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finextri.
The
RZ3, U.S.
C
rtitude
SATURDAY,FEBRUARY 20 1932.
VOL. 134.
financial Tixrcaliclt
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Treas., W
The Financial Situation.
JJ'he Bank Credit Bill, which makes some decidedly
radical changes in the Federal Reserve Act, has been
rapidly advanced to passage the present week,having
been approved by both houses of Congress and being
now in conference for the adjustment of minor differences. It has been rushed through. with great
speed, with little time allowed for debate or discussion, especially in the House. What little discussion there has been has been mainly to urge the need
of speedy action. While there has been at no time
any indication of serious opposition to the measure,
there has yet been a disposition, on the part of its
proponents, to rush it through to conclusion without
loss of time, the frame of mind being not to let anything stand in the way of the quick attainment of this
object. At all stages of the proceedings, the determination to override has been ever present, in committee meetings or the proceedings of the two houses of
Congress.
One picturesque illustration of the spirit referred
to is seen in a statement made by the Washington
correspondent of the New York "Times," writing
under date of Feb. 12 (Lincoln's Birthday) when he
said: "Mr. Dawes asked for a short executive meeting of the committee, and behind closed doors banged
on the table, waved his arms and in truly 'hell-'nMaria Dawes' language acquainted the Representatives with the tensity of the present business situation." Similar evidence of a desire to proceed with
the utmost speed and without regard for anything
else is seen in the account of the passage of the
measure through the House of Representatives. This
account read: "Overriding every parliamentary
obstacle in the interest of a measure designed to spur
business recovery, the House to-day suspended its
rules and passed by the overwhelming vote of 350 to
PAT.
NO. 3478
15 the Steagall-Glass bill providing for extension of
the services of the Federal Reserve banks. The measure was acted upon under the most drastic procedure
known to Congress, and passage came after a debate
of only three hours. The bill will be sent to the
Senate to-morrow, where plans were being made to
call it up for action before another day had passed."
All this is important only as showing that the governing consideration was to put some kind of a law
upon the statute book intended to provide relief without much regard as to whether the measure was calculated to furnish the relief sought or was more likely
to do harm rather than good because of the violation
of sound banking principles.
It is a striking fact that hardly any two persons are
agreed as to how this remarkable measure for amending the Federal Reserve law is going to work or precisely how it is to be interpreted and what it really
means. One of the advocates of the bill says it means
inflation, another says it means nothing of the kind.
Those who admit that there will be inflation say that
nly through inflation can further deflation be
rested and a check put to a further decline in
market values of commodities and of other things.
There is common accord only as to one thing, namely,
that an emergency or exigency exists for Congress to
deal with in some way or provide the means for so
doing. There is no common agreement as to the
nature of the emergency. On the one hand we are
told that the amendments to the Reserve Act are
meant to combat hoarding; on the other, that they
are for the purpose of warding off foreign raids on
our gold. We are also told that the trouble is that
many member banks are unable to avail of the facilities of the Federal Reserve banks. From the one
direction we hear that the banks cannot borrow,
from the other that they will not borrow.
It is stoutly affirmed the member banks have exhausted their eligible paper and hence that new supplies of eligible collateral must be provided, such as
United States Government obligations, while others
contend that immense masses of eligible paper exist
and back up their arguments with elaborate statistics calculated to support the claim. Thus everything is more or less in a haze and the conflict of
views serves seriously to complicate the situation.
Latterly there has also been considerable misgiving
as to whether the amendments to be made will in the
end really prove beneficial—whether the effect may
not be to undermine the security and stability of the
Federal Reserve System. Everyone derives considerable satisfaction from the fact that Carter Glass is
giving his endorsement to the amendments, but Mr.
Glass himself is in doubt as to their need if not their
wisdom. Mr. Glass, in discussing the amendments
before the Senate on Wednesday, submitted carefully prepared statements to show that "the Federal
1234
FINANCIAL CHRONICLE
Reserve member banks have in their portfolios eligible paper which would not only absorb the $4,000,000,000 which the Federal Reserve banks might loan,
but four billion and a half dollars more in their
portfolios.
"Note these figures: $2,997,167,000 of quick commercial paper, within $3,000,000 of $3,000,000,000 of
commercial assets. In addition to that, they have on
hand $5,564,461,000 of United States securities eligible and usable for rediscount purposes. The 12
Federal Reserve banks, therefore, have usable paper
to the immense volume of $8,561,628,000 which may
be used for rediscount purposes." Senator Glass
gave figures to show that the Federal Reserve member banks have $8,561,648,000 of eligible assets, and
have rediscounted only $465,711,000. Senator Glass
also asserted that only 91 banks out of the 7,600 in
the Federal Reserve System have actually exhausted
their eligible assets.
The situation, Mr. Glass averred, did not greatly
impress him with the need of broadening the rediscount base for eligible commercial paper, but, nevertheless, he prepared the section of the bill allowing
use of new ineligible paper, after the acceptable
assets have been used up. "The trouble is that the
banking community of the country is frightened to
death," he said. "The banks have ceased to function.
They have discarded the ideas, without warrant, that
the Federal Reserve System was intended for a situation like this. They do not seem to realize that they
can and should get this accommodation. But it is
not within the province of Congress to compel a bank
to borrow money if it will not borrow money. The
chief psychological advantage of this measure—and
it is perhaps a valuable psychological advantage—is
that it gives assurance to these frightened and timid
bankers throughout the country that if they will only
respond to the requirements of commerce,if they will
only help in relieving themselves and the country
from this depression and in doing so exhaust their
eligible assets, then and only then may they make
use of their ineligible assets."
In view of all this it behooves the careful student
not to speak with undue confidence as to the possible
results. It cannot be denied, however, that the
measure contains objectionable features, some of
them not unlikely to work mischief. One of the
changes made is that United States obligations are
made part security for Federal Reserve note issues.
These note issues require a gold backing of 40%,and
the amendments make no change in that respect, but
the other 60% may under the change now made consist of United States Government obligations where,
before, only commercial paper could be so used. This
means a return to the system under which National
bank circulation is issued, and to that extent this
provision is plainly a step backward, the only difference being that the Reserve banks will be putting out
the currency thus secured instead of the National
banks. During the war the utmost care was taken
not to endow any of the different Liberty loan issues
with the circulation privilege. Now they stand forth
full-fledged as collateral for note issues.
When the Reserve banks were established it was
supposed we had got rid of that kind of note issues,
and, indeed, the Reserve Act had a provision, which
never was made effective, by which the National bank
circulation was ultimately to be retired. Mr. Steagall, the Chairman of the House Banking Committee,
in a report made public last Saturday, in discussing
(voL. 134.
the purport of the amendments said that this "provision of the bill simply attempts to carry out the
original purpose of the Federal Reserve Law, which
requires only 40% of gold to be maintained, in addition to collateral eligible as a basis for Federal
Reserve notes." He said "it was never contemplated
that more than 40% of gold should be required in
support of Federal Reserve notes. The substitution
of Government obligations for commercial paper
simply carries out the policy expressed in the original Federal Reserve Act." In this Mr. Steagall entirely overlooks the fact that in its original form the
Reserve Act not only made commercial paper the
sole collateral behind the Reserve note, but required
full 100% of such collateral. The 40% gold reserve
was in addition. The 40% gold was meant as a further margin of safety. The war amendments of 1917
changed all this. By now substituting United States
obligations for commercial paper another step in
the wrong direction and away from sound banking
principles is taken.
We know that authority for the substitution is
limited to a single year, but there is no assurance that
this provision will not then be extended indefinitely.
Ogden L. Mills, the new Secretary of the Treasury,
could argue very plausibly on that point, and in the
event of the re-election of Mr. Hoover and the choosing of a new Congress he might easily have his way.
As a matter of fact,in his testimony before the House
Committee on Saturday last, although advocating
passage of the amendments as an emergency act, he
took pains to tell the Committee that the bill might
well be made a permanent part of the Federal Reserve structure. Newspaper accounts say "he was
speaking with particular reference to the provision
which would allow Government securities to be substituted for gold above the 40% reserve required as a
basis for currency." There is only too much reason
to fear that the present one-year limit may prove
merely the entering wedge.
On the point as to whether there is to be inflation,
as a result of this provision of the amendments, it
might well be asked how did the Reserve banks get
in the condition where they find themselves all at
once under the necessity of asking authority to use
United States obligations as part collateral for further issues of Federal Reserve notes. We know the
ready answer will be that France last autumn, with
other Central banks, withdrew some $750,000,000 to
$800,000,000 of gold, and is now again engaged in
making large further withdrawals of the metal, but
this answer covers only part of the story. Despite
the heavy gold withdrawals, including all those up
to date, the gold reserves of the 12 Reserve institutions are only $141,000,000 smaller than they were a
year ago, the total of such reserves on Feb. 17 1932
being $2,943,586,000 as against $3,084,408,000 Feb.18
1931. The truth is the Federal Reserve banks have
been adding enormously to their holdings of United
States Government obligations during the last two
years and are now carrying close to $750,000,000 of
them, the exact total the present week being $741,342,000. At the same time they have put into circulation almost 1% billion dollars more of Federal Reserve notes during the last 12 months, the total of
these Reserve notes in actual circulation being reported at $2,656,941,000 Feb. 17 as compared with
only $1,449,756,000 on Feb. 18 last year. The volume
of Reserve notes having been so greatly expanded
they have now reached the limit, or virtually the
FEB. 20 1932.]
FINANCIAL CHRONICLE
1235
Reserve Board, may make advances to such member bank
limit, and, accordingly, find themselves under the on its time or demand promissory notes secured to the satisnecessity of having the limit extended.
faction of such Federal Reserve bank: Provided, That (1)
The other amendments consist chiefly of provisions each such note shall bear interest at a rate not less than 1%
giving member banks not in possession of eligible per annum higher than the highest discount rate in effect at
the date of such note;
assets access to the credit facilities of the Federal such Federal Reserve bank onby regulation limit and(2) the
define
These provisions are very broad Federal Reserve Board may
Reserve banks.
the classes of assets which may be accepted as security for
and open the doors wide for borrowing on the part advances made under authority of this section; and (3) no
of certain classes of member banks. One of these note accepted for any such advance shall be eligible as colrelates to group borrowing and which has been given lateral security for Federal Reserve notes.
"No obligations of any foreign government, individual,
the designation of clearing house certificates by
under
newspaper corre- partnership, association, or corporation organized for the
Mark Sullivan, the well known
adlaws thereof shall be eligible as collateral security
spondent. This constitutes Section 10 (A) which vances under this section."
has been inserted as a new section between Sections
In this last instance, it will be observed, authority
10 and 11 of the Reserve law. We qnote the salient
to make the advances named in exceptional cases
parts of the new section as follows:
to "a period not exceeding two
"Section 10 (A). Upon receiving the consent of not less is expressly limited
year.
than a majority of the Federal Reserve Board, any Federal years." Originally the limit was only a
advances for a period not exceeding The Senate yesterday increased this to two years.
Reserve bank may make
one year from the date of the approval of this Act, in such In the case of the group loans there was origiamount as the Board of Directors of such Federal Reserve
nally no limit at all, but it is now a year. It
bank may determine to groups of five or more independently
seems to carry much menace and fortunately it is
owned and controlled member banks within its district upon
of the Reserve
their time or demand promissory notes: Provided, That such not to be a permanent fixture
banks have no adequate amount of eligible and acceptable Act. It puts no limit or restraint upon the
assets to obtain sufficient accommodation through redis- kind and character of assets. It is to be presumed
counting at the Federal Reserve bank. The liability of the
that the discretion granted will be wisely used, but
individual banks in each group must be limited to such
does not mean that judgment may not be faulty.
proportion of the total amount advanced to such group as that
leading up to the stock
the deposit liability of the respective banks bears to the During the whole of the period
liability of all banks in such group. Such market crash in the autumn of 1929 the judgment of
aggregate deposit
banks shall be authorized to distribute the proceeds of such the Reserve authorities was notoriously faulty, it is
loans to such of their number and in such amount as they now generally admitted,and their judgment has been
may agree upon, but before so doing they shall request such
less faulty in the period of depression since the
recipient banks to deposit with a suitable trustee, repre- no
the entire group, their individual notes made in favor breakdown in 1929. No defense can be made of the
senting
of the group protected by such collateral security as may Reserve policy which reduced rediscount rates in the
2
1
/
be agreed upon. Any Federal Reserve bank making such New York Federal Reserve District to only 1 %
advance shall charge interest or discount thereon at a rate per annum and cut the buying rate for acceptances
not less than 1% above its discount rate in effect at the
a basis of merely 1% per annum. The effect of
time of making such advance. No such note upon which to
are made by a Federal Reserve bank under this these abnormally low rates was to make it impossible
advances
section shall be eligible under Section 16 of this Act as col- for many member banks to operate at a profit and
lateral security for Federal Reserve notes.
possibly some banks may have been forced out of
"No obligations of any foreign government, individual, business on that account.
partnership, association or corporation organized under the
Making loans to the member banks secured by collaws thereof shall be eligible as collateral security for adlateral the character of which it is left to the Resection.
vances under this
"Member banks are authorized to obligate themselves in serve authorities to define will introduce a new eleaccordance with the provisions of this section."
ment of danger, namely, the possibility of losses in
Carter Glass wanted to limit such group loans to liquidating the assets which, however carefully
banks with a capital of $500,000 or less, but was in- selected, it would seem will always be slow assets,
duced to raise the limit so as to include banks with a otherwise the banks would not be obliged to proceed
capital of $2,000,000 or less. The latitude here given to such roundabout methods for securing accommoas to eligible collateral is of the widest description. dation at the Reserve institutions. Senator Glass
It should be noted that it simply provides that the seems to have had some such thought in mind in his
individual notes of the banks included in the group remarks before the Senate on Wednesday when, in
are to be "protected by such collateral security as discussing the stipulation regarding group loans that
the members of the group must divest themselves of
may be agreed upon."
Another new section added as an amendment to all eligible paper before using the new ineligible
the Federal Reserve Law is Section 10 (B). This assets he said he,"did not entertain for a moment the
reads as below,and deals with advances to individual idea that the banks might retain their eligible paper
member banks and also allows advances on unde- in their portfolios and unload on the Federal Reserve
fined collateral. The provision in that case is simply bank their cats and dogs, their ships and whetstones,
that "The Federal Reserve Board may by regulation their utterly unliquid and in many, if not in most,
limit and define the classes of assets which may be instances worthless assets." One would have supaccepted as security for advances under authority posed that loaning on assets such as the group banks
are likely to have when in trouble would have been
of this section":
confined to the Reconstruction Finance Corporation
"Section 10 (B). In exceptional and exigent circumstances and for a period not exceeding two years from the where some losses will be difficult to avoid but where
date of the approval of this Act and when any member bank the Government will have to be prepared to take the
has no further eligible and acceptable assets available to loss. Clearly they should not come within the cateenable it to obtain adequate credit accommodations from gory of loans permitted to the Federal Reserve banks.
the Federal Reserve bank through rediscounting or any Their damning character does not appear to be genother method provided by this Act other than that provided
erally recognized.
Section 10 (A), any Federal Reserve bank, pursuant to
by
affirmative action by not less than a majority of the Federal
1236
FINANCIAL CHRONICLE
[vor... 134.
Corporate dividend reductions and suspensions discount holdings have risen
from $819,435,000 to
have been unusually numerous and important the $845,781,000. The holdings of
United States Govpresent week. Foremost among the omissions must ernment obligations have remaine
d virtually unbe mentioned that of the Southern Pacific Co. There changed for the 12 Reserve banks
as a whole, the
was considerable discussion and uncertainty as to amount this week being reported
at $741,342,000
what action this company would take on the dividend against $741,434,000 last week.
Other securities
question,in view of the tremendous losses in its earn- (mainly intermediate credit loans) are
also someings and income which it has sustained. On Jan. 2 what lower, standing at $29,995,000 against
$33,the company made a quarterly payment of $1 a share, 451,060 a week ago.
as against quarterly dividends of $1.50 a share from
The final result is that the grand total of the bill
Oct.1 1907 to and including Oct.1 1931. On Wednes- and security holdings is almost identical
with that
day of this week the directors decided to postpone of a week ago, the amount Feb. 17 being
reported at
consideration of further dividend declarations until $1,763,500,000 and that of last week at
$1,763,711,000.
the regular meeting of the Board in May. As a result, Gold reserves have been reduced somewha
t as a
the stock opened Thursday morning 8 points off from result of the renewed outflow of the metal
and are
the close the previous day-that is, opened at 26 reported at $2,943,586,000 Feb. 17 as
against $2,against the close the previous day of 34. The Maine 967,218,000 on Feb. 10. The amount of
Federal
Central RR.passed the guar. div. of 114% due Mar.1 Reserve notes in circulation is somewha
/
t lower at
on its 5% cum. non-voting pref. stock. The Inter- $2,656,941,000 against $2,661,959,000. The
ratio of
national Nickel Co.on Feb.15 voted to omit the quar- reserves to deposits and Federal Reserve
note liaterly dividend usually payable about March 31 on bilities combined stands at 67.4% this week
against
the common stock. The Kennecott Copper Corp., the 67.6% last week. Holdings of acceptan
ces for acNevada Consolidated Copper Co. both suspended count of foreign banks are somewhat lower
the same
quarterly dividends on their stock, as did the Utah as the holdings of the Reserve Banks for
their own
Copper Co.on its common stock. The Virginia Caro- account. The change, however, is not
important,
lina Chemical Corp. omitted the quarterly dividend the amount on Feb. 17 being $315,348,000
as com/
of 134% due March 1 on its 7% cum. red. prior pref. pared with $319,294,000 on Feb. 10. Foreign
bank
stock, and the Crane Co. decided to omit the quar- deposits with the Reserve institutions
have also
terly dividend ordinarily payable about March 15 on further decreased during the week and
are now
the common stock. The Bangor & Aroostook made $38,848,000 against $46,582,0.00 last week.
its quarterly on common 50c. a share, thus placing
the stock on a $2 annual dividend basis as compared
The foreign trade of the United States for
January
with $3.50 paid previously. The International Ce- was again very much reduced.
Not in many years
ment Corp. reduced its quarterly dividend on com- has the value of bath
exports and imports of mermon from 75c. a share to 50c. a share, after having chandise been so low as
it was for that month in this
reduced it on Dec.31 from $1 a share to 75c.
year. Exports amounted to only $150,000
,000.
The International Salt Co. reduced its quarterly These figures compare
with $183,577,000 for Decemdeclaration on common from 75c. a share to 50c. ber, which amount
was close to the low point for any
The International Silver Co. reduced its quarterly preceding month back to the
pre-war period. It also
distribution on the 7% cum. pref. stock from $1.75 a compares with $249,598,000
for January a year ago.
share to $1. The Texas Gulf Sulphur Co.reduced the The decline from January of
last year was $99,quarterly dividend on common from 75c. to 50c. The 598,000, equivalent to a loss
of 39.9%. This reducMarine Midland Corp. reduced the quarterly divi- tion was somewhat greater
than has appeared for
dend on common from 30c. a share to 20c. The Mer- some of the recent preceding
months in 1931. Likegenthaler Linotype Co. reduced the quarterly divi- wise, as to merchandise imports
for January, the
dend on common from $1.50 a share to 75c. a share. value this year was $136,000,000
as compared with
The Raybestos-Manhattan, Inc., reduced its quar- $183,148,000 in January of last
year, a decline of
terly dividend on common from 40c. a share to 25c. a $47,148,000, or 25.8%.
share. The United States Envelope Co. cut its semiBoth exports and imports of merchan
dise have
annual dividend on common from $4 a share to $2, shown an almost constant decline
each month now
and the Engineers' Public Service Co. declared only for more than two years. Exports in
January 1930,
35c. a share on its common against 40c. a share on two years ago, were valued at
$410,849,000, or nearly
Jan.21932;50c. a share on Oct.1 1931, and on July1 three times the value of exports for
January of this
1931, previous to which this stock was on an annual year. During the same period
merchandise imports
dividend basis of $2.40 a share. The Texas Corp. have declined so that they are only a
little over onecut its dividend from 50c. a share to 25c. The Inter- third of what they were two years
ago. A considernational Harvester Co. dropped the quarterly divi- able part of this loss represents the dollar
reduction,
dend on common from 62 2c. a share to 45c. a share, due to much lower prices prevailing
now, but quanand the Consolidated RRs. of Cuba reduced the quar- tities also have been much lower.
The balance of
terly dividend on the 6% cum. pref. stock $1.50 a trade for January continued on the
export side, but
share to 50c. a share.
for a smaller amount. Exports last month
were
$14,000,000 in excess of imports against
$30,691,000
Whatever may be the effect of the bank credit bill excess in December and $66,450,000, the latter
the
now to be put on the statute book on the future opera- exports trade balance in January a year
ago.
tions of the Federal Reserve System, in the way of
For the seven months of the current fiscal year,
extending new credit, there is no indication of any beginning with July last,the total value of merchanchange in the returns submitted the present week. dise exports was $1,257,756,000 against $2,017,Holdings of acceptances purchased in the open mar- 061,000 for the same time in the preceding year, a
ket by the 12 Reserve institutions decreased from decrease of $759,305,000, or 37.6%. Imports in the
$169,391,000 to $146,382,000 during the week, but the same period of this year were $1,118,598,000 against
FEI13. 20 1932.]
FINANCIAL CHRONICLE
$1,508,071,000 a year ago, a reduction this year of
$389,473,000, or 34.8%. The balance of trade for
these seven months this year was on the export side
for $139,158,000 against an export trade balance a
year ago for $508,990,000.
For the fourth consecutive month cotton exports
in January were quite high. The total was 932,809
bales against only 537,607 bales in January of last
year. The value, too, was higher this year than it
was a year ago, amounting to $35,981,400 against
$31,198,000 in January 1931. There was a marked
decline in cotton prices in the early part of last
year, whereas this year the market has been quite
steady. The increase in cotton exports last month
naturally indicates a greater decline in the value of
all other exports than cotton, than appears in the
total shown above. In like manner the export statement for the past seven months was unfavorably
affected, but to nothing like the same extent. Cotton
exports for the seven months ending with January
were 5,281,700 bales against 4,693,276 bales for the
same time in the preceding year. The value, however, continues very much less, amounting for the
past seven months to $213,627,800 against $307,335,000, a reduction of 30.5%.
Exports of gold last month were again very heavy,
amounting to $107,863,000. These figures compare
with only $54,000 in January of last year. Imports
of gold last month were $32,905,000 against $34,426,000 a year ago, the net exports for the month
being $74,958,000. For the seven months ending with
January,gold exports'have been $573,869,000 against
$106,359,000 last year,and gold imports $405,083,000
compared with $198,281,000 in January 1931. The
excess of exports for the seven months was $168,786,000 against an excess of imports of $91,922,000
in the preceding year. Nearly $506,500,000 in gold
was exported in the two months of January and October last. The silver movement last month continued
very much reduced, exports amounting to only
$1,611,000 and imports to $2,097,000.
Insolvencies in January were very numerous and
the liabilities were in excess of those of January
last year, for which the total was at the top. The
records of R. G. Dun & Co. show 3,458 business
failures in the United States last month, with
a
total indebtedness of $96,860,205. These figures
compare with 3,316 similar defaults a year ago,
involving $94,608,212. All three classes into which
the report is separated show an increase in number,
but the increase in liabilities was wholly in the divisions embracing the trading sections and agents
and
brokers. There were 688 failures last month
in
manufacturing lines for $31,679,673; 2,595
trading
failures involving $54,504,792, and 175 of
agents
and brokers for $10,675,740 of indebtedness. These
figures compare with 611 manufacturing
defaults
in January a year ago for a total of ;47,632,817 of
liabilities; 2,541 trading failures invo)lving
$43,070,912 of indebtedness, 164 in the third
division
for $3,904,483.
There was one failure in the manufacturing division in January a year ago for more than $20,000,000, which raised the total liabilities for that month
unusually high. Otherwise these figures for
the
manufacturing division for last month would
have
exceeded those of a year ago. Thirteen of the fourteen leading classifications in manufacturing show
an increase this year. The most notable ineludeat
1237
the lumber manufacturing section, machinery lines,
iron foundries, clothing, printing and engraving,
milling and bakers, and leather lines and, shoes.
Some large failures added materially to the indebtedness reported by some of 'these classes.
Regarding failures in the trading section there
was quite an increase last month, both in the number and liabilities for several divisions. The class
embracing dealers in clothing leads all the others.
In the grocery line failures were also much higher,
and there was quite an increase among hotels and
restaurants; also, in the jewelry division, while for
drugs the figures were higher. On the other hand,
failures among general stores were reduced,likewise
for dry goods,shoes and leather goods,furniture and
hardware. More than 80% of the total trading failures are included in these separate classifications.
In the brokerage class are included some large security and investment organizations, which have contributed materially to the indebtedness.
The large failures in January this year were very
numerous. There were 156 defaults in that month
for which the liabilities in each instance was $100,000
or more, the total for the latter being $47,947,642.
This amount was nearly one-half the total indebtedness for all failures in that month. There were 67
large manufacturing failures; 66 trading defaults,
and 23 in the brokerage class. The liabilities for the
first two divisions were in both instances slightly
in excess of $19,000,000, and for the third class
$8,850,000.
The stock market this week has been quite buoyant
and has enjoyed a sharp rise. This has been on the
benefits expected from the Glass-Steagall credit expansion bill which has been rushed through the two
houses of Congress with great speed and energy.
After the sharp advance enjoyed on Thursday of last
week, on the introduction of this measure, the market experienced further advances at the half-da
y session on Saturday, these running all the way
from 2
to 20 points. Activity on that half-day session
was
on an enormous scale, the day's transactions
aggregating for the two hours 2,626,200 shares, the largest
volume of sales for a Saturday half-day session
since
May 3 1930, when 4,867,530 shares were dealt
in.
The upward movement was carried still further on
Monday, but with some reaction befdre the close of
the day. On Tuesday, the upward surge to new highs
for the year was resumed after an uncertain start,
but with the further strength in the bond market an
encouraging feature. On Wednesday there was a
reaction all around with the speculative specialties
off from 1 to 5 points. After the close of busines
s
that day, announcement came of the passing of the
dividend on Southern Pacific common. This had the
effect of causing a big break in that stock, on Thursday morning, the opening price being 26
against 34
the close on Wednesday. This dealt a severe
blow
to the whole list, but especially to the railroa
d shares.
Quick recovery, however, ensued on news that
the
Bank of England had reduced its discount rate from
6% to 5%,and two of the Scandinavian banks
which
generally move in unison with the sterling rate had
reduced their bank rates from 6% to 5 %. Gold
/
1
2
exports continued on a large scale, but the foreign
exchanges which in the early part of the week had
been strong and higher, thus affording a basis for the
outward flow of the metal showed a slightly easier
tendency. Dividend reductions and omissions were
1238
FINANCIAL CHRONICLE
[Vol,. 134.
more than ordinarily numerous and important, but Wednesday,2,185,798 shares; on Thursday,1,681,935
have been set out at length further above in this shares, and on Friday,2,430,612 shares. On the New
York Curb Exchange the sales last Saturday were
article.
and the 295,715 shares; on Monday,262,785 shares; on TuesBusiness showed no change for the better,
steel mills of the country were employed to only day, 248,723 shares; on Wednesday, 237,735 shares;
on Friday, 250,965
27% of capacity against 28% the previous week. The on Thursday, 139,776 shares, and
stiffened a mere trifle, but several shares.
price of copper
As compared with Thursday of last week (Friday
more of the copper companies passed off the dividend
high of last week having been a holiday), prices show very
basis. No less than 249 stocks established new
s. General Electric closed yesterprices for the year during the week, while 53 stocks substantial advance
year. The call loan day at 22% against 20% on Thursday of last week;
touch new low figures for the
American at 38 against 33%; Pacific Gas &
rate on the Stock Exchange again ruled unchanged North
/
week at 21 2%. The action of the Elec. at 36% against 34%; Standard Gas & Elec. at
all through the
28%; Consolidated Gas of N. Y. at 63%
New York Stock Exchange announced Thursday 31% against
58%; Columbia Gas & Elec. at 14% against
night that beginning April 1 all members of the Stock against
n Union Gas at 85 against 75 bid;
Exchange would be required to obtain the express 13%; Brookly
4
1
/
could be Elec. Power & Light at 13 against 1234; Public
consent of customers before their stock
/
4
1
/
short, being in the Service of N. J. at 57 against 5178; International
loaned out to those who had sold
on short selling, exercised a Harvester at 24% against 24%;J. I. Case Threshing
nature of a restriction
38% against 31%; Sears, Roebuck & Co.
tremendous influence on speculation on Friday, not- Machine at
32; Montgomery Ward & Co. at 9%
4
1
/
withstanding that customers have long been obliged at 34 against
8%;Woolworth at 44 against 41%;Safeway
to sign agreements permitting brokers to lend securi- against
at 50 against 473/4; Western Union Telegraph
ties purchased on margin, the only innovation being Stores
e authorization at 47% against 38%; American Tel. & Tel. at 133
that now brokers must obtain separat
/
4
1
/
es against 118%; Int. Tel. & Tel. at 1118 against 9 ;
in writing, permitting the lending of the securiti
8
/ against 62%; United States
on their account. In San Fran- American Can at 711
carried by the broker
al Alcohol at 27% against 24; Commercial
cisco, after the close of the New York market on Industri
/
/
/
Solvents at 91 8 against 818; Shattuck & Co. at 1078
Thursday, and in London before the opening of the
/
4
1
/ bid, and Corn Products at 4434
ons against 8
New York market on Friday, there were indicati
on the opening against 42.
that a rush to cover would be made
4
1
/
Allied Chemical & Dye closed yesterday at 80
of the New York market, and this is precisely what
4
1
/
active stocks advancing 2@7 points. against 69 on Thursday of last week; E.I. du Pont
happened, the
l Cash Regis/
Later in the day, however, there was some reaction de Nemours at 58 against 5218; Nationa
/
tional Nickel at 81 8
from the best prices of the day. As indicating the ter at 10 against 9; Interna
Roller Bearing at 21 ex-div.
extent of the rise in the stock market during the week against 8%; Timken
14; Yellow
in the case of some of the active specialties we intro- against 20%; Mack Trucks at 15 against
In this a comparison Truck & Coach at 4 against 3%; Johns-Manville at
duce the table which follows.
Razor at 18%
7
/
is made between the closing prices of last Thursday 24% against 20' 8; Gillette Safety
14
s at 27/
(before the Lincoln Day holiday on Friday) and the against 16%; National Dairy Product
Dry Goods at6% against 6;
closing prices yesterday with the high points touched against 24%;Associated
4
/
Texas Gulf Sulphur at 243 against 23%; American
in the interval by the different stocks:
/
4
3
Power at 7/ against 718; General Amer& Foreign
a _ MIMS
ClOSitig
ican Tank Car at 33% against 31; United Gas ImHigh
Sale Price
Sale
Since
Wed.,
/
provement at 201s against 19%; National Biscuit at
Feb. 19.
Feb. 10.
Feb. 10.
/
/
4478 against 4214;Coca Cola at 117% against 108%;
Railroads—
Continental Can at 38% against 36; Eastman Kodak
% 90 Feb. 13 87
Atch.Topeka & Santa Fe_ 723
/
8
/
31% at 80 against 7278; Gold Dust Corp. at 1778 against
33% Feb. 19
253
N.Y.Central
% 17; Standard Brands at 12' 8 against 12%; Para7
/
283/i 37% Feb. 17 283
Southern Pacific
69% 943/i Feb. 13 89
Union Pacific
mount Publix Corp. at 9% against 9; Kreuger & Toll
Miscell.—
Indus. &
at 8% against 7%; Westinghouse Elec. & Mfg. at
Dye__ _ 63% 83% Feb. 19 803
Allied Chemical &
3
73% Feb. 19 71%
57
American Can
/
331 2 against 26%; Drug, Inc., at 54 against 52%;
%
Teleg_ 111% 1373 Feb. 19 133
American Telep. &
%
1283/2 Feb. 19 118% Columbian Carbon at 363 against 32%; American
93
Auburn Automobile
38%
Feb.
Case Threshing Machine _ 26% 41% Feb. 19
Tobacco at 79% against 73%; Liggett & Myers class
13
13
8
10% 133/2
Chrysler Corp
Reynolds Tobacco class B at
65%
Consolidated Gas(N.Y.)_ 54% 84% Feb. 19 633( B at 59 against 56%;
Feb. 19 80
693/2
Eastman Kodak
38 against 36%; Lorillard at 14% against 14%, and
3
%
E. I. du Pont de Nemours 46% 59 Feb. 19 58
8%.
17% 243/2 Feb. 13 22% Tobacco Products class A at 9% against
General Electric
203/2 24% Feb. 19 23%
especially United States Steel,
The steel shares,
General Motors
193/8 Feb. 19 183/2 were quite prominent in the rise. United States
Gillette Safety Razor_ __ _ 14
1103 Feb. 19 108
%
Inter. Business Machines_ 933/2
/
8% 12% Feb. 19 113/2 Steel closed yesterday at 50% against 4378 on ThursInternat. Tel. & Tel
40 Feb. 19 38
4
29%
North American Co
of last week; Bethlehem Steel at 223 against 19;
day
7% 10% Feb. 19 10
Radio Corp. of America
c Iron &
/,
4
3
38% 52% Feb. 19 50% Vanadium at 17/ against 1418 and Republi
United States Steel
Feb. 19 333/2 Steel at 6 against 578 In the auto group Auburn
.
/
% 35%
Westinghouse Elec. & Mfg 233
37% 443/2 Feb. 13 44
4
/
/
Woolworth (F. W.)Co
Auto closed yesterday at 11814 against 1093 on
y of last week; General Motors at 23%
excitement Thursda
/
Trading was exceptionally heavy in the
Chrysler at 13 against 1218; Nash Moand also in the against 21%;
at the half-day session last Saturday,
tors at 17% against 17; Packard Motors at 4 against
off as
early days of the present week, but tapered
4
3 ; Hudson Motor Car at 9 against 8%, and Hupp
half-day session on 3/
the week came to a close. At the
the rubber group
4
1
/
/
Ex- Motors at 418 against 4 . In
Stock
/
Saturday last the sales on the New York
& Rubber closed yesterday at 161 4
were Goodyear Tire
change were 2,626,000 shares; on Monday they
4
1
/on Thursday of last week; B. F. Goodon against 15
1,976,164 shares; on Tuesday, 2,502,180 shares;
Fsn. 20 1932.]
, FINANCIAL CHRONICLE
rich at 4% against 4; United States Rubber at 5
/,
/
1
2
against 378 and the preferred at 9 against 8.
The railroad shares, except Southern Pacific, have
shared in the upward movement. Pennsylvania RR.
/
4
closed yesterday at 203 against 2014 on Thursday
/
of last week; Atchison Topeka & Santa Fe at 87
against 77½; Atlantic Coast Line at 30 against
/
1
2
30; Chicago Rock Island & Pacific at 12 against 1112;
/
/
New York Central at 3134 against 2814; Baltimore &
/
Ohio at 18 against 17; New Haven at 2714 against
/
2578; Union Pacific at 89 against 76; Southern Pa/
/
4
cific at 283 against 313 ; Missouri Pacific at 9
/
4
against 8½; Missouri-Kansas-Texas at 6 against 6;
Southern Railway at 11 against 10; Chesapeake &
/
1
2
Ohio at 25 against 23 ; Northern Pacific at 20%
/
1
2
/
1
2
against 19 , and Great Northern at 21 against 19.
The oil shares followed the upward movement
rather tardily. Standard Oil of N. J. closed yester/
/
day at 2918 against 2778 on Thursday of last week;
Standard Oil of Calif. at 2514 against 251 4; Atlantic
/
/
Refining at 102 against 9 ; Freeport Texas at 19
/
1
/
1
2
against 17%; Sinclair Oil at 5% against 5%;Texas
Corp. at 11% against 11%; Phillips Petroleum at
4% against 4 ,and Pure Oil at 4% against 4 .
/
1
2
/
1
2
The copper stocks have also been laggards. Anaconda Copper closed yesterday at 10% against 9%
on Thursday of last week; Kennecott Copper at 101 8
/
against 10%; Calumet & Hecla at 3 bid against 3;
American Smelting & Refining at 161 ; against 1478;
A
/
Phelps Dodge at 6% bid against 7, and Cerro de
Pasco Copper at 11% against 11 .
/
1
2
Price movements on the Stock Exchanges in the
important European financial centers were generally
favorable this'week, as there were a number of developments which were regarded as distinctly constructive. Foremost among these was the reduction
of the Bank of England discount rate, Thursday,
from 6 to 5%, and the simultaneous announcements
in Sweden and Norway that the discount charges
of the central banks in these countries will be lowered
from 6 to 5 %. The action by the directors of the
/
1
2
Bank of England was construed in London as evidence that the worst of Britain's financial and economic depression is over. On the Stock Exchange
the news was greeted with an instant rush for securities. Some satisfaction also was occassioned in
London by the efforts at Washington to induce credit
expansion in the United States, but comment on
this development was restrained. The Paris market
was frankly nervous regarding the measures. The
reports of a generally favorable trend of securities
prices on the New York markets were, nevertheless,
a decidedly good influence at London and Paris.
Noteworthy,also, was the announcement at Berlin,
Thursday, that trading on the Boerse in that center
and on other German Stock Exchanges will be resumed Feb. 25 under certain restrictions. All German exchanges were closed by order of the Government on Sept. 20, last, so that trading has been suspended for the period of five months. In accordance
with a ruling of the Reich Government,the Prussian
Ministry of Trade issued an official permit, Wednesday,for the resumption of dealings. It was stipulated that prices must not be quoted "officially,"
and that banks and bankers are not to engage in
compulsory selling of securities hypothecated with
them, except by the special consent of the Ministry
of Trade. No price lists are to be supplied to newspapers. The restrictions are designed to protect
1239
prices to a certain extent, and thus enable the exchanges to make a comparatively smooth start in
dealings, dispatches said. It was announced at
Athens, Wednesday, that the Bourse there would
resume operations the following day, but only in
securities listed on foreign exchanges. The Athens
exchange has been closed for three months.
A cheerful tone prevailed on the London Stock
Exchange at the opening Monday,chiefly on the basis
of exceptionally hopeful week-end reports from New
York. International stocks attracted most attention, and prices were marked sharply higher to bring
them in line with New York figures. British funds
improved, and industrial stocks also showed sizable
gains. The volume of business was greater than in
most previous sessions. Tuesday's market in London
was subdued, owing to the abrupt change in the reports from New York. International issues last
some of their earlier gains, and British funds also
receded. British industrial stocks turned quite dull.
Renewal of the New York advance, reported in overnight dispatches, caused a better tone Wednesday
at London. Anglo-American trading favorites were
again advanced. British funds were stimulated by
good revenue returns of the Government, but home
rails and industrial stocks were quiet. Early irregularity, Thursday, quickly gave way to a pronounced
upswing in quotations after announcement of the
bank rate reduction. An immediate rush for British
Government securities followed, and sharp gains
were registered. Industrial stocks and home rail
issues also responded to the better sentiment, while
international issues joined in the movement. The
upward trend was continued in dealings at London
yesterday.
Prices on the Paris Bourse moved sharply higher
as trading began Monday, with the excellent weekend reports from New York the most important factor. Leading stocks made substantial gains, despite
the uncertainty that loomed in the internal political
situation. The mid-month settlement was easily effected, with money at Y to 1%. The trend Tuesday
8
was uncertain, but changes were small and important
stocks finished about on a level with the previous
closing quotations. After a weak start the tone improved, only to give way again to a downward movement toward the end. Movements Wednesday were
irregular, French securities receding to a modest
degree on account of the Cabinet crisis. International securities were favored, however, and sharp gains
were recorded. Prices were firm in Thursday's dealings until near the close, when a reaction set in.
French securities recovered most of the losses of the
previous session, but international issues were in
ample supply and there were sizable recessions in
a few stocks. The reduction of the Bank of England rate failed to influence the market, which closed
on a weak no e. Prices on the Bourse were sharply
better yesteraz.y in almost all departments.
Fighting between Japanese and Chinese forces
along the 15-mile line from Shanghai to the Woosung
forts was carried on intermittently this week, with
the basic positions of the contending armies still
unchanged. There were several long periods during
which the military activities almost came to a complete halt, plainly as a result of the determined efforts made not only by neutral diplomatists but by
the
Chinese and Japanese themselves,to arrange a peaceful solution of the distressing affair. Such
efforts,
1240
FINANCIAL CHRONICLE
[VOL. 134.
Numerous statements were issued by the leaders
unfortunately, do not appear to have been successful,
as a further "ultimatum" has been issued by the Jap- on both sides. Admiral Nomura,the Japanese naval
anese demanding that Chinese forces withdraw to a commander, stated last Sunday that the army and
distance of more than 12 miles from Shanghai by navy authorities had definitely decided to drive the
this (Saturday) evening. Vehement denunciation Chinese back to a point where they could not menace
of the demands by Chinese military leaders give little Shanghai. Lieutenant-General Kenkichi Uyeda, who
ground for any belief that they might be met. The arrived the same day to take command of the land
most serious clashes of the entire incident thus ap- forces, announced that his mission would be to propear imminent, and it is hardly to be supposed that tect Japanese residents in and around Shanghai from
there will be anything less than real warfare on a the "provocative attitude" of the Chinese troops.
grand scale, as both sides have busily built up their At Loyang, temporary capital of China, leaders of
forces ever since the difficulties started on Jan. 29. the Nationalist Government urged that "no ground
Arrivals of Japanese transports were reported al- be yielded to the Japanese." The Tokio Government
most daily at Shanghai this week, and it is estimated announced Wednesday that authority had been given
that the attacking forces number between 20,000 to General Uyeda to deliver an ultimatum to General
30,000 men. The Chinese are reputed to have at Tsai Ting-kai, demanding that the Chinese Nineleast 50,000 effectives in line, while some reports teenth Route Army withdraw 20 kilometers from the
estimate the figure at two or three times this boundaries of the International Settlement. Mamoru Shigemitsu, Japanese Minister to China, ansum.
ex- nounced at noon, Thursday, that the ultimatum had
Neutrals at•Shanghai were subjected to some
ceedingly unfortunate incidents this week, with the been presented in verbal form, but it was promptly
natural result of sharp reactions in the foreign indicated by the Chinese official information bureau
offices of the nationals concerned. Two British sail- that it would not be accepted. A "final" Japanese
ors,H.G.Prior and H.A.Francis, were injured early ultimatum, presented later in the day, contained a
Wednesday by a shell, presumably from a Chinese demand, according to Shanghai reports, that Chifrom
gun, that fell in the International Settlement, and nese forces be withdrawn more than 12 miles
their wounds later in the day. British the International Settlement, and that all anti-Japaboth died of
consular authorities promptly began to draft a pro- nese movements and boycotts must be abandoned.
test, it was said. Two Japanese airplane bombs acci- This statement was generally viewed as the prelude
dentally fell on the Wingon Cotton Mill in the Set- to a major offensive.
Diplomatic representatives in China of the United
tlement on Feb. 11, killing five Chinese employees
missing some United States marines who States, British and French Governments began a
and barely
are billeted in the mill building. Rear Admiral Shi- joint effort late last week to effect a peaceful adjustmada immediately called'upon Admiral Taylor, com- ment of the Sino-Japanese dispute at Shanghai. Nelmander of the American Asiatic fleet, and offered son T. Johnson, the United States Minister; Sir
apologies. Arthur R. Ringwalt, United States Vice- Miles Lampson, the British Minister, and Henri A.
Consul at Shanghai, was treated abusively by Japa- Wilden, the French Minister, all hastened to Shangnese volunteers, when he accompanied a Chinese hai from Nanking last Saturday, and they promptly
woman of American birth into the Japanese area of engaged in a protracted series of conversations with
the Settlement last Saturday, on a search for the Japanese and Chinese leaders. These efforts were
woman's missing daughter. A protest was lodged by continued early this week, and although their course
Edwin S. Cunningham, American Consul-General, has not been made known, it would hardly appear
from subsequent developments that they met with
with the Japanese authorities at Shanghai.
the Chinese and Japanese any degree of success. They were followed, WednesArtillery duels between
were resumed last Saturday, after a short truce on day and Thursday, by meetings of Japanese and Chithe previous day, arranged in order to permit the nese officials in a further endeavor to find a common
evacuation from the ruined Chinese district of ground, but dispatches of late Thursday indicated
Chapei of remaining inhabitants. Thousands of Chi- that these efforts also had failed.
Japanese action in landing troops in the Internanese left the area during the period, but other thouwho tional Settlement for employment in the military
sands elected to remain. One foreign observer
entered the area described it as a ghostly pile of operations was the subject of several protests lodged
ashes. Chinese authorities issued an official esti- with the Foreign Office in Tokio this week by the
mate, Thursday, which indicates that property de- United States and British Governments. As many
struction in the Chapel and Hongkew areas amounts as seven Japanese troopships arrived at Shanghai on
to more than $100,000,000. The heavy bombardment a single day early this week, and they all moored at
last Saturday was followed by a Japanese sortie, but piers within the Settlement area. It was reported at
no gains resulted and the positions were unchanged. Shanghai that this action was in direct contravention
Japanese airplanes continued to fly o..er the Chinese of promises previously made by the Japanese compositions, dropping explosive bombs. The most des- manders and by the Japanese Consul-General, Kuraperate fighting so far reported occurred last Sunday, matsu Mural. The Shanghai Municipal Council pronear the Woosung forts at the mouth of the Whang- tested the landing on the ground that the Settlement
poo River. Japanese troops attempted again to cap- was created and maintained for defensive purposes
ture the forts, and heavy casualties were reported on and not for offensive purposes against China. The
proboth sides. Despite this movement, however, and American and British Consuls at Shanghai also
tested against the Japanese action, but despite these
the further periodic land, sea and air bombardments
occurred. It
of the forts, these key positions remained in the repeated protests, further landings
At ,Chapei and was indicated in Tokio, Wednesday,that a stern prohands of their Chinese defenders.
the SettleHongkew,just outside the International Settlement, test against Japanese troop landings in
times to periods of ment area was expected from the United States on
the bombardments gave way at
the basis of reports received from Japanese Ambassacomplete silence.
FEB. 20 1932.]
FINANCIAL CHRONICLE
dor Katsuji Delyuchi. In Washington, however, it
was stated Thursday that no new note was under
consideration. Through their Consular representatives at Shanghai,both Britain and the United States
issued warnings two weeks ago that both China and
Japan would be held responsible for damage to the
lives and property of foreign nationals in the International Settlement, it was disclosed. The Japanese
Government, Tokio reports said, sees nothing irregular in the landing of-troops in the International Settlement, as the aim is to defend the Settlement.
American and British forces have been landed in the
area for precisely the same purpose,it was stated.
The League of Nations assumed some prominence
this week as a factor in the Sino-Japanese dispute.
The Chinese representative at Geneva, Dr. W. W.
Yen, placed a demand before the Council on Feb. 12
that the Assembly be called in extraordinary session
to consider the situation. This action is possible
under Article 15 of the Covenant, which is designed
to protect the territorial integrity of League members. The Council took this request under consideration but did not act until yesterday, when it was
decided to call the Assembly in special session on
March 3. The Shanghai committee of the League,
composed of Consular officials, reported to Geneva
last Sunday that a state of open warfare has existed in Shanghai since Feb. 3, when a truce was
broken. Japanese sailors and reservists were
charged, in the report, with committing numerous
excesses and creating a reign of terror in the International Settlement. The Council finally issued an
appeal to Japan, Feb. 16, wherein attention was
directed to Article 10 of the Covenant, by which all
members undertook to respect the integrity and political independence of all other members. In a
reply delivered at Geneva, Thursday, Japan stated
that the general offensive did not originate with the
Japanese forces. No excesses were committed by
Japanese marines,it was added, whereas the Chinese
continually violated the truce. Troops were detailed
to police the city when the regular municipal guards
abandoned their posts, the Japanese reply contended.
A new Manchurian federation, planned as a virtually independent State, was announced at Mukden,
Wednesday, after a conference of Chinese leaders
who are regarded as favorable to the Japanese. This
step was generally considered probable as an aftermath of the Japanese military occupation of Manchuria. The Chinese leaders were prompted by Japanese advisers in setting up this new Government, an
Associated Press report from Mukden stated. A
"declaration of independence" was issued, which indicated that relations would be severed with the Nationalist Government at Nanking, and an administrative committee organized to transact State business. The new State will be known as Ankuo, which
means "land of peace," and its national emblem will
be the discarded five-barred flag of China, emblazoned with the Rising Sun of Japan. The form of
government is to be Republican, and the projected
Constitution will be based on the principle of autonomy of the State, vesting of sovereignty in the people,
equality of races,co-operation among racial elements,
and maintenance of the Open Door policy. Formal
announcement of the establishment of this independent State was made at Mukden after an elaborate
banquet attended by 25 Chinese and 78 Japanese.
1241
Protracted negotiations among the leading Governments interested in the German reparations problem
have resulted in an agreement to hold the postponed
general conference on reparations and intergovernmental debts at Lausanne, Switzerland, next June.
Formal announcement of this decision was made last
Saturday by the Governments of Great Britain,
France, Germany, Italy, Belgium and Japan. All
these countries are specifically named as parties to
the agreement, in the identic announcements issued
in the several capitals. "The object of the conference," it was stated, "will be to agree on a lasting
settlement of the questions raised in the report of the
Basle experts and on measures necessary to solve
the other economic and financial difficulties which
are responsible for and which may prolong the present world crisis. This decision has been reached by
the above governments in the hope it will ease the
present situation." Use of the phrase "lasting settlement" in this statement was regarded as especially
significant in London and Berlin, as it appeared to
indicate some relaxation of the French attitude on
reparations. In Paris, also, use of the term was considered as intimating French willingness to agree
to a fairly long moratorium, a dispatch to the New
York "Times" said. "The French, nevertheless, still
refuse to grant a complete moratorium, insisting on
the retention of the Young plan," the dispatch added.
Suggestions that the Lausanne conference will be
held in June, just before the expiration of the oneyear suspension of all intergovernmental debt payments, have been prevalent ever since it was indicated in London that the meeting scheduled for
Jan. 25 would be postponed. It was intimated that
the postponement was due to a lack of any preliminary understanding among the interested Governments, and to the unsettled political conditions in
France, Germany and other Continental countries,
where national elections impend. Further efforts
were made at Paris last week by British and French
negotiators to reach a preliminary accord, but these
also are said to have been fruitless. The search for a
reparations formula will again be taken up after
the French elections in May, it is indicated. The
announcement now made occasioned much comment
regarding the possible significance of the reference
to "other economic and financial difficulties." It
was suggested that this opens the way to a conference of rather wide scope. The point also was made
that no further payments are due the United States
Government from European countries until next December,so that any durable settlement of the reparations question at Lausanne in June will leave ample
time for discussion of any changes in the debt settle
ments. Secretary of State Stimson indicated in
Washington,last Saturday, that he had not been informed officially of the plan to hold the reparations
conference at Lausanne in June. The attitude of the
United States Government continue to be, a dispatch
to the New York "Times" said, that it is for Europe
to adjust the reparations problem as the first step
in attacking the intergovernmental debt problem.
Representatives of all the world Powers having
placed their views on disarmament before the general conference at Geneva last week,further sessions
of the gathering have been devoted to the presentation of the plans and proposals of the smaller nations
and to a discussion of the two main schools of opinion
in which all countries appear to be grouped. One
1242
FINANCIAL CHRONICLE
[Vol.. 134.
important result of the meeting, reported in an Asso- than 10,000 tons. The proposals .of the Argentine
ciated Press dispatch last Saturday, was the resump- representative were endorsed in a statement issued
tion of direct negotiations between the French and by the United States delegation late Tuesday. ForItalian delegations for settlement of their naval dif- eign Minister Ghika, of Rumania,spoke Wednesday,
ferences. It was suggested that these discussions and urged support of the French plan to arm the
might lead to acceptance by the two countries of the League. Baron Yiro-Koshinen, of Finland, advoLondon naval treaty of 1930, thus providing a new cated the demilitarization of frontiers.
In accordance with statements made last week by
basis for further disarmament of all Powers on the
ive Gerseas. Unfortunately, a halt has now been occasioned Chancellor Heinrich Bruening, comprehens
nt proposals were laid before the
both in such conversations and in the main work of men disarmame
by Rudolph Nadolny,
the conference itself by the French Cabinet crisis. Geneva gathering Thursday,
of the diplomatic service. He made the most sweepAndre Tardieu, French Minister of War and head
suggestions so far placed before the
of his Government's delegation,left Geneva for Paris ing itemized
his friends that he an- conference. Abolition of all military aviation and
Wednesday, after informing
all frontier fortresses were among
ticipated a long Cabinet crisis. He expressed uncer- the destruction of
proposals. Herr Nadolny adtainty regarding the date of his return to Geneva, the most drastic of the
also the dismantling of Gibraltar and all
and intimated that he might not return at all, it vocated
other fortifications which control natural passages
was said.
con- between seas, and the abolition of conscription. The
The discussion in the general conference was
to the draft
tinued, late last week, by Luis Zulueta for Spain, plan was presented as an alternative
Denmark, and Edouard Benes convention adopted by the Preparatory Disarmament
Dr. Peter Munch for
for Czechoslovakia. These Foreign Ministers of their Commission as a basis for the work of the present
by many
respective countries all indicated that they desired conference. Suggestions previously made
for the abolition of chemical and baceither abolition or drastic limitation of distinctly other delegates
the Geroffensive weapons. Emphasis was placed, especially, teriological warfare also were advocated by
outlawing chemical, incen- man representative. "Many features of the German
upon the advisability of
chance of
diary and bacteriological warfare, and aerial bom- proposals are believed to have no more
more drastic French
bardments. Dr. Benes supported the French plan adoption than have some of the
York "Herfor security and the creation of an international schemes," a Geneva dispatch to the New
remarked.
police under League of Nations control, but the Span- ald Tribune"
ish and Danish Ministers suggested that actual armaSteadily mounting political differences in the
ments reduction might be the best approach to the
last French Parliament resulted, Tuesday, in defeat of
problem. Sir George Perley spoke for Canada,
Saturday, in able support of the British viewpoint. the coalition Government of Right parties headed by
"No permanent security can be found in armaments," Premier Pierre Laval. Every effort was made by
he said. M.Zarine, of Latvia, also urged that safety M. Laval to avert defeat at this time, owing to the
lay in disarmament. Count Apponyi, of Hungary, complexities of the present international outlook,
remarked that his country can offer little in the way and the need for a consistent policy at the disarmang the Preof disarmament, as it has nothing left to reduce. He ment conference in Geneva. Disregardi
equality. Dr. W. W. Yen, mier's appeals for a brief delay to permit conclusion
appealed for justice and
at Geneva, the Senate
of China, remarked that his own country's present of the preliminary statements
discussion of the Governexperience demonstrates how necessary it is to abol- insisted on an immediate
accordance with interpellaish the modern war engines which make possible sud- ment's general policy, in
tions previously submitted. Since a majority of the
den and undeclared attacks.
Left and are opposed to him,
Tewfik Rushdy Bey, Foreign Minister of Turkey, Senators lean to the
an appeal for M. Laval preferred to face a test immediately and
resumed the discussion Monday with
his request for postponement of the debate
equalization of peace effectives in the various coun- he made
"
of confidence. He was defeated by a vote
tries." Eric Colban, of Norway, declared that strict a matter
to 134, and late the same day presented to
budgetary limitation is the obvious way to prevent of 157
President Paul Doumer the resignations of all the
an armaments race. Commander Fernando Branco,
Ministers. In these circumstances no specific reaof Portugal, asked speedy general limitation, pointson can be assigned for the fall of the Laval Minising out that the forces of his own country are reduced
try. It was considered due in large part to the instato the minimum consistent with maintenance of inBlokland, of bility which has characterized the present Parliaternal order. Jonkheer Beelaerts van
from its very inception, a majority of Deputies
the Netherlands, expressed willingness to examine ment
a specific and appre- adhering to the Right groups, while most of the
the French proposals, but urged
of
The political
ciable reduction in armaments. There are already, Senators are members Left parties.
, moreover, by the recent
he said, great guarantees for security in the existence unrest has been aggravated
France.
of the League of Nations, the Permanent Court of augmentation of the economic depression in
The Ministry now defeated was the second formed
International Justice,the Pact of Paris,and the Convention for Financial Assistance. President Motta, by M. Laval. He has ruled virtually without interJanof Switzerland, spoke Tuesday, urging a good under. ruption, however, since he first took office in
the key- uary 1931.
standing between France and Germany as
President Doumer promptly began the round of
stone of peace. Dr.Ernesto Bosch, of the Argentine,
requested that efforts be made to determine what is conferences with party leaders which always devolve
contraband in wartime. Civil populations should upon the President in a Cabinet crisis in France.
Dounot be made to suffer from a lack of food, he pointed In accordance with Parliamentary tradition, M.
Left groups which defeated
out. He also suggested a general agreement among mer turned first to the
countries not signatory to the London and Wash- the Right Ministry of M. Laval. After protracted
Thurs.
ington naval treaties not to build warships larger negotiations, he called upon Paul Painleve,
FEB. 20 1932.]
FINANCIAL CHRONICLE
day, to form a new Government, and the task was
quickly undertaken by the French scientist-politician. M.Painleve has been President of the Council on several previous occasions. He is a Deputy
in the Left wing group of the Radical-Socialist party,
and is widely known as a mathematician. His aim
will be, M.Painleve stated, to form a Cabinet acceptable to both Houses of Parliament, in order to get
through the essential work of passing the budget and
arranging for the national election which must be
held this spring. It is not believed, however, Paris
reports indicate, that the next Government will be
• able to act very differently from the last one. "It is
taken for granted," a dispatch to the New York
"Times" said, "that whoever is in office will seek
to get the electoral bill passed as soon as possible, and
set the elections for the first possible date, April 3.
Since the new Parliament could not meet until
June 1, the new Government must carry on until
then, not only at Geneva but in preparing the way
for the reparations conference at Lausanne in June."
Much satisfaction has been occasioned in the responsible circles of all countries by the announcement of Field Marshal Paul von Hindenburg, Monday, that he will be a candidate for re-election to
the Presidential office in Germany at the national
election on March 13. This decision of the 84-yearold President has served to clear the political atmosphere in Germany greatly. The need for the able
guidance of the stern chief executive was reflected
in the recent attempts to secure an extension of
President von Hindenburg's current term of office
for one year. This move was defeated mainly by the
National-Socialists (Nazis), or Fascists, who demanded as the price for their support the political
head of Chancellor Heinrich Bruening, Centrist
leader of the coalition regime. In his statement,
President von Hindenburg made it clear that he did
not intend to run for office as the candidate of any
party, but as the "people's candidate," in response
to an appeal signed by 2,500,000 voters. "If I am
elected," he said, "I shall continue faithfully and
conscientiously to serve the country with all my
strength in order to help it obtain freedom and
equality of rights abroad, and unity and progress at
home. If I am not elected, I will be spared the
reproach of having voluntarily left my post in difficult times. For me there is only one truly national
aim, the uniting of our people in their struggle for
existence and the dedication of every German unreservedly in the strenuous effort to preserve the
nation."
It is obvious, of course, that in the balloting of
March 13 Field Marshal von Hindenburg will represent the cause of the Weimar Republic and of democratic rule in Germany, as against the extremists of
the Right and Left. "The coming election will show
as no other election could," a dispatch to the New
York "Herald Tribune" remarks, "whether the majority of the German people to-day, despite the privations and sufferings of the unprecedented economic
crisis, prefer to live under the existing political system or whether they want a fundamental change of
regime—Bolshevism on the Soviet model, or autocratic nationalist State rule on the Fascist pattern."
The President will be supported by a broad phalanx
representing all classes of German society, it is said.
Ernst Thaelmann, Communist candidate, will be
one of his chief opponents, while the Fascists will
- 1243
probably nominate Prince Oscar of Prussia,fifth son
of the former Balser. Dr. Hjalmar Schacht, former
President of the Reichsbank, is said to have declined
the proffered nomination of the National-Socialists.
Adjustment of the dispute between Germany and
Lithuania over the Baltic seaport of Memel was
taken up early this week by the Council of the
League of Nations, at the request of Germany. The
difficulties arose as a consequence of drastic action
by Lithuanian authorities, who arrested Otto Boettcher, the President of the territory, on Feb. 6, and
charged him with treason. Lithuania seized the area
in 1923, at the time the French were invading the
Ruhr, and the League Council subsequently confirmed Lithuanian possession of the port but limited
the sovereignty. The population is almost entirely
German, and the Berlin Government protested vigorously against the action taken earlier this month.
After a hearing in which German arguments were
presented by Dr. von Buelow, German Under-Secretary of State, and Lithuanian arguments by Foreign
Minister Zaunius, the Council referred the question
to a reporter, Eric Colban, of Norway. The latter
informed the Council Wednesday that he was unable
to form conclusions, owing to the fact that Lithuania
would not permit citizens of Memel to come to Geneva
to testify and exercised rigid censorship of communications. The Council thereupon referred the
matter to the Permanent Court of International Justice at The Hague.
The Bank of England on Thursday (Feb. 18) reduced its discount rate from 6% to 5%,the 6% rate
having been in force since Sept. 21 1931. On Thursday the Bank of Sweden and the Bank of Norway
reduced their discount rates from 6% to 5 %. The
/
1
2
Bank of Finland on Feb. 13 reduced its rate from
8% to 7%. Rates are 12% in Greece;8% in Austria
and Hungary; 7% in Germany, Finland, Portugal,
India, Italy and Hungary; 61 2% in Spain and Ire/
land; 6% in Denmark, Danzig, Czechoslovakia and
in Colombia; 5 % in Estonia, Sweden and in Nor/
1
2
1
way; 5% in England; 3/2% in Belgium; 3% in
1 %
2
Holland; 2/ in France, and 2% in Switzerland.
In the London open market discounts for short bills
on Friday were 334@4 % as against 5@5 % on
/ /
1
2
/
1
2
Thursday of last week, and 41 8@5% for three
/
months' bills as against 514@53
/
4% on Thursday of
last week. Money on call in London on Friday was
23
4%. At Paris the open market rate continues at
178%,hut in Switzerland the rate was reduced from
/
1 9/16% to 1 %.
/
1
2
The Bank of England on Feb. lnowered its discount rate from 6% to 5%. The previous rate had
been in effect since England went off the gold standard
basis on Sept. 20 1931. The Bank's gold holdings,
in the week ended Feb. 17, rose £23,639, to a total
of £121,317,587, which compares with £141,206,663
a year ago. The gain in gold, together with a contraction of £1,637,000 in circulation, brought about
an increase of £1,660,000 in reserves. Public deposits fell off £1,076,000, while other deposits increased £2,719,595. The latter include bankers'
accounts, which rose £3,458,190, and other accounts
which decreased £738,595. The ratio of reserve to
liabilities is now at 43.6%, compared with 42.84%
a week ago and 52.14% in the same week a year ago.
Loans on Government securities decreased £1,130,000
1244
FINANCIAL CHRONICLE
and those on other securities increased £1,150,549.
Other securities consist of discounts and advances
and securities. The former fell off £1,063,081, and
the latter rose £2,213,630. Below we furnish a
comparative statement of the different items for
five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1929.
1930.
1931.
1932.
Feb. 22.
Feb. 20.
Feb. 19.
Feb. 18.
Feb. 17.
g
2344,882,000 344.130,524 345.580.773 351,819.064 134.067,770
Circulation
15,358,000 15,167,040 13,871,221 15.076,218 15.032.911
Public deposits
102.444.726 94.289.617 93.583,692 102.828.011 94,535,896
Other deposits
Bankers' accounts 70,455,852 61.145.540 59,167,021 65.694,762
31,988,874 33,144,077 34.416.671 37,133.249
Other accounta
Government secur 33.495,906 36,134.952 38,581,563 46.331.855 31,902,504
51,068.598 34,103.415 21,026,116 30,748,170152,275,718
Other securities
Dlict. & advances 11,944,547 9,688,839 4,732,768 12,056,083
39.124,051 24.714,576 16,293,348 18,692,087
Securities
Reserve notes & coin 51,434,000 57,076,139 66.057.727 59,031.874 43,599,993
Coin and bullion-121,317.587 141,200,663 151,638,500 150.850.938 157.917,763
Proportion of reserve
395%
50%
61.47%
52.14%
to liabilities
43.66%
4;i%
43-6%
3%
533%
Bank rate
5%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
The weekly statement of the Bank of France,
dated Feb. 12, records a gain in gold holdings of
470,991,706 francs. The Bank's gold now aggregates 73,034,074,677 francs, as compared with 55,738,057,013 francs a year ago, and 42,947,183.759
francs two years ago. Decreases appear in credit
balances abroad of 347,000,000 francs, in French
commercial bills discounted of 214,000,000 francs
and in advances against securities of 40,000,000
francs, while bills bought abroad and creditor current
accounts reveal increases of 119,000,000 francs and
879,000,000 francs respectively. Notes in circulation show a large decline, namely 1,149,000,000
francs. Total circulation is now 83,289,056,050
francs which compares with 77,219,505,105 francs
last year and 69,072,413,595 francs the year before.
The proportion of gold on hand to sight liabilities is
now up to 65.83%. The same item last year was
54.58%. Below we show a comparison of the various
items for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Feb. 12 1932. Feb. 13 1931. Feb. 14 1930.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold bold1ngs__-_Inc. 470.991.706 73,034.074.677 55.738,057,013 42,947.183.759
347,000,000 7,829,914.043 7.004,562,897 6,978.419,568
Credit bale. abr'd_Deo.
French commercial
bills cascounted_Dec. 214,000.000 4,909.254,617 7.303,126.776 6.070.644.611
Bills bought abed_Ino. 119.000,000 9.191,333.528 19.303,530,307 18.734.165.033
Adv. agst. securs_Deo. 40.000,000 2,785,373,324 2,911.298,222 2.511.431,198
Note circulation—Dee 1149.000.000 83,289.066,050 77,219.505.105 69.072,413.595
Cred. curr. sects--Inc. 879.000.000 27.649.364.796 24.903.803.547 17,388.444.884
Proportion of gold
On band to sight
54.58%
49.67%
65.83%
0.58%
Inc.
liabilities
abroad.
Includes bills purchased In France. b Includes bills discounted
a
The Bank of Germany, in • its statement for the
second week of February, reveals a small increase
in gold and bullion, the first in ten weeks, amounting
to 341,000 marks. The total of gold is now 928,682,000 marks as compared with 2,254,289,000 marks
a year ago and 2,351,014,000 marks two years ago.
Decreases are shown in reserve in foreign currency of
2,559,000 marks, in bills of exchange and checks of
230,185,000 marks, in investments of 1,000 marks
and in other liabilities of 16,309,000 marks. Silver
and other coin, notes on other German banks, advances, other assets and other daily maturing obligations record increases of 29,325,000 marks,
2,798,000 marks,58,888,000 marks,41,957,000 marks
and 37,773,000 marks respectively. Notes in circulation decreased 120,900,000 marks, reducing the
total of the item to 4,155,232,000 marks. Last year
circulation aggregated 3,897,256,000 marks. The
[VoL. 134.
item of deposits abroad shows no change. The
proportion of gold and foreign currency to note circulation is up this week to 25.8%. Last year the item
was 62.5% and the year before it was 66.1%. Below
we show a comparison of the different items for
three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Chaves
Feb. 15 1932. Feb. 14 1931. Feb. 15 1930.
for Week.
Reichsinarks. Reichtnnoeks. Retchsmarks.
Reichstnarks.
Assets—
341,000 928,682,000 2.254.289.000 2.351.014.000
Inc.
Gold and bullion
75,033,000 207,638,000 149.788.000
Unchanged
Of which depos.abed_
401.566,000
Res've In for'n curr-Dec. 2.559.000 144.191,000 181.182.000
1,719,719,000
Bills of exch.& checks.Dec. 230.185.000 3,253,631,000 1,609.102.000
Sliver and other coin--Inc. 29.325.000 169.799.000 192.157.000 153,837.000
16.828.000
17,676.000
8.828.000
Notes on oth.Ger.bks_Inc. 2.798.000
68,248.000
72.351.000
Inc. 58,888,000 187.926.000
Advances
93,277.000
102,322.000
1.000 160.663.000
Dec.
Investments
Inc. 41,957,000 1,013.137,000 546,607,000 504,978.000
Other assets
LfatAulifes—
4.166.354.000
Notes in circulation—Dec. 120,900,000 4,155,232,000 3,897.256,000
502.237.000
Oth.dally matur.oblig.Inc. 37,773.000 370,714,000 260.170.000
000
Dec. 16,309,000 853,494,000 334,333.000 160.989.
Other liabilities
Propor. of gold de torn
66.1%
62.5%
25.8%
0.7%
curr.to note cirournInc.
The New York money market was again engaged
chiefly in routine transactions this week, and rates
were unchanged in all departments. The turnover
of funds is on a rather small scale. Call loans on
27
the Stock Exchange were quoted at 2y 0 for all
transactions and in all sessions. In the unofficial
"Street" market some banking house funds were
/
placed at 21470 Monday and Tuesday, but the con/
of 1470 was eliminated in later dealings as a
cession
result of the slightly augmented requirements for
Stock Exchange collateral borrowings. Time money
rates held to previous levels. Brokers' loans finally
turned upward in the tabulation of the Federal Reserve Bank of New York, an advance of $13,000,000
appearing for the week to Wednesday night. This
increase terminated a series of declines which began
Sept. 2 last, carrying the total down to $486,000,000.
From the latter figure they have now increased to
$499,000,000. Gold movements for the same weekly
period consisted of exports of $62,803,000, imports of
$6,402,000, and a net decrease of $16,021,000 in the
stock of gold held earmarked for foreign account.
Dealing in detail with call loan rates on the Stock
/%
Exchange from day to day,21 2 was the rate ruling
all through the week both for new loans and renewals.
The time money market has shown very little change,
but dealers appear to be a trifle more optimistic.
/ 31%
Rates are nominally quoted at 31 2@3/ for all
dates. The demand for prime commercial paper has
shown evidence of more activity this week, though
offerings are still short and dealers have considerable
difficulty in meeting the requirements of their clients. Rates are unchanged. Quotations for choice
/
names of four to six months' maturity at 331@4%.
4
1
/
Names less well known at 4 @4%%. On some very
high class 90-day paper occasional transactions at
/ 0
31 27 continued to be noted.
The market for prime bankers' acceptances has
shown slight improvement this week, though most of
the call was for the shorter maturities. Rates remain
unchanged. The quotations of the American Accept/
ance Council for bills up to 90 days are 278% bid,
0
4
3
/
2 % asked; for four months' bills, 3%7 bid, 3%
0
4
1
/
asked; for five and six months, 2%7 bid and 3 %
asked. The bill buying rate of the New York Reserve
3 0
Bank remains unchanged at 247 on maturities up
to 45 days, 3% on maturities of 46 to 120 days, and
4
1
/
at 3 % on maturities of 121 to 180 days. The Federal Reserve banks show a decrease this week in their
FINANCIAL CHRONICLE
Dm. 201932.]
holdings of acceptances, the total having fallen from
$169,391,000 to $146,382,000. Their holdings of
acceptances for foreign correspondents decreased
from $319,294,000 to $315,348,000. Open market
rates for acceptances are as follows:
Prime eligible Mils
SPOT DELIVERY.
- —120 Days—
—180 Days— —150 Days
Bid. Asked.
Bid. Asked.
8(4. Aged.
3%
3
3%
13%
Prime eligible bills
—90Days—
Bid. Asked.
2%
2%
—60Days—
Bid. Asked.
2%
234
—30Days—
Bid. Asked.
2%
2%
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
3% bid
3% bid
There have been no changes this week in the rediscount rates of the Federal Reserve banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Rehm Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Role in
Effect on
Feb. 19.
Date
Established.
3%
Oct. 17 1931
Oct. 16 1931
334
3%
Oct. 22 1931
3%
Oct. 24 1931
334
Jan. 25 1932
3%Nov. 1931
14
Oct. 17 1931
Oct. 22 1931
334
Sept. 12 1930
33.4
Oat. 23 1931
83.4
3%
Jan. 28 1932
334
Oct. 21 1931
3,
4
Previous
Raze.
2%
2%
3
3
4
3
23.4
2%
4
3
4
23.4
Sterling exchange in the New York market is dull
but fairly steady, fluctuating within narrow limits.
The outstanding event relating to exchange this
week has been the reduction of the Bank of England
rate of discount from 6% to 5%, which took place
on Thursday. The range this week has been from
3.443 to 3.463' for bankers' sight bills, compared
with 3.41% to 3.45% last week. The range for
cable transfers has been from 3.4434 to 3.46%, comA
pared with 3.415 to 3.4534 a week ago. The Bank
of England rate had been at 6% since the suspension
of gold payments on Sept. 21. The strength of
sterling is attributed to the favorable course of events
which is deemed to be reflected in the revised Bank of
England rate. As long as there was danger of inflation in England, a high rate of discount was essential.
This menace has apparently disappeared and the
market regards the rate cut as one of the many measures which must be taken before normal conditions
can be restored. Following the lead of England,
the central banks of Sweden and Norway reduced
their rediscount rates from 6% to 532%.
There can be no doubt that seasonal factors also
favored a steadier and perhaps firmer rate for sterling
exchange and should continue to do so until toward
the end of August. The continued efflux of gold
from Indla to London is regarded by London bankers
as an important factor favoring sterling and was
largely responsible for the decision of the Bank to
reduce its rate, as the Indian gold is enabling the
Bank of England to accumulate dollars and francs
toward repayment of the £80,000,000 Treasury credits in August without undue depreciation of or pressure upon sterling. According to Lombard Street,
if the movement of gold from India continues at the
present rate (about £2,000,000 weekly), it is not
unlikely that the Bank of England after repayment
of the credits will be able to build up a stabilization
reserve preparatory to returning to the gold standard
after the reparations and war debts problems have
been satisfactorily resolved. This policy will also
1245
prevent too rapid an appreciation in sterling, allowing British manufacturers to obtain the benefits of
the present depreciation in sterling in export markets. The London discount market was somewhat
disorganized on Thursday by the unexpected change
in the rediscount rate, but toward the end of the day
three months' bills settled down to around 4h to
432%, with "standstill" bills at 5%. London authorities are inclined to welcome the lower Bank rate
as an indication that the British monetary authorities
are convinced that circumstances now permit a relaxation of the extreme deflationary policy which
has been enforced in Britain since the suspension of
the gold standard in order to avoid sterling inflation.
This week gold seems to have sold in the London
open market at from 119s. 11d. to 120s. id. per fine
ounce. An idea of the premium on gold is to be
seen from the fact that speculators are buying up
gold sovereigns in England at 30s., against the normal value of 20s. The dealings appear to range
from £3 to £300, most of the sellers being working
men and city clerks. It is estimated that £250,000
worth of gold trinkets have been melted and sold
in London recently. This week the Bank of England shows an increase in gold holdings of £23,639,
the total bullion standing on Feb. 17 at £121,317,587,
which compares with £141,206,663 a year ago. The
Banl's proportion of reserves to liabilities shows a
slight improvement over a week ago, standing on
Feb. 17 at 43.66%, compared with 42.84% on
Feb. 10 and with 52.14% a year ago.
At the Port of New York the gold movement for
the week ended Feb. 17, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$6,402,000, of which $4,010,000 came from Canada,
$1,000,000 from Uruguay, $531,000 from India,
$360,000 from Brazil, $260,000 from Mexico, and
$241,000 chiefly from Latin American countries.
Gold exports totalled $62,803,000, of which $50,145,000 was shipped to France, $9,556,000 to Belgium, $2,740,000 to Holland, $220,000 to England,
$130,000 to Switzerland, and $12,000 to Jugoslavia.
The Reserve Bank reported a decrease of $16,021,000
in gold earmarked for foreign account. In tabular
form the gold movement at the Port of New York
for the week ended Feb. 17 as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,FEB. 11-FEB. 17,INCLUSIVE.
Imports.
Exports.
$4,010,000 from Canada
$50,145,000 to France
1,000,000 from Uruguay
9,556,000 to Belgium
2,740,000 to Holland
531,000 from India
220,000 to England
360,000 from Brazil
260,000 from Mexico
130,000 to Switzerland
241,000 chiefly from Latin
12,000 to Jugoslavia
American countries
$6,402,000 total
$62,803,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease, $16,021,000.
On Thursday there were no imports or exports of
gold, but there was an increase of $1,600,600 in gold
earmarked for foreign account. Yesterday there were
no imports of the metal but gold exports amounted
to $7,427,500 of which $4,711,100 went to France,
$2,366,400 to Portugal, $300,000 to Germany and
$50,000 to Holland. During the week approximately $5,846,000 in gold was received at San Francisco, $4,983,000 coming from Japan, $511,000 from
Australia and $352,000 from China.
Canadian exchange continues at a severe discount.
The rate is, however, gradually working more in
favor of Montreal. On Saturday last Montreal
funds were quoted at a discount of 1334%, on Mon.
1246
FINANCIAL CHRONICLE
4
day at 127 %,on Tuesday at 129%,on Wednesday
at 12 9-16%, on Thursday at 123/2%, and on Friday
4
at 123 %.
Referring to day-to-day rates, sterling exchange on
Saturday last was dull but steady. Bankers' sight
was 3.443'@3.45, cable transfers 3.44%@3.453.
On Monday the market was quiet with sterling
firmer. The range was 3.453/2@3.463 for bankers'
sight and 3.459@3.46 for cable transfers. On
Tuesday the market was irregular, with sterling off.
Bankers' sight was 3.44%@.3.45; cable transfers
3.44g@3.4534. On Wednesday sterling continued
1
to display an easier tone. Bankers' sight was 3.44V
@3.44g; cable transfers, 3.4432@3.45. On Thursday the market was quiet but steady. The range was
3.44%@3.44g for bankers' sight and 3.44%©
3.45 for cable transfers. On Friday the market continued quiet; the range was 3.44%@3.45 for bankers'
sight and 3.45@3.453( for cable transfers. Closing
quotations on Friday were 3.45 for demand and
3.453 for cable transfers. Commercial sight bills
-day
finished at 3.4432; 60-day bills at 3.413'; 90
for payment (60 days) at
bills at 3.40; documents
3.413' and seven-day grain bills at 3.443. Cotton
and grain for payment closed at 3.443.
Exchange on the Continental countries, while dull,
is in general firmer. French francs are particularly
firm though the higher rates quoted in this market
are due largely, if not altogether, to reduction in the
Bank of France rate for gold purchases. According
to Paris dispatches the lowering of the purchasing
rate for gold by the Bank of France is merely a
return to the normal price fixed by statutes which
represents the theoretical parity of gold, including
refining and coining costs. The Bank departed from
these absolute conditions to assist the Bank of England some time ago and to prevent further weakening
in the then precarious condition of sterling.
