feb. 1 1935-1949
4
50,000 Electric light
1055
-RECOMMENDS GUARANTEE OF
CONNECTICUT (State of).
-William H. Blodgett, State Tax Commissioner,
LOCAL RELIEF BONDS.
appearing before the Finance Committee of the General Assembly on
Feb. 8, suggested that as a means of assisting municipalities to take care
of their relief needs the State should guarantee the payment of localibonds
to be Issued to provide funds for that purpose, according to the Hartford
"Courant" of the following day. This method of extending assistance
was advanced by Mr. Blodgett as being preferable either to an increase in
taxes or the issuance of bonds by the State and distribution of the proceeds
on the basis of loans to the local sub-divisions, it was said. The "Courant"
further commented on the proposal as follows:
He gave four reasons for preferring local bonds guaranteed by the State:
"(1) The obligation to meet the bonds when due would be primarily
upon the municipalities themselves which will have had the use of the money.
(2) Municipalities wherein real distress does not exist would have no
'
incentive to borrow.
"(3) Local bonds so issued should be in serial form, to be paid in equal
annual installments over a period of years, the first maturity to occur our
or five years from date of issue.
"(4) The State would have authority as guarantor to require municipalities whose bonds it may have guaranteed to levy taxes according to law,
to collect annually the taxes so levied, to require that budgets be properly
made and met by annual tax levies and in every manner if necessary) to
correct practices ascertained to be inimical to the city's financial condition."
Although admitting that there would be reactions "undoubtedly" against
any plan of State aid to the cities, he told the committee there probably
would be less opposition to this plan than to State bond issues. A statute
would be needed to authorize the State to guarantee such issues.
State Credit Not Inexhaustible.
"There are no good plans," he said. "All are objectionable." If the
need is real the problem is to select the plan which is least objectionable
and let it go at that. But it should be seen that while the States credit
is excellent, it is not exhaustless. It should not extend its credit in wasteful
fashion, since there can be no assurance that unemployment conditions
will not be worse next year and thereafter than at the present time. In
this circumstance, temporary conditions only may be met from the avails
of such guaranteed bonds and for such period of time as could be required
for the borrowing municipalities to curtail expenditures and reshape policies
in such a manner as may be necessary to effect savings sufficient in any
municipality to enable it to deal with its own unemployment problem.
In this manner the State would engage in helping the municipalities separately DO help themselves.
-INTEREST FUNDS AVAILCOOK COUNTY (P.O. Chicago), III.
ABLE.
-Joseph B. McDonough, County Treasurer, announced on Feb. 7
that funds for the payment of the interest due on the bonds described
below are available and that same will be paid on presentation of coupons
through any bank or to the County Treasurer:
Series P road bonds. Interest due April and Oct. 1 1932.
Series R county-State aid road bonds. Int. due April and Oct. 1 1932.
Series Snow detention home bonds. Int. due April and Oct. 1 1932.
Series Q Oak Forest Infirmary and county agents building bonds. Int.
due May and Nov. 1 1932.
Series M infirmary building and cemetery bonds. Int. due June and
Dec. 1 1932.
Series T new criminal court house and jail bonds. Int. due June and
Dec. 1 1932.
Series U addition to county hospital bonds. Int. due June and Dec. 1
1932.
Series BB poor relief bonds. Interest due June and Dec. 1 1932.
Series M new county pavilion bonds. Interest due July 1 1932.
-The total assessed valuation of personal
ASSESSED VALUATION.
es. was
property for 1931, exclusive of railroads and insurance com
,
announced on Jan. 31 by the Board of Appeals as 5908,581.235, as compared with $769,842,262 in the previous year. The total valuation of both
real and personal property for 1931 is reported as 53,746,180.190, a reduction of about 5800,000.000 from the 1930 total of $4,516.485,826.
-VOTE LOAN APPLICACOOK COUNTY (P. 0. Chicago), 111.
TION.
-The County Board voted on Feb. 7 to ask the Reconstruction
Finance Corporation for a loan of 52.000,000 for the purpose of completing
construction of the county hospital nurses' home. The county would post
as collateral with the R. F. C. 52,000,000 in bonds authorized for the project, which it has been unable to sell.
-BONDS PARTIALLY
COWLITZ COUNTY (P. 0. Kelso), Wash.
AWARDED.
-We are informed that of the $109,000 issue of funding bonds
offered for gale on Feb. 7-V. 136, p. 523-a block of $25,000 was pur-day option
chased by H.P. Pratt & Co. of Seattle as 6)4s at par, with a 60
on the balance. The entire issue of bonds matures serially in 16 years
CUMBERLAND, Allegany County, Md.-PROPOSED BOND ISSUE
-A bill has been introduced in the General Assembly providing for an issue
of 5225.000 water improvement bonds.
-BONDS NOT SOLD.CUYAHOGA FALLS,Summit County, Ohio.
The issue of $18,000 65 poor relief bonds offered on Jan. 28-V. 136, p.
-was not sold, as no bids were received. Dated Dec 1 1932. Due on
354
June and Dec. 1 from 1934 to 1938 inc1.1
-BOND OFFERING.
CUYAHOGA COUNTY(P.O. Cleveland), Ohio.
-George 11. Stahler,: Clerk of the Board of County Commissioners, will
bids until 11 a. m. (Eastern standard time) on Feb. 25 for
receive sealed
the purchase of $241,500 6% property owners' portion road impt. bonds,
coinprisiiag the following issues:
S66,000 Fischer Road bonds. Due Oct. 1 as follows: $9,000 in 1934 and
1 11935, and 58.000 from 1936 to 1941 incl.
53,500 Cleveland-Akron S. H. 16 (Northfield Road) bonds. Due Oct. 1
as follows: $5,500 in 1934, and $6,000 from 1935 to 1942 incl.
51.000 Belvoir Blvd. series B No. 2 bonds. Due Oct. 1 as follows: $7.000
from 1934 to 1936 incl., and $6,000 from 1937 to 1941 incl.
24,000 Harvard Road No. 5 bonds. Due Oct. 1 as follows: $3,000 from
1934 to 1937 inc14 $2,000 in 1938; 53,000 in 1939; $2,000 in 1940
and 1941 and $3,000 in 1942.
20.500 Cleveland-Akron S. H. 16 (Northfield Road) bonds. Due Oct. 1
as follows: $2,500 in 1934; $33,000 in 1935 and 1936, and $2.000
from 1937 to 192 incl.
13,000 Cleveland-Canton S. H. 460 (3rookpark Road) bonds. Due
Oct. 1 as follows: $2,000 in 1934 and 1935:$1,000 in 1936 and 1917:
$2,000 in 1938: 51.000 from 1939 to 1941 incl., and $2,000 in 1942.
10,000 Seminary Road extension bonds. Due Oct. 1 as follows: $2,000
in 1934: 51,000 from 1935 to 1940 incl., and $2,000 in 1941.
3,500 Fischer Road No. 2 bonds. Due Oct. 1 as follows: $500 from 1934
to 1936 incl., and $400 from 1937 to 1941 incl.
All of tne above bonds bear date of March 1 1933 and will be payable
as to both principal and interest (A. & 0.) at the County Treasurer's
office. Coupon bonds, registerable as to principal only, or convertible
into fully registered bonds. Bids for the bonds to bear interest at a rate
other than 6%, expressed in a multiple of X of 1%, will also be considered.
A certified check for 12,500, payable to the order of the County Treasurer,
must accompany each proposal. The approving opinion of Squire. Sanders
& Dempsey of Cleveland, under whose authorization the bond proceedings
have been taken. may be obtained by the purchaser at his own expense.
-NOTE SALE.
-Local banks
DAYTON, Montgomery County, Ohio.
agreed to purchase $200,000 worth of tax anticipation notes, after rejecting
the proposed issuance by the city of municipal scrip.
•
MI
-We are in73DAYTON, Rhea County, Tenn.
-BOND OFFERING.
formed by S. K. Hicks, City Recorder, that the four issues of 6% bonds,
aggregating 549.000, recently approved-V. 136, P. 693-are now ready
,
for private sale provided an offer of par is received. The bonds are divided
as follows:
$17,000 water works funding bonds. Due on July 1 1951.
12,000 funding bonds. Due from July 1 1933 to 1938.
11,500 street funding bonds. Due from July 1 1933 to 1938.
8.500 sewer funding bonds. Due on July 1 1951.
DEARBORN, Wayne County, Mich.-BELA TED BOND SALE
REPORT.
-We are advised'that thejSinking Fund Commission purchased on
June 8 1932 an issue of 515,000 4 X% water extension bonds at a price of
par. Dated June 1 1932 and due on June 1 1944. During the past year the
city paid off $96,300 bonds.
NIDEARBORN, Wayne County,liMich.-BOND ELECTION.
-At an
election to be held on April 11 the voters will consider a proposal to Issue
52,093,000 bonds for the purpose of financing the construction of municipal
water works plant. If the voters approve of the bonds, the Reconstruction Finance Corporation will be asked to finance the project, it was said.
1056
Financial Chronicle
• DELAWARE COUNTY (P. 0. Muncie), Ind.
-NOTE OFFERING.
W. Max Shafer, County Auditor, will receive sealed bids until 10 a. m. on
Feb. 25 for the purchase of $97,300 5% poor relief notes. Dated Feb. 15
1933. Due $48.650 on May and Nov. 15 1934. Principal and interest are
payable at the County Treasurer's office. A certified check for 3% of the
notes bid for, payable to the order of the Board of County Commissioners,
must accompany each proposal.
DEN% ER (City and County), Colo.
-BONDS CALLED -William F.
McGlone, Manager of Revenue, is said to be calling for payment at par on
Feb. 28, on which date interest shall cease, various storm sewer, improvement, alley paving and street paving bonds. It is stated that upon the
request of the holders of any of the said bonds received 10 days before the
expiration of the call, the said official will arrange for their payment at the
Bankers Trust Co. of New York City, but not otherwise.
DETROIT, Wayne County, Mich.-BELA TED BOND SALE REPORT.
-We are advised that the sinking fund commission purchased on Aug. 13
1932 an issue of $3,363,000 6% refunding special assessment bonds at a
price of par. Dated July 1 1932 and due serially from 1935 to 1946, incl.
This sale, in addition to the $1,800,000 3% emergency relief issue, dated
Sept. 23 1932 and due in 1935, to the Reconstruction Finance Corporation,
previously reported in our columns, constituted the only bond financing
completed by the city during 1932. In that period the city paid off $14,852,500 general obligation bonds and $4,842,556.60 special assessment
Issues.
-BELATED BOND AND CERDULUTH, St. Louis County, Minn.
-In addition to the sales reported in our columns durTIFICATE SALES.
ing the year, we are Informed that the following sales also took place during
1932:
5100,000 5% refunding bonds at par to the city funds on July 1. Dated
July 1 1932. Due 525,000 from July 1 1935 to 1938, incl.
25,000 44% poor relief certificates at par to the city funds on Oct. 31.
Dated Oct. 1 1930 and 1931. Due on Oct. 1 1935 and 1936.
EAST PENN TOWNSHIP (P. 0. Ashfield) Carbon County, Pa.
-Alfred W. Lieby, Secretary of the Board of Supervisors,
BOND SALE.
reports that an issue of $4,500 5% funding bonds has been purchased by
John Berger & Son of Ashfield.
EAU CLAIRE COUNTY (P. 0. Eau Claire), Wis.-BOND SALE
CONTEMPLATED.
-The $250,000 issue of highway improvement bonds
that was authorized by the Board of Supervisors on Sept. 2-V. 135, p.
1854-will be offered for sale about April or May, according to the County
Clerk.
ECONOMY TOWNSHIP SCHOOL DISTRICT(P.O. Baden, R.F. D.
-BOND SALE.
-The $8,000 411yo coupon
No. 1), Beaver County, Pa.
-were awarded to S. K.
school bonds offered on Feb. 4-V. 136, D. 523
Cunningham & Co., of Pittsburgh. Dated Jan. 1 1933. Due $1,000 on
Jan. 1 from 1934 to 1941 incl.
ELDORADO SPRINGSy Cedar County, Mo.-BOND ELECTION.Iti a reported that an election will be held on Feb. 14 in order to submit to
the voters the proposed issuance of $75,000 lighting and power plant bonds.
-REFINANCING PROPOSED.
ELIZABETH, Union County N. J.
The City Council has passed on fist reading an ordinance providing for the
refinancing of $117,000 temporary street improvement bonds which were
Issued in 1928. The new bonds are to be dated April 1 1933 and mature
serially in from 1 to 15 years.
-BOND ELECTION CANELK RIVER, Sherburne County, Minn.
-We are advised that the election scheduled to be held on Dec. 6
CELED.
to vote on the proposed issuance of $100,000 in electric power plant bonds
sir, 135, p. 3385
-was not held as an agreement was reached with the power
company.
-BOND OFFERING.
ENGLEWOOD, Bergen County, N. J.
-Thomas
J. Ahrens, City Clerk, will receive sealed bide until 8 p. m. on Feb. 21 for
$62,000 not to exceed 6% interest coupon or registered
the purchase of
school bonds. Dated June 1 1932. Denom. $1,000. Due June 1 as
follows: $2,000 in 1943: 53.000 in 1944 and 1945: 53.000 from 1947 to 1950
incl., and $3,000 from 1957 to 1970 incl. Principal and interest (June and
Dec.) are payable at the Chemical Bank & Trust Co. New York. No
more bonds are to be awarded than will produce a premium of 51,000 over
$62,000. A certified check for 2% of the bonds bid for, payable to the order
of the City, must accompany each proposal. The approving opinion of
Hawkins,•Delafield & Longfellow, of New York, will be furnished the
successful bidder.
-NOTE OFFERING.
-II. M. Willis,
ERIE COUNTY (P. 0. Erie), Pa.
County Comptroller, will receive sealed bids until 11 a. m. on Feb. 20 for
the purchase of $150,000 5% notes, dated March 1 1933 and due six months
later. Principal and interest will be payable from current revenue. Legal
opinion of Gunnison, Fish, Gifford & Chapin, of Erie.
-THREATEN SUSPENSION
FALL RIVER, Bristol County, Mass.
-The Association of Real Estate Owners on Feb. 2
OF TAX PAYMENTS.
warned the finance commission and city council that unless an effort is
made to reduce the present tax burden the Association will advocate publicly
suspension of tax payments in 1933, according to the Boston "Herald" of
Feb. 3, which further said:
"In a communication to the finance board and the city council the
real estate owners protest violently against the effort being made to increase
the city's indebtedness through a $300,000 loan now being sought, and
declare that new industries will not come to Fall River unless the tax burden
Is reduced."
FERNDALE SCHOOL DISTRICT, Oakland County, Mich.-Edgar F. Down, Superintendent of
BOND REFUNDING REPORT.
Schools, in regard to an inquiry regarding the status of the $446,000 school
approved by the State Public Debt Commission last
refunding bonds
November-V. 135. p. 3195, stated that authorization of the issue was
sought because of the fact that a like amount of bonds were in default and
it was thought possible that holders of the outstanding bonds would accept
refunding obligations. However, none of the bondholders accepted the
refunding bonds and the original default still continues, according to
Mr. Down.
FILLMORE COUNTY SCHOOL DISTRICT NO.45 (P. 0.Preston),
-It is said that an election will be held on
-BOND ELECTION.
Minn.
Feb. 21 in order to vote on the proposed issuance of $16,500 in 44%
funding bonds.
-BOND SALE.
-The 5100,000
FINDLAY, Hancock County, Ohio.
coupon public library construction bonds offered on Feb. 6-V. 136, p. 523
awarded as 4Us to the McDonald-Callahan-Richards Co. of Cleve-were
land at par plus a premium of $777,equal to 100.77, a basis of about 4.60%•
Dated Feb. 1 1933. Due $10,000 on Oct. 1 from 1934 to 1943 inclusive.
Bids received at the sale were as follows:
Int. Rate. Premium.