The Bank of France has increased its minting charge
to 40 francs from 20 francs per kilogram. This fact,
together with the higher freight rates which have been
announced by the shipping companies to take effect
Feb. 22, causes a readjustment of the franc rate to a
new gold export point for metal from New York to
Paris, which is now calculated around 3.943/2. On
numerous occasions during the week the franc was
quoted above this gold export point, and if the level
is maintained gold exports to France on a large
scale may be expected on an exchange basis, aside
from the earmarked gold which the Bank of France is
steadily taking from New York. The Bank of France
continues to liquidate its sight balances abroad wherever and whenever possible. In practice this liquidation of foreign credits can take place under present
conditions only through gold imports. The current
statement of the Bank of France for the week ended
February 12 again shows a heavy increase in gold
holdings of 470,991,706 francs, bringing the total to
a new record high of 73,034,074,677 francs, which
compares with 55,738,057,013 francs a year ago and
with 28,935,000,000 francs following stabilization of
the unit in June 1928. The Bank's ratio is also at a
new record high, standing on Feb. 12 at 65.83%,
compared with 65.25% on Feb. 5 with 54.58% on
Feb. 13 1931, and with legal requirements of
35%.
Quotations for German marks were very firm
several times this week despite the fact that mark
exchange is practically nominal under the strict
(voL. 134.
control of government decree. Par of mark exchange
is 23.80. On Saturday last the mark cable rate
moved up to 23.84, bringing the rate to above par
for the first time since May and to the highest
figure quoted since last March. Subsequently the
rate dropped to 23.733', between which figure and
23.80 it fluctuated for the greater part of the week.
Considerable encouragement is felt in Continental
circles regarding the agreement of France, England,
Italy, Germany, and Japan to call a reparations
conference at Lausanne next June to work out a
satisfactory solution of the reparations tangle. On
the whole the market feels that events are shaping
themselves more favorably for Germany, which
accounts for the firmness in mark exchange. The
Reichsbank statement for the week ended Feb. 15 is
more satisfactory than in many weeks. Gold holdings
increased during the week 341,000 marks to 928,682,000 marks. A year ago the Reichsbank holdings of
gold totaled 2,254,289,000 marks. In addition to the
increase in gold holdings this week the Reichsbank
shows an important reduction in circulation indicating, it is thought, a lessening of the tendency
toward hoarding and increased confidence on the
part of the German people. It is thought possible
that the Reichsbank may soon reduce its rediscount
rate because of the reduction in London. The Reichsbank rate has been maintained at 7% since Dec. 10,
after having been as high as 15% in the early part
of August. Money continues relatively easy in
Berlin, with indications that it may go still lower.
However, one circumstance militating against a
reduction in the Reichsbank rate is the Reichsbank's
difficulty in acquiring foreign exchange. The Reichsbank's power to acquire exchange has been seriously
affected by the importation into Germany of marks
with which foreign exchange may be bought under
present regulations. If the foreign exchange balances
were in favor of Berlin the Reichsbank could immediately reduce its rate. Under present conditions
such a reduction would cheapen home credit relative
to foreign credit and would thereby encourage short
term debtors to make repayment to foreign banks.
Under the "standstill" agreement such voluntary
repayment cannot be prevented. The Reichsbank
can merely discourage it by refusing domestic credit
to the parties making such repayment.
Belgian francs are steady, ruling fractionally above
par. Belgium is now virtually on a gold bullion
standard. The Bank delivers bars of 123/ kilos
2
against its own notes. Under the stabilization law
the cover against sight liabilities (notes and deposits)
must not fall below 40%, of which 30% must be in
gold. Despite growth of circulation from less than
15,000,000,000 belgas to over 18,000,000,000 belgas
(probably indicative of hoarding), the cover has remained steadily above 65%.
Exchange on Finland is at all times inactive in
the New York market, but interest attaches to the
currency at this time owing to a reduction in the
Bank of Finland rate of rediscount early in the week
from 8% to 7%.
The London check rate on Paris closed at 87.45 on
Friday of this week, against 87.27 on Thursday of last
week. In New York sight bills on the French centre
finished on Friday at 3.94 1-16, against 3.93% on
Thursday of last week; cable transfers at 3.94 3-16,
g,
against 3.94, and commercial sight bills at 3.943/
against 3.93g. Antwerp belgas finished at 13.94
for bankers' sight bills and at 13.943 for cable
FEB. 20 1932.]
FINANCIAL CHRONICLE
transfers, against 13.953/i and 13.96. Final quotations for Berlin marks were 23.74 for bankers' sight
bills and 23.76 for cable transfers, in comparison with
23.76 and 23.78. Italian lire closed at 5.19 for
bankers' sight bills and at 5.20 for cable transfers,
against 5.18% and 5.19. Austrian schillings closed
at 14.10 against 14.10; exchange on Czechoslovakia
at 2.963/i against 2.963'; on Bucharest at 0.59%
against 0.59%; on Poland at 11.22 against 11.25,
and on Finland at 1.57 against 1.50. Greek exchange closed at 1.28% for bankers' sight bills and at
1.28% for cable transfers, against 1.28% and
1.28%.
1247
and 18.71. Spanish pesetas closed at 7.733/ for
bankers' sight bills and at 7.74 for cable transfers,
against 7.863/ and 7.87.
Exchange on the South American countries continues to be nominally quoted. A dispatch from
Buenos Aires on Thursday stated that the improvement in the Argentine trade balance for 1931 was so
marked that the Argentine Government does not
intend to ship additional gold for the service of its
foreign debt. The Ministry of Finance, it is stated,
is opposed to any suspension of the foreign debt
service and the Government believes it can maintain
service through the purchase of exchange in the
open market. The steady shipment of gold during
the past year had increased the proportion of paper
in circulation unsecured by gold and the Finance
Ministry is opposed to a further increase in such
paper. Official figures published by the Argentine
statistical office show that for 1931 Argentina had
a visible export surplus of 122,769,000 gold pesos,
compared with an import surplus of 125,079,000 gold
pesos in 1930. The decision not to ship gold means
that the Government will enter the exchange market
as a purchaser of exchange in competition with
private business.
Argentine paper pesos closed on Friday at 25 15-16
for bankers' sight bills, against 25 15-16 on Thursday
of last week; and at 26.00 for cable transfers, against
26.00. Brazilian milreis are nominally quoted 5.95
for bankers' sight bills and 6.00 for cable transfers,
against 5.95 and 6.00. Chilean exchange is nominally
quoted 123/ against 123/s. Peru is nominally
8
,
quoted 27.80, against 27.80.
Exchange on the countries neutral during the war
is featured this week by a sharp upturn in guilders
and by reduction on Thursday in the Central bank
rates of Sweden and Norway from 6% to 532%.
The Scandinavian currencies have been exceptionally
steady although transactions are severely restricted.
These units always reflect the course of sterling with
which they are closely allied. The reduction in the
Norwegian and Swedish rediscount rates may also
be properly attributed to the decrease in the Bank of
England rate. The Swedish Bank rate was advanced
from 4 to 5% on Sept. 21,to 6% on Sept. 25, and to
8% on Sept. 28. The first reduction was made on
Oct. 7, when the rate was lowered to 7%, which was
followed by a cut to 6% on Oct. 19. By Sept. 28 the
Norwegian rate had been raised to 8% and has been
reduced by successive stages to the current level of
53/2%. Holland guilders, it will be recalled, closed on
Thursday of last week at 40.35 for cable transfers.
On Saturday last the rate moved up sharply to
40.48 (par of the guilder is 40.20). On Monday the
guilder moved up to 40.51 and on Wednesday to
Exchange on the Far Eastern countries shows no
40.52. Even at 40.48 guilders are above the level at new features. Japanese yen are weak as the result
which gold can be shipped from New York to Amster- of several well-known factors. These include the
dam at a profit. Present rates for guilders are the military expedition into Manchuria in September,
highest quoted in this market since the latter part of followed by the Chinese boycott of Japanese goods
October. In the middle of January guilders weakened and business, the suspension of gold in December,
perceptibly owing to rumors of a possibility of the more recent attacks on Shanghai, and the assassuspension of gold payments by Holland. Subsequent sination last week of former Finance Minister Inouye.
strength in the exchange trapped short interests and The Japanese elections were set for to-day and in
the remarkably strong statements of the Bank of this circumstance also is to be found a reason for
The Netherlands have entirely eliminated such fears. weakness in the yen rate. Theoretically at least
Swiss francs continued to display the great strength the silver currencies are higher, as the official price
which has characterized the unit throughout the for silver in New York was fixed for the greater part
past year or more. In Tuesday's trading the Swiss of the week at 30 cents per ounce or fractionally betfranc moved up to 19.55, par being 19.30. The ter. However, in silver circles it is stated that there
continued strength in the exchange results from the is practically no interest in the silver market from
steady flow of gold to Switzerland. The inference is Far Eastern sources. The opinion is expressed that
that the important portion of the increase in gold if the Shanghai situation should clear, some support
represents foreign money, particularly from Central for the silver market might be expected from that
Europe, which has been withdrawn from other quarter. At the moment Chinese activity is praccentres and lodged in Switzerland for safekeeping. tically at a standstill.
Consequently the swollen Swiss gold stocks are only a
Closing quotations for yen checks yesterday were
temporary phase of present international disturb- 3332, against 353/ on Thursday of last week. Hong
ances.
Kong closed at 255 s, against 25 3-16@25%; Shang/
Bankers' sight on Amsterdam finished on Friday hai at 33%@33%, against 32 13-16@333/g; Manila
at 40.433/2, against 40.34 on Thursday of last week; at 49 8, against 49%; Singapore at 403/ against
s,
cable transfers at 40.4432, against 40.35, and com- 40 8; Bombay at 26.20, against 26.20, and Calcutta
mercial sight bills at 40.30, against 40.20. Swiss at 26.20, against 26.20.
francs closed at 19.52 for checks and at 19.523/ for
cable transfers, against 19.52 and 19.523/2. CopenPursuant to the requirements of Section 522 of the
hagen checks finished at 18.95 and cable transfers Tariff Act of 1922, the Federal Reserve Bank is now
at 19.00, against 18.88 and 18.93. Checks on Sweden certifying daily to the Secretary of the Treasury the
closed at 19.24 and cable transfers at 19.29, against buying rate for cable transfers in the different coun19.24 and 19.29; while checks on Norway finished tries of the world. We give below a record for the
at 18.73 and cable transfers at 18.78, against 18.66 week just passed:
FINANCIAL CHRONICLE
1248
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
FEB. 13 1932 TO FEB. 19 1932. INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monetary
Feb.13.
Feb.13.
Feb.18.
.
Feb.17 Feb. 18.
EUROPE$
.139692
Austria, whining
139553
Belgium. belga
.007137
Bulgaria, ley
Csechoslovalda, Mon. .029631
.189794
Denmark, krone
England, pound
3.440226
sterling
.014833
Finland. markka
.039455
France, franc
OcrmanY. relehamark .237935
.012864
Greece. drachma
.404505
Holland. guilder
.174300
Hungary. pengo
.051886
Italy. lira
.187283
Norway. krone
.111858
Poland. zloty
Portugal, escudo- . .031750
005951
Rumania. leu
.078813
Spain. peseta
.193194
Swedes!. krona
.195253
Switserland. trans
Nogg:retsina, dinar_ .017801
ASIAOblzut341666
Cbefoo teal
.330937
Hankow WI
.326666
Shanghai tael
.341875
Tientsin Simi
.250520
mpg Emig dzsiav
- .241250
Mexican dodisr
Tientsin or Feb'
.235000
dollar
.240000
Yuan dollar
.259925
India, rupee
.351607
Japan, yen
.397500
Singapore (13.81.) do
NORTH AMER.
.869201
Canada. dollar
.999812
Dubs, peso
MOACO, POW (Over)_ .391866
.867500
Newfoundland. do
SOUTH AMER.
Argentina, peso (gold) .582264
.061938
Brasil. milrels
.120500
Mile. peso
.460833
Uruguay. peso
952400
Colombia. peso
$
.139575
.139560
.007143
.029625
.189961
$
.139541
.139555
.007131
.029626
.189888
$
.139607
.130586
.007131
.029626
.189772
Feb.19.
•S
5
.139558 .139550
.139517 .139475
007143 .007137
.029628 .029627
.189482 .189688
3.459375 3.448035 3.446250 3.447023 3.450892
.014855 .014831 .014911 .015188 .015033
.039406
.039440 .039444 .039433 .039436 .237423
.237515 .237435 .237540 .237467
.012871 .012875 .012871 .012872 .012874
.404763 .404885 .404987 .405000 .404439
.174383 .174300 .174300 .174300 .174383
.051968 .051992 .052004 .052047 .051987
.187705 .187477 .187438 .187122 .187275
.111914 .111858 .111800 .111835 .111971
.031775 .031875 .031725 .031725 .031725
.005952 .005945 .005948 .005957 .005951
.078615 .077355 .077310 .077435 .077347
.193122 .193005 .192761 .192411 .192486
.195342 .195417 .195363 .195346 .195212
.017807 .017790 .017775 .017787 .017818
.343750
.336250
.330000
.345833
.253958
.243333
.341250
.333750
.330000
.344375
.252500
.242500
.340625
.332916
.329583
.343750
.254375
.243333
.340625 .341975
.332916 .333750
.329687 .331666
.344375 .345000
.250937 .253229
.245000 .246250
.237500
.237500
.260520
.352392
.398125
.237500 .237500
.237500 .237500
.259958 .259937
.350982 .350156
.397500 .397500
.248750 I .250000
.243750 .245000
.260000 .260083
.344687 .333359
.397500 .397500
.871727 .871654
.999672 .999875
.389166 .379600
.869500 .868875
.582203
.061556
.120500
.459166
.952400
.582242
.061806
.120500
.466500
.952400
.873602
.999812
.369666
.871250
.874595
.999843
.369300
.872187
.581879 .581879
.061556 .061556
.120500 .120500
.465668 .466500
.952400 .952400
.582203
.061431
.120500
.464833
.952400
.872187
.999812
.368033
.869875
The following table indicates the amount of bullion in the principal European banks:
Feb. 19 1931.
Feb. 18 1932.
Banks 0
Gold.
Silver.
Total.
Gold.
Silver.
Total.
E
£
I
£
141,206,663
121,317.587 141 206 663
445.904.456
(d)
(d)
584.272,597 445,904.456
994.600 103,327.150
c994,600 43.677,050 102.332.550
20,924,000 110.863,000 96,608.000 28,429,000 125.037.000
57,287.000
60.854,000 57,287.000
2,190,000 73,990,000' 37,173.000 2,375.000 39,548.000
39,640.000
72,440,0001 39,640.000
25,743,000
61.999.000 25.743,000
13,357.000
11,435.000 13.357.000
9.552.000
8.160.000 9,552.000
8,134.000
6,559,000 8.134,000
E
England_ _ 121,317,587
France •__ 584.272.597
Germany • 42, .
89.939.000
60.854,000
nab'
Nether!'..., 71,800,000
Nat. Beig. 72,440.000
Switzer!'d 61.999,000
Sweden.-- 11.435,000
. 8,160,000
Denmark
Norway -- 6,559,000
Total week 1131 458634 24.108,600 1155567234976.937,669 31.799.600 1008736269
Prey. week 1128097061 14,642.600 1142739661 974.488.550 31.469.000 1005958150
•These are the gold holdings of the Bank of France as reported in the new form
of gold held
of statement. b Gold holdings of the Bank of Germany arc exclusive Oct. 7 1924.
abroad, the amount of which the present year is £3,751,650. c As or
d Silver Is now reported at only a trifling sum.
French and German Politics and the
European Situation. •
The resignation of the Laval Ministry on Tuesday
comes at a moment when the political complications
in Europe are more than ordinarily intricate and
serious. The presidential election in Germany, to be
held on Mar. 13, has stirred the Fascist groups of
Nationalists and National Socialists, followers respectively of Hugenberg and Hitler, to strenuous
exertion in the effort to defeat President von Hindenburg, who has consented to stand for re-election ; and while a victory for the Opposition seems
unlikely, it has •been realized that even a marked
increase of Fascist strength would almost certainly
stiffen the temper of France and make a settlement
of the vexed reparations issue, scheduled to be undertaken at the Lausanne Conference in April, more
difficult than ever. The Disarmament Conference
at Geneva is torn by diverse opinions regarding the
French program of an embattled League which Andre
Tardien has presented, while the League itself, appealed to by China to unloose the sanctions for
which the Covenant provides, is struggling to avoid
this last resort and to find some form of appeal that
will induce Japan to stop its operations at Shang-
[VOL. 134.
hai. Now, with a ministerial crisis at Paris, M.
Tardieu and most of his associates at Geneva have
withdrawn, and Europe must wait until France, its
Government disrupted by a peculiarly difficult and
irritating party situation, has once more reconstructed its ministerial house.
The fall of the Laval Ministry was due to the opposition of the Senate to an electoral reform bill,
passed by the Chamber of Deputies on Feb. 12,
which, in addition to making some changes in the
electoral system which would do away with the second balloting now necessary whenever no candidate
receives a majority vote, extended the national suffrage to women. The particular issue on which the
Government fell was the refusal of the Senate, notwithstanding the urgent request of Premier Laval,
to postpone the discussion of an interpellation concerning the general policy of the Government, the
electoral reform bill serving as the inciting incident.
By a vote of 157 to 134 the Senate declined to put off
the debate, whereupon the resignations of M. Laval
and his Cabinet were promptly handed to President
Doumer.
The situation presents several extraordinary features which make the reconstruction of the Government difficult. 'While the Senate has the constitutional power to precipitate a ministerial crisis by
refusing a vote of confidence on either general policy
or particular measures, the power has rarely been
exercised, and its use now has naturally evoked
heated criticism from the Deputies. Back of this,
however, lies the fact of a sharp difference in the
party attitudes of the two bodies. The Senate, although composed in the main of older men and enjoying the advantage of a nine-year tenure of office,
leans predominantly to the Left, while the Chamber
of Deputies, as far as support of the Government is
concerned, has represented a coalition of the Right
with the stronger parties of the Left in opposition.
The coalition, on the other hand, has long been recognized as precarious, and the Left parties, notably
the Radical Socialists led by Edouard Herriot, have
made no secret of their hope to break the coalition
at the general election which should regularly be
held at the end of April, and replace the present
party alignment by one in which the Left should
predominate. The new Premier, accordingly, whoever he is, will have the task of commending himself
and his Cabinet to a Parliament whose two branches
are of opposite political complexions, and one of
which, the Chamber of Deputies, does not represent
a stable party majority at all.
While the overthrow of 'the Laval Ministry came
suddenly and under unexpected circumstances, it
is nevertheless indicative of a change which has for
some time been detected as in progress in the political
thought of the country. It has been pointed out that
public opinion in France, both within and outside
of Paris, has been manifesting increasing concern
at the political isolation toward which the policy of
the Government appeared 'to be leading France. The
extreme reluctance, and in some cases the stubborn
refusal to concede anything in the matter of reparations, joined to the obstructive tactics which have
been employed in the matter of adjusting the difficulties of German credits, have placed Prance in a
position of pronounced opposition to a practical and
amicable settlement of problems which, it is generally recognized, stand squarely in the way of
economic recovery and political peace in Europe.
FEB. 20 1932.]
FINANCIAL CHRONICLE
1249
In spite of the ingrained distrust which the French cision of President von Hindenburg to stand for repeople feel regarding Germany, and the conviction election, announced on'Monday following the presenthat Germany has deliberately sought to place itself tation to him of a petition signed by 2,500,000 names
in a position where further payment of reparations urging him to run, has been determined by his bewould be impossible, there is a widespread and grow- lief that the best interests of Germany require the
ing feeling that what is inevitable cannot be much continuance of the Bruening Government and the relonger avoided,and that the two countries must some- jection of the Opposition demands for a change.
how arrange their differences and prepare to live at Pending the announcement of President von lindenburg's decision, it was generally believed that the
peace.
fundamental "Steel Helmets," a nation-wide organization of vetThis feeling, obviously one less of
amity than of practical necessity, has been aided by erans of which President von Hindenburg is an honthe realization that France, notwithstanding its enor- orary member, would support him, but as soon as
mous accumulation of gold, is at last suffering the his decision was known it was announced that the
weight of the world-wide business depression and organization would not give its support, and the
must cope with serious financial difficulties. The "Steel Helmets" were added to the Nationalists and
1932 budget was laid before the Chamber of Deputies National Socialists as powerful elements of oppoon Feb. 13 with the warning that while it appar- sition. Until March 13, accordingly, the air will be
ently balanced, receipts would probably fall some filled with rumors of what the opponents of the
2,500,000,000 francs below the estimates, and that President mean to do, and with calculations of
from 1933 onward the annual deficit must be ex- the vote which they may possibly poll. A determined
pected to reach 7,000,000,000 francs. The total value attempt, it is reported, wW be made to depose Chanof trade in monetary terms, as reported by the "Wall cellor Bruening when the Reichstag reassembles next
Street Journal" on Monday, fell in 1931 30% below Tuesday, but it seems improbable that the Chanthat for 1930 and 48% below that for 1929, the de- cellor's majority of 25 which he received last October,
cline in 1931 being especially marked in the last narrow as it is, will be cut down, and it may quite
quarter. Commercial railway receipts for the week possibly be increased. The choice of an Opposition
ending Jan. 28 were more than $1,000,000 less than candidate for President presents much difficulty
for the corresponding week in 1931, while for the because of the rivalries of Nationalists and National
week ending Feb.6 an increase of 18,000 brought the Socialists and the intermediate position of the "Steel
Helmets."
total number of unemployed to 259,000.
Until the French crisis is passed and the German
If the Laval Ministry realized that an important change was coming over public opinion, it took election held, Geneva must wait and the outlook for
no pains to meet it by conciliatory modification of the Lausanne conference remain obscured. The Disits foreign program or its attitude toward national armament Conference cannot go on without France,
security. The disarmament program which M. Tar- and the League's efforts to stop the war in China
dieu presented at Geneva appears to have been much cannot go far without a French Government to give
less a step toward practical disarmament than a them support. Even with the French Government
device intended to disarm the opposition of the Left reconstituted, the outlook for helpful international
by espousing the radical proposals of some of its action will remain clouded, for with a general elecleaders. The Anglo-French conversations regarding tion in France only a few weeks off, a new Ministry
reparations which for weeks had been going on did, can hardly be counted upon as more than a temporary
indeed, result in an announcement on Feb. 13 that affair, liable to displacement when the voters shall
Belgium, France, Germany, Great Britain, Italy and have spoken at the polls. The continuance of PresiJapan would meet in conference at Lausanne in dent von Hindenburg and Chancellor Bruening in
April for a definitive setlement of the whole question, office, too, will not suffice to clear the air, for Gerbut it presently appeared that there had been no real many has not only demanded equality with the other
Anglo-French agreement, that France still insisted Powers in armament, but has also abated nothing
upon adhering to the Young Plan, and that the elim- of its insistence that further reparations payments
ination of the war debts from the discussion was no cannot be made; while the defeat of either the Presipart of the French plan. The French press, while dent or the Chancellor, or a substantial increase
hardly enthusiastic about the Tardieu scheme, con- over 1930 in the German Fascist vote, would bring
tinues to discourse about the need of security and the Europe face to face with the imminent possibility
alleged highly-armed condition of Germany. There of a radical change of government in Germany and
is only too much reason to fear that even the Radicals defer indefinitely either armament reduction or
of the Left, fertile as they have been in criticism of armament limitation. One need not be an alarmist
the Government's domestic and foreign policy, would to see in the present situation, unique in the peculiar
not be found abating very much the security demand combination of incidents and influences which it
which the Laval Government, like its immediate pre- presents, one of those grave moments in history from
decessors, has consistently voiced, and which obvi- which important consequences for Europe and the
ously coincides with a fundamental prepossession of world may follow.
the French people. Even Paul Painleve, former
Seizure of Rents in Philadelphia to Liquidate
Premier and long in public office who was exerting
Delinquent Taxes.
himself on Friday to form a Ministry,is a pronounced
•
Under date of Feb. 11 Associated Press advices from Philaadvocate of security before disarmament, and can delphia said:
Seizure of rents to
hardly be expected to have views on that subject Arthur D. Brenner. liquidate delinquent taxes Is to be started by the city,
Receiver of Taxes, announced to-day.
from those that prevail generally in
Forty-three collectors will begin the work in the business district, he
very different
said, on this plan to cut down the total of delinquent taxes which,
with
France.
school levies, now is 820.000.000.
these circumstances, the presidential elec- The rents will be impounded under an Act of Assembly passed in 1883
Under
Superintendents, managers and owners of buildings on which taxes are
tion in Germany is of special interest to France, as , delinquent have been notified.
More than $2.000.000 in delinquent
it is to the rest of Europe. It is clear that the de- I Jan. 4, Brenner said, $500,000 more thantaxes have been collected since
for the same period last year.
1250
FINANCIAL CHRONICLE
[VoL. 134.
Gross and Net Earnings of United States Railroads for the
Calendar Year 1931.
more in 1931, as the depression became intensified
and assumed a greatly aggrevated form. Of course,
in all this, the railroads simply have reflected prevailing industrial conditions and this is what was
to be expected, seeing that they are the great transportation arteries of the country. Speaking generally, 1929, the last year in the good times era, was
a period of great and growing industrial activity,
even thoUgh not all lines of trade, nor all sections of
the country, then shared in the activity to its fullest
extent. On the other hand,1930 and 1931 constituted
a period of very pronounced industrial prostration,
with trade on the decline and traffic and revenues
steadily shrinking.
The paralysis of trade was greatly intensified by
the unfortunate condition of the farming classes.
Prices of agricultural products, already exceedingly
low when the stock market crash of the autumn of
1929 started trade on its downward course, kept
steadily descending to lower and still lower levels.
This is particularly true regarding those two great
money crops, wheat in the West and cotton in the
South. As an indication of the extent of the depreciation in grain prices, it may be noted that the December option for wheat in Chicago on Dec. 31 1931
4
ranged between 523 cents and 55 cents, while on the
other hand,in September 1929 wheat at Chicago for
the September option was still selling at $1.36 a
bushel. In like manner, middling upland spot cotton
in New York closed Dec. 31 1931 at 6.50 cents, as
against over 19 cents in September 1929.
While trade prostration, aggravated and intensified in the way indicated, was unquestionably the
primary cause of the collapse in railroad traffic and
railroad revenues,certain contributory causes should
not be altogether overlooked. The railroads in all
recent years have been constant sufferers from the
competition of other means of transport, such as the
motor truck and the motor bus, and other similar
forms of conveyances, this competition extending
not alone to the passenger traffic, where it has been
simply working havoc with the steam roads, but
also to an increasing degree to short-haul freight.
Passenger traffic in 1931 was the smallest of any
year since 1904. Passenger revenues in 1931 amounted
to $551,054,239, which was a decrease of $178,565,065,
or 24.5%, compared with 1930, and this was after
a decrease of $144,400,550, or 16.5%,in 1930 as compared with 1929.
As a result of the frightful losses in revenues, the
plight of the roads became very serious, with the
greater part of the roads, even the strongest, and
those best managed, found themselves under the
necessity of reducing or suspending dividend payments. In this state of things, efforts were made
to provide measures of relief in the shape of higher
freight rates and lower wages, but these efforts did
not bear fruit until the year 1932. A proposal for a
flat increase of 15% in freight rates was turned
down without much ceremony by the Inter-State Com1931.
!an.) to Dec. 31—
1930.
Inc. (+) or Dec. (—). merce Commission in October; later in the year the
242.764
242.582
Mlles of road (170 roads)+182 0.07%
earnInas
54.230.30
0.663 15.335.604.398 —51.105.303.735 20.711
Commerce Commission granted moderate increases
Groan
3,258.706.136 3.968.205.282
—709.499.146 17.87%
Operating expennes
77.04%
74.38%
+2.66%
Ratio of expo. to earnings_
limited to the period of a single year on a specified
1971.654.527 11.367.459.116 —1395.804.589 28.94% list of commodities, but these did not go into effect
Net earnings
Business depression of the severest kind reduced until Jan. 4 1932. The proposal for a wage cut was
traffic and revenues in 1930 and reduced them still stubbornly fought by the railroad brotherhoods and
It is a dismal record we have to deal with in presenting our compilation of the earnings of United
States railroads, gross and net, for the calendar
year 1931. And the poor results for that period of
twelve months, are invested with additional significance by reason of the fact that the year preceding
(1930) with which comparison is made, was itself
an intensely bad period—so bad that it can not be
said to have had any past parallel fully as bad. In
our review and analysis of the figures for this previous year, we said that the year (1930) would go
down in history as one of the very worst, if not
the worst, ever encountered by the railroads of the
United States. From beginning to end, month after
month, the year had been bad, we observed, with
heavy losses piling up in gross and net earnings
alike, with hardly a single redeeming feature and
with no change for the better as the year proceeded
to its close, but with conditions really worst of all in
the final quarter of the year.
The same comments will serve as an accurate description of the state of things prevailing during
the year 1931. All through the different months of
the year the exhibits were unqualifiedly poor and
the large further losses disclosed in both gross and
net, were the more distressing since they were cumulative in character and came on top of the huge
losses in the year preceding. And what was true of
the calendar year 1930 was true also of 1931, namely
that the worst exhibits of all were made in the
closing quarter, this notwithstanding that comparison was with such heavily reduced figures in the
last quarter of 1930. Stated in brief, gross earnings
in 1931 showed a loss of $1,105,303,735, or 20.71%,
as compared with 1930 after 1930 had shown $1,014,198,837 decrease, or 15.98%, as compared with 1929.
It should not escape notice that the falling off in
each year exceeded a billion dollars, and that for
the two years together, these gross earnings, or
revenue from operations, dropped from $6,349,340,347 in 1929 to only $4,230,369,663 in 1931, the combined shrinkage for the two years aggregating no less
than $2,118,970,684. In the case of the net earnings
from operations, before the deduction- of the taxes,
the net for 1931 records a loss of $395,804,589, or
28.94%, as compared with 1930, following a loss of
$432,368,693, or 24.02% in 1930, as compared with
1929. In the two years, net from operating expenses
dropped from $1,799,945,914 to only $971,654,527. In
other words, net was reduced in the two years in
amount of over $828,000,000, 46.07%. It is needless
to say that this double shrinkage in two successive
years is without a parallel or even close approach
in American railroading, and it explains the huge
depreciation which has occurred during the same
two years in the market value of the securities of
the roads. As a result of the unparalleled contraction, the 1931 total of the net is the smallest of any
year since 1921 and the 1931 total of the gross the
smallest since 1917.
FEB. 20 1932.]
FINANCIAL CHRONICLE
1251
it was not until Feb. 1 1932, that the unions agreed
to a voluntary reduction of 10%, to continue only
for the period of a single year. Accordingly, no benefits whatever accrued from either of these sources
to the railroads during 1931.
With business depression steadily growing in intensity and the absence of all relief from any quarter
or direction, it is not surprising that the losses in
earnings should have continued uninterrupted to the
close of the year. When the results for the first six
months are separated from those for the second six
months, it becomes readily apparent that the latter
made poorer comparisons with the previous year
than even the first half of 1931. In the first six
months, gross earnings fell off $503,786,279 and the
net earnings $147,407,933. In the second six months
the loss in gross was $601,517,456 and in the net
$248,396,656, as will be seen by the following:
VITM.T.Tn22
tototototoatob
co^c.b3cAaboo..-.0ba.
NNNWNNIWAINWt21,
, 2
4.10.4.4..4.$44.4.4oP4
WW.NWNWNMNN.
ial..A6D0COM1
46 V
.
O
caooacomobacoow
I
I
was 2,468,000 against 3,354,870 in 1930 and no less
than 5,358,420 in 1929. With orders from the automobile manufacturers so heavily reduced and with
general trade depression a further adverse feature,
the production of both iron and steel suffered corresponding contraction. The make of iron in the
United States in the calendar year 1931 was only
18,275,165 gross tons against 31,399,105 tons in 1930
and 42,285,759 tons in 1929. The production of steel
ingots suffered even a greater contraction, the output for 1931 being estimated at only 24,900,195 tons,
against 39,286,287 tons in 1930 and 54,312,279 tons
in 1929.
Building operations had already suffered a decline in 1929 and experienced further severe contraction in 1930 and 1931. The statistics collected by
the F. W. Dodge Corp. show that the construction
contracts awarded in the 37 States east of the Rocky
Mountains in the twelve months of 1931 represented
First Six Months-- --Second Six Months
-1931.
1930.
1931.
1930.
a money value of only $3,092,849,500, as compared
Oro. earnings92.184.221.360 82,688,007.639 92,046.139.303 92.647,656,
759
Operating expenses__ 1,713.031.922 2.069.410.268 1,545,674,214
1.898,795.014 with $4,523,114,600 in 1930, $5,754,290,500 in 1929,
Net earnings
6471,189,438 5618.597.371 $500,465,089 $748,861,745 $6,628,286,100 in 1928, $6,303,
055,000 in 1927, $6,The monthly comparisons also show uninterrupted 380,915,000 in the calendar year 1926,and $6,006,426,contraction and its happens that in the net the ratio 000 in 1925. Our own figures for building permits
of decline in December was the heaviest of any month covering 354 leading cities showed an aggregate of
work planned in 1931 of only $1,212,196,091, against
of the year.
$1,776,623,053 in 1930, $3,096,839,460 in 1929, $3,500,730,450 in 1928, $3,651,036,270 in 1927, $4,121,Gross Earnings.
Length of Road.
Month.
964,853 in 1926 and $4,393,364,166 in 1925. Lumber
Inc.(+) or
1931.
1930.
Dec.(-).
1931.
1930.
production was correspondingly reduced, the cut of
$
$
$
January
365.416.905 450.731.213 -85.314.308
655 mills for the 52 weeks of 1931 having been only
February
336.137.679 427.465.369 -91.327.690
March
375.588.834 452.261.686 -76.672.852
9,395,766,000 feet, against 13,932,156,000 feet in the
Awl'
369.106.310 450.567.319 -81.461.009
May
368.485.871 462.577.503 -94.091.632
52 weeks of 1930 and approximately 18,000,000,000
June
369.212.042 444.274,591 -75,062.879
July
377.938.882 458.088.890 -80.150.008
feet in 1929.
August
364.010.959 465.762.820 -101.751,861
September
349,821.538 466.895,312 -117.073.774
As it happens, the Western grain movement was
October
362.647.702 482,784,602 -120.136.900
November
304.896.868 398.272.517 -93,375,649
December
also on a diminished scale. The grain traffic over
288.239.790 377.499.123 -89.259.333
Western roads (taking them as a whole), showed
Net Earnings.
a
Inc.(±)or Dee.(-).
Month.
further large decrease in 1931 following the
1931.
Amount.
1930.
great
Per Cent.
shrinkage in the two years preceding. The diminis
$
$
$
hed
January
71.952.904
94,836.075
-22.883.171
-24.13 export demand and the low
February
64.618.641
prices prevailing are
97.522,762
-32.904,121
-33.76
March
84,648.242
101,541.509
-16.893.267
-16.66 in large part responsible
April
for the noteworthy contrac79.144.653
103.030.623
-23.885.970
-23.21
May
81,038,584
111.359.322
-30.320.738
-27.23 tion. While the
receipts of wheat at the Western
89.667.807
June
110.264,613
-20.587.220
-18.70
96,965.387
July
125.430.843
-28.465,456
-22.73 primary markets
95.118.329
August
were somewhat larger in 1931 than
139.161,475
-44.043,146
-31.64
September
92.217.886
147.379.100
-55.161,214
-37.41 in 1930-44
October
101.919.028
9,659,000 bushels against 428,203,000
157.141.555
-55,222.527
-35.14
November
66,850,734
99.557,310
--32.706.576
-32.85 bushels
December
47.141.248
-the movement of all the other cereals, in
79.982,841
-32,841,593
-41.06
larger or smaller degree, was on a reduced scale.
Evidence of the shrinkage in traffic is to be found The receipts of
corn at the Western primary markets
on every side when the statistics bearing on the for the 52 weeks of 1931
were only 173,665,000 bushels
subject are examined. Turning first to the move- as against 260,264
,000 bushels in the corresponding
ment of coal, which is such an important item of 52 weeks of 1930;
the receipts of oats 78,692,000
freight with so many different roads, we find
that bushels as against 123,477,000 bushels; of barley
only 378,110,000 net tons of bituminous coal were 35,177,000 bushels
against 51,288,000, and of rye
mined in the calendar year 1931, against 467,526,000 10,005,000
against 20,355,000 bushels. Total receipts
tons in 1930 and 534,988,593 tons in 1929. Taking at the Wester
n primary markets for the five cereals
the States of largest production, Pennsylvania mined combined
were only 747,198,000 bushels in 1931,
only 97,276,000 tons in 1931, against 124,463,000 tons against 883,587
,000 bushels in 1930; 954,540,000
in 1930 and 143,516,241 tons in 1929; West Virginia bushels in 1929,
and no less than 1,121,268,000 bush99,769,000 tons against 121,473,000 in 1930 and
138,- els in 1928. The loss for last year alone was
136,518,855 tons in 1929, and Illinois 44,105,000 tons in 389,000 bushels
, and for the three years 1931, 1930
against 53,731,000 tons in 1930 and 60,657,641 and 1929,
1931
combined, no less than 374,070,000 bushels
.
tons in 1929. The output of Pennsylvania anthra- In the following
table we give the details of the
cite was only 59,531,000 tons, against 69,385,000 tons Western grain moveme
nt in our usual form for the
in 1930; 73,828,195 tons in 1929; 75,348,069 tons in 52 weeks of 1931 and 1930:
1928 and 84,437,452 tons in 1926. Automobile produc- Jan. 1 to Flour.
Wheat.
Corn.
Oats.
Beam
Dec. 26. (balsa
Rge.
(hush.)
(bush.)
(bush.)
(bush.)
tion of course fell to very low levels, that industry Chicago
(hush.)
1931_10,380.000 55.497.000 57.129,000
17,656,000 4,310.000 1,927.000
1930_11.620,000 27,519,000 76.375,000
having suffered. beyond all others. Almost 900,000
29,831.000 7.263.000 4.017.000
Minneapolis
1931
less motor vehicles were turned out in the calendar
75.082.000 8,258,000 10,011,000
1930.
92,377.000 13,945,000 17.183,000 13.393,000 4,316.000
19.462.000 9.521.000
year 1931 than in the calendar year 1930 and 3,000,- Duluth1931_
45,269,000
1,590.000
2,113,000 1,877.000
1930_
000 less than in the calendar year 1929. In other
850.000
73.190.000
2,681.000
8.266.000 6.245.000 4.343.000
Milwaukee
words, the number of such vehicles produced in 1931
1931_.
996.000 22.161,000
6.676.000
3,277.000 9.492.000
1930-978,000
4,320,000 12,801,000
8,754.000 12,207,000
140.000
565.000
FINANCIAL CHRONICLE
1252
Wheat.
Flour.
Jan. 1 to
(bush.)
(bbls.)
Dec. 26.
Toledo
12.003.000
1931..
12.585.000
1930_
Detroit
1.395,000
1931_
2,166.000
1930_
indianapolfs elt Omaha
40,465,000
193
44.434,000
1930
Bt. Louis
6,825,000 40.277,000
1930_ 2,183.000 45.448.000
Peoria
3,049,000
1931_ __ 6,738,000
2,286.000
1930_ 7.582.000
Kansas City
140,000 110,839.000
1831_
86,175.000
1930
Bt. Joseph
11,979,000
1931._
12.614.000
1930Wichita
28.890.000
1931—
22.791.000
1930
Mow Cftp—•
2.763.000
1931
2.298.000
1930--
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
1,176,000
1,292.000
7,043.000
5,493,000
79,000
26.000
27.000
36.000
302.000
909.000
725.000
979.000
716,000
120,000
240.000
202,000
34,891,000
52,387.000
13,686,00)
18,190.000
41,000
25,000
18,000
186,000
19,000.000
27.463.000
13,505.000
17.271,000
1,881.000
1.700.000
290.000
82.000
9.784.000
21,326.000
3.589.000 3,152,000 2.394.000
6,306.000 3,860.000 1,161.000
22,179.000
30,299.000
3,113,000
5,669.000
11,000
2,000
8,561.000
11.222.000
2.333.000
2,276,000
5.000
4,000
2,000
1,463.000
3.567.000
152.000
229.000
150.000
125.000
2,656.000
5.997.000
1,399.000
3.030.000
70.000
251,000
7.000
34.000
Total A1(35,177.000 10.005.000
1931...21.079.000 449.659.000 173.665.000 78,692,000 51,288,000 20,355.000
1930-22.363.000 428,203.000 260.264.000 123,477.000
At the Eastern seabord the grain movement was
a little larger than in 1930 and 1929, but fell far
behind such full years as 1928 and 1927. The seaboard grain receipts include the movement to Montreal as well as to United States ports. For the 52
. weeks of 1931 the receipts at the seaboard aggregated
228,049,000 bushels, as against only 177,253,000 bushels in the previous year and 221,457,000 bushels in
1929, but comparing with 420,420,000 bushelsin 1928,
as is shown in the following table:
bales in 1925. At the Southern outports receipts of
the staple aggregated 7,806,305 bales during 1931
as against 8,340,401 bales in 1930; 8,662,715 bales
in 1929; 9,021,645 bales in 1928; 9,750,543 bales in
1927 and 11,513,760 in 1926 as is shown by the table
above.
Loading of revenue freight on the railroads of the
United States furnishes a sort of composite picture
of the general traffic and revenues of the roads.
This tells the story of growing trade depression,-with
resulting contraction in traffic, more emphatically
perhaps than anything else. These statistics, as
collected by the Car Service Division of the American
Railway Asociation, show that 37,372,371 cars were
'loaded with freight during the 52 weeks of 1931 as
compared with 45,877,974 cars in 1930, 52,827,925
cars in 1929 and 51,589,887 cars in 1928. It will be
seen that 1930 suffered a decrease from 1929 of
almost 7,000,000 cars and 1931 suffered a further decrease of considerably over 8,000,000 cars more, or
a total for the two years combined of no less than
15,555,554 cars. A four-year comparison of the loadings of the different clases of traffic is shown in the
following table:
PORTS FOR 52 WEEKS.
GRAIN AND FLOUR RECEIPTS AT SEABOARD
1927.
1928.
1929.
1930.
1931.
Receipts of—
25.316.000 24.578.000 25.208.000 23.225,000
barrels 22.969.000
Flour
bushels-185.757.000 164.010.000 160.415.000
3,225.000 4.959.000 17.330.000
13.145.000 6,088.000 15.766.000
23,142.000 1,268.000 24.517.000
928,000 3.429.000
2.780.000
Wheat
Corn
Oats
Barley
Rye
Total grain
288.148.000 296,956.000
19.263.000 10.575.000
35.369.000 24,674.000
59.079.000 29.462.000
18.561.000 16.734.000
228.049.000 177.253,000 221.457,000 420.420.000 378,401.000
The Western livestock receipts, like the Western
grain movement, was on a greatly diminished scale
and followed a falling off in 1930 as compared with
1929. At Chicago the receipts for the year comprised
only 196,443 carloads as against 204,828 carloads in
1930; 221,328 carloads in 1929; 233,166 carloads in
1928 and 245,013 carloads in 1927. At Kansas City
the receipts in 1931 were only 72,825 cars against
87,537 cars in 1930; 97,673 cars in 1929; 102,152
cars in 1928 and 106,302 cars in 1927, while at Omaha
the receipts were only 74,405 cars against 81,351 cars
in 1930, 81,253 cars in 1929, 86,494 cars in 1928 and
89,163 cars in 1927.
As to the Southern cotton movement, this also
was smaller, at least in the case of receipts of the
staple at the Southern outports. It should be remembered that the cotton movement in 1930 was the
smallest in many years both as regards the shipments
overland and the receipts at the Southern outports.
Total shipments overland in 1931 were 758,838 bales
against 721,304 bales in 1930, but comparing with
913,635 bales in 1929, 914,507 bales in 1928, 1,137,001
bales in 1927, 1,580,136 bales in 1926, and 1,646,167
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN.1 TO DEC.31
1926 TO 1931. INCLUSIVE.
Full Year.
Ports.
Galveston
Houston. arc
C,orpus Christi
Beaumont
New Orleans
Mobile
Pensacola
Savannah
Brunswick
Newport News
Charleston
Lake Charles
Wilmington
Port Arthur
Norfolk
Jacksonville
Total
1931.
1930.
1929.
1928.
1927.
[Vor.. 134.
1926.
1,751.168 1,422.990 2.045.403 2.887.759 2.443.591 3,239.336
2.959.521 2.951.411 3.028.784 2.924.486 3.144,754 3,600.632
421.960 595.775 421.225 260.459 145,991
14.971
19.225
18.847
1,316,026 1.453.403 1.761.162 1,565,743 1.901,407 2,210.042
339.392
468.280 494.257 405.6313 269.313 316,538
6.004
1.978
7.408
16.588
55.208
85.371
989.241
400.597 684.232 497,091 471.066 884.448
413
48.900
11.588
37
528.748
144,106 345.372 208,741 226.719 432,046
200
7,818
7.605
38.404
63.715
132.108
60.688 100.540 157.751 163.103
54.408
9,217
477.261
154.895 248.553 312.421
91.269 170,111
425
21.449
7.806.305 8,340.401 8.662.715 9,021,645 9.750.543 11.513,760
LOADING OF REVENUE FREIGHT ON THE RAILROADS OF THE
UNITED STATES FOR 52 WEEKS.
(Number 01 Cars)
1930.
1929.
1931.
1928.
2.265.400 2.396.195 2.512,937
2,020,779
Crain and grain products
1.419 191
1,285,153
1,165.404
1.820.915
Lire stock
7.927 035 9.005.271
6,531.428
8.768.487
Cool
487.841
634,427
533.718
327,462
Coke
3,327.270
3.248.408
2,369.319
1,483,312
Forest products
1.909,768
1,661.659 2.281.566
877,105
Ore
Merchandise (less than car load
10,965,089 12,200,5345.698 13.165.5
freight)
13.891,792 17.681,028 20,547,169 19.851,223
Miscellaneous
Total
37.272.371 45,877.974 52,827.925 51,589.887
It should perhaps be added that aggregate freight
traffic handled in 1931 by the railroads of this country measured in net ton-miles (the number of tons
of freight multiplied by the distance carried) was
340,148,081,000 net ton-miles, according to complete
reports, just made public by the Bureau of Railway
Economics. This was a reduction of 81,984,610,000
net ton-miles, or 19.4% under that for 1930 and a
reduction of 152,165,341,000 net ton-miles, or 30.9%,
under that for 1929.
In the case of the separate roads, the record of
losses is a duplicate of that for the railroads as a
whole, as far as the extent and magnitude of the
losses are concerned. The list of these losses is of
course a long one, including virtually every prominent railroad system in the country,and in fact nearly
all the roads in the country, small as well as large.
Those two great railroad systems, the Pennsylvania
RR. and the New York Central, stand at the head
of the list for extent of losses sustained. It was
noted a year ago when reviewing the results for 1930
that each of these two systems had fallen over $100,000,000 behind in gross revenues, as compared with
1929, and the same is again true with reference to
the further losses suffered in 1931. In other words,
the Pennsylvania for 1931 reports $126,356,676 decrease in gross and $48,834,784 decrease in net, as
compared with 1930, after $118,691,776 decrease in
gross and $48,654,238 decrease in net in 1930 as
compared With 1929. The New York Central, including the Pittsburgh & Lake Erie and the Indiana
Harbor Belt, reports $107,874,857 decrease in gross
and $31,203,865 decrease in net in 1931 after $119,995,561 decrease in gross and $47,980,459 decrease
in net in the previous year. Cumulative decreases
of very large amount also appear in the case of
nearly all other roads and systems. In the following
we undertake to show all changes for the separate
FEB. 20 1932.]
FINANCIAL CHRONICLE
roads and systems for amounts in excess of $1,000,000,-whether increases or decreases,and in both gross
and net. There is only one road having that amount
of increase to its credit in the case of the gross earnings, namely the International Great Northern and
the same road, with the New York Ontario & Western
and the Chicago & Eastern Illinois are the only ones
having gains in excess of $1,000,000 to their credit in
the case of the net earnings. The International Great
Northern has derived important benefits from the
oil developments in Texas and the New York Ontario
& Western made some contracts assuring to it large
shipments of anthracite over its lines. The Chicago
& Eastern Illinois increase of $3,348,505 in net occurs in face of a falling off in gross earnings of $4,648,338, and is due entirely to the charging off in
1930 of some large special items which were not
repeated in 1931; in other words, follows entirely
from bookkeeping entries.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR 12
MONTHS
ENDED DEC. 31 1931.
Increase.
Decrease.
Inter Gt Northern
$2.771,562 Chic StP Minn & Omaha 5,849,383
Yazoo & Miss Valley---- 5,604,130
. Total(1 road)
$2,771,562 Alton RR
5,416,563
Decrease. Wheeling & Lake Erie_
4,741,271
Pennsylvania
$126,356,676 Chic & Eastern Illinois
4,648,338
New York Central
a98,725,166 New Orl Tex Mex (3 rds)
Southern Pac (2 roads).- 58,562,562 Detroit Toledo & Ironton 4,433,474
4,409,610
Baltimore & Ohio
48,185.808 Kansas City Southern
4,299,381
Atch Top & S F(3 roads) 45,239,784 Nash Chatt & St Louis
4,147,199
Union Pacific14 roads).... 31,678,234 Maine Central
4,101,723
Chic Milw St P & Pac
31,145,860 Central of Georgia
Chic Burl & Quincy
30,160,463 Mobile & Ohio
3 984 369
, ,
Great Northern
27,908,621 Union RR of Penns,
3,983,324
Chicago & North Western 27.760,135 St Louis Southwestern- 3,930,990
Illinois Central
25,997.237 Los Angeles & Salt Lake- 3,925,133
Louisville & Nashville
25,421,194 Colo Southern (2 roads). 3,676,440
Missouri Pacific
24,919,496 Chic Indianap & Loulsv_ 3,670,275
Chic Rk Isl Pac(2 rds)
24,010.347 Cinn New Or!& Tex Pac3.653.651
Southern Ry
21,153,497 Long Island
3,560,032
Norfolk & Western
20,675,710 Western Pacific
3,384,054
Erie (3 roads)
18,947,667 Western Maryland
2,981,641
NY N H & Hartford
18,554,422 Chicago Great Western.... 2,722,534
Northern Pacific
18,330.325 Buff Roch & Pitts
2,641,637
Chesapeake & Ohio
17,678,205 Minn & St Louis
2.430,708
St L San Fran(3 roads)_ _ 17,138,773 Ter Ry Assn of St L
2,373,384
Reading Co
16.308,525 Fla East Coast
2,350,781
Wabash
12,807,426 Virginian
Central RR of NJ
12,311,991 Alabama et Southern-. 2,117,843
1,847,227
Missouri
-Kansas
-Texas - 11.775,896 Gulf Mobile & Northern.
Boston & Maine
11,493,358 Spokane Port! & Seattle.. 1,802,869
MinnStP&SSM
11,453,630 Indiana Harbor Bait.... - 1,708,621
1,642,042
Dela Lack & Western
10,986,652 Belt Ry of Chicago
Lehigh Valley
10,639,561 Bangor & Aroostook... _ - 1,558,972
1,480,557
New York Chic & St Louis 9,981,827 Monongahela
1,441,936
Duluth Missabe & No..
9,945,261 Rich Fred & Potomac.... 1,428.194
Pere Marquette
9,871,696 Northwestern Pacific- - 1,402,269
Pittsburgh & Lake Erie
9,504,649 New Orl & Northeast
1,252,362
Atlantic Coast Line
8,931,952 Illinois Term Co
Elgin Joliet & Eastern.... 8,465,453 Louisiana & Arkansas.-- 1,173.609
1,128,286
Texas & Pacific
7.534,342 Central Vermont
1,054,703
Seaboard Air Line
7,375,384 Dui So Shore & Atlantic. 1,048,026
Delaware & Hudson__ -- 7,234,102 Ann Arbor
1,045,303
Grand Trunk Western... 6,465,086 Lake Sup & Ishpeming
1,028.162
Denver Rio Grande W
6,262,719
Bessemer & Lake Erie
6,038,631
Total (84 roads)--$1.077,028.270
These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
Cincinnati Northern. and Evansville Indianapolis & Terre Haute.
Including Pittsburgh & Lake Erie and the Indiana Harbor Belt. the
result is a
decrease of $107,874.857.
PRINCIPAL CHANGES IN NET EARNINGS FOR
12 MONTHS
ENDED DEC. 31 1931.
Increase.
Decrease.
Chicago & East Illinois-- $3,348,505 Pero Marquette
3,973,600
Inter Gt Northern
2.470.489 Central RR of N .1
3.596,166
NY Ont & Western
1.139,857 Pittsburgh & Lake Erie.... 3,492.472
Lehigh Valley
3,474,328
Total (3 roads)
$6,958,851 Seaboard Air Line
Decrease. Bessemer & Lake Erie._ 3,375,416
3,337.268
Pennsylvania
$48,834,784 N Y Chic & St Louis_ _
3,187,815
New York Central
a27,072,433 Reading Co
3,173,124
Southern Pac (2 roads).- 23.918.155 Grand Trunk Western_
_ 3,072,630
Atch Top & S Fe (3 rds)- 18,132,087 Boston & Maine
2,853,352
Baltimore & Ohio
14,987,874 Atlantic Coast Line
2
.434,963
Union Pacific (4 roads).- 13,317,554 Yazoo & Miss Valley_ _ _
_
Chicago & No Western... 11.831,659 Detroit Toledo & Ironton 2,361.691
2.309.908
Southern By
11,774,540Delaware & Hudson
Norfolk & Western
11.594,799 Wheeling & Lake Erie..- _ 2.209,363
Great Northern
10.628,697 Denver & Rio Grande W_ 2,019,923
1.092,368
Illinois Central
10.281,689 Central of Georgia
Chic Burl & Quincy8,748,618 N On Tex&Mex (3 rds)_ 1.864,482
Chic Milw St P & Pac..-- 8,119,501 Cinn New Orl & Tex Pac 1,835,509
1,820,321
Chic Rk Isl & Pac(2 rds) 7,985,456 Texas & Pacific
.
NY N H & Hartford- - - 7.712,797 Chic St P Minn & Omaha 1.727,693
1,717,574
Northern Pacific
7,678.752 Western Pacific
1,671.019
Wabash Ry
7,581,919 Union RR of Penna
1,631,914
Dul Missabe & Northern 7,102,020 Nash Chatt & St Louis._ 1,414,353
St L San Fran (3roads).- 6.646,293 Long Island
1,412,536
Missouri Pacific
6,450,102 Mobile & Ohio
1.340,903
Alton RR
6,434.716 Maine Central
-Kansas
-Texas _ 5,970,018 Chic Indianap & Louisv_ 1.309,529
Missouri
1.279.941
Louisville & Nashville-.... 5,311,965 Virginian
1,243,511
Chesapeake & Ohio
5,209,551 Kansas City Southern...... 1,158,086
4,703,972 Ala Great Southern
Erie (3 roads)
1,064,193
Del Lack &Western..._ 4,514,465 Bangor & Aroostook_ _
1.029,949
4,215,050
Elgin Joliet & Eastern
MinnStP&SSM
4,167,810
Total (72 roads)
$371,313,166
a These'figures cover the operations of the New York Central and the
-Cleveland Cincinnati Chicago & St Louis, Michigan Central,
leased lines
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including the Pittsburgh & Lake Erie and the Indiana Harbor Bolt, the result
Is a decrease Of $31.203,865.
What was true of virtually all the different months
of the year is true also with reference to the year
as a whole, namely that when the roads are arranged
1253
in groups or geographical divisions, according to
their location, the record is one of universal losses,
by which we mean that each of the great sub-divisions
of the country, the Eastern District, the Southern
District, and the Western District, as well as all of
the different regions grouped under these districts,
shows heavily diminished earnings, both gross and
net. Our summary by groups is as below. As previously explained, we group the roads to conform
entirely with the clasification of the InterState
Commerce Commission. The boundaries of the different groups or regions are indicated in the footnote
to the table.
SUMMARY BY GROUPS.
District and Region.
Gross Earnings
Jan. 1 to Dec. 31. 1931.
1930.
inc.
or Hee.
Eastern District.
-$
$
$
%
New England Region (10 roads).... 197,989,310 237,144,664
Great Lakes Region (31 roads).... 831,338,863 1,036,409,522 -39,155,354 16.51
-.205,070,659
Central Eastern Region (26 roads) 869,226,303 1,122,351,635 -253,125,332 19.78
21.17
Total (67 roads)
1 898.554.476 2,395.905,821 -497,351,345 20.75
Southern Marie:
Southern Region (30 roads)
517,379,968 643,371,633 -125,991,665 19.58
Pocahontas Region (4 roads)
223,659,590 265.559.542 -41,899,952 15.77
Total (34 roads)
741.039,558 908.931,175 -167.891,617 18.47
Western District
Northwestern Region (17 roads). 479,681,065 628.131,002 -148,449,937
23.63
Central Western Region (24 roads) 759,539,108 955,115,882
-195,576,774 20.47
Southwestern Region (28 roads)
351,546,456 447,580,518 -96,034,062 21.45
(+)
(-)
Total (69 roads)
1,590,766,629 2.030,827,402 -440,060,773 21.66
Total all districts (170 roads)- 4,230,360.663 5,335,664,398 -1105,303,73
5 20.71
District and Region.
Net Earnings
--Jan. 1 to Dec.31-Mileage
--1931.
1930. Inc.(+) or Dec.(-)
Eastern Dist.- 1931. 1930.
$
$
New England__ 7,306 7,336 54,158,612 68,586,974 -14,428,362 %
21.03
Great Lakes
27,914 27.937 161,963.313 228,416,812 -66,453,469 29.09
Central Eastern... 25,016 25,046 191,511,353 278,113,951 -86,572,598
31.12
Total
60,236 60,319 407,663,308 575,117,737-167,454,429 29.11
Southern District
Southern
40,033 40.087 91,688,376 139,317,274 -47.628,898 34.18
Pocahontas
6,087 6,024 83.823,546 102,100.449 -18,276,903 17.90
Total
46,120 46,111 175,511,922 241,417.723 -65,905,801 27.29
Western District
Northwestern -___ 48,891 48,985 95,409,905 151.459,94356,050,038
Central Western__ 55.958 55,611 200,421,448 277.304,911 -76,883.463 37.00
27.72
Southwestern
31,559 31,556 92,647,944 122,158,802 -29,510,858 24.15
Total
136,408 136,152 388,479,297 550,923,656-162,444,359 29.48
Total all districts_242,764 242.582 971,654.527 1367,459,116395,804,589 28.94
NOTE.
-We have changed our grouping of the
cation of the Inter-State Commerce Commission, roads to conform to the claasifF
and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.
-This region comprises the New
Great Lakes Regton.-This region comprises the section England States.
between New England and the westerly shore of Lake on the Canadian boundary
Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region -This region comprises the
Lakes Region, east of a line from Chicago through section south of the Great
Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio
Parkersburg, W. Va., and a line thence to River, and north of the Ohio River to
the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Regton.-This region comprises the section
boundary of Virginia, east of Kentucky and the Ohio Rivernorth of the southern
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.
Southern Regton.-Thittregion 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.
WESTERN DISTRICT.
Northwestern Regton.-This region comprises the section adjoining Canada lying
west of the Great Lakes Region, north of a line from Chicago to Omaha and
thence
to Portland and by the Columbia River to the Pact ic.
Central Western Regton.-This region comprises the section south of
western Region, west of a line from Chicago to Peoria and thence to St.the NorthLouis,
north of a line from St. Louis to Kansas City and thence to El Paso and by and
the
Mexican boundary to the Pacific.
Southwestern Region -This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
We now 'add our detailed statement for the last
two calendar years classified by districts and regions,
the same as in the table above and giving the figures
for each road separately.
EARNINGS OF UNITED STATES RAILROADS FROM JAN. 1
TO DEC.31.
Eastern District.
--------Gross--------Net
New England
1931.
1930.
1931.
1930. Inc.or Dec.
Region$
Bangor Sc Aroostook 6,885,200 8,365.757
1,985,570 3,015,519 -1,029,949
Boston & Maine____ 57,784,978 69,278,336
15,559,377 18,412,729 -2,853,352
Can Nat System
C N Lines in NE.. 1.415.927
1,937.582 --418,821 --299,222 --119,599
Central Vermont_ 6,530.030 7,584,733
791.
1,267,742 -475.873
Dul Winn & Pac-See Northwestern Region
Grand Trunk West
-See Great Lakes Region
Can Pac System
C P Lines in Me__ 2,036,794 2,505,954 -112,585
43,298 -155,883
C P Lines in Vt... 1,347,015
1,790.949
34,965 -133,558
Dul So Shore & AU-See Northwestern Region -98,593
Minn St P & 8S M-See Northwestern Region
Spokane International
-See Northwestern Region.
Maine Central
14,890,650 18,992,373 3,336.899 4,646,428
-1.309,529
New Haven SystemNYNH& Hart_100,331,093 118,885,515 31,217,371
38,930,168 -7,712,797
N Y Ont & West
-See Great Lakes Region
N Y Connecting_ _ _ 2,225,811
2,517,279
1,431,898 1,733,652 -301,754
Rutland
4,541,812 5,286,186
465,627
801,695 -336,068
Total (10 roads)._197.989,310 237.144.664 54,158,612
68,586,974-14,428,362
1254
Net
• Great Lakes
1931.
1931.
1930. Inc. or Dec.
1930.
Region$
Bait & Ohio System
Bait & Ohlo-See Central Eastern Region
Bait & Ohio Chic Term-See Central Eastern Region
Buff Roch & Pitts 12,722,365 15,364,002
2.441,465 -467,446
1.974,019
Buff & Susqueh-See Central Eastern Region
Staten Is' Rap Tran-See Central Eastern Region
Can Nat System()N Lines in N E
-See New England Region
Central Vermont-See New England Region
Dul Winn & Pac-See Northwestern Region
Grand Trunk W-- 19,778,020 26,243,106
1,124,607 4,197,237 -3,072.630
Del & Hudson
30,672,041 37,906.143 4,961,308 7.170.671 -2,209,363
Del Lack & Western 58,674,838 69,661,490 12,534.172 17,048,637 -4,514,465
Dot & Mackinac... 1.000.891
266.025
122,873 +143,152
1.082.774
Detroit Terminal
857,443
1,361,663
272,586 -141,752
130.834
Del & Tot Sit Line_ 2,905,031 3,725,251
1,263,078
1,717,674 -454,596
Erie System
Chicago &
10.926,396 13.623.463 4,043.164 5,302,176 -1,259,012
Erie
79.227,205 95,372,547 15,795,937 19,224,586 -3,428,649
NJ&NY
1,312,213 1,417,471
153.298
169.609
-16.311
N Y Susq dr W._ 4,171,279
4,709.619 1,145.597
1,337.827 -192,230
Lake Terminal
120.445
638.648
146,377
985.085
-25,932
Lehigh St Hud River 1,998,941 2.254,087
571.465
626.470
-55.005
Lehigh & New Engl. 4,107.459 5.065,787
894.096
1,282.096 -388.000
Lehigh Valley
50,024.627 60,664,188 9,045,205 12,519.533 -3,474.328
Monongahela
4,634.511 6,076,447 2,376.696 2,734,326 -357,630
Montour
733,704
2.124,657 2,563,202
882,203 -148,499
New Haven SystemNYNIIdt Hart
-See New England Region
N Y Out de West_ 11,342,979 10,417,388 3,092,465 1,952,608 +1,139.857
N Y Central Lines
Ind Harbor Belt
9,214,027 10,856.069 2.749,130 3,388,090 -638.960
NY Central
382,190 182 478,918,348 75.116,497 102,168.930-27.072,433
Pitts & L Erie.... 17,836,549 27,341,198 2,317,774 5,810,246 -3,492.472
NY Chic de St L_.. 36,551.358 46,533,185 8,233,572 11,421,387 -3,187.815
Newburgh & So Six.
940.908
1.372.591
9.198
283.561 -274.365
Pere Marquette_ _ 27.344,681 37.216,377 4.212.507 8,186.107 -3,973.600
Plash & Shawmut..
938.561
1.176,421
247.100
296.532
-49,432
Pitts & West Va.__ 2,905.143 3.787,880
656.738 1,240.217 -583,479
Pitts Shaw & North. 1,273.789
1.569,868
259.609
264.986
-5,377
Toledo Terminal...
982.927
1.170,671
183,366
216,627
-33,261
Ulster & Delaware
897,3133
976,641
52,178
89,383
-37,205
Wabash System
Ann Arbor
3,980,505 5.025,808
560.490 1.160.802 -600,312
Wabash
49.163,326 61,970.752 7,139,071 14,720,990 -7,681.919
Total (31. roads)_821,338.863 1036409,522 161,963,313 228,416,812-66,453,469
gross
Net
central Eastern1931.
1931.
1930. Inc. or Dec.
1930.
Akr Can & Ygstown 1,915.686 2,720.402
570.283
857.036 -286,753
1.068,641
Alton & Southern _
1,092.912
339,945
312,794
+27.151
Baltimore & Ohio SystemBaltimore & Ohio 158.474.627 206,660.435 38,530.187 53,518,061-14,987,874
384,282
B &0Chic Term_ 3,408.070 3,851.975
613,669 -229,387
Buff Roch & Pitts-See Great Lakes Region
1,556.436
Buff & Suss
1,826.792
284,469
342.616
-58.147
522,681
Staten Isl Rap 7'r 2.160.991 2,448,959
619.249
-96,568
1.652,040 2.125.269 -473,229
Belt Ry of Chicago_ 5.244.415 6,803.387
8,673.827 14.712,458 2,079,844 5,417.112 -3,337,268
Bess de Lake Erie
Bklyn ED
1.184,565
1.311,112
479,656
516,202
-36,546
Chic & East Illinois_ 15,135,961 19,784.299 1,431.308 -1,917.197 +3,348.505
641.205
Chic Jr Ill Midland_ 2,735,828 3,155,470
752.8513 -111.653
Chic Ind Se Loulsv. 11,054,802 14,725,077 2.256.743 3.536,684 -1,279.941
711,870 1.390,983
Conemaugh&BILick
-32,081
165,901 -197,982
1,723,162 4.033.07) -2,209,908
Det Tol & Ironton. 5,754.167 10.163,777
Eight Joliet & East_ 13,342,163 21,8)7,616 2,010,091 6,234,141 -4,215,050
6.317,326 7,490.935 2,075.390 2.292,698 -217.308
Illinois Terminal.
tstem-See Southwestern Region
Missouri Pacific SiMissouri Illinois_ 1,323,038
1,814,371
330,697
490,922 -160,225
980.620 1,828,931
Monongahela Conn-35,492
346,509 -382,001
Pennsylvania System
36,036,402 39,596.434 12,077,973 13,490,509 -1,412.536
Long Island
Pennsylvania_ -448.090,279 574.446,955 95,224,348 144,059.132-48,834,784
Reading System
Atlantic City.__ 2,711,189 3,046,203
-48.744 -139,757
+91,013
Central RR of N J 39.441,832 61,753,823 9,490,406 13.586,572 -3.596,166
Reading Co
70.614,089 86.922.614 11.588,629 14,761,753 -3,173,124
Union RR of Penns 4.860,713 8,844.037
-69,468 1,562,446 -1,631,914
Western Maryland. 14,811,053 17,792,694 5,163.152 6,154.132 -990,980
Wheeling & L Erie. 11.617.713 16,358.984 2,361,647 4,381,570 -2.019,923
--Total (76 roads)-869.226.303 1122351635 191.541,353 278,113,951-86,572,598
Total Eastern Disdiet(67 roads). 1898554476 2395905821 407,663,308
Southern District.
-GrossPocahontas
1931.
1931.
1930.
Region$
$
Chesapeake & Ohlo.119,552.171 137.230.376 45.054,308
Norfolk Jr Western_ 79,854.748 100.530.458 29.259.934
Richm Fred et Pot.. 8,915,245 10,343.439 2,238,050
Virginian
15,337,426 17,455.269 7,271,254
Total(4 roads)._223,659,590 265,559.542 83,823,546
-Gros
Southern
1931.
1930.
RegionALI Coast Line SystemAtl & West Point_ 1,816,475 2,339.981
AU 13Irm & Coast_ 3.327.528 4,098.580
Atl Coast Line... 54,088,005 63.019,967
Charles & W Caro 2,453,007 2,795,654
Clinchtleld
5,410,192 6,016.063
Georgia
4.036,420 4,642,702
Loulsv & Nashv
87,019,791 112,440.985
Nash Chart & St L 15.170,254 19,317,453
West Ry of Ala
1,837,921
2.508,623
Columbus & Greenv 1,106,817
1,598,382
Florida East Coast_ 9,379,030 11.729,811
Georgia Jr Florida
1,357,711
1.695,137
Gulf Mob & North_ 4.094.743 5,897,612
New On Gt Nor_ 2,317,485 2,778,287
Ill Central System
Central of Georgia 17,076,488 21,082,429
Gulf & Ship Did_ 1.627,830 2,577,151
Illinois Central... 99,095,976 125,093,213
Yazoo & Miss Val 17,692,218 23,296,348
Mississippi Cent...
995,829
1,317,572
Norfolk Southern
8,017,064 6,901,455
Seaboard Air Line.. 42,303.665 49,679,049
Southern Ry System
Ala Gt Southern_ 6,087,004 7.934,231
Cln NO & Tex P. 14,388,299
Ga South & Fla_ 2.819.200 18,041.950
3.563,710
Mobile Jr Ohio-. 10.044,745
NO Jr Northeast_ 3,049,995 14,029,114
4,302.357
New Orleans Term 1,765,900 1,743.457
North Alabama
681,754
996,924
Southern Ry
97,715,111 118,868,608
Tennessee Central._ 2,603,511
3,064,838
Total (30 roads)..517,379,968 643.371,633
Total Southern District (34 roads)-.741,039.558 908.931,175
[vol.. 134.
FINANCIAL CHRONICLE
1931.
108,453
def565,973
10.899,534
610,317
1,879,683
474,405
14.635.183
1,559,389
36,116
127,520
2,519,180
23,133
730.343
805,154
3.094,807
def19,560
18,516.021
3,474,519
228.998
1,059,641
6,653,759
Western District.
Ores
Net
Northwestern
1931.
1931.
1930. Inc. or Do
1930.
RegionI
$
$
Canadian Natl System
Can Nat Lines in New England-See New England Region
Central Vermont
-See New England Region
Dul Win St Pac__ 1,105,739 1,753.392 -307,801
42,115 -349,91,
Grand Trunk West
-See Great Lakes Region
Canadian Pas System
Can Pan Lines in Me
-See New England Region
Can Pao Lines in Vt-See New England Region
. .
176.848
461.390 -284,452
Minn St P&SS M 28,439.228 39,892,858 4,429,181 8,596.991 -4,167,810
Spokane Internat.
761.972
944,144
97.870
202.711 -104,841
Chic & Northwest.
.102.270.339 130,030,474 17.107.391 28,939.050-11831.659
Chic St PM & Om 18.586.905 24,436.288 2,201.811 3,919.385 -1,717,574
Chic Great West__ 20.107.787 22.830.321
5,924,322 6,249.922 -325,600
Chic Mil SIP de Pac.111.423.772 142,569,632 22,154.326 30 273,827 -8,119,501
Chic River & Ind.__ 5,431.184 6.124 611
2.568.232 2,636,335
-68.108
Dui Missabe & Nor_ 11.062.177 21.007,438 2,333.603 9.435,623 -7,102,020
Great Northern.... 77.087.45.5 104,996,076 21,801.501 32,430.198-10628,697
Green Bay & West_ 1,416,362 1.769,231
251.355
459.533 -208,178
Lake Super & Ishp_ 1.229,306 2.257.468
234.359
884,911 -650,552
Minn & St Louis__ 10.294.963 12.725.671
997,153 1.898,010 -900.857
Northern Pacific__ 62.312,087 80.642,412 10,229,240 17.907,992 -7,678,752
Seek Portl & Seattle 6.127.728 7.836.349 2.021.736 2.346.318 -324,582
Union Pacific System
Los Ang Jr Salt Lake-See Central Western Region
Oregon Short Line-See Central Western Region
Ore-Wash Ry Jr N 19.322,486 24,565.036 3,188,778 4.775.722 -1,686,944
St Joseph Jr Cr Island-See Central Western Region
Union Pacific-See Central Western Region
Total(17 roads)_479,681.065 628.131.002 95.409,905 151,459.943-56080,058
Gloss
CentralWestern
Region-
1931.
1930.
1931.
Net
1930.
Inc. or Dec.
$
Atchison SystemAtch Top & S Fe.150,073,624 185,261,863 40,774.376
Gulf Colo Jr El Fe. 19,000,523 25.510,585 4.041,368
Panhandle Jr S Fe 12,107,113 15,648,596 3,552,591
Burlington Route
Chic Burl Jr Quin _111,218,959 141,379,422 33.752,990
Colo Jr Southern_ 8.039,603 10,302,742
1,773.044
Ft Wor Jr Den City 8,071,410 9,484,711 2.988.641
Quincy Om Jr K C
509.430
768.345
-70.826
Wichita Valley-See Southwestern Region
Alton
18,848,629 24,265,192 -2,676,078
Deny & Rio Gr West 23.484,818 29347,537 7.061,378
Denver Jr Salt Lake 2,302,835 3,197.282
999.466
Nevada Northern..
491.576
745.073
95,074
Peoria Jr Pekin Un_ 1,067.870 1,620.785
89.170
Rock Island System
Chic R & Gulf _ 6,019,275 6.695.591
2,440,106
Chic R I Jr Pee_ 93,050,288 116,384,319 22.102.590
San Diego Jr Ariz
737,336
1.017,784
34,566
Southern Pacific System
Northwestern Pao 4.153,264 5,555.533
195.083
Southern Pacific.146,117,981 188.837.681 38.683,891
Tex & New Orleans
-See Southwestern Region
Tel Peoria Jr West._ 1.612,972
1,992.631
290.840
Union Pacific System
Los Ang Jr S Lake 18.845,202 22,770,335 4,686,189
Ore Short Line.... 27.147.619 33,991,955 7,744,499
Ore-Wash RR Jr Nay-See Northwestern Region
St Jos Jr Cr Isl.. 3.105,091 3,604.258
899,027
Union Pacific
89,253,104 108,345,285 28,997,551
Utah
1.366.059 1,689.796
491,189
Western Pacific
12,914,527 16,298,581
1,474.723
•
55,386,773 -14612.397
-2,866,092
6,907,460
4,206,189 -653,598
42.501,608 -8,748,618
2,464.791 -691,747
2,808.813 +179.828
-97.609
26,783
3,758.638 -6.434,716
9,053,736 -1.992.358
1,222.331 -222,865
278.104 -183,030
325,355 -236,185
2,404,124
+35,982
30,124,028 -8.021,438
194.523 -159.957
482,934
-287,851
495,770
-204,930
56,006,413 -17322.522
5,590.594 -904,405
10,874,663 -3.130.164
1,220,241 -321,214
37.276.783 -8,279,232
548.515
-57,326
3,145.742 -1,671,019
Total (24 roads)..759,539,108 955,115,882 200,421.448 277,304,911-76,883,463
-Oros
Net
Southwestern
1931.
1931.
1930.
1930. Inc. or Dec.
Region5
Burl Rock Island.._ 1,489,266 2,197,609 de184.579 def329,994 +245,415
Burlington Route
Chic Burl Jr Quincy-See Central Western Region.
Colorado Jr Southern-See Central Western Region.
Ft. Worth Jr Denver City-See Central Western Region•
Quincy Omaha Jr K C-See Central 'Western Region.
+34.525
174,176
Wichita Valley-879,461
208.700
726,167
Ft Smith Jr Western
226,586 -204,382
22,204
813,190 1,332,486
575,117,737-167454429 San Francisco Lines
-58,860
Ft W & Rio Gr.__
815,446 def200,117 def141,257
670,502
St L
-San Fran.- 54,426,916 70,956,462 14,462.836 20,831,112 -6,868,276
St L,S Fran Jr T. 1,429,137 1,893,420
362.303 -219,157
143.146
+89,916
1,956,819
Galveston Wharf_ _
704,966
1.882,849
794.882
Kansas City South. 12,273.337 16,572,718 3,809,184 4,967.270 -1,158,086
Net..
Texarkana Jr Ft S 1,800,073 2.523,976
717,830 1,009,225 -291,395
1930. Inc. or Dec.
Kansas Okla & Gulf 2,588,271 3,093.859 1.251.061
1,358,183 -107,122
Louisiana Jr Ark___
-15.916
60.263,859 -5209,551 La Ark Jr Texas.... 5,852,321 6,980.607 2,237,289 2,253.205
34,349 def16,501
717,441
913,927
+50,850
40854,733 -11.594.799
810,390 1,214.408 -404,018
Midland valley....
2,467,092 -229.042 Mo & North Ark__ 2,124,508 3,007,508
1,185.951
31.276
175,080 -143,804
1,632.445
8.514,765 -1.243.511 Mo-Kansas-Texas_ 34,172,983 45,948,859 9,753,838 15.723,856 -5,970,018
102,100,449 -18,276,903 Mo Pacific System
642,211
Beaumont EIL&W 2.479,428 3,148,729
696.247
-54.036
Internal Gt North 17,843,909 15,072,347 4,688,096 2,217,607 +2,470,489
Missouri Illinois
-See Central Eastern Region
Net
Missouri Pacific__ 95,268,193 120,187,689 24,728,040 31,178,142 -6,450.102
'1930. Inc. or Dec.
450,631
NO Tex Jr Mex._ 2,198,526 3.021,225
846.892 -396,261
6,119,506 9,060,980 1,999,919 3,385,131 -1,385,212
St L Brownsv &
1,828.257
San A Uvalde Jr 0 1,325,406
511,144 -257.148
253,996
301,367 -192,914
9,393,329 11,121,022 -1,727,693
Texas & Pacific_ 30,007,959 37,542,301
def256.358 -309,615 Okla City-A da-Atok
181,064
866,252
649,665
+14,111
166,953
13,344,497 -2,434,963 St L Southwestern_ _ 17,950,372 21,881,362 5,291,142 4,936,982
+354,160
548,346
+61,971 Southern Pacific System
2.017,718 -138,035
Northwestern Pacific-See Central Western Region.
654,097 -179,692
Southern Pacifie-See Central estern Region.
19.947,148 -5,311,965
Texas & New Orli_ 46,262.050 62,104.912 8.975,790 15,571,423 -6,595,633
2,973,742 -1.414,353 Term RR Assn ofStL 7,767,452 10.140 836
1,908,317 2,506,337 -598,020
441.605 -405.489 Texas Mexican
785,853 1,110,983 de124.133
173,231 -197,364
200,310
-72.790 Wichita Falls Jr Sou
167,253
983.013
661,275
335,074 -167,821
3,115,606 -596,426
192,327 -169,194
Total(28 roads)..351,546,456 447,580.518 92,647,944 122,158,802 -29,510,858
1,330.823 -600,480
769.894
+35.260 Total Western Dis._.1590766629 2030827,402 388,479,297 550,923,656-162444369
trict(69 roads)
4,959.289 -1.864,482
402,224 -421,784 Total all Districts
28.797,710 -10,281.689
4230360663 5335664,398 971,654,527 1367459,116-395804589
(170 roads)
5,836.210 -2.361.691
221.028
+7,070
1.530.371 -470,730
10,029,175 -3,375,416
Weather Conditions and Results in Earlier Years.
711,314
1,775,507 -1,064,193
2,837,473 4,657,794 -1,820,321
395.448
660.005 -264,557
1.040,527 2,381,430 -1,340.903
325.004
1,053,763 -728.759
927,995
697.859 +230,136
165,398
339.114 -173.716
17,931,152 29,705,892-11,774.540
503,443
698.081 -194,638
91,688,376 139,371,274-47,628.898
175,511.922 241,417,723-65,905,801
As to weather conditions, which often are an important
factor affecting traffic and revenues in the early months
of the year, the winter of 1931, like that of 1930, presented
no unusual conditions. In 1929 weather conditions were
not much of a drawback in the northern part of the
eastern half of the country., In the western half, however,
the winter was quite severe, extreme cold accompanied
in many instances by repeated heavy snowfalls, having
FEB. 20 1932.]
FINANCIAL CHRONICLE
1255
seriously interfered with railroad operations. The remark for that month large losses in gross, as well as in
net, and
applies particularly to Wisconsin, Iowa, Colorado, Utah, no doubt the circumstances mentioned were in
part responsiWyoming, Montana, Idaho, and, indeed, all the way west ble for this, in addition to which, however,
these roads must
to the State of Washington. Colorado seems to have suf- have had their coal traffic reduced by the anthracite
miners'
fered most in that year from accumulated snow. Thus strike.
Associated Press dispatches from Denver, Feb. 7 1929,
In both 1925 and 1924 the railroads enjoyed quite remarksaid that railroad transportation in the mountainous regions able exemption from bad weather and from
the often
southwestern Colorado was at a standstill, while section extreme rigors of the winter.
of
In January 1925 bad weather
crews began a two weeks' task of clearing tracks of the was somewhat of a drawback on certain lines
here in the
heaviest snowslides in many years. The towns of Silver- East, though not to any great extent for
the country as a
ton, a mining community, and Craig, on the Denver & Rio whole. There were repeated snowstorms in these
parts in
Grande Western RR., were completely isolated, it was the month in 1925, and in New York City the fall
of snow
stated. Nine snowslides had crashed down on the tracks was the heaviest of any January
in the history of the local
since Feb. 2, and one of these was said to be from 40 to 75 weather bureau, reaching 26.2
inches. This compared with
feet deep and 800 feet wide. The Rio Grande Southern, only 2.6 inches in January 1924, but with
21.9 inches in
operating on the Lizard's Head Pass, it was also stated, January 1923, this latter having
also been a month of very
was blocked by snowdrifts, though there were no snow- heavy snowfalls. A storm which came
toward the end of
slides. It was likewise reported that highways in Wyoming, the month in 1925—that is, Thursday,
Jan. 29, and extended
Utah and Idaho were blocked by snowdrifts and that zero into Friday, Jan. 30—proved particularly
mischievous in
temperatures were general. Montana appears to have New York State.
The New York Central RR. reported It
suffered in a similar way. On Feb. 9 1929 Associated Press as the worst in its history, especially
between Albany and
advices from Kansas City stated that railroad transporta- Rochester, causing considerab
le delay in the running of
tion in southwestern Colorado had been further hindered trains. The 20th Century train
from Chicago was 16 hours
by additional snow and that zero temperatures prevailed late in reaching the Grand Central Terminal
in New York
in that region and in Kansas, Oklahoma and the Texas City. It was due at 9:40 a. m., but
did not arrive until 1:18
Panhandle. Two more snowslides had crashed on the and 1:33 the following
morning (Saturday), coming in in
tracks of the Denver & Rio Grande Western between Du- two sections. The area
of disturbance, however, in this way
rango and Silverton, Col., making a total of 11 in 13 miles. was very much circumscri
bed, being confined largely to
On Feb. 17 1929 press dispatches from Durango stated that New York and New England,
while elsewhere in the northrelief from a food shortage, which had become serious, was ern part of the country
the winter was comparatively mild.
in sight for the isolated town of Silverton, Col., as large and little complaint
was heard of obstruction because of
forces of workers continued to cut through mountains of snow and ice or because
of extreme cold.
snow, which had blockaded the once famous mining camp
After this heavy snowstorm in New York State the latter
since Feb. 3. Avalanches of snow, which had buried the part of January
(1925), from which, as noted, other parts
Denver & Rio Grande Western tracks into the town to a of the country
were exempt, mild weather developed in.
depth ranging from six to 80 feet were then expected to be February,
and this may be said to have been a condition.
cleared away within three days to enable a train to pull
common to the whole United States and even Canada, the
Into the town with food and commodities. At different
winter nearly everywhere having been an open one and
times during March of 1929 also there came reports of
spring having come unusually early virtually everywhere.
snowslides at widely separated points in the section
of Nor was there much severe winter weather in 1924, but
in
country referred to—Colorado, the Dakotas, Montana,
the 1923, on the other hand, the winter was of unusual
soverity
State of Washington, &c.
in many parts of the northern half of the
United States,
In the early months of 1928 the winter ranked as one of
especially in New England and in northern New York,
the mildest on record, complaints of obstruction to railroad
where the roads suffered from repeated snowstorm
s and
operations from snow or ice or extreme cold having been
from the depth of the accumulated snowfalls,
with resulting
entirely absent in all parts of the country. In 1927, too, the large
increases in operating expenses.
winter was not severe in any part of the country if we except
It has already been noted that the falling
off of $1,105,a limited area in the Rocky Mountain regions where un- 303,735 in
the gross earnings and of $395,804,589 in
the net
usually heavy falls of snow were encountered during Janu- earnings
of United States railroads during the
calendar
ary, February and March. In fact, it may be said that in year 1931,
came after $1,014,198,837 loss in gross and
of
some of the Rocky Mountain States, particularly Colorado $432,368,6
93 loss in the net during the calendar year
1930,
and Wyoming, repeated heavy snowstorms occurred all making
for the two years combined an unparalleled shrinkthrough the winter of 1927, making railroad operations diffiage of income growing directly out of the collapse in trade.
cult; even towards the middle of April an unusually severe
Moreover, even in 1929, the results for the year as a whole
blizzard was reported, seriously interrupting
spring
traffic, were far from brilliant, our tabulations
showing only
the latter extending also into South Dakota. Barring this,
$162,305,781 gain in gross and $91,282,713 gain in net
in
however,the winter of 1927 did not impose a drawback of
any 1929 over 1928. The year 1929 was one of
unexampled acgreat consequence anywhere. In 1926, likewise, the winter
tivity in trade up to the time of the panic, but after
this
on the whole was not much of a disturbing influence.
The latter event trade suffered a severe setback, and
losses
situation in that respect was not so extremely good
as it in October, November and December offset to
that exhad been in 1925, and yet was on the whole quite favorable.
tent the gains of the early months of that year. MoreIn January weather conditions in 1926 did not impose much
over, the 1929 gain, at least as far as the gross earnings
of an obstacle to railroad operations over any large sections
are concerned, were really a recovery of the losses susof the country. On the other hand, in February the New
tained in the two years immediately preceding. For
England roads suffered by reason of heavy falls
the
of snow. calendar year 1927 our compilatio
ns had shown a falling
The winter of 1926, taking the country as a whole, was, as
off of $253,305,228 in the gross earnings and of
$155,453,498
stated, quite mild, but in February there were some
big in the net earnings, and in our comments
on the results
snowstorms in the East, with, however, nothing
approach- for that year we remarked
that it had been in fact the
ing a blizzard. In other words, there were no big drifts to
poorest year that these rail carriers had had
since their
tie up traffic and interfere seriously with the running of return
to private control in 1920. In 1928 our
statement
trains. In this city there was in 1926 no snowfall of any
showed a further loss in gross earnings of
consequence during the winter until February, but in this
$30,265,342 in
comparison with the poor results of 1927, accompani
last-mentioned month there were two very heavy snowed,
however, by a saving in expenses of $135,435,125,
producstorms, namely, one on Feb. 3-4, when 10.3 inches of snow ing,
therefore, a gain in net of $105,169,783, which to
fell, and another on Feb. 9-10, when the snowfall was 11.6 that
extent acted as an offset to the much larger loss in
inches. For the whole month of February the snowfall in net
sustained in 1927. Though the further gain in gross
this city in 1926 aggregated 25.7 inches, being the heaviest recorded in
1929, amounting to $162,305,781, did not serve
on record for any February since 1899, when the fall was to wipe out entirely
the very heavy losses in gross sustained
27.5 inches, and comparing with only 0.8 inch in February during the two
preceding years, the showing of the net
however, the fall was extremely heavy in was
1925 (when,
the best ever made as the result of the further
increase
January), and with 11.5 inches in February 1924 and 17.9 In the sum of $91,282,71
3 in that year. It should not escape
inches in February 1923. The February snowstorms in 1926 attention that while there
was very considerable trade
seem to have extended all over New England and through revival in 1928, particularly
during the last half of the
New York State. New England roads virtually all reported year, and certain leading
industries enjoyed prosperity for
1256
nearly the whole of the 12 months, full recovery from the
setback of 1927 did not ensue until 1929. During the early
months of 1928, outside of a few excepted industries, the
volume of trade was in many instances moderately smaller
than it had been in 1927. There was in 1928, it is true, a
revival of the automobile trade after the severe slump which
that trade had experienced during the previous year, which
slump, however, was due mainly to the fact that the Ford
plants were then out of commission, being engaged in devising a new model of car. But it remained for 1929 to show
what the automobile industry could do in a period of real
trade revival and with the Ford plants once more operating
at a normal capacity, and apparently no obstacles of any
kind existing to full capacity production anywhere. In like
manner it remained for 1930 and 1931 to show what a setback the automobile trade could experience at a time of a
general slump in business.
The 1927 loss in net was the first the roads of the United
States had sustained after a long series of gains beginning
with 1921. On the other hand, previous to 1921 expenses
had been mounting up in a frightful way until in 1920 a
point was reached where even some of the strongest and best
managed roads were barely able to meet ordinary running
expenses, not to mention taxes and fixed charges. And it
was these enormously inflated expense accounts that furnished the basis for a good part of the savings and economies
effected in the years after that. As compared with 1920,
the roads in both 1921 and 1922 also had the advantage of
much more favorable weather conditions. In 1921 the
winter was exceptionally mild, and much the same remark
may be made with reference to the winter of 1922. This
last, while perhaps not so extremely mild as the winter of
1921, was at all events not of unusual severity-at least not
of such severity in most of the country as to entail heavy
expenses for the removal of snow and the clearing of tracks,
though the winter is declared to have been a hard one in
certain special sections, in Wyoming and Montana, for
instance, and contiguous territory. In 1920, on the other
hand, the winter had been exceptionally severe.
In commenting on the results for 1920 and noting the tremendous increase in operating costs in that year, we took
occasion to say that, taken in conjunction with the antecedent huge additions to expenses, it constituted an unfavorable record for which no parallel could be found in American railroad history. As a matter of fact, 1920 constituted
the fourth successive year in which the net had fallen off
in each year, too, in face of very substantial gains in the
gross earnings. As showing how extraordinarily poor the
results were in 1920, we may say that, while there was an
addition to the gross of no less than $1,026,235,925, net
actually fell off in amount of $303,953,253. In 1919 the
increase in the gross was of only moderate extent (5.25%),
and yet amounted to $258,130,137. As it was accompanied,
however, by an 'augmentation in expenses of $401,609,745,
there was a loss in net of $143,479,608, or 15.80%. For
1918 our compilation showed an increase in the gross in the
sum of $863,892,744, or 21.40% (due in no small measure
to theadvance in rates made by Director-General McAdoo
at the close of May In that year), but the addition to the
expenses reached $1,148,664,364, or 40.35%, leaving a loss
in the net of $284,771,620, or 23.92%. The prodigious augmentation in the 1918 expenses' was due not merely to the
general rise in operating costs, but yet more to the tremendous advance in wages granted by Director-General McAdoo
In May 1918, and made retroactive to the 1st of January of
that year. But even for the calendar year 1917 our compilations showed that while gross had increased $430,679,120,
or 11.61%, this was attended by a rise in operating expenses
of $490,738,869, or over 20%, leaving a loss of $60,079,749
in net earnings. There was this qualifying circumstance,
however, with reference to the 1917 loss in net, namely,
that it followed strikingly good results, both as regards gross
and net, in 1916 and 1915. On the other band, it is equally
important to remember that these gains for 1916 and 1915
represented in part a recovery of previous losses.
In the following we show the yearly comparisons as to
both gross and net for each year back to 1907. For 1910
and 1909 we take the aggregates of the monthly totals as
then published by the Inter-State Commerce Commission,
but for the preceding years we give the results just as registered by our own 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 furnish monthly figures for publication.
[VOL. 134.
FINANCIAL CHRONICLE
Lenoth of Road.
Gross Earnings.
Year.
Year
Given.
Year
Preceding.
Increase (-I-) or
Decrease (-).
$
2,287,501,605 2,090,595,451 + 106,906,154
2,235,164.873 2,536,914,597 -301,749,724
2,605,003,302 2,322,549,343 +282.453.959
2,836,795,091 2,597,783,833 +239.011.258
-30,024,816
2,805.084,723 2.835,109,539
3,012,390,205 2,790,810.236 +221.679.969
3,162.451,434 3,019,929,637 + 142,521,797
2.972,614,302 3,180,792.337 -208,178,035
3,166,214,616 3,013,674,851 +152,539,765
3,702,940,241 3,155.292,405 +547.647,836
4,138,433,260 3,707,754,140 +430,679,120
4,900,759,309 4.036,866,565 +863,892.744
5,173,647,054 4,915,516,917 +258,130.137
6,204,875,141 5,178,639,216 + 1026,235,925
5,552,022.979 6,216,050,959 -664.027,980
+43.693.964
5,522,522,416 5,478,828,452
6,342.058.872 5,608.371,650 +733.687,222
5,961.186,643 6,332.874,535 -371,087,892
6,177.280,802 5,977,687,410 + 199.593,392
6,435,539,259 6,169,453,120 +266.086.139
6,195.259.346 6.448,564,574 -253,305,228
-30,265,342
6,168.119,487 6,198,384,829
6,339,246,882 6,176,941,101 +162,305,781
5,335,131,510 6,349,330,347 -1014,198,837
4,230,360.663 5.335,664,398 -1105,303,735
Net Earnings.
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
Year.
Year
Given.
Year
Preceding.
Mites.
Miles.
173,028 171,316
199,726 197,237
228,508 225,027
237,554 233,829
241,423 238,275
239,691 236,000
241,931 239,625
246,356 243.636
249,081 247,936
249,098 247,868
250,193 249,879
233,014 232,639
233,985 234,264
235,765 234,579
235,690 234,777
235,564 235,338
235,461 235,705
234,795 234,622
236,330 236,139
236,891 235,809
238,527 237,799
240,626 239.536
241,625 239,482
242,517 242,169
242,764 242,582
Length of Road.
Year
Given.
Must
Increase(+)or
Decrease(-).
Year
Given.
Year
Pleceding.
$
660,753,545
694,999,048
901,726,065
909,470.059
883,626,478
937,978,711
907,022,312
828,522,941
1,040,304,301
1,272,639,742
1,215.110,554
905,794.715
764,578.730
461,922,776
958,653,357
1,141,598,071
1,410.988.636
1,424,240,614
1,604,400,124
1,731,509.130
1,579,621,895
1.706,087,669
1,798.200,253
1.367.577,221
971,654,527
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
Year
Preceding.
665,285,191
748,370.244
750,685.733
900,473,211
907,914,866
877,617,878
940,509.412
904,448.054
828,650,401
1,036,016,315
1,275,190,303
1.190,566,335
908,058,338
785.876,029
402,150.071
051.497,925
1,161,243,340
1,409.433.583
1,428,508,949
1.602.513.558
1,735,075.393
1,600.897,886
1,706,917,540
1,799.945,914
1,367,459.116
-4.526,646
-53.371,196
+151,040,332
+8.096,848
-24,288,388
+6u,350.833
-33,487,100
-75,825,113
+211.653.900
+236.623,427
-60,079,749
-284,771,620
-143,479,608
-303,953.253
+556.503,286
+100.100.146
+249.725.296
+14,807,030
+ 175,891.175
+ 128,995,572
-155,453,493
+ 105,169,783
+91.282.713
-432,368,693
-395,804.589
Miles.
173,028
199,726
228,508
237.554
241,423
239,691
241,931
246,356
249,081
249,098
250.193
233,014
233,985
235.765
235,890
235,564
235,461
234,795
236,330
236,891
238,527
240.626
241,625
242,517
212,764
Mies.
171,316
107,237
225,027
233,829
238,275
236,000
239,625
243.636
247,936
247,868
249,879
232.639
234,264
234,579
234.777
235,338
235,705
234,622
236,139
235,809
237,799
239,536
239,482
242,169
242,582
a Fixed Investment Trust Pay Income
Taxes as a Trust or Corporation.
Br J. S. SEIDMAN, C.P.A., LL.M., of Seidman & Seidman,
Certified Public Accountants.
Does a fixed investment trust have the income tax status
of a strict trust, or is it an association and, hence, taxable
like a corporation?
The question is a vital one, because of the marked difference in tax consequences flowing from the answer. For
example, as trusts, the current distributable income would
be free from tax to the trust, and be taxable only to the
beneficiaries. As an association, the income would be taxable to the association and, on its distribution to the beneficiaries, would again be taxable to them as dividends. A
difference in tax status may also exist on the creation or
termination of the trusts. As an association, when the depositor transfers the property to the trustees in exchange
for certificates of beneficial interest, the transaction is free
from a recognition of gain or loss, and of itself brings about
no tax liability. However, where a strict trust is involved,
it is not at all clear under the present wording of the law
and adjudications having some relation to the subject (there
are none that I know of specifically in point), whether there
would be such freedom from tax liability when the trust
property is exchanged for certificates of beneficial interest.
It would hardly serve any useful purpose to further compare the difference in tax consequence depending upon
whether the investment trust comes in the category of a
strict trust or an association. The magnitude of the difference is pretty well understood. The more pertinent inquiry
is as to the criteria based upon which one may determine
whether a particular investment trust falls into one class or
the other.
General Principles Applicable.
Unfortunately, neither the law, nor the regulations promulgated thereunder, nor any of the decisions by the administrative or judicial authorities, provide a precise yardstick
for the admeasurement. They all deal with the question in
general terms, and either express or imply that each case
must be considered in the light of its own peculiar facts.
There are situations where it is palpable that a given
organization is an association. There are others where the
trust status predominates. Those offer no difficulty. But,
as fixed investment trusts come and go (or at least, those
of which I have some knowledge), the set-ups where a cleancut, unqualified answer can be readily given, are in the hopeless minority. The larger part come into the realm of a sort
Fan. 20 1932.]
FINANCIAL CHRONICLE
1257
(1) Business Enterprise.
of "no man's" land. They are border-line cases, where one
From the point of view of a business enterprise, as discannot be dogmatic or secure in an opinion without a
thorough grasp of all the pertinent facts and their proper tinguished from the mere collecting and distributing of the
Integration against a background of pre-determined or income, the ruling stressed several phases. It pointed out
accepted principles that are to serve as a guide in the that the trust was interested not so much in the income as
approach to the ultimate answer.
In the profit from appreciation, and that the very functions
It is rather interesting, and somewhat anomalous that, in of the management of securities in themselves partook of
spitie of the popularity of the investment trusts and the business activities.
number of them extant, it was not until May 1931 that any
It pointed to a number of specific provisions in the trust
ruling appeared concerning them; and even since that time agreement, and emphasized some of these. For instance,
there has been only one other, and that was in July 1931. the right of the beneficiaries at any time to surrender their
With these two rulings of record, however, there is at least certificates of interest for their proportion of the trust
something available for comparative purposes, and I pro- property, thereby putting themselves in a position to realize
pose going about the solution to the basic question in that upon the fluctuations in market prices, was said to give the
way. To do so, it is desirable to develop first a bit of the trust a trading and profit atmosphere, rather than a passive
antecedents to these rulings, and the principles previously income derivation. To the same effect was considered the
established, in order that the rulings may be viewed in their provision that if the liquidating value of a share in the
proper setting.
trust rose above a certain amount the depositor could require
As previously mentioned, the statute itself is not of any the trustee to publish notice of that fact for the beneficiaries'
help. The next recourse is therefore to the regulations issued guidance.
pursuant to and under the law. There we find (Article 1312
The same conclusion was reached as to the provision that
of Regulations 74) that while an association is not defined, made it possible for the depositor to recommend to the
it is said to include projects that carry on their activities trustee the elimination of certain stocks from the portfolio,
in organized capacities, and where the net income is dis- and upon such recommendation, the trustee was to call a
tributed on the basis of shares, or on the basis of capital meeting of the beneficiaries, and if an affirmative vote of
invested. In other words, an organization that smacks of a 60% of the beneficiaries was secured, the recommended
corporation, but is in fact unincorporated, would be embraced eliminations were to be made. The ruling also placed emby the word "association" and be taxed as a corporation. phasis on the provision that the term of the trust was only
We get a better idea of the set-up and activities that would five and a half years, "the purpose in this connection apparbring an organization into the association class from the ently being to take advantage of a low market, await a rise
regulations that have to do with distinguishing a trust from in value, and then sell out,"
an association (Article 1314, Regulations 74). There we
Other provisions were mentioned, but those that have here
learn that for an organization to qualify as a trust three been specifically called to attention were the ones upon
requirements must be met:
which stress was laid. The far more interesting part of
(1) The trustee must hold the property merely to collect this entire presentation is not so much the conclusion of the
the income from it, and distribute it to the beneficiaries;
Unit that these provisions had the aggregate effect of making
(2) The trustee must not, either alone or with the bene- the organization a vehicle for the conduct of a business enterficiaries, be engaged in the carrying on of any business; and prise, but rather the more sweeping reference that was made
(3) The beneficiaries must have no control over the trust. to investment trusts generally, when it was said "there is
These three requirements are recounted in the regulations ground for arguing that even the most rigid investment
in the conjunctive, so that they must all be present to accord trust was engaged in business."
with the regulations. The decisions of the Board of Tax
Another and more significant quotation in this respect
Appeals and the Courts, however, incline of late towards reads as follows: "There is therefore ground
for arguing
placing more emphasis on the conjunctive character of the that the managerial duties involved
in the ordinary fixed
first two requirements, so that even if the third be absent, investment trust are sufficient to
constitute a business irrethe organization may not necessarily lose its status as a spective of any profit-seeking purpose
with respect to instrict trust.
crease of value in the trust corpus."
The situation, broadly speaking, therefore, simmers down
It is to be noted that all the Unit declared was that "there
to about the following: An organization will be taxed as an was ground for arguing" these conclusions. As
was pointed
association where it is organized to carry on, and does in out in the later ruling, it did not say that the Unit
would so
fact devote itself to the conduct of a business enterprise in hold. But at least the door was unlocked and the
possibiliquasi-corporate form, whether or not (and this part is not ties made known.
conclusively determined yet) the beneficiaries are in control
So much for the factor as to the existence of a business
of the organization.
enterprise. We may now pass to the one concerning the
With these principles we are now ready to consider the conduct of the enterprise in a quasi-corporate form.
two rulings to which we adverted previously. The first
(2) Quasi-Corporate Structure.
was promulgated by the Income Tax Unit of the Bureau of
The Unit's conclusion was adverse to the existence of a
Internal Revenue under date of May 18 1931, and is cited
strict trust, premised largely on the following provisions
as IT 2572—X-20-5062. That ruling held the particular
of the trust agreement: The beneficiaries' interests were
investment trust that was there being considered taxable
divided into shares, for which transferable certificates were
as an association. The Second ruling appeared in the Interissued. The trust was managed by the depositor and the
nal Revenue "Bulletin" of July 27 1931, as IT 2583—X-30I rustee for the beneficiaries. The beneficiaries, the trustee,
the investment trust under consideration was
5151. There
and the depositor were free from personal liability. The
held taxable as a strict trust.
beneficiaries waived the right to compel the trustee to
It would be profitable to review the facts as to the trusts
account.
that gave rise to these rulings, and the principles upon which
These provisions were held to warp the functions and
these decisions were expressly premised, as by more or less
responsibilities of the ordinary trustee, and to promote that
statistical comparison between the two investment trusts
type of fiduciary relationship symbolical of stockholder,
upon which the Bureau has already adjudicated, and any
director, and corporation. However, the greatest stress of
particular investment trust under inquiry, it may be feasible
all, and perhaps conclusive, was the provision that the deto make a reasonable prediction as to the attitude at least positor or
25% of the beneficiaries could require the trustee
of the Bureau towards the trust. First, therefore, to the to call a
meeting to consider the termination of the trust at
earlier ruling.
any time, and that with a 66 2/3% vote of the beneficiaries,
First Specific Ruling.
the trust could be terminated. The beneficiaries were given
As the first ruling on the subject, the Unit evidently recog- the right to vote by proxy. The
depositor and trustee had
nized the wisdom of discussing the matter at length. It no vote, but they could propose a termination
or amendment
forth all the pertinent facts and gave a comprehensive of the trust provisions. The beneficiaries
set
could adopt their
summary of the legal principles that apply to the facts.
own rules of procedure for the meeting, and minutes were
The ruling approaches the question from the aspect of the to be kept. This background was regarded almost as
prooftrichotomy we have previously considered, namely, a busi- positive of organized activity, and hence squarely
within
ness enterprise in quasi-corporate form, with the benefici- the realm of an association, and wholly differentiated from
aries in control, and it concludes that there is a sufficient the popular conception of a strict trust.
manifestation of each of the elements to chaarcterize the
Now as to the third and final element—that of control of
investment trust as an association.
the trust in the beneficiaries.
1258
(3) Control by the Beneficiaries.
The provisions pointed to and emphasized in respect to
control by the beneficiaries were the right of the beneficiaries
to surrender their certificates and receive in exchange their
pro rata of the trust property; the right of the beneficiaries
• to terminate the trust, as previously mentioned; the right
of the beneficiaries -to eliminate certain stocks from the
trust, also as previously mentioned; and the right of the
beneficiaries, by a two-thirds vote, to amend the trust terms.
These were held to constitute control in the beneficiaries
over the trust.
The ruling at the outset, and before the consideration
T. of each of these three divisions, made reference to other
• provisions of the trust. Since, in the analysis of the case,
• these other provisions were not again referred to, they
• evidently were not regarded as carrying particular weight.
• It will not, therefore, be of any advantage to repeat them
here. The important point is that, all things considered,
the Unit concluded that the investment trust was an
•.association; and this conclusion was maintained in spite
-of the fact that one of the provisions in the trust agreemthit
was the express statement that the intent was to create
only a strict trust, and not
partnership, or association
.of corporate structures.
Evidently, this, ruling, when promulgated, threw un• easiness into the ranks of fixed investment trusts, because
• of the sweeping character of some of the statements made
in the ruling. Evidently, too, the Unit had not intended
• to go as far as the language employed made it appear.
• Occasion was taken to retrench somewhat, and allay any
• .undue alarm, through the second ruling.
Second Specific Ruling.
Unfortunately, in the second ruling the Unit was not as
.
, meticulous in the presentation of the facts and trust pro, visions as it was in the first ruling, so that it is hard to
derive very much concrete satisfaction from the second
, ruling.
Reference is merely made to the fact that in this second
trust the depositor retained exclusive management powers;
that the depositor directed the trustee on how to vote the
stock in the portfolio; that the beneficiaries had no con. ,trol over the trust, except that they could get the value
• of their certificates at any time or their proportionate part
of the trust property. There was no general power of
sale, but only in connection with a dissolution, reorganization, etc. On any such sale the proceeds became part of
distributable funds. There was no indicated purpose to
, conduct the trust merely to make profits.
„ On these general facts the Unit held that the particular
, trust was a strict trust and not an association; and in
-formulating this conclusion, it took occasion to refer to
the first ruling, and compose the atmosphere that might
otherwise have pervaded the statement about all fixed
in.vestment trusts being conducted for business purposes,
by the supplement that while there was ground for so
contending, it did not mean that the Unit would necessarily
SO hold. (I referred to this in analyzing the first ruling.)
The Course of the Bond Market.
While the bond market failed to respond to the various
recent proposals for strengthening credit in as sharp and
decisive a manner as did the stock market, its rise since
Wednesday of last week has nevertheless been steady and
impressive. Gains have been recorded by all sections of
the list, with the most important advances noted in the case
of United States Government bonds, as well as in the lowerrated corporate issues, particularly the second-grade rails.
The computed price index for ten Baa carrier issues stood
at 57.17 at Friday's close. This compares with 53.70 one
week previous, showing an indicated rise of almost 3.5 points
in the seven-day period. For the forty railroad bonds of
different ratings, the price index is 71.77, against 69.31
one week ago.
Utilities and industrials were less active during the week,
although both classifications scored appreciable increases
and are now respectively 2.3% and 2.2% above their levels
early in February. The foreign section of the market has
recently been in a rather listless condition, indicating that
the credit proposals, including the Glass-Steagall bill, have
focused investment interest an domestic obligations.
Highest grade, or Aaa, domestic bonds are now selling
to give an average return of 5.16%, as compared to 5.26%
a week ago and 4.41% at the middle of February 1931.
Six changes have been made in the railroad list since last
week, and the usual adjustments calculated. Substitutions were made as follows:
Bonds Removed.
Rat(ng.
Ass Chicago R. I.& Pacific 48. 1988
As Great Northern 4)4s. 1976
As San Antonio & Ar. Pass 4s. 1943
As Southern Pacific 4)46. 1968
Colorado & Southern 484s. 1980
A
Kansas City Southern be. 1950
A
Bonds Substituted.
Chic. Burl. & Quincy 48, 1958
Chicago Rook Island & Pea. 4s. 1988
Southern Pao.0.8.L.4845. 1977
Southern Pacific 43, 1955
Great Northern 434s, 1976
Southern Pacific Ofs, 1981
The regular tables are given below:
MOODY'S BOND PRICES (Revised*).
(Based on Average Yields.)
1932
Daily
Averages.
Feb. 19
18
17
16
15
13
11
10
9
8
8
s
120 Domestic*
by Groups.
AU
120
Domes
tic.
Awl.
Aa.
A.
Baa.
RR.
74.46
74.15
73.85
73.65
73.25
73.05
72.16
78.67
71.77
71.87
72.28
72.65
72.95
73 05
73.15
73.05
93.70
93.11
92.68
92.53
92.53
92.25
91.67
91.39
91.53
91.67
91 81
91.81
91.96
91.96
92.10
92.25
81.54
81.42
81.30
80.84
80.37
80.14
79.80
79.91
80.03
79.91
80.37
80 49
80 72
80.72
80 84
80.60
71.77
71.38
71.19
71.09
70.71
70.62
69.77
69.49
69.68
69.86
70.05
70 62
70.82
70 90
70 81
70 62
58.32
57.98
57.70
57.37
56.97
56.77
55.55
54.37
54.43
5461
55.11
55.73
56.32
56.45
56.64
58.45
71.77
71.67
71.48
71.29
70.81
70.71
69.31
68.31
68.67
89.13
69.59
70.15
70.82
70.90
71 19
70.81
120 Domestic* by Ratings.
P. U. Indus.
79.58
79.11
78.86
78.32
77.88
77.77
77.11
76.78
76.67
76.67
76.89
77.44
77.88
77.77
77.77
77.77
72.45
72.06
71.96
71.57
71.38
71.00
70.62
70,24
70.33
70.24
70.52
70.71
70.81
70.90
70.90
70.90
4
3
2
1
Weak,
Jan. 29
72.95 92.25 81.07 70.52 55.99 70.71 77.66 70.81
74.38 93.40 82.99 72 06 67 17 72.06 80.14 71.48
22
74.77 93.70 82.87 73.15 57.30 72.16 81.54 71.19
15
• Year Ago
Feb. 18 1931
93.28 105.72 101.31 91.96 78.10 94.58 94.88 90.55
Two Years Ago
Feb. 15 1930- 93.55 100.98 97.94 92.39 84.22 95.93 93.26 91.53
*A ote.-These pr ,es are computed from average yields on the basis of one 'ideal'
bond (434% coupon, maturing in 31 years), and do not purport to show either the
average level or the average movement of actual price quotations. They merely
serve to illustrate in a more comprehensive way the relative levels and the relative
movement of *kid averages, the latter being the truer picture of the bond market.
MOODY'S BOND YIELD AVERAGES.
(Based on Individual Closing Prices.)
AU
120 Domestics by Red nes.
120
1932
Daily
Dome,Averages. tie.
Awl.
Ac.
Boa,
A
120 Domestics
'V Groups.
RR.
40
PerP. U. Indus. eigna
6.25
6.29
6.33
6.36
6.40
6.41
6.47
6.50
6.51
6.51
6.49
6.44
0.40
6.41
8.41
6.41
5.26
5.18
5.16
5.18
5.26
6.12
6.98
5.97
6.17
6.32
7.12
6.96
6.85
7.12
7.47
8.98
8.80
8.78
9.30
10.00
7.10
6.96
6.95
7.38
7.93
6.42
6.20
6.08
6.12
6.23
4.41
4.87
5.28
6.38
5.10
5.08
4.69
4.88
5.25
5.88
5.01
5.19
4
6.99
7.00
7.02
7.04
7.09
7.10
7.25
7.36
7.32
7.27
7.22
7.18
7.11
7.08
7.05
7.09
M
8.63
8.68
8.72
8.77
8.83
8.86
9.05
9.24
9.23
9.20
9.12
9.02
8.93
8.91
8.88
8.91
CAN.0.13
6.99
7.03
7.05
7.08
7.10
7.11
7.20
7.23
7.21
7.19
7.17
7.11
7.11
7.08
7.09
7.11
,
.0.0N..M.-.M0040 ,Wt..9
6.08
6.09
6.10
6.14
6.18
6.20
6.23
6.22
6.21
6.22
6.18
6.17
6.15
6.15
6.14
0.16
ciei4oimnimmommmmomm gammon o o
5.16
5.20
5.23
5.24
5.24
5.28
5.30
5.32
5.31
8.30
5.29
5.29
5.28
5.28
5.27
5.26
1
Feb. 19-- 6.72
18._ 8.75
17.. 8.78
16._ 6.80
15._ 6.84
13-- 6.86
11-- 6.95
10__ 7.00
9__ 6.99
8.. 6.98
8.- 0.94
5_ 6.90
4- 6.87
3.. 6.86
2.. 6.85
1_ 6.88
Weekly-.
Jan. 29-- 6.87
*22._ 6.73
15._ 6.69
8__ 6.94
2._ 7.26
Yr. Ago
Feb.18'31 5.19
2 Years AgoFeb.1510 5.17
•Revised.
lem o ..
mon.mk....m.00moommo 000
0000 woomo m m
m00000
14.444: .O ,8
e;MoicZ1444:4Zt:
It
generally, that make the question a very close one.
is reasonable to expect, therefore, that borderline cases will
In time provide a source for decisions, as a result of which
greater clarification will be secured. I believe that the
Unit itself would care to see its determination appealed
from, where it holds a fixed investment trust to be an
association in a border-line case, in order that a body of
law on the subject may be developed.
I
Conclusion.
• ••
• • •
To determine the organization status, for tax purposes,
'of any particular'trust, it should be a logical approach to
Oinpare; proVislon by provision, trust terms with those
'Of the two trusts whose status we already know, and see
'where' the scales preponderate. Unfortunately, as to the
seCond of the Trusts ruled upon, we have not been presented
In the ruling with enough of its specific provisions to make
'a detailed or fruitful comparison. The only utility, therefore, that the second ruling can serve is through the
Prineiples it propounds. A comparison can, however, be
' made so far as the first trust ruled upon is concerned, and
the results of that comparison, together with the principles
of the second ruling, should make it possible for the answer
• to emerge:
" Of course, a conclusion so reached would be premised
upon the two rulings by the Unit. Whether these rulings
are sound, whether they will be adhered to by the Unit
as time goes on, whether they will be sustained, if adhered
to, by superior tax authorities, such as the Board of Tax
Appeals, or the Courts, will not, and to some extent 'ob• viously cannot, be considered.
" The whole subject is far from certain. To the contrary,
it
' is still a wide open one. Althougfh I know of no rulings
or decisions on fixed investment trusts, other than here
" referred to. there are decisions on associations and trusts
* T•• •
[VoL. 134.
FINANCIAL CHRONICLE
Fun. 20 1932.]
FINANCIAL CHRONICLE
1259
MONTHLY RANGE OF PRICES ON THE DETROIT STOCK EXCHANGE.
The three tables following show the range of prices for each month of the years 1931 and 1930 for all
securities dealt in during that period on the Detroit Stock Exchange. The record is based entirely on actual
sales, and is that of the Detroit Stock Exchange itself except that we have brought the figures for the different
months together and combined them into a single statement, enabling the reader to trace the fluctuations
for each security during the different months by casting the eye along a single line across the page. The
table, it will be observed, covers stocks only, and is meant to include every sale made during the year. It
also includes sales of bank and trust company shares:
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1931
January
February
March
April
• May
June
July
August September
October
November
Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High December
Low High
$ per share $ per share $ per share $ per share I per share 8 per share $ per share $ per share $ per share $ per sitar $ per share $ per share
Airway Elec Appliance com_..* 7l
9l
93
93
Alien Industries COmmon_...*
l
514
2
2 ---- -___ -___ ____
Alloy Steel class A
*
14 412 ii3 1% -------- 3
-41
1
6
4
4% -5
5 ---------------2
2
5
5
5
5
Class B
* 214 3
212 23
2 212 23
2
4 1
212 __— ____ ____ ___
3
1 12 1
1% 11
1 ag 153 2
218
3
4 2
American Life corn
50 _
_
____ ____ ____ ____ ____ ____ ____ ........ ---_ -___ 300 300
Auto Fan & Bearing common_•
78 14 1
212 11 212 14 1 1 -- — -8
/
4
8
1
1 3 ____
1
1
5
8
!ri
58
Baldwin Rubber class A
* 1014 101 1 12 1414 14
141 13 14
/
4
1112 113 10 1012 83 _--- 8
4
8 83
4
8 12 714 81
7
81
6
/ 1 13
4
62 8
Class B
* 3
4 51 4
/
4
5 4 43
3
4
418 --------2
8 511 37
4
2
154 17
8 2
8 13
1 12 13
4 1
114
7
8 Ils
Bower Roller Bearing
* 11
133 13% 15% 14
8
17
1312 167 113 1413 94 24 103 1158 107 111 85 11
8
8
8
8
/
4
8
7 10
/
1
4
7 8 918
7
/
4
/
4
Briggs Mfg Co Corn
• 163 18
4
161 2238 19 4 224 14 2038 912 1614 812 147 107 143 13 1412 8% 13% 812 1114 10 1238 61 81
/
4
,
/
1
8
4
8
73 1038
Class B
*8 8
Burroughs Adding Machine *
12Ts - 8 10
117
1278
Chrysler Corp com
* 16 - 18
163 2418 203 2 3- 1638 2314 157 21-14 1213 22 18, 154 22 2518 12 1258 111 -8
4 . 4
5
8
18
2
/ 1612 14
4
1818 1218 15
Columbia Sugar corn
10 _
Consolidated Paper corn.. ..10
57
6
67
612
Continental Motors corn
*o 5
-3
2ill - - - 3'18 - 478
412 i34 - -3- 55 -34
-8 3
if.' - -- 2% 2% 2% 212 112 --% 7 -1-58 ir3 -1-3- i -1-14
238
2
8
4
Copeland Products new
--------- -------- -------- ---- ---- 10
10
9 10
8
97 237 16 2012 10 1618 9 4 17
3
10 1514 123 13
4
Class A
541 414 6
4
6
Class B
Class 11 v t c
• 112 138 1
I% 113 14 --------1
1
_
Crowley Milner & Co corn
5 1714 18 --------1518 1634 17 112 1638 1734 17 173 16
4
164 ---- -- 912 10
--- ---- 9% 1014 914 10
Delsel Wemmer Gilbert
10 1112 1234 124 1314 13 1714 13 1512 121 1312 12 13
/
4
1114 1238 10 1138 9 104 74 9
/
1
/
1
814 918 7
818
Detroit & Cleve Nay corn_
10 712 94 7
/ 818 8
1
4
8
7
7
3
53
5
/ 67
1
4
8 5
6
5
558 4
4
3
31 3
/
4
318 212 3
Detroit Edison common____100 173 1801 182 190 185 189 167 189 4 160 4 7
12
165 141 154 15238160 157 161 130 161 112 13212 12912 135 11113 128
Detroit Forging A corn
•
Detroit Gasket & mtg Co
. 157 17
8
16
19
Iii3 1612 --__ ___ .- -- - _ _ i1 Ii ---- -- - -- - - — -- - ... .
- --- ---- - - - - — DetroitMajesttcclassllcorne
Class A preferred
" 5; —5.1 --------538 -.
6
i ii 6 6 144 57 17- ---- ------------ 4 1 ___ ____ ____ ___ ___ ---8
8
_
Detroit Michigan Stove Co
*
3
3
34 4
3
33
4 33 --------238 212 :
4
412 211 -- - - - -Detroit Motorbus
- - - - -- - 10 438 - - ---47; 4
5
44 518 4
/
1
5
412 5
43
314 43
8 5
8 5
21s
1
14 1 is - -18 11 1
4
3
14 5
Detroit Paper Products
- -324 i
• 2
2
___
2
2
2
2
112 2
113 1 12 ---- ---- ---- ____
112 112 --------1
Detroit Steel Products corn__ • 2413 25
1
--—
---- 2727 25 25
25 25
24 2513 22 2312 ----------------20 21 --------10 15
Dolphin Paint & Varnish cl A -------- -------- -------143 - - 4
4 143
-•
6
5
3
318 312 312 --------2
2 ----------------3
Class B
3
*
2
/ 2
1
4
/
1
4
_
STOCKS.
Eaton Spring & Axle com
• __
_ _ ..
-_ -.__
..
_ _ __
. _ __ _ - - __
_ _ _ _ _ - 8 g 1118 5 4 814
Es Cello Aircraft & Tool
7
3
5 1% - 44 i .
0
4 nit; ifs If', al, 1618 ii 15; Wi g
g i12 'Lig /
18 i
- 12 5i4 - -12 53 1
1f
Federal mogul common
6
8
12 3
412 212 313
• 33 10
8
714 818 714 712 8
73
4 6
63
8 5
5
514 512 --------4
4 8 ----------------3
,
Federal Motor Truck com- . 67
34
3
8 71
6% 712 5 8 7
5
618 Ws 67
4 63a 57
53
8 512 47
8 514 33
Federal Screw Works corn...-. 11
5
3 -------- 218 3
8
/
1
4
1214 1218 1512 10% 147
73 103
8 413 9
413 43
4 5
/ 6
1
4
512 6
3
Foote Burt common
458 23
4 3
212 3
2
212
•6
7l
-738 734
Ford Motor of Can class A . 223 25
24% 2814 26 29% 20% 26
15 2012 17 1838 le; 18
.14 17 18% loi4 -Class B
. 1i
5; - 14 1514 -11
1614 853 10 4
3
5 25 25
2912 6012 43 43
Fourth Nat Invest coin
• 28 28
271 32 27% 31
:
26 29
2114 167- 2034 16 4 --------27 8
1
ii 19's 27
Gemmer bug class A
ioris Iiii 2034 168 1534 -1/4
73*
30 30 --------20 20
22 22 20 20
193 19 4
3
Gen Fdry & Machine units__ 4
4
312 312 --------3
3
212 2 2 3
,
314
33g 2
_
.
3
----------------1
General otors corn
-1
10 3514 39
37 4514 4138 4818 3738 4514 34 443 3118 403 3512 4, 24
/
1
4
4
40
35 393 23% 36,
8
General Parts common
273 23 30 2112 244
4
8
/
1
4
/
1
. 212 3
214 53
4 4
578 34 5
/
1
3
538 23
4 418 253 37
3
2
353 114 23
Convertible pref
4
12 112
3
4 1
4
3
4
* 7 10
912 1338 10
127
9 4 11
3
83 103
73
*
s 7 10
8% 64 8
5
712 238 612 3
Graham Paige Motor com
318--48
'5 4
4
5
4 4 518 44 5
,
43
3 Ws 313 4
314 3
/ 23 23
1
4
8
4 212 212 2
Grand Rapids Metalcraft
212 1% 34 27 -8 412
* 214 3
4 212 278 138 253 13
218 23
1% 13
2 134 114 1as 8712o 1,
4
8
4 I -------Great Lakes Engineering..
7
8 132
3
4 11a
.10 203 204 --------22 22 ____ _ __ ___ _ _ ____ _
4
/
1
__ _ _
__
__
_ _ ___ _ . 0% 1012
Hall Lamp Co common
77 8% 6
* 614 73
8 63
8 9
8% 43 - -12 4
8 6
14 i
3"e3- iEs I% ii8 -14 5 1
4
11.
Hoover Steel Ball common..
44
,
.10 8 1214 9
/ 12
1
4
10 10
9 10
7
7
5
/ 5 8 512 6
1
4
5
4
/ 5
1
4
___ 415 4 4 45
,
8 43
4 31 41s
Hoskins rag common
/
4
• 38 4012 38 39
/
4
3912 4512 391 44
38 4014 36 36
35 3914 --------337 344 28 30
/
1
4
--- /
1
30 30
--Houdaillo-Hershey class A
-• 1212 1212 1212 1714 161 1838 14
/
4
155 --------1312 16
8
17 17
18
18
16
164 1212 121 13 1312 9 -/
1
/
4
11
Class B
* 43
8 538 4% 812 7 8 93
3
5
788 518 738 412 614 43 63
4
8 53
8 714 312 612 212 43* 34 45
8 212 312
Howell Electric class A
Class B
*
lIudson Motor Car
• _
_ 2112 2212 55; 2418 ii14 208 1238 1713 1112 11 127 1514 Ii7 8
8 11
illy - 13118 g -- 4 115% 137
103
8
Hutto Engineering common--* 118 3% 21t 33
8 I% 24 lit 2
I% 2
I% 2
1
I% 87120 13
8
is 118
12
84
/
1
4
5
4 600 70c
Kalamazoo Stove comman
*
25% 25% ------------------------------------------------14
143 --------9
Kermath mg Ca common _ * 3
9
/
4
1
3
3 18 338 314 23
4 28 2
7
17
314 I% 214
4 14 11 2 112 11 112 2 734 71
/
4
/
4
Kirsch Cu common
1
2
-11
11
9 1014
Convertible pref
* 1742 1812 13 -..
18 1714 1812 1712 18
11 11;14 - 3- --------15 -- . liis -illia 11 8
1 £1
16 12 12
12 - -. 117 ii
Kresge(S Si Co corn
12
8
1 2512
8
8
28
8
/
1
4
2618 27
261 29% 1912 2714 21
2312 197 2112 1518 20
Lakey Foundry & Machine—. 3 2714 264 277 263 2712 26 2612 25 283 26
8
3
214 314 --_
_. 2
212 2
2 12 --------2
2 -------- - 1
112 112 112 114 13
Mahon(RC)cony prof
8
7
8 1%
• 13
/ 1712 17 -- ----------------10 12 ----------------7
1
4
17
10
4
Marqu -Ate 011 Co com v t c__10 ____ 1312 13
712 512 7
44 438
___ 20e 20c 20e 200 ---- - -- ---- McALer Mfg cons
-- ---- -----8
5 163 4 25
22 244 16
/
1
--194 16
19
/
1
11
1414 12 1212 1212 ---- -14 177- --" ---- 1014 13 - ---- 13 - -93 ---19
— 11
8
87 14
Mesta Machine common
-12 12
-12
8
25 28
28 3212 3012 3614 30 3614 2612 32
25 291 2712 28
/
4
254 2618 1712 2512 18
/
1
18 --------18 2212
Michigan Steel common
43l3 43
Mich Steel Tube l'rod corn' _ _ _ _ _
. _ _
_
.
_
. _ _
_
__ _ ____ __
_
_ .. __
_ _ 'i 16
Michigan Sugar common___.
ioe 55c - -- iic iic liC Tic iic iic fie
130
ac Ito ioc ic ioc lot Inc 12c ioc iic 14c iic Foe 1'7c
,
Preferred
Miles Detroit Thoatre
3r. -4-.2 353
ia f2i.
-Class B--------------------77 ---- ---- ---- ---- ---- -- - ---Motor Bankers Corp com
* Uz I's 512 Ils Lis 114 412 6
33 14 31 1
4
4
12 31 18 '4 1
2
3
-11
1
12 i
111 4l4 1
Motor Products coin
5
• 31
4212 37 46
4014 46% 353 4112 28 3814 2478 3112 ___ 2613 30
4
__ __
.
Motor Wheel corn
/
1
18 304 151 2218 23
_— 8
Muller Bakeries class A cons...*
3% 414 33
8 33
8
1
2% 37
312 5
2% 4
138
2
Murray Corp corn
312 23s
• 121g 14
123 1812 1411 1834 93 154 7 13
4
8
612 93
8 7
8 4 7 4 104 612 103
3
/
1
3
8 518 7 4 67
3
8
Muskegon Piston Rinb Corn..
National Baking pref
- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---National Investors Corn
1 ----- ---- ---- ------ ---- ---- 37
8 538 338 514 412 5
4
/ 54 2
1
4
3
National Steel Co corn
/ 5% 23
1
4
4 314 23
4
«
_2413
25 25
Odin Cigar Co con.
•
Outboard Motors class A
• 43
4 434 438 6— _ -__---- ---- .- - —
--- ---- ---- ---- ---- ---- ---- ---- 3
Class B
*
3 ---Packard Motor Co common _ • 83
4
Parke Davis & Co
• 29
Parker Rustproof common.- • 60
Preferred
i0 _
Peerless Cement common _.._• 57
Pittsburgh Forgings corn_ - _ _• 93
4
Port Huron Sulphite & Paper v 8
Reo Motor common
10 814
common v t c______________ ___
River Raisin Paper common_.• 17
5 14 412 - ,
58
30 2012 2618
812 514 57
3
338
15
8% 57
84
,
---- --- -3
112 3 2
,
28
1953 24'*
---- --- ---
97
8 94 111 9 111 714 9
/
4
/
4
/ 618 8
1
4
514 83
4 61
/
53
43
4 612 37
43
4 614 33
4 5
3138 28
3034 2734 30 2612 283 26 2714 2512 2712 264 84 64 7
4
27
26 28
1913 2612 18 2438 2014 2314 18 2112
60 60 6512 68 1034 85 104
/
1
92 105 87 993 84 973 74 87 45 75
8
4
38 56
413 52
323 43
4
4
6
33
5
5 12 412 5
__
ii2 II, __
338 _ _ _ _
_ __ _ _ _ __
12 -I. i2 12
10
1012 11 18 1013 123
8 93 1314 918 103
4
8 7
9
87. -8 i18 ii
l
i
;Ii4 ---II 2
3- 4
4
5 -/7
4
8 -_-_
__ 8
8
7
/ 8
1
4
97
73 87
8% .10%
03 87
8
8 57 8 7
5 8 - -3. 61s - 8 es 1
7
74
42
65
14 314 15-8 354 18 --i- -- 1- 5
5114
_ -_ _ 612 8
712 8 --- -- - 6
6
2
1% 17
112 2
lag 15
- 8 118 114 1
-138
7 - -18 1
8 1
12 -58
12 I
14 34
10 15
Scotten Dillon common
18
16
18
16
18
16
1712 15
1514 1412 1514 13
1514 1314 15
127g 145 13 1312 1314 16
1314 1412
41
Second Nat Investors corn__ __. 3% 5
612 5% 818 4% 5
31
312
. —
312 44 34 3 8 2 4 312 _—_ ____
5
,
2
25
8 14 112
Preferred
5 45 50
47 53
50 52
433 50
8
39 45
5-7 1
2 _ _-_
-- 45 47
40 47 - _ --- ---- --- - 33 38
,
Silent Automatic common_ t ____ ____ 12
13
0
6
612 713 413 8% 612 _7% 43
4 43
4 6% 11
7 -9% ---- ---- _-_- ____
100- f Preferred
893 90
8
iAi "66 ....
_ ____
___, .. .... - ---- -- 85 85 80 80
• 1214 15
13
Square D class A
16
11
13
117 1212 11 .-__- 10 4 -13 4
3
1 12
1012 -- - 1012 1011 ____
123
4
_
8
8
4
4
4
* 8 11
513
5% 812 63 812 6
Class B
4
/ 77
1
4
8 61 712 43
/
4
4 6's 512 512 4
/ 524 27 _1
4
8 3
214 214 3
3
17
8 3
5
25 25
Standard Steel Spring
2712 32
25 28
19 24
2012 2412 2112 2412 21
2218 16 220
14 14 ____ __-- 7
7
5
Stinson Aircraft corn
--4
4
Sutherland Paper common _ _10 --------0
6
-_
..
/12
/12 i
/
Lis I 53413- _ __- 5 IN
4
_
26
26 ..._243 25
4
21
21
'F hird Nat Investors common_. 2053 23
1814 1814 21
21
23' 23 ---_
__ ..___
.- 163 164 ___ _ _
4
1214 153
4
10 9% 10% 10% 113 1014 11% 8
Timken Axle corimon
4
1012 7% 914 55
4 8
6% 714 57 -6% 37 -6% 43
8 5% 4
5% 35* 43*
100 102 502 1016
Preferred
.103 ._.. .___ 102 102 ____ ....... 901,10n
95 95
93 95
933 85 851 ____
9338
Ii. 4 -78
ai.,
a w ais i
1260
FINANCIAL CHRONICLE
[Vol.. 134.
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1931.
STOCKS.
Preferred
II S Radiator conunon
Preferred
Universal Cooler class A
Class 13
Universal Products COM
January February
March
April
May
June
July
August September October
November December
Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low High
per share 4 per share $ per share 4 per share $ per share 4 per share 8 per share $ per share
8 per share $ per share $
$ per share $ per share
•
- - --- iii2 1112 ____ ____ Ni - 7s 112
100 _
• 2
2
4 --------4
4
1
3 I
51 - -1. 5i4 - .18 55 '
2 2
8 Fs i
4
I
• 114 112 13
8 214 13
8 2
1 4 15
,
8 118 112 1
158 1
158 118 13
4 114 2 4
,
• 1378 163 13 1714 1312 163 117 147 10 137 1012 13
4
4
8
8
8
11
127 12 125 10 8 1214
8
8
5
Vortex Cup Co com
Walker & Co units
Warner Aircraft Corp com
*
23 23 --------2212 23 21
- ---_ 23 24
5 13 - 8 17
8 25
8 3 8 25
,
8 33
s 318 114 214 1
4 17
21
2
:IT, 1
i
14
3114 13
8 13
8 13
4
93 10 4 10 1014
4
,
5i8 1
1
112
914 10 4
1
1714 1912 -----------------------21 22 20 2112 16
193 15
8
15 --------117 14
8
114 17
8 118 112
7
8 112
12 l's
8
3
4
7
8 13
12
Winters Crampton Mfg B_t
Wolverine Portl Cement corn if/ -------- 51 4 314 ------------------------154 18 ---- ---- ---- ---.1
Wolverine Tube corn
•
Yosemite Holding corn v t C—• ----------------27 3 4 23
3
4 ifs - -78
4 33
2 8 if4 I
7-12
2
ii4 12 i
Warrants
ii2 1 ---- _—_ __ _ 12
.54
1
- -14
2
i
1
12
_
112
1
lois
112
1, - -14
8 1
BANKS
American State
20 60 67 55 6312 4112 50'4
Commonwealth Comm State100 --------------------------------------------------------140 lid _
_ _
_ _
_ _
_
Detroit Bankers
20
s 9078
12
1 86
8
6
8 6 17 6212 62
iiis E
55T8 - 14 56'Es 11 iii2 ici
4113
Guardian Detroit
20 51 5912 497 573 38 517 403 5012 35 4 4212 34 40
8
4
8
4
3
3312 38
265 347 2112 293 21
8
8
4
277s 1912 2838 15 22
United Savings
100 _
TRUST COMPANIES
Fidelity Bank & Trust Co..--20 47 48 40 48
• No par value. z Ex-dividend. o Sold for rasa.
30
4712 30
3512 17
2912 19
22 4 1912 21
,
19
21
1912 20
____ ____ ____ ____ ____ --
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1930.
January
February
March
April
May
• June
July
August September
October
November December
Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low High
Par $ per share $ per share $ per share $ per share $ per share Specs/tare 8 per share $ per share $ per share 8 per share 4 per
share 4 per share
Afrparts & Tool Corp el A---." 11
1412 113 15
4
123 133 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---4
4
---- ---- ---- ---- ---Class B
Airway Flee Appliance cora • ______ 3014 3014 ------------_ 1838 -- - 1664 18
-4
1/ 16F2 - 12 --------1012 11
11;
12 iis I'S
Allen Industries common
• --- - - -- - 14 4 1414 ---------------------------,
1
512
Alloy Steel class A
• iEs - . 6
1112 io i34
i ioEs fi 312 1258i2 ----52 5 --4- -1- --5Tz -114
3
4 3
- -- -Class B
• 4
4
3
412 5
612 5
812 6
3
8
7 2 ____ __-- 5
,
412 412 3
6
3
3
3
1
214
32 32
5 32 32
29 30
American Life common
ill 300 300 ____ _ _ - 2
9i
6i 2
298 298
Auto Fan & I3earing common.• ____ __-_
378 418 212 5
418 414 414 2 8 378 7 3
I 1 1
3 138 - --------1 1
2
7 1
8
Backstay Welt common
------------30
--Baldwin Rubber units
10 1212121215
Class A
11
16
ii -1i i5T 11 iii4 11 ii 161 iii4 -14 i ir2 71f; iii4 114 i5T8 - 3- i5Fs 16
114
8 Wz EN
: 3
6
7
7
Class B
612 612 4
412 612 4
4 5
514 514 63
85
8 5
812 3 4 512 414 4 2 33
3
,
4 33
4
Bower Roller Bearing
* 81/1 93
8 9 1
10 1514 1378 187 15
8
173 113 165 12 1412 12 135 10 1318 97 113
8
4
8
8
8
4 914 11
1014 111
4
British Amer Brew Ltd A......• 67 67 -- -- - — 5
8
2
53
4 512 8
6
6
53
4 54 5
3
53 ---- ---- ---- ---- ---- ---- --__ ____ --_- --__
4
Class 11
• 1
1
7521 75e ---------1
114 1
112 13
4 2
112 112 ---- ---- ---- ---- ---_
__ ---- --Brown Fence & Wire class A...• 1714 19 4 22 2434 --------3
- 5_
-2
25
23 25 --------19 - -- 1912 19 --------163 -21
-12
4 18 ---- ----Class B
• 10
10
165s 17 ----------2714 27 ----------------1434 16
12
97 141 ---------84 63
8
,
614 7
4
STOCKS
Capital City Products
•
21 2112 19 2114 17 2012 ____ _
_____ _
_ 1412 1514
Cardon Phonocraft common..'
•
814 813 11
7 10
812 14
834 12
812 Ills 618 -8
57 --12 5
8 6
63
4
Chrysler Corp
corn14
38
1714
Columbia; ugar commor.___10 45c 50c ---- ---- 35e 750 40c 550 30c 45c 250 45c 5oo lie iic "3
60 550 160 550 -3
6c ---_ 15e 150
Consolidated Paper corn....
14 ____ _ __ _ _ .... __
14
12 13 ----------------14
14
15 15
11
11
103 - - 3 --,- - 8 10 3
Continental Motors common... ____ ---- 8 8 5
8
i
714 7
-,
72 5
5
412 4 2 4
,
414 4
4
312 35 --------252 212 25 - 8
8 4
Copeland Products class A.._*
414 414 4
4 14
• ii3 - - l'ill 1
Class B_
13
4
12 112 its 5
1
12 iil 1
14 11 1
4
12 14 1
.12 1'2 14 i 2 1- --------213 114
1
37
2
,
1
114
ClassBvtc
• 1
1
1
1
13
8 3
12 212 314 17
8 2 4 114 2
3
138 13
8 114 114
118 118 1
118 112 1,
2 I
1
• 23 30 2738 2934 2334 30 2834 3312 2958 32
corn
Crowley Milner & Co
21
2612 2134 2214 22 2414 2414 2414 21
23
14 20
141s 17
Helsel Wemmer Gilbert corn—. 15 20 4 1812 2012 1934 24
2034 2412 20 223 1612 2212 1612 18
3
4
1512 17
147 1618 133 16
8
12 14
97 1318
8
8
8
4
8
10 127 135 127 133 123 13
8
Detroit & Cleve Na,corn
125 1318 1212 15
8
10 8 1212 8 8 1112 978 113 1012 113 104
7
7
4
312
8 9 4 1018 6
3
Detroit Edison common___ -100 202 215 220 245 240 240 2421,245 234 243 210 215 215 221 212 218 207 211 8 185 107
191 17412185 165 182
Detroit Forging A common..
812 9
9
----------------------- 3
8
1
81
8
8
6
714
3 --------3
31z
Detroit Gasket & Mfg co
• 21 2614 2434 273s 2514 271 2578 2714 23 26 153 241s 17 2314 24 24 17 20 1534 18 1578 1614 157 17 -4
8
Detroit Majestic class B com.• 413 6
5
514 51
8
434 1012 814 1012 6
3
912 7 4 8
73
4 6
6
612 5
5 --------4
4
Class A preferred
• 9
1112 11
912 10
11
10
16
14
15 ------------------------------------------------7
7
Detroit Michigan Stove Co— • 5
5
14 512 5
6
51
5
5
414 5
4
42 ------------------------458 412 312 3 2 312 312
Detroit Motorbus
ill 538 9
7
8 8 5 4 714 514 7
,
1
512 614 4 4 51a 4513 514 z414 53
3
3
4 45s 5 s 3 4 45
3
8 371 43
/
4 414 54
3
•
Detroit Paper Products
3
3
6
43
42 4
3 4 112 3 -----------------------8 3
3
12 112 2
2
2
2
44 44
33 40
Detroit Steel Products corn • 40 40
3812 39
35 40
25 30
3212 3312 32 3414
30 3212 --------21 25
12
15 1514 15
Dolphin Paint & Varnish cl A• 11
15
133 133 --------10 10
4
4
10
10
10 10
10 10 --------7
9
*
913 10 8
Class B
5
7 10
2
2
Ex Cello Aircraft & Tool
• 143 173 15 4 223 17
4
3
4
4
•
Federal Mogul common
Federal Motor Truck corn_ _ -.•
Federal Screw Works com
•
•
Foote Burt common
Ford Motor of Can class A
•
Fourth Nat Invest com
Fruehauf Trailer pref
10 1212 1114
88
3
78 9
1
35
33 .38
21 ---21
30 33 28
3
3314 3812 38 4
121
8
123
38
- 31
- 49
201
1158
1012
333
8
2812
2812
3514
173 2112 147 1914 1012 15 8 111s 135
4
2
1
8
• -----------31
----— -81
29
-Gemmer hug class A
13
10
Gen Foundry & Machine units 13 15
---- 10
_4614 5413 43
4
General Motors corn
10 38 42 8 4112 -- 4 413 5
General Necessities
10 350
General Parts common
• --• ii1
Cony preferred
Graham Paige Motor com
• 913
Common v t c
Grand Rapids Metalcraft— : 712
Great Lakes Engineering.. l0
Hall Lamp Co common
•
Hiram Walker Gooderham &
Worts Ltd common
•
Home Dairy dass A
•
Hoover Steel Ball common-10
Hoskins Mfg common
•
----57
Houdaille Hershey class A. —• 22
Class B
• 1912
Houseman Spitzley A
•
Class B
•
Howell Electric class A
• 10
Class B
• 712
Hutto Engineering common • 4 4
3
93 1012 812
s
11
25
21t2 ____
1812 15
16 -20
48
4812 47 51
78
7
3
8 4 10 8
3
3
81s 10 8
1114 912
24
26
1612 102
48
50
1312
25
1612
5212
107
8
24
14
48
2612 28 -___ ____ 22
2912 31
27
18
8
2718 2312 2812 25 277 20 29
912
83
8
14
9
257
8
__
-- 8
2
93
34
87
8
58
7
127
8
____
183
4
24
._
32
10
11
1812
Lakey Foundry & Machine-Mahon (R 0 cony pref
•
Marquette Oil Co
10
McAleer Mfg cony pref
•
Mesta Machine common
Michigan Steel common
•
--22 8
7
480
812
2814 28
70
75
--2312 14
45c 550
613
4
30
5
88
10
1512
812
8
13
7
1814
__
-2
312
29
6
8 8 1212
7
1234 858
24
23
12
15
5014 44
22
23
95
8
____
11
68
,
9
814
1012
3
34
i
5
6 52
i
1
12
6
8
43
4 54
3
812
6
1212
____
1812
2212
6
33
8
7
818 1014
5
-4
6
6
37
2 53
2
i
5
14
34
3
438
8
24
3
83
8
47
8
34
3
....
23
45e
12
29
6918
--
13
750
15
29
74
.::
2612
50e
1412
3013
71
512
7
2
614
42
,
36
2
i
-2
8
5 4 714
314 4
22
,
3s
1
754
i
9 11 --------11 --- ------------ ---- 10
12
8 8 914 ____ ____ 812 812 7'2 712 ---7
__ ____
38 514 4 8 714 1
7
,
512
12 112
12 -112
7
8
8
3
1014 8 4 125 1112 1812 1418 1718 1414
---- ---- ---- ---- ---6712 8512 74 __--------------------- —__ ----_ __-- --_- --- —. 27
38 38
38 38
37 45
3612 37 2 35 4 16 4 --- - - 30 3012 30
30 37
30
, , ,
8 712 414 5
85
8 57
4
5
8 98 7
47
8 312 312 3,- - -1
67
10
. 13
4 3
4 3
17
8
12 12
117 12 ____ ____ ___
8
1112 12
12
4
123 10
_ 1112 1212 10
11
912
1612 18
1712 1814 -------- 17 --- 18
17
1612 16
1714 16
18
19
16
1812 1612
26s
23
550
113
4
2918
74
74
3
10
612 l0t,
2 6
67
7
1418 912 143
4
__
_ _ ____
22
- - 20 -2214
25
20 243
8
712 5 2
7
6
67
8
11
812 914
23
23 23
1218 1134 12 -- ____ 11 - - io% if i5
13
11
47 4734 ____ ____ 4312 4312 40 43
48
39 3912 39 41
---------------1313 1312 12
12
125 12
8
5
614 43
4 612 4 8 57
,
8
3
1118 10 8 1212 -------- 1012 11 .--- ---8 812 812 9
9
9 ---- - -- 83
12
8
8
918 67 818 512 714
5
5 8 514 1012 7 8 7
Kalamazoo Stove common
• _-__
Kawneer common
10 30
Kermath Aug Co common----• WE
Kirsch Co common
• 11
Con, preferred
• 17
Kresge (S 5) Co corn
6
2512
4
145 183 1414 1514 1314 1614 11111 14
8
Jackson Motorshaft
52 814
• 613 10
Certificates of deposit------ --- ---- ----
26
55
812
7
127
8
7
17
____
4
233
2918
3114 30 31 --------304 303 ----------------28 28
4
812 612 ---11
_ 612 612 8
14 __— — 3
412 3 2 III
,
52 8 383 50 4 39 -5
4712 425 473 373 47
8
8
3
8
8
327 4 8 3112 3714 313 36 ii
8 07
4
,
500 250 250 250 260
412 812 ---- ---- 5 8 7
7
414 512 - 12 53 1
4
- - 6
2
i
812 614 614 ------------- -- 1
62 612 ----------------5
9 4 113 10 13 ----------------8
3
11
10
4
10
612 6
13 16
12
10
21
1412
45
12
87 1212
8
131 12311 1912 15 173 133 1712 133 15
8
4
8
1312 1518
1158 107 1218 9 2 10 4 8 1018 77
8
7
3
4
4 73 812
8 83
371 36 8 41 2 34 38
,
,
4
1812 26
163 2212 1912 2114
261 2812 34 -___
___ 26 3172
_
_
_ __
35 3312 383 311 8
8 3814 29 36 ____- -4 30 -- -12
2914 3333
2
471 463 50 -------------------------------4
4
4
41s 458 4
4
23 233 233 233 233 --------20 20
4
8
8
ili -2
6 i5r8 11
750 50e 70c 40e 55e
40e 40c
400 40e --------300 30c
21
18 243 1512 24
4
2112 24
19 23
s 2 3 1238 1814
4
3212 ----------------28 29
2718 283 267 28
24 26,2
8
8
7412 76
65 74 67 72
71
568 57
4
50 5612 42 53
118
1
1
14
107 107
8
10
8
__
8
I% -5 -ill
35
31
2
10
8
177
29 5
24 30
16 '16
17
8 17
8
---1714
26
1312 14
14
14
12c 20c
250 25c
1618 18
18
15
--------25 25
4412
4412 4754 41
1261
FINANCIAL CHRONICLE
FEB. 20 1932.]
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1930 (Concluded).
July
June
August September
Oaober
April
May
November December
March
January February
Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
STOCKS
$ Per share $ per share $ per share $ per share 5 per share $ pert hare $ per share $ per share $ per share $ per share $ per share $ per Shari
15
20 20 --------------------------------12
20 20
18
___ 18
Mich Steel Tube Prod com___.
150 35c
40c 50c
15c 250 250 48c
10c 250
200 23c
700 83c 500 652 350 50c
1
350 722 35c 49c 450
Michigan Sugar common____10 ____Preferred
10 _
Miles Detroit Theatre
1014 11 1414
14
--- 1012 1212 11
11
1.0 -1612 i5
11
10 --1112 912 12
11
12
12
12
Moreland Oil Corp class A____• 1178 1318 12
4 53
107 10% 912 912 ----------------53
8
9
1012 9
4 9
12
.... 11
Class B
* 1212 1318 --------1212 13 ____ .
9
14
1114 614 10
4
8
8
4
4
2134 2414 193 223 157 207s 1614 1812 1614 85 1418 83 10
* 1614 183 18 2014 1814 24
4
Motor Bankers Corp corn
25 31
---«
Motor Products com
1414
1314 1714
*
Murray Corp corn
10
1411112 512 1038 6
Muskegon Mot Specialties_* ---------------------------------------- -8 - 2 8
*--Class A
Muskegon Piston Ring
National Grocer common___10
3%
23
4
3
5
438
5
Odin Cigar common
Outboard Motors class A
Class B
5
*
*
638
512
6
78
7
34
3
78
3
678
28
3
4 33
33
4 33
4
i3C4 -1114 --------15
127 143 13 15
8
4
4 918 918 5
4
612 123 1114 123
5
8
Packard Motor Co common—. 1514 173
4
Parke Davis & Co
* 3934 43
Parker Rustproof common-- * __
_
Preferred
__ _
Peerless Cement com __________ _
Pittsburgh Forgings com
fi
. 1.2
Frig
11
5
2
12
3
914 15
10 - 12
11
3
638 412 5%
10c 70c ---- ---- ---- -___ ---- ____
8
23
iiT2 11 ---- ---- ---- - -- --,, - - ---- ---- — 2- - _
12
4 53
-2
2
5
5 --------53 - 4 218 - -18 --------2
4 8
834 113
8 714 103
8
293 317 288 313 2878
8
8
45 70 --------60
913 10
4 6
78
,
8 iii8 - -7- 53
- 7 4 77
- -_ _ -- _
_ _ _ _
9
8
7
-2614 i- 1614 i6 1i 5 1E 12T2 1i 12 -117- 12 -1- 1712 18 14 16 1234 1414 878
-
19
8
4
157 193 18% 2312 1814 237 16
8
3512 3714 3314 36
3512 40 4 36 38
3
90 130 118 126 102 121
65 65
_
412
97 15
8
47 618
8
10
3118
65
1014 14
s
127g 157 1214 15
8
123 17
8
3112 3512 315s 3518 317 333 297 35
4
72 79
78 95
91 97
95 108
a
11
137 1038 1112
8
10 107a 1218 1214 1412 1334 15
Reo Motor common
10 11
117 14
8
14
15
Common v t c
8 3
4 3% 23
River Raisin Paper common—. 2% 3
3
43
4 31s 312 23
Schwartz Cigar cony pref.-- * ----------------2212 2212 Scotten Dillon common
io2217 22 104
12
Seaboard Utilities
Second Nat Investors units..
78 85 95 105 110 115
103
8
4
Common
4
9 3 123 1112 2234 183 22
7
58 65 65 74 69 8212 79
Preferred
25
25 2512 25 25
Silent Automatic common—. 25 27
818 11
812 85
8
13
4 3
83
4
8
85
13
8
- - -2
6 iiiii
1i12 iii4 --- -3- 10 -21 4
1212 811 103
145 10
8
4
97
8 918 1112 11
_ ___
_
12 ____
9 --------12
2
8 112 212 112 17
8 212 1% _-8 1.5 _-17
--
-
--
-
7
-17-14 i3 -1- -12 ii li
-
- ---- -___
--------17
4
2014 --------------------------------63 1
.
81 --------------------------------65 70
4
20 2314 213 2312 1914 20
18
18
20 20
25
_ _
93
4
8%
2
_
_
-1i
RI
32
50 53
50 60
1914 1914 ___ ___ 15
100 125 135 135 135 125 130 115 115 --------100 110 --------115 115 --------110 110
Preferred
16
17% 20
22
4
19 2312 --------1912 203 21
2212 2712 24 24
20 24
21. 22
22
Square D class A
* 21
*
10
12 16
16 21
32 35 20 2312 20 22
35 38
Class B
28 3118 29 4012 3612 44
29 3512 26 2918 25
35 38
3412 38
35 45
4312 4512 4112 5212 4812 5714 45 46
Standard Steel Spring
* 35 43
22%
24 24
27 2912 28 29 --------28 2912 28 28
2812 29
* 2812 2912 2812 3012 27 29
Stearns (Frederick) & Co
17% ---- ---- -,,
30 30 --------25 25 --------16
2812 31
Stinsom Aircraft common- — -* 153 22
20 2312 23 29
4
1018 012 1214 1214 --------914
Sutherland Paper common_-10 --------12 12 --------1013 11 --------812 812 1014 11
423 45 4 --------------------------------27 30
4
3
4012 45
Third Nat Investors common_. 283 36 e 3612 44
4
,
1012 14
1318 l51 1 1238 14
1914 1214 17
10 1434 1812 15 4 1814 1578 2012 18 2114 16
Timken Axle common
3
100----------------104 10512 --------107 107 104 104 10412 10412 104 104 104 104
Preferred
8
712
1
Ii12 ii
414 -7 314 1
-12
1
11
1
18
4034
16
I181411 -13
9
10
10
28
22 25
227 -------8
- _-- --- ----914 --- ----
2312 2712 19 2234 164 20
4
9 10% 814 101
8
11
104 104 104 105 102 102
5 ---------------- 412 412
8 5 --------5
4
53
8 43
6
6 ____ ___- 612 512 6
Union Investment common___* 5
6
6
243
425 23 25
233 233 ---- --- ---- ---4
4
23 26 25 26
19 --------20 20 --------25 25
Preferred
* 16
United Shirt Distributors
. 3
338 ----------------2
21
ii
6
U S Radiator common
12 L012 55 3i If ii IV ai - ________________________io - ---- -4
*
100 85 85 85 85 ----------------90
Preferred
2
- 21 112
4
- 512 1 ____ _---ii8 18
4
4 414 13
Universal Cooler class A
2 8 - 14 312 53
3
4
3
4 4
23
4 314
. 212 3
134
8 114 138 11
13
4 118 13
Class II
8 13
218 2 4 112 212 112 238 1% 2
3
12 238 33
112 232 178 3
* 112 2
1218 1512
10 4 14
3
1512 2012 12 16
8
18 2118 167 1912 1614 21
Universal Products corn
223 253 22 251z 2338 2734 23 27
4
4
* 17 24
,1223
Vortex Cup Co common
Class A
*
*
4
40 40
Walker & Co units
,
3912 4012 41 41
8
3
40 435 40 4212 353 35 8 ------------------------28 28 --------22 25 2
41
1
34 1% 1%
13
8 218
7
8 1 2 1,3
Warner Aircraft Corp com_. 338 5
4
512 83
7
4 6111 918 414 65
8 31a 618 314 412
White Star Refining com__--. 4614 53 5012 67
4
4
4
4
8
4
3214 657 613 763 623 7312 6814 733 654 753 6612 737 577 7214 52 6412 543 563 -- -8
4
Whitman & Barnes common—. 13 14
14 203 1912 213 2134 24
4
4
18 2114 1634 18
1112 9 1012 _-__ -_ 16% 1714 1114 153 11
4
Z
_ -...,- -2-6_ _ _
_ _ _
_
_ _
_
Wilcox-Rich Products class A.. _
Class 11
" 2014 - 3- 2,- 1i12 i5i2 If 23i2 Ii82 ii -ii1- -ii- 204 Ii2
2
i6
43
13
Winters Crampton Mfg B
* 1114 111
4
5
518 513 ----------------5 -- ------------------------4 -1" —5f2"1" "-iT4 —3
Wolverine Portl Cement corn 10 --------5
4
" i- "- ---- --"--10 10
Wolverine Tube com
10
*10
100
Preferred
BANKS
20 114
American State
Bank or Michigan ctfa of 0e7 . 95
66
Corn a Oh Coml State
20
Detroit Bankers
100
Detroit Savings
550
First National ctfs of dep
Guardian Detroit
20
Peninsular State ctfs of dep.. 102
Peoples%VayneCityctisofdep 190
United Savings
100 --
123
101
115 125
96 100
_ 12412 133
112 131
121
136
114 123
100 120
104 116
99 110
93 105
80 100
iiL 3E6 586 EE6 --------325 iii --------295 295 iLo
124 160
15014 165
138 154
103 13914 11212 133
550
-- 110E8 13I
(c
1
i - 10 r2 121 . 12 131 120 14
110
205
---- ---- ---- ---- ---- 63 lii ii 1E
00i4 121
- -12
115 12312 10312 125
.
9114 35ie 13
iir5 -9"if "76 -
261
9038 112
7912 85
6012 foo -
60
83 4
,
-7614 - ;
941-
o.
66-i8 -7 86E8 ii .i. i4 -613;
-E12
76
76 io .
ii Ho .
------------------------75 -
TRUST COMPANIES
Fidelity Trust
Guaranty Trust
20 95 100
98 102
103 141
125 138
105 115
84 106
85
97
90
92
79
85
73
73
58
70
40
63
RIGHTS
• No par value.
z Ex-dly dend.
y Ex-rights.
YEARLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE.