BidderMcDonald-Callahan-Richards Co. (purchaser)
4117
$777.00
BancOhio Securities Co
411
90.00
Stranahan,_ Harris & Co
4
62.50
Sr Katz
Widman, Holzman
20.92
First Detroit Co
851.00
N. S. Hill & Co
667.00
Ryan, Sutherland & Co
611.00
Seasongood & Mayer
5
444.00
5%
165.55
Assel. Goetz & Moerlein
..g.41,
PI
-WM
FORT LEE, Bergen County, N. J.-REFINANCING-In addition to recommending a reduction of $300,000 in the curMADE
rent budget, a committee composed of representatives of various local civic
organizations has presented the Mayor and City Council with a refinancing
plan which, it is held, will reduce the 1932 debt service item of $357,000
to approximately $178.500.
FORT MYERS SCHOOL DISTRICT(P.O.Fort Myers),Lee County,
-It is reported that on
-REFUNDING BONDS VALIDATED.
Fla.
Jan. 24 an order was signed by Circuit Judge W.J. Barker, confirming and
validating a 5341,000 issue of refunding bonds, which the County School
Board intends to use in liquidating the indebtedness of the district over
an extended period. The 'bonds are described as follows: $35,000 will
draw 5% and the remainder 6%, payable at the City Bank Farmers Trust
Co. In New York City. Dated Jan. 1 1933. Due in 30 years, optional
at any time after Jan. 1 1938.
-BOND SALE CONTEMFORT WORTH, Tarrant County, Tex.
-It is said that Geo. Fairtrace, City Manager, will offer for sale
PLATED.
about March 1, a $200,000 issue of 5% street improvement bonds.
Feb. 11 1933
FREEPORT, Nassau County, N. Y.
-BOND SALE-The $17,000
series G coupon drainage bonds offered on Feb. 8-V. 136, p. 875
-were
awarded as 44s to Phelps, Fenn & Co., of New York, at a price of 100.01,
a basis of about 4.49%. Dated Feb. 1 1933. Due $1,000 on Feb. 1 from
1935 to 1951 incl.
FULTON COUNTY (P. 0. Atlanta), Ga.-LOAN INJUNCTION
ASKED -On Feb. 1 the County Board of Commissioners approved a
contract with the Trust Co. of Georgia and the Robinson-Humphrey Co.
for 311% tax anticipation notes totaling $1,962,000, according to news dispatches from Atlanta on Feb. 2. It is said that the contract permits the
county to borrow its maximum of $2,100,000 if it so desires, but sets out
that only $1,962,000 will be taken at this time. The interest charges to
be paid by the county total 4%,according to report.
It was later stated that a petition was entered on Feb. 3 to restrain the
County Commission from negotiating the above loan on the ground that
the action was illegal. The petition was sought by the Atlanta Distributing
Terminals and the motion was set by Judge E. E. Pomeroy for hearing in
the Fulton Superior Court on Feb. 14.
In connection with the above action on the part of the Board of County
Commissioners, we quote as follows from the Atlanta "Constitution" of
Feb. 2:
"Fulton County tax anticipation notes totaling 51,962,000 will be sold
to citizens of Fulton County, bearing interest of 311% following action of
the County Board of Commissioners Wednesday in approving a contract
with the Trust Co. of Georgia and the Robinson-Humphrey Co. for the
1933 county loan.
"The contract with the investment bankers was ratified at the February
meeting of the board following action during the morning by Paul S. Etheridge, Chairman of the Finance Committee, and George F. Longino, Chairman of the board. The contract permits the county to borrow its maximum
$2,100.000, if it so desires, but sets out that only $1,962,000 will be taken
at this time. Total interest charges to be paid by the county total 4%._
"The loan will be made on March 4 and will be retired on Dec. 31. The
notes, held by the public, may be purchased in any amount desired. The
lots, for the most part, will be from $100 to $10,000. The loan is for the
operation of the county during 1933."
GASTONIA, Gaston County, N. C.
-NOTE SALE.
-The $30,000
Issue of tax anticipation notes offered for sale on Jan. 9-V. 136, p. 192was awarded as follows:
$12,000 to the First National Bank of Gastonia at yiar on 6s. Due $6,000
on April 15 1933 and $6,000 on May 15 1933.
18,000 to the Citizens National Bank of Gastonia as 6s at par. Due
$6,000 on Feb., March and June 15 1933.
GLASTONBURY, Hartford County, Conn.
-BOND SALE.
-Robert
0. Rider, Town Treasurer, informs us that Putnam & Co., of Hartford.
Purchased on Feb. 1 at Par, plus issue expenses, an issue of $50,000 44
coupon funding bonds, dated Feb. 1 1933 and due $5,000 annually on Feb.
1 from 1935 to 1944 incl. Denom. $1,000. Interest is payable in Feb. and
August. The grand list of the Town in 1931 was $9,138,394. The indebtedness is reported as follows:
Liabilities of the Town.
Funding bonds 1922-411%
$70,000.00
School bonds 1922-44%
130,000.00
School bonds 1926-44% (addition high school).- 15,000.00
School bonds 1928-4317 (Naubuc Grammar Sch.) 33,000.00
School bonds 1928-44 (Acad. Grammar School) 68,000.00
$3316,000.00
Notes: Due Nov. 1 1932
$20,000.00
Due Dec. 2 1932
50,000.00
Town record building demand
3,000.00
Improvement Hebron Road-demand
2,500.00
$75,500.00
4
Deduct.
Property tax collectible as per collector's report_ _ _ _$95,238.14
collectible as per collector's report_.... _ 2,146.00
Personal tax
8,349.10
Cash on hand Aug. 31 1932
$391.500.00
$105,733.24
Net liabilities
$285,766.76
-BELATED BOND SALE
GRAND RAPIDS, Kent County, Mich.
Fund Commission purchased on June 10 1932 an
REPORT-The Sinking
Issue of $250,000 44% street improvement and general water works bonds
at par plus a premium of $312.50, equal to 100.12, a basis of about 4.45%.
Dated June 1 1932 and due on June I from 1933 to 1937, incl. Total bond
retirements in 1932 amounted to $2,687,400.
-BOND OFFERING.
GRANT COUNTY (P. 0. Marion), Ind.
-Clay
Reams, County Auditor, will receive sealed bids until 10 A. M.on Feb. 16
for the purchase of $40.000 6% poor relief bonds. Dated Feb. 15 1933.
Denom. $1,000. Due on May 15 1934. Interest is payable on May and
Nov. 15. A ce-tified check for 3% of the bonds, payable to the order of the
Board of County Commissioners, must accompany each proposal.
GRAYS HARBOR COUNTY (P. 0. Montesano) Wash.
-BOND
OFFERING.
-It is reported that sealed bids will be received until 10 a. in.
on Feb. 20, by Harold B. Kellogg, County Auditor, for the purchase of an
$83,000 issue of poor relief bonds. Dated Feb. 15 1933,finally maturing on
Feb. 15 1937, the various annual maturities to commence on Feb. lb 1935,
and, as nearly as practicable to be in such amounts as will, together with
the interest on all such outstanding bonds, be met by an equal annual tax
levied for the payment of such bonds and interest. Each bidder submitting
a bid shall specify (a) The lowest rate of interest and premium,if any, above
par at which such bidder will purchase said bonds; or (b) the lowest rate of
interest at which the bidder will purchase said bonds at par. A certified
check for 5% of the bid is required.
HADDON HEIGHTS, Camden County, N. J.
-BONDS AUTHORIZED.
-The Borough Council on Jan. 31 passed on first reading two
ordinances providing for the issuance of $36,000 refunding bonds and
$4,000 funding bonds.
HAMPDEN COUNTY (P. 0. Springfield), Mass.
-TEMPORARY
LOAN.
-The $200,000 tax anticipation loan offered on Feb. 8-V. 136, p.
876
-was awarded to the Chase Harris Forbes Corp., of Boston, at 0.53%
discount basis. Dated Feb. 9 1933 and due on Nov. 8 1933. Bids received
at the sale were as follows:
BidderDiscount Basis.
Chase Harris Forbes Corp. (purchaser)
0.53%
Shawinut National Bank (plus $2 premium)
0.67
Third National Bank & Trust Co
0.91
Springfield National Bank
0.94
S. N. Bond & Co
1.75%
HARLINGEN INDEPENDENT SCHOOL DISTRICT (P. 0. Her.
-BOND EXCHANGE-We are inlingen), Cameron County, Tex.
formed by Ira E. Eels, Business Manager, that $110,000 5% coupon re-year
funding bonds were exchanged with the holders of the original 40
term bonds. The new bonds mature serially to 1960. Interest payable
F. & A. (These bonds were approved recently by the Attorney-General
-V. 136, P. 697.)
-NOTE SALE.
-The Second
HARTFORD, Hartford County, Conn.
National Bank,of Boston, was the successful bidder for the issue of $4000.000 24% tax anticipation notes offered on Feb. 10, paying a price of
100.707. Dated Feb. 16 1933 and due on Aug.161933. Denoms.$100,000
$50,000 and $10,000. The notes are payable at the Chase National Bank,
of New York. The notes will be prepared under the supervision of and
certified as to genuineness by the Phoenix State Bank & Trust Co., Hartford.
Legality approved by Storey, Thorndike, Palmer & Dodge, of Boston.
-MATURING BONDS PROHARTFORD, Hartford County, Conn.
VIDED FOR.
-The city has a total of $2,060,000 bonds maturing in the
next fiscal year, of which municipal building construction issues in amount
of $1,570,000, due Nov. 11933. are payable from the sinking fund. The
fund now totals $2,672,107, while sinking fund issues outstanding, exclusive
of the maturing building loans, aggregate $3,050,000. After the Nov. 1
retirements no further sinking fund maturities need be met until Jan. 1
1938, it was said. The fund is constantly augmented through the proceeds
of a one-fourth mill tax on the grand list.
-BONDS AUTHORIZED.
HENRY COUNTY (P. 0. Paris) Tenn.
In a special session held on Feb. 4 the County Court is reported to have
in refunding bonds to take up the outvoted for the issuance of $85,000
standing floating indebtedness of the county, not including school and road
Volume 136
Financial Chronicle
warrants. The bonds will begin maturing in 1934, the last maturing in
1945, and will bear interest at the rate of 5%. It is said that 6% county
notes and general fund warrants will be taken up and paid off, thus effecting
quite a saving.
HIGHLAND PARK SCHOOL DISTRICT, Wayne County, Mich.
-Mrs. G. Herald, Secretary of the Board of EducaBOND OFFERING.
tion, will receive sealed bids until 4 p.m. on Feb. 14, for the purchase of
$225,000 not to excedd 6% interest refunding bonds. Dated March 15
1933. Denom. $1,000. Due $25,000 on March 15 from 1934 to 1942, incl.
Principal and interest (March and Sept. 15) are payable at the Highland
Park State Bank,Highland Park. A certified check for $2.000. payable to
the order of the District Treasurer, must accompany each proposal. The
approving opinion of Miller, Canfield, Paddock & Stone, of Detroit, will be
furnished the successful bidder. In connection with this offering it is stated
that the District is paying $100,000 of a $325.000 issue due March 15 1933.
HILLSBOROUGH COUNTY (P. 0. Tampa) Fla.
-BONDS DESTROYED.
-The Florida "Times
-Union" of Jan. 31 carried the folio eing
report on the destruction of $2.750,1.00 of redeemed bonds:
"Chairman W. T. Watkins of the Board of County Commissioners, and
Clerk C. E. Culbreath, to-day personally conducted a $2,750,000 conflagration, when county and special road and bridge district bonds of an
original face value of that amount were burned in public at the court house.
"The bonds, redeemed and cancelled represented issues all the way
from the county's original good roads bond issue of 1903 down to first
redemptions of a 1931 issue of special road and bridge district bonds.
HOUSTON, Harris County, Tex.
-VOTERS APPROVE THIRTEEN
CHARTER AMENDMENTS.
-.At the primary election held on Jan. 28--V. 135, p. 4416
-the voters approved all but two of the fifteen proposed
amendments to the city charter. The following account of the election
results is taken from the Houston "Post" of Jan. 31:
'Sweeping changes in the system of city government will be brought
about as a result of the passage of 13 amendments to the city charter at
the polls Saturday.
"According to an official tabulation of votes made Monday, only two
amendments of the 15 submitted were declared defeated. These were the
one placing the city on a cash basis and another divorcing the water department and placing it under control of an appointive board.
"When the Holcombe administration takes office in April, the Commissioners will be known by numbers instead of titles.
'Land and Tax Commission D. Barker will become simply 'Commissioner No. 1'; Fire Commissioner Attie Anderson will become'Commissioner
No. 2'. Street and Bridge Commissioner S. A. Starkey will be known as
'Commissioner No. 3' and Water Commissioner James H. B. House will
become 'Commissioner No.4.'
'The Commissioners then will handle the affairs of the city as a whole
without devoting their attention to one single department as has been
done since the present system of government was established.
"According to Mayor Monteith, who conceived the amendment. Commissioners will sit as a board, similar to a corporation board of directors.
It is possible under the new arrangement to distribute the 42 municipal
departments among Commissioners for their supervision.
"The new administration officials will have their terms of office cut by
three and a half months as a result of the adoption of Amendment No. 8.
Under the present system, new ()Metals take office in April. In the future
they will take office on Jan. 2, beginning in 1935.
"Another amendment which was passed will soften the effects of the
penalty on delinquent taxes. It applies to this year's city taxes which are
payable next December.
"The penalty during January will be 2% of the amount due, instead
of 10% under the old arrangement. The penalty will increase 2% each
month thereafter until May, giving the taxpayers five months to pay their
old taxes before feeling the effects of the full 10% penalty.
"The eighth amendment sets the general city election on the second Monday in December in 1934 and each two years thereafter, instead of in April
as it has been in the past.
"The eleventh amendment calls for the city primary to be held not less
than 30 days and not more than 40 days before the general city election.
Heretofore the city Democratic executive committee was charged with the
duty of setting the date of lorimary.
.
'The most popular of all amendments adopted was the fifteenth which
passed by a vote of 19,049 to 8,952. This provides for enactment of a
plan putting into effect a pension for city firemer and policemen and
other city employees, beginning next year.
"Other amendments adopted will allow the council to assess the cost
of street paving against all benefitted property owners; permit the city to
pay for all costs of public improvements: permit the council to extend
the time limit of paying paving liens; arranges that paving certificates in a
whole series will not all fall due automatically on default: changes the
personnel of the city board of appraisement, and exempts city bonds from
city taxation.
"These amendments will go into effect as soon as the returns of the
amendment election are certified to the Secretary of State."
HUBBARD COUNTY (P. 0. Park Rapids), Minn.-130ND SALE
NOT CONSUMMATED.
-It is now reported that the sale of the $20,000
block of the $34,000 issue of 5M% coupon semi-annual warrant funding
bonds to local banks on Jan. 3-V. 136, p. 524
-was not consummated.
BONDS RE
-OFFERED.
-Sealed bids were received until 2 p.
Feb. 10, by Frank Helsel, County Auditor, for the purchase of the m. on
issue of $34,000 534% coupon funding bonds. Denom. $1,000. entire
Jan. 1 1933. Due on.In. 1 as follows: $1,000, 1936 to 1945:$4.000 Dated
and $5.000, 1947 to 1950, all incl. Principal and interest (J. & J.) in 1946,
at the First National Bank of St. Paul. The approving opinion ofpayable
Oppenheimer, Dickson, Hodgson. Brown & Donnelley of St. Paul. will
In the event that bids for the bonds are not accepted, thenbe furnished.
the County
Auditor will thereafter offer for sale by punlic subscriptioln
time said bonds, and will permit the holders of any warrants from time to
to be funded
by said bonds to use and apply said warrants and any interest or other
items legally accrued thereon in payment in whole or in part for
the bonds
so purchased by him.
IOWA, State of (P. 0. Des Moines).
-GOVERNMENTAL SURVEY
AUTHORIZED.
-The State Legislature is reported to have authorized a
survey of State and local government as a oasis of reorganization and
consolidation of departments. The adoption of the joint resolution creating a committee for the purpose is said to have followed the recommendations made by Governor Clyde L. Herring in his inaugural message.
committee will consist of two members of the House appointed by The
the
Speaker, tw members of the Senate appointed by the Lieutenant Governor
and one po'fc•n appointed by the Governor.
JACKSON COUNTY (P. 0. Jackson), Ohio.
-LIST OF
The following is an official list of the bids received for the issue of BIDS
coupon poor relief bonds awarded on Jan. 23 as 4US to Seasongood &$24,000
Mayer,
of Cincinnati, for a premium of $105. equal to 100.43, a basis of about
4.60%-V. 136 p. 876:
BidderInt. Rate. Premium.
Seasongood & Mayer (purchaser)
434%
$105.00
13ancOhlo Securities Co
43/
55.20
Asset, Goetz & Moerlein
5
39.90
Bosworth & Co
Braun,
5
Gran & Co
5
61
.
21
Provident Savings Bank & Trust Co
31.20
54%
Huntington Securities Corp
5
126.00
N. S. 11111 & Co
Wittman, Holzman & Katz
Ryan, Sutherland & Co
5 %
46.00
JACKSONVILLE, Duval County, Fla.
-BOND PAYMENTS RE-The following report of the principal and interest payments
PORT.
being made by this city on its bonded debt, is taken from the Florida
-Union" of Feb. 1:
"Times
"From Jan. 1 to Feb. 1 the City of Jacksonville has paid out $735,000 for
bond maturities and bond interest, City Treasurer Alexander Ray said
yesterday afternoon.
"More than half a million of that figure represented a retirement of
Ponds winte $220,000 was for interest.
"Except for $60,000 worth of interest to be paid on March 1, no other
large payments for interest or maturities fall due until May 1 when $100,000
will have to be spent.
"Maturities after that run like this: July 1. $91,000: Aug. 1, $240,000;
Sept. 1, $50,000; Nov. 1, $20,000, and Dec. 15, $10,000.
"The city pays out this year a total of$1,246,000 in bond maturities."
-The following report on tax collections for
TAX RECEIPTS REPORT.
this year is taken from the Florida "Times-Union" of Feb.1.:
R 0%
AM
1057
"Well over a third of the city's 1933 taxes has been collected, according
to figures given out yesterday afternoon by City Treasurer Alexander Ray.
"Against a tax roll of $917.837.13, as set up in the budget for collection,
Ray has taken in $380,411.14 it was announced. The figures are through
last Thursday. Final figures through January will not be available until
some time to-day, it was stated.
"Against a budget of $4,381,719.43 for this year, a total of $765,113.08
has been collected from taxes and other revenue."
JACKSON, Jackson County, Mich.
-TAX COLLECTION REPORT.
The following statement with respect to the status of tax collections in
the city has been furnished us by C. H. Vedder, City Clerk:
Statement of Delinquent Taxes, General and Special Assessment Levies (as of
Jan. 30 1933).
1931.
1931-32.
1932-33.
1930.
1929.
$
$
S
Assessed val. (rt.
& personal)_ _ _84,925,695 88,901,360 89,266,210 90,827,060 88,415,034
Tax levy, gen'I__845.808.15 884,967.37 446,333.30 896.983.09 840.439.42
Special
212,619.08 261,784.43
148,338.90 177.306.31
Collected, gen'l_ -576,881.14 741,413.19 392,737.10
Special
62,423.81 108,972.24
Delinqu.t, gen'l_ 268,927.01 143,554.18 53,596.20
Special
85,915.09 68,334.07
Percent. delinq't
General
a
b31.79% b16.229' b12.008%
Special
a
a
bc57.91% bc38.549
a Jackson County paid city amount of delinquency in 1929 and 1930
when tax return was made. b A period of six months ending June 30 1931.
nterim between old (calendar) and new fiscal year, which ends June 30.
c Not delinquent until March 1 of following year.
BONDS OUTSTANDING.
-C,H. Vedder, City Clerk, reports that as of
Jan. 31 1933 outstanding special assessment general obligation bonds
totaled $390,000, maturing in the fiscal years (beginning July 1) as follows:
1933-1934. $125.000; 1934-1935, $76,500; 1935-1936, $62.000; 1936-1937.
$56,000; 1937-1938, $37.000: 1938-1939, $26,500; 1939-1940, $7,000.
KANDIYOHI COUNTY (P. 0. Willmar), Minn.
-BOND OFFERING.
-Sealed bids will be received until 2 p.m.on Feb.24 by the County Auditor.
for the purchase of a $28,000 issue of coupon drainage funding bonds.
Interest rate is not to exceed 434%, payable M. & S. Denom. $1,000.
Dated March 1 1933. Prin. and int. payable at the First National Bank
of St. Paul. The approving opinion of Junell, Driscoll. Fletcher, Dorsey
& Barker of Minneapolis, and that of H. W. Moody, of St. Paul, will be
furnished. No certified check is required. The bonds are issued under
the provisions of Chapter 72, Laws of 1923, and constitute a general obligation of the entire County, all the taxable property in the county being
subject to the levy and collection of an unlimited ad valorem tax for their
payment as to both principal and interest
-V. 136, p. 876.
KANSAS CITY, Jackson County, Mo.-BOND ISSUANCE CONTEMPLATED.
-On Jan. 31 the Citizens' Bond Advisory Committee
approved the program outlined by 11, F. McElroy, City Manager, calling
for the issuance of $1,000,000 in bonds as soon as possible, according to the
Kansas City "Star" of Jan. 31. The projects were outlined as follows in
the newspaper report: $200,000 water works; $250.000 sewers: $200,000
parks; $150,000 Brush Creek improvement; $100,000 traffic ways, and
$100,000 health and hospital bonds.
KENTUCKY, State of (P. 0. Frankfort).
-COUNTY ABOLITION
PROPOSED.
-Nat B. Sewell State Inspector and Examiner, in a report
submitted to Governor LaffOon on Feb. 1. recommended that the 1934
er
Legislature abolish Clay County to end what he termed "clan contests
which have made the county notorious for near1,3, half a century," accordingto the Louisville "Courier-Journal" of Feb. 2:
KILGORE, Gregg County, Tex.
-BOND SALE.
-The $175.000 issue
of6% water works and sanitary sewer system bonds offered in Sept. 1932V. 135, p. 1688
-is stated to have been purchased by the First National
Bank of Shreveport. Dated March 15 1931. Due from March 15 1933 to
1938, optional on any date if 30 days' notice is given to trustee.
KINGSTON, Ulster County, N. Y.
-The $136,000
-BOND SALE.
coupon or registered bonds offered on Feb.8-V.136. p.694-were awarded
as 3 40s to the Chase Harris Forbes Corp.of New York at a price of 100.169.
a basis of about 3.34%. The award comprised:
$100,000 series A. general bonds of 1933 for work relief purposes. Due
820.000 on Jan. 1 from 1934 to 1938, inclusive.
36,000 series 13 street improvement bonds of 1933. Due April 1 as follows: $7,000 from 1934 to 1937, inclusive, and $8,000 in 1938.
Each issue is dated Feb. 1 1933. The bankers made public reoffering of
the bonds at prices to yield 2% for the 1934 maturity; 1935, 2.50%; 1936,
3%; 1937, 3.25%; and 3.50% for the 1938 bonds: The securities, it is
said, are legal investment for savings banks and trust funds in New York,
Connecticut and other States and are eligible as security for postal savings
deposits.
Financial Statement as of Jan. 211933.
Gross debt.-Bonds (outstanding)
$1.857,675.25
Floating debt (including temporary bonds
outstanding)
109,761.64
Due to current and special funds for cash
34.553.47
advances to capital funds
$2,001.990.36
Deductions.
$1,026,000.00
-Water debt
Indebtedness included above provided for
203.423.48
in the 1933 budget and not yet redeemed_ _ _
1,229,423.45
$772,566.85
Bonds to Be Issued
General bonds, series A 1933
Street improvement bonds of 1933
Total bonds to be issued
Floating debt to be funded by such bonds
$100,000.00
36,000.00
$136,000.00
27,699.05
$108,300.95
Net debt
$880,867.83
Assessed Valuations.
-Real property including improvements, 1933,
$23,423.862:special franchises. 1933. $1,295,268; total, $24,719,130.
Population.
-Census of 1930, 28,088.
Tax Rate, Fiscal Year 1933, per Thousand.
-General (1933). $38.60:
school (1932-1933). $6.50; total, $45.10.
TAX REPORT.
Uncollected at
Total Levu (not
Uncollected
Fiscal Year
Including Special End of Year Levy, Jan. 27 1933.
Assessments).
Amount.
BeginningAmount.
1929
$883,744.12 i
None (tax sale left none
1930
966.665.04
uncollected).
1931
946,228.16
$4.00
$4.00
1932
1,324,510.88
24,984.32
24,984.32
1933
957,941.43
Not yet due.
Fiscal year is same as calendar year. Taxes are billed Feb. 1. Delinquent date, first half, 30 days after Feb. 1: second half, 30 days after
May 1.
KIRKLAND, NEW HARTFORD. WHITESTOWN, MARSHALL,
WESTMORELAND, VERNON AND PARIS CENTRAL SCHOOL.
DISTRICT NO. 1 (P. 0. Clinton), Oneida County. N. Y.-liOND
OFFERING.
-Robert I. Williams, Clerk of the Board of Educr don. will
receive sealed bids until 8 p. m. on Feb. 28 for the purchase cf $346,000
not to exceed 6% interest coupon or registered school b nds. Dated Dec. 1
,
1932. Denom. $1,000. Due Dec. 1 as follows: $4,000 in 1933 mind 1934:
$5,000 from 1935 to 1938 incl.; $6,000, 1939 to 1941: $7,000, 1942 to 1944:
$8,000, 1945 to 1947; $9,000 in 1948 and 1949: $10,000 in 1950 and 1951:
$11,000 in 1952 and 1953: $12,000 in 1954 and 1955: $13,000, 1956; $14.000
In 1957 and 1958: $15,000, 1959; $16,000. 1960; $17,000 in 1961 and 1962:
$18,000 in 1963; $19.000 in 1964: $20,000 in 1965. and $8.000 in 1966.
Rate of interest to be named by the bidder in a multiple of h or 1-10th of
1%, and must be the same for all of the bonds. Principal and interest
(June and Dec.) are payable at the Hayes National Bank, Clinton. A
certified check for $7,000, payable to the order of Robert U. Hayes, Tress
surer of the Board of Education, must accompany each nroposal.The
approving opinion of Clay, Dillon & Vandewater, of New York. will be
furnished the successful bidder. (These bonds were previously offered at
1058
Financial Chronicle
not to exceed 5% interest on May 2 1932, at which time no bids were
received.
-V. 135, p. 162.)
Financial Statement.
Valuations:
Actual Valuation
$7,803.254.00
Assessed Valuation, 1932-1933
4,759,985.00
Debt:
Central School District Bonded Debt (this issue)
$346,000.00
Other Bonded Debt:
Outstanding bonds of districts included in the Central
School District
$17,000.00
Outstanding bonds of the Village of Clinton (incl.
$2,000 water bonds)
62,000.00
Population, 1932. 5,040.
LA CROSSE COUNTY (P. 0.La Crosse), Wis.-BOND SALE POSTPONED.
-With reference to the offering scheduled for Feb. 1 ofthe $400,000
Issue of not to exceed 5% semi-annual county, series 0 bonds
-V. 136,
-we are informed by the Chairman of the County Board that the
D. 694
officials of the County Board decided to postpone the sale of these bonds
until a later date on account of legislation now pending before the Wisconsin Legislature, which will materially affect the sale and price of municipal bonds in the State. He states that this legislation will undoubtedly be
enacted at an early date, and it is proposed therein to eliminate the statutory
limitation upon tax levies and to provide for the issuance of corporate purpose
ibonds. Dated Jan. 1 1933. Due $50,000 from Jan. 1 1934 to /941.
inclusive.
LAKEWOOD, Cuyahoga County, Ohio.-BELA TED BOND SALE
REPORTED.
-The Board of Sinking Fund Trustees purchased on Aug. 1
1932 an issue of $30,000 4% sewage disposal works improvement bonds at
a price of par. Dated Aug. 1 1932 and due serially from 1933 to 1937, bacl.
During 1932 the city retired $405.595 of its bonded indebtedness, comprising $259,080 general bonds and $146,515 special assessments.
LANDIS TOWNSHIP SCHOOL DISTRICT (P. 0. Vineland)
Cumberland County, N. J.
-BOND OFFERING.
-Sarah B. Imhoff,
District Clerk, will receive sealed bids until 8 p.m. on Feb. 15, for the
purchase of $28,000 53 or 6% coupon school bonds. Dated Feb. 11933.
Denoms. $500 and $100. Due Feb. 1 as follows: $2,500 from 1935 to
1938, incl., and $3,000 from 1939 to 1944, incl. Principal and interest
(February and August) are payable at the Tradesmens Bank & Trust Co.,
Vineland. A certified check for 2% of the bonds bid for, payable to the
order of the Board of Education, must accompany each proposal.
LANSING, Ingham County, Mich.
-PROPOSED BOND REFUNDING.-The City Commission has applied to the State Public Debt Commission for authority to issue $165,000 43% refunding bonds for the purpose of reducing the maturities during the fiscal year beginning May 1 1933
from $407,000 to $242,000.
-LOAN OFFERING.
LEOMINSTER, Worcester County, Mass.
Charles D. Hamden, City Treasurer, will receive sealed bids until 11 A.M
on Feb. 13 for the purchase at discount basis of a 1500,000 temporary loan,
dated Feb.14 1933 and due $300,000 on Nov.2 and $200,000 on Dec. 1 1933.
Denorns. 325,000, $10,000 and $5,000. Payable at the Merchants National
Bank, of Boston. This institution will certify as to the genuineness of the
notes. Legality to be approved by Ropes, Gray, Boyden & Perkins, of
Boston.
LINCOLN, Lancaster County, Neb.-BELATED BOND SALES.
We are informed by Theo:: H. Berg, City Clerk and Auditor, that the
following bonds were sold in 1932 in addition to the sales already reported
in our columns:
$142,655 2 % building bonds were purchased by the sinking fund. Due
from 1933 to 1939. These are really warrants issued for new
municipal building, under special charter provisions, which the
city is carrying as bonds.
82.000 4).4% water extension bonds sold on Aug. 1 to the Water & Light
Sinking Fund, at par. Dated Aug. 1 1,932. Due from 1943 to
1952.
18,0004)4% water extension bonds sold on Aug. 1 at par to Abel &
Dobson. Dated Aug. 1 1932. Due from 1943 to 1952.
LINDEN, Union County, N. J.
-BONDS PARTIALLY SOLD.
Thomas H. Sullivan, City Clerk, states that Morris Mather & Co. of New
York were awarded as 6s at a price of par a block of $81.000 bonds of the
$194,000 coupon or registered school issue offered on Feb.7-V.136, p.694.
The City Treasurer has been authorized to dispose of the remainder of the
Issue at private sale. The bonds are dated March 1 1933 and will mature
serially on March 1 as follows: $1,000 in 1940; $7,000 from 1941 to 1950,
Incl.;$9,000from 1951 to 1963,incl., and 16.000 in 1964.
LOS ANGELES METROPOLITAN WATER DISTRICT (P. 0. Los
-BOND AWARD DEFERRED.
-We were informed on
Angeles), Calif.
Feb. 2 that action was again deferred by the Board of Directors on the bid
received on Jan. 27 from the R. F. C. for the $4,032,000 issue of Colorado
River water works, election of 1931 coupon or registered bonds to bear
-V. 136, p. 877.
interest at not to exceed 5%, payable F. & A.
We had not been informed up to Feb. 10 of the disposition of the above
bonds.
-LOAN GRANTED.