In addition the the foregoing monthly record, we also show on this and succeeding pages the high and
low prices for each of the last two calendar years for every stock in which any dealings have taken place on
the Detroit Stock Exchange during these two years, as well as the total volume of business during the year
in each security. The record of prices is that compiled by the Detroit Stock Exchange itself, but we have
added in every case the month when the high and low prices were reached.
HIGH AND LOW PRICES ON DETROIT STOCK EXCHANGE FOR CALENDAR YEAR 1931.
No. She.
INDUSTRIALS.
Air-Way Electric Appliance, common
Allen Industries, Inc., common
Alloy Steel Spring & Axle A
American Life Insurance, common
Automotive Fan & Bearing, common
Baldwin Rubber A
B
Bolter Roller Bearing, common
Briggs Manufacturing,common
Brown Fence & Wire A
Burroughs Adding Machine
Chrysler, common
Columbia Sugar, common
Consolidated Paper, common
Continental Motors, common
High.
Low.
1,900 9% Jan 7%
300 5% Jan 2
2,615 6 June 2
3,938 3
Jan
3.4
32 300
Oct 300
4,681 23. Feb
3.4
6,102 14% Mar 6%
14,725 5% Feb
3.4
71,042 17
Mar 6%
155,505 22% Mar 7%
500 9
Dec 9
350 8
Feb
13.4
9,044 15% Nov 10
329,193 25% Mar 11%
7
Dec .02
1,000
4
1,450 67 July 53.4
4
7,465 47 Feb
34
.02
Jan
Oct
Oct
Dee
Oct
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Des
Oct
Dec
Aug
Oct
No. Shs.
(INDUSTRIALS (Continued).
Copeland Products, Inc
A
B free
B voting trust certificates
Crowley, Milner, common
Deisel-Wemmer-Gilbert,common
Detroit & Cleveland Navigation, common
Detroit Edison,common
Detroit Forging, common
Detroit Gasket & Manufacturing, common
Detroit Gray Iron Foundry,common
Detroit Majestic Products A
Detroit-Michigan Stove,common
Detroit Motorbus, common
Detroit Paper Products,common
High.
17,340 23% July
Mar
1,000 6
4,664 2% Mar
1,840 1% Feb
4,165 1834 Apr
28,720 17%
20,289 93.4
2,282 190
150 3
8,994 20%
520 5
640 634
100 2%
375 4
30,489 53.4
1,174 2
Low.
9
4%
1
1
9%
June
Feb
Jan
Feb
Dec
Mar 7
Jan 234
Feb 111%
Feb 3
Mar 11
Mar 2%
May 4
May 234
Mar 234
Mar 1
Jan 1
Dec
Dec
Deo
Feb
June
Dec
Sep
May
June
Dec
Nov
1262
FINANCIAL CHRONICLE
No. Shs.
INDUSTRIALS (Continued).
Detroit Steel Products, common
Dolphin Paint & Varnish A
3,482
523
1.100
3.289
185,755
7,828
32,092
24,932
265
18.762
874
1.821
Eaton Spring & Axle, common
F,x-Ce11-0 Aircraft & Tool, common
Federal Mogul, common
Federal Motor Truck. common
Federal Screw, common
Foote-Burt. common
Ford Motor of Canada A
Fourth National Investors, common
Gemmer Manufacturing A
General Foundry & Machine units
n ral Motors, common
General Parts, common
Convertible preferred
Graham-Paige Motors, common
Grand Rapids Meta!craft, common
Great Lain a Engineering, common
Hall Lamp, common
Hoover Steel Bali, common
Hoskins Manufacturing, common
Houdaille-Hershey A
Howell Electric Motors A
Kalamazoo Stove,common
Kermath Manufacturing, common
Kirsch, common
Convertible preferred
Kresge, common
Lakey Foundry & Machine, common
Mahon (R. C.), convertible preferred
Marquette Oil, common voting trust ca.__
McAleer Manufacturing, t OMMOLI,
Mesta Machine,common
Michigan Steel, common
Michigan Steel Tube Products,common
Michigan Sugar,common
Preferred
Miles-Detroit Theatre, common
Moreland 011A
Motor Bankers,common
Motor Products, common
Motor Wheel,common
Muller Bakeries, A common
Murray Corp., common
Muskegon Motor Specialties, common
Muskegon Piston Ring, common
National Baking, preferred
National Investors, common
National Steel, common
Odin Cigar, common
Outboard Motors, A
Packard Motors, common
Parke, Davis & Co
Parker Rust Proof, common
Preferred
Peerless Cement, common
Pittsburgh Forging., common
Port Huron Sulphite & Paper,common
Reo Motor Car, common
Voting trust certificates
River Raisin Paper. common
Scotten Dillon, common
Second National Investors, common
Preferred
Silent Automatic, common
Preferred
Square D, A
Standard Steel Spring, common
Stearns (Frederick), common
Stinson Aircraft, common
Sutherland Paper. common
Third National Investors, common
Timken-Detroir Axle, common
Preferred
Union Investment. common
Preferred
United Shirt Distributors, common
United States Radiator. common
Preferred
27
5
234
11%
1131
10
734
15%
734
29%
60%
32
Feb 10
Apr 2
June 134
Nov 5%
Mar 234
Jan 3
Jan 234
Feb 2
Aug
Mar 8%
Feb 25
Feb 15%
No. Shs.
Nov
Aug
June
Deo
Dec
Dec
Dec
Dec
June
Dec
Jan
Deo
Industrials (Concluded).
Universal Cooler A
Universal Products, common
Vortex Cup, common
Walker Units
Warner Aircraft, common
Whitman & Barnes_ .
Winters & Crampton, 13
Wolverine Portland Cement, common
Wolverine Tube,common
Yosemite Holding Corp., common v. t. c
Warrants
13,657
69.049
45,127
225
2.154
195.527
510
200
524
155
92,279
1.100
Low.
7
234
17%
1934
24
334
8%
2
3%
12
3%
.75
Sept 2
Jan
June
Feb 1
Feb 934 Deo
Sept 1731 Sept
Feb 1134 Dec
% Oct
Mar
Mar 7% Mar
June 2 June
Feb 1% Sept
Apr 5
Nov
Mar
34 De0
Apr .50 Apr
Total Industrials
Sept
3,490,817
Dec
Dec
BANKS.
Dec American State Bank
5,514 67
Jan 4134 Mar
Oct Commonwealth-Commercial State Bank
1 140
Aug 140
Aug
Nov Detroit Bankers, common
150,761 90% Jan 28;4 Dec
Guardian Detroit Union Group, Inc
Sept
184,596 5934 Jan 15
Dec
Dec United Savings Bank
135 65
Mar
Feb 51
Sept Fidelity Bank & Trust Co
11,601 48
Jan 17
May
Dec
Total banks
Oct
352,608
Dee
Total industrials and banks for 1931
Oct
3.843,225
Jan
Feb
Oct TOTAL SALES ON DETROIT
STOCK EXCHANGE FOR FIVE YEARS.
Oct
1931.
1930.
1929.
1928.
1927.
731 2534 Feb 734 Dec Industrials
3,490,617 4,851,275 10,971,771 10,191,144 2,765,683
4.526 334 Mar 1
Dec Banks
352,608
414.445
462,894
25,875
28,656
1,025 12
Jan 5
Oct
Total shares
2.695 1834 Jan 11% Dec
3,843,225 5,065,720 11,434,665 10,227,019 2,794.33
0
27,961 29% Aug 15% Dec
3.062 334 Feb
34 Dec
CHANGES IN LISTINGS DURING 1931.
2.229 17% Feb 4
Oct
-Way Electric Appliance, Common, removed from list and trading at close of
600 .20 Feb .20 Feb Air
business Feb. 17 1931.
23,296 25
Jan 8% Sept
26,780 383( Mar 1734 Sept American Life Insurance, Common, removed from lint and trading Oct. 22 1931
at close of business.
6 4334 Jan 43% Jan
150 10
Sept 7 Sept Copeland Products, Inc., listed May 6 1931 and traded "when
Issued" until
43,746 .35 Jan
.8 June
1931, when it was traded "reguktr delivery." Old Copeland stook A, May 21
B free,
930 .40 Dec .31 Aug
and B v. t. c., removed at close of business May 5 1931.
130 13
Apr 6
Sept Detroit Gasket dr Mfg.,
common,removed from list and trading at close of business
25 15
Jan 15
Jan
July 28 1931.
225 8
Apr 7% Apr
34.864 7% Jan 334 June Hutto Engineering common and common v. t. e. removed from list and trading al
close of business Dec. 22 1931.
19,311 46% Mar 15% Oct
650 834 Nov 534 Dec Kawneer common removed from list and trading at close of business Mar. 3 1031.
24.492
Aug 1
June Marks Stores, preferred, removed from Ilst and trading
at close of business July
204,431 1831 Mar 534 Oct
28 1931.
225 5
Jan 5
Jan Michigan Steel common
removed from list and trading at close of business Feb. 17
Apr 23
177 23
Apr
1931.
8 48 '
Mr! 48
Mar Moreland 011 A removed from Ilst and trading at close of business Feb. 17 1931.
20,653 5% Aug 134 Deo Moreland Oil B removed from list and trading at close of business April
20 1931.
5,858 28
Nov 19% Dec Muskegon Motor Specialties
A removed from list and trading at close of business
700
34 Sept
34 Sept
May 26 1931.
370 6
Feb 3
Oct Muskegon
Motor Specialties common and common v. t. C. removed from list and
850 3% Feb
34 Dec
trading at close of btusinees Jan. 21 1931.
259,293 11% Feb 3% Dec
130,593 3134 Jan 18
Oct Peerless Cement common removed from list and trading at close of business Nov. 17
1931.
63,424 108% Mar 3234 Deo
20 10% Apr 10% Apr Bess common to frig trust certificates removed from list and trading at close of
business June 30 1931.
2,363 8
Jan
34 Oct
25,175 1334 Apr 2
Oct Sanitarium Equipment convertible preferred removed from list and trading at
close of business May 5 1931.
450 8
Jan 7% Apr
53.654 1034 Feb 3
Dec Vortex Cup common and A re-llsted Aug. 28 1931.
Yosemite
975 8
Mar 6
May American Holding Corp. common warrants listed April 22 1931.
State Bank removed from list and trading at clew
19.243 2
Jan
34 Dec
Commonwealth-Commercial State Bank removed from list of business Mar. 3 1931.
and trading at close of
business Oct.
10.697 18
Jan 12
% Sept Detroit Savings 1 1931.
Bank (old stock) removed from list and trading at close of business
8,090 6% Feb 134 Dec
Oct. 19 1931.
1,602 53
Feb 37 June
5,881 13
Feb 4% June United States Bank removed from list and trading ate one of business Oct. 1 1931.
Fidelity Trust & Savings Bank changed from Fidelity Trust Co.
210 90
Feb 80
Oct
Fidelity Bank dr Trust Co. removed from list and trading atApr. 22 1931 and
4,280 18
Feb 4
Nov
close of business
Sept. 24 1931.
7,412 11
Jan 1% Dec
5,804 32
Mar 7
Dec
NEW LISTINGS
-1931.
425 24
Jan 18
Apr Briggs Mfg,common admitted to trading
in
350 4
Nov 4
Nov Burroughs Adding Machine admitted to Provisional Listing Dept. Jan. 21 1931
trading in Provisional Listing Dept.
2,216 734 Apr 3
Dec
Nov. 5 1931.
880 26
Feb 1234 Dec Eaton Spring dr
Axle common admitted to trading in Provisional Listing Dept.
59,568 11% Feb 334 Dec
Nov. 5 1931.
183 103
Feb 85
Oct Hudson Motor Car admitted to trading in
Provisional Listing Dept. Feb. 25 1931.
131 5
Feb 4
Apr Motor Wheel common admitted to trading in
Provisional Listing Dept. Nov.18 1931.
13 15% Oct 14% Dec National Investors
common admitted to trading in Provisional Listing
100 .80 Apr .80 Apr
Dept. May
13 1931.
610 20% Jan 2
Dec National Steel admitted to trading In Provisional
Listing Dept. Oct. 20 1931.
7 65
Feb 65
Feb Yosemite Holding Corp. common admitted
to trading Mar. 24 1931.
650
2.480
363,404
65.570
112.009
29,894
20,674
936
81.161
3,722
3,828
5.888
209,954
100
100
21,835
81.373
Hudson Motor Car
Hutto Engineering, common, free
Low.
High.
[Vol.. 134.
30
4%
48%
5%
13%
6%
3
22
9
12%
45%
18%
934
10%
6%
24%
334
Feb
July
Mar
Mar
Feb
May
Jan
Mar
Feb
Jan
Mar
Mar
Mar
Jan
Feb
Mar
Feb
1434
1
2134
%
234
1%
3(
934
2%
334
30
9
234
10%
6%
8
%
HIGH AND LOW PRICES ON DETROIT STOCK EXCHANGE FOR CALENDAR YEAR
1930.
No. Shares.
INDUSTRIALS.
Airports & Tool A
B
Air-Way Electric Appliance,common
Allen Industries. common
Alloy Steel A
It
American Industries, common
American Life Insurance, common
Automotive Fan Sc Bearing,common
High.
12.637 15
4,223 934
8,850 3034
400 1434
3,810 1394
12,120 894
450 32
56 300
3,526 5
Low.
Feb 11
Jan 754
Feb 634
May 534
Mar 3
Apr 1
Jan 29
Jan 298
Mar
yi
Jan
Feb
Dec
Oct
Oct
Dec
May
Mar
Dec
Beckstay Welt, common
Baldwin Rubber units
A.
B
Bower Roller Bearing, common
British American Brewing A
B
Brown Fence & Wire A
B
200
1,745
13,968
21.084
224.768
2.660
2,830
1,740
2,313
30
15
17
854
1814
614
2
25
2734
May 30
Feb 10
Mar 894
Aug 3
Apr 834
Jan 5
June
%
May 1634
Apr 634
May
Jan
Dec
Jan
Jan
Mar
Feb
Nov
Nov
Capital City Products, common
Cordon Phonocraft, common
Chrysler,common
Columbia Sugar, common
Consolidated Paper, common
Continental Motors, common
Copeland Products A
B free
B•t c
Crowley,Milner,common
1,610
47,326
18.457
46,049
1,321
3,275
1,137
15,503
7,696
15,240
2134
14
1734
.75
15
8
434
494
394
3334
Apr
Apr
Dec
Mar
Sept
Feb
Nov
Apr
Mar
Apr
1434
5
1434
.15
1034
234
4
1
1
14
Sept
Sept
Dec
Dec
Nov
Nov
Dec
Dec
Jan
Nov
Delsel-Wemmer-Gilbert,common (no par).
Common ($10 par)
Detroit & Cleveland Navigation,common
Detroit Edison, common
Detroit Forging, common
Detroit Gasket mtg..common
Detroit Majestic Products A
B
Detroit-Michigan Stove, common
Detroit Mon-triton. Common
41,836 2494 Apr 934
19.041 18
July 10
23.70S 15
May 6
902 245
Feb 165
2.439 9
Jan 3
31,902 27 %Mar 1534
2,990 16
Apr 7
26,490 1094 Apr 4
3,655 6
Jan 354
64,135 9
Jan 334
Dec
Dec
Dec
Dec
Sept
Oct
Dec
Dec
Nov
Oct
No. Shares.
INDUSTRIALS (Concluded).
Detroit Paper Products,common
Detroit Steel Products, common
Dolphin Paint & Varnish A
B
High.
3,692 434
2.655 44
2,085 15.4
8.555 10%
Ex-Cell-0 Aircraft & Tool,common
Federal Mogul, common
Federal Motor Truck,common
Federal Screw, common
Foote-Burt common
Ford Motor. of Canada A
B
Fourth National Investors, common
Fruehauf Trailer, preferred
247,529
37,095
41,383
63,370
9.396
51,690
10
59.677
450
2234
1994
1254
4194
34
3834
45
50
493.4
Gemmer mtg. A
General Foundry & Machine units
General Motors, common
General Necessities, common
General Parts,common
Convertible preferred
Graham-Paine Motors, common
Voting trust certificates
Grand Rapids Metalcraft. common
Great Lakes Engineering. common
902
5,078
141,213
1,200
3,830
8,190
7.269
500
163,989
895
Hall Lamp,common
Hiram Walker-Gooderham & Worts, corn
Home Dairy allotment certificates
Hoover Steel Ball. common
Hoskins Manufacturing,common
Houdaille-Hershey A
B
es.
Houseman-Spitzley A
B
Howell Electric Motors A
B
Hutto Engineering, common,free
Jackson Motor Shaft, common
Common ctfs. of deposit
Kalamazoo Stove.common
99.639
23,967
1,088
5,588
5,751
2,307
80,180
1,394
2,031
2.460
2,730
62,397
55,476
1.250
5,370
Low.
Mar
34 Oct
Feb 21
Deo
Feb 7
Noe
Feb 2
Nov
Feb
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Apr
534
634
/574
934
21
1834
45
20
45
Dee
Dee
Oct
Dec
Jan
Nov
Nov
Dee
Dee
3134
15
5494
.50
7
8
13
494
1034
2934
May 28
Jan 3
Apr 3134
Jan
.25
Feb 2
Sept 5
Apr 334
Dec 414
Apr 294
May 2334
Nov
Nov
Nov
Feb
Nov
Aug
Dec
Dec
Dec
Aug
1634
1394
26
20
5234
31
29
19%
334
1234
934
1014
18 14
1894
74
Feb
Apr
Mar
Jan
Apr
Feb
Apr
Feb
Feb
Feb
Feb
Feb
Apr
May
Mar
434
894
21
9
39
12
414
4
1
9
734
54
6',
13
24
Oct
Mar
Jan
Deo
Nov
Nov
Dec
Oct
Deo
June
Jan
Sept
Jan
June
Dee
FEB. 20 1932.]
FINANCIAL CHRONICLE
No. Shares.
INDUSTRIALS (Concluded).
Kawneer, common
Kermath, common
Kirsch, common
Preferred
Kresge(S. S.) common
Lakey Foundry & Machine, common
4,597
16.311
2,814
4,642
4,031
1,813
Mahon (R. C.), convertible preferred
btarouette Oil, common v. t. c
McAleer, common
Convertible preferred
Mesta Machine,common
Michigan Steel,common
Michigan Steel Tube Products,common
Michigan Sugar, common
Preferred
Stiles-Detroit Theatre, common
Moreland Oil A
2,410
24,549
12.950
26.415
6,180
9,936
1.165
64,918
4,214
20
7,490
1,560
102.769
3.010
300
27,881
19,235
700
425
Motor Bankers,common
Motor Products, common
Muller Bakeries. A common
Murray Corp., common
Muskegon Motor Specialties, common
A
Muskegon Piston Ring, common
National Grocer, common
Odin Cigar, common
Outboard Motors A
Packard Motor,common
Parke, Davis & Co
Parker Rust Proof.common
Preferred
Peerless Cement, common
Pittsburgh Forgings. common
Port Huron Sulphite & Paper,common__
Dec
Oct
Nov
Feb
Dec
Dec
1334 Oct
.12 Dec
12% Oct
13% Feb
24
Oct
41
Dec
12
Sept
.10 Dec
.25 Dec
13
Sept
934 May
9
Nov
631 Dec
25
Dec
4% July
9% Nov
3
Nov
16
Sept
29
Jan
Mar .10 Sept
Mar 234 Jan
Apr 11% July
Mar 2
Dec
Apr 7, Nov
4
Jan 2834 Nov
Mar 45
Oct
,
Sept 934 Nov
Sept 544 Nov
May 8% Dee
Dec 731 Dec
77.978 15
7,200 15
25,834
100 22%
7,611 22
1,260 8
167 115
46,604 2234
10,236 82%
2,880 27
457 135
8,452 27%
950 11
8,815 44
14.369 5714
1,832 3034
17.325 31
1,166 1234
Mar
Mar
Feb
Mar
Jan
Jan
Mar
Feb
Mar
Jan
Jac
Apr
Dec
Apr
Apr
Feb
Apr
Sept
8
7%
1
22%
13
634
78
2%
32
15
100
11
11
9
22
22%
1534
8%
Dec
Dec
Dec
Mar
Dec
Jon
Jan
Dec
Dec
Dec
June
Dec
Dec
Dec
Dee
Nov
Jan
June
20,713
97,730
898
861
2,996
825
1,716
123
12.010
87,736
73,715
25
2.710
4544
21%
107
6
26
3
55
90
5%
3%
27%
2434
27
Apr
Apr
May
Jan
June
Jan
Apr
May
July
Mar
Apr
July
May
1644
8
102
4
16
2
20
80
214
134
1044
2444
22
Dec
Oct
Dec
June
Jan
Apr
Nov
July
Jan
Oct
Nov
July
Sept
3,233
227,514
378.270
11,306
250
20,437
3,399
977
460
16
4334
9%
7644
24
26
27%
1114
534
10
85
Apr
Apr
Apr
Apr
July
Apr
Jan
Mar
Nov
July
22
1
4634
9
26
2034
334
334
10
85
Dec
Nov
Jan
Nov
July
Jan
Sept
Dec
Nov
July
434
Third National Investors, common
Timken-Detroit Axle, common
Preferred
Union Investment, common
Preferred
United Shirt Distributors. common
United States Radiator, common
Preferred
Universal Cooler A
Universal Products,common
Vortex Cup A
Common
Total Industrials
Low.
Apr 16
Jan
1334
Feb 934
Sept 15%
Nov 26
July 1%
24
Jan
.75 Mar
24 June
24% May
32% Apr
76
May
20
Mar
1
Mar
21,4 July
15
Oct
15
Nov
13% Jan
243.( Apr
31
Dec
6
July
1734 Sept
14% June
19% June
3744 Mar
4
Standard Steel Spring,common
Stearns (Fred k), common
Stinson Aircraft, common
Sutherland Paper,common
Winters & Crampton B
Wolverine Portland Cement, common
Wolverine Tube,common
Preferred
45
10
12%
19
29%
4%
527,952 7%
1,850
453 16%
4,946 1244
502.672 23%
110.911 43
6,848 130
132 1034
3,864 734
69,385 25
99 7%
Reo Motor, common
Certificates of deposit
River Raisin Paper, common
Schwartz Cigar, preferred
Scotten Dillon, common
Seaboard Utilities, common
Second National Investors, units
Common
Preferred
Silent Automatic, common
Preferred
Square D A (with warrants)
Without warrants •
Walker units
Warner Aircraft.common
White Star Refining, common
Whitman & Barnes,common
Wilcox-Rich A
High.
4,651,275
1263
No. Shorn.
BANKS AND TRUST COMPANIES.
American State Bank
Bank of Michigan ctfs. of deposit
Commonwealth Commercial State Bank
Detroit Bankers Company
Detroit Savings Bank
First National Bank ctfs. of deposit
Guardian Detroit Union Group. Inc
Peninsular State Bank ctfs. of deposit
Peoples Wayne County Bank ctfa. of dep..
United Savings Bank
Fidelity Trust Co
Guaranty Trust Co
Total banks and trust companies
RIGHTS.
Michigan Steel, common (Aug. 22 to Sept.
22 1930)
High.
29,378 136
625 101
42 450
105,790 165
155 1005
1 550
270,054 146
385 10
554 205
90 95
7,216 41
150 50
Low.
Apr 60
Jan 95
Apr 290 .
Apr 7634
Mar 650
Jan 50
Apr 4954
Jan 02
Jan 90
Apr 70
Mar 40
Apr 10
Dec
Jan
Oct
Dec
Boo
Jan
Dee
Jan
Jan
Oct
Dec
Dee
414.445
11.839
34 Sep
1% Sept
TOTAL SALES ON DETROIT STOCK EXCHANGE FOR THREE YEARS.
1930.
1929.
1928.
Industrials
4,651,275
10,971,771
10,191,144
Banks and trust companies
414,445
462.894
35,875
Total sales
5,065,720
11,434,665
10,227,019
1930 decrease in number of shares
6,368,945
CHANGES IN LISTINGS DURING 1930.
Airports & Tool-Units removed and "A" listed Jan. 8 1930. A and B both
removed May 12 1930.
Baldwin Rubber units removed and A listed Feb. 18 1930.
Baxter Laundries A common removed from list and trading April 23 1930.
British-American Brewing A and B removed from list and trading Nov. 26 1930.
Burkart Mtg. tom. and pref. removed from list and trading Jan. 8 1930.
Cordon Phonograph common removed from list and trading Sept. 25 1930.
Carling Breweries common removed from list and trading Nov. 13 1930.
Coahuila Lead & Zinc common removed from list and trading April 2 1930.
Continental Sugar common removed from list and trading June 27 1930.
Delsel-Wemmer-Gilbert common no par stock removed from list June 6 1930 and
$10 Par stock listed June 18 1930.
Detroit Creamery common removed from list and trading Jan. 8 1930.
Detroit Majestic Products Co. changed from Detroit Electric Co. Sept. 18 1930,
Eddy Paper common removed from list and trading Jan. 211930.
General Necessities common removed from list and trading April 2 1930.
Hanna Furnace preferred removed from list and trading Feb. 11 1930.
Hayes Body Common removed from list and trading Jan. 8 1930.
Hiram-Walker-Gooderharn & Worts common removed from list and trading July 28
1930.
Jackson Motor Shaft Co. common and certificates of deposit removed from Ilst
and trading June 18 1930. Merged with Muskegon Motor Specialties Co.
Mathews Industries common removed from list and trading June 27 1930.
McAleer convertible preferred removed from list and trading July 24 1930.
National Grocer common removed from list and trading Sept. 12 1930.
Noble Oil & Gas preferred removed from list and trading April 2 1930.
Ross Gear & Tool common removed from list and trading March 13 1930.
Schwartz Cigar preferred removed from list and trading April 2 1930.
Seaboard Utilities common removed from list and trading Feb. 21 1930.
Vortex Cup A and common removed from list and trading Nov. 26 1930.
White Star Refining common removed from list anti trading Nov. 8 1930.
Wilcox-Rich A and 13 removed from list and trading Sept. 3 1930.
Bank of Michigan certts. of deposit removed from list and trading Feb. 6 1930.
First National Bank certts. of deposit removed from list and trading Feb.6 1930.
Peninsular State Bank cents. of deposit removed from list and trading Feb.6 1930.
Peoples Wayne County Bank certts. of deposit removed from list and tradirg
Feb.6 1930.
Detroit & Security Trust Mts. of den. rrmoved from list and trading Feb. 6 1930.
Guaranty Trust Co. removed from list and trading Dec. 24 1930.
NEW LISTINGS 1930.
Backstay Welt common, listed May 8 1930.
Capital City Products common listed April 30 1930.
Chrysler common listed in Provisional Listing Deoartment Dec. 6 1930.
Delsel-Wemmer-Gilbert common $10 par value stock listed June 18 1930.
Great Lakes Engineering common listed Feb. 11 1930.
Kresge common and preferred listed In Prvoisional Listing Dept. Nev. 21 1930.
McAleer common listed July 24 1930.
Mesta Machine common listed Jan. 31 1930.
Motor Products common listed in Provisional Listing Dept. Dec. 9 1930.
Peerless Cement common listed Aug. 8 1930.
Re,o Motor common voting trist certificates listed March 24 1930.
Detroit Bankers Co. common listed Feb. 6 1930.
Guardian Detroit Union Group, Inc., !Med Feb. 6 1930.
Muskegon Motor Specialties common and A listed June 5 1930. kfereed with
Jackson Motor Shaft Co.
RANGE OF PRICES ON COLUMBUS (OHIO) STOCK AND BOND EXCHANGE DURING 1931.
We are indebted to Stevenson, Vercoe, Fuller & Lorenz of Columbus, Ohio, for the following compilation, showing
the range of prices during the calendar years 1931, 1930 and 1929 on the Columbus Stock and Bond Exchange. It includes
the principal securities traded in during the year, as also the active unlisted issues.
For record of previous years see "Financial Chronicle" of Feb. 211931, p. 1300; Feb. 15 1930, page 1041; Feb. 16 1929,
page 966; Feb. 25 1928, page 1112.
High.
Low.
STOCKS-
High.
Low.
Dec
Nov
Oct
Sept
Nov
Dec
Dec
Dec
Franklin Mortgage_
Godman Shoe second preferred
Gordon 011
Huber Manufacturing preferred
Jeffrey Manufacturing preferred
Ohio Power preferred
Ralston Steel Car common
Smith Agricultural Chemical preferred
g4F-14tVP4
Mar 15
Mar 7734
Mar 100
Mar 9834
mar 47
Sept 200
Mar 85
Mar 87
C
oo,co.0000
I
STOCKS-
Buckeye Steel Castings common.
42
6% preferred
100
614% preferred
108
Columbus Coated Fabrics preferred
10334
Columbus Dental common
61
Columbus Mutual Life Insurance
235
Columbus Railway, Power & Light 1st preferred__ 109
preferred
Second
109
15
50
5334
0
634
90
90
3
70
Dec
Dec
Mar
Apr
Deo
Dee
Dec
NOY
RANGE OF PRICES ON COLUMBUS (OHIO) STOCK AND BOND EXCHANGE DURING 1930.
•
STOCKS
Buckeye Steel Castings common
Preferred
Columbus Dental common
Columbus Railway Power 8c Light 1st preferred
Second preferred
Columbus Coated Fabrics Co., preferred
Franklin Mortgage
Godman Shoe 2d preferred
High.
4844
10534
61
108%
109
108
34
100
Mar
June
Nov
Am
June
Feb
June
Mar
Low.
37
102_-=.56
104
10434
105
30
98
Nov
Nov
Feb
Jan
Feb
Nov
Nov
Star
STOCKS
Gordon 011
Huber Manufacturing preferred
Jeffrey Manufacturing preferred
Ohio Power preferred
Ralston Steel Car common
Preferred
Smith Agricultural Chemical preferred
High.
12%
100
10334
103%
11
43
99%
Low.
May
734
Jan 99
Dee 102
Oct 10334
Apr
5
Dec 40
Feb 98
Nov
Apr
Apr
Feb
Oct
Mar
June
RANGE OF PRICES ON COLUMBUS (OHIO) STOCK AND BOND EXCHANGE DURING 1929.
STOCKSBuckeye Steel Castings common
_
Preferred
Columbus Dental common
Columbus Mutual Life
Columbus Railway. Power & Light 1st preferred
Second preferred
Columbus Union Oilcloth preferred
Franklin Mortgage
Godman Shoe second preferred
High.
49
106
56
240
108
107
108
37
106
354
Jan
Jan
Dec
July
May
Feb
Aug
Mar
Low.
42
10334
52
22734
100
98
104
33
Jftn 101
Nov
234
Dec
Nov
Jan
Mar
Nov
Nov
Dec
Nov
Dec
June
STOCKSHuber Manufacturing preferred
Jefferey Manufacturing preferred
Keever Starch preferred
Ohio Power preferred
Ralston Steel Car common
Preferred
Scioto Valley Railway & Power 1st preferred
Second preferred
Smith Agricultural Chemical preferred
Tracy Wells preferred
High.
103
104
50
10634
1234
4234
35
16
102
on s.4
Low.
June 9934 Dec
Jan 100
Nov
Apr 45
May
May 101
Sept
Feb
8
Dec
Apr 34
Aug
Mar 30
Jar
May 15
Aps
Sept 963, Apt
A,
V..:
t ...
1264
FINANCIAL CHRONICLE
[Vor.. 134.
THE CLEVELAND STOCK EXCHANGE--STOCKS AND BONDS.
On this and the following pages we furnish a complete record of the high and low prices for both
stocks
and bonds made on the Cleveland Stock Exchange for each month of the years 1930 and 1931. The compilation is the work of the Cleveland Exchange itself and is, of course, based on actual sales, and
covers
these and nothing else.
For record of previous years see "Financial Chronicle" of Feb. 21 1931, page 1297; Feb. 15 1930, page
1035; Feb. 16 1929, page 959; Feb. 25 1928, page 1109; Feb. 26 1927, page 1133; Feb. 27 1926, page 1084;
Feb. 28 1925, page 1019.
MONTHLY RANGE OF PRICES OF CLEVELAND STOCK EXCHANGE FOR 1931.
STOCKS.
January
February
March
Apr12
May
June
July
August
September
October
November December
Par Low High Low High Low High Low High Low High Low High Low Nigh Low High Low
High Low High Low High Low High
BANKS.
$ per share $ per share $ per share $ per share $ per share $ per share $ per share $
per share $ per share $ per share $ per share $ per share
Central United National__ _ _20 5712 60
59 63 58 62
56 59
11 55
1 53
53 56
42 32 35 42
35 3512 23 32
Cleveland Savings &Loan100 -------- ---------------------------- -------- 54 35
__
-150 150
Cleveland Trust
100 3
32
3
1l
312 i6 iii 288 295 280 tiii 588 276 iii iii tiii iii ioi 16
Guardian Trust
100 324 327 327 330 328 330 3
326 2
30
292
292
29
2597 28212 ____ ____ ____ __-_ ____ _ --3
Lorraln St Say & Trust.. _.i00
Midland (Indorsed)
100 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3502
26
25 5. 3 i6iii - - - - - - - - - - - - - - - - - - - - 150_
8
1
-6E ____ ---National City
100 324 327 323 32412 321 323 310 315 310 315 312 315
__--- _--- - -- -- Union Trust
23 6914 75
70 74
70 73 61
5714 6012 59 70
584 62
63 50 - - 2 -io 5915418 -5,- I6 58 II 55 ItiC -12
MISCELLANEOUS.
Aetna Rubber
• 324 4
4
5
4
412 312 4
35
_
- 2
2
4 --------214 214 214 214 27
8 27
8 2
214
Air Way preferred
Preferred
100
---------------------------2--------Allen Industries
• L
6
4
r- 212 3
5
8 2 _-_-,,-_ -- _
%
_ r
2- / -2
1- -112 -/
21 -- -14 118 1
4 2
18
Preferred
* - - ---- 20 22 --------1914 29
-:„,-8 10,0 8 8
8
8
4 5
63
4 04 ------------------------48
American Vitrified Prod__50 --------6
6
__
_ __-- --__ ---- ____ ---- ____ __ ____ ____ ____ _
Apex Electric & xitg A
* 1
10
10
10 -912 1-214 1012 1114 8 10
712 9
9
9
7
638 8
7
7 /
612 8
7
8 6
-6
Prior preferred
----------------65
_10060 60
Bessemer Limestone
• 30- 30
30 30 --------29292721 ----------------1919
-Bishop & Babcock
50
Brown Fe ice & Wire B
A preferred1934 1984
Bulkley Building pref
100 4312 43
-12 4312 43 2 -- - - - -- - - - 5ii2
,
- 30I412
16 58 ii io 16 --------10 16 gis -16
Byers Machine A
100 00 90 85 85 85 85
Canfield 011
85 - 70-85
100 1021210212 ------------------------100 166 --------90
Preferred
- Chase Brass &Copper prof-100 10214 10214 105 105 104 104 103 106 10412104, 102 1041r 102 102 --------95
2
102 10214 9812
City Ice & Fuel
• 3512 37
3534 37% 3612 37
32 362 31
8
323 30 3112 3112 3213 3012 32 27
4
100 7734 793 7954 80
Preferred
4
86 86
8712 8912 8612 8612 80 841 2 81 81
78% 8214 71
10 114 212 ____ _--Clark (Fred G)
114 2
2
2 --- ---- 1 8 112 --------112 112 118
,
95
55 91
9812 98 9812 --------90 90
30
27 29
2812 3212 2513 30
7484 68 69 68 7212 70 70
3
4
112 -------78
14 1
1st preferred
Cleveland Builders Supply-- - --- - -- -- -.
Cleveland Cliffs Iron pref--„• 02 ii 0- 1i4 1;2
56 -.. ii si i6 If ii- "711: -78- -ilf - _ i6 - _ ____ ____
6i
ii
Cleve Elec 111 6% Prof
1410 11114 11312 11112113% 112 1137 113 114 11212114 11112112sa 11212 1134 113 11418 --------55 IS
8
110 1344 10612 110
Cleveland Quarries
- 4914 4914
100 8114 8114 80 80
Cleveland Ry
80 80
ii5 g5 ------------------------78 ifi '7
7
i6" 50 50
Certificates of deposit-100 6812 7312 70 78
7512 84
74 7614 675 70 67 7
69 72
65 6914 45 64
45 57
Cleve Securities prior pref_. 2
214 14 2
1% 1% 112 17
8 112 15o I% 15
114 114
114 114 114 158 1
114
Cleve Union Stock Yards--• 15
17
16
16
153 17
4
16
.
16
15, 151 1512 152 15
4
1514 16
4
17
153 16
4
1512 153
4
5
5
Cleveland Worsted Mills_ 100 5
812 412 6
4
42 4
,
6
6
812 712 10
712 818 618 8
5
5 14
88 1E
1063 109
4
____
4518
1
1512
5
19% 197
8
23 35
99 108
--- ----49
40 -45%
1
1
1
16
14
16
5
4
5
Cleve & Sandusky Brewing_100 3
358 314 314 318 5
312 35
4 3
3
212 2 4 3
,
4
3
4
3% 4
219 234 2
100
_
24 4
,
Preferred
212
5
6 --_- ---- 5
5
--- 218 21, ____ ___ ____
__ 4
512 312 41, 3
*
3
3
3
Cliffs Corp v t c
70 80
7212 812 60 69% 58 4
60 50
50 50
50
25 25
24 24 -___ ____ 614 1312
* 1234 14 --------1312 13 2 ----------------9 58 -------- 50 -Columbus Auto ['cuts pref
_
,
9
10 10 ----------------5
Commercial Bookbinding• 12 12
13 13
11
13 --------6
7 --------5
5 --------3
3
33
33
33
33
4
Cooper-Bessemer pre
10
Detroit & Cleve Nay
21 /
Dow Chemical
• 45 -- 3 :46 16 :46 1112 ii 5
5 8
6
- 58i4 ii1- -5, ifT. -ii- -. -46i2 161- -58- if- -56- li" -5,4i2 16- 3072 3612
6
2 1i2
462
100 102 10514 1011210212 10114 10114 1041210412 10214 10214 103
Preferred
10112 1041110412 101 102 102 103 102 102 102 10212 100 102
Eaton Axle & Spring
-------- ------------------------ ---------------6
Edwards (William)6% pref_100 _
- 70 70 ----------------60 60 ---------- -- -----------57
----------------40 40
Electric Controller & mfg
* 5811 -.
6
i 60 53
,
2
614 5114 54
i
34 3884 45
4
2 412 29 3518
Enamel Products
• 512 512 53
4 5 4 - -- ,
-- 6
6 --------6
6
6
6 --------584 5% - - -- -- - -- - -- 38 51
Faultless Rubber
• 35 3612 37 37
35 8 16 35% 36
,
35 36
35 35
34 35
31 8 35
,
30 33 30 33 30 10 243 28
8
Federal Knitting Mills
* 27 30
28 28
28 30 28 28
28 28
2512 2512 26 26
22 24
2212 23
20 20 25 25
20 21
Ferry Cap & Set Screw
* 6
8
6
6, 61
4
7
6
6 14 4
412 5
6
512 6
318 3 8 3
,
4
3
314 318 4
155 318
Firestone Tire & Rubber___ -10 -------------------------16
16
16 16
1712 17% ------------------------1414 148 15 1514 _
_
4
100
3 6 3 5 2 6012 6014 613 593 6058 58 58
8
8
6% preferred
4
4
58 6212 _ _
.
_ _ 6214 64
56 62 5214 56
5212 5212 85 12 • 14
Foote Burt
1412 13 1584 16
16
112 16
8
818 115
5
7
9
9 10
.-74 84 7
,
8
7
714 7
7
4
5
Fostoria Pressed Steel
• 9 1112 10 10
9% 11 --------8
984 93
4 93
10
4 93 11
1112 11
4
1214 113 117 1112 1112 1112 1112
4
8
*
Gabriel Company
-,,- _- - 3 2 312
,
37
8 418 -„r -.-- _ ---- __
25 90 95
81
General Tire & Rubber
90 97 140
90 98 80 90
80 83
83 85 75 81
60 - 7
0 50- - 0 50 56
5
50 55
100 83 8712 84 87
6% preferred
84 85 83 841s ------------ ----76 76 80 80
_
75 76 --------68 68 60 65
43
Geometric Stamping
412 512 33 412 35
''' 412 518 412
4
4% 358 3 --------38 37
37
8 32
33
4 4
212 3
112
Glidden prior preferred ____100 7712 80 ----------------63 63
50 673 --------72 75
4
77 80 75 80 53 8 537 6614 70 ___ _ 3 _
7
Godman Shoe Co
• 7
7 8 612 612 7
,
84 7
,
7
5
518 4
5
5
5
518 5 8 5
,
5 18 2
6 -------- 27 -9 3
Goodrich (B F)
100 .
Preferred
------------ ---- ---------------------------- ---- _- 13
Rubber
Goodyear Tire &
• 437 45 --- ---- ---- ---- ---- -- - - ---- ---- ---- --- ---8
-- ---_ -_--_ -- - --2
,118 2912 133 193
4
4
Preferred
100 _
Great Lakes Towing
100 10314 10314 1021210212 1031210312 102 102 ------------------------ 90 - Preferred
9
6 88 6618 ____ __ ____ __ _ -- --_
212 21
8
Greif Bros Cooperage A
21
22
21% 19% 2118 1714 912 19
• 21
2112 21
014 1812 1812 164 1718 15 16
15 16 -13;2 -7 12
11
10 --------23 237 22 22
Halle Brothers
20 22 --------15 17
1612 17
15
17
15 15
10 11% 10 118
3 10
4 94
100 ---- ----98 98
98 98
98 9812 98 98 --------95 95 90 90
Preferred
90 92% 88 88
83 83
4, 8914 8914 ____
Hanna (51 A) $7 pref
90 90
- 9312 94
89 89
8612 89
87 88
8512 8512 80 80 75 75 _-- _ __ ---- -67 72
Harbatier
19
17
1818 1612 1712 17
18 -• 18
173 163 1712 15
19
4
4
1614 13 15
9 4 12
,
9
9
8
8
57 8
Harris Seybold Potter
• 358 32
4
4
8 4
4
2
3
2
2
1
1 ---------------- 1
1 -------- 1
1
12
%
Higbee 1st preferred
85 85
75 75
Second preferred
--- ---- ---* 012 13
India Tire & Rubber
1312 103 13
4
12 123 1058 13
4
818 1312 11
1084 13
103 1178 7 10
4
6 10
612 10
7
9
Interlake Steamship
4
• 563 60 50 563 40 52 40 4112 40 4014 38 40
4
38 40
3812 3812 347 38
26 29
30 33 25 32
Jaeger 51achine
1312 1313 15
1512 1212 1512 103 1212 812 10
'1212 14
4
812 9
6
7% 5
614 4
3
5
5 _ --, ---Jordan Motor preferred
__
16 ---------------- -------16 ----------------10
16
• 13 13
14
14
14
14
12
is
Kaynee Company
10 25 26
23 25
21
2412 22 23
24
24 25
22 22
2112 23
2112 2112 13
19 19
1112 16
Preferred
100 6812 05% --------------9812 0812 --------98 98 --------9754 973 95 973 93 20
4
4
93 88 90 85 85
Kelley island Lime & Transp-• 34 34 2
3 12 -.. 30 3212
28
30 30
35
7 28
,
24 24
1712 23
17 20
17
17 1912 14
Korach Co
_jl
ii:
Lamson Sessions
1414 1412 12
1412 12 1212 10
11
1412 1512
• 1214 14
10 10 --------8 10
6
7
5 4 133
,
8 4
54
8
Loews Ohio Theatres 1st 0_100 95 95 96 96
94 94 --------90 90 ----------------90 90 ____
96 96
_
_ _ _
_McKee(A G)class B
32 32 35 3718 3512 40
35 3912 32 36
* 45 47 40 43
35 38
33 35
30 IS- -56 - - 1 56 II
3(
Medusa Portland Cement---• 65 70
37 37
65 66 --------45 45
35 35
6412 65
30 33
Metropolitan Paving Brick.. .• 26 26 --------27 2718 2312 2512 20 20
20 20 --------20 20
195 193 _-_--.- __-_-__ _12 2_1_ - 2,
4
..
2
8 5
Preferred
100 --------102 102 103 105 1041210412 102 102 100 100 --------100 100
99 99 ---------------- 88 ---68
Midland Steel
* ._
-77
-4 77
Miller Wholesale Drug
19 19 --------15 15 ---------------- 15 • 18 18 --------19 19
_
11 ____ _
_____
_ io 16
Mohawk Rubber
4
6
33
7
4 5
5
8
• 4
23
4 33
51
5
3
5
8 27
2 31
212 3
1
1 --1
17
8 --8
Preferred
100
._
----------------------------------------------47
5
Morgan Lithograph
*-----------------------------211____
---- ---- -Murray Ohio
5 ---------------- 11
5
6
6
*
Myers (F E) Bros
3814 40
3712 43
36 42
* 40% 4212 40 4114 40 45
412 3312 3612 ii- -34 --------23 23 19% 21
Preferred
100 .
104 104 ----------------102 102 101 101 100 100
Mational Acme
10 738 814 814 914 87 1058 6
914 514 614 538 8
6
614 512 6
4
412 37
412 21s 312
412 4
lational Carbon pref
100 135 138 137 137 136 138 134 135 132 133 130 13012 132 135 135 13512 120 13512
115 12014 11912 124 115 118
Yatlonal Refining
25 2014 2212 2012 2212 1914 21
2
19 4 19, 18 1814 16
,
17
15
16
1414 15
137 141: 934 1212 7
o
812 712 9
Preferred
100 135 135 134 134 133 134 131 13258132 134 129 129 121 1213 123 123 119 121 115 115
4
100 100 100 100
gatlor.n1 Tile.
• Fp, 71,, 519 619 61v 0
,
5
47
9 74 4
458 0
458 4% 418 01
3
429 2
3
181 314 314 2
FEB. 20 1932.]
FINANCIAL CHRONICLE
1265
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1931
(Conclnded)
January
February
March
April
May
June
July
August
October
November December
Par Low High Low High Low High Low High Low High Low High Low High Low High September
Low High Low High Low High Low High
$ per share $ per share $ per share $ per share $ per share 8 per share $ per share $ Per
share $ Per share $ Per share $ per share $ per share
National Tool
50 3
3 -------------------------------------------------1
Preferred
100 25 25 ----------------10 10 --------10 10
9
9 --------71a - --------------- E
ii
W
Nostle-LeMur A
• 214 214 23
8 3
2
2 12 2
212 2
212 2
2 12 2
3
15
8 2
114 15
8 1
12
Nineteen Hundred Washer
3
4 114
* 233 2334 2312 2312 ------------------------2314 2314 247 2478 2412 2412 112 2
4
8
21
243 22 22
4
22 23
24 2412
North American Sec A
•
Ohio Brass B
* 63 70 67 71
Li) - i i5i8 --1-12 40 51 32 45 5514 -- -12 51 -- i8 35
6
8
. 3
3
6
2
6 1612 1812 io -Preferred
16
100 10514 10514 --------107 10712 10514 107 10514 10512 10514 106 10512 10512 100 1053 100 --- i6 -8
100 --------95
Ohio Seamless Tube
• 193 20
4
19 20
1812 19
1812 1914 1712 177 -- -- ---- 14 1512 ---- ---- ---- ---- ---- ---- ---- 95
8
-___ _
Otis
Steel31 _
31
STOCKS.
Packard Electric
Packer Corp
• 1012 1112 1114 1212 1114 13
* 1112 12
11
15
1112 11
B 3d endorsed
Patterson-Sargent
Peerless Motor
*
• 55 -- 18 57
2
i
.
10 378
Reliance Manufacturing
* 1934 2212
Republic Stamping & Enam_* __ _
Richman Bros
" 54 - .
ei
Robbins & Myers series 1
• 212 3
5
Series 2
21
2l
Preferred v t c
25 7
714
seiberling Tire & Rubber_ ---• 47
8 53
4
Preferred
100 33 35
Selby Shoe
12 16
Preferred
- - 12
2
i
1012 12
1014 11
12 1314 93 12
4
11
10
iai2 -ii J., -2-i7; iii2 -2i i -2-5
2312 26
2112 24
1912 22
207 207 ------------------------20
8
8
61
11
10
7612
t.,
10 12
10
--------7
54
21
107
8
8
55i2 - 7268
7
5
91s
8
6
7%
512 578
55 -di ii 16
6
7
1612
18
6
513
7
7
16 Is
-2
0
2 714614 52 6134 Liis if Li Id 51 Id% 5512 id ii 3734 55
212 1
1
1
1 --------114 114 114
02
1$
114 1
13
1
1
1
i
- --------6
i
6 ------------------------12,2 4 2 4 2 i
,
,
I
i
-.
i
134 154 112 - 12
1
43
4 712 512 712 5
67
8 612 1012 8 10
712 412 612 412 5
63 912 6
8
412 6
312 4 2
3
32 35
32 33 40 50
35 35
50 50
50 50 50 50
50 50 ----------------20 35
15 167 14
8
16
1152) 15
9% 1214 12 15
13 1412 1118 125 1012 12
10 11
10
13
912 10
212
212
212
3
212
Sherwin Williams
25 6012 65% 64 67 65 6812 597 66
53 4 62
3
52 6112 583 62
46 53 39 4 47 33 8 40
3
Preferred
7
100 10712109 10512 10712 107 1083 104 10812 10512 107 105 1063 105 4 10612 60 6212 5314 61
8
4
10514 10612 101 1053 102 105 10112104 100 10112
8
Smallwood Stone
• 3
4
3
3 ___ ____ ____ ____ ____ ____
112
112 1
13 ____ -_ ____
8
_
___
112 112 --------112 112
Standard Oil of Ohio pref_100 ------------------------ ---------------- 101 101
101 10212 100 100 101 102 101 101 100 100 97 97
Standard Textile
• 112 112 ____
__
13
8 2
11z 17s --------1
1
1
1 --------1
1 --------30
3
4
A pref
• 20 25
25 -28 20 20
20 20 ---- ---- 197 20
8
20 20
16
16 ----------------10131012 4 a 7
5
B pref
Stouffer Corp class A w w
• 253 253a ii 8
21 2814 2814 28 2814 25 - - ----------------253 Iti
8
2
4
Without warrants
•
Swartwout_
Thompson Aeronautical
• --------8
8 --------------------------------8
8 ------------------------812 foz 8
8
Thompson Products
•
14 173 14
4
712 115 15
8
1014 312 93
4
12 10 113
4 018 1014 8 10
7
914 8 10
7 10
Trumbull Cliffs Furnace pf 100 1001210012 102 104 101 104
9912102
9211 953 88 88
4
90 4 917 91
3
8
91
90 90 ___ ---- ___ _ __-_ ____ --__
Truscon Steel preferred..
.io_
___--___-_._
4-__
Union Metal
1212 5 3i 5i 5412 55 3114 ii Ic 84 -._ii_ i__ii_" ___i_ 13 i--I---ii-1 -6412 6412
•
-__ii-i__ii di
5 Os
4
2 6 638 7
Van Dorn Iron
• 4
514 4
712 6
814 412 512 37 412 ------------------------2
2
2 --------212 3
2
212
VIchek Tool__
• 9
9 --------9 10
612 9
6
6 12 53 6
4
6
6
512 6
5
5 12 4
4 12 5
5
4
412
Weinberger Drug
* 1412 1512 14 1512 1134 1512 11 1558 12 1318 1053 1314 1018 1234 1018 11 9 1178 8 10 9 11 1012 1012
Wellman Engineering
__
Preferred
100 85 85 85 87 --------88 88
80 85
80 80 ---------------------------- ----75 ii
Western Res Inv Corp pref_100 ____ ____ ____ __-- 6812 70 60 62 50 50
50 50 --------50 50 50 50 --------45 49
24 14
Wheeler Metal Products
White Motor
50 --------237 237 ------------- ----1634 1714 --------------------------------91
8
8
'2 612
i -1618
White Mo or Secure pref_--I00 103 104 104 104 10214 10 12 100 10212 99 99
98 99
t
99 99 ----------------90 94
91 93 93 03
Wood Chemical A
*
Youngstown Sheet & Tube_ * ------------------------------------------------47
47 ----------------2114 -21-14 --------12 038
Preferred
150
2 28
8 12,
158 s 1287 87 14 9
14 --__ ---- ---- ---- ---- ---BONDS.
City Ice Del of Cin 65
1936 ------------------_
-------------------------------------9030 99 4 ----------------984 984 ---- ---.
3
Cleveland By 5s
1933 ----------------19014 1 12
12
118
13
Cleve SWRy&Lt Div Mtge 5s*54 5
5 ____
-. 412 412 412 412 ------------- ---- ---- ---- - p% 9634____ ____ ---- ---4
4 ------------------------23 --Lake Shore Flee gold 5s_1933 --------3814 ---14 -----------------— 4 2
4
3
8
------35 35
—
Steel & Tubes deb 6s
------ ---- ---..
1943
--------90
622
--------------------------- ---- ---- •No par value,
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK
EXCHANGE FOR 1930.
January/ February
March
April
May
June
July
August September October
November December
Par Low High Low High LOW High Low High Low High Low High
Low High Low High Low High Low High Low High Low
High
$ per share $ per share $ per share $ per share $ per share 8 per share $ per
share 5 per shar $ per share 8 per share 3 per share
$ per share
16 85 85 8432 85 i534 1 34 ii3 ---34 ii ---14 i( -il io Central United National_ - _20 13
8
3
7
6
)
71 fiL i6 do --- La
136
Li WO
150 -------- 250-1
100 455 501 489 500 480 489 485 500 475 485 425 475
Cleveland Trust
-- 385 411 385 395
6
390 335 340 315 340
100 416 430 425 43212 417 425 400 417 395 400 350 380 410 42
Guardian Trust
365 365 36212 366 365 370 325 360 326 330
324 335
Lorain Street Say & Trust_100 --------398 401 -------- -------- 373 373 372 372 372
372
100
Midland (Indorsed)
--------395
4il 390
6
100 -------------------------------- 320 395 340 340 344 aso 332'359 566 iii iai 3 6 --------270 ill
M
i Plan
100 348 348 345 350 345 345
National City
35- 345 345 345 dil 545 iiii iiii2iiii, --------335
33
- 334's334', 524 Hi
6
100 125 125 125 125 120 120 __-Union Savings & Loan
-—
- ---- --- ----- 100 101 100 15111 100 100 --------100 100
Union Trust
25 92 95 92 95
89s 9314 91 ---- 90 933
4
02 75 90
7512 -83
79 8212 75 80 69 7512 677 7112 70
2
7214
MISCELLANEOUS.
Aetna Rubber
• 612 8
612 812 61
74 54 7
3
63
3
2 7
5
7
5
6
8
6
6
5
312 5
Preferred
514 6
100 -------------------------894 95
312 43
4
3
8612
Air Way preferred
100 85 863 87 92 4 923 95 -------- 893 8812 90 90 ------------------------85 85 --__ ____ 9212 9814
4
3
4
4 89 4 89 89
3
85 85
85 85
75 75
Akron Rubber
Preferred
jos.
Allen Industries
• 6
712 5
712 ii
612
1
--- -4 7
314 i2 - 3
11
1
5 - 12 61- 16
4 ii
0
Preferred
114 514 l
• 26 2612 27 28
i
L 1
27 2912 293 31
27 27
29 29
27 27 25 27 26 27 ---- _American Fork & Hoe
100 --------125 15012 110 110 135 4 135 --------27 28
--------131 131 130 160 __-- ____ 150 150
100 110 110 110 110
First preferred
--------------------------------116 116 --__
_ ----_
American Alultigraph
• 34 39
38 39
-- 3712 41
41
39 4012 343 3812 35% 3618 33 li 3312 - - ---- - - 2
3
4
33 16
-12 55is IS 55 American Shipbuildiflg.__..100 ----------------9013
31
100
Preferred
--------110 no
American Vitrified Prod____50 15
15
15 15 ------------ ------ ------------------------------ __
_
14
14
• 1212 133 12
Apex Electric &Mfg A
4
1612 1412 1612
13
1412 12 163 12 -4
16
13 13
Preferred
13 100 95 95
II -- -- _ - _ - 16 -92 98
1
6
98 98 951396 95 95 93 93
80 80 80 80280 80
78 80 --_- ---- _--- -Bessemer Limestone
* 297 297 32 3212 _ ------ 31 32
2
2
29% 2912 29 31
29 29
32 32 --------29 29
50
Bishop Babcock
25 26
30 30
Bond Stores A
B
• -__ ____ 17% 1812 183 2718 31
Brown Fence & Wire B
4
31 ------------ -------------------- 1114
___
11 --------513 '' --------2014 2512 26 27
14
A preferred -- --- _
- i
5
2430 277 25 26
int
2
2312 438
_100 55 55
Bulkley Building pref
5512 553 60 8314 60 60 61 6112 5712 61 ----------------2114 2114 ----------------18
4
1714
56 58
55 57 --------53 53
• 413 6
Byers Machine A
7
4912 4912 4212 45
7
4 8 5 4 414 4% --------4
3
3
414 4
4
4
4 _______ _-_- ---- ---- ---12 3
100 --------105 105 1081 110 110 110
Canfield 011
1 100
__ 91 91
100 --------------------- ------------ -------- ----- 89 90 ___
Preferred
91 91
91 91
90 90
___ --_ -100 100 100 ibo loo loo loo
Central Alloy Steel pref__100 10712 109% 106 108 108 10812 108
loo loo loo 102 102
Certificates of Deposit
_
108_—
. _
_ 108 108 110 110
f 1
Chase Brass & Copper pre-ill 0 ioi lid io53416234 lot ma 103 104 105 iiii
-loll fa 155 iiii ioi Rid ioi 1612 155 fdils la' 16414 1013
:
• 41 44% 44 467 4412 4630 44 47
City Ice & Fuel
4 iii3i
3 44
39 44 31
4230 40 4314 3812 40
100 _
Preferred
35 4 3812 3612 3712 3314 3712
3
10 10
Clark (Fred G)
11
10 4 10 4 -------------- ____ il2
3
3
-412 43 14 5
4
• 19 19
1 3 318 318 3% 212 3 2
19 28
Cleveland Auto Machine
2434 2734 8514 69 80 130 --------20
,
20
15 15 --_- --__ 1212 1212 7
•
1st pref
8
6830
512 5
12
* 15 15
15 17
Cleveland Builders Realty
15 15
ii Id 15i, yi ii yi
•
Cleveland Builders Supply._. 28 26
34 34 34 35
35 35
34 35
34 34
Iron pret. .* 99 9514 93 95
9112 95
Cleveland Cliffs
9412 9512 93 9534 9312 95
i00 110 ill's 111 112 11112 113 112 11312 112 113 112 11314 94 id ii 1414 54 Id 55 If 65 ii 55 Id
Cleve Elec 111 6% pref
1123 113% 111 113
4
• 68 69 68 68
Cleveland Quarries
2
67 67 87 67 67 67 66 68 --------6565 110 11112 III 112 110 11212 1103 114
--------6565
100 99 99 100 10112 100%102
Cleveland Ry
--— --- -_99 100 97 97
95 95
_
Certificates of deposit_100 90 93
87 79 91 9318 90 93 88 92 89 911 8412 8912 -------------------------------87 -79
83 85
79
74 79
75 17
prior pref....• 234 3
31i 230 214 2 4 230 212 230 212 230 212 218
76
Securities
I
3
230 2% 212 214 212 2 2 230 2 77 6630 75
3
•
1774 18
15 17
230 2
15 15% 15 16
ieve Union Stock Yards_.... 17% 18
ev e
15 16
17 17
1612 1612 --------13 15
14
1412 14 15%
1412 1612 12 13
1230 1212 12 12
Cleveland Worsted Mills-100 13 14
8
8 --------8
8
d & Buff Traneit__
7
8
612 7
8
25 25
612 3% 6
25 25
25 25
100 114 114 2
318 312 3
3
312 312 312 3
Cleve & Sandusky Brew
3 ____ ____ 3
3
8
8
212 212 2
12 8
_ _ __ 5
100 54 i
3
6
3
5
Preferred
814
512
_
__ 4
4 ____
__ _-__9
•
_ 125 135 iii 138 135 137% 124 128 100 125 --------115
7
2 9%
Cliffs Corp•t c
-115 ----- ----- -2432 2412 __-— 101 101
Columbus Auto Parts pref • --------20 25
-- 19 19
15 20
15 15
17 18 ___
1112 -• 17 1730 16 16
15 -12- 12
12
erclal Bookbinding
15
12% 14
13 17
'..3c.
17 20
18 1812 15 15
12 14-115 15
BANKS.
1114
E
214
1366
[VOL. 134.
FINANCIAL CHRONICLE
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1930 (Continued).
STOCKS.
January February
March
April
August September
June
July
May
November December
Odober
Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
$ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per ahar
'Cooper-Bessemer
•
3034 30 4
3
25 25
---Preferred
•
493 493
4
4
---Detroit-Cleveland Nay
10
14
14
Dow Chemical
• 73 75 684 - - - -io- 7312 72 1i
70 7212 "a" 11'- 6414 70 -;i8- 14
7
66- -88- 1i- 7111 98
-Preferred
100 ____ .--- 103 103 103 103 10612 10612 10412 106 106 106 106 106 106 106 1055 106 106 106
8
Eaton Axle & Spring
*
237 237
8
s
23 3114
/
1
4
3018 3018 28 28
Edwards(William)6% pref_160 ___ ____
74 74 - 74 74
73 73
75 "75"
Electric Controller & mfg..--* 64 65 "ii 83
5713 IA 58 70 68 70 6334 -70
70 7712 70 71 "
76 82
Enamel Products
10
10
10
10
11
11
7
712 8 10
11
* 11
884 814
Falls Rubber
4
* 3
412 414 43
4
Preferred
25
Faultless Rubber
342 35
37 31- -584 if• 343s 35
4
4 15
35 Ii" -5ii8 If" -882 . .12 -883 35
35 37
FederalKnitting Mills
281a 29 __
30 343 2922 3212 25 2612 30 30
• 3014 33
25 28
3318 38
33 34
4
Ferry Cap & Set Screw
12
12
10 1018
15 1512
187 1912 1834 183 15 16
* 19
8
19
4
Firestone T & R
10
6% preferred
72 7812 7112 7112
---- 6958 —- -1 -58f4 191100 82 85 8114 83
72;
8114 867 82 86 8012 81
2
8
Foote Burt
193 1938 15 20
8
---25 3312 27 2758 20 2714
2112 25
24 25
• 22 22
Fostoria Pressed Steel
9 10
712
Gabriel Company
* 54 &4 7
25 150 160 140 155 1351 163 148 157 135 140 ii5- 140 130 130
115 125
General Tire & Rubber
85 87 89 89 86511 88
8312 88
90 90 86 87
6% preferred
100 8812 91
90 90
90 90
10 10
14 14
10 10
16 1812 14 16
7
8
17 20
20 22
Geometric Stamping
• 22 25
Glidden
35 35
•
Prior preferred
102 105 10232105 -554 166100 100 100
30 31
3122 32
Godman Shoe Co
• 33 33 -3024
4012 4112 -55- 33
Goodrich (B F)
•
9113 9112
Preferred
-8222 821
100
9014 9014 82 85 554 554
Goodyear Tire & Rubber
---•
4
993 100
4
4
-55- 16- 1013 1013
Preferred
•
102 102
Great Lakes Towing
98 100 -55- 98 "5-1; 95
100 94 94
-Preferred
100 110 110 110- 1 16- 113 ffi 112 112 Hi- 112 ioo- 100
391 41
41
42 4212 41
36 395 38 3814 -5i- 38 -88- -- -141 43
Greif Bros Cooperage A
• 3914 42
8
36 2
90 118
121 121
__---__
Guarantee Title & Trust_100
100 100
Ha le Brothers
10 36 37
100 9814 99
Preferred
III.
iHanna(M A) 7% pref
87 preferred
* -i5- 21
Ilarbauer
11
• II
Harris Seybold Potter
100 105 10514
Higbee 1st preferred
100 105 105
Second preferred
• 81x 18
India Tire & Rubber
100 55 55
Preferred
'Interlake Steamship new.._.• 82 8414
• 25 28
Jaeger Machine
Jordan Motor
Preferred
10 -29 33 Ksvnee Company
100 96 97
Preferred
Kelley Island Lime & Transn-• 4212 44
Korach Co
100
Lake Shore Electric
2712 2912
Lamson Sessions
• 27 3112
Leland Elec
Loews Ohio Theatres 1st pf.100 99 99
37 3734
37 38
96 99 98 99
125 128
90 90
21
2112 25
24
10
10
105 10512 105 105
105 105
-- -18 2512
13 19
55 55
80 87 80 81
80 85
267 28
8
267 2912 2712 28
8
373 38
4
9712 99
11
3012
97
43
5
28
32
11
33
97
43
5
-5597
2412
5
4
2912 29
33
37
99
Marion Steam Shovel pref__100
Maud Muller
100 9912 99 2 9812 9812
,
McCaskey 1st pref
4412 43 4312
• 41
McKee (A M) class A
3154
97
45
5
4
2912
33
99
78 80
10
10
99 99
44 50
44 59
100 105
Ii" 3 30
101
„--
37 37
37 37
99 100
9912 100
95 96%
18
50 50
763 77
4
25 27
70
22
971
40
423
28
33
2912 ii" Wi 20
z
36 38
36
36
9712 9712
80
42
-9012
2112 18 20
38
21
35
6
3314
25
7
1938
60
17
1479
6
367
8
25
7
1938
64
18
147
a
35
25
47
8
177
8
58
144
133
4
-88r2 14 2
1-28"
II
-
21
-
-5516312 103
- 25
21
89
26 261z 25
35 35
25 25
9712 97 2 -9814 166- 10012 10012 96 100
96
,
17
-65- oil
174 1712 20
77 -i5- 7112 -7012 "ii" -657
4
22 _20 21
253 21
4
2214
158 15
8
14
8 10
8 10 -io25 28
9714 88i2 - 1- 9712 9712
91 2
343 373 3618 39
8
38
35
4
5
27
37
3
0
-56- ----49 12 -, 5- 12
-- 1
105 105 103 105
14
14
6612 601s "a" "8"651: 6
7
7
- titi
104
2214
89
26
96
-55- 15616 1714 17 17
218 4
1
2
4
10534 106 1013 1064
10212 10212 97 101
15 193 12 16
4
59
-55- 85
17, 2012 1415 4 14
2
3
3
8
13
1212 "II - 3- "ii
13
11 4
2712 2712 25 2612 25
073 973
8
4
35 364 -3513
40 -55- 36
5
70
25
2
/3 2 -RI W- 19
-135
361±
26
6
17 /1
7
66
17
1334
4
212 3
4
110 115 100 100 -55- 300
8612 87 88'2 86,2 76 8612
44
6
612 6
3
6
----55- If"a /3 4
- -11712 12
ii- 14
16i2 1612 183 193 1514 20
4
4
63 6914
70 80
4218 48
373 373 -_-_-_-_
8
s
15414 f041- 168- 1681- 188T8 1051- 1551. 1654
2
- 8
- 2
4 - 1105 105
17 2313 -1514 17
11
11
15
1312
1212 1212 10
1212 11
29 2912 2812 29
40
99 100
$ per share $ per share
14'2 18
34I
15I
12
- -1X
61
15
3
8
13
26
3513
5
15
----
-55- 95
----
80
----
-io-
10
----
48 57'2 -55- If 5413 5814 "Li" 1818 45 48
54 57 '55- 58
45 45
'
64 "dr
00 103
943 95
4
96 10012 96 96
Medusa Portland Cement_
31
tiO
29 3012 26
2418 26
22 26
Metropolitan Paying Brick._ • -55- 234 2418 "28" - 1- 24 18
26
21 2
- 21 25 2412 26
180 too loo 101
100 100 100 100 100 100 100 100 100 100 102 102 100 100 100 100 1003 100 4
Preferred
4
3
2312 2312 1812 1812
Midland Steel
• 233 25
23 23
22 25
4
2514 121- -35- 2922 3312 27 29'2 2412 25
di 28 32 -28i2 32
Miller Drug
22 22 -18- 18
2
32 39
27 33
50 52 38 3914
Miller Rubber preferred____100 20 32
47
1014 1212 11
• 8t2 1312 11
12
14
7
2
5- -- 5- —51 164 -6" 16" -5- 10
8 16
7
512 8
104
Mohawk Rubber
8
8100 55 55
45 45
40 40 50 50
50 50
35 35
Preferred
• 25 25
25 25
-io- 15 -io- 10
Murray Ohio
46 114
397 40
4012 413 4122 49
8
42 42 -55i3 - 2 37 3912 3812 40% 40 4012
-3712 4034
74
341Myers Pump
8
100 102 102
10412 10412
_ 102 1043
- 10412 10412 1045 10458
4
Preferred
6
8
8 1018 7
10 2112 213 2612 2614 2414 2518 -2214
8
1312 312 13
18
13
18 -ii- Tit- 1284 15
4
National Acme
4
National Carbon preferred.100 13112 13112 13112 13112 13112 13312 132 135 132 132 13214 13214 129 13212 133 133 132 132 131 131 131 138 130 130
25 3314 34
8
32 34
2712 1912 205 1712 20
30 31
303 33
4
33 334 32 34
2718 271_ 26 2712 24
30 30
National Refining
4
100 130 130 131 132 132 132 1324 13214 13214 13212 131 13214 13112 13112 131 13114 1313 1313 1313 132 130 134 132 132
4
4
Preferred
714
• 2614 28
7 1012 682 712 5
10 11
18 23
1714 26
27 29
13
1512 18
10 13
1718 1212 15
National Tile
3
3
50
10
10
10 10
10
10
National Tool
25 25
30 30
100
50 50
Preferred
15
8 23
4
15
213 4l
212 282 124 214
4
21
5
7
54 10
8
134 "I"
615 7 2 5
9
,
Nestle-LeMur A
2314 2312
233 243
4
25 25
4
2414 25
4
2412 2412 243 243 24 25
4
Nineteen Hundred Washer---* 2412 25
512 712 —84 -- 1- -7 4 -14 5
5
3
5 2 13.
37
418 4
•
North American Sec A
94 9814 99 10112 10112 102 10218 10212
8
94 97 9512 97 97 977 9412 97 9412 100
NOP&L 6% preferred____100 90 92
4
4
Ohio Bell Telephone pref .100 111 113 110 11214 11012 114 113 116 113 115 114 116 11214 116 11212 11412 11212 114 110 115 1053 114 1043 10612
65 6912 6612 7012 6012 69 60 6512 60 6312
65 70
7512 74 755 73 7614 72 75 65 73
8
74
74
• 70
Ohio Brass B
100 101 10212 103 104 103 10312 10412 10512 106 107 107 107 105 10612 105 106 106 106 105 106 10512 106 106 106
Preferred
8
8
Ohio Confection ------------*
21
19 25
23 25
24
25 25
28 2812 2512 28
30 3212 29 30
32 35
37 4212 35 35
• 44 45
Ohio Seamless Tube
99 99
4
100 1003 1003
4
Preferred
132 1324
--534 934
4
2 385-581 - 4 -301 /14
•
Otis Steel
1724 13 15
18
12 1318 978 10 1
3
if
tif- 14 - - 15 1I4 17 17
20 25
titi 20 21
213 2318 21- 4
Packard Electric
912 12
8 10 4 812 912 8
812 812 1112 10 1112
8
9
8
,
9
812 12
12
11
Packer Corp
15" 14 1514 14 15 10 15 11 12
42 4514 4912 4912 14
36 40
35 39
Paragon B
214 214
_-_B(indorsed)--------------5 - _ _-_.
11
1434 11
iS's 14 IS"
—54 15
8
Certificates of dposit
1412 1412
1212 14
12
8
712 58
8 94 123 11
•
A preferred
1212 i48
-114- ---- -1 11 1434 147 15
141,1 , 4
Voting trust certificates__•
2514
243 26
23 2414 "ii
2412 273 26 27
4
21
24
4
4
8
173- 26 29 27 16 26 -ti/3• 23 2611
Patterson-Sargent
9 10 8
3
8'2 11
11
50 6
1112 11
Peerless Motor
— 514 514
5
3
334 4
8
88 5
5
312
10
New
3612 477 -571 4 41- 37 38 -5i - 37
8
17 214 19 21
1 4
441 473 -, 81- 46 -,15i4 6;- 4412 48
• 39 43
Reliance Manufacturing
25 25
2412 2412
25 25
247g 25
25 25
Republic Stamping & Enam.*
75 7712 "Lii
7
75 8312 "78 80 "75 80
7522 -55- 64
82 9212 80 86
50 6012
88 99 8714 94
* 7914 88
Richman Bros (new)
2
2
4
412
River Raisin Paper
*
"4"1" 3 3
2
E4
- 513 -- 7- 512 512
4
512 6
512 -W1
2
2 14
Robbins & Myers set 1
• 512 7 7 7 12 612 612 6 6
4
512
3
4
3
3
2
2
65
8 714
Series 2
* 514 7
878 912 9 9 12 8 9
118
11
1112 11 - 5- 10 11
-- -- 612 612 612 7
1434 1012 11
11
25 10
14
Preferred v t c
1
218 1
5
512
5
1
5
1
118 118 1
8
8
Scher Hirst A
* 8
12
51
513 634 712 51 "Ifit 412 6
612 g
4
6
412 6
5
7
1414 1812 1112 1612 712 1412
SeiberlIng Tire & Rubber__ • 1014 16
3412 39
-- 30 30
40 40
41 60
30 38
36 36
35 35
50 70
65 78
Preferred
8
100 647 74
1324 1324 1314 133 11
11
13 15
14
1012 15
12
8
13 15
1212 11
134 11
Selby Shoe
1112 13
15
18
• 1712 20
94 94
90 90 90 90
95 95
90 90
Preferred
100
25 25
2518 2518
25 26
Sheriff Street Market
• 30 45
74 8314 73 793 71
85
79 "ii
4
7834
Sherwin Williams
66" 57 62
572 .
25 80 85 -551 2 if WI 82 8311 85 81
4
105 10512
Preferred
106 10612 107 109 106 10712 105 1063 10512 107 105 107 105 10612
100 105 107
912 9
9
9 2 912 9
,
8
212 5 8
7
8 153
8 8
Smallwood Stone
*.
8
2214 2284 223 2212
Sparks Withington
ticr
---- 90 ---Preferred
100 ---Stahl Properties
---*
---14
14
Preferred
100 ---"41 i" 118 114 183 1 14
-114
.Standard Textile
8
* 3
14 14 114 13
312 212 31
34 3
3
49 52
30 4212 38 384
25
A pref
52 56
---- 24
54 56
• 47 61
56
58
9 10
13 pref
---- ---27 2712 27 27
• 2712 2712 3012 35
Stearns Motor (F B)
ta
•
30 '
Stouffer Corp class A w w
titi"H" 16 "i8" 2583 "25 25
• 31
35 -32- H- -5ti- 34 -55- 33 -554 3238
• 20 20
Sun-Glow Ind Inc
15 21
15
15
17 18
15
21
19
1912 21
15
1717
15
17
934 15
Thompson Aeronautical
• 6 6
Thompson Products A
* 23 297 -55i• 87 -55- - z 35 39
tift8
3
37 3714 -511- 341 2I1 30
New
•
Trumbull Cliffs Furnace pi 100 101 10312 Hi- 163 2 104 104 104 106 106 106 106 106
- 13714 44
34 4512 40 .44
Union Metal
• 3312 34
32 34
33 34
14
„ 14
Union Mortgage
100
---la
18
---18
18
First preferred
100
------- ---Second preferred
100
IR
IR
----
12
12
14
14
11
12
11
11.
2413 25
8 1120l 26 -1514 21 -IF IS 167 -- -i5i4 125
10212 10212 102 102 10014 10014 101 1013 10114 10114 10012 10013
4
32 3414 30 3212
334 38
40 40
39 40 373 39
4
18
18
---4
4
18
12 ------12
12
----
rm. 20 1932.]
FINANCIAL CHRONICLE
1267
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1930 (Concluded).
STOCKS.
April
May
August September
January February
!larch
June
July
October
November December
Par High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
•
Van Dorn Iron
Preferred
100
VIchek Tool
•
S
Weinberger Drug
New
•
Wellman Seav Morg pref_ 100
Wellman Engineering
*
Preferred
100
Western Res Inv Corp pt.....100
$ Per share $ Per share $ Per share $ Per share 8 Per share $ Per share $ Per share $ per share $ per share $ per share $ per share $ per share
712 9
712 914 712 812 6
6
7
612 612 7
812 9 4 8
3
5
7
912 912 11
3
44 514 3% 4%
-60 60
70 70
-12
iLi2 1112 13 15 --------12 -1212 5 --- 5 2012 204 lois 10 iL
20 10i2 -6 W4 16 '51-8 111
3j*4 35
3312 39's
214 15 "2
1014 --- 20 7
- ii 1612 15 16 15 17 4 14 17 14 1f iii li 14;3 --6
21
17
so 8514 8712 ao 86 88 874 8724 . ---ii- 1
--i- -_-_-_- -_--100 foo
9814 100 98 984 96 98 --------05 98 90 90 90- - 90
99 99 98 98
98 98 ------------------------90 90 --------90 90 --------79 79
97 97
yg.
4
White
50
___ ____ ____ ____ ____ ____ ____ --- --- ---- --- --- ____ ----- 27 -2Motr
0 26 26
Preferred
100 101 1024 10212 10212 104 10412 104 104 --------105 1064
White Securities prof
100
4
ioii 166 168 foI- ioii2 f6i5- 155- 104 - 102i2 fO314 165- 104 Wood Chemical "A"
Obo
- 97
Youngstown Sheet & Tube_ • ---------------- 150 150 ii8i fii14 _
4
_
_ ._ .
.
Preferred
too
:
4100 Oa 16614 5512 WI 55 166 56 16614 5558 16614 55 166
iitz100 los 9958 101 993
1064
siir,
BONDS.
Canton & Akron 55
1913
City Ice gets mtge 6s
1933 98 9812 --------99 99 ----------------99 99 100 100
99%100 4 ---- ---,
- ---- ---68
---- -------------------------------------------- 100
1936_
__ iiiii 166 1554 1-60- 4 ---1
Cleveland RY 5s
19411 ---- ------------ 99 1004 10012 100% 99% 993* --------100 100 --------10014 10014 10014 10014 100 10014 1011
Cleve S W Ry&Lt Div Mtge 5054 2411 25
23 2414 23 2314 ____ ____ 23 23 --------------------------------11
2412 25
11
foe
N 0 T & L 5s
Steel & Tubes deb 6s
WB&ARR 5s
1933_
1943 954 -97
9612 97
97 100
10014 101
100 101
101
___ ____ 99 4 99 4 155
3
3
4
-12 993 99 993 97
4
10112 100 100 49 -3
166 __-- --- ---- 993 943 4
4 97
9312 9312
RIGHTS.
Miller Drug __________________ ____ ____ __ ____ ____ __
Peerless Motor
No par value.
THE CINCINNATI STOCK EXCHANGE.