LOUISIANA, State of (P. 0. Baton Rouge).
Wm following is the text of a loan announcement made by the Reconstruction Finance Corporation on Feb. 8:
"The R. F. C., upon application of the Governor of Louisiana, to-day
made available $2,851,173 to meet current emergency relief needs in 64
parishes of that State for the period March 1 to April 30 1933.
"These funds are made available under Title!, Section 1, subsection (c),
of the Emergency Relief and Construction Act of 1932. with the understanding that the responsibility of the political subdivisions and the State
of Louisiana to make every effort to develop their resources to provide relief
is net in any way diminished.
"In support of his application the Governor stated that State and local
resources now available or which can be made available are inadequate to
meet the relief needs.
"The R. F. C. heretofore has made available $4,751,333 to meet current
emergency relief needs in the State of Louisiana."
-BOND REFUNDING REPORT.
LOVELAND,Larimer County, Colo.
-Water bonds totaling $150,000 are said to be callable on July 1 of this
year, and the City Council is reported to be preparing to refund $100,000
of this amount. The balance of $50,000 will be refunded within the next
two years, it is stated.
-BOND SALE.
-The
Mc MINN COUNTY (P. 0. Athens), Tenn.
140,000 issue of 6% funding bonds offered for sale on Feb. 4-V. 136, P.
695
-was purchased by the Third National Bank of Nashville, at a price of
98.12 a basis of about 6.42%. Due $4,000 from 1934 to 1943, inclusive.
MAHANOY TOWNSHIP SCHOOL DISTRICT (P. 0. Mahanoy
-The issue of $90,000
-BOND SALE.
City), Schuylkill County, Pa.
school building completion and equipment bonds recently approved by the
-has been
Pennsylvania Department of Internal Affairs
-V. 136, P. 877
purchased at a price of par by the State Employees' Retirement Board.
Due $6,000 annually from 1934 to 1948 incl.
-The followMAINE, State of (P. 0. Augusta).
-LOAN GRANTED.
ing is the text of a relief loan announcement made by the Reconstruction
Finance Corporation on Feb. 6:
"The R. F. C., upon application of the Governor of Maine, to-day made
available 137.000 to meet current emergency relief needs in Aroostook
County during the month of February.
"These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932 with the understanding that the responsibility of the political subdivision and the State of
Maine to make every effort to develop their own resources to provide
relief is not in any way diminished.
"In support of the Governor's application it is stated that lack of work in
the woods during the past two years had made it necessary for a large
number of people to seek assistance from their respective towns and that a
great many families are now receiving their entire support from this source.
It is also stated that the low price of potatoes has made it very difficult for
towns in the potato-growing sections to collect taxes.
"This is the first application received by the R. F. C.from the Governor
of Maine for Federal relief funds to supplement resources available within
the State."
-BONDS NOT SOLD.
MALLARD, Palo Alto County, Iowa.
-The
-was
$4,500 issue of water works bonds offered on Jan. 17-V. 136, P. 525
not sold.
Feb. 11 1933
BONDS REOFFERED.
-Sealed bids will be received
p.m. on
15 by D. A. Lott, Town Clerk, for the purchase of the until 8bonds. Feb.
above
MANCHESTER, Hillsboro County, N. H.
-BELATED BOND SALE
REPORT.
-We are advised that the Trustees of Cemetery Funds Purchased on June 27 1932 an issue of $100,000 4)4 7,, permanent improvement
bonds at par. Dated April 1 1932 and due serially in from 1 to 20 years.
Bond retirements in 1932 aggregated $498,000.
MANVILLE, Somerset County, N. J.
-ASKS SUPERVISION OF
AFFAIRS.
-Due to unusual conditions resulting in its inability to meet all
note and bond maturities promptly, the Borough Council has petitioned the
Municipal Finance Commission to act for it in accordance with Chapter
340 of the Laws of 1931 as amended.
MARGATE CITY, Atlantic County, N. J.
NOT SOLD.
The city failed to receive a bid at the offering on -BONDS$330,000 not to
Jan. 26 of
exceed 6% interest coupon or registered bonds, comprising the following
Issues: $130,000 sewer bonds, $100,000 water bonds and $100.000 Beachfront bonds. V. 136, p. 356.
MASON COUNTY (P. 0. Shelton), Wash.
-BONDS OFFERED.
It is reported that sealed bids were received until Feb. 11, by the County
Treasurer, for the purchase of a $49,310 issue of indigent relief bonds.
MEADE COUNTY(P.O. Brandenburg), Ky.-BOND DEBT REPORT.
-It was reported by Nat B. Sewell, State Inspector and Examiner, on
Feb. 6 that this county owes $120,000 in road and bridge bonds but has
$23,646 in the sinking fund to apply on the debt. The Inspector stated
that the county has a floating debt of $9,774.05 (anticipated revenue).
METOMPKIN MAGISTERIAL DISTRICT (P. 0. Parksley) Accomae County, Va.-BOND OFFERING.
-Sealed bids will be received
until 1 p.m. on Feb. 15, by George H. Mapp, Clerk of the School Board, for
the purchase of a $17,500 issue of coupon refunding school bonds. Bidders
are to name the rate of interest. Denom.$500. Due on March 1 as follows:
$1,000, 1934 to 1943, and $1,500, 1944 to 1948, all incl. Prin. and int.
payable at the Chase National Bank in New York City. Lithographed
bond blanks to be furnished to the School Board ready for execution by the
purchaser of the bonds. Authority for issuance is Chapter 257 of the Acts of
the General Assembly , 1932. It is stated that the bonds will be a lien on all
,
the property in the District. A certified check for 2% of the amount of the
bonds must accompany the bid.
MILTON, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
2150,000 temporary loan issue offered on Feb. 7-V. 136, p. 877
-was
awarded to the National Shawmut Bank, of Boston, at 0.47% discount
basis, plus a premium of $11. The loan matures on Nov.8 1933 and was bid
for by the following:
BidderDisc. Basis. Premium,
National Shawmut Bank (purchaser)
0.47
$11
State Street Trust Co
0.46
_
Boston Safe Deposit & Trust Co
0.465%
New England Trust Co
New
0.49
7
First National Bank
0.48
4
Bond & Goodwin
0.51%
Merchants National Bank
0.59%
Second National Bank
Second
0.61
_
Faxon, Gade & Co
0.64%
MINNEAPOLIS, Hennepin County Minn.-BOND OFFERING.Both sealed and auction bids will be received until 11 a.m. on Feb. 23 by
Geo. M. Link, Secretary of the Board of Estimate and Taxation, for the
purchase of $300,000 coupon or registered public relief bonds. Interest
rate is not to exceed 6%,stated in a multiple ofji of 1%. All bonds shall
bear a single interest rate. Denom. $1,000. Dated Mar. 1 1933. Due
$60,000 from March 1 1934 to 1938, incl. Prin. and semi-ann. int. payable
at the city's fiscal agency in New York City, or at the office of the City
Treasurer in Minneapolis, at holder's option. The legal approval of Thomson, Wood & Hoffman of New York will be furnished. Sealed bids will be
received until 11 a.m. of the date of sale, and open bids will be asked for
after that hour. Bids offering less than par cannot be accepted. The cost
of preparing the bonds will be borne by the city. These bonds are issued
pursuant to the terms of Sec. 9 and 10 of Chap. XV of the City Charter.
Delivery will be made in Minneapolis or elsewhere in the United States at
the option of the purchaser. A certified check for 2% of the bonds bid for,
payable to C. A. Bloomquist, City Treasurer, is required.
Bonded Indebtedness as of Feb. 1 1933.
Sinking fund obligations outstanding
$50,486.500.00
Court House and City Hall certificates
250,000.00
Auditorium bonds, serial
1,947,000.00
park improvement bonds
Local street and
12,909,473.47
Gross debt as of Feb. 1 1933
$65,592,973.47
Deductions therefrom authorized by Minnesota statutes:
Accumulated sinking funos
*16,396.232.69
reserves for special bonds
Less
*825,486.44
Net
Special bonds included above:
Water works bonds
Airport bonds
Auditorium bonds
Electric light plant bonds
Public market bonds
River terminal bonds
Revolving fund bonds
Assessable portion of local impt. bonds
$5,570,746.25
$3,680,000.00
508,000.00
1,947,000.00
50,000.00
21,000.00
624,000.00
1,837,000.00
10,041,039.79
24,278,786.04
Net indebtedness, balance
$41,314,187.43
Maximum permissible net indebtedness
48,594,517.40
Margin as of Feb. 1 1933 for additional issues
7,280,329.97
School bonds included in sinking fund obligations
22,802.145.13
relief bonds included in sinking fund obligations
Public
2,310,000.00
* Includes $175,991.61 water works sinking fund.
MINNESOTA, State of (P. 0. St. Paul).
-LOAN GRANTED.
-The
Reconstruction Finance Corporation on Feb. 4 announced the granting
of a relief loan to this State as follows:
"The R. F. 0.. upon application of the Governor of Minnesota, to-day
made available $354,936 to meet current emergency relief needs in three
political subdivisions of that State during the month of February.
"Supporting data state that'Governor Olsen wishes to assure the members
of the It. F. 0. that he is doing everything within his power to expedite
the passage of local finance relief bills so that the larger urban centers in
the'State of Minnesota will be in a better position to finance their own
needs.'
"The R. F. C. heretofore has made available $1331,843 to meet current
emergency relief needs in various political subdivisions of the State of
Minnesota.
MINNESOTA,State of (P.O. St. Paul).
-TAX REDUCTION.- The
following report on comparative tax levies for 1932 and 1933 on real and
personal property in the State, is taken from the Minneapolis "Journal"
of Jan. 31:
"Minnesota owners of real and personal property will pay $12,000,000
less in taxes this year than they did in 1932, it was announced to-day by
the State tax commission. Total direct levies for all purposes, payable this
year, were $108,269,098, compared with $120,382.972 levied last year.
"Levies for various units of government for the two years compare as
follows:
1932.
1931.
State
$13,692,169
$15,607,038
County
20,695,619
23,265,091
Township
5,623,586
7,519,437
City and village
32,208,968
33,802,657
School district
36,048,756
40,728,749
Total
$108,269,098
$120,382,972
"State taxes are reduced $1,374,869 or 9.12%, under 1931; county taxes
are reduced $2,569,472 or 11.04%; township taxes reduced $1,895,851, or
25.21%; city and village taxes are reduced $1,593,689 or 4.72%, and school
district taxes are reduced $4,679,993 or 11.49%."
MISSISSIPPI State of (P. 0. Jackson).
-LOAN GRANTED
.-The
wanting of a relief loan to this State was announced as follows on Feb. 3
by the Reconstruction Finance Corporation:
Volume 136
Financial Chronicle
"Upon application of the Governor of Mississippi, the R. F. C. to-day
made available $20.000 to meet current emergency relief needs in three
counties of that State, covering the months of January and February.
"In support of the Governor'. application it was stated that funds now
available or which can be made available are inadequate to meet the relief
needs at this time.
"The R. F. C. heretofore has made available $2,739.425 to meet current
emergency relief needs in the State of Mississippi."
MISSISSIPPI, State of (P. 0. Jackson).
-BOND OFFERING -It is
announced by Greek L. Rice, Secretary of the State Bond Commission,that
the Commission will offer for sale on Feb. 13, at noon, three issues of gold
bonds, aggregating $6.657,000, as fellows:
$1.157,000 State bonds. Dated Oct. 1 1932. Due from 1942 to 1944.
Authorized to be issued under the provisions of Chapter 109.
Laws of 1932.
3,000,000 State bonds. Dated Feb. 1 1933. Maturing at option of the
purchaser, not exceeding 20 years from date. Authorized to be
sued by
110. Laws of 1932.
2,500,000 State bonds. Dated Oct. 11932. Due from 1937 to 1942, and
in 1945, 1947 and 1952. Authorized to be issued by Chapter
111, Laws of 1932.
Interest rate is not to exceed 6%, payable semi-annually. Bidders
to
name the rate of interest and said bonds may be sold at a price not less than
five points below a price which will yield a 6% basis computed to maturity
according to standard bond tables in general use by banks and
insurance
companies in purchasing securities. The bonds are direct obligations
of the
State and may be registered as to principal only.
Treasurer's office, or at the option of the purchaser. Payable at the State
A certified check for
2% of the bid is required.
In connection with the above offering we quote in part as follows from
the New York "Herald-Tribune" of Feb. 7:
"Bond commissioners of Mississippi will announce to-day a new issue of
$6,657,000 serial bonds of the State, on which tenders will be opened Feb. 13
at the State capital, Jackson. This issue will
item on the slim calendar of future public sales constitute the largest single
of State and city bonds. It
Is expected to attract considerable interest for this reason and also because
of the vastly improved financial outlook for Mississippi, occasioned by
administrative and taxation reforms fostered by Governor M. S. Conner.
Sales Tax Cuts State Debt.
"Bankers here familiar with the State's finances believe that sale of these
securities would make further bond financing unnecessary for at least a
year and possibly a good deal longer. The sales tax and other revenue
measures introduced by the Conner administration have made possible a
reduction of $2.800,000 in the State debt last year, with further curtailment
indicated in 1933.
"Funds now sought by the State would make sufficient cash available
for repayment of bond maturities due this month and next, while the bond
sale also would complete the plan for funding of the deficit accumulated by
preceding administrations. The State hospital bonds comprise all the
unsold portion of a $1,500,000 issue authorized for this purpose.
Budget Commission Created.
"Representatives of the State Bond Commission conferred with New York
investment bankers recently regarding the financing now contemplated, and
information then made available indicates that rapid financial progress is
being made by the State government. Under a measure making debt
service a first lien on general revenues, approximately $750,000 already has
been accumulated this year to most maturing issues. Recurrence of the
budget deficits of past years has been made altogether unlikely by establishment of a budget commission which is as far removed as possible from
political control. State authorities, moreover, are prohibited from making
disbursements in excess of allotments.
"Distribution of more than $5.000,000 Mississippi bonds was effected in
the final months of last year by bankers under arrangement with the
State authorities. Stranahan, Harris & Co. and associates sold at prices to
yield the investor 6% $3,815.000 deficit bonds and $343.000 hospital bonds,
while George T. Carter, Inc., of Memphis, sold $1,000,000 deficit bonds.
Distribution efforts were discontinued at the end of last year, and the State
authorities began considering measures for ordinary bond financing by
means of public sales of issues still available.
MISSOURI, State of (P. 0. Jefferson City).
-LOAN GRANTED.
The Reconstruction Finance Corporation made the following announcement of a loan grant on Feb. 3:
"The R. F. C., upon application of the Governor of Missouri. to-day
made available $14,810 to meet current emergency relief needs in 10 political
subdivisions of that State during the month of February.
"According to supporting data, funds now available or which can be
made available are inadequate to meet relief needs at this time.
"The R. F. C. heretofore has made available $2.435,531 to meet current
emergency relief needs in various political subdivisions."
MONMOUTH COUNTY (P. 0. Freehold), N. J.
-BOND OFFERING -C. Asa Francis, County Treasurer, will receive sealed bids until 11
A.M. on Feb. 23 for the purchase of $700,000 not to exceed 6% interest
coupon or registered tax anticipation bonds. Dated Mar. 1 1933. Denoms.
to be specified by the purchaser. Issue will mature on Dec.311933. Rate
of interest to be expressed by the bidder in a multiple of one one-hundredth
of 1%. Principal and interest are payable at the County Treasurer's
office. A certified check for 2% of the bonds bid for must accompany each
proposal. The approving opinion of Caldwell & Raymond, of New York.
will be furnished the successful bidder.
MONROE COUNTY (P. 0. Rochester), N. Y.
-PROPOSE LOAN
OF $1,700,000.
-Harry J. Bareham, County Treasurer,
Board of Supervisors for permission to borrow $1,700,000 has asked the
with which
meet maturing obligations and expected demands of five towns for to
collected taxes. The Court of Appeals, in the case of Erie County unvs.
the Town of Amherst, recently held that counties
State are obliged
to make up the deficiency in the failure of towns to in the
fully collect the amount
of their tax rolls
-V. 136. p. 520. The proceeds of the
loan
be used to meet the following: $50,000 relief work bonds.proposed 30 will
due Jan.
1933;
$1,000,000 tax anticipation notes, due March 14 1933: $700,000 tax anticipation notes, due April 25 1933 $25.000 work relief notes, due June
30 1934:
$189.000 tax anticipation notes, due June 1 1933. The amounts due
to
towns on uncollected taxes in 1932 are as follows: Brighton.
Irondequolt, $521,522; Gates, $34,741; Greece, $87,082 ,and $577.610;
Pittsford.
$59,688.
Tax Revenues.
City of Rochester1932.
1931.
1930.
Annual le
$18,249,757 $16,863,616 $16,751,402
Uncoil
levy
2.963.611
1.910.891
1,332,577
% oflevy uncollected
16.24
11.33
7.40
Monroe County
Annual levy
$7,970,894 $7,098,682 $7,551,249
Uncollected le
1.466,061
910,289
1,026,142
% oflevy uncol ected
18.4
12.8
16.6
BOND OFFERING.
-The County Treasurer will receive sealed bids
until 11 a.m. on Feb. 14, for the purchase of
interest coupon or registered emergency relief $250,000 not to exceed 6%
bonds. Dated Feb. 15 1933.
Denom.$1,000. Due $50,000 ann. on Feb. 1 from
1939
of interest to be named by the bidder in a multiple of to 1943,incl. Rate
si of 1% and must
the same for all of the bonds. Principal and
be
interest
August) are payable at the Union Trust Co., Rochester. (February and
Midland Trust Co., New York. A certified check for or at the Marine
$5.000, payable to
the order of the County, must accompany each proposal.
opinion of Clay, Dillon & Vandewater of New York, will The approving
be furnished the
successful bidder.
MONTANA, State of (P. 0. Helena).
-BOND BILL REPORT
stated that the House has passed a bill providing for $4,000.000 4% -It Is
bonds,
maturing in from 10 to 20 years, to retire the floating debt of the
State.
In connection with the above report we give the following from the
"Montana Record" of Feb. 3:
"The State Senate this afternoon, by a vote of 31 to 25, adopted the
majority report of its committee on taxation on H. B. 22, which provides
for Paying the proposed issue of State bonds from funds received in licenses,
except the gasoline tax,together with money received under the classification
ba Previously the Senate had voted against the adoption of the minority
.li
report which would have confined the money for redeeming the bonds to
taxes derived under the classification law basis."
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND
CHANGE PLANNED.
-In connection with the issue of $22.000 EX6%
Carrmonte Sanitary District No. 1 and West Oakwood Sewer District
bonds unsuccessfully offered on Dec. 6-V. 135, D. 4068, the Secretary
1059
of the Board of County Commissioners writes that the bonds
will be e
changed for outstanding issues as the latter
is dated Dec. 1 1932 and will mature serially onmature. The proposed ISM&
Oct. 1 from 1934 to 1943 incl.
MORRIS% ILLE SCHOOL DISTRICT, Bucks County, Pa.
-BOND
AWARD DEFERRED.
-Walter R. Taylor, Secretary of
Directors, informs us that award of the issue of $30,000 4the Board of
X% coupon
funding bonds offered on Feb. 6-V. 136. p. 877
-has been
Feb. 14. Mr. Taylor states that this action was taken because deferred to
of a technicality in the highest bid. The bonds bear date of Feb. 1
1933 and are to
mature $2,000 annually on Feb. 1 from 1944 to 1958 incl. Of the following
five bids submitted, only the first two have been held for consideration:
BidderPremium,
Halsey, Stuart & Co
$2,339.74
Leach Bros
2,199.00
R. M.Snyder & Co
2,121.00
E. H. Rollins & Sons
1,841.70
Morrisville Trust Co
549.42
NAHUNTA, Brantley County, Ga.-TAX REPORT.
-At a meeting
held on Feb. 6 the City Council voted that for the year 1933 there would
be levied no taxes of any kind. It is said that 1933 will be called "the
taxless year."
NATICK, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
Natick Five-Cents Savings Bank has been awarded a $50,000 temporary loan
issue at 4.49% discount basis, plus a premium of 10 cents. Due on Nov.
22 1933.
NEWARK,Essex County, N. J.
-BELATED BOND SALE REPORT....
We are advised that the Sinldng Fund Commission purchased during
1932
an issue of$950,000 4X% poor relief bonds at a price of par. Dated Feb. 151932 and due serially. Bond retirements in 1932 amounted to $3,770.000.
NEWARK, Essex County, N. J.
-BOND SALE.
-The $1,200,000
coupon or registered public park bonds offered on Feb. 6-V. 136, p.
695
-were awarded as 434s. at a price of par, to the Prudential Insurance
Co. of Newark, whose offer was the only one received at the sale. The
bonds are dated Feb. 15 1933 and mature on Oct. 1 as follows:
$20,000
from 1934 to 1953 incl.; $25,000 from 1954 to 1961 incl., and $30,000 from
1962 to 1981 incl. Prior to the date of award, Mayor Congieton announced
that he had been assured of a bid for the issue from the Prudential Co.
BOND NOTE.
-The Continental Bank & Trust Co. of New York
supervise the preparation and certification of the above issue of bonds. will
BOND RENEWAL.
-A, K. Brady, Acting Auditor of Accounts, reportsthat the city has renewed for six months an issue of 5750.000 6% temporary
street opening bonds. Issue is now dated Jan. 30 1933 and due on July 30
1933. Legality to be approved by Reed, Hoyt & Washburn,of New York.
NEW BRITAIN, Hartford County, Conn.
-LOAN OFFERING.
W. H. Judd, President of the Board of'Finance and Taxation, will receive
sealed bids until 11 A.M. on Feb. 15 for the purchase at discount basis of a
$150,000 tax anticipation note issue, to mature on June 19 1933. Denoms.
to suit purchaser. Signatures on the notes will
certified as to
ness by the New Britain National Bank. Notes be be payable atgenuinewill
the National City Bank,New York. The approving opinion of Storey,Thorndike.
Palmer & Dodge, of Boston, will be furnished the successful bidder. Notes.
will be delivered on or about Feb. 16 or Feb. 17 in New York or Boston,
if desired by the purchaser.
NEW BRUNSWICK, Middlesex County, N. J.
-BOND AGENT
NAMED.
-The Continental Bank & Trust Co. of New York will
vise the preparation and certification of $350.000 6% tax revenue superbonds
of the city, dated Dec. 15 1932.
NEW BRUNSWICK, Middlesex County, N. J.
-BOND SALE.
The $506.000 coupon or registered bonds for which no bids were received on.
Nov. 29 1932-V. 135, p. 3890
-are reported to have been purchased
privately in December as Os by C. W. Whitis & Co. of New York. The
total includes:
$350,000 tax revenue bonds. Due Dec. 15 as follows: $50,000 in
1934:
$100.000 in 1935, and $200,000
88,000 funding bonds. Due $11.000 onin 1936. from 1934 to 1941, incl.
Dec. 15
68,000 water bonds. Due $2,000 on Dec. 15 from 1934 to 1967, incl.
Each issue is dated Dec. 15 1932.
NEW HAVEN, New Haven County, Conn.
-FURTHER BORROWING
ANTICIPATED.
-Mayor John W. Murphy stated on
2 that unless
taxes are paid more quickly and in larger amounts thanFeb.been the case
in recent days the city will be obliged to borrow additionalhas
funds with which
to meet maturing obligations. The Mayor said that $3:850,000 temporary
notes mature during March, of which the administration hopes to liquidate
$1,600,000 from tax revenues, and to fund $2,250,000 through a bend
issue, authority for which is contained in a bill now before the General
Assembly. Mr. Murphy further stated that receipts of current taxes now
total only $950,000.
NEW JERSEY (State of).
-BILL PROVIDESFOR 524,000,000 COUNTY
SEWER PROJECT.
-A bill introduced In the State Assembly by Mrs.
Emma Peters, of Bergen, provides for the establishment of a sewerage
system involving the expenditure of 524,000,000. to be paid for proportionately by Hudson and Bergen Counties, reports the "Jersey Observe"
of Feb. 8. The project, designated as self-liquidating, has met with the
approval of the Reconstruction Finance Corporation, which has promised'
to aid in its financing, it was said. The area taken in by the project includes the municipalities of Jersey City, Bayonne, Kearny, Union City and
West New York in Hudson County, also Englewood, Hackensack, Bogota,
Leonia, Fort Lee, Rutherford, Cliffside Park and Bergenfield in Bergen
County. This latter county according to the measure, is to bear four-fifths
of the cost of the undertaking, while the remaining portion will be paid for
by Hudson County. Financing will be done through the issuance of bonds,
due in from 1 to 50 years, which, it is stated, shall be general obligations of
the respective counties and payable ad valorem taxes. A commission,
established for the purpose, will levy service charges against those municipalities or private corporations benefiting from the system, such revenues
to be used for maintenance purposes and to provide for the amortization of
the bonds.
NEW MEXICO, State of (P. 0. Santa Fe).
-BOND BILL INTRODUCED.
-Upon the recommendation of the Governor it is said that a billhas been introduced in the Legislature, providing that 52.000,000 in bondsbe issued by the State Highway Department.
We were informed on Feb. 7 by Lawrence A. Tamme, municipal bond
dealer of Santa Fe, that the above bill was passed bytheHouse
opposition or t;e6thtndwa:enttothe Senate.He states
wtt it
.o5ssimarIveryrepct to former authorizations.
COURT HOLDS ILLEGAL COLLECTION OF PENALTIES ON DELINQUENT ASSES MIEN
e are also sthised by Mr. Tamme that
a ruling was given recently by Judge H. A. Biker in the Fifth Judicial
District, holding that collection of penalties on delinquent paving assessments in New Mexico cities and towns is illegal. It was also held that
where penalties were paid under protest the amounts so paid are recoverable.
NEW YORK, State of (P. 0. Albany)
-UNEMPLOYMENT RELIEF"
BILLS.
-Two bills allowing the State to use Federal funds for unemployment relief purposes were signed by Governor Lehman on Feb. 9. One bill
authorizes the State to accept loans from the Reconstruction Finance
Corporation, the other permits the State Emergency Relief Administration
to utilize the funds. Of the 545.000,000 for which the Governor applied.
the R. F. C. has granted $6,100,000 thus far -V.136. p. 873.
NORFOLK COUNTY (P. 0. Dedham), Mass.
-LOAN OFFERING.
Ralph D.Pettingell, County Treasurer, will receive sealed bids until 11 a. m.
on Feb. 14 for the purchase at discount basis of a 5200,000 tax anticipation
loan of 1933, dated Feb. 14 1933 and payable on Nov. 8 1933 at the First
National Bank of Boston. Denoms to suit purchaser. The notes will be
authenticated as to genuineness and validity by the aforementioned bank,
under advice of Ropes, Gray, Boyden & Perldns of Boston.
Financial Statement Dec. 31 1932.
Assessed valuation 1932
$666,262.718.00Total bonded debt
$59,941.20
Floating debt
142,000.00
Total debt
201.941.20
County tax, 1931
736,500.00'
County tax, 1932
547.000.00"
County tax, 1933 (estimated)
468,000.00•
There are no uncollected Norfolk County assessments.
1060
Financial Chronicle
NORMANDY CONSOLIDATED SCHOOL DISTRICT (P. 0. Nor
-The $225,000 issue of
ntandy) St. Louis County, Mo.-BOND SALE.
-was
coupon school bonds offered for sale on Feb. 3-V. 136. p. 878
awarded at auction,jointly to the Mercantile Commerce Co.. and the Boatmen's National Co., both of St. Louis, as 44s, for a premium of $2,475,
equal to 101.10, a basis of about 4.36%. Denom. 11,000. Dated March 1
1933. Due from March 1 1934 to 1953 incl. The approving opinion of Benj.
H. Charles, of St. Louis, will be furnished.
Official Financial Statement.
Outstanding bonds:
$15,000.00
5V bonds dated June 1 1914 maturing June 1 1934
175,000.00
5% bonds dated May 1 1923 maturing May 1 1943
% bonds, dated May 1' 1926, maturing serially Feb. 1
94,000.00
1933 to Feb. 1 1946
4Y % bonds dated March 1 1928 maturing serially March 1
291,000.00
1934 to March 1 1948
4 X% bonds dated May 1 1929 maturing serially May 1 1934
75,000.00
to May 1 1949
4X% bonds dated May 1 1930 maturing serially Feb. 1 1933
104,000.00
to Feb. 1 1950
4V bonds dated Ma.y 1 1931 maturing serially May 1 1933
48,000.00
to May 1 1951
$802,000.00
Other indebtedness: None. Sinking fund, $91,250.00 invested in first
deeds of trust ($34.000.00 of bonds issued have been retired in advance of
maturity during the past year).
Tax Collections.
1930.
1931.
1932.
Year$20.054.390 $20,422,680 $19,623.290
Assessed valuation
340,914.63 347,185.56 333,595.93
Tax levy
284340.64 316,821.76 301,129.36
Collections
20%
25%
Delinq.ofcurrent taxes (approx.)_ _
Population of district, 35,000 (approx.). School tax rate,$1.70.
NORTH HEMPSTEAD (P. 0. Manhasset) Nassau County, N. Y.
-The Town Board has renewed until May 1
CERTIFICATES RENEWED.
a total of $144,000 Belgrave Sewer District certificates of indebtedness
1933
which became due on Feb. 1, according to report.
-BOND OFFERING.
NORTH KINGSTOWN,(P. 0. Davisville) R. I.
-Mary E. Stafford,Town Treasurer, will receive sealed bids until 11 a. m.
on Feb.15for the purchase of$135,000 not to exceed 5% interestschool bonds,
Issue of 1933. Dated Feb. 1 1933. Denom. $1.000. 13ue Feb. 1 as follows:
$6.000from 1934 to 1955 incl.,and $3.000 in 1956. Bidder to name the rate of
interest in a multiple of X of 1%.the rate to be the same for all of the bonds.
Principal and interest (Feb. and Aug.) are payable at the Industrial Trust
Co., Providence. Bids may be submitted below par. Proposals must be
for the entire issue and are to be accompanied by a certified check for
$2,700, payable to the order of the above-mentioned official. The approving
opinion of Buddy & Moulton. of Providence, will be furnished the successful
bidder. Award will be made to the bidder whose offer represents the least
Interest cost to the town.
Financial Statement, Jan. 30 1933.
•
18,381,700.00
Assessed valuation 1932
due Sept. 11940
56,000.00
Bonds outstanding,
26,543.49
Less sinking fund
Net bonds outstanding
Notes to State of Rhode Island (account of the unemployed)_ _
Notes in anticipation of this issue
Notes in anticipation of taxes
$29,456.51
14,272.82
135,000.00
None
1178,729.33
Total indebtedness
Population 4,399.
The receipts of the town of North Kingstown have exceeded expenditure
for many years. The town is currently operating on a balanced budget.
//NORTH TONAWANDA, Niagara County, N. Y.
-BONDS RE-The issue of $114,000 coupon or registered refunding bonds
OFFERED.
-V. 136, p. 878
previously scheduled for award on Jan. 30 as 434s
-is
being re-advertised for sale. Sealed bids will be received by J. M.Zimmerman, City Clerk, until 8 p.m. on Feb. 13 for the bonds to bear interest at
6%. Dated May 1 1933. Denom.31.000. Due May 1 as follows: $10,000
from 1940 to 1950, incl., and $4.000 in 1951. Principal and interest (May
and November) are payable at the Chase National Bank, New York. A
certified check for $1.000. payable to the order of the City Treasurer, must
accompany each proposal. The approving opinion of Clay, Dillon &
Vandewater, of New York, will be furnished the successful bidder.