In the following we furnish a monthly record of the high and low prices on the Cincinnati Stock Exchange
for each of the twelve months ending Dec. 31 1931. The tables include all stocks in which any dealings
occurred during 1931 and the prices are all based on actual sales.
MONTHLY RANGE OF PRICES ON CINCINNATI STOCK EXCHANGE FOR 1931.
STOCKS.
January February
March
July
August September
October
November December
April
May
June
Low High Low High Low High Low High Low High Low High Low High Law High Dow High Low High Low High Low High
$ per share $ per share $ per share 5 Per share $ per share $ per share $ per share $ per share 5 per share $ per shar $ per share $ per share
Ahrens Fos B
Aluminum Industries
1212 1512 1418 - - -58 12 19
12 133 10
143 15
4
14
151 1112 13
15
163 15
- 4
1i 12i2 10 -10 14 -123
4
4
American Laundry Machinery- 42 45
35 3912 3214 3512 27 32
3914 42
2112 261 1812 218 1814 23
2612 31
253 27
4
25 30
15
19
American Products preferred
__ _ _
__ ____
13 13 -----------------------------------------------6
13
13
6
American Rolling 51111
.___-2812 35
27 _37
2612 ---4 24 12 33
201 10 131 1012 14% 712 11
3334
1614 273 153 2411 19% 2412 20 21% 11
4
American Thermos Bottle A
8% 912 83
4
41
514 9
4 912 9 10
4
6
4 8 __-_ ____ 612 612 6
714 812 53
418 4
418
Preferred
4812 494 49 50 483 (0 ,.: 73 49 453 47 ----------------44 44 --------35 40
4
4
Amrad Cory
Baldwin
New 6% preferred
Biltmore Emo meg
Burger Bros
Carey (Philip) meg
Preferred
Central Brass A
Central Trust
Champ Coated Paper
First preferred
Special preferred
Champion Fibre pref
Churngold Corp
Cincinnati Ball Crank, preY......
Cincinnati Car Corp B
Preferred
Cincinnati Gas & Electric pref.
Cincinnati Mill Mach
C N & C Light &Traction
Preferred
CNO&TPRy
Preferred
Cincinnati Street Ry
Cincinnati & Sub Bell Tel
Cinti Tobacco Warehouse
Cincinnati Union Stock Yards
Cin Union Terminal pref
City Ice Sr Fuel
Preferred
Coca Cola A
Cohen (Dan) Co
Col Ry Pr & Lt 1st pref
Series B preferred_
Cooper Coro Preferred
Crosley Radio
Crown Overall prof
Crystal Tissue
114 115
115 115
120 120
__ . ____ ____ ____ ____ ____ ____ ____ ____
113 114
118 118
--,
---- --- ____ ____ ____ ____ 109 4 110
266 266 265 26514 265 265 265 2. . 2f3 200
___ - — --__ --- 200 200 200 20
200 200
10714 108 108 108 10914 110 108 10
106'1106'4
10112 10312 1034 105 104 105 10412 10614 102 105
_ 1041210514 105 10514 ---99 103 ____
-___---- 11
11
143
4
11
1112 8% --5% 43* -8
8 12 4
5
20 20
1
1
5
8
-34
is
14
-12
1.
4
11
14
14
s
s
4
14
3
4
1 12 2
13
8
8 1
1% 13
----------------249 ii6
_
_
----------------185 200 ---------------- 150 isi
1
_ _ 104%105
1O321064 104 104 102 102 __ __
95 100
102 102 102'2102'2 100 100
96 -9
6
85 95
95 95
99 10014 --------95 95
4
---__ 100, 101
9314 96
54 -7
412 48 ------------------------2
2
1001210218 10014 103
10212 10312 10314 10414 98 104
265 265
____ - _
10714 10i
102 102
14
_
_
10118103
_ ____ ____ 9214 9214
ra -18
102 10312 103 10414 10218 104
14
12
14
14
12
4 --------
18
14
12 --------14
14
4
14
863 963* 89
4
i'
s
12
4
91% 74
14
2
4
89
58121- ----------------------------------------90 16
66
290 290
295 295
:4
109 1094 1001 10912 109 109
--- --- 373 40
4
31 8
6
3812 40
3414 3 -12 2:1 - 7- ai 14
36 38
374 39
3812 40
30 20 28
- 55 "3112 20i2 4
10i2
9614 9714 97 997 99%10312 100%10312 983 10012 9712 99
921 9912 90 9312 7512 914 68 75
7312 79 64
4
1012 1012 1014
23 29
1 934 18 20
28 29
21 if 15 ii 104 - 18 19
26 284 25 26 --------24 14
108 109 10912 10912 --------108 109 10912 1093 109 109 --------107 107 106 106
4
36 37
3614 37
2812 19
20 12 27
30 3014 287 30
s
3612 37
8
32 3612 313 3214 29% 307 31 32
783 80 80 81, 85 8614 88 88 8614 8614 7912 83 -- ____. _
4
____ ____ 6814 71
_
4
32 34
-30 30
30 3334
1512 1612 111 -- -12 16
16
4;
16
IL -15-12 ___ ____ 12i2 -1--3 14r2 10 1412 16 16 10 1334 1334 ------- --_
108 1083 ----------------109 109
4
__-- ---- 10712 108% --------108 108
107 108 lt1 12 14 1 , 109 no 1.55 166 4 —,, •4
1
-.,:'
:- .7.1
...
,1..
-'..'
'.
11
11
11
17 1 --------16 ID
11
15 -77
1112 1112 4% - ; lb Io
11
11
16
16
434 71a 6
- 1 612 8
53512 4
3
53
4 44 6
54 63
414 3 4 5
8 44 5 --------5
8
24
102 102
ia
22
743*
18
- 31
-
____
-- 11
10
3%
Dayton & Michigan guar
____ __ ___
3o3 393
Preferred
Dow Drug
618 11 ii68 11 13 1412 10 ---34 15is 11 714 1612 712 8 4 5 VI: 534 7 5 7 5 13
512 43* - 0
Preferred
95 100
96 100 100 100 ----------------9314 9314 ------------------------88 8814 88 88
Eagle Picher Lead
5
53
4 4% 51
4 5
7
418 63
5 18 4 8 4 412 512 5
4 412 512 43
512 $14 514 514 54 514 53
7
514
Preferred
95 95
---80
Early & Daniel
24 2412 24 - 1 55 . 28 31
21 4
3
58- 16 58 1E --------25 15 Hi if ii 164 ii Yi ii Yi
Cumulative preferred
Egry Register A
_ . - - 25 27
2612 2612 _--10 _..-- -_-_ __—
10 lii ___ lii -Excelsior Shoe
_
_ ---- ____ ___
-- -___ _-__ ____ _-- _---- --- -. _
.
. _
Fenton preferred ______
_ 92 92
Formica Insulation
25 20 24 116- -Hitt Iii" -55 22;-23- 16- -55- tio
8
22 2312 22- - . iii7 li ii If- "1412 1658 ii- Yii
-1
2
H
4
Fyr Fyter A
18 18
10
General Machinery pref
__
_ __
1
-E12 16ii8 jai- 162- 99':103 -55- la- jai- 161" -_-_-- ---- --- ---- --- --- ---- ---- 934 _—
•
Gerrard (S A)
U 4 8
5
612 472 614 512 612 512 512 5
512 4
4 _
____ ___ 212 3
21, 44 _ _
Gibson Art
343 39
4
3612 39 3512 37
3314 3612 3212 35
33 363* 341, - 4 30 32 35
4 34330 333 30 32 20 35
4
00
Globe Wernicke preferred _____ __ _-- _
-. _
- 43 43
-__
Goldsmith (I') Sons
1511 iSis 14 15
147 15_ ___
8
-_ ---_ ___- -_-_ __-- ---_ ---- ---- --__ _--Goodyear 1st pret
. _
Gruen Watch
32 33
32 32
32 32 201- --- 20i2 - 14 26 4 32
21 --------22 - - 55 Iti30
-- 21
a
Preferred
107 109 105 107 4 10614 1073 102 1074 102 104 100 102 ---_ ---- __-_ ---- --__ ---- -55 16 "lois lil
,
4
---- ---- __-- ---- ---- :-::
Hatfield Campbell
_.
__ _ _ _ _
Preferred
21 85 16 ..,, . 55 -- ____ ___ ____ - -- ____ ---- -_-.. ---_-__ 55 26
Hobart Mfg
35 - - iii -41
3112 551 16 5i12 8
38
3v1 3612 38 31 3512 3612 30 35
35 37
273 3
4 0 2814 29 4 24% 28 4
3
3
International Printing Ink
12 12 ____ ---_ 13% 1414 -------7.
7
714 953 ----------------7
7 ---- ---- 6 4 63
3
4 412 44
Preferred
____ ____ ____ _--- 70 70
63 6512 58 65 58 58
52 6212 --------66 58 -___ ---- 40 413 2552 45
4
/
1
4
Jaeger
Johnston Paint preferred _____ _- - __.. . _ _
_
_
_ _
212 - 12 -2
Julian & Kokenge
5 TO i I 5 1 814 114 8'8 ii4 i 118 __-_ ____ 514 lila -___ ____ 5 0
6
6
i —.6
89% 89% 89 89 89 89 89 89 ---- ---- ---Kahn s(E) Sons 1st pref
-- ------ ----Participating A
28 2812 30 30
30 304 30 3012 --------25 25 --- 23 24 ---- ---- ---- --- 2
2014 22
18 2
01-ii" Ifi
mfg A ________ --__
- 212 3 ____
Kodel Electric &
tto2 ---14 24 3114 2834 -- -7- 28 3234 264 35 22.3-8 --1-14 261 - 7- 55 "iiii i518 115- 10 -- 1i -- 12
25
Kroger Grocery
3 s
4
3
4
4 308
8
2
04
2
0 123 1712
4
971 973 --- -___ 9912 1003 101 1014 100 101 10112 102 10012 10218 101 10112 100 10118 983 10018
4
Lazarus preferred
4
4
98 9812 93 95
10
12
Leonard Custom Tailors
400 400
Lincoln National
___ ioi 162 ioi 161 155 161 ii Little Miami guaranteed
6612 9784 -6154 9684 9731---- ---- ---- ---- .... ____. ---- ---- -...
"W. ii
Special
Lunkenheimer
--
27
32
27
28
27
2712 25
25
25
25
____ ___. 25
25
-___ ____ 24
24
iF i--_ - —
_-
___
ff
'.
---------------15-
1268
FINANCIAL CHRONICLE
[Vol.. 134.
MONTHLY RANGE OF PRICES ON CINCINNATI STOCK EXCHANGE FOR YEAR
STOCKS.
1931—(Concluded).
January February
March
May
April
July
June
August September October
November Decay ber
Low High Low High Low High Law High Law High Low High Low High Low High Low High Low High Low High Low High
$ per share $ per share $ per share $ per share $ per share 8 per share $ per share $ per share $ per share $ per share $ per share 8 per share
2
2
2
2
218 21s 314
2 14 114 2
2
17
8 4 --------2
1
112 1
112
3
4 114
118 2
3212 3212 --------3115 3112 ____ ____ ____ ____ ____ ____
34 35
4
347 35
3312 3412 33 34 --------323 33
8
Magnavox
Manischewitz
McLaren Cons Cone A
-6 ------------------------634 5
5
Meteor Motor Car
Moores Coney A
B
14
14
12
12
12
20
9
9
____ ____
2012 2012 -----------------------2
2 ----------------3
2
57
112
37
2
112
312
is
314
18
12
13
13
13
Nash (A) Co
Newman Mfg
Paragon B
B $10 paid
__________
It $14 Paid
V tc
___ „-- -__- ---- ____ -___ ____
_ _
.
_ _
_ 165 1- 6
6
_
_. _
i3 4 -.1 66 65i, "iCps 6ii4 "if 65 6514 85 Wii. 85 WE
170 1705 172 185 175 184 177 183 17312 177 170 175
8
10512 110 108 109 108 10812 10818 10812 10714 109 10712 109
..-- -- £1i- -aig
7" --- 80 - - -7- -/1- 8
0
- 81 8
-- 6
6
A preferred __ __
Procter & Gamble
8% preferred
5% preferred
Pure Oil common
6% preferred
8% preferred
-7-8-is -iii- -6-67- -ii)s
Randall A
B
Rapid Electrotype
Richardson
Sabin Robbins Paper pref
Second National
1312
4
40
15
____
1412 14
4
33
4
46
40
16
1112
____ ____
15
5
4014
13
____
1412
414
40
12
80
Preferred
15
1438 15
13
412 414
45
8 4
327s
40
34 40
10
12
1314 10
80 --------80
___
_
_ ._ _
_.
_. _
_
65 WE 55 WE io - . 5534 ii ii 493; 5812 liti
612
175 17712 --------175
10712 112 109 111 107
---- ---- ---- ---- ---63 4 6912 65 67 60
3
175
112
-_-_
643
4
----------------150 150
106 109
97 99
99 106
-___ ____ ____ ____ 37
8 3a
7
59 62
44 60
5512 61
1412 12 14
1214 1412 14 1412 14 14
1212 1312 1212 1312 113 1218
4
5
412 514 4
414 4
414 4
5
4
4
37
8 5
33
4 411;
32 34
32 32
29 32
37
323 33
263 28
4
4
27 273
4
27 29
10
10
10 ----------------9
9
914 618 8
83 10
4
9
80 --------80 80 80 80 ----------------75 75 ---- ----
___
United Milk Crate A __________
_ 11
11
8
1218 14 --------12
14
___ ____ __-_ ____ 1118 1118 8
___ ___ __ 117 12
8
U S Playing Card
____--- 47 4912 41 473 383 42 37 49
46 50
38 43
4
1812 23
363 4012 3412 40
4
4
25
22 255
25 34 --__- 8 -2212 U S Print & Litho (new)
12 15 --------12 12
10 10
10 10
7
9
9 10
9
9 ------------------------ 47 4 a
9
Preferred
(35 Shoe
Preferred
25
25
Waco Aircraft
312 312 312 312 114 i
312
.
2
____ ____ ____ ___
1i --- 1
414 4
s 178
4
4
5 4
21s 3
4
Whitaker Paper
54 .54
Preferred
10412 10614 --------48112 0512 106 105 11111 1116 1(.1.
- 1ii -- 14 ii 9
1
6i
,2
---Wurilt/er (R) 7% pref
____ ---_ 93 93 ---- --__ 913 913 90 92 --------85 85 ____ --- --- ---- ---- ---- ---- ---- ---- ---4
4
RECORD OF PRICES ON CINCINNATI STOCK EXCHANGE.
We are indebted to Richard Seving, Secretary of the Cincinnati Stock Exchange, for the following compilations showing
the high, low and closing prices on the Exchange for each of the last four calendar years—based on actual transactions.
For record of previous years see "Financial Chronicle" of Feb. 211931, page 1301; Feb. 15 1930, page 1040; Feb. 16
1929, page 963; Feb. 25 1928, page 1113; Feb. 26 1927, page 1135; Feb. 27 1926, page 1086; Feb. 28 1925, page 1020.
HIGH, LOW AND CLOSING PRICES ON CINCINNATI STOCK EXCHANGE FOR 1931, 1930, 1929 AND 1928.
Calendar Year 1931.
LISTED SECURITIES.
High.
Law.
Close.
Calendar Year 1930.
High.
Low.
Close.
Calendar Year 1929
Calendar Year 1928.
Close.
High.
Low.
Close.
Ahrens-Fox A
15
10
10
20
15
17
8
7
7
715
12
12
Aluminum Industries
10
1934
12
11
3034
15
48
25
2234
American Laundry Machine
45
17
15
75
38
4234
65
99
68
American Products corn
8
6
6
1734
16
16
34
18
1734
Preferred
13
10
24
10
18
18
1834
20
32
American Rolling Mill
7
8
37
100
28
30
80
143
65
--------------American Seeding Machine
------------------Preferred__
American Thermos A
10
4
436
20
i"2-15-9iji
-9--9-Preferred
50
35
35
52
48
42
4734
49
50
Amrad Corporation
15
1934
15
32
21
12
19
11534
19
Atlas National
540
540
500
540
500
577
Baldwin new
7
2
1
2
6
97-1
29
436
93-1
60
New 6% preferred
35
35
6034
75
60
74
1073-4
60
Biltmore Manufacturing
734
5
22
28
5
25
5
734
39
Buckeye Incubator
10
-„
1634
27
234
6
Burger Bros
9
10
234
5
834
13ya
3
55
Preferred
51
47
51
52
52
Byers Machine A
2434
17
17
15M
114-3134
30
120
534
26
2234
4934
91-3034
2434
83
54
20
11
43
19
15M,
9234
3034
2734
9534
536
22
18
47
180
Carey (Philip) Manufacturing
120
Preferred
234
Central Brass A
266
Central Trust
Central Ware A
zoo—
Champion Coated Paper
110
1st preferred
10534
Special preferred
10534
Champion Fibre pref
1434
Churngold Corp
Cincinnati Advertising Products
2034
Cincinnati Ball Crank pre(
1
Cincinnati Car B
Old
Preferred
104.4i
Cincinnati Gas & =lectric pre(
Cincinnati Gas Transportation----____
Cincinnati Land Shares
100
Cincinnati Newport & Covington Light & Trac
90
Preferred
156
9934
1
249
295
10934
Cincinnati New Orleans & Texas Pacific
Preferred
Cincinnati Postal Terminal pre(
Cincinnati Street Ry
Cincinnati & Suburban Bell Telephone
3Incinnati Tobacco Warehouse
Cincinnati Union Stock Yards
3Inclanatl Union Terminal pref
City Ice & Fuel
Preferred
:lace Cola Bottling A
Cohen (Dan) Co
156
9934
134
249
280
120
134
280
200
111
1
265
1815-- 186—
561 ,
2
10734
49
84
34
25
230
12334
28
276
234
142
112
10534
108
35
5514
55.
q
55--
450
115
85
5534
130
420
105
70
40
10434
420
105
70
43%
110%
480
121
92%
55
128
55--
, 1i
1,
55--
24%
350
11034
76
4534
119
itr-
222
120
2234
255
2%
115
108
105
10534
35
294
10834
75
373-1
97
285
9934
106
27
71
30
1331
275
12634
2934
276
4
142
114
110
110
5036
294
10534
75
36
91
275
9934
16--
9
42
--
__
95q9
.
9
160
151
150
12234
110
170
125
110
104
10934
9734 100
80
75
85
75
3M
103
--109
96
90
106
27
6834
30
1334
'.i
9
42
----
90
125
110
93
70
31
75
---____
90
90
.§--.
10934
37
88
34
1634
im
151i
104
36
80
29
15
iq
18
107M
36
803-4
31
1536
aa.- :1
:
.;,•.
5414
56
,
15
56
3434
20
21
49%
420
110
85
4934
10
034
15
35
450
11234
85
5034
11934
15
45
61.-56 -
5EW
56-,
i
5,- .
1
----
109%
102
109%
108
108
1olumbus Railway Power & Light let pref
104
10734
104
109
10934
10934
98
109M
10934
B preferred
10534
107
100
100
110
10934
—
46
18
looper Corporation
18%
70
5O-- io-- ii
16-so
24 4
Preferred
ii-17
24M,
107
22
334
4%
sg
127
2M
:rosley Radio new
17
234
18
110
103
106
103
102
Irown Overall pre(
102
108
102
104
105
10734
23
1734
19
1134
:rystal Tissue
1134
2331
17
20
2236
hlyton & Michigan3934
5634
5534
Hale Ice Cream
5534
slo
1
- ---8§..1
58
107__
_ __
__
iouillaa pref
-_109
i§
6
-8
low Drug
io
4,‘
4114
14M
io
1
i734
45
98
88
WO
100
Preferred
88
125
102
105
130
15
434
5
434
agle-Picher Lead
434
734
2434
13
223-1
1134
102
100
80
Preferred
80
100
103
80
118
101
101
40
22
18
arly & Daniel
18
2
31
75
2534
40
534
9334
100
95
Cum preferred
70
95
70
108
95
110
104
107
23
dry Register A
18
23
18
23
27
37
3734
2734
28
4
iiii
49
-1434
56
_
9934
165
135
13834
90
34
74
---____
90
81
ii—
25
104
100 4
---98
95
86
105
10334
101
14
49
20
M
66
24
103
95
---98
95
81
zoO-- zoo —
.
110
10534
10834
23
6234
26
2
1.6
295
230
115
115
83-4
834
273
275
134
134
165
200
10334
10334
100
105
105
105
18
2034
29
60
25U
28
Y434
545-- 55/- 537
4034
110
105
10534
102
1434
49
20
M
251—
95
95
95
2
---20g
61
Low.
401
126
2834
290
1%8
200
11234
107
109
37
70
40
534
200
113
136
265
95
85
933(
2
20
M
iii—
10334
High.
61
----
---
10731
105
62
84
25
102
10834
1093-1
68
85
110
107
3934
58
109
36
125
1534
100
56
106
29
331
3934
5836
109
40
127
2034
100
72
110
36
33-4
FEB. 20 1932.]
FINANCIAL CHRONICLE
1269
HIGH, LOW AND CLOSING PRICES ON CINCINNATI STOCK EXCHANGE,1931,1930, 1929, AND 1928((Joncl)
LISTED SECURITIES (Cond.)
Calendar Year 1931.
High.
Fay & Egan
Preferred
Fenton United Clean
Preferred
Fifth Third Union Trust
First National
Fleischinann pref
F011niCa
Foundation
Investment
Preferred
French-Bauer deposited
Undeposited
Preferred
Fyr-liyter class A
Gallaher Drug new pref
Gerrard (S A)
Giant Tire
Gibson Art
Globe-Wernicke
Preferred
Goldsmith Sons Co
Goodyear 1st pref
Gray & Dudley
Greiss-Pfleger pref
Gruen Watch
Cum preferred
Hatfield-Campbell
Preferred
Hobart Nlanuiacturing
International Printing Ink
Preferred
Jaeger Machine
Johnston Paint prof
Julian & Kokenge
Kahn's E. Sons 1st pref
Participating A
Kelley-Koett preferred
Kemper-Thomas
Special preferred
Kodel Electric & Mfg. A
Preferred
Kroger Grocery & Baking new
1st preferred
Lazarus preferred
Leland Electric
Leonard Custom Tailors
Lincoln National
Little Miami guaranteed
Special guaranteed
Lunkenheimer
McLaren Cons Cone A
Magnavox
ManIschewitz
Preferred
Mead Corp preferred
Mead Pulp & Paper
Preferred
Meteor Motor Car
Moores-Coney A
Nash (A) Company
National Pumps Corp
Newman
Ohio Bell Telephone pref
Ohio Shares pref
Paragon Refining B
B $13 paid
Voting trust certificates
A preferred
aPearl Market new
Procter & Gamble old
New
8% preferred
6% preferred
5% preferred
Pure 011 6% pref
8% preferred
Putman Candy
Preferred
Queen City Petroleum pref
Randall A
Low.
Close.
92
92
92
29%
11
11%
Calendar Year 1930.
Low.
Close.
High.
36
180
99%
320
420
25
180
99%
255
398
25
180
99%
255
400
30
50
195
105
380
451
8
2
2
39
29
29
55
15%
89
43
14
88
19%
100
2
20
24%
33
109
4
50
41
14%
70
3
10
89%
30
25%
3
5
89
16
93
12
400
102
5
400
82
32
20%
4
35
15
19
%
31%
80
19%
102
2
20
24%
5
25%
3
42
113 4
,
5
84%
50
57
101%
26
42
105
5
68
33
10%
55
14
32
105
5
68
3414
10%
55
95
30
5i--
8
80
21%
89%
28
45
105
8%
20
47
42 3.4
100%
3
19
17
94
32
10
400
101
22%
29
19
1
35
118
70
32
12
400
101
47
32
20
134
35
118
80
§5-5
400
82
12
2%
12%
71
185
15
20%
1
31%
9
3
3%
84
90
3%
17%
13%
24
-
55
15
88
76%
-
9
14
2%
91
4
25
18
103
18
3434
75
60
16
81
90%
12%
102
16
96
18
34
60
60
16
81
90%
5
89
16
12 -
12
45
119
80
15
29
5
115
36
34
115
36%
150
41
150
3
15
50
56%
OTsi
100
94
26
19%
420
100%
42
28
16
96
37
20
500
100%
44
37
20
9
13%
1
94
19
25
106%
7
33 4
50
3
14%
50
50
i§--
15
11%
11%
19
5%
3%
11
Rapid Electrotype
41
27
27
60
Richardson
16
6%
23
Rollman Sons pref
Sabin-Robbins Paper pref
Second National
185
175
21;-Sparks-Withington Co. pref
Sycamore-Hammond
Preferred
United Milk Crate A
14
8
12
U S Playing Card
50
18%
19
91
U S Printing & Lithographing old
New
15
4%
43
, 55
Old preferred
New Preferred
38
55
55
U S Shoe
3%
Preferred
31
Waco Aircraft
10%
Western Bank & Trust(new)
37
Western Paper A
Warren Ohio Telephone pref
Whitaker Paper
54
15
15
78
Preferred
106%
97
97
iosx,
Wurlitzer(Rudolph)
150
7% preferred
93 85
100
a The 1930 prices are based on new stock: other years are based on old stock.
1234
434
39%
15
--
--
14
88--
Valuations of Cincinnati Stock Exchange Securities for Tax Purposes.
for determining the amount of the tax
As a guide
on dividend-paying and non-dividend-paying securities listed on the Cincinnati Stock Exchange, under
the new Ohio tax law, the following records may
prove helpful.
The records herewith show the last previous sale
and last previous bids and offers during the month of
December 1931 on the Cincinnati Stock Exchange
for non-dividend-paying stocks. In such non-dividend-paying stocks in which the last previous sales
were recorded many months prior to the close of the
year 1931, they do not represent the actual or fair
market value. Therefore, in order to determine
75%
9Tsi
80'
14
'
24
4
16
1§53i 1§A;i10
46
1134
50
IL--
39 i8
35
34
2%
3
30
54
104
150
90
2434
4234
105
3
19
18
165
2g
4.
22;
2r1
3%
30%
55
108%
150
90%
50
28
500
107
48%
50
22%
55%
994,
31
20
45
110
5%
19
44%
118
60
90
12
20
3
120
25
25
10735
102
9.%
60
99
12%
24%
5
120
35%
27%
112
102
9
283.4
52%
600
485
100
190
22%
550
279
44%
160%
46
600
443
53%
161
6§K
164--
111
104
116
10
92%
96
105
4
85
22
13%
71
58
100
249
13
5
39%
20
9-9
240
98%
112%
5
85
i5-5
40
21%
100
240
38
142
130
33%
105
52
8
65
28
30
97%
50
3%
25
834
87
107%
523.4
102
105%
108
108--
91
103
33
102
52
301i
9
12
43
164
105
350
420
125
30
16
19%
99%
10i--
105--
26
54%
97
99
24%
103
14
43
88
94
23
94
14
50
92%
95
24
101%
100-.
H
99
44%
111%
12
97
57
116
19
105
75%
60
101%
43
104
37%
108
43%
97
28%
89%
29%
100
35
100
50%
114%
13
98
69
60
101
43
90
32
100
36%
59
112%
55%
50%,
128%
120
49
112
13
26
70
115
49
112
16
31%
116
115
4436
430
4i6-110% 102%
410
104
47
28
160,
49%
33
21%
46
25%
16%
3834
55--
3334
101
27%
65K
71
104%
32%
65--
185-
82
112
45
160%
48
28
32
117
106
23
115L--
105
17
11234
106
23
20
43%
560
300
17
40%
495
249
20
43
560
284
20(7)
115%
170
105
197
111
115 .
.567,
4
nog
115%
17
101%
103
75%
230
104
107
254
150
27%
101%
37
136
85
16§-
1-9
90
Close.
18
16
90
118
78
108%
36
32
10
195
47
40%
116
105
28%
12
35
90
94
330
360%
120
20
104%
:19'7A
33
118
Low.
18
22%
100
• §67
1
168g
--
43%
36%
101
12%
16
99
18%
16
97
28%
20
41
104
5
19
43
160
175""
26%
20
101
12%
15%
90
18
16
48
190
105
374
420
128
30
36
104
42
25
50
110
29
22
116
103%
69
90
5
80
97
50
84
30
30
180
100
300
425
41
75
70
22%
95
95
95
44%
110%
5%
75
45
47
96%
34%
180
97
44
73
15
25
180
100
300
400
37
72
80
17
90
95
95
40
110%
5
75
45
42
92%
33
110
100%
113%
5
80
112
85
101
High.
58-92
97
36%
104
120
101
60
116
13%
98
70
68%
108
45
7
12%
1
94
19
25
105%
12
12%
34
24%
420
102%
47
41%
22
Calendar Year 1928.
Close.
84%
37%
104%
13%
16
99
28%
28
90
50
75
71
22%
101
90%
3
35
25
90--
18
103
20%
Low.
58--
53%
90
18
Calendar Year 1929.
High.
12%
90
100
114
14
90
103
34
172
97
97
241
114
25
100
26%
109%
62
64
230
103%
99%
258
150
25
100
36%
111
85%
165 - 166-- 1•5693.4
72%
53.4
45
8
66
100
76
108%
20
100
52
102%
20
100
76
108
116
117
the market value as of Dec. 31 1931 the members of
the Cincinnati Stock Exchange most interested in
these securities were consulted and the values given
by them are set forth in the first column.
As to the dividend-paying securities, the second
column shows the actual amount of dividends paid
on all listed securities during the year 1931, on which
amount the tax is based.
Prices as Actual
Determined Amount
bij Brokers ofDir.
as of Dee. 31 Paid in
1931.
1931.
Cincinnati Stock Exchange Quotations.
COMPANY.
Las: Previous
Sale.
East Previous Bids and
Offers During Month
of December 1931.
Bid.
5
1
(Div. payer)
7
Abrens-Fox A
10 May 27'30 No bid
7 Jan. 24'31 No bid
1.50 Aluminum Industries
Amrad Corp
15 Mar. 28'31 No bid
Offer.
No offer
No offer
No offer
1270
Cincinnati Stock Exchange Quotations.
Prices as
Determined
by Brokers
as of Dec. 31
1931.
Adual
Amount
of Din.
Paid in
1931.
COMPANY.
Last Previous
Sale.
Last Previous Bids and
Offers During Month
of December 1931.
Bid.
(Div. Payer) 2.25
2
(Div. payer) 1.00
(Div. payer) 0.50
(Div. payer) 0.90
(Div. payer) 3.50
(Div. payer) 15.00
(Div. payer)
2
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
5
20
Si
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
5
•
•
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
23:6
,
•
15
(Div. payer)
(Div. payer)
(Div. payer)
4t)
(Div. payer)
(Div. payer)
50
(Div. payer)
(Div. payer)
(Div. payer)
10
10
20
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
ios 1
(Div. payer)
(Div. payer)
(Div. payer)
3 b• 20
S
[VOL. 134.
FINANCIAL CHRONICLE
Am Laundry Mach
American Products_
6 Dec. 2231
Preferred
Amer Rolling Mill
Amer Thermos A
Preferred.
Atlas National
2 Dec. 2831
Baldwin
Preferred
6.00
Biltmore Mfg
7%June 2331
..02 Brownell
0.8734 Burger
Preferred
4.00
8.00 Carey (Philip)
Preferred
6.00
50 Dec. 2829
Carthage Mills
Preferred
92 Oct. 16'29
fiApr. 2630
Central Ware A
Central Brass A
1 S‘May 731
12. 0 Central Trust
8.00 Champion Coated
1st preferred
7.00
Special preferred
7.00
7.00 Champ Fibre, pref
Churngold Corp
2 Dec. 3031
3.50 Cin Adv Products
10ct. 2631
Cin Ball Crank. pref. 203
,
SiDec. 2331
Cin Car B
hDec. 2231
Preferred
5.00 Cin Gas At Elec. pref.
10.00 Chi Gas Transporta'n
6.00 Cm n Land Shares"
6.00 Cin Milling Mach. pf_
1.00 On Tobacco Ware
6.00 C N & C Lt & Trac
Preferred
4.50
11.00 CNO&TP
Preferred
5.00
6.50 Chi Postal Term. pref
3.00 Cin Street Ity
4.50 Chi Ar Sub Bell Tel
1.85 an Union Stock Yard
5.00 Cin Union Term. prof
3 60 City Ice de Fuel
Preferred
6.50
2.50 Coca Cola A
1.60 Cohen (Dan)
6 00 Col Ry Pr & Lt 1st pf.
B preferred
6.50
Cooper Corp
1834Dec. 1829
Preferred
16 Dec. 3031
Crosby Radio
234Dec. 3131
Crown Overall, pref.. 102 Jan. 1431
0.6234 Crystal Tissue
1.75 Dayton & Michigan
Preferred
4.00
Dixie Ire Cream
55340ct. 2'30
Douglas(John) pref_. 110 Mar. 529
0.50 Dow Drug
Preferred
7.00
F.agle licher
43.iDee. 3031
Preferred
80 Apr. 831
2.00 Early & Daniel
Preferred
7.00
2.00 Egry Register A
Excelsior Shoe
1 Dec. 2831
Preferred
101 May 2631
Fay & Egan
30 July 2429
Preferred
25 Dec. 2330
5.00 Fenton United
Preferred
7.00
15.00 First National
2.00 Formica
Foundation Invest_
28 Mar. 731
4.50
Preferred
1.75 Fyr Fyter A
5.25 Gallaher Drug new pf
Griess-Pfleger pref.._ 95 Apr. 3029
No bid
No bid
Cincinnati Stock Exchange Quotation*.
Prices as
Actual
Determined Amount
by Brokers of Div.
as of Dec. 31 Paid in
1931.
1931.
Offer.
No offer
7 Dec. 31
bid
bid
bid
bid
No offer
No offer
No offer
No offer
No bid
No offer
No bid
No offer
(Div. payer)
15
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
5
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
15
(Div. payer)
(Div. payer)
234
(Div. payer)
No bid
No offer
No bid
No offer
No bid
No bid
No offer
No offer
No bid
No offer
No bid
No bid
No bid
No offer
No offer
No offer
Si
Si
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
None
1
4
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
NO bid
No offer
No bid
Last Previous
Sale.
Last Previous Bids and
Offers During Month
of December 1931.
Bid.
(Div. payer)
(Div. payer)
(Div. payer)
No
No
No
No
COMPANY.
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
(Div. payer)
Gerrard (S A)
2 Dec. 2831 No bid
2.60 Gibson Art
Globe-Wernicke
75 Sept. 2530 No bid
Preferred
3.00
1.10 Goldsmith Sons
6.50 Gray & Dudley
1.50 Gruen Watch
Preferred.
7.00
Hatfield-Campbell
2 Dec. 2831 No bid
Preferred
2.00
2.50 Hobart Mfg
Int Print Ink
5 Dec. 3031
Preferred
6.00
0.5134 Jaeger Machine
0.75 Julian & Kokenge
Johnston Paint pref.._ 2SiNov. 431 No bid
7.00 Kahn's Sons 1st pref
A
3.20
1.50 Kelley-Koett pref
3.00 Kemper-Thomas
Special preferred
7.00
Kodel A
134Dee. 2231 No bid
Preferred
19 July 330 No bid
1.00 Kroger
5.25 Lel3lond Schacht pref
6.50 Lazarus preferred
1.00 Leland Electric
0.25 Leonard
14.00 Lincoln National
4.30 Little Miami
Special preferred
2.00
1.373i Lunkenheimer
Magnavox
1 Dee. 3131
2.50 ManIschewitz
Preferred
7.00
Mead Corp preferred_
6.00
1.00 Meteor Motor
McLaren A
2036July 1031 No bid
,
0.8134 Moores Coney A
SiDec. 2931
6.50 Nash
National Pumps
334Dec. 1131 No bid
1.3134 Newman Mfg
Omaha At C B pref.
1 Dec. 831 No bld
Paragon B 513 paid__
360ct. 2731 36 Dec. 31
V t c $13 paid
2%Jan. 2231 No bid
10.00 Printing Machinery
Preferred
10.00
7.00 Queen City Pet pref
2.40 Procter & Gamble
8%
8.00
5%
5.00
6.00 Pure 011 6% pref
8% preferred
8.00
2.00 Randall A
0.25
2.00 Rapid Electrotype
Richardson
63iDec. 3031 No bid
6.00 Sayers & Scovill. pref.
10.00 Second National
6.00 Sparks Witbington pf
Standard Drug A_
2 Dec. 1029 No bid
Sycamore Hammond.
Preferred
2.00 United Milk Crate A.
2.87)4 S Playing Card
U S Printing
43.6Dee. 3031 No bid
Preferred
3.00
S Shoe
Sine(' 431 yi Dee. 31
Preferred
1 SiDee. 2931
1.50 Western Paper A
Waco Aircraft
3131
1.20 Western Bank
2.00 Whitaker Paper
Preferred
7.00
4.75 Wurlitzer
7.00
Preferred
Offer.
No offer
No offer
No offer
No offer
No offer
No offer
No offer
3 Dec. 31
No offer
3.6 Dec.
No offer
No offer
No offer
No offer
1 Dec. 31
No offer
*Note columns showing last previous sale recorded on Cinch:it:tat' Stock Exchange.
Indications of Business Activity
THE:STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, Feb. 19 1932.
The feeling in this country is more optimistic, but there
is no marked improvement, if indeed any at all, in general
trade. The optimism in other words is not yet aggressive.
Caution is still the word everywhere. Collections remain
very slow. This, of itself, of course, tends to pravent any
marked improvement in business. Yet the undertone is
undoubtedly better. Hope is in the air. The stock market
has been rising. Bonds have been conspicuously strong,
some times captaining the rise in stocks. Secretary of the
Treasury Mills estimates the maximum new currency at
$3,500,000,000 on the basis of the gold reserve. The Bank
of England rate of discount has been reduced 1% to 5%.
The Scandinavian bank rates have also been reduced in two
instances. There are intimations that France may follow
the example of this c9untry in the matter of anti-deflation
measures. As the case now stands the average business
man has had so many disappointments he is inclined to go
slow until it becomes perfectly plain that the trade of the
country is headed for better times. In his present mood it
seems almost too good to be true. Wholesale and jobbing
business is still small. The retail trade would be better if
temperatures were much lower in the Central West, and
also for that matter hero in the East. Buying is still of the
hand-to-mouth order, though retail business is somewhat
better than it was last week. Iron and steel are still very
dull. Some advances are being asked for steel, but the
actual business as yet does not seem to increase. It will
depend largely on the attitude of the automobile trade.
The grain markets are all higher, under the stimulus of a
rising stock market, and the expectation of more or less
inflation. Also them has latterly been some improvement
in the export trade for wheat, though it could be much
better than it is. Cotton has advanced 30 to 40 points,
with a persistent trade demand, home and foreign. China,
Japan, India and Europe are all buying American cotton
persistently. It is the favorite this year. It was under a
cloud last year. The Far Eastern demand is predicated on
the relative cheapness of American cotton and to some extent
on its superior quality. China and Japan are buying the
actual cotton at the South, it is said, quite freely. Sugar
has declined 2 to 5 points, with nothing decided as to the
coming crops in Cuba and Java. These are thorny points
in the sugar trade. Coffee has been irregular, ending 22
points lower to 10 points higher, but in general lower, with
the spot business dull. It does not appear that the Brazilian
program of destroying so much coffee each month is being
carried out. At least, that is the idea in some quarters.
Rubber is 2 to 5 points lower and the actual rubber is below
4c., reaching new low levels in a dull time. Silver has
advanced 45 to 56 points. Cocoa is up 25 points and silk
down 4 to 8. Spot hides have been more active, but March
delivery is off 43 points.
In Chicago the feeling is much more cheerful. In New
York City the sales of automobiles and tires are equal to
FEB. 20 1932.3
FINANCIAL CHRONICLE
those of a year ago, and the collections on these lines are
as prompt as they were then. In some of the larger cities,
notably in the East, the department store trade has improved
a little, but there has been no big demand for any one article.
Women's clotning has sold rather more readily, but dry goods,
men's clothing and house furnishings have been distinctly
dull. Rochester, N. Y., reports that the stocks of sporting
goods are large, owing to the unseasonably mild weather
this winter. Radio goods are also in big supply, as the demand is only moderate in these times. Jewelry is still dull.
Among the industries, shoe manufacturing makes the best
showing. At most centers of the shoe trade the factories
are working on full time. Cotton goods have latterly been
more active and firmer here. Things are looking better at
Charlotte, N. C. Ninety per cent of the gray cotton mills
have agreed to keep thcir production within bounds to the
end that stocks may be kept down. Wool in Bostan and
Philadelphia has in some cases declined. The leather trade
is not so good as it was recently. And then it was nothing
large. Machinery and tools are selling at lower prices. The
tobacco industry is doing fairly well. Building is very quiet
throughout the country, though with building wages lower
in a number of cities, the building trade will make a bettor
showing later on. The building permit values for January
again decreased. Refined petroleum has been depressed
with stocks increasing. There was less demand for kerosene.
A determined effort is being made to prevent overproduction
of crude oil and in the Mid-Continent section the situation
is said to be somewhat better. The lumber trade is as dull
as ever and most of the mills in the Pacific Northwest are
not running. In Pittsburgh, the manufacture of plate
glass is backward. Failures in the manufacturing world,
however, show a marked decrease from the previous week.
In the stock market on Saturday, Feb. 13, on a notable
outburst of activity the sales in two hours of excited trading
partly on foreign buying ran up to some 2,600,000 shares
and prices advanced 2 to 21 points. Traders greeted the
advance with cheers. It was due to the U. S. Credit plan
whereby some $2,500,000,000 currency may be put into circulation and a halt called on deflation and depression. In
two days $7,000,000,000, it was figured, had been added
to the market value of stocks traded in at the Stock Exchange here. Bears beat a hasty retreat. Union Pacific
headed the rise with an advance of 125 points net, Ameri%
3
can Can rose 73%, Allied Chemical 7%, Western Union 63%,
3
Delaware & Hudson 163%, Atchison 9%,U. 5: Steel common
3
53%, Steel preferred 7%, du Pont 53% and American Telephone 16. At times the ticker was six minutes behind the
trading. It was the largest on a Saturday since May 3 1930.
English operators caught short, it is understood, covered
hastily. Bonds on heavy trading for a Saturday, advanced
1 to 9 points. German government bonds were the most
active of the foreign issues. The 5 2s advanced 2 and
the 7s 23%. Belgian advanced 1 to 2 points and French
% to 13 . Japanese advanced. U. S. Government issues
4
advanced 3-32 to 31-32.
On the 15th inst stocks declined under the natural realizing
after the swift rise of Thursday and Saturday. Some stocks
declined 2 to 3 points with many declines only fractional.
Toward the close most stocks regained some of the loss.
London was active and higher. So was Paris. Bonds here
were active and firmer and many domestic issues rose 1 to 6
points. United States Government bonds were higher with
Liberty 43%s conspicuously active. Foreign bonds were
irregular. German were active with prices in some cases
to 13% points lower. Some other foreign issues advanced
a point or more. Four large copper mining companies,
three of which, compose the Kennecott Copper group,
passed their dividends on common stock. They were the
International Nickel Co. of Canada, Ltd., largest producer
of nickel in the world; the Kennecott Copper Corp., one of
the two largest copper companies in the world, and two
companies dominated by the Kennecott, namely Utah and
Nevada Consolidated. On the 16th inst. stooks for a time
were hesitant but in the last hour rallied sharply with bonds
strong and wheat up 23% to 3c. Stocks ended in many cases
2 to 6 points higher. A rise in United States Government
bonds of 4-32 to 1 20-32 points made Wall Street prick up
its ears, especially as it was reported that the anti-hoarding
movement was meeting with some success. But apart from
that, all sorts of bonds were in sharp demand and 1 to 2
points or more higher. This looked like building and from a
strong foundation upward. Big buying of bonds was of
course regarded as significant. And United States Government issues led the way upward. Net advances in stocks
1271
3
7
included 4% in Union Pacific, 5% in Auburn, .53/i in Amer.
Telephone, 43/i in Atlantic Coast Line, 33% in Westinghouse
Electric and J. I. Case and 2% in American Can. Some
called it a "creeping bull market" with not so much mere
creeping either.
On the 17th inst. stocks advanced for a time and then felt
the force of profit taking in an average decline of about 3
points. This was nothing surprising. The sales were some
2,185,000 shares. Reflective people are watching the bond
market sharply. It stands inspection well. On the 17th
inst. it was 3 to 7 points higher on some domestic issues,
though in general the rise was small and some declined.
But U. S. Government bonds were still the backbone of the
bond market. They advanced 2-32 to 14-32 and five issues
were at the highest thus far of the present year. Argentine
issues led a general rise in South American bonds. Domestic
railroad issues fell Yi to 1 point, generally only a fraction.
Stocks and bonds, especially bonds, act better than they
did earlier in the year. They hold advances with greater
tenacity. The big lurches downward have disappeared.
London cabled that efforts of the United States to raise the
level of prices may be copied by France and that it was the
opinion there that a concerted anti-deflation policy by
France and the United States would be the greatest single
step possible to arrest falling of prices and turn the world
toward prosperity. London thinks the American effort will
be successful.
On the 18th inst. stocks were higher, especially in the
last hour. The trading, it is true, was a little under 1,700,000 shares but the later tone was distinctly better. The
New York Stock Exchange put a severe curb on short selling.
After April 1 member firms must get the written consent of
customers before lending stock. Frightened shorts had in
the last hour some inkling of what was coming and covered
heavily. The short account was large. Prices rose in some
cases 3 to 4 points from the early lows. After the close New
York shorts covered hastily in San Francisco and Los
Angeles at rapidly rising prices. This attracted countrywide attention, even putting up the wheat market. Cotton
advanced 12 to 15 points. The stocks most wanted by
shorts in the later trading, both here and also on the Pacific
Coast three hours after the New York closing, were United
States Steel, American Telephone, General Motors, Southern
Pacific, United States Industrial Alcohol, Allied Chemical
and Bethlehem Steel. Southern Pacific, it is true, fell 53%
points net on the passing of its dividend but this was merely
an exception. The reduction of 1% of the Bank of England's
rate of discount was considered significant. England as
well as France may join the United States in a reversal of
the deflationary trend that prevailed so long.
To-day stocks advanced 1 to 7 points on covering owing
to the new rule at the Stock Exchange prohibiting houses
from lending stock after April 1 without the customer's
written consent. The sales were up to 2,400,000 shares, or
800,000 larger than yesterday's. Prominent in the rise were
United States Steel, American Can, American Telephone,
Allied Chemical, Eastman Kodak and J. I. Case. Steel
common rose to 53%, going above 50 for the first time since
Dec. 9, and American Can went to 733% for the first time
since last November. Many stocks reached new high
levels for this movement. Later, after the urgent covering
had simmered down, prices reacted and some even closed at
a net decline. Steel preferred advanced 5 points early,
closing at a net rise of only 13%. American Telephone, for
instance, ended 1 point net lower after an early advance of
3 points.
Fall River, Mass., reported a general improvement in
the tone of the local cloth market, although the demand has
been rather spotty. The improvement in tone recently was
due mainly to the continued firmness of prices of both
cotton and cloth and the fact that there are no distressed
goods remaining in Fall River. At Charlotte, N. C., things
are looking better. At Forest City, N. C., the Alexander
Manufacturing Co. sold more goods in January 1932 than
in any other month in its history. It was on full time last
year and still is. The mill manufactures a high-grade of
sheets and pillow eases. The Florence Mills are operating
full time on a day and night schedule. At Rutherfordton,
N. C., the Grace Cotton Mill Co. is operating part of the
plant all the time as it finds the outlook for business better.
At Avondale, N. C., the Cliffside Mills and Haynes plant are
each running five days a week. These plants curtailed last
summer and fall. Huntsville, Ala., wired that Plant No. 2
of the Dallas Manufacturing Co., which has been running
on an irregular schedule for some weeks is on a regular five-
1272
FINANCIAL CHRONICLE
[Vol.. 134.
-
day a week schedule. The No. 1 mill of the company has Annalist Index of
Business Activity for January
-New
been operating for some time on a five-day week schedule.
Low Recorded.
At Lawrenceburg, Tenn., the establishment of an important
The "Annalist" index of business activity for January
shirt manufacturing industry appears to be certain. At
Elkin, N. C., the Chatham Manufacturing Co. is main- records another new low at 62.8 (preliminary), as against
65.5 for December and 74.4 for January 1931. The "Annataining an operating schedule of 24 hours a day in order to be
list" further reports:
able to fill their orders for woolen blankets.
Of the nine
London cabled Feb. 14: "At a meeting of Burnley cotton are available components of the index for which January figures or estimates
all but one showed declines from December, and the one
mill operatives to-day proposals that the strikers snould re- exception, the adjusted index of steel ingot production, was unchanged.
sume wolk pending the results of the conferences between Declines were especially serious in the adjusted indices offreight car loadings,
automobile production and electric power production.
employers and workers were rejected and the strike conTable I gives for the last three months the combined index and its comtinues." Manchester's trade has improved for both home ponents, each of which is adjusted for seasonal variation and where necessary for long-time trend. The adjusted
and foreign account. Dress manufacturers in New York for January is based on an estimated index of electric power production
output of 7,700,000,000 kilowatt
admitted that the trade unions have been successful in hours, as against the Geological Survey total of 7,791,000,000 kilowatt
putting a stop to production in all of the larger and important hours for December and 7,947,000,000 kilowatt hours for January 1931.
The adjusted index of boot and shoe production for
shops. The production of shoes during January showed an Tanners' Council estimate of 20,700,000 pairs, as January is based on the
against a Department of
increase of 4% over the output of January 1931 and a Commerce total of 19,565,554 pairs in December and 19,888,869 pairs in
similar increase over last December. According to prelimi- January 1931. Table II gives the combined index by months back to the
nary figures received by the New York Hide Exchange from beginning of 1927.
TABLE /-THE ANNALIST INDEX OF BUSINESS ACTIVITY AND
Tanners' Council, the production last month amounted to
COMPONENT GROUPS.
20,700,000 pairs against 19,556,000 pairs in December, and
January,
December.
19,889,000 in January 1931.
November.
As to the weather, on the 14th inst. the temperatures Pig iron production
31.5
31.9
36.3
Steel ingot production
32.7
32.7
40.7
were 27 to 43 degrees here, 24 in Chicago, 28 to 36 in Cin- Freight carioadings
62.8
65.6
65.8
*75.0
77.1
76.2
cinnati, 30 to 32 in Kansas City, 30 to 42 in Seattle, and 2 Electric power production
Bituminous coal production
57.1
64.6
66.6
*45.4
to 20 at Winnipeg. Bismarck, N. D., wired Feb. 14th that Automobile production
59.7
33.4
Cotton consumption
70.3
72.1
72.8
heavy snows blocked prairie roads. On the 15th inst. New Wool consumption
67.8
75.4
Boot and shoe
*1072
80.7
71.9
York had temperatures of 24 to 36; Chicago, 24 to 34; Zinc productionproduction
41.6
43.0
41.9
Cincinnati, 32 to 42; Cleveland, 22 to 26; Milwaukee, 18 to
Combined index
*62.8
65.5
65.1
30; Minneapolis, 8 to 22; Kansas City, 28 to 34; St. Louis, •Subject to revision.
34 to 42; Omaha, 18 to 30; Spokane, 8 below to 26 above
TABLE II
-THE COMBINED INDEX SINCE JANUARY 1927.
zero and 4 below to 16 above at Winnipeg. On the 16th
inst. it was 17 to 36 degrees here, the coldest day of the win1931.
1930.
1929.
1932.
1928.
1927.
ter. At Boston it was 10 to 28; at Chicago, 34 to 40; Cin- January
74.4
95.0
105.5
*62.8
98.0
102.2
94.2
76.2
106.1
99.7
104.7
cinnati, 36 to 48; Cleveland, 24 to 46; Detroit, 24 to 40; February
91.2
March
78.0
104.3
99.4
106.9
108.8
Kansas City, 34 to 54; Milwaukee, 30 to 35; St. Paul, 20 to April
80.8
95.0
99.9
104.4
90.0
110.1
May
78.1
101.3
104.8
34; Montreal, 8 to 22; Omaha, 30 to 36; Philadelphia, 22 to June
89.0
108.9
76.5
98.7
103.4
86.4
109.9
78.2
100.5
101.5
32 to 46; Spokane, 20 to 34; St. Louis, 40 to 50; July
38; Seattle,
83.1
108.1
73.5
102.1
101.8
August
82.4
107.3
70.8
102.4
100.9
Winnipeg, 12 to 20. On the 18th inst. it was 26 to 40 degrees September
66.3
October
79.5
105.7
105.0
98.2
here and at Boston it was 36 to 40; at Chicago, 18 to 36; November
65.1
76.1
103.7
96.9
95.5
December
76.1
92.1
65.5
102.0
93.7
Cincinnati, 22 to 42; Cleveland, 24 to 30; Detroit, 20 to 30;
*Subject to revision.
Kansas City, 28 to 46; Milwaukee, 12 to 36; St. Paul, 4 to
34; Montreal, 14 to 16; Omaha, 18 to 36; Philadelphia, 38 to
42; San Francisco, 42 to 60; Seattle, 32 to 46; Spokane, 8 to Loading of Railroad Revenue Freight Improves But
Continues Small.
32; St. Louis, 28 to 44, and Winnipeg, 2 below zero to 12
above. To-day the temperatures here were 22 to 39 degrees.
Loading of revenue freight for the week ended on Feb. 6
At Chicago they were 30 to 36, and Kansas City, 30 to 46. totaled 574,756 ears, the car service division of the American
The forecast here was fair and cooler for Saturday and fair Railway Association announced on Feb. 16. This was an
increase of 13,599 cars above the preceding week. but
and warmer for Sunday.
London cabled Feb. 15th that intense cold prevailed 144,297 cars below the corresponding week in 1931 and 311,throughout most of Europe over the week-end with tempera- 945 cars under the same period two years ago. Further
tures as low as 25 degrees below zero Fahrenheit, in the particulars follow:
Miscellaneous freight loading for the week of Feb. 6 totaled 179,676 ears,
Balkans. Several deaths were reported in northern Italy,
a decrease of
cars below
week, 69,683 cars under the
where temperatures of 15 degrees below zero occurred in corresponding4,142 in 1931 andthe precedingunder the
week
131,599 cars
same week in 1930.
many, sections. At Serajevo, Jugoslavia, the temperature
Loading of merchandise less than carload lot freight totaled 187,542
was 25 degrees below. Milk was frozen in the Belgrade cars, a decrease of 437 cars below the preceding week, 27,897 cars below' the
corresponding week last year and 53,941 cars under the same week two years
market. The Danube was filled with ice floes, stopping ago.
navigation.
Grain and grain products loading for the week totaled 31,424 cars, 1,558
Annalist Weekly Index of Wholesale Commodity
Prices-Slight Upward Movement.
The "Annalist" weekly index of wholesale commodity
prices recovered slightly after 13 weeks of decline and stood
at 92.2 on Feb. 16,compared with 92.0 (revised) the Tuesday
previous [Feb. 9] and 111.0 a year ago. The "Annalist"
continues:
Chiefly instrumental in the rise were advances in the grains, cotton and
copper, with losses in steers and the meats only partially offsetting these
gains.
The Index continues very sensitive to outside factors. The downward
trend that has been characterizing commodity prices in general continued
until Thursday of last week, when the program of the Steagall-Glass bill
for bank aid caused rallies in both the security and the commodity markets.
which persisted into the early part of the present week.
THE ANNALIST WEKE:LY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100)
Feb. 16 1932 Feb. 9 1932, Feb. 17 1931.
Farm products
Food products
Textile Products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
76.3
94.7
79.4
124.4
96.3
107.7
96.6
84.2
76.0
94.9
*79.4
124.6
95,9
*107.6
96.5
*82.3
101.0
114.7
102.8
140.0
105.7
126.2
100.4
88.9
/Ail commodities
92.2
*92.0
111.0
*Revised.
cars below the preceding week, 10,029 cars below the corresponding week
last year and 12,345 cars below the same week in 1930. In the Western
districts alone, grain and grain products loading for the week ended on
Feb. 6 totaled 20,412 cars, a decrease of 8,076 cars below the same week
last year.
Forest products loading totaled 18,333 cars, 638 cars below the preceding
week, 18,094 cars under the same week in 1931. and 35,253 cars below the
corresponding week two years ago.
Ore loading amounted to 1,971 cars, a decrease of 845 cars below the week
before, 3,535 cars under the corresponding week last year, and 6,005 cars
under the same week in 1930.
Coal loading amounted to 128,630 cars, an increase of 20,469 cars above
the preceding week, but 10,086 cars below the corresponding week last
year and 62,228 cars under the same week in 1930.
Coke loading amounted to 7,108 cars, 1,903 cars above the preceding
week, but 2,248 cars below the same week last year, and 4,864 cars below
the same week two years ago.
Live stock loading amounted to 20,072 cars, a decrease of 1,153 cars below
the preceding week, 2,725 cars below the same week last year and 5,710
cars below the same week two years ago. In the Western districts alone,
loading of live stock for the week ended Feb. 6 totaled 15,886, a decrease
of 2,129 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 1931 and 1930.
Loading of revenue freight in 1932 compared with the two previous years
follows:
1980.
1931.
1932.
3,470,797
2,873.211
2,269,875
Four weeks in January
886.701
719,053
574,756
Week ended Feb.6
4,347,498
3,592.264
2,844,631
Total
The foregoing, as noted, cover total loadings by the railIn
roads of the United States for the week'ended Feb. 6.
for
the table below we undertake to show also the loadings
understood,
the separate roads and systems. It should be
FEB. 20 1932.]
FINANCIAL CHRONICLE
1273
however, that in this case the figures are a week behind increases over the corresponding week
last year, the most
those of the general totals-that is, are for the week ended important of which were the Ft. Worth
& Denver City Ry.,
Jan. 30. During the latter period a total of 17 roads showed Colorado & Southern RR. and Gulf Coast
Lines.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER
OF CARS)
-WEEK ENDED JAN. 30.
1932.
Rattan District
Group A
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N.Y.N.H.& Hartford
Rutland
Total Loads
Received from
Connections.
Total Revenue
Freight Loaded.
Railroads.
1931.
1930.
1932.
1931.
1,955
3,105
7,833
688
2,515
10,744
534
2,357
3,791
9,468
739
3,644
12,690
621
2,728
4,042
11,400
810
4,804
15,211
711
267
4,856
8,935
2,090
2,016
11,309
940
355
5,634
11,286
2,871
3,299
13,249
1,209
27,374
33,310
39,706
30,413
37,903
4:56
8,079
11,261
152
1,372
6.705
1,710
19,348
1,662
358
307
20
7,662
7
10,204
14,443
162
1,558
10,802
2,125
25,932
1,739
491
439
23
9r,184
12,687
17.745
239
1,921
12,165
2.532
32.163
1,896
706
477
48
07.24; - 7t868
5,719
6,204
12,022
15,660
1,880
1.957
796
1,139
5,906
8,318
24
61
24,319
32,540
1,570
2,273
29
16
219
273
35
63
55,164
75.010
91,763
58,799
76,402
550
1,587
8,552
60
243
250
1.119
3,081
6,501
3,403
4,155
4,004
3,227
879
5,517
2,445
566
1,841
9,478
66
340
231
2,001
3.839
7,058
4,691
4,685
4,746
4,996
1,277
6,017
2,888
537
2.306
13,064
71
391
399
2,820
5,138
9,477
6,210
6,325
6,843
7,511
1,546
7.669
4,113
949
1,703
10,064
84
68
2,231
1,081
5,687
8,347
162
7,320
3,847
3,901
727
6,448
1,934
1,425
2.443
12,638
89
90
3,061
1,962
8,071
10,824
245
10.443
4.961
5,958
699
9,097
2.773
45,573
54,720
74,420
54,553
74,779
Grand total Eastern District 128,111
Total
Group B
spurt. Rochester & Pittsburgh_
Delaware dr Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western._
Pittsburgh & Shawinut
Pitts. Shawmut dr Northern
Ulster & Delaware
Total
Group 0
Ann Arbor
Chicago Ind & Louisville
0.C. C.es St. Louis
Central Indiana
Detroit & Mackinac
Detroit At Toledo Shore Line
Detroit. Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia
Wabash
Wheeling & Lake Erie
Total
Allegheny District
Baltimore & Ohio
Bessemer & Lake Erie
yBuffalo & Susquehanna
Buffalo Creek & Gauley
Central RR. of New Jersey
Cornwall
Cumberland & Pennsylvania..._
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland.
Total
143,765
189,084
33,224
1,516
z42,274
1,811
11,573
850
18,156
1,671
137
5,852
245
282
196
1,159
57,503
12,214
4,837
45
2,905
239
9,344
12
444
170
1,350
74,864
16,461
7,975
78
3,380
304
11,987
473
575
282
1,331
91,692
20,855
12.917
46
4,132
4
9,935
53
15
14
2,844
32,090
15,232
948
8
12,854
60
21
17
4.015
40,252
20,223
1,846
3,440
188,679
76,998
103,998
16,985
13,404
688
2.958
21,121
17,239
1,070
3,653
28,315
25,691
993
4,684
4,992
3,279
1,199
303
7,682
5.014
1.693
404
34,035
43,083
59,683
9,773
14,793
9,789
985
342
:204
54
1,491
539
389
7,219
19,500
171
13,215
1,378
628
144
106
1,752
550
373
0,492
24,320
214
11,895
1,479
627
200
87
2,009
537
374
9,780
26,774
201
4,229
1,099
751
265
61
1,016
772
3,497
2,960
9,897
806
5,696
1,415
1,022
357
127
1,356
946
4,479
3,984
13,794
936
40,683
52,172
53,963
25,353
y Included in Baltimore Jr Ohio RR. is Estimated
34,112
Southern DtstriaGroup A
Atlantic, Coast Line
Clinchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred & Potomac
Seaboard Air Line
Southern System
Winston-Salem Southbound
-
Col. Leonard P. Ayres of Cleveland Trust Co. Views
Four Developments As Bettering the General
Business Outlook-Reconstruction Finance Coe:.
poration, Lifting of War Clouds in Orient, Agreement for Lower Railroad Wages, and Proposed
Redrafting of Glass Bill for Revision of Banking
Laws Regarded Helpful
-American Workers Better
Off As to Wages Than Workers in Other Countries.
"Business activity has shown no real improvement in
recent weeks, but there have been four developments that
better the general outlook, and make the future prospects
appear brighter," says Col. Leonard P. Ayres, Vice-President
of the Cleveland Trust Co., of Cleveland, Ohio, in the Company's Business Bulletin dated Feb. 15. In citing what
he considers helpful developments, Col. Ayres says:
The first of these Is the creation of the Reconstruction Finance Corporation which is organized to lend public funds to financial institutions
and to railroads. Its purpose is prevention rather than cure. It ie
designed to prevent further suspensions of banks that are inherently solvent, but which have large holdings of assets that are not adequately
1932.
Group B
Alabama Tenn & Northern
Atlanta Birmingham & Coast-AU.& W.P.-West RR.of Ala_
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville dr Nashville
Macon Dublin dr Savannah
MississippiCentral
Mobile & Ohio
Nashville Chattanooga & St. L.
New Orleans-Great Northern
TennesseeCentral
1931.
1930.
198
625
622
3,083
210
875
750
310
695
18,202
15,274
78
104
1,881
2,513
713
469
230
759
751
4,183
315
1,037
1,144
402
954
22,516
21,641
138
233
2,384
3,422
668
597
238
903
892
4.185
476
1,156
953
419
1,078
30.209
29,397
138
347
2.916
3,626
1,046
641
1932.
155
602
845
2,093
152
527
1,093
321
567
8,182
3.344
254
223
972
1.941
256
471
1931.
294
810
1,353
2,870
257
721
1,463
317
870
10,123
5,092
429
397
1,496
2,485
312
606
Total
46,602
61,374
78,620
21.998
29.895
Grand total Southern Dist
-
87,285
113,546
132,583
47,351
64,007
Northeastern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw.St.Paul & Pacific..
Chic. Bt. Paul Mimi & OmahaDuluth Missabe & Northern...Duluth South Shore & Atlantic.
Elgin Joliet & Eastern-----Ft. Dodge Des M.& Southern
Great Northern
Green Bay & Western
Minneapolis & St. Louis......
Mum. St. Paul & S. B. Marie
Northern Pacific
Spokane Portland & Seattle....
1,129
14,052
2,377
17,473
3,198
480
397
3,236
271
7,106
515
1,917
4,497
7,427
747
1,439
19,374
2,887
21,578
4,718
857
887
5,993
317
9,813
562
2,320
5,919
9,456
987
1,602
24,501
3,340
26,857
6,234
1,537
1,661
8,099
372
11,307
742
2.644
7,911
11,442
1,222
64.822
87,107
109,471
30,737
43,299
18,867
3,036
155
16,077
13,208
2.736
1,492
2,529
484
1,887
461
116
12,405
280
252
12,261
865
1,209
24,256
3,673
249
19,851
14,961
2,908
1,166
2,999
330
1,340
610
105
17,368
331
235
14,406
720
1.309
27,639
4,614
248
26,046
17,171
4,881
2,484
5,094
1,010
1,590
897
178
19,081
346
476
17.507
1,487
1.346
3,815
1,668
33
5.137
6,243
1,849
701
1.541
7
787
182
3,289
249
645
5,187
11
1.135
5.847
2,667
55
6.776
8.477
2,982
1.111
1,783
4
1,191
220
124
4,251
279
827
6,138
14
1.165
88,320
106.817
132.095
32,564
42,911
133
170
243
1,726
128
1.584
185
1,642
1,005
415
742
63
4.606
13,796
47
98
7,650
2,291
688
5,079
3,218
1,615
19
151
213
246
1,603
125
1,689
249
2,151
1.467
306
715
95
5,195
17,105
50
119
9.038
2,445
424
6,721
4,479
2,129
32
246
302
369
2,705
374
1,777
532
2.472
1,588
478
1,212
107
6,417
20,858
46
168
11,359
2.814
385
8.041
5,361
2,770
54
2,518
591
110
943
30
2,185
611
1,457
1,123
387
175
482
2.191
6,315
32
86
2.718
1,329
374
2.261
3.274
2,279
32
2.998
286
217
1,282
41
1,954
1,026
1,851
1,158
582
294
520
2,862
8,747
32
151
3,753
2,162
349
3.503
3.896
2.818
48
47.143
56,747
70,435
Total
Centro Western District
Stets. 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
S. P. (Pacific)
Sc. Joseph Jr Grand Island....
Toledo Peoria Jr Western
Union Pacific System
Utah
Western Puffin
1.117
1,576
7,507
9,973
1,861
2,492
5,671
7,874
2,357
3,443
82
152
319
653
4,180
7,377
127
206
1,585 ' 1,834
348
364
1.210
1,672
1,631
2,129
1, 1,836
2,468
906
1,086
4.875
149.057
Total
Total
205,889
111,441
Pocahontas District
Chesapeake dr Ohio
Norfolk .4r Western
Norfolk & Portsmouth Belt Line
Virginian
X previous figure.
163,040
25,298
768
Total Loads
Received Irons
Connections.
Total Revenue
Freight Loaded
Railroads.
Total
Southaest District
Alton & Southern
Burlington-Rock Island
Fort Smith 4r Western
Gulf Coast Lines
Houston & Brazos Valley
International-Great Northern.Kansas Oklahoma Jr Gulf
Kansas City Southern
Louisiana Jr Arkansas
Litchfield Jr Mrdlsun
Midland Valley
Missouri Jr North Arkansas_
Misauuri-Kansaa-Texas Lines
M Valour! Pacific
Natchez Jr Southern
Qu.inah Acme Jr Pacific
St. Louis-San Francisco
St. Louis Southwestern
San Antonio Uvalde Jr Gulf...
Southern Pac in Texas Jr La-.
texas Jr Pacific
Terminal RR. Asso. of St. Louis
Weatherford Min. Wells Jr Nor_
Total
ss
31,503
40.530
liquid. Besides this it will prevent railroad insolvencies through enabling
the carriers to meet maturities that they might not be able to care
for
through banking channels.
The Corporation will not operate directly to cure the evils
of the
depression, but it will tend to restore public confidence because
the
people in general now have certain knowledge that quick
and liberal
credit is available to prevent breakdowns in our credit
machinery. These
dangers have now been averted, and a second group
of perils have been
rendered snore remote by some lifting of the war clouds
in the Orient.
Wide expansion of the zone of conflict appears
unlikely.
The third hopeful development is the agreement
peaceably reached at
Chicago to reduce the wages of railroad workers.
The voluntary decrease
of 10% which the railroad men accepted will
enable a large number of
railroads to meet their fixed charges in 1932, which otherwise
would
have been impossible. In addition some of the lines
will be enabled to
increase their maintenance expenditures. Moreover the new
arrangement
affords impressive evidence that people are accepting the changed
economic
orders imposed by the reduced levels of commodity prices, and
are adapting themselves to the new, rather than striving to regain
the old.
The last of the four hopeful developments is that the
bill of Senator
Glass, designed to bring about a sudden and drastic reform
of our entire
banking system, has been held up, and is being thoroughly
redrafted
by men who are competent, informed, and not
impetuous. When they
have done their work the bill will be less spectacular
than it was before
but far more prudent in its provisions. The Congress
now in session has so
far made a fine record in forwarding constructive
legislation.
1274
Some of the further comments by Col. Ayres in the
Bulletin follows:
Industrial Production.
The volume of industrial production declined in 1931 from April
through December. It rose during the first four months of the year.
According to the index campiled by this bank, and based on the data of
the Federal Reserve Board, the volume in January of last year was 27.4%
below the computed normal level. From then to April industrial activity
ii.creased, and in that month the index stood at only 21.8% below normal.
From April to December production declined, and at the end of the year
the index stood at the record low of 39.4% below normal.
This is by far the lowest record that has been made. The index as
carried back by this bank has only recorded volumes of production snore
than 20% below normal in three previous depressions. It did so in 1808, and
again in the depression of the 90's, and once more in 1921. Before this
depression the lowest figure recorded was that of 27% below normal in
April of 1921.
The record for the past three years is shown by the black silhouette
of the diagram [this we omit.—Ed.], and by the figures in the table that
is a part of the diagram. About the only reassuring feature that it shows
is that the rate of decline has been much less rapid in the past two months
than it was earlier in the year. Preliminary estimates indicate that
there may be a still further decline recorded for January of this year,
but the definite figures are not yet available.
The most important declines from November to December were in the
production of iron and steel, textiles, food products, and tobacco products.
On the other hand important increases were recorded in the manufacturing
of automobiles, and in the outputs of shoes and other leather articles.
In mining there were decreases in bituminous coal and in petroleum, but
Increases in anthracite coal, zinc, silver and lead.
Dividend Reductions.
Dividend reductions always come tardily in periods of depression, and
dividend increases are similarly slow in appearing when the depression has
spent itself and recovery is under way. In this depression, as in previous
ones, the reductions were late in getting under way, but during the past
year they have been numerous. In the diagram the broken line represents
the dividend changes of stocks listed on the New York Exchange as they
have been recorded each month during the past three years. The line
shows the number of changes, but not their amounts. . . .
During the boom year of 1929 nearly all the changes were favorable
ones. Their total in that year was 2,585 without counting 471 cases of
stock dividends. During the same year the unfavorable changes were only
263, or about 10 favorable changes for each unfavorable one. The
depression was well under way during 1930, but nevertheless the favorable
changes still outnumbered the unfavorable ones, but not by any great margin.
During 1931 these conditions were sharply reversed and the unfavorable
changes have been by far the more numerous. It is interesting to note
that in all three years the changes in December have been far more
numerous than those in any earlier month.
The records of the numbers of favorable and unfavorable changes do
not extend back far enough to make possible comparisons of conditions
in this depression with corresponding ones in former similar periods.
If we had the data they would probably show that dividend changes now
are taking place in normal fashion. In the depression of 1903 the highest
dividend payments of a group of representative stocks were made in the
quarter just before prices reached their lowest levels of the bear market,
and in the following bull market the lowest payments were recorded
shortly before stock prices reached their peak. There were similar developments during and following the depressions of 1907-8 and 1914-15.
Iron and Steel.
The production of iron and steel followed a declining trend during all
except the spring months of 1931. At the beginning of the year the percentage of available blast furnaces actively producing iron was 33. It
rose to 38 by the end of March and then entered upon an unbroken decline that carried it down to 19 by the end of the year. At the close of
January 1932, the percentage as reported by "Steel" was 20. During the
entire history of this series running back for half a century the percentage has only once fallen below the level reached in this decline, and
that was in the summer of 1921.
The changes in the uses of steel products in 1931 as compared with
those of 1930 were not great. Building construction remained the largest
consumer, taking about 17% of the total output. Automobiles were in
second place, with the railroads a close third. Each of these industries
took about 15% of the tonnage. In earlier years for a long time past
the railroads were the best customers of the industry. The decrease in
production has been accompanied by declining price trends for nearly
all iron and steel products except rails, and the earnings of the steel
companies have been sharply reduced.
The United States Steel Corp. reported the smallest monthly, quarterly,
and annual earnings in its history. Its showing for its common stock
was a deficit of $12,000,000. Its net receipts were about $46,000,000,
which is not much more than half of their total in the depression year of
1903-, and in the war depression year of 1914.
As we enter the new year the hope for the steel industry is in automotive
production, which is getting away to a OIONV start. In 1931 the output
of motor vehicles in this country was 2,390,000 units as compared with
3,356,000 in 1930, and 5,358,000 in 1929. January output was 122,000
this year, 172,000 last year, 273.000 the year before, and 471,000 in
January 1929. The output in the first month of this year was little
more than one-quarter of that of January 1929. Automobile makers have
introduced many improvements to stimulate sales and render old cars
obsolete. They are proceeding cautiously, with one anxious eye on the
public, and the other on Mr. Ford. .
Real Wages.
The American industrial worker who is employed appears to he far
better off than the corresponding workers in other countries. This is
not a new conclusion, but it is one that now has far better statistical
evidence to support it than has been available heretofore. This new
material comes from the so-called Ford wage report of the International
Labor Office of the League of Nations. This report attempts to determine
how much a worker in each of the European cities in which Ford has or
plans to have factories would need to expend if his general standard of
living were to be approximately equivalent to that of his Detroit counterpart.
The report affords by far the best material we have for making comparisons of the cost of living in different cities located in various countries,
because it tells how much it would cost in each of them to buy the
equivalents of those necessities and amenities of life that can be purchased
In Detroit by the earnings of a Ford worker supporting a family. We
also have data showing the daily earnings of machinists in the several
cities, and by putting the two sets of figures together it is possible to
jind out for all these localities how much a machinist can buy with his day's
[VoL. 134.
FINANCIAL CHRONICLE
pay as compared with the purchasing power of the daily wage of the
Detroit worker.
The results are shown in the upright columns of the diagram. [This
we omit—Ed.] The comparisons are for January of 1931. The purchasing
power of the Ford worker in Detroit is considered as being 100, and is
represented by the first and tallest column in the diagram. If the American
worker can get 100 units of goods and services with his day's pay, the
Englishman can buy 89 units of the same quality. The Dutchman, the
Irishman, and the Dane are nearly on an equal level with purchasing
powers of 83 and 82. Then there is a considerable step down to the
standard of living of the Swede, the Pole, the Belgian, the German, and
the Frenchman, with buying powers grading down from 66 to 59. Finally
there is another large decline to that of the Spaniard and the Finn at 41
and 38.
Railroad Consolidatirrns.
Arguments for and against the consolidation of the railroads of the
Eastern Territory outside of New England into four great systems are
now being presented at Washington in a series of hearings before the
Inter-State Commerce Commission. Almost all existing railroads have
been formed by earlier consolidations of smaller lines, so that the New
Haven, for example, includes 203 formerly separate lines, and some of
the present systems include two or three times as many.
The present merger projects are designed to carry forward this process
of consolidation, but to do it in a more carefully planned manner so as
to create well balanced competitive systems. The diagram at the foot
of this page [this we omit—Ed] shows the results of a study made to
discover whether large railroads are in general more efficient and economical
freight carriers than are smaller roads. It is based on the records of
133 Class I railroads for the past 10 months of 1931, and all the roads
for which data are available have been included.
The curved dashed line shows the trend of freight charges as they are
averaged for the smallest roads, for the next larger ones, for those still
larger, and so on out to the systems of greatest size. The smallest roads,
reporting less than two billion ton-miles of freight apiece, received on
the average 1.49 cents for carrying one ton of freight one mile.
The roads of the next larger class, reporting from two to four billion
ton miles, received 1.16 cents for the same service. When we come to the
still larger roads, reporting from four to six billion ton-miles, we find
them carrying the ton of freight for 1.02 cents. In the next class of larger
roads, reporting from six to eight billion ton-miles, the average charge was
only .95 cents. For the roads reporting from eight to ten billion ton.
miles the cost fell to .86 cents.
There are only a few systems of still larger size, and if we group them
all until we include the Pennsylvania System with over 30 billion tonmiles, we find that the cost is still about .87 cents. The general conclusion is clear that the cost of moving freight tends to decline as the
size of the railroad system increases. Many individual exceptions exist,
but the general rule remains.
It would be interesting, but not simple, to find out whether the great
railroad systems are efficient because they are large, or whether they
have grown large because they are efficient. Probably both factors are
contributing elements. However that may be, the prospects are that if
the merger projects now being considered receive approval the results
will ultimately prove most beneficial to the industries of the Eastern
Territory.
Seasonal Decrease Reported in Business Activity in
Minneapolis Federal Reserve District Between December and January.
"The volume of business in the Ninth (Minneapolis)
Federal Reserve District decreased, according to custom,
between December and January, and in the latter month
was smaller than in January a year ago," says the Federal
Reserve Bank of Minneapolis in its preliminary summary of
agricultural and business conditions in its district. The
summary issued Feb. 15 also says:
Bank debits in January were 24% smaller than in January last year,
The country check clearings index was 26% smaller than in January last
Year. Freight carloadings in the first three weeks of January were 26%
smaller than in the corresponding weeks last year. Other decreases occurred in electric power consumption, postal receipts, building permits and
contracts, flour and linseed products shipments, grain marketings, market
receipts of cattle, calves and sheep and department store sales. Receipts
of hogs and warranty deeds recorded in Hennepin and Ramsey Counties
were larger in number in January than a year ago.
Farmers' cash income in the district from seven important items, asestimated by this office, was 38% smaller in January than in the correpending month last year. Decreases occurred in income from wheat, flax,
potatoes and hogs, and increases occurred in the income from dairy products
and rye. Prices of bread wheat, durum wheat, barley and rye were higher
in January than a year ago, but prices of all other important farm products
In the Northwest were lower. The greatest decreases occurred in prices
of livestock.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
January
1932.
Bread wheat
Durum wheat
Rye
Flax
Potatoes
Dairy products
Hogs
Total of seven Items
January
1931.
% Jan. '32
of Jan.'31.