OAKLAND COUNTY (P. 0. Pontiac), Mich.
-27,000,000 BOND
-The State Public Debt Commission
REFUNDING PLAN APPROVED.
on Jan. 31 approved a plan to refund $7,000,000 Covert road bonds.
Interest on the refunding obligations will be payable at 334% annually
and retirement of principal will be made in 10 annual instalments, starting
two years after the refunding plan has been consummated. The Commission under Governor Brucker's administration last year refused to allow
the refunding, it was said, because of the attempt of County Supervisors
to invalidate some of the issues concerned. The Commission has stipulated
that as a condition to its authorization of the refunding arrangement, the
• County acknowledge validity of all of the bonds.
(In December 1932 it was reported that the County had petitioned for
authority to refund a total of 37,363,500 Covert road bonds on terms which
-V.135. p. 4069.)
were not favorable to holders of the bonds.
-We are
-BONDS NOT SOLD.
ODESSA, Lincoln County, Wash.
Informed by Al Wagner. Town Treasurer, that the $5,000 issue of 6%
flood relief improvement bonds scheduled for sale on Nov. 7-V. 135, n•
-was not approved by the Attorney General and therefore was not
2861
sold. Due in 1943.
ONTARIO, Malheur County, Ore.
-Sealed bids
-BOND OFFERING.
will be received until 7:30 p.m. on Feb. 15. according to report, by E. H.
Test, City Recorder,for the purchase of a 117,000 issue of coupon refunding
bonds. Interest rate is not to exceed 6%. payable A. &-0. Dated Apirl 1
1933. Due $1,000 from April 1 1934 to 1950, incl. A certified check for
5% of the par value of the bonds, payable to the city, must accompany the
the bid.
-BOND CANCELLATION
ORANGE COUNTY (P. 0. Orlando), Fla.
AUTHORI7ED.-A proposal was unanimously adopted by the County
Board of Commissioners on Feb.6, calling for the cancellation of $1,530,000
worth of unsold county bonds, part of a $7,000.000 road bond issue that was
in 1932
,
voted in 1926. It was agreed by the Commissioners to avoidnot to sell any
the chance of
more bonds and it is said that they took this action
any of the succeeding members offering these bonds for sale. The Attorney
to institute legality proceedings.
for the County Board was ordered
OREGON.State of(P.O.Salem).-LOANGRANTED.-The following
announcement of a relief loan grant to this State on Feb. 3 was made by the
Reconstruction Finance Corporation on that day:
"The R. F. C.upon application of the Governor of Oregon. to-day made
available $67,000 to meet current emergency relief needs in five counties
of that State for varying periods in January and February.that funds now
"In support of the Governor's application it was stated
available or which can be made available are inadequate to meet the relief
needs at this time.
"The R. F. C. heretofore has made available $980,738 to meet current
emergency relief needs in various political subdivisions of the State of
Oregon.
-We are
-BOND OFFERING.
gliOREGON, State of (P. 0. Salem).
informed by H. B. Glaisyer, Secretary of the State Highway Commission.
Benson Hotel in
that sealed bids will be received by the Commission at thean issue of $1,Portland, until 2 p.m. on March 1. for the purchase of
500,000 State Highway gold bonds. Interest rate is not to exceed 6%.
payable A. & 0. Denom. $1,000. Dated March 151933. Due $500,000
on April 1 1934 and 1935 and on Oct. 1 1935. Prin. and interest payable in
gold at the State Treasurer's office, at the fiscal agent of the city, in New
York City. The approving opinion of Storey, Thorndike, Palmer &
Dodge, of Boston, will be furnished. All bonds will be ready for delivery
ontor about March 15. Said bonds, if sold, shall be sold to the highest
responsible bidder for cash at the bid price plus accrued interest from
March 15 1933, to date of delivery at the rate fixed by the competitive
bidding thereon,and the proceeds thereofshall be paid at the Chase National
Bank in New York City, on the date upon which the bonds are delivered to
the purchaser or his authorized representative either in Portland. or at the
Feb. 11 1933
Chase National Bank in New York City. No bid will be considered for
an interest rate greater than 6% per annum and bids will be required for
the total amount of $1,500,000 par value of the bonds to be sold. Each
bid must be accompanied by a certified check on a natio 'al bank which is
a member of the Federal Reserve System,for an amount equal to 5% of the
amount of the par value of the bonds, made payable to the order of the
State Highway Commission, which check or deposit shall be forfeited to the
State as liquidating damages in case the offer is accepted and the bidder
fails to complete the purcnase. (The last sale of bonds by this State took
place on Nov.29 1932 and was reported in V. 135, p. 3890.)
-The
County, Mich.
-LOAN RECEIVED.
OWOSSO, Shiaw
city has obtained a loan of $23,300 from three local banks, this sum representing 50% of uncollected taxes.
-LIST OP
OYSTER BAY (P.O. Oyster Bay), Nassau County, N. Y.
-The following is an official list of the bids received at the award on
BIDS.
Jan. 31 of $30,000 coupon or registered water bonds as 434s to Sherwood &
Merrifield, Inc., of New York. at par plus a premium of $132. equal to
100.44. a basis of about 4.46%-V. 136, p. 878:
Amt.Bid.
Rate.
00
$30,083.
4.60%
A. C. Allyn & Co., Inc,
30.132.00
4.50%
Merrifield, Inc
•Sherwood &
30,062.70
4.70%
E. J. Van Ingen & Co., Inc
30,056.97
4.60%
Wachsman & Wassail
30,092.79
4.75%
Roosevelt & Son
30,129.00
5.00
Geo. B. Gibbons & Co
30,086.70
4.60
Central Park National Bank
* Purchaser.
PACIFIC AND GRAYS HARBOR COUNTIES JOINT CONSOLIDATED SCHOOL DSITRICT NO. 200-300 (P. 0. South Bend), Wash.
-It is reported that an election will be held on Feb. 14
-BOND ELECTION.
in order to submit to the voters a proposal to issue $20,582.03 in warrant
funding bonds.
-At the
-BONDS VOTED.
PARAGOULD, Greene County, Ark.
-it is reported the voters approved
election held on Jan.31-V.135, p.3558
in power plant bonds by a substantial margin,
the issuance of the $100,000
-BELATED BOND SALE
PAWTUCKET, Providence County, R. I.
-John B. Reilley, City Treasurer, informs us that the Sinking
REPORT.
purchased in February 1932 a total of $175.000 4
Fund Commission
bonds, comprising a 1100.000 highway issue, due serially from 1933 to 1942
incl., and 375,000 school bonds, due from 1933 to 1947 incl. Total of bonds
issued in 1932 was 13,055,000, while retirements amounted to $511,000.
-BOND
PENNINGTON COUNTY (P. 0. Thief River Falls), Minn.
-The $35,000 434% refunding bonds that were authorized on Jan. 3
SALE.
-were purchased at par by the State Board of Investment
-V. 136. p. 696
on Jan. 26. Due from July 1 1938 to 1952 inclusive.
-J. E.
-BOND SALE.
PERTH AMBOY, Middlesex County, N. J.
Hornsby, City Treasurer, reports that the Perth Amboy Savings Institution
purchased on Dec. 1 an issue of $10,000 6% registered relief bonds at a
price of par. Dated Dec. 1 1932. Denoms.$1,500 and $1,000. Due serially
from 1934 to 1940 incl. Interest is payable in June and December.
-The Board
-21,000,000 LOAN OBTAINED.
PHILADELPHIA, Pa.
of Education arranged for a loan of $1,000,000 at 334% interest for a period
of 60 days, from the Pennsylvania Company for the purpose of meeting
Jan. 31 municipal salaries. The loan is part of a total of $2,000,000 previously authorized by the Board.
A bill has been introduced in the Senate providing for the city manager
form of government.
-VOTE INCREASE IN EMERGENCY BORPHILADELPHIA, Pa.
-The Greenstein bill increasing the emergency borROWING POWER.
rowing power of the City Council from $2,000.000 to $5,000,000 was approved by a vote of 109 to 75 by the lower branch of the State Legislature
on Feb. 7. The sponsor of the bill stated that the extra $3,000,000 would
other
be used to meet old obligations of the city and for child welfare and
purposes.
SALE NOT
-BOND
PIERCE COUNTY (P. 0. Tacoma), Wash.
-It is now stated that the sale of the $500,000 issue
CONSUMMATED.
Co.,
coupon funding bonds on Jan. 16 jointly to John Nuveen & con-was not
-V. 136, p. 526
and A. C. Allyn & Co., both of Chicago.
summated.
-Sealed bids will be received until 11 a.m. on Feb.
BOND OFFERING.
for
20, by C. H. Renschler, Clerk of the Board of County Commissioners, Is
rate
the purchase of a $500,000 issue of coupon funding bonds. Interest
payable. erni-annually. Bonds will be issued in denominot to exceed 534%.
nations of $100 each, or any multiple there of not exceeding $1,000, at the
discretion of the Board of County Commissioners; said bonds to mature
on the
and be payable in their numerical order, lowest number first, annual
annual interest dates, interest payable semi-annually; the various in such
oonds will commence beginning the second year
maturities of said
nine
amounts as will with interest on the outstanding bonds be met by
County
equal annual tax levies. Prin. and int. payable at the office of the
State in New York. Bids are
Treasurer or at the fiscal agency of the
required specifying (a) the lowest rate of interest and premium. if any,
lowest
above par, at which such bidder will purchase said bonds; or (b) the
A
rate of interest at which the bidder will purchase said bonds at par.
certified check for 5% must accompany the bid.
-James P.
----BOND REPORT.
PITTSBURGH,Allegheny County,Pa.
Kerr. City Controller, proposes to have the State Legislature authorize
to rescind the unsold 15.8.80,000 bonds of the 16.000,000
the city council
subway survey and construction issue voted in 1919, in order that the
borrowing capacity of the city may be augmented to that extent.
POCAHONTAS COUNTY (P. 0. Pocahontas), lowa.-BOND DE-The $28,500 issue of 5% funding bonds that was purchased by
TAILS.
-was sold at par.
-V. 136, p. 696
the Carleton D. Beh Co. of Des Moines
Denom. 11.000 and one for $500. Coupon bonds dated Dec. 11932. Due
$3,500 in 1941 and $5,000 1942 to 1946. Interest payable M. & N.
-APPROVE INTEREST PAY-.
PONTIAC, Oakland County,_Mich.
-Notice has been sent to bondholders that
MENT ON GENERAL BONDS.
the city Is prepared to pay approximately $124,000 of interest on general
bonds of the city, this sum representing the amount due on such obligations
up to Feb. 1 1933, according to report. The payment does not apply to
water and special assessment issues on which bond principal and interest
charges are in default, it was said.
-PROPOSED FUNDING
PROVIDENCE, Providence County, R. I.
-Councilman Peter F. Reilly, Chairman of the Finance CommitISSUE.
tee. states that ordinances have been introduced in the Common Council'
providing for the sale of $33,000,000 bonds for the purpose of paying off that
amount of the current floating indebtedness.
-We are inQUINCY, Gadsden County, Fla.
-LOAN REFUSED.
formed that the City has refused the offer of the Reconstruction Finance
Corporation to purchase at par a $16,000 issue of 534% general obligations
-V.136. p. 126. It is stated by the City Manager that
water works bonds
the reason for such refusal was the undesirable conditions imposed by the
Corporation, subject to such purchase.
QUINCY, Norfolk County', Mass.
-BELATED BOND SALE REPORT.
-A bond sale completed by the city in 1932 and hitherto not mentioned in
these columns involved an issue of $75,000 5% grade crossing bonds, which
was purchased at par by the First National Old Colony Corp. of Boston.
Dated April 1 1932 and due $15,000 annually from 1933 to 1937. Ind.
During the past year the city paid off bonds in amount of $840.500.
-NOTE SALE.
-The $70,000 issue
RALEIGH, Wake County, N. C.
of 6% revenue anticipation dotes offered for sale on Jan. 16-V. 136. 1).
•
-was awarded at par as follows:
358
$51,500 to the Wachovia Bank & Trust Co. of Raleigh.
10,500 to the Page Trust Co. of Raleigh.
7.000 to the Wake Savings Bank of Raleigh.
1,000 to the North Carolina Bank & Trust Co. of Raleigh.
Dated Jan. 1 1933. Due on May 16 1933.
-BOND OFFERING.-Rarry F.
READING, Berks County, Pa.
Menges, City Comptroller, will receive sealed bids until 10 a.m. on Mar. 8
for the purchase of $300,000 334, 4. 434 or 434%, coupon or registered
city bonds. Dated Mar. 1 1933. Denom. $1,000. Due $30,000 on
Mar.1 from 1934 to 1943 incl. Bidder to name one rate for all of the bonds.
Interest is payable in Mar. and Sept. It is stated that the bonds and
interest thereon will be payable without deduction for any tans, except
•
Volume .136
Financial Chronicle
succession or inheritance taxes, now or hereafter levied or assessed thereon
under any present or future law of the Commonwealth of Pennsylvania,
all of which taxes the city agrees to pay. A certified check for 2% of the
amount bid for, payable to the order of the City Treasurer, must accompany each proposal. These bonds are being issued subject to the approval
of Townsend, Elliott & Munson, of Philadelphia, and the Pennsylvania
Department of Internal Affairs.
ROLETTE COUNTY (P. 0. Rolla), N. Dak.-CERTIFICATES NOT
SOLD.
-The $20,000 issue of certificates of indebtedness offered on Jan.
-V. 136, p. 696
-was not sold, as there were no bids received. Bids 28
received until 2 p. m. on Feb. 7, it is stated. Dated Jan. 28 1933. were
Due
on Jan. 28 1935.
ROUTT COUNTY (P. 0. Steamboat Springs), Colo.-IVARRANTS
CALLED.
-William Curtis, County Treasurer, is statted
ror payment at his office on or oefore Feb. 24, on which dateto be calling
cease, the following warrants: All warrants registered on interest shall
the County
Road and Bridge Fund, on or before Sept 16 1932: all warrants registered
on the County General Fund, on or before Oct. 28 1932.
RYE., Westchester County, N. Y.
-CERTIFICATES SOLD.
-The
town on Feb. 10 sold $392,616 3.65% certificates of indebtedness
B. Gibbons & Co., Inc., of New York. Dated Feb. 10 1933 to George
June 1 1933. Of the total, $282,616 were issued to take up and due on
uncollected
1932 school taxes and the balance of $110,000 were sold in anticipation
of
tax collections
ST. LOUIS, Mo.-BELATED BOND SALES.
sales for this city reported in our columns during-In addition to the bond
1932 we are now informed
that a $400,000 issue of 4% public buildings and improvement bonds
was
sold on Dec. 1 1932 to the Police Retirement System
-of 101.529, a basis of about 3.84%. Due from Dec. 1 of St. Louis, at a price
1937 to 1952 incl.
SAN DIEGO, San Diego County, Calif.
-BONDS NOT SOLD.
The $240,000 issue of 5% coupon semi-ann. El Capitan Dam bonds
offered
on Feb. 6-V. 136. p. 526
-was not sold as there were no bids received.
Dated Jan. 1 1925. Due from Jan. 1 1934 to 1965.Ind. It is reported
the Coast that the Reconstruction Finance Corporation has agreed from
to take
the bonds at par.
SAN JUAN, Puerto Rico.
-BOND PURCHASE AGREEMENT NOT
CONSUMMATED.
-With reference to the announcement made by the
Reconstruction Finance Corporation on Jan. 13 bearing on agreement of
the Corporation to take $1,300,000 water works bonds of this city at par.
-V. 136. p. 526
-we are now informed that the Board of City Commissioners on Jan. 24 decided to submit to the R. F. C. certain counterpropositions in connection wita the terms and conditions under which the
Corporation agreed to purchase the said bonds. Nothing definite can be
done, it is said, until the F. R. C. has acted upon the proposals submitted
by the city.
SENECA COUNTY (P. 0. Waterloo), N. Y.
-BOND SALE.
-The
$35.000 coupon or registered highway bonds offered on Feb. 9-V.
136,
p.879
-were awarded as 3.60s to the Wayne County Trust
at par plus a premium of $21.35. equal to 100.06, a basisCo.,of Palmyra,
of about 3.58%
Dated Feb. 11933. Due $5,000 on Feb. 1 from 1934 to 1940 incl. Bids
received at the sale were as follows:
BidderInt. Rate.
Rate Bid.
Wayne County Trust Co. (Purchaser)
3.60%
100.06
Hornblower & Weeks
3.65%
100.14
Rutter & Co
3.70%
100.21
R. L. Day & Co
3.70%
100.08
Marine Trust Co
3.75%
100.05
Wachsman & Wassail
3.90%
100.03
Phelps, Fenn & Co
4.00%
100.04
B. J. Van Ingen & Co
100.20
4.20%
Hemphill, Noyes & Co
4.25%
100.22
E. H. Rollins & Sons
4.25%
100.20
E. Lowber Stokes & Co
4.25%
100.07
Sherwood & Merrifield, Inc
4.40%
100.11
George B. Gibbons & Co.. Inc
4.40%
100.10
SHELBY COUNTY (P. 0. Shelbyville), Ind.
-BOND SALE.
-The
$18,000 poor relief bonds offered on Feb. 6-V. 136, P. 527
-were awarded
as 511s to the City Securities Corp., of Indianapolis, at par plus a premium
of $21.50, equal to 100.119, a basis of about 5.47%. Dated Feb. 6 1933.
Due $1,500 on May and Nov. 15 from 1934 to 1939 incl.
SHINNSTON, Harrison County, W. Va.-BONDS AUTHORIZED.
-The city is reported to have voted recently to issue $40.000 in water
system bonds.
1063.
SOUTH CAROLINA, State of (P. 0. Columbia).
-BOND BILL
INTRODUCED.
-On Feb. 2 a bill is said to have been
Senate, providing for the issuance of bonds to refund the introduced in the
floating debt of
the State. The bonds would be issued under
Chapter 127 of the 1932 Code of Laws of thethe provisions of Article 1,
State.
referred to the Finance Committee, according to report.The bill has been
SPRINGFIELD, Clark County, Ohio.
-OPPOSE
SCRIP.
-A group of local business men voted on Jan. 30 ISSUANCE OF
to protest
city commission against any proposal to permit circulation of scrip. to the
STAMFORD (Stamford), Fairfield County, Conn.
-PROPOSE
EXTENSION OF BOND LIMIT.
-The Board of Finance on Jan. 30
proved an enabling Act, now before the State Legislature, authorizing apthe
town to issue up to $1,500,000 bonds in excess of the 5% statutory limit.
STRATFORD, Fairfield County, Conn.
-BOND OFFERING.
William H. Shea, Director of Finance, will receive sealed
on Feb. 27 for the purchase of $100.000 not to exceed 6% bids until 2 p.m.
interest
1933 coupon poor relief bonds. Dated March 1 1933. Denom.series of
$1,000.
Due $10.000 on March 1 from 1934 to 1943, incl. Rate of interest to be
named by the bidder in a multiple of W.. of 1% and must be the same for all
of the bonds. Principal and interest (March and Sept.) are payable at the
Stratford Trust Co.. Stratford. A certified check for $2,000, payable to
the order of the town, must accompany each proposal. The approving
opinion of Pullman & Comley of ilridgeport will be furnished the successful
bidder.
STUTTGART, Arkansas County, Ark.
-PRICE PAID.
-The $6,000
issue of city hall bonds that was purchased by the Fire Department
-V.
136, p. 879
-was sold as 4s at par.
SYRACUSE, Onondaga County, N. Y.
-FINANCIAL STATISTICS.
-The budget for 1933 Provides for a total of 86.778,962 to be derived
from the tax levy, whereas in 1932 the figure was $10,315,667. The
assessed valuation for the present year is given as $387,861,319, against
$389,245,066 in the preceding year. The tax rate has been fixed at $17.48
per $1,000 of assessed valuatio_i, representing a reduction of $9.02 from the
levy in 1932 and constituting the lowest rate since 191.1, it was said. The
marked reduction in budgetcosts and the tax levy was made possible through
legislative authority to refund 12,240,000 bonds maturing in 1933 and the
,
bonding of $1,800.000 in welfare expenses, it was said.
TENNESSEE, State of (P. 0. Nashville).
-TREASURY BALANCE
REPORT.
-The following report on the condition of the State's cash
treasury balance is taken from the Memphis"Appeal" of Jan. 31:
Tennessee's cash treasury balance, Comptroller Roy Wallace announced
to-day, is the "lowest in 14 years." As a result, Wallace said, the $220,000
January payroll cannot be met for probably a week.
"Our actual cash balance of money subject to check," the Comptroller
said, "is about $2,163,000,the lowest in 14 years. We've got about another
million in closed banks but it is not subject to check and I'm not counting it."
All but $61,000 of the $2,163.000 is in special funds and is not available
for meeting that section of the payroll paid from the general fund. Wallace said. Employees whose checks are drawn on special accounts will be
paid as usual, he explained.
He said that of the $61,000 of general fund cash, 843,000 would be used
to pay Confederate pensions. "The general fund was depleted," he asserted,
'on account of having to pay about 8150.600 interest the first of the month.
It will probably be a week before we will be able to meet the payroll."
January pay checks are due to-morrow.
THE DALLES, Wasco County, Ore.
-BONDS NOT AWARDED.We are informed that the $15,000 issue offire equipment bonds scheduled for
sale on Feb. 3-V. 136. p. 879
-was not awarded as the bids received were
not opened.
BONDS RE
-OFFERED.
-Sealed bids will be received until March 3, by
Judd Fish, City Recorder, for the purchase of the above bonds. Interest
rate is not to exceed 6%. payable J. & J. Denom. $1,000. $500 or $100.
Dated Jan. 1 1933. Due on Jan. 1 as follows: 82.500. 1935 to 1938.
$5,000 in 1939. Principal and interest payable in gold at the office ofand
the
City Treasurer.
THREE RIVERS, St. Joseph County, Mich.-ADD1TIONAL
FORMATION-John H. Linsner, City Clerk, states that the 85,000 IN5%
refunding bonds mentioned in V. 136, p. 697
-have been subscribed
par by local investors and are described as follows: Dated Jan. 3 for at
1933.
Coupon bonds in denorrts. of $500. Due aerially on Feb. 15 until 1937.
TRENTON, Wayne County, Mich.
-TAX COLLECTIONS.
-Harry
W. Butler, Village Treasurer, reported on Feb. 7 that over 95% of theeneral village levy of $148,676 had been collected and that nearly 88% of
all taxes, including special assessments, had been received. The total tax
SNOHOMISH COUNTY(P.O.Everett) Wash.
-BOND OFFERING.
- rate for the present year is $21.06 per $1,000 of assessed valuation, said
Sealed bids will be received until 11 a. m. on Feb. 14, by John R.
Mr. Butler.
County Treasurer, for the purchase of an issue of $153.000 coupon McKay,
warrant
redemption bonds. Interest rate is not to exceed 6%, payable semi-ann.
TRUMBULL COUNTY (P.O. Warren), Ohio.
-BOND OFFERING.
Denom. $1,000. Dated as of the day of issue. Said bonds shall run for
David H. Thomas, Clerk of the Board of County Commissioners, will
a
period of 10 years from the date of issue. They shall be serial in form and
receive sealed bids until 12 M.on Feb. 20 for the purchase of $195,000 6%
mature annually commencing with the second year after the date of
refunding bonds. Dated April 1 1933. Due as follows: $9.000 April and
and shall mature as nearly as practicable in such amounts as will, issuance
Oct. 1 1934 and 1935; $9,000 April and 810,000 Oct. 1 1936, and $10,000
together
with interest on all outstanding bonds, be met by an equal
April and Oct. 1 from 1937 to 1943 incl. Interest is payable semi-annually.
annual tax levy
for the payment of said bonds and interest. Prin. and int, payable
Bids for the bonds to bear interest at a rate other than 6%,expressed in a
at such
time and place as shall be designated by the Board of County
multiple of 14 of 1%. will also be considered. A certified check for $1.950,
,
'
Commissioners.
A certified check for 5% of the amount bid is
payable to the order of the County Commissioners, is required.
that were offered for sale without success on required. (These are the bonds
Jan. 16-V. 136. P. 697.)
UNION COUNTY SCHOOL DISTRICT NO. 1 (P. 0. La Grande),
SOMERVILLE, Somerset County, N.
-BOND SALE NOT CONTEMPLATED.
-It is reported by the
J.
-BOND OFFERING.
- Ore.
Edith A. Varley, Borough Clerk, will receive sealed
District Clerk that at the present time no plans have been formulated to
bids until 8 p. m. on
Feb. 14 for the purchase of $59,500 5% coupon
re-offer the $80,000 issue of not to exceed 6% semi-ann. school bonds that
or registered bonds, divided
follows:
as
was offered for sale without success on Dec. 17-V. 135, p. 4588. Dated
$40,500 assessment bonds. Due Sept. 1 as
Dec. 1 1932. Due from Dec. 1 1935 to 1950.
follows: $7,500 in 1934; $10,000
1935: $15,000 in 1936, and $8,000 in
1937.
UTAH, State of (P. 0. Salt Lake City).
19.000 capital inapt. bonds. Due Sept. 1 as
-BONDS PURCHASED.
follows: $1,000 in 1944:
The State Sinking Fund Commissioners are reported to have sold on Feb.6
$5,000 from 1945 to 1947 incl., and
$3,000 in 1948.
a block of $1.000,000 434% highway bonds to a syndicate composed of the
• The bonds are dated Sept. 1 1932. Denom.
$500. Principal and interest
First National Bank, the First Securities Corp., the Walker Bank & Trust
(March and Sept.) are payable at the Second
Co., all of Salt Lake City, the National City Co. of New York, and the
The $40,500 will be subject to redemption at National Bank, Somerville.
the option of the Borough
Utah State National Bank of Salt Lake City,at a price of 101.25....
at par and accrued interest, as a whole or in part, on
.
Sept. 1 of any year
prior to maturity date upon due
bOND
ted that these boRds werit sold pending authori130rough. Said notice will be givenpublic notice of such intention by the
zation by the Legislature of a bill permitting an emergency issue of $2.000.at least once in a newspaper circulating
in the Borough at not less than 30 days prior to such
000 bonds to cover an anticipated deficit of approximately that amount in
redemption date.
A separate certified check in amount of 2% of the
the general fund. The above bonds are stated to have been sold to take up
bonds of each issue,
payable to the order of the Borough, is required. The
tax anticipation notes due on Jan. 31 1933.
approving opinion
of Hawkins, Delafield & Longfellow, of New York. will be
It was later reported by Governor Blood that the Senate had approved
furnished the
successful bidder.
the above bonds.
(The above bonds are part of the total of $133,000 for
BONDS AUTHORIZED.
-A dispatch from Salt Lake City to the "Wall
received on Aug. 1 1932 and of which $62,000 was which no bids were
subscribed for subStreet Journal" of Feb. 10, reports that the Legislature authorized
sequently at par.
-V.135. p. 1361.)
issuance of the above-mentioned $2,000,003 411 % bonds, but as the the
bill
SOMERVILLE, Middlesex County, Mass.
failed to receive a two-thirds vote in the Senate the bonds cannot be issued
-BELATED BOND SALE
REPORT.
-F. L. Putnam & Co.of Boston, purchased
before 60 days.. The bonds will be used to pay off recent borrowings of
following issues of bonds at par and accrued interest:on May 16 1932 the
$1,000.000 and to wipe out the present State deficit.
,
$250,000 431% highway bonds. Dated April 1 1932 and due
serially from
UTICA, Oneida County, N. Y.
-PROPOSED BOND ISSUE.
1933 to 1942, inclusive.
Charles 8. Donnelley has stated that the common council will be-Mayor
78,000 4 % additional fire department equipment bonds.
asked to
Dated April
approve an issue of $140,000 bonds for unemployment relief projects.
1 1932 and due serially from 1933 to 1937, inclusive.
Bonds paid off by the city in 1932 totaled $292.000.
VANDERBURGH COUNTY (P.O. Evansville), Ind.
-BOND SALE.
-The 6162,000 poor relief bonds offered on Feb. 6--V. 136.
SOUTH CAROLINA, State of (P. 0. Columbia.)
-were
p. 528
awarded to A. C. Allyn & Co. and C. W. McNear & Co.. both of Chicago.
-Notice was given on Jan. 31, by Jr. H.Scarborough,-BOND AUCTION.
State Treasurer, that
jointly, which bid par plus a premium of $114.41 for $81.000 bonds as 434s
would offer for sale at public auction on Feb. 7, at noon, the
he
following
due $9,000 May 1 from 1934 to 1942. incl.. and $81,000 as 58, due $9,000
described bonds:
on Nov. 1 from 1934 to 1942,
The
NameInterest.
for the issue, the net interest incl. basis county received a price of 100.07
Amount.
cost
being about 4.74%. Bonds are
Five bonds Town of Bishopville, w. w
6% •
dated Feb. 151933.
$5,000.00
Two bonds Kershaw County highway
5
2,000.00
Two bonds City of Florence, fundin
VERMILION COUNTY (P. 0. Danville), III.
2,000.00
-PURCHASERS.
The purchasers of the $90,000 6% unemployment relief bonds
Six bonds Lee County, road and bri e
54%
)
6.000.00
purchased at
par locally-V.136, p.698
Two bonds Lee County, Lynchburg, S. D. No. 13.
-were the First National Bank, Second National
Bank and the Palmer-American National Bank, all of
14 and 30
5%
2.000.00
Danville. Dated
Jan. 2 1933. Due:$30.000 on Jan. 1 fromj1935 to 1937 incl.
Two bonds Lee County, Lynchburg S. D. No. 13.
14 and 30
5%
2,000.00
VIRGINIA, State of (P. 0. Richmond).
-LOAN GRANTED.
Three bonds Lee County. Lynchburg S. D. No. 13,
-The
Reconstruction Finance'Corporation on Feb.
14 and 30
5%
3.000.00
nouncement of an emergency relief loan to this8 made the following anTwo bonds Lee County, Lynchburg S. D. No. 13,
State:
"The R. F.0., upon;application:of the Governor
14 and 30
of Virginia, to-day made
5%
2,000.00
available $311,270 to meet curFentlemergency
Three bonds Lee County, Lynchburg S. D. No. 13.
and three'towns in that1State formarying periods relief needs in 15 counties
14 and 30
ending with March 31 1933.
5%
3,000.00
"Theserunds are made'available under Title
I, Section 1. subsection (c),
of the'Emergency Relief'and1Construction
.
Act
$27.000.00
standing that the,responsibility,ef the political of 1932. with the undersubsdivisions and the State
Financial Chronicle
1062
provide relief
of Virginia to make every effort to develop their resources to
is not in any way diminished.
of the Governor's application it was stated that funds now
"In support
time, are
available, or which can be made available within the State at this
inadequate to meet the relief needs.
has made available $2,464,860 to meet current
"The R. F. C. heretofore
State of
eraergency relief needs in various political subdivisions of the
Virginia.'
Kent
WALKER TOWNSHIP (P. 0. Route No. 7, Grand Rapids),Treas-William Muth, Township
-BONDS NOT SOLD.
County, Mich.
not to exceed 6% interest relief
urer, informs us that the issue of $12,000
p. 2864
bonds which was scheduled for award on Oct. 25 1932-V. 135.
remains unsold. Dated Nov. 1 1932. Due Nov. 1 as follows: $2,000
from 1933 to 1935 incl., and $3,000 in 1936 to 1937.
-B. M. Hillyer,
-NOTE SALE.
WARREN, Trumbull County, Ohio.