$882,000
432.000
112,000
247,000
1,021,000
12,153,000
6,394,000
$5,949,000
3,029,000
69.000
733,000
1,348,000
11,075,000
12,157.000
15
14
162
34
76
110
53
$21,241,000
534.3se0e0
62
Trend of Employment in United States During December—Per Capita Weekly Earnings of Industrial
Groups.
Supplementing the data given in our issue of Jan. 23,
page 581, covering employment conditions in the United
States during December, as made available by the Bureau
of Labor Statistics of the United States Department of
Labor, we give below additional statistics supplied in the
Bureau's pamphlet report of December employment conditions:
FEB. 20 1932.]
FINANCIAL CHRONICLE
1275
Employment increased 0.7% in December 1931, as compared with
November 1931, and payroll totals increased 0.3%•
The industrial groups surveyed, the number of establishments reporting
In each group, the number of employees covered, and the total payrolls
for one week, for both November and December, together with the per
cents of change in December, are shown in the following summary:
per capita weekly earnings computed by dividing the
total number of
employees reported-into the total amount of payroll in the week
reported,
and the "number of employees" includes all persons who
worked any part
of the period reported-that is, part-time workers as
well as full-time
workers. Comparisons are made with per capita earnings in
November
1931. and with December 1930.
For convenient reference the latest data available relating
SUMMARY OF EMPLOYMENT AND PAYROLL TOTALS, NOVEMBER
to all employees, excluding executives and officials, on class I railroads, drawn
AND DECEMBER 1931.
from
Inter-State Commerce Commission reports, are shown in the
following
statement. These reports are for the months of October and
Employment.
Payroll (1 Week).
November
Etta
P.C.
P
.C. Instead of for November and December 1931; consequently, the figures
1185Nov.
Dec.
of
Nov.
Dec. I of
can not be combined with those presented in the summary table.
meats 1931.
1931. Ch'ge. 1931.
1931. I Ch'ge.
EMPLOYMENT AND PAYROLL TOTALS, CLASS I RAILROADS.
Indust. Group
$
'
Manufacturing.
-16,5602,795,244 2,797,386 a-0.2 58,166,184 58,125,551 a-0.2
No. on Pay Roll. P.C. Amt.ofPay Roll Entire Mo. P.C.
1,434 312,183 307.395 -1.5 6,611,283 6,422,377
Coal mining
2.9
Industry.
of
of
Anthracite
160 113.909 108,857 -4.4 3,146,911 3,101,869 -1.4
Oct. 15 Nov. 15 Ch'ge January 1 November Ch'ge
Bituminous
1,274 198,274 198,538 +0.1 3.464,372 3,320,506 -4.2
1931.
1931,
1931.
1931.
MeVferous mining_
246
32,546
31,565
Quarrying & non
metallic mining _
787
Crude petroleum
producing
274
Public utilities_ .._ 11,933
Telep.& teleg._ _ 8,066
Power, It. & wet. 3,371
Elec.rallr d o per.
& maint., excl.
of car shops
496
14,157
Trade
Wholesale
2.709
11,448
Retail
Hotels
2,338
Canning & preser's
889
Laundries
861
Dyeing & cleaning_
362
Total
-3.0
26,403
675,326
660,154
23,998 -9,11
519,326
442,672-14.8
2.2
Class I railroads
15,766
15,926 +1. 1
476,941
503,501 +5.6
0
665.218 658,515 -1.0 20,308.019 20,319,603 +0.1
294,208 292,772 -0.51 8,534,998 8.817,525 +3.3
233,453 230,88 -1.11 7,459,048 7,292,200 -2.2
137,557 134,859 -2.0 4,313,97
4,209.878 -2.4
439.335 500.004 +13. 10,513,974 11.295,705 +7.4
75.847
75,433 -0.5 2,284,814 2,229,337 -2.4
363,488 424,571 +16.
8,229,160 9,006.368+10.2
147.939 144,820 -2.1 b2,310,0611 52,259,421 -2.2
37.507
25.145-33
.
525.0441
402,870-23.3
57,188
56,593 -1.
1,015,8441
996,147 -1.9
11,934
11,241 -5
227,163 -9.1
249,8441
49,841 4,541,263 4,572.588 +0.7101,271,846101,655,164 +0.3
RECAPFrULATIONS BY GEOGRAPHIC DIVISIONS.
Employment.
Estabj
P.C.
tisk- I Nov. I Dec.
of
ments. 1931.
'
1931. Ch'ge.
Geographic Div. c
New England
8,105 514,5151 512.713
Middle Atlantic
8.604 1,384,5091,381.090
East North Central 10,309 1,155.8601.199.940
West No. Central_ 5.252 290,874 293,300
South Atlantic_
5,160 497,298 493,170
East South Central 2,578 193,738 190.823
West South Central 3,092 152,223 152,833
Mountain
Pacific
-0.4
-0.2
+3.8
+0.8
-0.8
-1.5
+0.4
1,977 96,229 92,743 -3.6
4,764 258,019 255,976 d
Payroll(1 Week).
Nov.
1931.
Dec.
1931.
P.C.
of
Ch'ge.
11,123,251
33,041,338
26,889,57
6,655.150
8,750,988
3,007.97
3,281,14
11,220,17 +0.9
32,924,811
27,552,881 +2.5
8,724,112 +1.0
8,583,762 1.9
2,930,038 -2.6
3,265,093 +0.1
2,304.512 2,221,129 3.8
6,337,938 6,233,388 1.6
All divisions__ 49,841 4,541,263 4,572.588 +0.7101.371.848101,655,16 +0.3
- Weighted per cent of change for the combined 54 manufacturing Industries.
a
repeated from Table 1, pamphlet report: the remaining per cents of change,
including
total, are unweighted. b The amount of pai roll given represents cash payments
only; the additional value of board, room, and tips can not be computed. c
New
England-Connecticut, Maine. Massachusetts, New Hamphshire, Rhode
Vermont; Middle Atlantio-New Jersey. New York, Pennsylvania; East Island,
North
Central-Illinols, Indiana, Michigan, Ohio. W iseonsin; West North
-Iowa.
Kansas, Minnesota, Missouri, Nebraska, North Dakota. South Central
Dakota;
Atlantic-Delaware, District of Columbia, Florida, Georgia, Maryland, South
North
Carolina, South Carolina. Virginia, West Virginia: East South Central-Alabam
a,
Kentucky, Mississippi, Tennessee: West South Central-Arkansas,
Louisiana,
Oklahoma, Texas; Mountain-Arizona, Colorado, Idaho, Montana, New
Mexico,
Nevada, Utah, Wyoming; Pacific-California, Oregon, Washington. d Less
than
1-10th 01 1%.
1 210,426 1,159.540 -4.8 $184,636,799 5148,846.952 +9.7
The total number of employees included n this summary is 5,727,128
and their combined earnings in one week amount to approximately $136,000,000.
Valuation of Construction Contracts Awarded as Compiled by The F. W. Dodge Corporation Shows
63% Decline for January.
The valuation of construction contracts awarded in the
37 States east of the Rocky Mountains in the month of
January 1932 was $143,158,000 less than in January 1931,
the figure for January of this year being only $84,798,400,
against $227,956,400 in the same month of last year, a
decline of 63%,as compared with a decline of 45% in December of 1931 in comparison with December of 1930.
Statisticians of F. W. Dodge Corp. do not find the $84,798,400 total for the month surprising in view of the retarding
influences at work in this as in all businesses.
Announcement of January construction contract totals by F. W. Dodge
Corp. are accompanied by observations on wage adjustments now going
forward, these being taken as a favorable sign.
"Recent action in New York City looking toward adjustment of union
wage scales is an evidence that all departments of the Industry are getting
to the bedrock basis essential to recovery," the bulletin reads. "In a
growing number of localities the question of building wage adjustments is
being squarely faced. In fact, in about 15 cities of 100.000 or more inhabitants wage adjustments have already been amicably effected. In most
of these cities other needed deflation has already taken place; hence these
cities are likely to show first signs of revival."
The marked decline in the total for public works and utilities is, to quote
the bulletin. "closely tied up with the current wave of budget
-cutting on
the part of municipalities and other public bodies. While this has a depressing effect on current operations, it is actually one of the last steps
in the long chain of cost deflation, debt deflation and real estate deflation
that the country has had to undergo. Since It appears necessary to go
through these disagreeable operations, it is best to consider the process
much as a dose of medicine, the sooner taken the better the patient's
chances for recovery.
In the various districts comprising the 37 States, the largest total, although low when compared with previous Januarys was that for metropolitan New York, where 820,436.800 in construction contracts was reported during the month. Contracts amounted to $12.955.800 in the
Middle Atlantic States. New England and the section known as the
Pittsburgh territory (Western Pennsylvania, West Virginia, Ohio and
Kentucky) were nearly even, with $7,589,200 reported in the first named
and $7,517.600 in the latter. In both the Kansas City territory (Western
Missouri, Kansas, Oklahoma and Nebraska) and in the St. Louis district
a total of somewhat over $4,000,000 was reported. The St. Louis territory is comprised of Southern Illinois, Eastern Missouri, Northeast Arkansas, Western Tennessee and Northwest Mississinpi,
Three of the 15 industrial groups included in the summary table above,
reported increased employment, the retail trade group reporting an increase of 16.8%, reflecting the Christmas trade, while the crude petroleum
and the bituminous coal mining groups reported increases of 1% and 0.1%,
respectively. Increased payroll totals were also reported in three groups
retail trade showing a gain of 10.2% over the month interval, crude
petroleum reporting an increase of 5.6% in earnings, and the telephone and
telegraph group reporting a gain of 3.3% In payroll totals, coupled with a
decrease of 0.5% in employment.
The remaining 11 groups reported losses in both employment and earnings
over the month interval. Decreases of 1% or less were reported in manufacturing, wholesale trade, and laundries, and declines ranging
from 1.1%
to 3% were shown in power, light, and water, electric-railroad operation,
hotels, and metalliferous mining. Anthracite mining reported 4.4%
fewer CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
employees in December than in November, and the dyeing and
cleaning
ROCKY MOUNTAINS.
group reported a decrease of 5.8% in number of workers over the month
No. of New Floor
Interval. Seasonal decreases in employment and payroll of
Month of January9.1% and 14.8%,
Projects. Space(So.17 . Valuation.
0
respectively, were reported in quarrying and non-metallic mining,
-Residential building
2.639 6,921.900 $27,504.300
while the 1932 Non-residential
canning and preserving industry reported the usual large
building
1,481
5.378.600
33,237,700
seasonal declines
Public works and utilities
539
300,300
24,056.400
in number of workers and earnings in December.
The East and West North Central and the West South Central
Total construction
4,659 12,600,800 $84,798,400
geographic
divisions reported increases in both employment and payroll
4,056 12,235,100
54,375.500
totals from 1931-Residential building
Non-residential building
November to December, and the New England division reported
1,866 11,767,100
76,820,000
increased
Public works and utilities
989 6,632,700
earnings coupled with a small decline in employment. The
96,760,900
remaining five
divisions reported a falling off in each item over the month interval.
Total construction
8,911 24,834,900 $227,958.400
PER. CAPITA WEEKLY EARNINGS IN
DECEMBER 1931 AND COMPARISON WITEI NOVEMBER 1931, AND
DECEMBER 1930.
CONTEMPLATED WORK REPORTED
-37 STATES EAST OF THE
ROCKY MOUNTAINS.
1932-Industrial Group.
Per Capita Per Cent of Change December
Weekly
1931, Compared with
Earnings in
December
November
December
1931,
Manufacturing (54 industries)
Coal mining:
Anthracite
Bituminous
Metalliferous mining
Quarrying and non-metallic mining...
Crude petroleum producing
Public utilities:
Telephone and telegraph
Power, light and water
Electric railroads
Trade:
Wholesale
1931.
1930.
$20.74
(a)
-13.1
28.49
16.72
20.91
18.45
31.62
+3.3
-4.3
+0.8
-6.2
+4.4
-2.6
-23.3
-21.5
-19.7
-5.4
30.12
31.58
31.22
+3.9
-1.2
-0.4
+0.9
-1.9
-2.4
29.55
-1.9
-8.3
Retail
Hotels (cash payments only) ft
Canning and preserving
Laundries
21.35
15.60
16.02
17.60
-5.6
-0.1
+14.7
-1.0
Dyeing and cleaning
20.21
-5.3
-8.4
-2.7
-6.7
-3.5
-8.3
322.23
-0.4
-9.9
a Less than 1-10111 of 1%. b The additional value of board, room,and tips cannot
be computed.
Per capita earnings for December 1931, given in the preceding table
must not be confused with full-time weekly rates of wages; they are actual
Tntel
Month of JanuaryReeldentual building
Non-residential building
Public works and utilities
Total construction
No. of
Projects.
8,404
2,237
1,087
Valuation.
$54,424,700
61,609,000
90,308,400
6,728 $206,342,100
1931
No. of
Projects.
4,991
2,967
1,938
Valuation.
592.398,500
162,022,900
193,755,900
9,896 5448,177,300
Chain Store Sales Lower in January.
According to a compilation by Merrill, Lynch & Co. of
this city, 39 chain store companies, including three mail
order concerns, show total sales for the month of January
1932, of $239,086,379, against sales of $266,641,749, in tho
corresponding period of 1931, a decrease of 10.33%. Three
mail order companies alone show sales for January 1932, of
$33,082,282, against $42,204,736. in January 1931, a decrease of 21.61%. Excluding the mail order concerns,
thirty-six chain store companies show sales for January 1932
of $206,004,097, against sales of $224,437,013 in the same
period of 1931, a decrease of 8.21%. A comparative table
follows:
1276
FINANCIAL CHRONICLE
jItTri
January
1931.
Per Cent
Decrease.
568,966,599
19,008,449
18,560.313
17,990,630
16,656,998
12,028.054
10,120,540
9,287,930
8,845,394
7,714,658
5,747,427
4,494,549
4,273,984
4,217,260
2,932,008
2,919.317
2,604,568
2.420,269
2,187,906
2,045,779
1,838,959
1,539,319
1,457,061
1,379.541
1,277,464
1,225,222
1,110,793
1,049,750
949,654
842,092
639.700
634.155
483,404
467,105
414,752
297,719
269,567
115.209
72,282
578,814.870
23,042,271
15.660,384
19,239,840
19.184.313
16.620.238
12.497,110
9,727,116
9,824.933
8,064,348
6,578,159
4,109,717
4,399,821
4,451,343
3,401,091
2,902,503
2,756,205
2,601.232
2,322,765
2,542,227
1,769,392
1.723.236
1,655,873
1,430,890
1,289,968
1,295,567
1,221,313
1,295,765
1,482,849
1,035,384
712,500
670,749
507,384
465.212
512,147
271,230
380,162
96,092
85,550
12.5%
17.5
x18.5
6.5
13.1
27.6
19.0
4.5
9.9
4.3
12.6
x9.3
2.9
5.2
13.8
x0.6
5.5
6.9
5.8
19.5
13.9
10.6
12.0
3.5
0.9
5.4
9.0
18.9
35.9
18.6
10.2
39 Chain store and mail order cos__ _ _ $239,086,379
33,082,282
Three nail order companies
$286,641,749
42,204,736
10.33
21.61
aGrea , Atlantic & Pacific Tea Co
bSears Roebuck dr Co
aSafe 'ay Stores Co
F. W. Woolworth Co
Kroger Grocery & Baking Co
'
Montgornery Ward
Amer' an Stores
J. C. 'enney Co
8.5. :resge Co
cFirst National Stores
dNati flat Tea Co
W.T. Grant
S. H. Kress
Walgr en Co
eDani I Reeves
MeCr ry Stores
all. C. Boback
aGran I Union
enomi;don Stores
Nation al Belles Hess
J. J. ewberry
Lerner Stores
Melvine Shoe
Peoples Drug Stores
;
MoLellan Stores
Waldo / System
G. C. Vlurphy Co
Interstate Department Stores.
Lane ,ryant, Inc
Neisne r Bros
Western Auto Supply Co
Bickfo 'd's
Schiff .72)
Winn k Lovett Grocery Co
Excha we Buffett
Kline 3ros
Sally rocks
M.H. Fishman
)
Kaybel Stores
5.4
4.7
10.4
19.0
x9.8
29.0
x19.8
15.5
8.21
8224.437.013
5200 004.097
!lain atnrw nnmnanhaw
a Four weeks to Jan. 30. b Four weeks to Jan. 29. c Four weeks ended Jan. 30;
d Four weeks and one day ended Jan. 30. e Five weeks ended Jan. 30. a Increase.
National Fertilizer Association's Weekly Index of
Wholesale Prices for Week Ended Feb. 13 Shows
Largest Decline in Several Weeks.
The wholesale price index of the National Fertilizer Association for the week ended Feb. 13 showed the largest decline
in several weeks. Not only did a greater number of commodity prices move downward, but commodities showing
price advances were fewer than for many weeks. The latest
index number is 63.0, a record low point. A month ago the
index number was 63.9, while a year ago it was 76.4. (The
index number 100 represents the average for the three years
Eth6-1928). The Association further reports under date of
Feb. 15:
Only one of the 14 groups comprising the index advanced during the latest
week. Six groups declined and seven showed no change. The group of fats
Lnd oils advanced slightly. The six groups that declined were foods, grains,
feeds and livestock, metals, textiles, fuel and fertilizer materials. The
lare est declines were shown in the groups of foods and grains, feeds and
ivestock. The losses in the other groups were comparatively small.
Only five commodities advanced during the latest week. This is the
smallest number of advances reported in many weeks. Thirty-seven commodities showed price losses during the latest week. This is the largest
number of price declines reported in several weeks. During the preceding
week 17 commodities showed price gains, while 28 commodities showed
price losses. The commodities that advanced were cotton, lard, butter,
good cattle and coffee. The declining commodities included cheese, eggs,
raw sugar, flour, apples, wheat, corn, oats, hogs, sheep, lambs, pig iron,
copper, silver, gasoline, rubber, fallow, burlap, silk, gingham and woolen
yarns.
The index number and comparative weight for each of the 14 groups are
shown n the table below.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each OrouP
Bears to the
Total Index.
Groups.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
8.2
4.0
3.8
1.0
.4
.4
.3
Foods
Fuel
Grains, feeds and livestock_
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House furnishings
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
111A A
All arming renmhintwl
•Revised.
Latest
Week
Feb. 13
1932.
Pre
ceding
Week.
Month
Ago.
Year
Ago.
65.5
58.6
47.7
49.4
62.4
89.1
72.4
71.7
82.2
45.8
88.8
70.0
79.1
92.7
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
66.1
58.9
50.0
49.8
64.7
89.1
72.3
73.9
822
48.1
88.8
70.1
79.1
92.7
78.3
74.3
70.0
66.0
71.7
89.2
83.1
81.3
92.7
62.3
92.4
84.4
91.9
95.6
RR n
6S7
65.0
76.4
[VoL. 134.
registers, as a whole, a decrease of 9.7%, while the Chicago
district, alone, shows a decrease of 8.5%. The Pacific Coast
shows a decline of 2.4% below last year.
Arranged in tabular form, the output in kilowatt-hours
of the light and power companies for recent weeks and by
calendar months for 1931, according to the National Electric
Light Association, is as follows:
Weeks
Ended.
Jan. 2-Jan. 9--Jan. 16--
Jan. 23_ _ _
Jan. 30-Feb. 6....
Feb. 13--
Months.
January -February __
1932.
1,523,652,000
1,619,265,000
1,602,482,000
1,598,201,000
1,588,967.000
1,588,853,000
1,578,817,000
1931.
1931.
1930.
1929.
1,597,454,000
1.713,508,000
1,716,822.000
1,712,786,000
1,687,160.000
1,679,016,000
1,683,712,000
1,680,289,000
1,816,307,000
1,833,500,000
1,825,969,000
1,809,049,000
1,781,583,000
1,769,683,000
1,542,000,000
1,733,810,000
1,736,729,000
1,717,315,000
1,728,203,000
1,726,161,000
1,718,304,000
1930.
1929.
1928.
7,439,883,000 8,021,749.000 7,585,334,000 6,637,064,000
1932
Under
1931.
4.6%
5.5%
6.7%
6.7%
5.8%
5.4%
6.2%
1931
Under
1930.
6,289,337,000
6,632,542,000
6,256,581,000
6,552.575.000
6,454,379,000
6,570.110,000
6,944,975,000
6.724,148,000
7,360.489,C00
7,174,145,000
7,233.488,000
7.3%
5.1%
2.6%
3.0%
4.2%
2.5%
1.9%
3.3%
4.0%
6.0%
4.9%
4.3%
Total year 135,797,742.000 89,467,099,000 90,277,153.000 80,829,833,000
4.2%
March
April
May
June
July
August__ _ September _
October
November.
December
6.705,564,000
7,381,004.000
7,193,691,000
7,183,341,000
7,057,029,000
7,222,869,000
7,144,840,000
7,042,783.000
7,256,279,000
6.913,615,000
7,256,839,000
7,066,788,000
7,580,335,000
7,416,191,000
7,494,807,000
7,239,697,000
7,363,730.000
7,391,196,000
7,337,106,000
7,718,787,000
7.270,112,000
7,586,601,000
6,850,855.000
7,380,263,000
7,285,359,000
7,486,635,000
7,220,279.000
7,484,727,000
7,773,878,000
7,523,395,000
8,133,485,000
7,681,822,000
7.871,121,000
x Revised.
-The monthly figures shown above are based on reports covering 92% of
Note.
the electric light and power industry and the weekly figures are based on 70%.
No Change Noted in Wholesale Price Index of United
States Department of Labor During Week Ended
Jan. 30.
The Bureau of Labor Statistics of the United States
Department of Labor announces that the index number of
wholesale prices for the week ending Feb. 6 stands at 66.7
as compared with 66.7 for the week ending Jan. 30. The
Bureau further said, Feb. 12:
This index number, which includes 784 commodities or price series,
weighted according to the importance of each article and based on the average
prices in 1926 as 100.0, shows that no change took place in the general
average of all commodities for the week of Feb. 6, when compared with
the week ending on the 30th of January.
The accompanying statement shows the index numbers by groups of
commodities for the weeks ending Jan 9 16, 23, 30 and Feb. 6.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF JAN. 9,
16, 23, 30 AND FEB. 6.
Week Ending.
-Jan. 9. Jan. 16. Jan. 22. Jan. 30. Feb. 6.
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
All commodities
55.6
67.7
79.7
60.4
67.7
81.9
75.2
76.2
78.5
66.6
68.1
55.5
66.7
79.6
59.6
67.8
81.7
74.7
75.8
78.7
66.0
67.9
54.6
65.7
79.7
60.1
68.0
81.7
74.9
75.8
78.7
65.5
67.6
51.1
63.1
79.2
60.1
68.2
81.6
74.7
75.8
78.7
65.0
66.7
52.1
63.0
79.1
60.0
68.1
81.3
73.8
75.8
78.7
64.9
66.7
Los Angeles Chamber of Commerce Reviews Southwest
-January Index of Industrial
Business Conditions
Employment at New Low Level.
The event of major interest and importance to Los Angeles
business during January was the locating there of the
Chrysler plant, which will give employment to a considerable number of people, and should create additional
demand for supplies and materials," says the Los Angeles
Chamber of Commerce in its "Southwest Business Review,"
which adds:
Following the regular January slowing up of all activity, due to first-
of-the-year routine demands,such as starting new schedules, readjustments
of programs, inventory taking and, often, change of executive personnel
and policies,the month Just closed shows decreases in practically all branches.
This is not exceptional, the only reason for it appearing unusual is the
low level which obtained prior to this slack Period.
Building permits, both in number and value, were the lowest for a considerable period of time; Stock Exchange transactions also showed a decrease.
Employment dropped eight points from the previous month. Bank debits,
while lower than in December, were above those for November 1931.
Postal receipts were also under the December total.
Major industries reflected the same slow period; wholesale and retail
trade, agriculture, the livestock market and water commerce all marked
time, returning total figures lower than recorded in December.
In spite of this, a steady tone seems to prevail in practically all industrial
Electric Output in the United States During the Week
Ended Feb. 13 1932 Fell Off 6.2% as Compared
with the Same Period Last Year.
The production of electricity by the electric light and and commercial groups.
Building Permits.
power industry of the United States for the week ended
months,
Building activity
levels with
Saturday, Feb. 13, was 1,578,817,000 kwh., according to total falling below during January was at new lowten years. the
Noteworthy
anything seen during the past
the National Electric Light Association. The Atlantic sea- was the fact that only three days during the month saw over 1100.000 in
board shows a decrease of 3.6% from the corresponding permits, and only one of those three ran above 1200.000. Compared with
the decline in values was approidmately 50%•
week last year, and New England, taken alone, shows a a year ago,noticeable trend during the month was the comparatively low
Another
central industrial region, outlined value per permit which was approximately $1,200, a record low for city
decrease of 4.2%. The
by Buffalo,Pittsburgh, Cincinnati, St. Louis and Milwaukee, construction. The only conclusion is that not only are very few large struc-
FEB. 20 1932.]
FINANCIAL CHRONICLE
tures being built, but a large number of the permits are apparently for
remodeling, repairs and similar maintenance work.
Comparative figures are as follows: January 1932, $1,862,171; January
1931, $3,790,283.
Employment.
Seasonal weakness in several manufacturing lines brought the Chamber
Commerce indet of industrial employment for January down to a new
of
low level. This was caused by no excessive slump in one industry, but to
a general recession in most of the ten groups.
Compared with last month, the principal declines took place in motion
pictures and wearing apparel, with moderate declines in food products,
printing and lithographing, clay products and rubber. Four industries
remained practically the same-Iron and steel, millwork, furniture, and
petroleum.
Compared with a year ago, all lines, with one exception, are operating
at lower levels. This one exception is food products which has, throughout
the past three years, maintained a very even volume of production and
consequently has retained a large part of its normal payroll.
Assuming little unusual change in business conditions during the next
60 days, we should see a seasonal improvement in employment conditions
during the latter part of February and all of March, which might operate
to bring the index figure back from six to eight points.
The comparative figures are as follows: January 1932, 59.0; December
1931, 67.4; January 1931, 80.0.
Consumption of Crude Rubber by Manufacturers in
the United States Shows Seasonal Gain in January
-Imports Fall Off-Inventories 54.1% Higher
Than a Year Ago.
Consumption of crude rubber by manufacturers in the
United States for the month of January amounted to 27,962
long tons as compared with 21,409 long tons for December
1931, and represents an increase of 30.6%, which is about
seasonal, according to statistics released by the Rubber
Manufacturers Association. Imports of crude rubber for
the month of January amounted to 31,298 long tons, a
decrease of 30.7% under the December figure and 15.6%
below January a year ago.
The Association estimates total domestic stocks of crude
rubber on hand Jan. 31 at 322,860 long tons, which compares with Dec. 30 stocks of 322,826. While January stocks
show practically no change as compared with December,
they were 54.1% above stocks the same date last year.
Crude rubber afloat for the United States ports on Jan. 31
amounted to 77,244 long tons, as compared with 53,940
long tons on Dec. 31 and 56,188 long tons on Jan. 31 1931.
Production and Shipments of Pneumatic Casings and
Tubes Declined During 1931-Inventories Continue
to Fall Off.
According to figures estimated to represent 80% of the
industry, as released by the Rubber Manufacturers Association, Inc., shipments of pneumatic casings and tubes during
December 1931 continued to show an increase over produetion, while inventories fell to new low levels. During
this period,according to these estimates,production amounted
to 2,114,577 pneumatic casings-balloons and cords
-and
10,272 solid and cushion tires, as against 2,251,269 pneumatic
casings and 13,008 solid and cushion tires in the corresponding month in 1930 and 2,000,630 pneumatic casings and
9,317 solid and cushion tires in November 1931. Shipments
during the month of December 1931 totalled 2,225,036
pneumatic casings and 10,705 solid and cushion tires as compared with 2,309,971 pneumatic casings and 10,120 solid
and cushion tires in the preceding month and 2,688,960
pneumatic casings and 13,565 solid and cushion tires in the
corresponding period in the previous year. Pneumatic casings on hand Dec. 31 1931 amounted to 6,219,776 as against
6,335,227 at Nov. 30 last and 7,202,750 at Dec. 31 1930.
Production of balloon and high pressure inner tubes during
December 1931 totalled 2,077,704 as compared with 1,954,915 in the preceding month and 2,448,195 in December 1930.
Shipments amounted to 2,213,261 tubes as compared with
with 2,729,973 tubes in the last month of 1930 and 2,075,716
tubes in November 1931. Inventories at Dec. 31 1931
totalled 6,337,570 tubes as against 6,495,708 tubes a month
previous and 7,999,477 tubes a year earlier.
During the calendar year 1931, according to estimated
figures received from 80% of the industry, there were produced a total of 38,992,220 pneumatic casings and 38,666,376
inner tubes, as compared with 40,772,378 pneumatic casings
and 41,936,029 inner tubes in the preceding year. Shipments amounted to 40,048,552 pneumatic casings and 443,017,175 inner tubes in 1931 as against 42,913,108 pneumatic
casings and 43,952,139 inner tubes during 1930. The Association further reports as follows:
According to figures based on the above estimates, shipments of pneumatic casings for the month of December 1931 for 100% of the industry
amounted to 2,781.950 casings, a decrease of 3.7% under November 1931
and 17,2% below December 1930, according to the Association, which also
reports production of pneumatic casings for December 1931 to be 2,643,221
1277
units, an increase of 5.7% as compared with November 1931, but were
6.1% below December a year ago. Pneumatic casings on hand Dec. 31
amounted to 7,774,720 units, a decrease of 1.8% under November 1931
and 13.6% below Dec. 31 1930. Shipments of pneumatic casings for the
year 1931 amounted to approximately 50,060,690, a decrease of 6.7% as
compared with 1930 and 27.9% below 1929. Production of pneumatic
casings for 1931 amounted to 48,740,275 casings, a decrease of 4.4% below
1930 and 29.1% under 1929.
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS (FROM
FIGURES ESTIMATED TO REPRESENT 1007 OF THE INDUSTRY).
Shipments.
Production.
Inventory
2,781.950
2.887,464
3,361,200
December 1931
November 1931
December 1930
2,643,221
2,500,788
2,814,086
7.774.720
7,919,034
9,003,438
According to figures released by the Association and estimated to represent 100% of the industry, consumption of gasoline during 1931 reached
a total of 16,941,750,000 gallons as compared with 16,200,894,000 in the
previous year and 14,748,552,000 gallons in 1929. It is also estimated
that there were produced in 1931 2,036,567 passenger cars and 435.784
trucks, as against 2,939,791 passenger cars and 569.271 trucks in 1930
and 4,811,107 passenger cars and 810,549 trucks in 1929.
The Association, in its bulletin dated Jan. 10 1932, gave
the following data:
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS AND INNER
TUBES (BY MONTHS,.
(From figures estimated to represent 80% of the industrY.1
Pneumatic Casings.
Inventory.
1931
January
February
March
April
May
June
July
August
September_ _
October
November _ _ _
December
7.165,846
7.628,520
8,011.592
8,025,135
8,249,856
8,357,768
7,935,565
7,117,037
6,526.762
6,640,062
6,335,227
6,219.776
Total
1930
January
February
March
April
May
June
July
August
September__ _ _
October
November _ _
December
Total
Output.
Inner Tubes
Shipmeas,
2,939,702
3,188,274
3,730,061
3,955.491
4,543,003
4,537,970
3,941,187
3,124,746
2,537,575
2.379,004
2,000,630
2,114,577
Inventory,
Output.
Shipmeas.
2,995,479
2,721.347
3,297,225
3,945,525
4,332,137
4,457,509
4,369,526
3,967,987
3.145,488
2,281.322
2,309,971
2,225,036
7,551,503
9.936,773
8,379,974
8,330,155
8,438,799
8,403,401
7.671.801
7.019.217
6,476,191
6,656,913
6,495,708
6,337,570
2,898,405
3,132,770
3,559,644
3,693,222
4,329,731
4,286,467
3,964,174
3,548.335
2,759.431
2,461,578
1,954,915
2,077,704
3.249,734
2,720,135
3,031,279
3,708,949
4,224,594
4,317,543
4,664,964
4.240,403
3,320.103
2,250,494
2,075,715
2,213,261
38,992,220 40,048,552
9,539,353
9,928,838
10,010,173
10,461,208
10,745,389
10,621,634
9,449,318
8,678,164
7.849.411
7.842,150
7,675,786
7,202,750
3,588,862
3,644,606
3,890.981
4,518,034
4,573,895
4,097,808
3,193,057
3,332,489
2.692,355
2,865,933
2,123,089
2,251.269
38,666.376 40,017,175
3,525,404 10,163,267
3,356.104 1 .428,968
3,773.865 10,543,026
4.071,822 11,027,711
4,173,177 11.081,523
4,234.994 10,889,444
4,357,836 9,325,602
4,139,900 8.589,304
3,524,141 8,052,121
2,799,440 8313.578
2.267,465 8,250.432
2.688.960 7,999,477
40.772.378 42.913 108
3.685.410
3,707,066
3,952.921
4,408,030
4,428,367
3.959,972
3,151,107
3,836.880
3,053,424
3,161,048
2.143,609
2,448.195
3,885,717
3,469.919
3,781,789
3,878,697
4,058.847
4.212,082
4,684,182
4.609.856
3,632,458
2.777.965
2,230,654
2,729,973
41.936_029 43.952.139
CONSUMPTION OF COTTON FABRICS AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLIDS AND CUSHION TIRES
AND OUTPUT OF PASSENGER CABS AND TRUCKS.
Consumption.
Cotton
Fabrics
(80%)
Crude
Rubber
(80%)
Produdlon.
Gasoline
(100%)
Passenger
Cars.
Truas
'
(100%) (100%)
Calendar years:
(Pounds)
(Pounds)
(Gallons)
1926
165,963,182 518,043,062 10,708,068,000 3.929.535 535,006
1927
177,979,818 515,994,728 12,512,976,000 3.093,428 486,952
1928
222,243,398 600,413.401 13,683,452,000 4,024,590 576.540
1929
208.824,653 598,994,708 14.748,552,000 4,811,107 810,549
1930
158.812,462 476,755,707 16,200,894,000 2,939,791 569,271
1931
151,143,715 456,615,428 16,941,750,000 2,036,567 435,784
Month of:
Jan. 1931
12,738,467 36,318,980 1,127,832,000
144.878 33,521
Feb. 1931
12,002,161 36,651,119 1,097,208.000
189,264 39,975
Mar. 1931
14.040.803 41,850,638 1,303,302,000
241,728 47.696
April 1931
15,243,625 45,016.344 1,402,800,000
299,736 53.131
May 1931
18,009,764 53,417,709 1,499.904,000
280,041 47.812
June 1931
17,084,749 51,279,827 1,611,540,000
213,741 42,556
July 1931
15,139.769 46,696,925 1,657,446,000
186,258 36,923
Aug. 1931
11,745,425 36.231,633 1,657,446,000
158,851 32,890
Sept. 1931
9,584,599 29,854,183 1,543,500,000
111,336 31.876
Oct. 1931
9.202.999 28,371,957 1,472.142.000
59,176 22,406
Nov. 1931
8,360.534 25.921,535 1,286,880,000
49,996 20,118
Dec. 1931
7,930.820 25,004,578 1,282.218,e00
98,305 25.660
x These figures include Canadian production and cars assembled abroad the parts
of which were manufactured in the United States.
Note.
-With the exception of gasoline consumption and car and truck production:
the figures shown above since January 1929 are estimated to represent approximately 80% of the industry as compared with 75% for prior years.
Building Trades in Chicago Agree to Wage Cut
-20%
Reduction Voluntarily Accepted by Unions Numbering 150,000 Members.
The 31 building trades in Chicago, representing a membership of 150,000, on Feb. 12 voluntarily accepted a 20%
wage reduction for one year.. A dispatch from Chicago,
Feb. 12 to the New York "Times" said:
The agreement culminated negotiations of more than a year. The
Building Construction Employers' Association originally requested acceptance of a reduction of 25%, pointing out that building was virtually at a
standstill and its revival, with consequent increases in employment, could
not be hoped for under the scales established during the most prosperous
times.
The Building Trades Council rejected the proposal and joint arbitration
boards held conferences. Announcement of the acceptance of the 20%
reduction was made by E. M.craig, Secretary of the Building Construction
Employers' Association. Patrick J. Sullivan, President of the Building
Trades Council, was the chief labor representative present when the agreement was signed.
Contractors expressed the opinion that building will be stimulated
Members of the Employers' Association said they had been
unable to
1278
FINANCIAL CHRONICLE
[VoL. 134.
•complete with "cut rate" contractors under the existing wage scales, since
such contractors could always underbid them. Another complaint was
that contractors who paid the union scales demanded and received rebates
from the workmen.
•
Most of the contracts between the trades and employees, it was said, do
not expire until 1934, but the wage reduction is to become effective at once.
New Ford Models to Aid Employment-30,000 to 35,000
Men to Be Added to Force—Will Make 8-Cylinder
Car.
An increased employment of 30,000 to 35,000 is in prosThe action of the Building Trades Employers' Association pect when the Ford Motor Co. begins production of its
in New York toward cutting wages 25 to 30% was noted in line of new four and eight-cylinder cars said a Detroit dispatch Feb. 12 to the New York "Journal of Commerce,"
our issue of Feb. 13, page 1096.
from which the following is also taken:
The
by
Building Costs in 1931 Reached Low Level—Record Set 60,000estimate was made to-dayroll.a spokesman for the company. About
men are now on the pay
in Latter Half of Last Year Will Stand for Long
"Our peak employment was near 120,000," he said. "We do not expect
to reach that mark. The entire plan hinges, of course, on the public's
Time, Allen E. Beals Declares.
reception of the cars."
Cubic foot building cost compilations prepared for the , Production of the cars, with only former employees considered for jobs,
'current Dow Service Daily Building Reports by Allen E. is slated "within a week or ten days."
Beals show that the net field cost of building in the metroLeaders Comment
Comments by industrial, business and financial leaders follow:
politan area of New York City touched the lowest levels
Alvan Macaulay, President of the Packard Motor Car Co.: "Mr. Ford's
in the last half of 1931 that may be expected for some years statement is welcome. The extent of his
employment of labor and the
to come. The foregoing is from the New York "Times" of movement of materials for the car is of great importance in its effect on
general business. Everything which helps sell an automobile helps us,
Feb. 15, which continued:
Most of the architects and builders in the area covered by the figures
attribute the sags in construction cost to reductions in the prices of basic
building materials, equipment and supplies and bartered wage rates for
labor.
Comparing costs during the latter half of last year with those of other
years. Mr. Beals said:
"Professional builders and architects defend their belief that the levels
of the last half of 1931 will not be repeated for a long time to come by
citing the fact that the proposed fair wage rate set up by the Building
Trades Employers' Association to take effect May 1 is actually a raise, and
not a reduction In current wages paid for the organized building trades
craftsmen of New York City, and it is considered quite within the range of
probability that whatever rates are set up by builders and leaders of
organized labor in the suburbs will work out at levels considerably above
the rates the men were willing to work for to keep their families fed during
the worst of the economic depression in the last half of 1931.
"No one was found in the Eastern building material manufacturing
industry who would say at this time that the cost of building materials had
finally reached bottom. There were plenty of authorities, however, who
said that if basic building materials slipped off another few fractional index
figures between the last half of 1931 and the time when the definite turn
finally seta in. the 15% rise in freight rates that the Interstate Commerce
Commission recently granted to the railroad companies will make up for it
and turn the curve line upward for a long time.
"As to the cost-cutting influence of the new building code in New York
Oily and other near-by communities where revisions have been made, the
New York City code first has to be accepted. Until then, it can have no
influence upon costs, but by the time the Board of Aldermen gets through
tinkering with it and the Mayor makes it law by his signature, the building
trades will have discounted its benefits by anticipating its cost-saving
possibilities in the projects they will seek bids for while material costs are
4111 low."
for it helps all business."
Roy D. Chapin, Chairman of the board, Hudson Motor Car Co.: "The
Ford announcement shows that he, in common with the rest of the automobile industry, Is making unprecedented efforts to produce quality
automobiles at prices which make it essential that the automobile owners
buy a new car. A radical increase in the automobile industry is bound to
have a stimulating effect on all business in all parts of the country."
S. W. Utley, President, Michigan Manufacturers Association: "Ford's
announcement is an encouraging sign. The new operations will mean an
immense quality of materials, produced not only in Detroit, but in every
section of the country."
Walter L. Dunham, President, Detroit Savings Bank: "Ford's plans are
especially important to Detroit because he employs such a tremendous
number of persons, and a large portion of his costs go directly into purchasing power. Banks and merchants feel the effect almost immediately."
James L. Walsh. Exec. Vice-President, Guardian Detroit group of banks:
"The Ford announcement will be hailed all over the country as another
stirring indication of faith in the future from a great automobile manufacturer."
Harvey Campbell, Vice-President and Secretary, Detroit Board of
Commerce: "We feel sure the announcement will have an outstanding
effect on the economic situation. The effect not only will be found in
the Ford organization itself, but will be felt, and has been for a month,
tremendously in the plants with which the Ford company does business.
It will trickle through the entire economic structure. This is the biggest
news since the depression."
New Finance Plan by Ford Reported—Reduced Down
Payments and Smaller Monthly Commitments Included—Time Limits Extended.
A revised retail financing plan, calling for a reduced down
Investing and Contracting Builders Association payment of $100 and monthly payments of only from $12
Endorses Proposal of Building Trades Employers to $17 has been evolved by the Ford Motor Co. through its
affiliate, the Universal Credit Corp., it was reported at
on Wage Cut.
The proposal of the Building Trades Employers Association Detroit on Feb. 17, according to the New York "Evening
that the nominal wage scales in the building industry be Post," whose Detroit advices also said: report which received
Company officials declined to comment on the
materially reduced has been approved by the board of considerable credence in trade and banking circles. The reported move is
viewed as an attempt by Henry Ford to stabilize and broaden tne domestic
governors of the Investing and Contracting Builders Associamarket, from which he has been absent for some time in preparing new
tion, Inc., according to a statement issued Feb. 16 by Colonel models.
The plan is believed to involve extension of payments for from one to three
A. Pearson Hoover, President of the Association. This
to the price
model, Instead of the mandatory oneorganization consists of 35 of the largest builders and con- years, accordingin operation. of the$100 down payment also is a
The
year Period now
departure
tractors in New York City, said the New York "Times," nom the one-third list price down payment now in vogue.
In addition to the easier terms, the plan is said to require purchasers to
statement of the contractors' association
which gave the
make monthly calls at Ford dealers for inspection and needed servicing.
as follows:
This phase is regarded as an effort to maintain cars in the best possible
The builders believe that the proposed reduction is the minimum consistent with the welfare of the industry and the public interest. In practical
effect it will result in a daily wage for skilled mechanics of from $7 to $12,
in lieu of from 59.35 to $15.40.
The present wage soale was fixed in agreements which became effective
in 1930, and was subsequently higher than wage scales in other industries
for comparable work, and substantially higher than the levels theretofore
,prevailing in the building industry itself.
The proposed wage level, while lower than the 1930 wage-agreement
basis, is substantially higher than actual wages now paid by contractors
who for some time past have taken advantage of the necessities of labor to
find employment at any pay it can get.
The responsible contractor, mindful of his obligations, is thus penalized
in favor of the bootleg contractor and subcontractor.
Tho adjustment of the wage at a proper level and its maintenance at
that level until Dec. 31 1933, will tend to stabilize the industry. While
this will not encourage investment building until economic conditions have
materially improved, it will stimulate needed public and institutional
improvements and enable the industry to more intelligently plan for the
immediate future.
The reduction of obtainable rent revenues which has taken place during
the last two years warrants a substantially greater cut in wages. Actually
In many types of construction, a 25% reduction in wages permits a reduction
of less than 5% in the rent roll. The actual reductions registered since
1929 are in excess of 5%•
condition, both for highway safety and for protection of dealers in the
event repossession becomes necessary. Likewise, it would tend to improve parts and servicing business.
A 6% interest charge on the unpaid balance, which would include nominal
insurance for dealers' protection, is said to be the only financing charge.
Bankers are divided on the accuracy of reports that Ford has contributed
a substantial sum to Universal Credit to insure its adequate functioning
under the new plan. Universal was founded by Ford in May 1928 with
a capital of $21,500,000. It is believed by some bankers that Universal
since has not been able to obtain sufficient profits to permit its operation
under the new plan without additional funds. Mr. Ford, it is reported,
has contributed as much as $100,000,000 to Universal Credit from his Personal funds to insure its operation.
Mr. Ford's confirmatory statement recently on the revised A and V-8
models, and his remark that production would get underway presently,
has given rise to belief in some trade circles that a pre-announcement showing of the now cars would be made at almost any time now. It is expected
also that a general showing may be made in tho first half of March.
Lumber Production Remains at Low Levels.
Lumber production during the week ended Feb. 13
remained at the low levels of recent weeks, according to
reports received by the National Lumber Manufacturers'
Assn., from regional associations covering operations of
Cincinnati Building Trades Accept Reduction in 707 of the principal hardwood and softwood mills. There
Wage Scale.
was, however, an increase of about 13,000,000 feet in the
from Cincinnati, Feb. 11 stated:
Press advices
combined output, and shipments were 38% and orders 33%
All wage board building trades unions here have accepted a reduction larger than the cut. The
week before 679 mills reported a
in hourly wage scale of approximately 20% from the average scale paid to
each craft in 11 representative cities as of Aug. 23 1931. Approximately production of 91,506,000 feet, with shipments 48% larger,
5,000 workers are affected.
and orders 62% more than production. The disparity beNew scale will become effective Feb. 21 and will continue until March tween new
business and current production is considered
21 1933. Rate of reduction asked by employers was 21%;%, but through
promising for future stabilization. Comparing identical
compromise the reduction was changed to 20°/,
FEB. 201932.]
FINANCIAL CHRONICLE
mills of the softwood group for the past week and the corresponding week a year ago, production, 442 mills, is reported
46% less than it was then, shipments 37% less and orders
42% less. A similar comparison for hardwoods covering 194
mills, shows that production is off 46%,shipments 18% and
new business 38% from a year ago.
Lumber orders reported for the week ended Feb. 13 1932,
by 496 softwood mills totaled 121,073,000 feet, or 32%
above the production of the same mills. Shipments as reported for the same week were 123,842,000 feet, or 35%
above production. Production was 91,577,000 feet.
Reports from 232 hardwood mills give new business as
16,220,000 feet, or 39% above production. Shipments as
reported for the same week were 18,118,000 feet, or 55%
above production. Production was 11,660,000 feet. The
Association, in its report, further states:
Unfilled Orders.
Reports from 423 softwood mills give unfilled orders of 463,686.000
feet on Feb.13 1932, or the equivalent of 12 days' production. This is based
upon production of latest calendar year-300
-day year—and may be compared with unfilled orders of 526 softwood mills on Feb. 14 1931,of 753,694,000 feet. the equivalent of 15 days' production.
The 388 identical softwood mills report unfilled orders as 450.705.000
feet on Feb. 13 1932, or the equivalent of 12 days' average production, as
compared with 683,591.000 feet, or the equivalent of 18 days' average production on similar date a year ago. Last week's production of 442 identical
softwood mills was 87,162,000 feet, and a year ago it was 161,679,000 feet:
shipments were respectively 118,096,000 feet and 187,254,000: and orders
received 117,219,000 feet and 200,396.000. In the case of hardwoods, 194
identical mills reported production last week and a year ago 10,222,000 feet
and 18,772,090: shipments 16,052,000 feet and 19,515,000; and orders
14,193,000 feet and 22,994,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 217 mills reporting
for the week ended Feb. 13:
NEW BUSINESS.
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery
26,656,000
delivery_ _113,820,000 intercoastal__ 27,879,000
Export
13,204,000 Foreign
80,063.000 Export
11,094,000
Rail
20,505.000 Rail
66,145,000 Rail
18,597,000
Local
3,728,000
Local
3,728,000
Total
64,092.000 Total
250,028,000 Total
61,299,000
Production for the week was 56,956,000 feet.
For the year to Feb. 6 171 identical mills reported orders 26% above
production, and shipments were 21.1% above production. The same number of mills showed a decrease in inventories of 3.5% on Feb.6,as compared
with Jan. 1.
Southern Pine.
The Southern Pine Assn. reported from New Orleans that for 128 mills
reporting, shipments were 31% above production, and orders 19% above
production and 10% below shipments. New business taken during the
week amounted to 26,355,000 feet, (previous week 25.389,000 at 134
mills);
shipments 29,148,000 feet, (previous week 26,712,000): and production
22,187,000 feet, (previous week 20.465.000). Orders on hand at the end
of the week at 110 mills were 61,026.000 feet. The 114 identical mills reported a decrease in production of 46%, and in new business a decrease of
41%, as compared with the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
122 mills reporting, shipments were 178% above production, and orders
157% above production and 8% below shipments. New business taken
during the week amounted to 27,829,000 feet. (previous week 32,645.000
at 121 mills); shipments 30.143.000 feet, (previous week 29,425,000):
and production 10,839,000 feet, (previous week 10,293.000). Orders on
hand at the end of the week at 122 mills were 165,065,000 feet. The 99
Identical mills reported a decrease in production of 58%, and in new business a decrease of 42%,as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
no production from 7 mills, shipments 1,954.000 feet and new business 1,694.000 feet. The same number of mills reported a decrease of 13% in
new business, compared with the corresponding week of 1931.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Assn., of Oshkosh,
Wis.,reported production from 21 mills as 882,000 feet,shipments 1.087,000
and orders 1.058,000 feet. The 18 identical mills reported a 62% decrease
In production and a 15% decrease in new business, compared with the same
week last Year.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 211 mills as 9,941,000 feet, shipments 16,205,000 and new
business 14,615,000. The 176 identical mills reported production 42%
less and new business 35% less than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Assn., of Oshkosh,
Wis., reported production from 21 mills as 1.719.000 feet, shipments
1,913,000 and orders 1,605,000. The 18 identical mills reported production
60% less and new business 57% less than for the same week a year ago.
We also give below the report of the National Lumber
Manufacturers' Association for the week ended Feb. 6:
1279
Lumber orders reported for the week ended Feb. 6 1932 by 492 softwood
mills totaled 129,499,000 feet, or 60% above the production of the same
mills. Shipments as reported for the same week were 116,895,000 feet.
or 45% above production. Production was 80,789,000 feet.
Reports from 215 hardwood mills give now business as 16,460,000 feet,
or 70% above production. Shipments as reported for the same week were
17,153,000 feet, or 77% above production. Production was 9,675,000 feet.
Unfilled Orders.
Reports from 422 softwood mills give unfilled orders of 466,570,000 feet
on Feb. 6 1932, or the equivalent of 12 days' production. This is based
upon production of latest calendar year-300
-day year—and may be compared with unfilled orders of 515 softwood mills on Feb. 7 1931. of 759.791,000 feet, the equivalent of 16 days' production.
The 390 identical softwood mills report unfilled orders as 452,752,000
feet on Feb. 6 1932, or the equivalent of 12 days' average production, as
compared v.ith 678,816,000 feet, or the equivalent of 18 days' average
production, on similar date a year ago. Last week's production of 438
Identical softwood mills was 76,564,000 feet, and a year ago it was 162,989.000 feet: shipments were respectively 111,363,000 feet and 188,615.000;
and orders received 123,912,000 feet and 195,509,000. In the case of
hardwoods, 181 identical mills reported production last week and a year
ago 8.459,000 feet and 16.705,000: shipments. 14,743.000 feet and 20,002,-•
000; and orders 14,678.000 feet and 19,010,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 217 mills reporting for the week ended Feb. 6:
SHIPMENTS.
UNSHIPPED ORDERS.
NEW BUSINESS.
Feet.
Feet.
Fed.
Coastwise and
Domestic cargo
Domestic cargo
delivery --__ 24.097.000 delivery - _115,305.000
intercoastal- 26,623.000
Export
78,234,000 Export_______ 9,720.000
19,903,000 Foreign
Rail
20.5152.000 Rail
17,699.000
64,372,000 Rail
Local
Local
3,973,000
3.973.000
Total
257,911,000 Total
68,525.000 Total
58.015,000
Production for the week was 49.381.000 feet.
For the year to Jan. 30, 171 identical mills reported orders 24.4% above
Production and shipments 19.5% above production. The same number
of mills showed a decrease in inventories of 2.6% on Jan. 30 as compared
with Jan. 1.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
134 mills reporting, shipments were 31% above production and orders
24% above production and 5% below shipments. New business taken
during the week amounted to 25,389,000 feet (previous week 24,591,000 at
107 mills); shipments, 26,712,000 feet (previous week 21.609.000); and
Production 20,465,000 feet (previous week 15,906.000). Orders on hand
at the end of the week at 113 mills were 65,247.000 feet. The 117 identical
mills reported a decrease in production of 55% and in new business a decrease of 44% as compared with the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland. Ore., that for
121 mills reporting shipments were 186% above production and orders
217% above production and 10% above shipments. New business taken
during the week amounted to 32,645.000 feet (previous week 33.991,000
at 119 mills); shipments, 29,425.000 feet (previous week 33.654,000); and
production 10,293,000 feet (previous week 10.921.000). Orders on hand
at the end of the week at 121 mills were 168,435,000 feet. The 98 identical
mills reported a decrease in production of 62% and in new business a de
crease of 35% as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported no
production from seven mills. shipments 2,273,000 feet and new businesss
2,140,000 feet. The same number of mills reported new business 28%
less than for the same week last year.
Northern Hemlock.
The Northern Hemlock & Hardwood Manufacturers' Association of
Oshkosh. Wis., reported production from 13 mills as 650,000 feet, shipments 470.000 and orders 800.000 feet. The 12 identical mills reported
Production 56% less and new business 28% less than for the corresponding
week of 1931.
Hardwood Reports.
The Hardwood Manufacturers' Institute of Memphis, Tenn., reported
production from 202 mills as 8.546.000 feet, shipments 15,768.000 and
new business 15,121,000. The 169 identical mills reported production
46% less and new business 24% less than for the same week last year.
The Northern Hemlock & Hardwood Manufacturers' Association of
Oshkosh, Wis., reported production from 13 Milli; as 1,129,000 feet, shipments 1,385,000 and orders 1,339.000. The 12 identical mills reported a
decrease of 68% in production and a decrease of 13% in orders compared
with the corresponding week of 1931.
Newsprint Service Drops Publication of Operating
Figures—Decides Percentages No Longer Give True
Picture of State of Industry.
It wasstated in the New York "Herald Tribune"of Feb.18
that the Newsprint Service Bureau announced on Feb. 17,
that it will no longer carry capacity figures and operating
percentages for the newsprint industry, for the reason that
such figures no longer coincide with the facts of operation.
The paper from which we quote also said:
This is the second important body of an Industry to take such a step. At
the height of the copper curtailment controversy last year the American
Limited production of lumber at levels approximating the low output Bureau of Metals and Statistics suspended publication of production and
of the recent holidays, and orders exceeding this cut by approximately inventory figures.
01%, marked the week ended Feb. 6, it is indicated in telegraphic reports
"Based upon operating records during the best times over a period of
to the National Lumber Manufacturers' Association from regional lumber years, and with the addition of now machines, a total of 19,000 tons daily
manufacturers' associations covering the operations of 694 leading hard- capacity for the North American newsprint industry was calculated in the
wood and softwood mills. Shipments were 48% above the cut, which for early part of 1931," the Bureau says.
these mills aggregated 90,464.000 feet. A week earlier reports covering
"Now the picture is changed. Not only are there no more machines build679 mills showed shipments 51% above and orders 67% above a produc- ing, but it is also obvious that some machines cannot be operated at present
tion of 96,604.000 feet. Comparison by identical mill figures for the price levels. In other words, the capacity of the industry for practical
stoat week, with the equivalent period a year ago;shows, for softwoods. purposes cannot be determined simply by compiling the possible speeds and
438 mills, production 53% less, shipments 41% less and orders 37% less trims of all existing machines—whether they are running or not—but is
than for the week in 1931; for hardwoods, 181 mills, production 49% less, definitely limited by a multitude of economic factors."
Shipments of newsprint from ele United States and Canadian mills in
shipments 26% leas and orders 23% less than the volume for the week
January were slightly in excess of production, resulting In a slight reduction
last year
1280
[Vox. 134.
FINANCIAL CHRONICLE
in stocks, both in the United States and in Canada. Production, however,
continued substantially under that of January last year in both countries.
Production amounted to 171,321 tons in Canada, 94,247 tons in the United
States and 265,568 tons for both countries, against 183,073 for Canada,
101,194 tons for the United States and 284,267 tons for both countries in
January last year.
The following table compares monthly production of newsprint by
various North American countries:
United
Newfound1932Mexico.
Total.
land.
Canada.
States.
January
1,255
290,814
94,247
23,991
171,321
1931December
1,224
284,272
93,861
24.514
165,173
November
23,987
825
294,605
94,149
175,643
1,413
October
26.614
309,396
97,117
184.252
1,410
September
24,901
295,964
178,412
91,241
279.221
24,402
1,351
August
88,544
165,124
July
309,167
25,631
1,257
99,548
182,731
1,453
June
2.5,220
321,730
101,086
193,971
May
24,396
1,236
329,441
101,202
202,607
1,165
April
23.016
332,469
102.450
205,838
1,455
23,643
312,693
March
100,590
187,005
1,318
23,073
277,731
88.788
February
164,552
1.255
310,940
23.991
January
183,073
101,194
Shipments of newsprint from the United States and Canadian mills in
January totaled 266,393 tons, compared with 281,373 in January 1931.
Stocks of newsprint for both countries at the first of February were,86,089
tons, compared with 74,453 tons on Feb. 1 1931.
World Consumption of Cotton in First Half of Current
Season Greater Than Same Period Last Year.
amounted to 338,010,000 yards, or 145.2% of production. Shipments
during the month were substantial, amounting to 268,899,000 yards, or
115.5% of production.
A sharp reduction in stocks during the month, amounting to 12.5%.
brings this total down to 254.056,000 yards, or approximately 100,000,000
yards less than the figure reported as of the end of January 1031.
Unfilled orders at the end of the month were 391,150,000 yards
-an
Increase of 21.5% during the month.
These statistics are compiled from data supplied by 23 groups of manufacturers and selling agents reporting to the Association of Cotton Textile
Merchants of New York and the Cotton-Textile Institute, Inc. These
groups report on more than 300 classifications of Carded Cotton Cloths and
represent the major portion of the production of these fabrics in the United
States.
Production Statistics
-January 1932.
The following statistics cover upwards of 300 classifications or constructions of carded cotton cloths, and represent a very large part of the
total production of these fabrics in the United States. This report represents yardage reported to our Association and the Cotton-Textile
Institute, Inc. It is a consolidation of the same 23 groups covered by our
reports since October 1927. The figures for the month of January cover a
period of four weeks.
January 1932.
(4 Weeks).
Production
232,707,000 Yards
Sales
338,010.000 yards
Ratio of sales to production
145.2%
Shipments
268,899,000 Yards
Ratio of shipments to production
115.5%
Stocks on hand Jan. 1
290,248,000 yards
Stocks on hand Jan. 31
254,056,000 Yards
Change in stocks
decrease 12.5%
Unfilled orders, Jan. 1
322,039,000 yards
Unfilled orders Jan. 31
391,150,000 yards
Change in unfilled orders
Increase 21.5%
World consumption of all kinds of cotton in the first half
of the current cotton season was approximately 11,475,000
bales, compared with 10,929,000 in the corresponding period
last season, according to the New York Cotton Exchange
Service. Accordingly, it states, the world used about Census Report on Cottonseed Oil Production During
January.
536,000 more bales of all growths of cotton in the first half
On Feb. lithe Bureau of the Census issued the following
of this season than in the same period last season, or on
the basis of 1,072,000 increase In the full season. The Ex- statement showing cottonseed received, crushed, and on
hand, and cottonseed products manufactured, shipped out,
change Service on Feb. 16 also said:
Consumption of American cotton is tentatively put at 5,975,000 bales in
the first half of this season against 5,377,000 last season, an increase of
698,000 bales. Consumption of foreign growths, on the other hand, is esti.
mated at 5,500,000 bales in the first half of this season against 5,562,000
last season, a decrease of 62,000 bales. Hence all of the increase this
season over last season is in American cotton.
on hand and exported for six months ended Jan. 31 1932
and 1931:
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
Received at Mills*
Crushed
Aug. 1 to Jan. 31. Aug. 1 to Jan. 31.
State.
Smaller Cotton Stocks in Great Britain-British Mills
Take More Cotton.
The stocks of cotton in the British ports at the end of
January were smaller than at the beginning of the cotton
season on Aug. 1 and smaller than at the end of January
last year, according to a report received by the Department
of Commerce from the Liverpool Cotton Association. The
Department, under date of Feb. 13, added:
The total stocks amounted to 888,000 bales, which is 63,000 bales less
than on Aug. 1 and 192,000 bales less than at the end of January 1931.
The stocks of American cotton at the end of January, amounting to 442,000
bales, were 17,000 bales larger than on Aug. 1 but 160,000 bales smaller
than at the end of January 1931. The stocks of foreign cotton, amounting
to 446,000 bales, were 80,000 bales smaller than on Aug. 1 and 82,000 bales
smaller than at the end of January 1931.
It is to be observed that the accumulation of stocks from the beginning
of this season were substantially, smaller than last season. Thus, the
accumulation of American cotton from Aug. 1 to the end of January amounted
to only 17,000 bales, whereas the accumulation during the corresponding
period of last season was 312,000 bales. On the other hand, the stocks of
foreign cotton decreased 80,000 bales from those at the beginning of the
season while last season they decreased 49,000 bales. Thus the total stocks
showed a decrease of 63,000 bales from the beginning of the season this
year while last year they showed an accumulation of 263,000 bales.
The following further announcement was issued Feb. 13
by the Department of Commerce:
The deliveries of cotton to British mills during the first half of the
current cotton season, amounting to 1,306,000 bales, showed an increase
of 325,000 bales over the deliveries for the first half of the 1930-31 season,
according to a report received by the Department of Commerce from the
Liverpool Cotton Association.
The deliveries of American cotton amounted to 622,000 bales, showing
an increase of 155,000 bales, while the deliveries of foreign cotton, amounting to 684,000 bales, showed an increase of 170,000 bales.
The deliveries of Argentine cotton amounted to 61,000 bales, or 31,000
bales more than during the first half of last season. Deliveries of Egyptian
were 161,000 hales, or 49,000 bales more, while the deliveries of Sudan
and other African cotton were 61,000 and 51,000 bales, registering an
Increase of 34,000 and 12,000 bales, respectively, over the deliveries for
the first half of last season. The deliveries of Peruvian cotton, amounting
to 81,000 bales, were the same as during the first half of last season, while
the deliveries of Brazilian cotton, amounting to 56,000 bales, showed a
decrease of 27,000 bales.
Production, Sales and Shipments of Cotton Cloths
During January As Reported by the Association of
Cotton Textile Merchants of New York.
Statistical reports of production, shipments and sales of
carded cotton cloths during the month of January 1932,
-made public Feb. 15 by the Association of Cotton Textile
Merchants of New York is regarded as confirming optimistic
predictions of the best start in many years. The figures cover
a period of four weeks. Production during January amounted
to 232,707,000 yards, or at the rate of 58,177,000 yards per
week, according to the Association which further reports:
Improved market conditions distinguished the largest average weekly
sales recorded in any month since September 1929. Sales for January 1932
1932.
Alabama..
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
1931.
1932.
1931.
On Hand at Mills
Jan 31.
1932.
1931.
300,448 360,726 243.013 314,656
58,104
41,181
62,152
34,691
50,685
6,539
450.842 246,567 306,823 212,417 134,616
72,637 114,726
58,504
76,047
15,333
313,561 559.159 258,277 512,301
56,663
217.764 197,682 184,493 175,340
33,923
619,314 538,652 430,872 449,739 189,523
193,833 252,571 153,021 223,135
41,819
358,408 244,539 284,411 214,471 72,792
154.111 220,244 145,235 207,694
9,781
423,507 252,026 244,040 208,396 179,696
1,499,780 1,192,227 1,154,347 1,031,416 358,565
63,121
71,409
49,603
54,363
21,857
46,336
11,713
37,200
46,819
47,587
23,012
98,888
29,800
32,350
12,944
46,225
177,514
8,760
United States
4.716.775 4.304.392 3.547.3311 3.730.Ran 1.179.210 510.143
Includes seed destroyed at mills but not 24,784 tone and 45,434 tons on hand
Aug. 1, nor 29,547 tons and 51,560 tons reshipped for 1932 and 1931, respectively.
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT AND ON
HAND.
Item,
Season.
Ors Hand
Aug. 1.
Produced
Aug. 150
Jan.31.
Shipped Out
Aug. 1 to
Jan.31.
On Hand
Jan. 31.
a8.086,071 1,105,491,652 1,018,925,516 0133,628,955
1931-32
Crude oil
7,893,957 1,126.889,184 1.048,237,157 127,826,502
1930-31
(pounds)
1931-32 5277,836,530 c890,759.267
Refined oil
5555,210,975
(pounds)_
1930-31 301,609.092 916,189,056
463,107,422
Cake and meal_ 1931-32
146,888
1,591,303
1,520,525
217,666
1930-31
(tons)
55,352
1.688,531
1,398,699
345,184
1931-32
Hulls
997,548
47,723
827,126
218,145
1930-31
28,495
(tons)
1,030,766
909,776
149,485
1931-32
Linters
561,712
175,904
428,891
308,726
(running bales) 1930-31
135,220
647,128
440,987
341,361
3,564
1931-32
Hull fiber
21,607
13,131
12,040
(500-lb. bales) 1930-31
2,659
35,416
30,987
7,088
Grabbots,motes,
12,475
dm. (500-lb. 1931-32
17,378
19,485
10,368
1930-31
12,776
bales)
25,722
22,887
15,611
a Includes 3,267,812 and 12,482,899 pounds held by refining and manufacturing
establishments and 3,011,840 and 32,773,501 pounds In transit to refiners and
consumers Aug. 1 1931 and Jan. 311932, respectively.
b Includes 4,207,734 and 3,088,365 pounds held by refiners, brokers, agents and
warehousemen at places other than refineries and manufacturing establishments and
3,585,902 and 5.707,510 pounds in transit to manufacturers of lard substitute,
oleomargarine, soap, &c., Aug. 1 1931 and Jan. 31 1932, respectively.
c Produced from 953,221,736 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR FIVE MONTHS ENDED
DECEMBER 31.
Item
1931.
1930.
Oil
-Crude, pounds
2,237,623
2,444,065
Refined, Pounds
7.084,389
2,638,335
Cake and meal, tons of 2,000 pounds
15,734
146,882
Linters, running bales
51,122
43,631
Census Report on Cotton Consumed in January.
Under date of Feb. 13 1932 the Census Bureau issued
its report showing cotton consumed in the United States,
cotton on hand, active cotton spindles and imports and
exports of cotton for the month of January 1932 and 1931.
Cotton consumed amounted to 435,337 bales of lint and
50,241 bales of linters, compared with 415,517 bales of lint
and 44,49f bales of linters in December 1931 and 450,117
bales of lint and 50,688 bales of linters in January 1932. It
will be seen that there is a decrease from January 1931 in
the total lint and linters combined of 34,853 bales, or 3.1%.
The following is the official statement:
FEB. 20 1932.]
FINANCIAL CHRONICLE
JANUARY REPORT OF COTTON CONSUMED. ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
(Cotton In running bales, counting round as half bales, except foreign, which is In
500
-pound bales.)
Cotton Consumed
Du IngYear
Jan.
(bales)
United States
Caton on Hand
Jan. 31
Cotton
Si:
In Con- In Public Spindles
Months suming Storage
Active
Ended Establish- & at Corn- During
Jan. 31
menu, presses.
Jan.
(bales)
(bates)
(bales) (Number).
{ 1932 435,337 2,631,272 1,637,139 10032 322 25,013,750
1931 450,117 2,460,250 1,617,840 7,938,817 25,628,284
Cotton-growing States- 1932 358.527 2,158,232 1,303,585 9,621,620 16,910,894
1931 355,419 1,960,008 1,210,918 7,541,808 16,980,850
1932 63,150 381,925 276,527 198,984 7,127,488
New England States
1931 81,469 415,600 337,050 140,881 7,797.500
1932 13,660
All other States
91,115
57,027 211,718
975,368
1931 13,229
84,642
69,872 258,128
849,934
Included Above
Egyptian cotton
1932 6,731
39,196
28,960
12,656
1931 7,782
51,913
68,245
25,745
1932 2,483
Other foreign cotton
23,875
25,861
7,264
1931 5,761
37,006
18,514
27,120
American-Egyptian cotton 1932 1,083
7.680
7,327
15,208
1931 1,472
6,078
6,990
11,177
Not Included Above
Linters
1932 50,241 333,257 262,226
51,404
1931 50ARR 335 ARI 2RR 701
RR 233
1281
the work available has not been sufficient to provide full employment for
regular forces.
Increase in World's Visible Supply of Coffee.
According to figures released by the New York Coffee and
Sugar Exchange on Feb. 17, the world's visible supply of
coffee on Feb. 1 amounted to 37,259,510 bags as against
37,245,599 bags on Jan. 1, and 32,134,234 bags on Feb. 1
1931. The Exchange says:
These figures include the coffee stored in "Interior warehouses" in Brazil
and also the coffee owned and controlled by the Sao Paulo Government.
It was also stated that 1,001,000 bags of the present Santos crop of this
Year was moved from plantations into interior warehouses during January
making the total moved for the seven months of the crop year 15,419.350
bags against 8,085,330 bags for a similar period in 1931 and 15,218.199
bags two years ago.
Union Tile Setters in Baltimore Accept Wage Cut.
According to Baltimore advices to the "Wall Street
Journal" The Tile Setters' Union of Baltimore, which is a
member of the National Bricklayers' Organization, has
voluntarily reduced daily pay rate to $10 from $12, effective
immediately.
Imports ofPorelyn Cotton(500
-Lb. Bales).
Country ofProduction.
January
1932.
BOPS
Peru
China
Mexico
British IndiaAll other
3,889
223
1,279
5,456
1,731
140
6 Mos. End. Jan. 31.
1931.
2,541
6,793
1,722
243
1932.
16,654
943
3,847
16,324
8,269
670
1931.
3,582
20
12,931
868
12,220
591
Price of Milk Cut in St. Paul.
Associated Press advices from St. Paul, Feb. 16 said:
St. Paul dealers to-day reduced the price of milk one cent a quart, making
the retail price six cents. This is the lowest here since 1917. One dealer
said the reduction was made in an effort to increase the use of milk in
homes. The price of pints was not affected.
Petroleum and Its Products-Martial Law Continues
in East Texas Pending Appeal to United States
Supreme Court on Federal Decision Outlawing
Control - Six-Day Week Abandoned - Railroad
Cowry Is Which Exported.
January
6 Moo. End. Jan. 31.
Commission Ready to Assume Charge.
1932.
1931.
1932.
1931.
Governor Ross Sterling will continue martial law rule in
Ili,ttett Kingdom
131,758
57,395
719,529
800,144
France
39,460
79,169
200,116
718,630 the east Texas oil fields to curtail production within preitaiy
66,666
37,266
389,867
315,124
.Germany
145,206
82,575
925,653 1,147,438 scribed limits, he announced yesterday in making public
ether Europe
73,952
66,678
449,367
458,915 his decision to appeal to the United States Supreme Court
Japan
306,253
158,607 1,299,294
636,405
A il other
156,043
51,131
970,646
402,701 against the verdict of the three-judge Federal Court which
Total
919,338
532,821 4,954,472 4,479,357 on Thursday had rendered its decision in the suit of indeNote.
-Linters exported, not Included above, were 13,471 bales during
January pendent operators. The Court made permanent a tem.1 n2 nrd 12,876 bales in 1931; 57,102 bales for the six months ended Jan. 31 in
19 . e3
32
998 bales in 1931. The distribution for January 1932 follows: United porary injunction restraining Governor Ross, BrigadierKingdom, 1%354; Netherlands, 1,532; Belgium, 155; France, 1,786;
Germany. General Jacob Wolters, in charge of the National Guard
.5,992; Italy, 145: Canada, 1,647; Japan, 800: South Africa, 50.
troops in the field, and Adjutant-General W. W. Sterling
WORLD STATISTICS.
The world's production of commercial cotton, exclusive of linters, grown in
1930, from interfering with production of wells owned by the
as compiled from various sources was 25,304,000 bales, counting American
cunning bales and foreign in bales of 478 pounds lint, while the consumption in • plaintiffs.
of
cotton (exclusive of linters in the United States) for the year ended July 31 1931
The Governor was quoted by J. F. Lucey, prominent
was approximately 22,402,000 bales. The total number of spinning cotton spindles,
both active and idle is about 162,000,000.
independent oil official, as having stated that "regardless of
the present adverse Court decision he would not withdraw
Shoe Production in United States During 1931 4% the troops from the area." Mr. Lueey pointed out
the
Above 1930.
mysterious opening of certain wells and tanks in east Texas
The United States during the calendar year 1931 manufac- this week as an indication of what could be expected should
tured 316,239,809 pairs of boots and shoes (other than the field be again thrown open to unrestrained production.
rubber) an increase of 4.0% over the 1930 output (304,- Warnings have been uttered in east Texas to the effect that
169,748 pairs), according to Arthur B. Butman, Chief, Shoe violence would certainly follow withdrawal of strict control.
The Railroad Commission, which has for several weeks
and Leather Manufacturers Division, Department of Commerce; the latter under date of Feb. 12, said:
been getting in readiness to reassume control of the field in
The production included: Boots and shoes, men's,
77,419,567 Pairs: the event of such an adverse decision, has begun drafting
boys' and youths', 20,047,251 pairs; women's, 112,603,023 pairs;
misses, an emergency order for east Texas which can be placed into
and children's, 34,308,377 Pairs; and all other, slippers, sandals,
&C.. immediate effect. This will continue
71.861,591 Pairs.
the present per-well
As compared with 1930 there was only a slight variation in the
quantities allowable of 75 barrels per well per day, it is said.
of footwear manufactured for men, boys and youths, women
and misses
However, on the question of per-well allowable in east
and children, but the output of all-fabric (satin, canvas, &c.)
shoes in-creased from 2,593.197 to 4,749,835 pairs or
83.2%; all leather slippers Texas, it is significant that the Magnolia Petroleum Co.
from 6,629.556 to 8,598,088 Pairs or 29.7%; and miscellaneous
footwear, has decided to abandon the one-day per week complete
from 5,953,234 to 8,186,197 pairs or 37.5%. Of the total quantity
manu- shutdown of producing and refining operations. Its statefactured in 1931 shoes for women constituted 35.6%
and shoes for men
24.5%.
ment to this effect follows: "Effective 7 a. m. Feb. 21,
Shoe production In the United States rose steadily from
and until further notice, the Magnolia Petroleum Co. will
313.230
1924 to 361,402,000 pairs in 1929 after which the output declined Pairs in
sharply abandon its Sunday shutdown program
in the east Texas
through 1930. In February 1931 there began an upward slant
which
continued through August (33,475,000 Pairs). The
seasonal decline oil field and will produce 65 barrels per well seven days a
followed with a slight pick-up in December.
week from its own leases and will purchase on the same
basis. This will be an increase over the quantity we are
Five-Day Week to be Inaugurated by American Tele- now taking weekly."
phone and Telegraph Co.
It is thought that Magnolia's action will lead to a reduc-Workers in Long Lines
Department Will be Affected by New Schedule to tion of the allowable throughout the field to the
same
be Effective March 1.
basis. The one-day shutdown was voluntarily made efThe long-lines department of the American Telephone and fective on Dec. 20 of last year. Martial law has been in
Telegraph Co. is placing all workers on part-time so that by force since last Aug. 17.
The Federal Court, which rendered the martial law
March 1- these employes will work in general the equivalent
of five days a week, it was announced Feb. 8, according to decision, declared that civil authority, under the United
States Government, was supreme over military power. It
the New York "Times" of Feb. 9, which adds:
asserted that Governor Sterling, General Wolters and
The measure will be taken because of the reduced volume of work.
For some time the operators and construction crews have been working part Adjutant Sterling "have been without warrant of law
time and the extension of this practice to others is to divide the work interfering with and illegally depriving
the plaintiffs of their
available and avoid lay-offs.
The plan also assures an experienced force adequate to meet an increase undoubted right to operate their own properties in a prudent
in work requirements as business picks up, the announcement said, and is in and reasonable way and in accordance with the
laws of
line with action already taken in other branches of the Bell System where the State."
Total
12,718
11.299
46,707
30,212
Exports ofDomestieCotton, Excluding Linters
(Running Bales
-See Note for Linters)
1282
FINANCIAL CHRONICLE
It was the east Texas field which last summer disrupted
the entire petroleum structure of• the country by gushing
forth a production of about 1,000,000 barrels daily. Prices
in both Texas and Oklahoma were forced down to ridiculously
low levels, in some instances to as low as 5c. per barrel. It
was the drastic action taken by Governor Sterling in Texas
and Governor Murray in Oklahoma which prevented what
might have well been the complete disintegration of the
industry.
There have been no price changes in crude as yet, but
the Texas situation is being watched closely, as the first
sign of unbridled production will undoubtedly have a depressing influence on the entire market, including both
crude and refined stocks.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P.1. degrees are not shown.)
20.63
$1.35 Eldorado, Ark.. 40
Bradford. Pa
.68
Corning, Ps
80 Rusk, Texas. 40 and over
.85
flhinois
.80 Salt Creek, Wyo..40 and over
Western Kentucky
.60 Darst Creek
1.05
Mid-Continent, Okla.,40 and above .85 Sunburst, Mont
Hutchinson, Texas. 40 and over____ .66 Santa Fe Springs. Calif.,40 and over .75
Spindletop. Texas, 40 and over.... .66 Huntington, Calif.. 26
.72
Winkler, Texas
1.75
.71 Petrolia. Canada
Smackover, Ark., 24 and over
.56
REFINED PRODUCTS
-JERSEY STANDARD OUTS RETAIL
PRICE BUT TANK WAGON IS UNCHANGED
-DEMAND
QUIET THROUGHOUT LIST WITH OTHER QUOTATIONS
STABLE.
Effective on Wednesday, Feb. 17, the Standard Oil Co. of
New Jersey reduced the retail price of gasoline Mc. per
gallon throughout its territory with the exception of Delaware. The tank-wagon price structure remains unchanged,
and dealers in the area affected will be granted an additional
discount of Mc. per gallon.
This was the only price change of importance made in
refined products during the week, all others remaining stable
in the face of a quiet demand, which moved stocks in a
routine manner. Some quarters reported that United States
Motor gasoline could be had this week at 53'e. per gallon,
tank car, but all quotations for 65 octane or above ranged
between 6c. and 63/2c., unchanged from last week. Bulk
deliveries are mainly against existing contracts.
Chicago reports continuing quiet in bulk gasoline, but
with immaterial price fluctuations. Gasoline of 57 octane
and below is moving within a range of 2% to 3c. per gallon,
%
/
while 57 to 64 octane is quoted at 33 to 33 0. per gallon.
No important developments have been noted this week
in the export situation. Several inquiries were reported
this week from European sources, but no volume contracts
were closed.
Domestic consumption continues to hold up well in gasoline, as well as in the heavier fuels. Grade C bunker fuel
oil is steady at 60c. per barrel, at refinery, and Diesel is
quiet and unchanged at $1.30 per barrel, same basis.
Water white kerosene 41-43 tank car holds its range of
from 534c. to 54c. with demand stagnant. A slight improvement in consumption has been reported from up-State
and throughout New England, but this has had no appreciable effect on the bulk markets as yet.
Pennsylvania lubricants are in stronger demand, but
quotations remain as posted heretofore.
Price changes follow:
-Standard Oil Co. of New Jersey reduces retail price of gasoline
Feb. 17.
Sic. Per gallon throughout territory, with exception of Delaware. Tankwagon price not affected. Reduction brought about by additional discount
of 34c. to dealers in territory affected.
Gasoline, Service Station, Tax Included.
$ 149
2.15 Kansas City
New York
$.143 Cincinnati
.162
16 Minneapolis
195 Cleveland
Atlanta
118
19 New Orleans
154 Denver
Baltimore
11
131 Philadelphia
17 Detroit
Boston17
12 San Francisco
Buffalo
148 Houston
129
19 St. Louts
Chicago
15 Jacksonville
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayo'ne)$05g-.05)41ChIcago
S 0234-.033i New Orleans, ex--40 0334
.0434-.0334
Tulsa
North Texas
.06
.0491Los Ang..
.03
[VOL 134.
3,665,600 barrels, or 95.2% of the 3,852,000 barrel estimated daily potential refining capacity of the United States,
indicate that 2,128,900 barrels of crude oil were run to stills
daily, and that these same companies had in storage at refineries at the end of the week,43,430,000 barrels of gasoline,
and 128,225,000 barrels of gas and fuel oil. Reports received on the production of gasoline by the cracking process
indicate that companies owning 95.6% of the potential
charging capacity of all cracking units, manufactured
3,196,000 barrels of cracked gasoline during the week. The
complete report for the week ended Feb. 13 1932 follows:
CRUDE RUNS TO STILLS, GASOLINE STOCKS AND GAS AND FUEL OIL
STOCKS, WEEK ENDED FEB. 13 1932.
(Figures in barrels of 42 gallons)
Pcr Cent
Potential
Capacity
Reporting.
Crude
Runs to
Stills.
Per Cent
Oper.
of Total
Capacity
Report.
Gasoline
Stocks.
a
2,975,000
673,000
1,932,000
1,515,000
3,408,000
1,062,000
232,000
3,105.000
67.1
69.9
64.0
49.7
63.6
65.8
23.1
49.9
5,676,000
1.765,000
5,329.000
3.855,000
9,402,000
1.357,000
1,982,000
14,064,000
14,902,000
2,128,900
14,783,000
2,111,900
68.1
43,430,000
128,225,000
95.2
57.6
41,378,000
128,705,000
Total Feb. 14 1931. 95.7
Daily average
15,479,000
2.211,300
61.9
b41,986,000
130,310,000
District.
East Coast
100.0
Appalachian
91.8
Ind., III,inols Kentucky 98.9
Okla., Kans., Missouri_ 89.6
Texas
91.3
Louisiana-Arkansas...-. 98.9
Rocky Mountain
89.4
California
97.1
Total week Feb. 13Daily average
Total week Feb. IL
Daily average
95.2
Gas and
Fuel Oat
Stocks.
7,110.000
1,314,000
4,818,000
3,338,000
10,656.000
4,100,000
721,000
96,168,000
Texas Gulf Coast
99.8
2.537,000
68.2
7,505,000
7,861,000
,7Louisiana Gulf Coast_ 100.0
742,000
71.9
1,193,000
3,282.000
a Stocks at refineries, except in California district, which includes stocks of
finished gasoline and engine dist Hate at refineries, water terminals and sales distributing stations and amounts n transit thereto. b This figure is not entirely
comparable with current stocks due to revisions made since original publication
of this figure, for which revisions the basic information is not available by weeks.
If it were possible to have made the revision, the new figure would reflect somewhat lower stocks. c Included in above table for week ended Feb. 13 1932.
Note.
-All figures follow exactly the present Bureau of Mines definitions. Crude
oil runs to stills include both foreign and domestic crude. In California, stocks ot
heavy crude and all grades of fuel oil are included under the heading "Gas and fuel
oil stocks."
Bulk Terminal Stocks of Gasoline and Gasoline
in Transit.
The American Petroleum Institute below presents the
amount of gasoline held by refining companies in bulk
terminals and in transit thereto, by Bureau of Mines' refining districts, East of California. The Institute's statement follows:
It should be borne definitely in mind that comparable quantities of
gasoline have always existed at shnilar locations as an integral part of the
system of distribution necessary to deliver gasoline from the points of
manufacture to the ultimate consumer. While it might appear to some
that these quantities represent newly found stocks of this product, the
industry itself and those closely connected with it, have always generally
known of their existence. The report for the week ended Aug. 22 1931
was the first time that definite statistics had ever been presented covering
the amount of such stocks. The publication of this information is in line
with the Institute's policy to collect, and publish in the aggregate, statistical
Information of interest and value to the petroleum industry.
For the purpose of these statistics, which are Issued each week, a bulk
terminal is any installation, the primary function of which is to supply
other smaller installations by tank cars, barges, pipe lines or the longer
haul tank trucks. The smaller installations referred to, the stocks of
which are not included, are those whose primary function is to supply the
the local retail trade.
Up to Aug. 22 1931, statistics covering stocks of gasoline East of California reflected stocks held at refineries only, while for the past several
years California gasoline stocks figures have included, and will continue to
include, the total inventory of finished gasoline and engine distillate held
by reporting companies wherever located within continental United States,
that is, at refineries, water terminals and all sales distributing stations
including amounts in transit thereto.
Gasoline at "Bulk Terminals."
Figures End of Week.
District.
Feb. 13
1932.
Feb. 6
1932.
Feb. 14
1931.
Gasoline "In Transit."
Figures End of Week.
Feb. 13
1932,
Feb. 6
1932.
Feb. 14
1931.
8,390,000 8,303.000 8,247,000 1,213,000 1,040,000 2,045,000
East Coast
334.000
Appalachian
268,000
335.000
2.539,000 2,679,000 1,420,000
Ind., Ill., Ky
35,000
11,000
712,000
Okla., Kans., Mo.
773,000
191,000
215.000
156,000
Texas
62.000
32,000
Loulsiana-Arkan_
350,000
223,000
560.000
11,000 105,000
Rocky Mountain
Fuel 011, F.O.B. Refinery or Terminal.
Gull Coast"C". .2.55-.65
California 27 plus D
5.75-1.00 Chicago 18-22 D:.4214-.50
Lee
Total east of Calif_ 12,516,000 12,461.000 10.718,000 1,259,000 1,218,000 2,078,000
1.30 1 New Orleans "C"..-- .55
Texas Gulf
159,000
183.000
Gas 011, F.O.B. Refinery or Terminal.
128,000
43,000
32,000
Louisiana °ult.._
316,000 .206.000
517,000
Tulsa
91,000
N.Y.(Bayonne)Chicago32-36,1) Ind__$.0131-.02
28 D plus____$.03%-.04
32-36 D Ind_ _$.013(-.02
Gasoline, U.S Motor, Tank Car Lots, F O.B. Refinery.
‘ Crude Oil Output in the United
,
New Orleans. ex.$.05-.05)
N. Y.(Bayonne)New YorkStates Showed a
04'.04g
Colonial-Beacon.$0.0634 Arkansas
Stand. 011, N. J.20.06
Further Falling Off During the Week Ended Feb.13
05-.07
.06g California
Stand. Oil. N.Y. .0634
Crew LevIck---.0431-.07
.06 Si Los Angeles, ex_
Tide Water011Co .(634
z Texas
1932, but Continued Higher than a Year Ago.
.05-.0531
.0634 Gulf Ports
Gulf
Richfleld011(Cal) .06.4
.0431-.05
Tulsa
.06
Continental
Warner-Quin. Co .0614
The American Petroleum Institute estimates that the daily
.05)1
Pennsylvania...
Republic Oil_
Pan-Am.Pet.Co. .06
She I Eastern Pet .0634 Chicago
-$ 0334-.04
average gross crude oil production in the United States for
z "Texaco" is .07.
•Below 85 octane.
N. Y.(Bayonne)Bunker "C"
Diesel 28-30 D___
the week ended Feb. 13 1932, was 2,138,300 barrels, as
compared with 2,152,700 barrels for the preceding week, a
decrease of 14,400 barrels. Compared with the output for
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute the week ended Feb. 14 1931 of 2,127,700 barrels per day,
for the week ended Feb. 13 1932,from companies aggregating the current figure represents an increase of 10,600 barrels
FEB. 20 1932.]
FINANCIAL CHRONICLE
daily. The daily average production East of California for
the week ended Feb. 13 1932 was 1,634,800 barrel, as
compared with 1,653,000 barrels for the preceding week,
a decrease of 18,200 barrels. The following are estimates
of daily average gross production, by districts:
1283
Gasoline bootlegging, which is found in nearly every State, regardless
of the size of the gasoline tax rate, can be stopped and at a profit. In
Illinois. for instance, the 1931 July-October collections were 8728,000
more than in 1930, even though less gasoline was sold. Further, 50 tax
evaders have been indicted and more will be soon. Pennsylvania is also
playing a winning hand. In September 1931. that State collected onethird more gasoline tax money than in the same month in 1930. Pennsylvania has more than 600 gasoline tax evasion cases pending in the
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS)
criminal courts.
-Feb. '32. Feb. 6 '32. Jan. 30 '32. Feb. 14 '31.
Weeks Ended
13
To curb gasoline tax evasion States must co-operate with each other.
Oklahoma
404,900
396,100
412,750
474,250
Kansas
98,850
98.400
119,250 and reputable gasoline distributors and dealers must work together even
98,050
Panhandle Texas
48,800
50,350
51,600
53,700 to the extent of forming combative organizations. In some cases, it will
North Texas
8,400
48,350
48,650
59,350
West Central Texas
23,950
25,300
25,100
24,150 be necessary for States to tighten up laws. Fraudulent entries in books,
173,250
West Texas
174.150
176,700
245.500 the carting of untaxed gasoline across State lines, the operation of dummy
Central Texas
50.300
East
50,050
49,600
42,900 companies, all can be eliminated.
327,500
East Texas
349,250
345,350
12,150
At any rate, gasoline bootlegging can be stopped, for gasoline can-t be
Southwest Texas
52,900
51,600
81,100
51,400
28,700
North Louisiana
28,350
28,850
44,550 manufactured in the quiet of the kitchen or basement. It must come
Arkansas
33,550
34,500
33,500
49,850 from large sources of supply, which makes it comparatively easy for GovernCoastal Texas
111.900
114,350
114,000
158,900 ment and private agencies to call a halt. Motorists have permitted themCoats! Louisiana
28,300
30,350
29,950
26,100 selves to be taxed for the reason that they
benefit through road construc106,600
Eastern (not 1nel. Michigan)
105,050
106,200
99,500
Michigan
14,300
15,300
16,050
9,250 tion, therefore Government is morally responsible for all gas tax money.
Wyoming
34,350
34,500
34,900
43,900
Montana
7,050
7,300
6,400
9,000
Colorado
3,600
3,650
3,450
4,350
New Mexico
37,600
35,550
35.750
41,350 Metropolitan Gasoline Dealers Fear New York May Be
California
503,500
499,700
503.100
528,600
Invaded
by
Gasoline
Bootleggers-Danger in
Total
2,138,300
2,152,700
2,170,800 2,127,700
Increased Tax Plan.
The estimated daily average gross production for the Mid-Continent
From the New York "World-Telegram" of Feb. 11 we
Field, including Oklahoma, Kansas, Panhandle, North. West Central,
West, East Central, East and Southwest Texas, North Louisiana and take the following:
Arkansas, for the week ended Feb. 13, was 1,291,100 barrels, as compared
Fear that New York State will be invaded by gasoline bootleggers if
with 1,306,950 barrels for the preceding week, a decrease of 15,850 barrels. the proposals to increase tho gas tax go through, was expressed to-day
The Mid-Continent production, excluding Smackover (Arkansas) heavy by the Metropolitan Gasoline Dealers' Association.
oil, was 1,268.200 barrels, as compared with 1,284,050 barrels, a decrease
It pointed out that in every State where the tax had been increased
of 15,850 barrels.
beyond 2 cents a gallon, tax evasion was rife and a thoroughly organized
The production figures of certain pools in the various districts for the illicit traffic in gasoline flourished.
current week, compared with the previous week, in barrels of 42 gallons,
"This was accompanied by graft and corruption on an alarming scale,"
follow:
the Association reported. "The result, of course. was that Government
-Week Ended-Week Ended- authorities were defrauded and legitimate gasoline dealers who paid their
-Feb.13. Feb.6.
Oklahoma
Southteest TexasFeb. 13. Feb.6. taxes were at a serious economic disadvantage owing to undercutting
Bowlegs
12,150 10,600 Chapmann-Abbot
1,600 1.600
fttIstow-Slick
10,960 11.300 Dust Creek
16,600 15,450 of prices by the bootleggers."
Burbank
11.050 11.000 Luling
7,350 7,300
Carr City
17,650 18,550 Salt Flat
7,800 7,900
Earisbore
12,550 11,400
North LouisianaEast Earisboro
12.100 9.850 Sarepta-Carterville
850 Texas Oil Curb Ruled Illegal-Court Restrains Troops.
900
South Larlsbore
4,000
4.500 Zwolle
6,050 6,300
from Interference-Effect of Decision in Doubt
Konawa
4,650 5,100
Arkansas
Little River
17,800 17,000 Smackover. light
2.950 2,950
Militia Commander Says He Will Limit Production
East Little River
1,950 1.850 Smackover,heavy
22,900 22,900
Maud
2,050 2,100
-Texas Governor to Appeal to United States
Coastal Texas
-Mission
6,650 6,000 Barbers 11111
20.900 22,500
Supreme Court.
Oklahoma city
81,250 78,000 Raccoon Bend
4,800 4,800
St. I outs
17,750 18,500 Refuel° County
11,650 13,150
Oil proration by military order in the gigantic east Texas
Seartght
3,300 3,200 Sugarland_
9,900 9,950
Seminole
10,950 10,000 Coastal Louisiana
field has been declared by a Federal Court as illegal, said
East Seminole
1,100 1,000 East blackberry
3,400 4,300
Kansas
Old blackberry
600
600 Associated Press accounts from Tyler, Tex., Feb. 19, which
Ritz
12,500 10,650
Wyoming
Sedgwiek County
15,200 15,100 Salt Creek
20,900 21,050 we quote from the New York "Sun," of last night as follows:
Yosheli
8,200 9,300
M angina
This decision was made yesterday by a three-Judge court in making
Panhandle Texas
Kevin-Sunburst
4,100 4,100
Gray County
30,600 30,600
permanent a temporary injunction restraining the Texas Governor, Ross
New Mexico-.
Hute.hinson County
12.150 13,150 Hobbs High
31,450 30.000 S. Sterling. Brig.
-Gen. Jacob Wolters in charge of National Guard troops
North Texas-Balance Lea County
4,100 3,850 in the field, and Ajt.-Gen. W. W.
Sterling from interfering with production
Archer County
10.500 11,000
California
of wells owned by the plaintiffs, Eugene Constatin, J. E. Wtether and other
North Young County_ 5,600 5,700 Elwood-Goleta
17,000 16,400
WIlbarger County
10,100 9,650 Huntington Beach
22,300 21,000 independent operators.
West Central Texas
Inglewood
The immediate result of the decision was in doubt. Governor Sterling
13,900 13,400
south Young County_ 3,250 2,950 Kettleman Mils
59.400 61.000 declined to state
what action he would take until he had studied the deciWest Texas
Lone Beath
77,700 79,000 sion.
Some operators expressed belief the Governor could maintain martial
Crane and Upton Cos_ 10,900 19,800 midway-Sunset
50.400 49.300
Etter County
5.400 5,400 Playa Del Rex
20,200 20.900 law, in force since last Aug. 17. pending an appeal while others believed
Howard County
22,300 22,750 Santa Fe Springs
66.400 66,000 lifting of military rule at once was mandatory.
Reagan County
27.400 25,850 Real Beach
13,200 13,300
Winkler County
30,600 33.200 Ventura Avenue
39,500 39.300
Asked for Protection.
Yates
55,300 56,800
Balance Pecloa County
The Overton Refining Co., one of the original plaintiffs, and the Arrow
2.600 2,300
Pennsylvania Grade
East Central Texas
-Allegany
8,050 7.350 Refining Co. asked Gen. Wolters to assign troops to protect their
ProperVan Zandt County
43,450 42,800 Bradford
27.800 27.000 ties, asserting they feared they
East Texas
might be destroyed and some of their wells
Kane to Butler
6,250 6.800
Rusk Co.: Joiner
109,050 116,250 Southeastern Ohio
5.200 5,550 opened.
Kilgore
103,500 110,450 Southwestern Penna.... 3,000 2,900
Gen. Wolters. who already had been cited for contempt for refusing to
Gregg Co.: Longview.. 114,950 122,550 West Virginia
12,800 11,960 obey the temporary injunction, replied he would give the protection, but
would not allow the wells to produce in excess of the 75 barrels daily
authorized under martial law. He said the Overton Refining Co. had
Gasoline Bootleggers Cheat Kansas.
told him it planned to "open up" its wells as a result of the decision.
C. V. Terrell. Chairman of the State Railroad Commission, which
From the New York "Times" we take the following
normally supervises operation of State laws regulating natural resources,
from Topeka Feb. 11:
said that body was prepared to assume supervision of the field in an emerKansas is having trouble with gasoline bootleggers, and it is
estimated gency.
that the State has lost more than $150,000 in tax revenue. A representaMembers of the court were Judges Randolph Bryant of Sherman, Tex.;
tive of the American Petroleum Institute found that some dealers
had J. C. Hutcheson, Houston, Tex., and William I. Grubb of Birmingham.
raised the figures on thousands of motor fuel tax exemption
certificates.
Declares Civil Lair Supreme.
These are for fuel used in farm operations, and the practice makes
the
farmers parties to the fraud. Border-line fuel runners,
In its decision, the court declared civil authority, under the United States'
bootleggers and
blind-tank operators have been marketing thousands of gallons of
gasoline Government, was supreme over military power.
"We cannot have a military force that is not and will not be subordinate
on which no tax was paid. Trucks camouflaged as moving vans carry
Oklahoma gasoline into Kansas and deliver it to unscrupulous
to the civil authorities," the opinion read. "The military cannot in any
dealers.
State or case take the initiative or assume to do anything independent
of the civil authorities.
States to Stop Gas Tax Evasion-Bootlegging of Gaso- "Ours is a Government of civil, not military, forces. The militia in
active service, and in every emergency that arises in such service, is subline Costs Loss of $40,000,000 Yearly to Highway ordinate to the civil powers.
The soldier and the citizen stand alike under
Funds.
the law. Both must obey its commands."
It asserted
According to the Portland Cement Association, another "have been that Gov. Sterling, Gen. Wolters and Adjt.-Gen. Sterling
without warrant of law interfering with and
form of bootlegging has eaten its way into the public pocket-- the plaintiffs of their undoubted right to operate their illegally depriving
own properties in
a prudent and reasonable way and in accordance with the laws of the State."
book. The Association says:
the bootlegging of gasoline which, claim the most conservative
That is
Blamed for Price Upset.
estimators, steals $90,000,000 yearly from highway funds, enough to build,
The east Texas pool last summer, because of its great production, which
at present low prices of labor and materials. some 1,500 or 2,000 miles of mounted to approximately 1,000,000 barrels a day,
was credited with
concrete highway.
unsettling the price structure of the entire petroleum industry. After the
That bootlegging of gasoline has existed for some little time has been Railroad
Commission had failed to curb the output, Gov. Sterling sent In
known, but not until quite recently was it discovered that it has become the troops to avert what he termed
threatened "riot and insurrection,"
so widespread that about 1-15th of all gasoline used in automobiles is growing out of "reckless and wasteful" production in the field.
sold in such a way that the prescribed gasoline taxes are not paid to the
Troops were also ordered to close all the wells.
States.
Subsequently the wells were allowed to produce fixed amounts per well
Several States, when they became aware that many an unsuspecting under military super%'stn. The most recent order set the
allowance
motorist's dollar was making "successful" business men out of crooks, Per well at 75 barrels and production recently was estimated
at about
launched campaigns that have a two-fold purpose; the placement of boot- 350,000 barrels daily for the entire field.
leggers behind the bars and of gasoline tax money in the proper receptacle,
The number of troops in the field has fluctuated, but is estimated at
the State treasury.
present at about 150.
1284
[VoL. 134.
FINANCIAL CHRONICLE
From the "Wall Street Journal" of last night (Feb. 19) tablished new minimum sheet steel prices which, in most
instances, represent an advance. No. 24 hot rolled annealed
we take the following from Austin, Tex.:
Governor Ross Sterling states that he and the other defendants in the sheets have a minimum of $2.20 a pound, galvanized sheets
case involving enforcement of martial law in east Texas oil field, which has $2.85 and automobile body sheets $2.90. The account adds:
Tyler, will take
been enjoined by the three-judge Federal court sitting at
Blue annealed sheets remain unchanged at $1.85, while long ternes
an immediate appeal from the decision to the United States Supreme Court.
unasserted are higher at 3c. a pound. No. 24 hot rolled, formerly had
Regardless of the present adverse court decision, Governor Sterling will not
a range of $2.15 to $2.25; galvanized sheets of $2.70 to $2.80, and autowithdraw the troops from the area, the Governor was quoted by Captain
mobile body sheets of $2.75 to $2.90.
J. F. Lucey, prominent independent oil official, as having told him.
"The recent mysterious opening of some wells and tanks in east Texas,"
Captain Lucey said, "is only an indication of what could be expected should
January Production of Portland Cement Exceeds
the field be thrown open again. There are many persons in east'Texas
Shipments-Inventories Higher.
who feel very strongly on this matter, and violence would certainly follow
withdrawal of strict control."
The Portland cement industry in January 1932 produced
The Railroad Commission, in wnich administration of the oil and gas
conservation statute is vested, has begun drafting an emergency order for 4,989,000 barrels, shipped 3,363,000 barrels from the mills
east Texas which is intended to be placed into immediate effect. The order and had in stock at the end of the month 25,568,000 barrels,
Is said to fix the same per well allowable output as that now in effect under according to the United States Bureau of Mines, Department
martial law, 75 barrels daily. It is stated an early hearing will be called
of Commerce. Production of Portland cement in January
to consider a change in the allowable.
'Credit Move Buoys Non-Ferrous Metals-Copper Shows
Rise--Zinc, Tin and Silver Gain.
The general chorus of approval which met the Administration's move to ease the credit situation by broadening the
basis of Federal Reserve currency had its reflection in
increased activity in the metal markets during the week,
"Metal and Mineral Marketa" reports under date of Feb. 18,
adding:
1932 showed a decrease of 24.4% and shipments a decrease
of 28.3%, as compared with January 1931. Portland
cement stocks at the mills were 7.9% lower than a year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 165 plants both at the close
of January 1932 and of January 1931. The estimates include increased capacity due to extensions and improvements
during the period.
Copper rose a quarter of a cent to (33(0., Connecticut Valley bass.
RELATION OF PRODUCTION TO CAPACITY.
Foreign sales were good, although domestic demand showed comparatively
1 ttle improvement. Lead sales were better than average. The lead
Jan. 1931. Jan. 1932. Dec. 1931. Nov. 1931. oa. 1931.
statistics were disappointing, however, and the St. Louis market was
47.4%
37.2%
26.4%
The month
22.0%
29.5%
unsettled. Zinc, tin and silver all gained slightly during the 'week.
48.6%
44.4%
46.5%
45.9%
The 12 months ended_
60.6%
The attempt to bolster United States banking resources had the curious
effect of greatly increasing foreign demand for copper, while the domestic PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN JANUARY 1931 AND 1932 (IN THOUmarket remained quiet. On Monday, all domestic transactions were on
SANDS OF BARRELS).
a 834c. basis. Foreign sales were comparatively heavy, with the result
that the official export price was established on Tuesday 61ic. a pound,
Stocks at End
c.i.f. basis.
of Month.
Shipments.
Production.
District.
At the close of business yesterday these two prices were still obtaining.
1931. 1932. 1931. 1932. 1931. 1932.
Foreign sales fell off somewhat, but the total for February to date is in
excess of 20,000 long tons, compared with 8,500 tons a week ago, indiEastern Pa., N. J. & Maryland__ 1,617 1,511 1,084 1,073 5,546
cating sales in the last week of about 14,000 tons.
199 1.988
206
279
420
New York at Maine
With a tariff on British imports of copper definitely in prospect pro- Ohio, Western Pa. le W.Va
239 3,709
367
246
504
121 2,915
220
164
45
.ducers here are redoubling their efforts for an American tariff on the metal. Michigan
237 3,955
354
540
804
Canadian producers are understood to object to the British tariff, even Wis., Ill., Ind. & Ky
404 1,766
Va., Tenn., Ala., Ga., Fla. & La_
679
425
646
in that market. They fear retalia- East.
though it means preference for them
142 3,069
288
534
854
Mo.,Iowa, Minn.& S. Dak.
tion here and they also realize that when Rhodesian production grows W.Mo., Neb., Kan.,Okla.&Ark.
194 2,218
321
530
450
782
241
340
338
322
to the point where it can meet British demands, Canadian copper will Texas
410
Colo., Mont., Utah. Wyo.& Ida_
33
50
39
123
probably have to look elsewhere for a market.
831
413
California
643
336
624
nor sellers of copper are certain of Oregon &
One indication that neither ouyers
47
570
186
67
140
Washington
the future price trend of the metal can be found in the fact that most of
Total
6,595 4,989 4,692 3,363 27,759 25,568
the sales last week were transacted for shipment by June. In the recent
.demoralized state th t has characterized thb copper m rket, some sales
ahead as the fourth quarter. Disappearance of PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
had been made as far
CEMENT,BY MONTHS,IN 1931 AND 1932 IN THOUS.OF BARRELS).
_offerings for distant future delivery may be a healthy sign.
r
1.0,
Net, -.01MOD W.W.001
.
Katanga Will Not Shut Down.
The following from Brussels is from the "Wall Street
.Journal" of Feb. 19:
6,595
5,920
8,245
11,245
14,010
14,118
13,899
13,549
12,092
10,762
8,161
a5,974
1932.
4,998
1931.
&zatowaamA.r.7
acn&
1931.
January
February
March
April
May
June
July
August
September
October
November
December
10W0.40
4.00.4.44>,
N.440.-.NO1,100.NoPN
Most of the metal was sold by custom smelters, producers being unwilling to aocept orders at the low prevailing price. Custom smelters.
who usually undersell Copper Exporters, now are unwilling to sell below
61,1c., with some of the group demanding the official price for the metal.
Shipments.
Month.
1932.
3,363
.
NMI..00b,MMOVO
Production.
- Export Copper Price Raised 34-Cent a Pound-Foreign
-Cents.
Demand Boosts Price to 6%
A heavy demand for copper from abroad Feb. 16 resulted in an increase of the official price of Copper Exporters, Inc., from 6%.3. a pound to 6%c. More than
10,000,000 pounds have been sold since Saturday, says the
New York "World-Telegram" of Feb. 16, which adds:
Stocks at End of
Month,
1931. 1932.
27,759
28,612
29,676
29,715
29,554
27,602
25,934
24,313
22,736
21,218
22,219
823,942
25,568
a124,570
126.465
Total
a Revised.
-The statistics above presented are compiled from reports for January
Note.
received by the Bureau of Mines from all manufacturing plants except three,for which
estimates have been included in lieu of actual returns..
Steel Operations Slightly Downward-Prices Unchanged.
Remedial measures now being taken at Washington and
the announcement of the Ford Motor Co.'s plans for early
.
resumption of volume production have improved business
sentiment, but the steel industry has become reconciled
Belgian Copper Men Here-Parley on Permanent to the probability that a sizable gain in orders and plant
Rules for Export Group Expected.
operations will be slow to materialize and may be deferred
In its Feb. 18 issue the New York "Times" said:
until the second quarter, according to the "Iron Age" of
Discussions looking to the adoption of permanent rules governing the Feb. 18, which further goes on to say:
Exporters. Inc., are expected to begin soon, following
of
The Government is unwilling to shut down Katanga copper production,
if Americans should propose a world-wide shutdown, because the life of
the Province of Katanga, and to a lesser degree of the entire colony, depends upon the activity of Union Miniere du Haut Katanga. It is stated
that Union Miniere is still producing at a profit and is unwilling to consent
to further sacrifices.
CePPer
operations
the arrival here Tuesday of Camille Gutt and Fernand Pisan, representatives of the Union Miniere du Haut Katanga, important copper producer
of the Belgian Congo.
For several weeks Copper Exporters has been functioning under temporary rules, which were to have expired on Feb. 1 but have been extended
until March 1.
The presence here of Katanga's representatives has given rise also to
reports of a renewal of conversations looking to more drastic curtailment
of production of copper. Owing to the steady accumulation of surplus
stocks of the metal since the beginning of the year, many authorities
feel that a temporary shutdown would be advisable.
Leading Pittsburgh Companies Advance
Sheet Steel Prices.
The New York "Evening Post" according to Pittsburgh
_advices, Feb. 16, states that leading companies have es-
Although the new Ford four-cylinder cars are to be shown early next
month, it is doubtful whether volume production of this model will be attained before late March, while output of the eight-cylinder car must
await the completion of a retooling program. The Ford company has not
placed any large steel orders, notwithstanding that some material will require two or three weeks to produce.
No broadening of demands for steel has come from any of the important
consuming channels beyond some rail tonnage, which has permitted a rail
mill at Chicago to resume operations. On the contrary, the curtailment of
purchasing by the automobile trade generally has thrown into bold relief
the fact that most of the recent mild improvement came about mainly
through the January stepping up of motor car manufacturing schedules.
In virtually all steel-producing districts except Pittsburgh the rate of
operations is slightly downward, the average for the entire country being
estimated at 27% against 28% last week.
A price stabilization program inaugurated by manufacturers of sheets
and strip steel probably will receive its first severe test upon receipt of the
forthcoming Ford inquiries. The plain intimation from Mr. Ford that an
FEB. 20 1932.]
FINANCIAL CHRONICLE
increase in prices of materials at this time might "throttle" the efforts of
motor car manufacturers to increase production has not deterred the sheet
mills from carrying out plans to raise prices, although the advances finally
announced are smaller than were originally contemplated, amounting only
to Si or $2 a ton on some grades, with a reduction of $1 a ton on hot-rolled
sheets, one of the leading products of the continuous mills. Hot
-rolled
strip is to be stabilized at 1.40c.. Pittsburgh, for wide material and 1.50c.
for narrow, the recent open quotations, from which concessions had been
given in some instances. An extra charge of $5 a ton is to be made for lesscarload lots of galvanized sheets.
Whether the Ford Company and other automobile makers will pay the
higher prices this quarter is still open to question. The situation is admittedly involved, since the reduced prices to be quoted for Ford cars will
undoubtedly precipitate a battle for supremacy in the low-price car field,
into which the steel industry will be drawn through efforts of car makers
to obtain materials at the lowest possible costs.
Chicago mills have been unable to maintain a recent advance of $2 a
ton on bars, plates and shapes in view of the fact that such an increase
was not followed at Pittsburgh, which left a $4 a ton spread between the
two producing districts, sufficient to permit Pittsburgh and Youngstown
mills to ship more freely into the Western district. Another important
price change is a reduction of about $4 a ton on wrought iron pipe.
The tinplate situation continues to be disturbed by purchases of Welsh
plate, which are said to have totaled about 250,000 boxes. Although the
large American can companies have not bought foreign material,some of the
canneries have done so and have contracted with can factories to make
the cans. The American Can Co. has given specification& to the
American Sheet & Tin Plate Co. against its long-term contract.
Aside from the placing of orders by the Nickel Plate for 19,000 tons of
rails, railroad purchases of steel are small and scattered. The steel industry
has somewhat revised its expectations regarding railroad buying in the near
future, realizing now that purchases will be restricted until the revenues
of the carriers show increases. Lettings of structural steel for construction
work have gained slightly, but are much below normal for this time of year,
with comparatively little new work in sight. Even some Federal Government projects, long contemplated,are slow in reaching the contracting stage.
The farm implement industry has sharply curtailed its steel orders.
Steel scrap, often a dependable barometer of a prospective gain in steelmaking activity, gives no indication of strength, although prices, already at
record low levels, have receded no further. Steel mills are doing no important buying.
Pig iron markets are generally dull. The Woodward Iron Co., whose
operations in Alabama were completely suspended on Dec. 15, has resumed
the operation of one blast furnace.
Machine tool orders in January. as reported by the National Machine
Tool Builders' Association, fell below those of December, but were slightly
above the October and November totals.
The "Iron Age" composite prices are unchanged this week. Finished steel
is 2.037c. a lb., pig iron is $14.48 a gross ton and steel scrap $8.23 a gross
ton. A comparative table follows:
Finished Steel.
Feb. 18 1932, 2.037e. a Lb.
Based on steel bars, beams, tank plates,
One week ago
2 037e. wire, rails, black pipe and sheets.
One month ago
2 037o. These products make 87% of the
One year ago
2.1420. United States output.
High.
Low.
1932
2.052c. Jan. 5
2.037c. Jan. 11
1931
2.142e. Jan. 13
2.1140. May 5
1930
2.3620. Jan. 7
2.121c. Dec. 5
1929
2.412c. Apr. 2
2.3620. Oct. 25
1928
2.3910. Dec. 11
2.3140. Jan. 8
1927
2.453e. Jan. 4
2.2930. Oct. 25
1928
2.4530. Jan. 5
2.403o. May 18
1925
2.5800. Jan. 6
2.3960. Aug. 18
Pig Iron.
Feb. 16 1932, 814.48 a Gross Ton.
Based on average of baste iron at Valley
One week ago
$14.48 furnace and foundry irons at Chicago,
One month ago
14.661 Philadelphia, Buffalo, Valley and BirOne year ago
mingham.
15.71
High.
Low.
$14.79 Jan. 5
1932
$14.48 Feb. 9
1931
15.90 Jan. 6
15.79 Dec. 15
18.21 Jan. 7
1930
15.90 Dec. 18
1929
18.71 May 14
18.21 Dec. 17
18.59 Nov.27
1928
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
1926
21.54 Jan. 5
19.46 July 13
1925
22.50 Jan. 13
18.96 July 7
Steel Scrap.
Feb. 18 1932, $8.23 a Gross Ton.
fBased on heavy melting steel quo
One week ago
$8.23 tations at Pittsburgh, Philadelphia
One month ago
8.33J and Chicago.
One year ago
11.08
High,
Low.
1932
$8.50 Jan. 12
$8.23 Feb. 9
1931
11.33 Jan. 6
8.50 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
1926
17.25 Jan. 5
14.00 June 1
1925
20.83 Jan. 13
15.08 May 2
"Steel" of Cleveland, in its summary of the iron and
steel markets on Feb. 15 stated:
Henry Ford's commitment to the manufacture of an eight as well as a
four-cylinder car, inferentially beginning in March, is helping to stem
bearish sentiment in steel generated by the continued dearth of railroad,
automobile and structural business, but arrives too late to arrest a decline
in production.
After wavering two weeks at 281i%, steel-making operations eased to
27% last week. Mill schedules for the current week indicate a further
drop to 26%, a surrender of all improvement since the second week of
January. A slight gain at Pittsburgh this week is contrary to the general
trend.
In December Ford took quotations on a substantial tonnage of finished
steel, but weakness which has developed since-ascribed in part to the
lack of Ford business-necessitates new tenders. This inqiury by Ford,
expected shortly, may impose a severe strain on the current effort to
stabilize steel prices.
It will be March, at the earliest, before steel again moves to Ford in
volume, but with the Ford competition known other low-price car manufacturers can more accurately gauge their markets and steel requirements.
The Ford announcement, while not accompanied by actual orders, has
measurably cleared the atmosphere at Detroit and encouraged all material
suppliers.
Railroad demands are being shaped up. but extremely slowly. New York
takes bids Feb. 19 on 5,360 tons of rails. Western Maryland has distributed 2,000 tons. The Colorado and Tennessee companies doubtless
will share the 20,000 tons for the Southern Pacific. Repairs to 100 hoppers
are sought by the Bolt Ry. of Chicago. Such large Eastern systems as
the Pennsylvania and New York Central are slow to inquire.
1285
Activity in steel pipe is slightly more pronounced. Pasadena, Claif.,
is buying 9,000 tons; San Diego, Calif., 4,000 to 5,000 tons; Minneapolis
2,500 tons, and the Anderson-Pritchard Oil Corp., Oklahoma City,
Okla,
5,000 to 6,000 tons.
Structural shape awards in the week, 8,100 tons, are little more than
half the tonnage in the preceding week. In Chicago and Western cities
15,000 to 20,000 tons are represented in proposed new work; bids for 15,000
tons for the Detroit Post Office will be taken Feb. 15. For a dam at
Rock Island, Ill., 5,000 tons of reinforcing bars have been awarded Illinois
Steel Co.
After several weeks of revived pig iron demand sales have tapered sharply,
though shipments continue well ahead of the January rate. Lake Superior
iron ore producers are hopeful of delaying the opening of the market and
a test of prices, believing a stronger situation will develop in April or May.
Scrap is weaker, with a further reduction of 25c. a ton in heavy melting
steel at Chicago.
More scrap is being purchased for Japanese account; otherwise the
Sino-Japanese disturbance is without effect upon the steel markets. Im-.
ports of foreign material, however, are more numerous and inimical to
prices in the East. A cargo of 3,000 tons of Dutch iron landed at Bridgeport. Conn., supplements the recent arrival of 5,000 tons at Providence,
R. I. Welsh tin plate is offered at $3, or $1.75 below the domestic price.
Foreign concrete bars are moving into Boston.
More remunerative price levels are being sought through the medium
of stabilization rather than the Imposition of actual advances. On some
grades of sheets, mills are attempting to eliminate irregularities and establish minimums generally $3 a ton above recent extreme concessions.
This policy is expected to apply throughout the entire price structure.
Due to reductions in pig Iron, "Steel's" iron and steel compsite is down
3c. to $29.57; the finished steel composite is unchanged at $46.62, while the
steel works scrap composite is off 4c. to $7.85.
Steel ingot production in the week ended Feb. 15, is placed
at about 263% of theoretical capacity, according to the
"Wall Street Journal" of Feb. 17. This compares with 27%
in the preceding week and 26
two weeks ago. The
"Journal" adds:
U. S. Steel is estimated at 26%. against 27i% in the week before
and a little under 27% two weeks ago. Leading independents also are at
263%, unchanged from the preceding week and contrasted with 26%
two weeks ago.
At this time last year the industry was at 50% %. with U. S. Steel slightly
under 52% and independents at 49%. Two years ago the average was 81%.
U. S. Steel being between 85% and 86% and independents around 77%.
In the corresponding week of 1929 the average was 88%, with U. S. Steel
at 90% and independents at 86%, while in the like period of 1928 the industry ran at 84%, U. S. Steel being at 90% and independents above 78%
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
retail coal dealers in that State, receipts of American anthracite during the four months ended Nov. 30 1931 totaled
1,053,000 net, tons as compared with 1,451,622 tons in the
corresponding period in 1930. Receipts of foreign anthracite amounted to 118,000 tons as against 126,356 tons in 1930.
Receipts of American anthracite during the eight months
ended Nov.30 last year fell off to 2,243,000 net tons as compared with 2,670,234 tons in the same period in 1930. Receipts of foreign anthracite totaled 243,000 tons as against
223,778 tons in the eight months ended Nov. 30 1930.
Stocks on hand of American and foreign anthracite as of
Dec. 1 1930 amounted to 613,000 net tons as compared with
630,125 tons a year previous.
DOMESTIC
-SIZED ANTHRACITE STATISTICS TO DEC. 1 1931.
(IN NET TONS.)
[The Commonwealth of Massachusetts.]
1930.
1931.
Stocks on hand, April 1
346,384
381,281
Receipts-April to November, inclusive
2,894,012 2,486,000
Total
Stocks in dealers' yards, Dec. 1
3,250,396
630,125
2,847,281
613,000
Delivered to consumers, April to Nov., incl.(8 months)
2,620,271 z2,234,281
Subject to slight revision (includes American and toreign anthracite.)
MEMORANDUM RELATIVE TO FUEL SITUATION AS OF DEC. 1 1931,
REPORTED BY RETAIL COAL DEALERS IN THE COMMONWEALTH
OF MASSACHUSETTS (NET TONS).
American
Foreign
Total
Anthracite. Anthracite. Anthracite.
ReceiptsFour months ended Nov. 80 1931
1,053,000
118,000 1,171,000
Four months ended Nov. 30 1930
1,451,622
128,358 1,577,978
Eight months ended Nov SO 1931
2,243,000
243,000 2,486,000
Eight months ended Nov. 30 1930
2,670,234
223,778 2,894,012
Deliveries (all anthracite):
Eight months ended Nov. 30 1931
2,234,281
Eight months ended Nov. 30 1930
2,620,271
Deliveries (coke, to householders):
Four months ended Nov. 30 1931
114,101
Four months ended Nov. 30 1930
87,101
Bag coal sales (25-1b. bags):
August. September, October and November 1931
bags 3,247,859
Production of Bituminous Coal During 1931 Declined
19.1% as Compared with the Preceding Year
Anthracite Output Fell Off 14.2%.
According to estimated figures released by the United
States Bureau of Mines, Department of Commerce, 378,110,000 net tons of bituminous coal and 59,531,000 tons of
Pennsylvania anthracite were produced during the calendar
year 1931. This represents a decrease of 19.1% and 14.2%,
respectively, from the final figures for the year 1930, when
output amounted to 467,526,000 tons of bituminous coal
1286
and 69,385,000 tons of Pennsylvania anthracite. A comparative table follows:
PRODUCTION OF COAL. BY STATES, FOR CALENDAR YEARS.
1926.
1928.
1929.
1930.
b1931.
State11,620,000 15,570,000 17,943,923 17,621,362 21,000.962
Alabama
1,459,017
1,660,973
1,695,108
1,533,000
1,238,000
Arkansas
9,847,707 10,637,225
9,920,741
6,444,000 8,197,000
Colorado
44,105,000 53,731,000 60,657,641 55,948,199 69,366,923
Illinois
16,490,000 18,344,358 16,378,580 23,186,006
13,310,000
Indiana
4,625,487
3,683,635
4,241,060
3,893,000
3,305,000
Iowa
4,416,480
2,809,724
2,975,971
2,430,000
1,995,000
Kansas
46,025,452 45,583,163 47,460,439
Kentucky-Eastern. 31,545,000 40,294,000
8,345.000 10,915,000 14,437,148 16,277,216 15,464,023
Western
3,078,353
2,686.979
1,950,000 2,271,000 2,649,114
Maryland
686,707
617,342
804,869
661,000
393,000
Michigan
3,008,495
3,732,421
4,030,311
3,853,000
3,269,000
Missouri
2,797,760
3,324,195
3,407,526
3,022,000
2,210,000
Montana
2,817,923
2,711,851
2,622,769
1,969,000
1,520,000
New Mexico
1.370,244
1,649.930
1,862,130
1,700.000
1,610,000
North Dakota
23,689,477 15,641,225 27,872,488
21,440,000 22,552,000
Ohio
2,842,673
3,501,325
3,774,080
2.794,000
1,880,000
Oklahoma
153,041,638
Penna.(bituminous) 97,276,000 124,463,000 143,516,241 131,202,163
5,610,959 5,788,741
5,405,464
5,130,000
4,170,000
Tennessee
1,091,158
1,182,034
1,100,668
834,000
850,000
Texas
4,842,544 4,373,793
5,160,521
3,330,000 4,258,000
Utah
9,650,000 10,907,000 12,748,306 11,900.933 14,133,386
Virginia
2,586,568
2,519.901
1,810,000 2,302,000 2,521,327
Washington
99,769,000 121.473,000 138,518,855 132,952,159 143,509,340
West Virginia
5,006,000 6,088,000 6,704,790 6,571,683 6,512,288
Wyoming
238,868
286,767
230,734
196,000
70,000
Other States a
Total bituminous.378,110,000 467.126,000 534,988,593 500,744,970 573,366,985
Penna. anthracite-- 59,531,000 69,385,000 73.828,195 75,348,069 84,437,452
437,641.000
Grand total
Male-Alabama
Arkansas
Colorado
Illinois
Indiana
Iowa
Kansas
Kentucky-Eastern
Western
Maryland
Michigan
Missouri
Montana
New Mexlco
North Dakota
Ohio
Oklahoma
Pennaylvania (bituminous)
Tennessee
Texas
Utah
Virginia
Washington
West Virginia
Wyoming
Other States a
536,911,000 608,816,788 576,093,039 657,804,437
1913.
1918.
1922.
1923.
20.457,649 18,324,740 19,184,962 17,678,522
2,234,107
2,227,369
1,110,046
1,296,892
9,232,510
10,346,218 10,019,597 12,407,571
79,310,075 58,467,736 89,291,105 61,618,744
26,229,099 19,132,889 30,678,634 17,165.671
7,525,936
8,192,195
5,710,735 4,335,161
7,202,210
7,561,947
2,955,170
4,443,149
33,887,038 28,400,052 20,813,927 11,098,960
10,890,279 13,734,123 10,798,690 8,517,640
4,779,839
1,222,707 4,497,297
2,285,926
1,231,786
1.464,818
929,390
1,172,075
5,667,730 4,318,125
2,924,750
3,403,151
4,532,505 3,240,973
2,572,221
3,147,678
3,708,806
4,023,230
3,147,173
2,915,173
495,320
719,733
1,327,564
1,385, 00
40,546,443 26,953,791 45,812,943 36.200,527
4,813,447 4,165,770
2,802,611
2,885,038
171,879,913 113,148,308 178,550,741 173,781,217
4.876.774 6.83 ,0 8 6,860,184
6.040.268
2,261,135 2,429.144
1,106,007
1,187,329
3,254.828
5,136,825
4,720,217 4,992,008
11,761.643 10,491,174 10,289,808 8,828,068
2,581,165 4,082,212 3,877,891
2,926,392
107,899,941 80,488,192 89,935.839 71,254,136
7,393,066
9,438,688
5,971,724
7.575,031
341,317
171,412
253,126
261,910
Total bituminous
Pennsylvania anthracite
564,564,662 422.268,099 579,385,820 478,435,297
93,339,009 54,683,022 98,826,084 91,524,922
Grand total
657,903,671 476,951,121 678,211.904 569,960,219
Estimated.
a This group Is not strictly comparable in the several years. b
Note -The estimates for 1931 are based upon reports of coal and beehive coke
are subject to revision on receipt
loaded by originating railroads and waterways, and
States, the estimates
of complete detailed reports from the producers. For certain
the
above given, which are based on the latest available data, differ slightly from coal
sum of the current weekly and monthly figures already published in the weekly
reports.
Bituminous Coal Output Passes 7,000,000-Ton Mark
Anthracite Production Shows Improvement.
According to the United States Bureau of Mines, Department of Commerce, there were produced during the week
ended Feb. 6 1932 an estimated total of 7,233,000 net tons
of bituminous coal, as against 6,411,000 tons in the preceding week and 7,833,000 tons in the corresponding period
last year. The latter figure compares with 8,037,000 tons
during the week ended Jan. 311931.
Output of Pennsylvania anthracite during the week ended
Feb. 6 1932 amounted to 1,063,000 net tons as compared
with 808,000 tons in the week ended Jan. 30 last and 1,454,000 tons in the week ended Feb. 7 1931.
bitumiDuring the coal year to Feb. 6 1932 production of
309,419,000 net tons as against 385,nous coal totaled
The
687,000 tons during the coal year ended Feb. 7 1931.
statement follows:
Bureau's
BITUMINOUS COAL.
again passed the seven-million-ton
Production of bituminous coal has
Dec. 19 1931. The total output
mark-the first time in any week since
including lignite and coal coked at the
during the week ended Feb. 6 1932,
tons, an increase of 822,000 tons, or
mines, is estimated at 7,233,000 net
Production during the week in 1931
12.8% over the preceding week.
amounted to 7,833,000 tons.
corresponding with that of Feb. 6
(Net Tons).
States Production of Bituminous Coal
Estimated United
---1930-1931
19311932--'
Coal Year
Coal Year
to Date.a
Week.
to Date.
Week.
Week Ended369.817.000
8,835,000
295,775,000
6,383,000
Jan.23
1,479,000
1,473,000
1,181.000
1 064,000
Daily average
377,854.000
8.037.000
302,186.000
6411.000
Jan. 30b
1,475.000
1,340.000
1.179,000
1,069,000
Daily average
385.687,000
7,833,000
309.419,000
7,233,000
Feb. 6d
1,472,000
1.306.000
1,179.000
1,206,000
Daily average
April to equalize number of days in
a Minus one day's production first week in c Subject to revision.
the two years. b Revised since last report.
present coal year to Feb. 6
The total production of soft coal during the
amounts to 309,419.000 net tons.
1932 (approximately 262 working days)
coal years are given below:
Figures for corresponding periods in other recent
434.773.000 net tons
1928-29
385,687,000 net tons
1930-31
404.275.000 net tons
1927-28
454,366,000 net tons
1929-30
above, the total production
As already indicated by the revised estimate
week ended Jan. 30 1932,
of soft coal for the country as a whole during tho
amounted to 6,411,the latest week for which detailed figures are available,
preceding week, this shows
000 net tons. Compared with the output in the
[VOL. 134.
FINANCIAL CHRONICLE
an Increase of 28,000 tons, or 0.4%. The following table shows the source
of the tonnage, by States, and gives comparable figures for other recent
years:
Estimated Weekly Production of Coal by States (Net Tons).
Jan. 1923
Week Ended
Jan. 30 '32. Jan.23 '32. Jan.31 '31. Feb. 1 '30. Averaee.s
State434,000
388,000
173,000
180,000
274.000
Alabama
33,000
Arkansas
226,000
320,000
142,000
152,000
134,000
Colorado
949,000
842,000
984.000 1,688,000 2,111.000
Illinois
659,000
462,000
246,000
318,000
233,000
Indiana
140,000
134,000
78,000
73.000
75,000
Iowa
103,000
41,000
70,000
46.000
48,000
Kansas
607.000
986,000
432,000
413,000
595,000
Kentucky -Eastern
240.000
363,000
165,000
167,000
186,000
Western
55,000
32,000
60.000
48,000
34,000
Maryland
32.000
12,000
19,000
14,000
8,000
Michigan
87.000
93,000
90,000
113,000
56,000
Missouri
82,000
51,000
48,000
100,000
49,000
Montana
73,000
35.000
32,000
32,000
54,000
New Mexico
50,000
47.000
67.000
35,000
50.000
North Dakota
814,000
500.000
416,000
365,000
350.000
Ohio
63,000
132,000
26,000
29.000
28,000
Oklahoma
Pennsylvania (bitumin's)- 1,466,000 1,500,000 2,214.000 2,690,000 3,402,000
133,000
122.000
93,000
60,000
64,000
Tennessee
26.000
17,000
17,000
10.000
000
Texas
.
109,000
87.000
167,000
95,000
101.000
Utah
211,000
262,000
199,000
163,000
167,000
Virginia
74,000
73,000
38,000
39,000
Washington
36,000
West Virginia-Southernb 1,132,000 1,187,000 1,431,000 2.066.000 1,134.000
762.000
664,000
546,000
420.000
413,000
Northern c
186,000
202,000
99,000
105,000
107,000
Wyoming
7,000
3,000
1,000
5,000
8,000
Other States
6,383,000 8,037,000 11,776,000 11,850,000
Total bituminous coal._ 6,411,000
818,000 1,421,000 1,850,000 1,968,000
808,000
Pennsylvania anthracite__
Total all coal
7,219,000 7,201,000 9.458,000 13,626,000 13,818,000
a Average weekly production for the entire month. b Includes operations on the
N.& W.,C.& 0., Virginian, K. & M. and B. C. & G. c Rest of State, Incl.
Panhandle,
PENNSYLVANIA ANTHRACITE.
Production of Pennsylvania anthracite increased sharply in the week
ended Feb. 6. The total output is estimated at 1,063,000 net tons. Compared with the preceding week, this shows a gain of 255,000 tons, or 31.6%.
Production during the week in 1931 corresponding with that of Feb. 6
amounted to 1,454,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1931
1932-----Daily Avg.
Week.
Dolly Aug.
Week.
238,000
1.428,000
136.300
818,000
236,800
1,421.000
808,000
134,700
242,300
1.454,000
177,200
1 063.000
Week EndedJan. 23
Jan. 30
Feb. 6
BEEHIVE COKE.
The total production of beehive coke during the week ended Jan. 30 1932
is estimated at 20,700 net tons, a decrease of 1.000 tons from the output
In the preceding week. The following table apportions the tonnage by
regions and gives figures for comparable periods in 1932 and 1931:
Estimated Weekly Production of Beehive Coke (Net Tons).
1931
1931
Week Ended
to
to
Jan. 30 Jan. 23 Jan. 31
Date. to Date.a
Region1932.
1931.
1932.
34,000
74.500 122,400
Pennsylvania
16,700
17,600
5,000
15.000
West Virginia
3,600
1,000
1,400
13.500
5,200
Tennessee and Virginia
2,700
900
1,300
5,700
3,300
Colorado, Utah and Washington_ _
1,000
800
700
-41,300 88.000 156,600
United States total
20,700
19,700
6,023
Daily average
3,450
3,283
6,883
3,385
a Minus one day's production first week In January to equalize number of days
in the two years.
Anthracite Shipments Fell Off During January 1932.
Anthracite shipments for the month of January 1932 as
reported to the Anthracite Bureau of Information Philadelphia amounted to 3,052,219 gross tons. This is a decrease as compared with shipments during the preceding
month of December 1931 of 706,998 tons and when compared with January 1931 shows a decrease of 2,002,600
tons. Shipments by originating carriers (in tons) are as
follows:
Jan. 1932,
Month of653,796
Reading Co
Lehigh Valley RR
432,300
Central RR. of New Jersey.... 257,627
Del. Lackawanna & West. RR_ 378.768
Delaware & Hudson RR. Corp_ 406,823
340.041
Pennsylvania RR
Erie RR
264,080
N. Y. Ontario dr Western Ry
190,743
Lehigh & New England RR.... 128.041
Total
3,052,219
Dec. 1931.
838.762
528,022
338,536
516.544
477,467
393,812
302,322
205,181
158,571
Jan. 1931.
1,059.173
813,424
468,410
618,278
707.146
547,035
492,926
147,323
201,104
Dec. 1930.
1,176.849
740,708
407,520
859,655
692.778
519.439
412.500
82.506
197,102
3,759,217
5,054.819
4,889,057
New Edition of Kimber's Record of Government Debts.
Revised to include changes up to the end of 1931, the
15th annual edition of Kimber's record of Government
Debts, this year comprising the record number of 1,200 pages,
is now being distributed to subscribers throughout the
civilized world. The price remains unchanged at $15
delivered. Overseas Statistics, Inc., New York, and London General Press, London, England, are the publishers and
European distributors, respectively.
The book contains the usual complete credit and financial
information about all governments and their securities, as
well as financial and debt details of all foreign States, municipalities and political subdivisions who have external debts,
particularly those financed by bankers in the United States.
Also are included foreign corporation bonds bearing Governmental guarantee.
A feature of the new edition is the inclusion of data respecting the Hoover Moratorium and its effect upon the
various nations, as well as summaries of special develop-
FEB. 20 1932.]
FINANCIAL CHRONICLE
1287
ments during the past year in countries like Australia, countries. The book is largely used in financial reference
Brazil, Austria and others, with reference details of such libraries as well as by all actively interested in foreign
incidents as the visits of Sir Otto Niemeyer to some distressed securities as bankers or traders.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of. Federal Reserve bank credit
outstanding during the week ended Feb. 17, as reported by
the Federal Reserve banks, was $1,795,000,000, a decrease
of $12,000,000 compared with the preceding week and an
increase of $855,000,000 compared with the corresponding
week in 1931. After noting these facts the Federal Reserve
Board proceeds as follows:
On Feb. 17 total Reserve bank credit amounted to $1,781,000,000, an
Increase of $2,000,000 for the week. This increase corresponds with an
Increase of $14,000,000 in unexpended capital funds, non-member deposits,
&c., and a decrease of $34,000,000 in monetary gold stock offset largely by
decreases of $17,000,000 in money in circulation and $1,000,000 in member
bank reserve balances and an increase of $28,000,000 in Treasury currency,
adjusted.
Holdings of discounted bills increased $9,000,000 at the Federal Reserve
Bank of San Francisco, $7.000,000 at New York $6.000,000 at Philadelphia
and $27,000,000, at all Federal Reserve banks. The System's holdings of
bills bought in open market declined $23,000,000 and of Treasury certificates and bills $6,000,000, while holdings of United States Treasury notes
Increased $6,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the
different items, was published in the May 31 1930 issue of
the "Chronicle" on page 3797.
The statement in full for the week ended Feb. 17,in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 1232 and 1233.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Feb. 17 1932, were as follows:
others" has been reduced the past 14 weeks due to the action
of the New York Clearing House Association on Nov.5 1931
in restricting member banks on and after Nov. 16 1931 from
placing for corporations and others than banks loans secured
by stocks, bonds and acceptances.
CONDITION O'WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
Loans and investments—total
Loans—total
New York.
Feb. 17 1932. Feb. 10 1932. Feb. 18 1931
$
6 603,000,000 6,638,000.000 7.953.000.000
4,289,000.000 4,292,000,000 5,456,000,000
On securities
All other
2,112.000,000 2,124,000,000 3,114,000,0(0)
2 177.000.000 2,168.000.000 2.342.000,000
Investments—total
2,314,000,000 2,346,000,000 2.497,000,000
1396.000,000 1,520.000.000 1.365,000,000
818,000,000 826,000,000 1.132,000,000
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank„
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
103,000,000
815,000,000
Borrowings from Federal Reserve Bank-
20.000,000
Loans on secur. to brokers & dealers:
For own account
418,000.000
For account of out-of-town banks — 74,000,000
For account of others
7,000,000
Total
99.000,000 101,000,000
819,000,000 1.308.000,000
15,000,000
401.000.000 1,229.000,000
78,000.000 267.000.000
7,000,000 276,000,000
499.000,000
486,000,000 1.772.000.000
369,000,000 1.365.000,000
117,000,000 407.000.000
Chicago.
1.499,000,000 1,499.000,000 2,003.000,000
Loans—total
On securities
All other
804,000.000
43,000,000
384,000,000
115,000,000
On demand
On time
Loans and investments—total
646.000,000
50,000,000
4 735,000,000 4,744.000.000 5.785,000,000
743,000.000 757,000.000 1,274,000,000
201,000,000 219,000,000
14,000,000
Increase (+) or Decrease (—)
Since
Feb. 17 1932. Feb. 10 1932. Feb. 18 1931. Investments—total
Bills discounted
U.S. Government securities
846.000.000 +27.000.000 +646.000.000
Bills bought
Other securities
146.000,000 —23.000,000
+52.000.000
United States securities
741.000,000
+141,000.000
Other Reserve bank credit
47.000.000 —1,000,000
+36.000.000 Reserve with Federal Reserve Bank
Cash In vault
TOTAL RES'VE BANK CREDIT-1,781,000.000 +2.000.000 +876.000.000
Monetary gold stock
4,369,000,000 —34,000.000 —292.000,000 Net demand deposits
Treasury currency adjusted
1,792,000,000 +28.000.000
+14.000.000 Time deposits
Government deposits
Money in circulation
5,609.000.000 —17,000.000 +1.049.000.000
Member bank reserve balances
1 904.000,000 —1,000,000 —476.000.000 Due from banks
Unexpended capItal funds, non memDue to banks
ber deposits. &c
429,000,000 +14.000,000
+25,000.000
Borrowings from Federal Reserve Bank-
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District on Thursday,
simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks in the
different cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks for the current week,
as thus issued in advance of the full statement of the member
banks, which latter will not be available until the coming
Monday. The New York statement, of course, also includes
the brokers' loans of reporting member banks. The grand
aggregate of brokqrs' loans the present week records an
increase of $13,000,000, the amount of these loans on Feb. 17
1932 standing at $499,000,000. The present week's increase
is the first gain recorded in these figures since Sept. 2 1931,
when the amount of these loans stood at $1,366,000,000.
The low figure of $486,000,000 on Feb. 10 1932, compares
with the record low of $473,438,000 on Jan. 25 1918. Loans
"for own account" increased during the week from $401,000,000 to $418,000,000, but loans "for account of out-oftown banks" decreased from $78,000,000 to $74,000,000,
while loans "for account of others" remain unchanged at
$7,000,000. The amount of these loans "for account of
633,000,000
41,000,000
1,035,000,000 1,036,000.000 1,355.000.000
588,000,000
447,000.000
464,000,000
595,000,000
441,000,000
785.000,000
570,000,000
463,000.000 648,000,000
251,000.000
213.000.000
250,000,000
213,000.000
345,000.000
303.000.000
140,000,000
17.000,000
144,000,000
17.000.000
187,000,000
13,000,000
971,000,000
392,000,000
7.000.000
979,000,000 1,270,000.000
390,000.000 624.000.000
9,000,000
10.000,000
85.000.000
234,000.000
89.000,000 159,000.000
234,000,000 373.000,000
3,000,000
3,000,000
2,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statement for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Feb. 10:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Feb. 10 shows decreases for the week
of
$194,000,000 in loans and investments,$76,000,000 in net demand deposits.
$22.000,000 in time deposits, $63,000.000 in Government deposits
and
$20,000,000 in borrowings from Federal Reserve banks.
Loans on securities declined $48,000,000 at reporting member banks
in
the New York district, $12,000,000 in the Chicago district and
$70.000.000
at all reporting banks. "All other" loans declined $13,000,000 in
the
New York district, $10,000,000 in the Boston district, $6.000.000
in the
San Francisco district and $44,000,000 at all reporting banks.
Holdings of United States Government securities declined $74,000,000
in the New York district and $72,000,000 at all reporting banks,
while
holdings of other securities declined $6,000,000 in the New York
district
and $8,000.000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal
Reserve
Banks aggregated $472,000 on Feb. 10. the principal changes
for the week
being a decrease of $16,000,000 at the Federal Reserve Bank of New
York
and of $6,000,000 at Chicago.
A summary of the principal assets and liabilities of
weekly reporting
member banks, together with changes during the week
and the year ending
Feb. 10 1932, follows:
FINANCIAL CHRONICLE
1288
Feb. 10 1932.
$
Loans and investments—total--19.785.000,000
Loans—total
On securities
All other
Increase (+) or Decrease (—)
Since
Feb. 11 1931.
Feb. 3 1932.
—194,000,000 —2,874,000,000
1°,716,000,000
—114,000.000 —2.889.000.000
5.504,000,000
7,212.000,000
—70,000,000 —1.815,000,000
—44,000,000 —1,074,000,000
7,069,000,000
—80,000.000
+15.000,000
U. S. Government securities_ — 3,053,000,000
3,216,000.000
Other securities
—72,000,000
—8,000.000
+498.000.000
—483,000.000
1,442,000,000
235.000,000
—18,000,000
+15,000.000
nvestments—total
Reserves with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F.It. banks
—344,000,000
+1,000,000
11,090,000,000
5,724.000,000
390.000.000
—76.000,000 —2.582.000,000
—22,000.000 —1,451,000.000
—63.000,000 +310,000.000
898,000,000
2.305,000,000
—22.000.000 —880,000.000
—50.000,000 —1,521.000,000
472,000,000
—20,000,000
+404,000,000
Edgar Speyer Dies in Berlin.
Edgar Speyer died in Berlin on Feb. 17 after a brief illness
following an operation. He was a brother of James Speyer
of this city and was born in New York in 1862. He was
educated in Frankfort on the Main, Germany. In 1884 he
became a member of the Frankfort, London and New York
Speyer firms, three years later he established his residence
in London and became a British subject and head of the firm
of Speyer Brothers. He was created a Baronet in 1906
and a Privy Councillor in 1909. In 1914, shortly after the
outbreak of the World War, he withdrew from the firm of
Speyer & Co. in New York. When the firm of Speyer
Brothers, London, dissolved in 1922, Edgar Speyer withdrew
from business. He has since resided in New York City,
and took an active interest in musical and artistic efforts.
In 1902, he married Mrs. Leonora Howland, nee Comtesse
von Stosch, born in Washington. She and three daughters,
the Countess Moy, Mrs. Herbert H. Goldschmidt and Mrs.
Gunther von Wolff, survive him.
[VoL. 134.
There was a net export of gold in 1931 of £35.000,000. following a net
Import of £5,000,000 in 1930 and a net loss of £15,000,000 in 1929.
However, the financial editor of the London "Times" emphasizes that
the figures are purely estimates, and points out that the trade returns for
January showed an improvement in the visible trade balance, compared
with the average monthly figures for last year, at the rate of £98,500,000
a year.
As the decline in foreign travel by Britons must also have reduced the
volume of invisible imports, he says, it may be doubted whether the figures
for 1931 have any close relation to the current balance of Payments.
A cablegram to the same paper from London Feb. 5 said:
Much interest was taken this week by financial London in the statement
by the Chancellor of the Exchequer that Government estimates show Great
Britain's adverse balance on account of foreign payments in 1931 to have
been £113,000,000. The similar total account of visible and invisible
items in foreign payments produced in 1929 a favorable balance of considerably more than £100,000,000.
It would therefore appear that during this two-year period the net foreign
balance has moved against England to the extent of at least £200,000,000.
Even allowing for the fall in prices since 1929, it is thought here that the
actual volume of trade has shifted during the period very heavily against
Great Britain.
Gold Sovereigns Bought by London Brokers—Resold
in France.
The following (United Press) from London is from the
"Wall Street Journal" of Feb. 17:
Gold sovereigns, ordinarily worth 204., were bought by brokers at 30s.
to-day. The majority of the gold is being resold in France. Most transactions were for amounts from £3 to £300 and the sellers were office workers
and laborers. It was estimated that £250,000 ($850,000) worth of gold
trinkets had been melted and sold recently.
Neville Chamberlain, Chancellor of British Exchequer,
Tells House of Commons He Will Not Take Up
Question of Default of Southern States.
Under date of Feb. 11 a wireless message from London
to the New York "Times" said:
Neville Chamberlain, Chancellor of the Exchequer, told the House of
Commons to-day he would not raise the question of the defaulting Southern
States of the United States when the time came to discuss the next British
debt payments to Washington.
-Gen, Goo. E. L. Spears, a Conservative, reminded him that the
Brig.
defaulting States now owe almost 3400,000.000. He asked if the Chancellor
the Exchequer would not consider acquiring Southern States bonds held
of
by British subjects and set off the sum due on them against the amount
due the United States.
"I see no advantage in pursuing this question," Mr. Chamberlain answered.
Bank of England Reduces Rate from 6% to 5%—Stocks
React Favorably—Industrialists Greet Action as
Tonic to Business.
Referring to the action on Feb. 18 of the directors of the Anglo-French Debt Negotiations in Paris Reported So
Bank of England in reducing the bank rate from 6% to 5%,
Stormy That Lord Tyrrell Threatened to Resign.
a London message on that date to the New "York Times"
A London cablegram Feb. 11 reports that it was learned
said:
that day that the negotiations leading to the Anglo-French
It was the first reduction since the momentous Sunday in September
when Britain went off gold and the first reduction as big as 1% since August "agreement" on reparations reported from Paris were so
1914, just after the declaration of war. Downward movements In the stormy that at one time Lord Tyrrell, the British AmbasBritish bank rate seldom have been more than M of 1% at a time.
sador, threatened to resign in exasperation at the unyielding
Enthusiasm on Stock Exchange.
attitude of both the British and French negotiators. The
enthusiasm. Cheers rang
The Stock Exchange greeted the news with
the "Times" went on to say:
building this morning when the indicators flashed "Bank London cablegram to
through the
It was only after a visit to London and consultation with Cabinet Min"
0
rate 57 and members were knocked over in the excited rush to the teleisters that Lord Tyrrell succeeded in averting a breakdown of the
negotiaphones. There was an instant bidding for shares. Nearly all leading
accord now reached Is merely an "agreement to disagree,"
Industrials rallied sharply and the market for gilt-edged securities remained tions. The
like the recent compromise whereby the British Cabinet saved itself from
day.
buoyant throughout the
a break-up.
The news was generally interpreted as a gesture of confidence warranted
The British and French financial authorities have agreed merely to
by the improved internal position of Britain since last Autumn. There
the gold abandon their search for a reparations formula until after the French
has been nothing approaching inflation since the departure from
elections in May. when the abortive Lausanne conference can be held in
standard. Prices have not risen appreciably and the currency In circulathe first days of June.
tion is less than when the gold standard was suspended. The pound,
For some time the British Treasury, prompted by the Bank of England
too, has behaved with unexpected steadiness and rose to-day, although
and financial interests here, had been anxious to obtain French consent
a reduction in the bank rate is usually a signal for a decline in the pound.
to the Publication of a joint declaration of the creditor powers which, by
An important factor in the oyes of the directors of the Bank of England establishing security for Germany against demand
for cash payments
was the budgetary position of Britain. By means of ruthless economies
after next July, would give confidence to the stock exchanges and supply
and increased taxation there is every likelihood that Neville Chamberlain, a fillip to the upward movement of prices.
budget to the House
Chancellor of the Exchequer, will present a balanced
The French Government, although reluctant to engage itself in this
there was
of Commons this spring. Although unemployment still is high,
needs and expressed its consent in principle.
-night that the most intense phase of policy, appreciated the British
an impression in financial London to
Tedious negotiations followed, with the British Treasury and the French
Britain's financial hurricane had blown over.
Ministry of Finance playing an apparently endless game of battledore
New American Policy Welcomed.
and shuttlecock with the formula defining the nature of the new morapolicy in the United States helped in- torium. The French proposal to prolong the Hoover moratorium on Its
Changes in the Federal Reserve
directly to make to-day's decision possible. It was recognized here that present terms was rejected by the British as unsatisfactory. Instead, the
America's now departure was purely a domestic matter, but by stimulating British Treasury tried to bind the French to promise the complete and
unconditional suspension of all payments by Germany.
confidence across the Atlantic it had a bracing effect here as well.
Lord Tyrell played a conspicuous part in these negotiations, smoothing
Industrialists were especially heartened by the news of the bank ratio
it as a tonic to British business. The news of the reduc- difficulties which were constantly reappearing. Finally, a fortnight ago, the
drop and greeted
tion was received with cheers at the annual meeting of the British Chamber clash of opposing views became so violent that not without reason rumors
were circulated of his wish to resign, as his efforts for compromises had been
of Shipping.
"It will encourage British industry generally and be a great help to our unappreciated by either side.
When Lord Tyrell returned from his consultations in London, he proposed
of it," said R. S. Dalgliesh. President of the Chamber.
own branch
that all further discussions be deferred until the Spring, and the acceptance
of this proposal is the basis of the reports of an "agreement" now emanating
British Balance Off £110,000,000 for 1931—Estimates from Paris.
on Adverse Payments Show Huge Drop in Income
for Foreign Services—Balance Shifted .£200,000,000 Great Britain's Unemployment Reaches New Peak.
Against England Since 1929.
Unemployment during January, 1932, forced Great
From the New York "Times" we quote the following Britain's statistics of unemployments to the highest mark
for that month since records have been kept, according to a
London cablegram Feb. 17:
1931 PM officially estimated cablegram to the Department of Commerce from Commercial
Britain's adverse balance of payments for
3550,000,000 at par), against a surplus
to-night to be £110,000,000 (nearly
Attache William L. Cooper, London. In indicating this the
for 1929. The net income from
of £28,000,000 for 1930 and £103,000,000
from Department on Feb. 12 added:
shown to have fallen by £25,000,000 to £80,000,000 and
shipping was
£165,000,000. The income from
overseas investments by £55,000,000 to
declining from £55,000,000
short Interest and commission was nearly halved,
to E30,000,000.
As of January 25. unemployment records showed 2.738.000 on the rolls,
representing an increase of 218,000 over the previous month and an increase
of 136,000 over January 1930.
FEB. 20
1932.]
FINANCIAL CHRONICLE
While the increase was largely seasonal, the rise in the figures was also
partly occasioned by the lowered industrial activity of Great Britain during
the period under review, it was stated, which has affected all important
industrial areas.
The pottery, boot and shoe industries are the only major ones to show any
upswing, the report pointed out.
Alexander D. Noyes Critizes Those Who Would Advocate Abandonment of Gold Basis—Argument That
Action Would Bring Recovery is "Pure Childishness," He Says—Recalls Germany in 1918—Greatest
Price Fluctuation Then in History.
Belief in some quarters that price fluctuation would be
stopped by suspension of the gold standard was termed
"pure childishness" by Alexander D. Noyes, financial editor
of the New York "Times," in an address before the Phila.
delphia Association of Security Salesmen at the Penn
Athletic Club in Philadelphia on Feb. 10:
Mr. Noyes criticized those holding the theory that this
country would at once undergo an economic recovery if we
followed England's example and went off the gold standard.
The foregoing is from the "Times" from which we also take
the following:
"There never was such wild fluctuation of prices in this country as
occurred when the United States was off the gold standard in the 14 years
after the Civil War," he declared. "There never was such fluctuation in
the history of the world as occurred when Germany tried the experiment on
a large scale between 1918 and 1924."
Mr. Noyes said that the country learned last Fall whether such action
could be forced upon it.
Cites Strength Shown in Fall.
"In the faCe of an unprecedented raid on our gold holdings by all Europe,"
he continued, "the Federal Reserve handed over all the gold to which
Europe could establish any legitimate claim, announced with calmness its
purpose of continuing to do so, and emerged the pillar of strength in a
storm-tossed economic world. This would surely be a singular occasion
to choose for abandoning gold payments voluntarily; for shutting up the
bank after the run has been met successfully.
"Why are we urged to do this? The answer is usually given plainly—
because England, under peculiar circumstances of the most trying kind,
has done so.
"But since when did we shape this country's public policy in order to
imitate the confessedly humiliating action of another country whose misfortunes had driven it to such recourse?
"It was this country's resumption of gold payments that gave the signal
for the great American revival following the depression of 1873. The
gold standard act of 1900 put the seal of certainty on recovery after the
depression following 1893 and ushered in the great prosperity of the next
six years. Our war panic of 1914 was stopped instantly by New York's
courageous decision to maintain at any cost gold payments to the outside
world, even with all the rest of the world suspending gold payments."
Hoarding is Called Lunacy.
After reviewing the bond market situation since the 1929 market crash,
the speaker said the greater part of the community "has pretty nearly
gone mad during this past season in its ideas about investments," and
added:
"If the capitalistic system has hopelessly broken down, what Is to replace
it? If the gold standard has failed and all countries ought to abolish it,
why in tho world should frightened citizens, having sold out their tangible
investments, hoard gold or Federal Reserve notes in their safe deposit
boxes?
"If gold is to be repudiated by the world, as they insist, they might
quite as well hoard silver or copper or dead leaves. If gold payments are
to be repudiated what is to prevent reserve notes from depreciating as
rapidly as deposits in a defaulting bank? What the panic-stricken hoarders
ought to hide away is pots, kettles, clothing, furniture—anything that will
always have actual value. But they are the very things that our mentally
disordered community refuses to buy at all. The whole proceeding is a
picture of mingled nonsense and lunacy."
Mr. Noyes saw encouragement in the Government's remedies, which he
said had been applied "belatedly."
1289
distribution has absolutely nothing to do with the depression.
He says:
"It does, however measure what has occurred in the past that has
resulted in gold seeking its present resting place. One would think from
what we often hear that every country should have such a supply of gold
that it could go on importing without exporting the equivalent and be
able to pay balances in gold indefinitely. Such an idea is so absurd when
so simply stated that it is hard to conceive of any one believing such a
situation as being either possible or desirable. It goes without saying
that no country can borrow and import in excess of its exports constantly
year in and year out without reaching the breaking point, and that if it
undertakes such an economic progression in trade such gold as it has will
naturally disappear and it will ultimately find itself unable to continue
its unbalanced trade."
We must come to the conclusion, Mr, Kent says, that it is
the unwise acts of men, in governmental extravagance, in
excessive taxation, in raising trade embargoes, in over-borrowing, and in the exercise of bad and unfortunate politics
that has caused the great depth and length of the depression
through which we are passing. "Gold has no part in it,
although it does measure with great vividness the results of
the mistakes of mankind," he adds. "If, however, men wish
to see chaos in the world for an indefinite period during
which life itself will be a veritable burden, all they need to
do is to abandon the gold standard. It is not conceivable
that this will be done in the United States of America nor
throughout the world."
France Continues to Pile Up Gold—American $20
Pieces Sold to Hoarders for $21.
From the New York "Sun" we take the following (United
Press), from Paris, Feb. 11:
Gold reserves of the Bank of France mounted this week to a new record
of 72,563,082,971 francs ($2,868,985,369), the weekly statement showed
to-day. The increase during the week was 938,039,887 francs. It brought
the gold coverage of currency to a new high of 65%%.
Coincident with the growing reserves the private hoarding of gold increased as a troublesome problem. Because of the hoarding the mint does
not want to stamp and circulate new gold coins and the Bank of France is
unwilling to release gold to hoarders.
Only the high price which European hoarders place on gold coins make it
really profitable to import American gold at the present value of the
dollar, which closed to-day at 25.4 francs to the ddllar, compared with a
par of 25.5, only a slight premium. The ordinary profit of importing the
dollar would not meet the cost of transport, insurance, guarding and loss
of interest during six or more days of travel.
The American $20 gold pieces, however, are being sold in Paris for $21,
which gives the importer a net profit of about 3%%. That is fairly safe
commerce and many small banks and money lenders have gone into it
on a big scale.
Hoarding is as old as currency in France and has gone on for centuries.
During the war the Government called on patriots for gold and it began to
appear from mattresses, chimnies, kitchen floors and garden burial places.
Now the hoards are filling up again. American gold coins, being well
stamped, attractive and easy to stack and handle, are in great demand.
Bankers estimate at least $3,000,000 of American gold coins are hidden
away.
Almost daily reports are heard of treasure hoards found in the provinces.
The latest comes from the Alps region, where Alcide Demerelli took down
a picture to have the frame repaired. It broke and 4,000 gold coins of
the Napoleon I reign rolled on the gloor. He bought the picture several
years ago for 400 francs (about $15).
Sweden Extends to May 15 Period of Suspension of
Gold Standard.