Corporation
City Auditor, informs us that the Reconstruction Finance relief notes,
poor
purchased during December 1932 an issue of $57,000 3%
sold in place of the bond issue of that
due in one year. The notes were
to 1940 incl.,
amount dated Dec. 1 1932 and due on Sept. 1 from 1934
which was offered for award on Dec. 21-V. 135. p. 4071.
-BOND SALE.
Ohio.
WARREN COUNTY (P. 0. Lebanon),Dec. 27-V. 135, p.4071
The $30,400 coupon poor relief bonds offered onCo., of Toledo, at par plus
Sutherland &
were awarded as 4%s to Ryan,
about 4.60%. Dated
a premium of $129, equal to 100.42, a basis of in 1934: $5,700, 1935;
Dec. 1 1932. Due March 1 as follows: $5,400
$6,100, 1936; $6,400 in 1937. and $6,800 in 1938.
-BOND OFFERING.WATERTOWN, Jefferson County, N. Y.
on Feb.
Perley B. Door, City Treasurer, will receive sealed bids until 12 M.or regis27 for the purchase of $15,000 not to exceed 4%% interest coupon $5,000
Mar. 1 1933. Denom. $1.000. Due
tered sewer bonds. Dated
on Mar. 1 from 1957 to 1959 incl. Rate of interest to be named by the
the
bidder in a multiple of 1-20th of 1% and must be the same for all of
bonds. Principal and interest(Mar.and Sept.) are payable at the Northern
of New
New York Trust Co., Watertown, or at the First National Bank, City,
York. A certified check for $1,500, payable to the order of the
must accompany each proposal.
Financial Statement.
Assessed Valuation-1933:
$47,433.031.00
Real Estate
927.768.00
Special Franchises
123,900.00
Personal Property
$48,484,699.00
Total
$3,401.435.00
Debt: Total Bonded Debt,including this issue
196,343.67
Sinking Fund
3,205,091.33
Net Bonded Debt
at $10,529,046.52,
The City of Watertown owns property officially valued
which represents over twice the amount of the net bonded indebtedness of
the City.
-NOTE OFFERING.
WAYNE COUNTY (P. 0. Richmond), Ind.
W,Howard Brooks, County Auditor;will receive sealed bids until 10 a. m.
Poor relief notes. dated Feb. 15
on March 8 for the purchase of 5132.0006%
1933 and due $8,250 on May and Nov. 15from 1934 to 1941 incl. Denoms.
at the
to suit purchaser. Principal and semi-annual interest are payableaccomSecond National Bank, Richmond. A certified check for 3% must
each proposal.
pany
WEBSTER COUNTY (P. 0. Fort Dodge) lowa.-PRICE PAID.
The $13.000 issue of 5% semi-ann. funding bonds that was purchased by
-is reported to have
-V. 136, p. 880
Geo. M. Bechtel & Co. of Davenport
been sold at par. Due from Nov. 1 1935 to 1943.
-TEMPORARY LOAN.
WELLESLEY, Norfolk County, Mass.
-was
The $70,000 temporary loan issue offered on Feb. 6-V. 136, p. 880
Safe Deposit & Trust Co., of Boston, at a discount
awarded to the Boston
basis of ji of 1%,plus a premium of $3. The loan matures on Nov. 171933.
The following is an official list of the bids submitted for the loan:
Discount Basis.
Bidder
0.53%
Boston Safe Deposit & Trust Co. (plus $3 premium)
0.52%
Wellesley National Bank
0.57%
New England Trust Col (plus $2 premium)
0.59%
Wellesley Trust Co
0.62%
Rutter & Co
0.68%
Faxon, Gade & Co
-BOND
WESTERN SPRINGS SCHOOL DISTRICT NO. 101, 111.
-The Board f Education plans to offer for sale an Issue of$30.000
REPORT.
purpose of paying current obligations, including
5% school bonds for)
salaries of teachers.
-The Borough Secretary
WEST READING Pa.-BOND OFFERING,
will receive sealed bids until Feb. 21 for the purchase of $20,000 4%
borough bonds, to matur serially from 1934 to 1943. inclusive.
-NOTE OFFERING.
WILBRAHAM, Hampden County, Mass.
Sealed bids will be received by the Town Treasurer until 12 M.on Feb. 15
for the purchase at discount basis of a $25,000 note issue, dated Feb. 15 1932
and due on Nov. 15 1933.
-BELATED BOND SALE
WILKES-BARRE, Luzerne County, Pa.
-The City Employees' Pension Fund purchased on Feb. 29
REPORT.
of $3,500 5% street paving bonds at a price of par. Dated
1932 an issue
Jan. 1 1932 and due on Jan. 11937. In 1932 the city retired $174,900 of its
bond obligations.
-BOND SALE.
WILLIAMSON COUNTY (P. 0. Georgetown), Tex.
-The $6,000 issue of 6% coupon highway right-of-way bonds that was
an
itigoo
Dwenasompuv secl at parbythe FirstTaylor.697approved recently-V. 136. p.
B
y a Vi
Taylor
.
11)34 to 1936. Interest payable F.& A. 15..
$2,000 on Feb.
-BOND SALE.
WOODBURY COUNTY (P. 0. Sioux City) Iowa.
The $100,000 issue of funding bonds offering for sale on Feb.6-V. 136, p.
-was purchased by the Iowa-Des Moines Co. of Des Moines, as 4;Is,
880
paying a premium of $1,010. equal to 101.01, a basis of about 4.57%.
Dated Jan. 11933. Due from Dec. 1 1936 to 1941.
WOOD COUNTY (P. 0. Bowling Green), Oldo.-TAX PAYMENT
-C. W. Menter, County Treasurer, has announced
DATE DEFERRED.
that the State Tax Commission has approved the extension of time for the
payment of December 1932 taxes until March 10 1933.
-BOND OFFERING.
WOODLYNNE, Camden County, N. J.
William E. Dougherty, Borough Clerk, will receive sealed bids until 8 p. m.
on Feb. 23 for Use purchase of $19,000 not to exceed 6% interest coupon or
registered general improvement bonds. Dated Feb. 1 1933. Denom.$1,000.
Due Feb. 1 as follows: $3.000 from 1934 to 1938 incl., and $4,600 in 1939.
Bidder to name the rate of interest in a multiple of X of 1%. Principal and
interest (Feb. and Aug.) are payable at the West Jersey Trust Co., Camden.
No more bonds are to be awarded than will produce a premium of $1,000
over $19,000. A certified check for 2% of the bonds bid for, payable to the
order of the Borough, must accompany each proposal. The approving
opinion of Caldwell & Raymond,of New Ybrk, will be furnished the success•
ful bidder.
-BELATED BOND SALE
WORCESTER, Worcester County, Mass.
-Bond sales made in 1932, previously not announced in these
REPORT.
columns, involved the following issues aggregating $435,000: Fund Comby the Sinking
$335,000 33 % auditorium bonds purchased June 2 1932 and due serially
missioners at a price of par. Dated
from 1933 to 1937 incl. Issue was sold on May 2 1932.
the Merchants National Bank of
100.000 4% water bonds purchased by a basis of about 3.83%. Dated
Boston, at a price of 100.92.
was
May 4 1932 and due serially from 1933 to 1947 incl. Issue
sold on April 29 1932.
Bond retirements in 1932 amounted to $1,895,700.
-A $34,000
ss.-BOND SALE.
YAZOO CITY, Yazoo County, M reported to have been purchased
sane of street paving refunding bonds is
City.
recently by the Delta National Bank of Yazoo
-The
-BOND SALE.
YOUNGSTOWN, Niagara County, N. Y. Feb. 6-V. 136, p.
offered on
$11,000 coupon or registered water bonds Trust Co. of Buffalo, at a price
-were awarded as 5.20s to the Marine
698
1 1933. Due $1,000 on
of 100.288, a basis of about 5.15%. Dated Feb.
sale were as follows:
Feb. 1 from 1937 to 1947, incl. Bids received at the
p
r5
BidderMarine Trust Co. (successful bidder)
Spirella County, Niagara Falls
Sherwood & Merrifield, Inc
M.& T.Trust Co
Wachsman & Wassail
B. J. Van Ingen & Co
Feb. 11 1933
Ira. Rate. Rate Bid.
100.288 5.20%
Par
5.20
100.70
5.40%
100.389.
5.70%
100.269
5.80
100.135
5.800
CANADA, its Provinces and Municipalities
ESSEX BORDER UTILITIES COMMISSION, Que.-DEFAULT ON
-The Commission was unable to•
BOND AND INTEREST CHARGES.
charges which came
meet a total of $171,455 in bond principal and interestof Toronto, and, in
according to the "Monetary Times"
due on Feb. 1,
privilege of being itsasking for protective legislation, has requested the
own ooard of control.
"Windsor, Walkerville and some of the other municipalities could meet
Sandwich
their shares of the $119,887.interest payment, it is stated, butwas a case•
East, Sandwich West and Sandwich are unable to do so. As it
had to take the latter course."
of all interest or none, the commission
-The Dominion Securities Corp. and
-BOND SALE.
HALIFAX, N. S.
5%
the Bank of Nova Scotia, jointly, have purchased a total of $366,210
bonds, of which $184,000 mature in 10 years, $141,000 in 20 years, $31,610
and $9,600 in 5 serial installments. The city
in 10 serial installments
bonds. The $41,210
called for separate bids on serial and sinking fundbasis of about 4.87%,
serial bonds were awarded at a price of 100.50, a sold on an interest cost
-year obligatlions were
while the $325,000 10 and 20
basis of 5.065%.
-L. F. Phille, City TreasMONTREAL, Que.-TAX COLLECTIONS.
taxes due in 1932, collections
urer, recently stated that of the 525.125,926balance outstanding on Jan. 1
made of $15,081,402. or 60%. the
had been
the percentage re1933 being $9,743,280. Mr. Philie said that althoughwere such as to set
ceived was lower than in previous years,"the results
of most other large centres on the North American
Montreal well ahead
continent in tax collections."
-An Issue•
MADE.
NEPEAN TOWNSHIP, Ont.-LOCAL OFFERING
Dated Dec. 15
of $309,000 6% improvement bonds is being sold locally.
due in from 1 to 30 years.
1932 and
UM ON PAYNIAGARA FALLS, Ont.-PETITION FOR MORATORI support of
-The city council is seeking
MENT OF BOND PRINCIPAL. petitioning the Ontario Government toresolution
other municipalities of a
Legislature which would permit
enact legislation at the next session of the on payment of bond principal,
local taxing units to declare a moratorium
Paythe "Monetary Times" of Toronto. it
according to the Feb. 3 issue of
Biad.
affected under the plan, was.
ment of interest on debentures would not be
s be given power to declare such a
"The resolution asks that municipalitie Board stepping in and appointmoratorium without the Ontario Municipal affairs of the municipality. Inadminister the
ing an independent body to
Falls resolution states that inurging consideration of the plan, the Niagara burden of taxpayers as much
the
times of distress it is advisable to alleviate end, the resolution sets forth'
as possible. This would be a big step to that
-The Imperial Bank of
NIAGARA TOWNSHIP, Ont.-BOND SALE.
at a price of par.
Canada has purchased an ISEO10 Of $9300 6% bonds
and due in from 1 to 20 years.
Dated Nov. 1 1932
•
-PROPOSED BOND ISSUE.
NORTHUMBERLAND COUNTY, B. C.
to.
n will be made to the Provincial Government for authority
-Applicatio
years.
issue $150,000 6% county bonds, to mature in 20
-The county
ONTARIO COUNTY, Ont.-PROPOSED BOND SALE. years. Twoin 20
5% bonds
desires to sell an issue of S104.000rejected by to mature it was said.
the council,
at a price of par have been
offers
-COMMISSION REPORTSIMPROVEMENT
QUEBEC (Province of).
-In a recent review of the affairs of the
IN MUNICIPAL FINANCES. 0. Morin, Chairman of the body stated
Commission.
Quebec Municipal
Is now in position to meet its indebtedness
that one municipal corporation
expected to do likewise in the near future, reports
and that three others are"Monetary Times" of Toronto.
the Jan. 27 issue of the
on of the School Corporation
"As a result of the financial administrati
in default on July 13 last, when it
of the town of Chicoutimi, declaredon its bonded indebtedness,announcepayments
was unable to meet interest Quebec Municipal Commission, that the sum
ment is now made by the
for payment of the interest
of $8,000 has been deposited in different banks,
coupons on bonds held by their purchasers. to announce in the near future
stated he expects to be able
"Mr. Morin
their interest
that the following municipalities are prepared to liquidate
parish muIndebtedness on bonds: Ste. Anne, school board; St. Honore,
Tremblay, municipal township."
nicipality, and
SCHOOL MUNICIPALITY, Que.-BOND
. ST. BARTHELEMI
on Nov.
bonds offered
-The issue of 524.000 6% purchased by for award Darveau, 15
SALE.
of
Gaguex &
-has been
1932-V. 135. p. 3202
Quebec, at a price of 98.50, a basis of about 6.20%. Dated Sept. 1 1932
serially on Sept. 1 from 1933 to 1952, inclusive.
and due
-The issue of
ST. MARC DE FIGUERY, Que.-BONDS NOT SOLD.
p. 4588
-was not sold, as no
$3,000 6% bonds offered on Jan. 20-V. 135, due serially in from 1 to 15
received. Dated Jan. 1 1933 and
bids were
years.
-INTEREST CHARGES NOT
SASKATCHEWAN (Province of).
DEFAULTED.-PublIshed reports to the effect that the Province had
due on $3,500,000 owed to the Dominion Governdefaulted in interest
Treasurer,
ment were declared untrue in a statement issued by Provincialof Toronto
M. A. MacPherson, which appeared in the "Financial Post"
of Feb. 4 as follows:
on the
"There has been nothing which could be construed as defaultnumber
part of the province. In respect to relief payments there are awith the
Government and
of matters for adjustment with the Dominionan
arrangement was made
full approval of the Dominion Government
in respect of this particular interest. and
regularly on all bonds in the
"Interest has been paid promptly
hands of the public and on Treasury bills to the banks or the Dominion
other purposes."
Government for capital account and the
recent report from Ottawa and
Widespread publicity was given to
declare that the misunderstanding regarding what
investment bankers
actually happened has injured Canadian credit in the United States,
TORONTO, Ont.-BOARD OF CONTROL APPROVES INCOME
-Over the opposition of Mayor Stewart, the Board of
SURTAX LEVY.
Control on Feb. 1 recommended to the City council that legislation be
from the Provincial Government which would enable the city
obtained
to place an additional tax on incomes, ranging from 3% to 10% on amounts
from $10,000 to S200.000 per annum, according to the Toronto "Globe"
to the
of Feb. 2. The levy, according persons 1932 figures of the Assessment
and increase civic revenues in
Department, would affect 1,100
amount of $1,600,000. The "Globe" further commented on the matter
as follows:
"The Mayor was of the opinion that if Toronto was to attract industries
it could not do so by increasing taxation, and felt that the proposed taxation would have the effect of driving residents from the city to municipalities which did not levy the taxation.
"Controller Ramsden stated that his resolution was provincial in its
scope and that statutes made it compulsory on municipalities to levy
income tax. He admitted that he had singled out a small group of individuals, but felt the proposal would provide relief being demanded by
ratepayers.
"Controller Simpson supported Controller Ramsden, claiming there was
a tendency to concentrate wealth. Controllers McBride and Robbins
voted with Controller Ranuiden.
-At a joint conference of
WINDSOR, Ont.-FINANCIAL REPORT.
the Committee of Supervisors and the City Council, the proposed budget
for the current year was reduced from $2,400,000 to approximately $1,700,000 and the 1932 tax rate of 37 mills was lowered to 25 mills,'according to
the Toronto"Giqbe" of Feb. 6. Further results of the conference, it was
said, were: A decision to pay the interest due on the city's bonded indebtedness; a continued holiday on principal payments; and a decision to ask the
Ontario Municipal Board for authority to reduce the interest on the bonded
Indebtedness now ranging from 5 to 5h%, to 3%.
r
Av
@FedFRASER