According to Associated Press cablegrams from Stockholm,
Feb. 15, the Swedish Government has indicated its intention
to extend until May 15 the suspension of the gold standard,
according to to-day's newspapers. The present suspension
order expires Feb. 29.
Gold Standard Abandonment Inconceivable, Says
The suspension of gold payments by Sweden, on Sept. 27,
Fred I. Kent—Gold Has No Part in Depression.
was noted in our issue of Oct. 3, page 2185. The original
Chaos in the world for an indefinite period would follow period, Nov. 30, is understood to have been prolonged for
abandonment of the gold standard, but such action is not three months.
conceivable, either in the United States or throughout the
world, Fred I. Kent declared in an article in the February Gold Standard in Europe—Opinions Vary Somewhat
number of the Journal of the American Bankers Association.
As to Countries Which Still Maintain It.
Mr. Kent is Chairman of the Association's Commerce and
A cablegram, as follows, from Amsterdam, Feb. 12, to the
Marine Commission which conducts its investigations in
New York "Times," said:
international trade and finance. Mr. Kent says:
The Dutch guilder has lately become firm again in terms of the pound
"It is quite impossible to carry on international trade in this century sterling, the French franc and the mark. The prevalent feeling now is that
on a basis of barter, and if there were no common standard in which all
commodities could be measured, starvation would be rampant in the world.
When Great Britain took action to preserve the gold in the Bank of England
until the crisis had passed, and as a result sterling exchange dropped,
there was an entire stoppage of international trade in every country where
prices for export and import had been figured in pound sterling on a gold
basis, and this continued until a new method of arriving at gold values
through the French franc, the American dollar, or otherwise, was found.
"The measure of the gold standard is required for the protection of
our civilization and must be continued until something else as effective
has not only been provided but can be put into force at the same time
that gold might be abandoned as a common measure. At present gold is
serving its purpose perfectly as a commodity price measure for the exchange
of goods between nations."
Mr. Kent, citing talk about the lack of balance in the distribution of the world's gold supply as being responsible for
the difficulty of the depression declares that actually such
there is no longer danger of further adbandonment of the gold standard in
Europe.
The countries which still retain gold payments are in a relatively stable
position and there is therefore less reason for further flight of capital to
other and stronger countries.
Belgium Determined to Maintain Gold Standard—
Lottery Loan Proposed to Attract Hoarded
Currency.
From the Brooklyn "Daily Eagle" we take the following
from Brussels, Feb. 5:
Belgium is determined to maintain the gold standard, and stability of the
franc is in no danger whatever, according to a statement by Finance
Minister Houtart.
Increasing difficulties attending exporting is prompting some
demand
for the abandonment of convertibility, but the Government
believes such a
1290
FINANCIAL CHRONICLE
step could only produce a temporary remedy for which a heavy price
would have to be paid later.
The Finance Minister declared that currency is not in danger. Exports
practically equal imports and balance of payments is favorable. There is
no risk of a massive withdrawal of foreign credits, because these are
virtually non-existent. Long-term debts abroad are being reduced rapidly
through Belgian purchasing in New York and London.
Although national finances are feeling the strain of the world crisis, the
Government is opposed to any borrowing from the National Bank and is
taking measures to restore budget equilibrium by reducing expenditures by
500,000,000 francs and increasing taxation in the some proportion. Once
this is accomplished the Government proposes to issue a lottery loan of
2,000,000,000 francs which is expected to attract hoarded currency and
finance reproductive public works.
[Vol,. 134.
The directors of the mines announce that as many men as possible will
be kept on half pay, which many have been on for months, but however,
mitigated, the blow will be great.
It is stated confidently, though as yet not confirmed officially, that the
government has contracted with I. Schlesinger. the South African film
magnate, to take over the government's diamond-cutting factory at Kimberley, which is also on the point of closing down,and other cutting factories
which have proved unprofitable. These factories are a favorite project of
the government, to which their failure would be a severe blow.
As Mr. Schlesinger's price for assuming responsibility for them, it is
said that he will be allowed to work diamonds in several rich properties
in Namaqualand. If this is done and the stones are sold in competition
with those of the diamond syndicate, the risk of price-cutting will be
imminent.
It is generally believed that there is the closest connection between the
reported Schlesinger government bargains and the closing down of the
Transvaal Gold Output—January Production Second
Largest in District's History.
Lausanne Conference on Reparations to Be Held in
A London cablegram, Feb. 12, to the New York "Times,"
June—Paris Still Insists Young Plan Be Kept—
said:
Full Moratorium Barred.
Production of gold in the Transvaal during January was 936,784 ounces.
Announcement was made at Geneva on Feb. 12 that the
This compares with 923,353 ounces produced in December and 914,576 in
January of 1931.
postponed conference on reparations, which was to have
The high record monthly output in the history of the Transvaal was
to take place at Lausanne in June.
945,113 last October, but the figure for this January comes second on been held on Jan. 25, is
The decision to postpone the conference was noted in our
the record.
issue of Jan. 23, page 592. In a Paris cablegram Feb. 11,
British Queues Form at Banks to Turn in Gold—Price copyright by the New York"Herald Tribune," it was stated:
%
of Yellow Metal Rises from 85 to 1203 Shillings: The basis of a Franco-British accord on reparations procedure, which
Sovereign Premiums 373/2%—Foreign Balances Re- would permit the convening of an intergovernmental conference at Lauto-night.
the first
duced—Flood of Coinage Helps Government to sannecoincides week in June is reported to have been reached here
with new conversations between Premier Pierre Laval and
This
Philippe Berthelot for the French and Lord Tyrrell and the First Secretary
Relieve Stress.
of the British Embassy, held at the Quai d'Orsay to-day.
In its issue of Feb. 14 the New York "Herald Tribune"
It was the first direct contact between the Premier and the British Ambassador since Jan. 25, when the Paris and London thesis as to the manner
published the following (copyright) from London Feb. 13:
France has the second largest store of gold in the world and still is sucking
in the precious metal from all parts of the globe. Nevertheless. it is reported
that nervous Frenchmen, distrustful of all paper currency, including that
of their own country, are paying premiums to obtain gold coinage which is
stowed away in safe deposit boxes or stockings. Jewelers, it is said, are
buying gold bars from the Bank of France and sawing them into chunks for
those who prefer to lay up their treasure in this form.
In London there is a gold rush also, but one of an entirely different kind.
For although Britain is off the gold standard, with incontrovertible paper
currency, and subject, theoretically at least, to inflation, the common
people here are standing in queues to rid themselves of the yellow metal.
This phenomenon is not due to patriotism, but to sound business instinct.
Before this country went off the gold standard gold was worth about 85
shillings an ounce; to-day it is quoted at 120X shillings. The gold sovereign,
nominally 20 shillings, can be sold to a bullion broker for 2734 shillings; that
is to say, at a premium of 3755%.
Twenty Shillings Still Twenty Shillings.
To an American, suspension of the gold standard means that 20 shillings
equivalent to nearly $5, but to only $3.50. To Englishmen 20
no longer is
shillings is still 20 shillings, since prices have not risen. Hence the premium
on gold offers a fine profit to those who, for sentimental or other reasons
have been holding on to gold coins.
At the outbreak of the war minting of gold stopped here and the bulk of
coins in circulation gradually found their way into the Bank of England.
When the gold standard was restored in 1925 the public, completely reconciled to paper currency which in many ways was more convenient than
coins, made no protest at the continued exclusion of gold coins from domestic
circulation. Coins, indeed, were so much a thing of the past that many
young people to-day would not recognize a sovereign if they saw one.
Nevertheless, there is a considerable amount of this gold coinage still hidden
sway up and down the country. Some of it belongs to old-fashioned folk
who distrust banks or to misers to whom wealth means nothing unless they
possess it in tangible form.
Even Lucky Pieces Go.
of relief for Germany after the Hoover moratorium expires on July I
emerged as widely divergent. Since then, technicians of the two nations
have continued to exchange views through diplomatic channels and these
now appear to have met agreement.
The basis of accord, it is reported, lies in the recognition by both governments that "Germany cannot pay during the first full year from July 1
any more than she paid under the Hoover holiday year." It is agreed, in
other words, that it is necessary to give Germany at least one more year
to complete her relief from political debt.
It is admitted in well informed circles, however, that the Franco-British
accord still is vague as to details and more negative than positive. Presumably, France's cherished "principle of maintenance of reparations payments" is intact, but considerable difficulty over the details of approach
to reparations settlements is expected. The British all along have insisted
on at least three years of complete relief for Germany, including the waiving of the entire unconditional annuity, which the French have determined
to maintain in form, if not in substance.
To-day's development, at any rate, offers more hope for progress on the
reparations issue than at any time in the last three weeks.
Under date of Feb. 12 a Paris message to the New York
"Times" had the following to say:
The Foreign Office here and the British Embassy refused to-day to
divulge the terms of the reparations agreement which has been submitted
to the representatives of the various interested Powers at Geneva to-day,
but in authoritative quarters it was confirmed that its object is to postpone vital issues to the new conference.
There have been no developments in Paris the last few days to contradict the understanding cabled two days ago that no real progress has been
made between the French and British on the reparations issue, and their
viewpoints are still poles apart. But both sides have agreed on the procedure to be followed and feel there is a good chance to reach an agreement
before the present moratorium ends. They desire especially to placate
opinion in financial circles, where even a normal accord is certain to be
welcomed.
Geneva advices to the effect that, after a conference between Andre
In addition there are innumerable people who have kept a few sovereigns Tardieu and Sir John Simon and the adhesion of other
interested States, it
"for luck." Probably even the present premium will not be sufficient induce- had been decided to hold a reparations
conference in June brought no
ment to misers to disgorge, but others are bringing their coins to the counters official statement here, but it was announced that a
communique would
jewelry,
of the bullion brokers eagerly. Gold in every form, rings, cups,
be issued here and in London to-morrow morning. This communique will
medals, watches, even artificial teeth, is being sold at the new high price. contain the text of the agreement concerning
the conference. As framed
But the sale of these treasures often is disappointing since they frequently to-day, it obtained the approval of the
German, Belgian, Japanese and
prove to be anything but 100% pure gold.
Italian governments.
the
In the first three months after Britain went off the gold standard
It is stated that on the way home from Geneva Sir John Simon will
down sovereigns
public did not realize that although it was illegal to melt
sell them. The trade, therefore, at first halt in Paris to confer with the Premier on reparations and other matters.
It was both possible and legal to
The British Foreign Office at London issued on Feb. 13
was carried on in a rather hole-and-corner fashion by enterprising middlemen
offers.
who went around saloons and other likely spots making tempting
with reference to a communique stating the postponed con-
ference giving at the same time the communique. From
the New York "Times" we quote from a London cablegram
Ottawa Gold Holdings.
Canadian Press advices from Ottawa, Feb. 12, to the Feb. 13:
This decision was taken by agreement of the governments of Belgium,
Montreal "Gazette" said:
France. Germany, Italy, Japan and Great
31, was
The total value of gold held by the Minister of Finance on Jan.
requirements. The
$69,009,022, which was $4,897,740 in excess of statutory
total amount of Dominion notes In circulation was $170,382,805.
De Beers Diamond Mines Closing Down, Others in
South Africa Reported Likely to Follow Suit.
According to a Cape Town cablegram to the New York
"Times" it was officially announced on Feb. 18, that the
De Beers diamond mines, the most famous in the world,
were closing down. The cablegram continued:
The Premier and Jagersfontein mines are certain to follow suit.
trade, but it is
The reason given was the dismal state of the diamond
illicit diamonds
also known that there has been a considerable leakage of
recovery of the
from other African fields, which has operated against the
with a company
market. There are also rumors of a deal by the government
to work its holdings in competition with the De Beers syndicate.
Is exDirect consequences to Kimberley must follow and South Africa
loss
pected to feel a heavy blow through an increase in unemployment,
of revenue and drop in railway earnings.
Britain.
These States are all specifically named in the official announcement for
the definite purpose of showing the world the agreement is multilateral, not
merely an arrangement between the French and British governments,
whose representatives have been chiefly associated in the public mind with
the recent conversations resulting in to-day's action.
"The object of the conference," says the communique, "will be to agree
on a lasting settlement of the questions raised in the report of the Basle
experts and on measures necessary to solve the other economic and financial
difficulties which are responsible for and may prolong the present world
crisis. This decision has been reached by the above governments in the hope
it will ease the international situation."
One of the key words in this communique is "lasting." The Basle experts
used the same word in the following paragraph of their December report,
which is particularly relevant to to-day's communique.
"Again the adjustment of all inter-governmental debts (reparations and
other war debts) to the existing troubled situation in the world—and this
adjustment should take place without delay if new disasters are to be
avoided—is the only lasting step capable of re-establishing the confidence
which is the very condition of economic stability and real peace."
Other outstanding words in to-day's Foreign Office announcement, to
which London attaches great significance, are, "measures necessary to solve
,
other economic and financial difficulties." This is interp eted here as an
FEB. 20 1932.]
FINANCIAL CHRONICLE
assurance that the delegates at Lausanne in June will consider not only
reparations, but the whole question of war debts, and that this will have to
lead to some joint program with which the European debtor countries may
approach the United States with some reasonable hope it will be accepted
by Washington as a sound basis for readjustment all along the line.
With regard to an official statement issued at Berlin
Feb. 13 we take the following from a cablegram (copyright)
to the "Herald Tribune":
1291
The Institute reported that there was "every evidence that these public
works, and especially the development of transportation—on which all other
development depends—have not been wisely planned or efficiently executed
and that this is responsible, at least in part, for the losses from which the
investors are now suffering."
The statement cited Bolivia, with an estimated total debt of $70,600,000,
"incurred principally for the construction of railroads and other public
works," adding that "probably not more than one-third of this amount and
certainly not more than half of It has been spent profitably on any public
works."
"The recent history of foreign loans," the statement added, "has shown
that the mere sound legal form of contracts is of little use when economic
conditions prevent their fulfillment. The Institute believes, however, that
if the a • ce of responsible, well informed engineers had been uniformly
, it is practically sure that some of the foreign investments would
obta
not ye been made during the past 10 years."
In substance, the reparations conference, which at first was to have been
held almost three weeks ago, is intended to give effect to the report of the
Basle experts (Young Plan Advisory Committee) who reported on Dec. 23
1931 that Germany was unable to pay her unconditional annuity of $157,000,000 in full, and completely unable to transfer her conditional annuity
of $268,000,000.
The German announcement of the conference said:
"The task of the conference will be to agree concerning a lasting settlement of the questions raised in the report of the Basle experts and conaria Press Nervous Over Glass-Steagall Emergency
.
cerning methods to be used to solve other economic and financial difficulties
Banking Bill—Press Sees "America Gone Mad."
which have cause the present world crisis and could prolong it."
Officials said that the German Government "has attained its objective
A cablegram as follows from Paris, Feb. 12, is taken from
calling the Lausanne conference with this agreement," but that the Gov
the New York "Times":
meat had hoped that such a parley could be summoned for an earlier date.
In diplomatic circles here the view is expressed that the text of the comOnce again the United States dollar comes in for wide comment in the
munique announcing agreement upon calling the reparations conference Paris press to-day, but thus far on the whole the attitude is the reasonable
the German viewpoint, not so much in what it says, one of wait and see. There is no denying, however,that in French financial
represents a victory for
but what it omits significantly to say.
circles the keen interest is somewhat mixed with nervousness over the
The Wilhelmstrasse consistently has fought the view that either the Glass-Stegall emergency banking bill, now under discussion in Washington.
Hoover moratorium could be extended after the first of July or that the
The fact that the dollar took a sharp drop from 25.40 francs to 25.3525
Young plan could be prolonged. It is pointed out here that the fact that the to-day was not ascribed except slightly to accusations about inflation,
communique contains no reference either to the Hoover moratorium or the since the chief reason is that the Bank of France announced its intention
Young plan means that the reparations conference is free to consider the to raise the charge for minting gold from 20 to 40 francs a kilogram, which
German point of view.
had affected all exchanges one way or the other.
•
The press of the extreme Right, which has been attacking United States
The following from Paris Feb. 13 is from the New York financing for months, made the most of to-day's occasion. "Liberte"
"Times":
prints an editorial headed "America Gone Mad," predicting that the
With the publication of the agreement to hold the Lausanne reparations "great debacle of the dollar is beginning."
Financial circles naturally are trying to ignore such attacks, but it is
conference in June, a dark cloud has been lifted from the French political
and financial world. The dragging on of the unsettled reparations matter generally admitted they are having a deplorable effect on public opinion,
for months has been causing extreme nervousness in almost every sphere which may make the dollar a political issue here. The chief object of the
of activity in France, and although it is realized that nothing has been Right press is to try to induce the Bank of France to withdraw quickly
Bank of France
agreed upon except a determination to try to settle matters at the June all its gold balances from the Federal Reserve Banks. The
with the
meeting, that is enough to arouse great hopes and to bring immense relief authorities, however, continue to assert they are in perfect accord
Federal Reserve and will do nothing to embarrass American finances.
here.
What Paris is talking about most is the communique is the word "lasting," referring to the settlement of the reparations question. It is evident
Financier Lucien Lamoureux Thinks Inflation
already that the French and British mean different things by it. In the French
Through Broadening of U. S. Federal Reserve
French text the word is "durable," and it is not interpreted to mean "permanent" or "definite," two things which the British would like to have
Discount Privileges May Involve Dangers.
read into the communique.
That has been one of the great stumbling blocks in the recent weary
From Paris, Feb. 13, Associated Press accounts stated:
weeks of negotiations, and neither side has yet altered its original stand.
Lucien Lamoureux, prominent financier and reporter for the Budget
However, the French consent to allow the word "lasting" to be employed Committee in the Chamber of Deputies, to-day described the new American
intimates a willingness to agree to a fairly long moratorium which is more proposal to broaden the rediscount basis of the Federal Reserve System as
than they were willing to do at first.
"fruitful inflation."
The French, nevertheless, still refuse to grant a complete moratorium,
"In normal times this would not present any danger," he said. "First,
insisting on the retention of the Young plan. . . .
because the proposal does not change the legal Federal Reserve gold coverThe finishing touches were put on the present agreement on reparations age; second, because this inflation will be guaranteed by a supplementary
by a conversation late to-night between Sir John Simon, the British Foreign gold reserve in proportion to the legal coverage; third, because advances
Secretary and Premier Laval, Sir John arrived at 10 o'clock from Geneva, to banks will be guaranteed for the treasury by collateral demanded with
where he obtained an agreement on the part of the other countries interested each advance, and fourth, because this inflation would not be made to aid
including France, but he had had no chance to talk over matters with the Federal budget."
M. Laval on his way to Geneva Sunday night.
But in a period of economic and financial crisis and of a budgetary deficit
It is interesting to note that to-day's agreement caused a substantial rise the American proposals can present certain psychological dangers for
in quotations on the Young and Dawes loans on the Bourse, where even American money, M. Lamoureux felt.
reports of a coming accord during the past few days had lent a buoyancy
"From the economic standpoint the bill seems useful," he said. "As I
to the market.
understand it, it opens credit to banks, which in turn will pass it on to
industrial and commercial clients.
"The present crisis, for various reasons, is characterized by restricted
United States Not to Participate in Lausanne
credits, which paralyze business. It is against this condition that the
Reparations Conference.
American measure apparently is directed.
It was stated in a dispatch to the New York "Herald "In this respect the measure means inflation, but fruitful inflation, and
I think all countries should follow the results closely."
Tribune" that Henry L. Stimson, Secretary of State, an-
nounced on Feb. 13 in response to questions that the United
States Government would not participate in the economic Germans Acclaim United States Credit Move—Experts
See Chance for World Improvement in Glassconference which is to meet in Lausanne in June. The
Steagall Emergency Banking Bill—Gold Reserves
dispatch further said:
Stressed—Rejection of Wagemann Proposal.
Secretary Stimson was reticent about discussing the subject. He said
he:did not recall that the State Department had been notified about the
The Glass-Steagall emergency credit expansion bill in the
meeting, but he added that the position of this government with regard
to European economic conferences where reparations and war debts are United States is the topic of the day in German financial
part of the agenda was unchanged.
circles (said a Berlin cablegram, Feb. 12, to the New York
It was apparent to Washington observers that the Lausanne conference
"Times"). Some economists already sensing the dawn of a
was postponed particularly with the hope that the United States would
new boom and even the more conservative ones being inParticipate.
clined to see a chance for improvement throughout the
Engineers Ask Advisory Law for Foreign Loans—Tell world if the bill is adopted. The cablegram continued:
Senate Finance Committee That Technical Advice
The scheme of Professor Ernst Wagemann. head of the Federal StatisWould Avoid Losses—Point to Latin America— tical Bureau, which was recently put forward and which also provided
been rejected
currency coverage requirements,
Bond Sales of $930,000,000 for Public Works Said for modification of in Germany, but it is asserted thathas American bill
the
with rare unanimity
to Have Been Unwisely Planned.
is a different matter, as the United States can afford more liberal policies
view of its large gold reserves.
Legislation providing for consultation with engineers in The "Vossische Zeitung" leads the chorus of those who acclaim the inibankers make foreign loans for public works abroad tiative of the United States Government without restraint. The paper
before
was suggested to the Senate Finance Committee at Washing- regards the bill as conclusive evidence that President Hoover is determined
make an end to
ton on Feb. 15 by the American Institute of Consulting to the enormousthe depression, and it has no doubt that the President,
with
American reserves at his disposal, will be successful
This is learned from a Washington in this attempt. What he failed to achieve through his debt moratorium,
Engineers of New York.
due to French sabotage, the paper holds, he will now carry through on a
dispatch to the New York "Times," which reported that a
national basis.
statement signed by officers of the institute, including
See Success Likely.
Col. Frederic A. Molitor, retiring President, said in part:
"And if the world does not resist, the attempt of the United States to
A recent investigation by the Latin-American Bondholders Association raise the price level not only in the United States but throughout the
indicates that of some 60 issues to 5 countries of Latin America which total world must succeed," the paper declares. "A determined turning away
some $390,000,000, about $140,000,000 were definitely allocated to public from deflation in the rich countries of the world must mean the beginning
works and some $530,000,000 were stated to be allocated in part for public of recovery."
According to the "Deutsche Tageszeitung," the United States is the only
works.
So far as is publicly known, there has been an almost complete absence courageous and sensible nation of the world, as it does not shrink from
reports by independent engineers on these projects, and little. measures as being inflationary only because they are anti-deflationary.
of competent
Germany, the paper holds, keeps on trying to escape from the burning
if any, supervision by such engineers of the expenditure of these unds.
1292
FINANCIAL CHRONICLE
(voL. 134.
house through the front entrance, which is barred by the flames, instead which represents the theoretical parity of gold after
including refining and
of using the fire-escape, which is merely harder to find.
coining costs. The Bank departed from these absolute conditions to assist
Dr. Gustav Stolper, editor of "Der Deutsche Volkswirt," leading eco- the Bank of England some time ago, and to
prevent the weakness in sterling
nomic weekly, said that with the information at hand it could not be which prevailed at that moment from
increasing. The present action
definitely decided how through the American measures would be.
regarding gold has the effect of lowering the gold export point from America
He maintained, however, that the successful attempt of the United about four centimes.
States to prolong prosperity in 1927 for two years by the extension of
Concerning imports of American gold, which still seems to be demanded
credit facilities warranted the hope that the new bill would be the turning in Europe for purposes of public
hoarding, it should be remarked that the
point, at least as far as the United States was concerned.
gold eagles arriving in France from New York are to a great extent being
In 1927 this policy was wrong, Dr. Stolper held, as the depression would redistributed to other European
countries. Naturally, those countries
not have been so severe if the boom had not been prolonged artificially, whose foreign exchange position
appears to be most in danger are those in
but now similar measures might speed up natural developments.
which the public is hoarding most heavily. Nevertheless, despite the
British propaganda in favor of general abandonment of the gold standard,
Holds Problem Bigger To-Day.
the ancient and universal custom which considers gold as the absolute
"It all depends on whether the low point of the depression has already standard of value is not
likely to disappear.
been reached and liquidation has proceeded far enough," he said. "It Is
The opinion in the best financial quarters here is that no country now
clear that the problem to-day is much bigger than when the Hoover mora- adhering to the
gold standard will abandon it unless absolutely forced
torium was declared, for in the meantime the international credit crisis has to do so, and
that the countries which are most inconvenienced in making
complicated the issue, whose solution depends largely on political questions. foreign payments
are preparing to restrict exchange transactions rather
"Whether Germany will directly benefit from the extension of American than to abandon
actual gold payments.
domestic credit depends on whether the rise in the prices of raw materials
will be made up by an increase of exports at reasonable prices."
The "Deutsche Allgemeine Zeitung declares that it would be a great !stake to acclaim the American plan as the end of the world depression. Belgium Cuts Debts—Purchases in London and New
Holding that natural liquidation of the crisis has not yet been concluded,
York Reducing Commitments.
It declares that the proposed action of the Federal Reserve System will
The New York "Evening Post" reported the following
only stretch the process of this liquidation over a longer period, thereby
modifying the pressure of deflation.
from Brussels Feb. 6:
Theoretically the American plan will not have to be carried out comBelgium is rapidly reducing her long-term debts abroad by purchases in
pletely in order to have beneficial effects, the paper says as the slightest New York and London, Finance Minister Houtart stated.
stimulus to prices will mobilize a huge amount of hoarded notes.
Although the national finances are feeling the strain of the world crisis,
Stocks and bonds which are being sold while the Stock Exchanges are he continued, the Government is opposed to any borrowing from the Nastill closed rallied markedly on the news of the American bill, and banking tional Bank, and is taking measures to restore budget equilibrium by recircles generally are optimistic as to further developments. It is believed ducing expenditures by 500,000,000 &ants and increasing taxation in the
that initiative along the lines of the bill is just what is needed at the present same proportion.
moment.
Once this is accomplished, the Government proposes to issue a lottery
loan of 2,000,000,000 francs, which is expected to attract hoarded currency
and finance reproductive public works.
Drive to End Hoarding As Europe Sees It—Movement
in United States Approved, but Skepticism Is Felt
President von Hindenburg of Germany Accepts
Regarding Important Results.
Renomination.
The following Amsterdam cablegram, Feb. 12, is from
President von Hindenburg of Germany made known on
the New York "Times":
The American measures against hoarding are considered here to have Feb. 15 his decision to become a candidate for re-election; a
been very advisable, although their complete success is doubted. Total statement issued by him said:
hoarding of cash in the whole of Europe is estimated here at 1,000,000,000
After earnest deliberation, conscious of my responsibility for the fate
guilders, or $400,000,000.
of the Fatherland. I have decided to place myself at the people's disposal
There is a feeling that, although this hoarding is at present an admittedly for re-election. The circumstance that
the appeal did not come to me
unfavorable factor, it will indirectly become a help to business revival from a party
but from the broad masses of the people makes me regard it
as soon as fundamental influences are improving, because then a great mass a
duty to declare myself in readiness.
of purchasing power will be suddenly drawn intdithe:field of commodities.
,
If I am elected I shall continue faithfully and conscientiously to serve
the country with all my strength in order to help it obtain freedom and•
New French Ships Get $4,400,000 State Aid—Work equality of rignts abroad and unity and progress at home. If I am not
elected, I will be
Resumed on Champlain and 70,000-ton Super- in difficult times. spared the reproach of having voluntarily left my post
For me there 18 only one truly National aim, the uniting of our people
Liner After Treasury Grants Loan.
in their
Having obtained a loan of 110,000,000 francs ($4,400,000) servedlystruggle for existence and the dedication of every German unrein the strenuous effort to preserve the Nation.
from the French Treasury before the capitulation of the
From a Berlin cablegram Feb. 15 to the "Times" we
Laval Government, the French Line headquarters here
quote the following:
announced on Feb. 17 that work is again going ahead on
President von Hindenburg's decision follows a fortnight of agitation
the 28,000-ton cabin liner Champlain, and the huge 70,000- by Nationalist and Fascist groups led by Dr. Alfred Hugenberg and Adolf
Hitler in the hope of breaking down the President's resistance to demands
ton de luxe express passenger steamship at the St. Nazaire
which
shipyards. Noting this, Paris advices to the New York to his he believes inimical to the interests of the Nation and an affront
personal integrity. In accepting renomination as the "people's
"Times" continued:
candidate," Marshal von Hindenburg has brought confusion to the reBarring any unforeseen hitch, the construction program for delivery o
the Champlain for trial cruises is expected in May and the vessel should be
commissioned in the Havre-New York service in June. She will be the
largest cabin liner in the French Line fleet, being 2,000 tons greater displacement than the Lafayette. The Champlain will be 650 feet long, 86
feet beam and will carry a total of 1,053 passengers. Per engines will
develop 24,000 horsepower.
actionary and Fascist forces, and competent political observers predict
he will be re-elected in the first balloting on March 13.
The opposition has no candidate strong enough to outdistance the
Field Marshal, who is credited with the ability to poll more than half the
votes cast in the first balloting. It is assumed that in a total vote of
38,000,000 the opposition candidates, including the Communists. could
obtain only 17,000,000 under the most favorable conditions.
In Associated Press advices from Berlin Feb. 14 it was
stated that Germany's republicans, including the Social
Minting Fee Raised by France.
From its Paris bureau the "Wall Street Journal" of Democrats,who embrace most of the laboring class,indicated
at a national conference that day that President von HindenFeb. 13 reported the following:
The Bank of France has decided to raise its minting fee on the purchase burg would have their support if he agreed to become a candiof gold to 40 francs a kilogram from the present 20 francs. The gold point date for re-election.
of entry, which will be affected two or three points by the forthcoming
We also give the following Associated Press account from
increase in shipping charges from New York, will thus be lowered about
two more points to about 25.35 francs to the dollar. In terms of dollars, Berlin, Feb. 15:
the franc will have to advance to about $.03944 before gold can be shipped,
as compared with the present rate of about $.03939.
The fee was originally fixed at 40 francs by the stabilization law, but
was reduced shortly afterward by decree. The present move by the band
Is apparently dictated solely by considerations of profit because of the large
gold flow. No coinage of gold is yet being contemplated.
French Bank Draws on Foreign Credits—Week's Heavy
Decrease of Balances Abroad Reflected in Large
Gold Import—Some Gold Distributed—American
Coin Believed to Be in Demand in Continental
Countries for Hoarding Purposes.
The following from Paris Feb. 12 is from the New York
"Times":
The rise of 936 million francs in the gold reserve of the Bank of France
during the week covered by Thursday's statement brings the ratio of cover
against the note issue to the high record figure of 65.06%. It compares with
63.39% in the preceding week. The increase in the gold reserve was offset
by a decrease of 700 millions in foreign exchange holdings against sight
balances abroad, which the Bank of France is continuing to liquidate.
Bills bought abroad decreased 850 million francs.
In practice, this liquidation of foreign credits can take place under present
conditions only through gold imports. The lowering of the purchase price
of gold by the bank Is merely return to the normal price fixed by statutes.
The National Socialist (Nazi) Headquarters in Munich announced
-night its opposition to President von Hindenburg's candidacy for
to
re-election because he had changed front against those who supported him
in the 1925 election by identifying himself with the
"black-red parties of
collapse."
"If President von Hindenburg had chosen to march shoulder to shoulder
with the great majority of the nation to put an end to
the system of decline,
then we should be with him," the statement said.
"The Nazis asserted the President had been ill-advised
and that their
party had left nothing undone in an effort to save him
from the 'sad consequences' of the course he had pursued."
"A storm will rage over Germany when the signal to attack is given to
sweep away the corrupt and old, who rose through
a system based on
treason, and to clear the path for the young Germany that will follow its
leader against whomever he calls," the statement said.
German Stock Exchanges to Re
-Open Shortly.
In Associated Press accounts from Berlin, Feb. 16 it was
stated that German stock exchanges will re-open soon at a
date to be announced later, but there will be no official
quotations and the status will remain as at present except
that bank-to-bank transactions will be transferred to the
Boerse buildings. A Berlin cablegram Feb. 16 to the New
York "Times," said:
FEB. 20 1932.]
FINANCIAL CHRONICLE
The Prussian Minister of Commerce informed the board of the German
Stock Exchanges to-day that he agreed to the reopening of the Exchanges,
stipulating that the publication of security quotations should remain prohibited for the time being.
The Stock Exchanges closed when Great Britain went offthe gold standard
last September. It is assumed they will reopen within a week.
In order to prevent an immediate slump the Minister decreed that sales
of securities given as collateral for debts should be permitted only with
his assent.
1293
Germany Grants Aid to Shipping Lines—Total of
20,000,000 Marks Loaned, Most of it to Lloyd and
Hamburg-American.
The following from Berlin, Feb. 17 is from the New York
"Evening Post":
Credits totalling 20,000,000 marks have been advanced by the German
Government to shipping lines, according to a report to-day In the Frankfurter Zeitung.
The North German Lloyd received 8,000,000 marks, the Hamburg
The unofficial Berlin stock market ended the week under the influence American 8,000,000, and others shared 4,000,000 marks. The credits are
repayable April 1.
of the new American credit proposals and Wall Street's response to it.
The Government is understood to be unwilling to prolong the credits
Early in the week prices receded, particularly for bank and potash shares.
The general advance which began Thursday, however, continued on Friday as it Is dissatisfied with the pooling agreement. According to the London
with only temporary reaction. The volume of professional trading in- "Times" the Hamburg-American cargo receipts last year fell by 40,000,000
creased, but the general public participated little. Talk of plans for reduc- marks.
ing the gold value of the mark depressed bonds early in the week, but later
the Reich loans recovered and on Friday the general market was firm and
Germany's Trade Falls to Low of 31 Years—January
active.
Prices compare as follows with the close of last week and two weeks ago.
Exports on Level of 1926, Imports Same as in 1898
--Tariffs Blamed—Gold Control Tightened—Gov•
Feb. 12.
Feb. 5.
Jan. 29.
ernment May Lower Dollar Quotation.
Reichsbank
108
107
The curve of German foreign trade, under the pressure
Hamburg-American
21
22
Bereinigte Stahlwerke
a
18
fo protective measures throughout the world, dropped in
Mannesmann Tubes
42
43
Siemens & Heinle
131
January to a point which was probably the lowest in this
128
General Electricity
30
34
Farbenindustrie
century.
98
97
Aschersledben Potash
83
85
Exports were on the level of the monthly average of
Deutsche Bank shares closed at 41, Deutsche Erdoel 58, AKU Rayon 40, Dessaller
1926 and imports on the level of 1898. A Berlin cableGas 86, Schultheiss Brewery 47.
The same paper in Berlin advices Feb. 13 had the following to say regarding the unofficial market there:
NO00,V.1.0
OC*.VNIM.C.
gram Feb. 15 to the New York "Times" went on to say:
The export surplus, which, in view of the continuing losses of gold
by
Germany to Go to Aid of Leading Banks—Will Submit the Reichsbank, would have undoubtedly grown if economic forces had
had free play, declined by more than 46% as compared with December and
Sweeping Relief Bill Covering Four Institutions to
more than 70% against the record surplus of last October.
Reichstag on Feb. 23—Must Mobilize New Funds—
Including reparations in kind, the export surplus for January amounted
Deutsche Bank und Disconto-Gesellschaft, Com- to $28,000,000, while the average surplus in 1931, on which the calculations of Germany's capacity to pay off private and political debts were
merce-und-Private Bank, Dresdner Bank and
chiefly based, was $67,000,000.
Danat Bank Said to Be Those Which Would
The foreign trade statistics for January show clearly that the decline
was largely the result of the open and hidden barriers erected In many
Write-Off Frozen Assets.
countries of Europe and elsewhere.
The following Berlin cablegram Feb. 17 is from the New
German imports in January, totaling $101,000,000, dropped off about
York "Times":
10% as compared with December.
A solution of the problem of the German banks, which have been virtually
paralyzed since the crisis last summer, will be attempted by means ofsweeping relief action by the Government which is energetically pressing the
matter and intends to decide this week upon the exact nature of the measures
to be taken, so that a bill can be submitted to the Reichstag when it meets
next Tuesday.
Chancellor Bruening was in session all afternoon with his committee
of experts, but it was agreed that the new proposals should be submitted
to him to-morrow.
The fundamental purpose of the new scheme, which promises to
be
another of those sweeping actions with which the Government
recently
intervened in economic life, Is the mobilization of new means for four
of the leading banks to enable them to write off frozen and doubtful assets which othtrwise will have to be carried into the new year if their annual
balance sheets are not to show a serious illiquidity.
The Government is also confronted with the extremely difficult task of
settling the future status of the Dresdner Bank and the Darmstaedter und
Nationalbank (Danat Bank), which were braced with public funds against
a threatening collapse last summer.
The four banks involved in the relief scheme are the Deutsche Bank
und Disconto-Gesellschaft, the Common- und Privat-Bank, the Dresdner
Bank and the Danat Bank. Two other big banks, the ReichskreditGesellschaft and the Berliner Handels-Gesellschaft, which were comparatively little affected by the crisis, will be left out.
It is still intended to merge the Dresdner and Danat Banks, but strong
criticism has been expressed lately against the creation of such a "mammoth
bank," which would be dominated by the Reich.
The original plan to merge the Danat Bank with the Commerz- mid
Privat-Bank has been dropped, as the latter refused to take over the burden of the Danat Bank without obtaining large now means.
It is this problem of mobilizing new funds which has thus far delayed
urgently needed Government measures to free the banks tied down by
frozen assets.
The Deutsche Bank und Disconto-Gesellschaft and the Conunerz- und
Privat-Bank will materially reduce their stock capital. There is talk in
financial circles that their capital, which, excluding stock held by the
banks themselves, amounts to 240,000,000 and 45,000,000 marks respectively (the mark is worth 23.8 cents), will be reduced by one-third and that
the stock owned by the two banks, amounting to about 45,000,000 and
30.000.000 marks respectively, will not be resold. The capital reductions
of the Dresdner and Danat Banks will be even more extensive.
German Reichsbank's Effort to Acquire Exchange-Bank Rate Said to Be Kept Up to Avoid Drain on
Holdings.
Exports in January totaled $129,000,000, as compared with $209,000,000 last October. This represents a drop of 23% against December. The
reparation deliveries included in this figure amounted to about $3,000,000.
The decline in the export surplus makes it imperative for the government to take all possible steps for the adequate protection of the gold
reserves on hand, it has been discovered that many business men circumvented the net of foreign exchange control measures by buying commodities abroad and obtaining the necessary exchanges by declaring they
were to be imported. The commodities however, were left abroad and
resold, with the proceeds deposited in 'Inks abroad.
Henceforth exchange will be released by the Reichsbank only against
affidavits that the goods concerned will actually be imported within the
month.
This rush to acquire as much exchange as possible has also
prevented
the Reichsbank so far from lowering the official German
quotation on
the dollar in accordance with its weakness abroad. A plan
is now under
consideration to quote the dollar against the mark at
4.212 instead of
4.213, as it has been quoted since last May.
Government-Owned Bank in Germany Cuts Dividend
from 7 to 4%—Net Profits Drop from 5,000,000 to
3,100,000 Marks.
The following (United Press) from Berlin Feb. 13 is
from the New York "Herald Tribune":
The government-owned Reichskredit Gesellschaft issued its annual re.
port for 1931 to-day and declared a dividend of 4% compared with
7%
In 1931.
The bank, first of the large institutions to report for the year, is expected to be the only one to pay a dividend. Gross profits for the
year
amounted to rms. 10,800,000, compared to rais. 12,000,000 in 1930.
Net profits for 1931 totaled rms. 3,100,000 against rms. 5,000,000
in
1930, while the bank's total turnover was rms, 48,000,000,000, against
rms. 73,000,000,000. Deposits at the end of 1931 amounted to rms.
482,000,000, compared to rms. 579,000,000 at the end of 1930.
Deposits
with other banks dropped from rms. 106,000,000 to rms. 25,000,000.
German Reichsbank May Change Dollar Rate.
From Berlin the "Wall Street Journal" of Feb, 15 reported the following (United Press):
The Reichsbank is contemplating lowering the official
quotation on
the dollar to forestall an unusual offering of dollars
after the decline of the
dollar in Paris and Amsterdam. The official
quotation fixed may be
4.213 marks to the dollar, which would make the
mark worth 23,736 cents,
compared with par of 23.82.
In a Berlin message Feb. 12 to the New York "Times"
it was stated that among other numerous causes, the
Reichsbank's power to acquire foreign exchange (has been
Finance Writers Fear Germany's Default on
Debt
Injuriously affected by importation into Germany of marks
Payments—Warn Export Balance Drop Will Imwith which, under present regulations, foreign exchange
peril Reichsbank's Reserves—May Restrict
Transmay be bought. The account continued:
fers—Government Might Curb Certain Movements
The government is planning restrictions against this last-named practice.
of Capital to Protect Currency.
It is believed that the exchange position has improved somewhat in the
A cablegram as follows from Berlin Feb. 16 is taken
last few days.
from
If the foreign exchange balance were in favor of Berlin, the Reichsbank the New York "Times":
immediately reduce its discount rate; but under
could
present conditions
such reduction would cheapen home credit relative to foreign credit and
encourage short-terrn debtors to make repayment to foreign
would thereby
banks. Under the Stillstand agreement, such voluntary repayment cannot
be prevented. The Reichsbank can merely discourage it by refusing
domestic credit to the parties making such repayment.
With Germany's export balance destined to show a
further slump, the
question of the Reich's ability to meet service
charges or her foreign indebtedness is becoming an acute problem. This
is the opinion of some
financial writers who pointed out that the
Reichsbank's reserves mill be
Indisputably imperiled if the hitherto favorable
surplus is wiped out in the
ratio reflected by figures for January.
1294
FINANCIAL CHRONICLE
At present the surplus of exports over imports no longer suffices to
cover the interest charges of foreign credits, says the "Deutsche Allgemeine
Zeitung," which asserts that whereas the monthly export average in the
second semister in 1931 showed an excess of about $75.000,000, the January,
1932. surplus slumped to about $25,000,000. The causes of this, say the
newspapers, is commercial warfare now being waged with recourse to
various reprisals and customs barriers which cannot fail to force the debtor
nation into an intolerable position.
Present estimates place reserves which the Reichsbank is able to mobilize
to meet foreign indebtedness at barely $50,000,000, and when these are
exhausted there remain about $200,000,000 coverage of assets, of which
$100,000.000 is due foreign Central Banks for rediscount credit.
While the development thus foreshadowed must not be construed as
representing a peril to German currency, it nevertheless threatens to force
the Reichsbank and the Government into a situation where it will become
imperative to restrict such capital transfers abroad as are involved in
Germany's long-term debts as well as in the service of the Dawes and Young
loans. Although this is not an ideal situation politically, it nevertheless.
in the opinion of the"DeutscheAllgemeine Zeitung," may become a necessity
if the National currency and parity rights of foreign creditors are to be
safeguarded.
Responsibility for such a development, says this newspaper, would
then be laid at the doors of those who forced the world economy into a
state of liquidation by destroying the international credit system.
[VOL. 134.
A further increase in the number of idle is expected during February.
Then, with the resumption of intensive agricultural work, a decrease is
looked for.
Of those out of work. only 254,000 receive unemployment insurance
benefits. The remainder are provided for by the Fascist party and private
charities. The unemployed include 802.000 men and 249,000 women.
Rumanian Finance Minister Said to Have Been Forced
to Abandon Debt Conversion.
A Bucharest message as follows Feb. 17 is from the New
York "Times":
With almost all the Rumanian political parties declaring themselves
opposed to the conversion of agricultural debts by means of forced loans,
as proposed by Minister of Finance Argetoianu, he has been forced to
abandon the scheme.
In the Chamber to-day, Mr. Argetoianu announced that the bill had
been withdrawn and said that the Government would initiate debate on
the subject of the conversion of the farmers' debts to the banks, but without proposing any financial remedy. This heavy burden, he added, it
would leave to the incoming government.
Dino Grandi, Italian Foreign Minister, at Geneva
Disarmament Conference Says Italy Would Abolish
Austria to Resort to Import Quotas—Will Replace the
Capital Ships, Artillery, Warfare Weapons, &c.,
Restrictions on Exchange—Hopes Powers Won't
and Revise Laws to Protect Civilians—Views on
Take Reprisals.
International Police Force.
The following from Vienna Feb. 16 is from the New York
Foreign Minister Dino Grandi, chief of the Italian dele"Times":
gation, told the World Disarmament Conference at Geneva
The Austrian Government to-day addressed to the Ministers of Britain,
rejected the French theory of the
France, Italy and Germany a note pointing out Austria's need for wider on Feb. 10 that Italy
markets and deploring the impossibility of obtaining them by agreement with necessity of security to precede disarmament and that his
her neighbors.
Government was willing to abolish capital ships, submarines,
The note announced that import restrictions must now be substituted for
artillery, tanks, bombing aircraft
exchange restrictions, which had failed to accomplish their purpose, and aircraft carriers, heavy
the
expressed the hope that this move would not be interpreted as a hostile step and chemical warfare weapons, and to revise the laws of
inviting reprisals.
Associated Press acthe war to protect civilian populations.
The note seems to be a despairing eleventh-hour protest against
went on to say:
necessity of imposing a system of import quotas, thus taking a step which, counts from Geneva
although it appears to be dictated by the immediate necessity of protecting
the
the value of the schilling, corresponds "neither with the intentions of
Government nor the needs of Austria, whose economy cannot develop
movethrough reciprocal restrictions, but needs the greatest freedom of
ment."
The hope expressed in the final phrases of the note that Austria's neighbors
will appreciate the necessities which prompt the new steps she must take,and
help her to take them, is not likely to be fulfilled, since they, like her, have
already imposed or are considering the regulation of their import trade by
quotas to protect their trade balances and thus their currencies. Both
Italy and Czechoslovakia already have such restrictions.
The exchange regulations, which were first hailed as a means of putting
an embargo on imports without technically violating existing trade treaties.
must
have failed to fulfill that purpose, and now Austria, like Bulgaria,
proceed to the direct quota system.
-year-old Foreign Minister. Probably the youngest
The black-bearded 36
delegate at the conference, told his elders:
"Without disarmament there can be no security." By innuendo he characterized the French theory as "a sophistry of disarmament."
Accepts Proposal of Ambassador Gibson.
He accepted the proposal made yesterday by Ambassador Hugh S. Gibson of the United States to prolong the Washington and London naval
agreements.
"I am firmly convinced of the need of completing the London naval agreements," he said. "The negotiations between France and Italy have been
Interrupted, but I need hardly repeat that my country is always willing to
do all in its power to bring them to a successful conclusion."
Signor Grandi also accepted the German demand, voiced yesterday by
Chancellor Heinrich Bruening, that other nations disarm in the same
proportion as Germany is forced to do under the Treaty of Versailles.
"The peace treaties," he said, "were not intended to place the deof permanent inferiority, but, as the presiMove Made to Oust Premier Karolyi of Hungary— feated nations in a condition
of the peace conference solemnly declared, they Presented 'the first
Premier Will Gain by Payment dent
Deputy Charges
steps toward that general reduction of and limitation of armaments which
of Gold Into the Optants' Fund.
the allied and associated powers seek to bring about as one of the most
of war.'"
A motion to unseat Premier Julius Karolyi on the ground fruitful preventives
"This," Signor Grandi added,"was not, therefore, a pledge taken by one
he and his family would benefit largely from the payment into group of States toward another group. It was a reciprocal undertaking
the so-called optants' fund of 600,000 gold francs by the of each of us toward all the others." the two principal points of the Italian
Speaking in French, he reaffirmed
Government, which at the same time says it has no foreign policy on disarmament laid down by Premier Mussolini. These were
exchange with which to pay Hungary's foreign creditors, was "the equality of rights between all States and the equalization of armaintroduced in Parliament on Feb. 11, according to a cable- ments at the lowest levels."
International Police Force.
gram from Budapest to the New York "Times" which also
Commending on the French proposal for an international police force,
said:
he said: "My country certainly would not hesitate to consider any proposal
Despite stormy opposition from the Government benches the President tending to fortify the institutions of the League of Nations, provided it
the Chamber agreed to refer the question to a committee.
of
effective reduction of armaments. But on the other
motion, would lead to an
The Social Democratic Deputy Eiztergalyos, who made the
hand, it would regard it as vain to do so if the capital problem of disarmaof land, and his family with ment were not to find therein the adequate solution.
declared the Prime Minister. with 3,300 acres
created to
40,000, would benefit considerably under the fund. This was
"Let UB then leave theories aside and look the facts in the face. The
Hungarian citizens,
reimburse the Hungarians who. "opting" to remain
facts show that without disarmament there can be no security. We are, I
States after the war.
suffered the confiscation of their lands in the changes of
fear, on a slope leading to a new armaments race, a phenomenon all the
exchange with Hungary's
He contrasted the payment of this sum in foreign
more alarming if it is viewed in the light of the economic depression now
declaration of a transfer moratorium.
afflicting all our countries."
Ludwig Valko replied that the sum was not 600,000
Foreign Minister
He pointed out that in 1925 the world spent on armaments $.3,497,000,000:
return Hungary would
in 1930, $4.128,000.000.
gold francs, but 290,000 gold crowns; and said that in
paid in by other States.
"I must, however, call your attention," he said, "to the fact that this
receive ten times as much in foreign exchange
race for armaments has been intensified at the very time when we were
elaborating those legal instruments of security known as the Treaty of
Hungary for Foreign Exchange Locarno, the pact for the renunciation of war and the general treaty of
Dutch Negotiate With
arbitration.
Clearing House,
"This fact seems to me clearly to show that the reinforcement of security
to the New York "Times" cannot of itself reduce competition in armaments or destroy the system
An Amsterdam message Feb. 16
of armed peace."
said:
He said he viewed the present conflict in the Far East not with the
Hungary are expected to bring about a foreign tragic irony the others view it but as a "warning to us all."
Negotiations here with
Hungary would be
exchange clearinghouse, through which Dutch exports to
"It admonishes us," he said, "of the road ahead of all countries in the
Hungary. Thus payment
paid for by Dutch concerns importing from
two countries whose world should this disarmament conference fail in its efforts."
difficulties that otherwise arise for exporters in the
The task of the conference, he continued, was to ascertain whether the
finances are crippled would be obviated.
Hungary will be put through progressive acceptance of International justice was not guaranteed by
It is fairly certain that the arrangement with
pressure
other countries of Central equally progressive renunciation of the forces capable of bringing
soon, as well as corresponding arrangements with
to bear on the administration of that justice. Any military preponderance,
Europe.
he said, must inevitable make its pressure felt on the whole body of international relations.
of
Italy's Unemployed Up 69,000 in Month—Total
Peace Treaties Practical Examples for Limitation of Armaments.
1,051,000 on Jan. 31 Largest in History—Improve- "It would be vain," he said, "to believe that such pressure would always be placed at the service of justice. On the contrary, it is to be feared
ment in Sight.
justice would be blunted in those who would wield the force,
"Times" reported the that, since In that justice would certainly weaken in countries living under
From Rome (Italy) the New York
confidence
a permanent threat of the force. Our task is to fortify justice,not to justify
following under date of Feb. 15:
January. force."
of unemployed in Italy Increased 69,000 during
The number
Joint action by the League of Nations in case of aggression, he said,
The total of
which was somewhat less than had been generally expected.
would remain a dead letter as long as the members of the League main1.051.000 on Jan. 31 is the largest in the nation's history.
FEB. 20 1932.]
FINANCIAL CHRONICLE
1295
tabled such powerful military forces that any desire to undertake joint
action met with the alternative of failure or war.
The peace treaties, he said, formed a practical example for the reduction
and limitation of armaments.
"The limits laid down in Part V for Germany and her former allies
comply with the conception of depriving the armed forces of those States
of the means of carrying on a war of distinctly aggressive character," he
said. "This was done precisely with a view to the future international organization of peace then under consideration."
Signor Grandi received a great ovation as he returned to his seat. While
he spoke, Andre Tardieu, the French War Minister, sat engrossed in a
study of Signor Grandi's address.
Should Bulgaria's creditors not agree to all these demands, said Mr.
Muchanoff, it would be impossible for her to continue to pay foreign debts
after March 15. He said he had given notice to this effect and the creditors
must make up their minds after hearing the report of the three League
commissioners who on Saturday finished a five days' investigation of Bulgaria's financial situation.
Since M. Muchanoff's statements contrast strongly with the optimistic
tone reported in the findings of the League commissioners it remains to
be seen whether the threat to cease payment on foreign debts after the
middle of March will be carried out. 'Up to 1930 the United States lent
$14,000,000 to Bulgaria, but this amount has probably been Increased
by short-term bankers' loans meanwhile.
Forced Loan Planned by Bucharest Regime—Proceeds
of Five-year Tax Will Be Used to Amortize Debts
of Farmers.
The Rumanian Government decided on Feb. 15 to raise a
forced loan in the form of a new tax on immovable property,
which will be used to finance the conversion of agrarian
debts. This is made known in a Bucharest message to the
New York "Times", which continued:
Court of International Justice Rules Against Poland—
Danzig Is Upheld in Its Refusal of Special Treatment for the Polish Minority.
Court of International Justice at The Hague on Feb. 4
delivered an advisory opinion on the Poland-Danzig controversy over the treatment of Poles in Danzig territory.
A cablegram from The Hague to the New York "Times"
further reported:
A 1% tax which will be imposed each year for the next five years on
Under the Treaty of Versailles, the Convention of Paris and the Pollakall real property is expected to realize about $63,000,000, which will be Danzig Convention of 1920. Polish nationals and persons of Polish origin
repaid to the "lenders" in 30 years.
in Danzig territory were safeguarded against differential treatment.
Small farmers are exempted from the tax, as it is imposed to finance
Poland interpreted these provisions to entitle the Poles to entire equality
the Government's conversion scheme and thus is in their interests.
of rights with the German majority, to national development and to use
Under the conversion scheme, instead of owing short-term debts to of the mother tongue in education, internal administration and
the adthe provincial banks at high rates of interest, the farmers will be allowed ministration of justice.
to transform them into a 30
-year debt to the State at 43 %, the State
5
,
Danzig opposed this, treating the Poles on the same footing as other
collecting amortization and interest and remitting to the creditors. The minorities, according to provisions similar to those Poland applies
in Its
conversion scheme, like the forced loan by which it is to be financed, is own territory.
opposed by the Liberal Party on behalf of the banks and the National
The opinion was pronouncedly a vote of 9 to 4 against Poland. Judges
Peasant Party because it does not wish the Government to entrench itself Gustavo Guerrero, Michael Rostworowski, Henri Fromageot and FranPolitically with the farmers, whose support it hitherto has claimed. The cisco Jose Urrutia delivered a dissenting opinion, while Sir Cecil Hurst
likelihood, however, is that both measures will pass, although perhaps in disagreed regarding the ground on which the pronouncement was based.
amended form.
Polish Parliament Approves Budget.
Decree Issued at Madrid Prohibits Foreigners From
Associated Press advices from Warsaw, Poland, Feb. 13
Purchasing Land in Spain Without Permission of
stated:
Cabinet.
The Polish Parliament approved the national budget to-day for the year
Under date of Feb. 17 Associated Press advices from beginning April 1. calling for expenditures of 2.446.000.000 zlotys (about
Madrid said:
$270,000,000) and an income of 2,372.000.000 zlotys (about $261,000,000).
Minister of Justice Alvaro Albornoz to-day published a decree prohibiting foreigners from purchasing land in Spain without permission of
the Cabinet. Such permission would be withheld, except for founding
or expanding industrial, commercial, agricultural or mining enterprises.
Aiming to prevent powerful foreign groups from acquiring extensive
land holdings in Spain, the decree also prohibited foreigners transferring
mortgage obligations without permission.
In case of future acquisition of holdings without permission, the decree
provided for their sale at public auction, unless such holdings were disposed of within a month, and the proceeds would go to the Foreign Office.
the deficit to be met out of Treasury reserves.
From the New York "Times" a Warsaw cablegram
Feb. 13 said:
The Sejm passed the budget for 1933 on third reading to-night, setting
the total revenues at 2,372,000,000 zlotys and expenditures at 2.447,000,000
—approximately the same sums as last year.
Since the revenue for January was only 175.000.000 zlotys, it is held
evident that the year's revenue will not reach the expected amount and
that further drastic economies will be necessary to balance the budget, or
at least, not to increase the expected deficit of 75,000.000 zlotys.
All State investments have already been suspended and the salaries of
State officials have been cut 15%, but further reductions are foreseen.
For one thing, economies are sought in pensions.
Meatless Days Decreed in Greece to Restrict Meat
Imports and Aid in Maintaining Drachma.
Associated Press advices from Athens, Greece, Feb. 14,
Secretary of State Stimson in Letter to Senator Walsh
said:
Measures proposed by the Government to maintain the drachma. Greek
Says Reports Received by Department Regarding
monetary unit, were revealed to-day as including a regulation prescribing
Foreign Bonds Are Transmitted to Commerce
three meatless days weekly to restrict the importation of meat.
Under the plan, permission to exchange moneys abroad would be reDepartment—State Department Cannot Venture
fused except to students holding scholarships, and further export of currency
Opinion As to Resumption of Payments on De..
would not be allowed except in payment for prime necessities such as food
faulted South American or Other Bonds.
and raw materials.
The Federal Government has no means of affording relief
Oppose Moratorium on Bulgarian Debts—League of to private investors in foreign securities on which defaults
Nations Commissioners Find Banks in Good Shape have occurred, according to a letter from the Secretary of
—Confidence in Currency—Premier Insistent Bul- State, Henry L. Stimson, read in the Senate Feb. 4, at the
instance of Senator Walsh (Dem., Mont.). The foregoing
garia Cannot Pay.
The three Commissioners sent out by the League of is from the "United States Daily" of Feb. 5, which went on
Nations recently to study the financial situation in Bulgaria to say:
The only recourse which such investors have, the letter declared, is to the
ended their survey on Feb. 13 with a decision that the banking house that acted as fiscal agent for the particular issue. Predictions
country does not require a moratorium. Advices to this by the Department of State as to the likelihood of resumption of interest
effect were contained in Sofia messages Feb. 13 to the payments or restoration of the securities to good standing are outside of its
province since it has no machinery by which it can ascertain the facts.
New York "Times," which also said:
Senator Walsh,in presenting the Secretary's letter along with a letter from
The Commission, which consisted of the League Commissioner for Bulgaria, Rene Charron; the Secretary of the League Finance Committee. J.
van Walre de Bordes, and Dr. Paul Kemptner, a Berlin banker, is understood to view Bulgaria's financial situation in a rather more favorable
light than it had been regarded by the Government.
Its currency coverage is 37%,and the currency enjoys the full confidence
of the people. All inland bills have been discounted by the National Bank
at a satisfactorily low level, and the private banks are all liquid.
Bulgaria's greatest difficulty, according to the commission, comes from
the exchange restrictions of its neighbors, and it Is understood that a tightening of Bulgaria's regulations, which will radically reduce imports, will be
recommended.
.
Reference to the demand by a Cabinet Council for a moratorium on Bulgaria's foreign debts was made in our issue of
Jan. 16, page 420.
Further Sofia advices to the "Times" (Feb. 16) stated:
To judge by the statement of Premier Muchanoff to newspapermen today on his return from Geneva, a remarkable difference of opinion exists
between the Government and the League of Nations commissioners and
foreign creditors regarding Bulgaria's ability to continue to discharge her
foreign obligations. M.Muchanoff explained he had assured the League of
Nations that Bulgaria must be granted a revision of the agreement concerning payment of prewar debts, reduction in the serfice of postwar loans,
suspension for short and middle term loans by foreign bankers, and repayment of commercial debts in foreign currencies in installments.
Joseph Moriarity.of Livingston, Mont.,seeking information about defaulted
bonds, said the communications disclosed the necessity for the investigation
which occurred under the resolution (S. Res. 19) by Senator Johnson (Rep.).
of California.
"I think the Senator from California should be commended for the highly
important work he has done and is doing in this connection," Senator Walsh
said. "The methods employed by the banking houses that sold these
securities should be exposed. It is the only way in which investors may be
protected.
"Here is a typical case of which there must be thousands. This man
Invested his savings of a life time in foreign securities. He put the money in
foreign bonds because they paid a higher rate of interest than our own.
"Some criticism may attach to him for having done that. But he certainly
is not to be criticized in the same way and to the same extent as the bankers
who sold those bonds here, because he had no way of knowing what the
facts were and they had the facilities for satisfying themselves the issues
were proper."
The letter of Secretary Stimson to Senator Walsh follows:
Department of State.
Washington, Feb. 1 1932.
The Hon. Thomas J. Walsh,
United States Senate.
My Dear Senator Walsh:
I have your letter of Jan. 30 1932 enclosing a atter from
Mr. Joseph
Morlarity regarding his holdings of Bolivia and Antioquia,
Bogota and
Hungarian consolidated municipalities bonds. The
Department of State
1296
FINANCIAL CHRONICLE
can, of course, express no opinion on the likelihood of the resumption of
payments on Mr. Moriarity's securities, nor does it have information
available for distribution regarding foreign securities.
Reports received by the department from its representatives abroad regarding commercial and financial conditions in foreign countries are regularly transmitted to the Department of Commerce, which is charged with
the dissemination of commercial information, and which has established a
finance and investment division within the Bureau of Foreign and Domestic
Commerce.
The Department of State does not duplicate the work of the Department
of Commerce in this regard.
As to information regarding individual loans, inquiries should be addressed
to the fiscal agents of the loan in this country, or to the bankers who floated
it in the United States. Mr. Moriarity encloses letters from the fiscal
agents of Bolivia and Antioquia bonds. The Department's information
indicates that Dillon, Read & Co.. New York, are fiscal agents for the
City of Bogota bonds and Speyer•& Co., New York, for the Hungarian
consolidated municipalities bonds.
I may say that it IS understood, and has recently been reported in press
dispatches from Bogota, that certain proposals for the payment in scrip
of interest on Colombian State and municipal bonds are in contemplation.
However, the only safe source for information regarding matters of this
kind is the fiscal agent of the individual loan in which the inquirer is interested.
The Department of State in no way ever expressed approval or favorable
judgment of the bonds in which Mr. Moriarity invested. If Mr. Moriarity
has any evidence of representation to this effect made to him by the sellers
of these securities he might have legal recourse against them.
I return Mr. Moriarty's letter and inclosures as you request.
Sincerely yours,
II. L. STIMSON.
[Vol.. 134.
Feb. 13 in a report by Julio Urien, Director of the National
Statistical Department, who has just completed an investigation of grain futures trading in the two principal
Argentine markets. A cablegram from Buenos Aires Feb.
13 went on to say:
Senor Urien's report stresses the regulation effective in Argentina,
whereby the buyer of futures must accept delivery on the first of the contract month, while the seller is allowed 25 days to effect delivery. His
investigation revealed that large grain exporting firms were heavy and
constant sellers of futures, but purchased spot deliveries only. According
to his thesis, the buyers of futures, being forced to accept quick deliveries,
are compelled to sell, with the result that prices drop under heavy offerings. This situation, he points out, is habitually taken advantage of
by the big grain exporters who thus virtually control the market, buying
spot grain from producers and selling futures in the market.
Another important point is that, while for instance futures trading in
the United States is restricted to 1,000.000 bushels a day for a dealer.
there are companies in Argentina which trade more than 4,000.000 bushels
a day between Buenos Aires and Rosario.
Senor Urien recommends permanent government supervision of grain
market operations and limitations of the quantity wherein any single
dealer can operate. He observes that during the recent official investigation into grain market activities, operations dropped off to a most remarkable degree. In addition to recommending legislative action which
would correct the absurd situation whereby the logical buyers of the country's grain act principally as sellers, he also suggests the establishment of
trading by standardized grades, elevator construction, the introduction
of the warrant system in grain trading and expansion of co-operative
activity.
Limit Loans
Secretary of State Stimson in Letter to Senator Smoot Argentine Paper Urges United States to Restricted
Inquiry—"La Prensa" Asks Queries Be
Declares Untrue Allegation of Georges N. Leger
to Economical Aspects Involved.
That United States Government Forced Haiti to
The following (United Press) from Buenos Aires, Jan. 31,
Accept Loan.
"Herald Tribune":
from the
Henry L. Stimson, Secretary of State, stated on Feb. 16 isThe United New York committee investigating foreign loans was
States Senate
Leger to the effect that the urged editorially by the newspaper "La Prensa" to restrict its inquiries
that testimony by Georges N.
American Government forced Haiti to accept a loan from to the economic aspects involved and not to stress the matter of illicit
commissions, "La Prensa"
paid to intermediaries.
an American banking concern was untrue. Mr. Leger, commissions outside the province of theSuch and they concern only the
Senate
declares, are
Minister, Dantes Bellegarde, me countries affected. The newspaper cites the questions addressed the
representing the Haitian
his charges before the Senate Finance Committee, and Chilean Ambassador in Washington by the committee concerning the
(Cosach).
Secretary Stimson denied them in a letter to Chairman Reed working of the Chilean Nitrate Co.material and spiritual sovereignty,"
The necessity of defending "the
Committee, made public Feb. 16.
Smoot (Utah) of the
"La Prensa" stated in conclusion, "must not be forgotten by the powers
The charges of Mr. Leger were referred to in our issue of of the Northern Republic."
Feb. 13, page 1121. Regarding Secretary Stimson's answer
thereto we quote the following Associated Press accounts Profits Tax Lifted to Relieve Santiago—Other Action
Taken to Relieve Financial Situation Following
from Washington Feb. 16:
In reply to Leger's charge that the American High Commissioner, GenEarthquake.
election in 1922 because
eral Russell. prevented President Dartiguenave's
The following Havana cablegram Feb. 9 is from the New
over an American loan. The Secretary said he had been
of differences
informed that General Russell had nothing to do with the election. Mr. York "Times":
Stimson added that Russell did not later control President Bomb, as
Leger claimed, by "holding over his head" the fact that Borne did not
legally hold office because he was not born of a Haitian father as the Haitian
law requires.
Leger's appearance before the Senate committee was arranged by the
Haitian Minister to answer previous testimony before it that commissions
are generally paid to the Governments of Latin-America contracting loans
in the United States.
The Haitian Minister regarded this as a reflection on governments which
have made loans in this(country and particularly upon Haiti.
Mr. Stimson's letter said Leger's testimony failed to show he was concerned with this phase of the matter.
The Secretary said Leger did not go into commissions other than to
say that President Mitchell of the National City Bank of New York testified of the profit made by his bank.
Secretary Stimson categorically denied Leger's statement before the
committee that Haiti was not in default on any loans when the reorganization of its finances took place in 1915.
He wrote that Haiti's credit had been exhausted both at home and
abroad when the American administration took over.
Mr. Stimson also said Leger's statement "that a continued state ot martial law had existed in Haiti since American occupation was not a fact.
National Mortgage Bank of Argentina Has Largest
Reserve Fund in History Although Agricultural
Year Was Unsatisfactory.
Press advices from Buenos Aires Feb. 3 stated that the
National Mortgage Bank of Argentina, which issues and
controls the 6% mortgage bonds, Argentina's most popular
gilt-edged securities, closed the year 1931 with the largest
reserve fund in its history, although the last year was an
unsatisfactory one to agriculture. The press accounts
added:
The annual report submitted to the Minister of Finance gives the reserve
fund at the end of 1931 as 210,000,000 paper Pesos. or $54,600,000 at the
current rate of exchange. The highest previous total had been 197,000.000
pesos, at the end of 1929.
The report says the mortgage bank undoubtedly felt the effects of the
agricultural crisis in 1931, as the values of land fell sharply and arrears of
interest payments by land owners, suffering from low price levels for
agricultural products, increased. The mortgage bank modified its usual
loan policy and restricted lending to cases where proprietors are working
their own land or to encourage subdivision of large holdings.
Regulation of Argentine Markets Urged—Statistical
Director Sees Means of Preventing Heavy Drops
on Grain Exchanges.
Important recommendations for regulating trading on the
Buenos Aires and Rosario Grain Exchanges were made on
The House of Representatives this afternoon unanimously approved
legislation to exempt from payment the profits tax of 1 % of the gross
sales tax during the period January to July of this year all merchants
and industrialists of the city of Santiago which was almost destroyed by
earthquake on Feb. 3.
Three other bills designed to relieve the financial situation of the victims
of the earthquake were passed at last night's session of the House. They
provide a year's moratorium in collection of all judicial reclamations established for forcing payment of industrial and mercantile mortgage credits;
suspension of all legal periods prescribed by the civil law or criminal suits
being tried by the courts of Santiago, and the suspension of collection of
all fines imposed on litigants or officials for failure to act within the prescribed term. It also provides the government should lend the Santiago
municipality 3278,000, to be used for the payment of employees' back
salaries. These laws will be sent to the Senate immediately and prompt
action•is expected.
Reports from Santiago to-day state approximately 7.000 persons are
being fed from soup kitchens established by Government funds and private
donations. Obligatory vaccination has been ordered and the authorities
are doing everything possible to prevent any outbreak of disease.
Public works employees continue to raze buildings which are considered
dangerous and likely to collapse. The Archbishop of Santiago was to-day
notified the old cathedral must be demolished. The walls of several
-day as the result of slight
damaged buildings along the waterfront crashed to
tremors. No building permits have yet been issued to start rebuilding.
Proposal in Chile for Comptroller General of Unemployment—Fund Would Be Created Through Increase in Income Tax—Would Also Provide for
Treasury Note Issue.
Some form of national council which will direct attention
to the problem of unemployment is planned in official circles
in Chile, according to Commercial Attache Ralph Ackerman,
Santiago, in a report to the Department of Commerce. The
Chamber of Deputies now has a bill under discussion looking in that direction, the Department reported Feb. 2, its
advices continuing:
The bill under discussion would provide for a national council formed
by the Minister of Social Welfare. the Inspector General of Labor, the
Director of Public Works, the Director of Minos and Petroleum, officials
of the Internal Revenue Board, Ministry of Lands and Colonization. Ministry of Agriculture, two representatives of employees, two representatives
of labor, a representative of the National Manufacturing Association, the
National Agricultural Association, the National Mining Association, the
Central Chamber of Commerce and by a newly created official known as
the Comptroller General of Unemployment, who would act as managing
director.
All unemp:oyed desirous of receiving benefits from the activities of this
council must inscribe their names in a register created for that purpose.
A special fund would be created by increasing the rate of taxation on
the income tax law, postal charges, telegrams and cables, licenses, stamp
FEB. 20
1932.]
FINANCIAL CHRONICLE
taxes, the tax on transportation, on hotel invoices, on private automobiles,
on wines, on imports of petroleum and by estabdshing new taxes on wages
greater than 120 pesos per month, on pensions above stated minimums, on
sales of items of luxury and by assessing quotas from the national budget
and the budgets of municipalities. Also a tax of 5% would be placed on
deposits of foreign currency in banks.
The collection of these funds would be effected by the Bureau of Internal Revenue.
For the immediate financing of this law, the President would be authorized to issue 50,000.000 pesos in treasury notes.
The law would be effective for a period of one ycar from the date of
its publication in the Diario Oficial."
As with all of the proposals made for the relief of
the unemployed, there
exists the supposition that special funds can be created by the imposition
of additional taxation. The experiences of the past six months show
that many taxpayers are not meeting the obligations already imposed upon
them by tax laws, and trade associations, industrial groups and others are
pressing the government for reductions in taxation affecting their
respective
activities. Under such circumstances, it appears that hopes
for a substantial volume of funds by increased taxation rest upon
collection from
these individuals and concerns who are not now evading normal
impositions, further burdening them at a time when their
economic position is
weakened by the general crisis through which they are
passing.
This summary is transmitted for the information and guidance
of the
Bureau. There is no assurance that this law will be enacted even
though
it passes both Houses of Congress as it must be evident to the Executive
that it is extremely faulty and may defeat the purpose of raising funds for
the ordinary conduct of governmental affairs. However, it seems evident
that legislative action of some type will be undertaken in an effort
to
centralize relief for the unemployed.
Co-operation Between Chambers of Commerce in North,
Central and South America Planned by Committee
on Inter-American Relations.
Co-operation on a wide scale between chambers of commerce in North, Central and South America is being planned
by the Committee on Inter-American Relations. A subcommittee to be known as the "Committee on Inter-American
Commerce" has been formed to carry out the project. John
L. Merrill, President of the Pan-American Society, Inc., and
of the All-America Cables, Inc., has been named Chairman
of the sub-committee. The other members are:
James S. Carson. of the Electric Bond & Share Co., Vice-Chairman.
Francisco P. de Hayes of the National Railways of Mexico.
Rafael Montoya, merchant of the Republic of Colombia.
Henry L. Jones of the United States Steel Corp.
A. Stuart Durrant of the International General Electric Co.
This executive committee will name a general committee
of from 25 to 30 members, consisting of prominent North
American and Latin American business men, all resident in
the United States. Among those who have accepted appointment on the General Committee are:
Silas H. Strawn,President of the Chamber of Commerce of
United States.
John P. Gregg. Secretary of the American Section of the
International
Chamber of Commerce.
E. L. Bacher, Manager of the Foreign Commerce Departme
nt of the
Chamber of Commerce of the United States.
1297
realization plan's operation amounted to $10,046,000 (including £574,641 converted at $3.45 per pound). The total
amount receivable from the sale of pledged coffee and from
the special tax was equal to $10,833,000; the balance of
$787,000 has been deposited with the bankers' agents in
Sao Paulo in milreis, at the rate of 16 milreis per dollar,
and its remittance is expected in the near future.
Colombia Cuts Rates of Interest on Loans—Delay in
Foreclosure Sales Ordered and Aid to Mortgage
Banks Decreed.
President Enrique Olaya Herrera issued an executive
decree on Feb. 17 reducing interest rates for three years
and protecting debtors against foreclosure. A cablegram
from Bogota Feb. 17 to the New York "Times," authority
for the foregoing, continued:
The decree may be extended for two years if considered
necessary at
the expiration of the three.
The decree establishes a maximum interest rate below
the prevailing
rate on all classes of private and business loans in
effect or to be made;
it suspends amortization service on the private
mortagge bank's outstanding cedulas, the banks to issue five-year cedulas
to replace those
that expire during the three-year period, and directs
the mortgage banks
to extend to double their present life outstandin
g long-term loans, providing the new terms do not exceed 20 years.
Postponement at the debtor's election until the end of
1932 of auction
sales in foreclosure and attachment suits is provided;
the Government
will deposit 300,000 pesos of the national funds in
each of the
mortgage banks without interest, to be repaid In four annual two private
installments,
the first at the end of five years.
The decree relieves the private mortgage banks of the obligation
, decreed on Oct. 31 1931, to deposit in the Bank of the Republic
bank notes
equivalent to the service on their foreign cedulas if the control
board
does not permit the transfer of service payments abroad. This
clause Is
regarded as the probable forerunner of default on the service of the
cedulas
and the alternative of issuance of mortgage bank scrip to cover
the defaulted Interest.
Colombia Peso Reduction Denied.
The following is from the "Wall Street Journal" of Feb. 13:
Colombian news depatches referring to a proposed economic conference
In Bogota, of representatives from the various departments, to
discuss.the
monetary situation of the country and particularly the reduction of the peso
to a lower value, have been discredited by the Government of Colombia,
according to a cable received from President Olaya by the consul general
of Colombia here, which reads:
"There is no foundation whatsoever in news that Government is considering the change of monetary unit or project to depreciate currency."
Fund to Help Colombian Banks.
From the New York "Herald Tribune" we take the
following from Bogota, Colombia, Feb. 6:
Establishment of a special fund to aid Colombian banks threatened
with
closure by frozen credits was decided upon
at a meeting here recently of
managers of national and foreign branch banks.
An Initial fund of $5,000,000 furnished by the participating banks was
set up.
It is announced that the principal aims of the new work
will be to attain an actual and permanent contact between
business men Of the 21 republics of the Western Hemisphere.
Colombia Saves $1,800,000—Salary Cuts Enable
Up to date no organized effort to accomplish this has been
Reduction of Budgeted Expenditures.
undertaken. All questions affecting inter-American business will clear through this general committee. Wade H.
Under date of Jan. 28 a Bogota cablegram to the New
Everhart has been elected Executive Secretary of the Com- York "Times" said:
Salary reductions have made possible a cut of about $1,800,000
mittee. A statement issued Feb. 15 by the committee on
in the
budgeted ordinary expenditures of the national government,
Inter-American Relations also says:
exclusive of
additional savings from reductions in the diplomatic
and consular service.
Besides the principal aim of serving as a clearing
house for matters
Economies have been made in the newly decreed pension regulation
connected with Inter-American commerce the Committe
s
e will, VA one of and cuts In the national executive payrolls.
The pay of Congressmen
its important functions, co-operate with the Director General
of the Pan- at the next session will be reduced from 20 to 15 pesos
American Union when requested, in matters of
a day la peso is
commerce. industry and worth 97.33 cents at pal.
business, and, with that official, follow up resolution
s of Pan-American
Commercial Conferences and other bodies relating to
inter-American commerce, and help formulate plans for future Pan-American
New Income, Stamp Taxes, &c., Inaugurated in
conferences.
The plan has been submitted to II. D Sharpe, Chairman
of the Foreign
Colombia.
Commerce Department Committee of the Chamber of
Commerce of the
United States, and that committee has approved it in
Regarding the taxation measures designed to relieve Colomprinciple. This
means that more than 1.000 chambers of commerce throughout
the United bia's financial distress inaugurated
on Jan.21,under a decree
States and several hundred in the various countries of Latin
America will
gradually establish working contacts that will aid
in the arbitration of made public by President Enrique Olaya Herrera, Associated
commercial disputes and generally stimulate trade
and business under- Press accounts state:
standing throughout the Western Hemisphere.
All persons receiving an income of $600 or more yearly must file
income
The work will also be closely linked with that of the
National Foreign tax returns. Datchelors earning an annual income of $600 and
married
Trade Council, of which J. A. Farrell, President of the U. S. Steel
Corp. men receiving $900 must pay taxes. A $200 exemption will be allowed
is the head, which is sponsoring It together with the Committee on Inter
- for each dependent.
American Relations. It is hoped that ultimately this link
Stamp taxes on legal documents, money transfers, legal
can be more
advertisements,
closely extended to the International Chamber of Commerce so that
the customs ladings, steamship and aviation tickets and various official papers
business bodies throughout Latin America
can participate with North generally were increased.
Americans and Europeans in those conferences which discuss world economic
A reference to the new taxation measures appeared in
trends. The ex-officio chairman of this new movement will be General
our
Palmer E. Pierce of the Standard Oil Co. of New Jersey.
issue of Jan. 23, page 599.
Sao Paulo Realization Plan—Remittances Received Bogota Debt Service Only 15% of Budget—With
Interand in Transit for Seven Months Ended Jan. 31
est Only Being Paid, President Olaya Insists It
Must Be Kept Up.
1932.
The following Bogota cablegram Jan. 24, is from the New
Speyer & Co. and J. Henry Schroder Banking Corp.,
U. S. A. fiscal agents for the State of Sao Paulo 7% coffee York "Times":
Apparently the continued agitation for a complete
moratorium on all
realization loan of 1930, report that, while seven months' foreign debt services led
President Enrique Olaya Herrera
interest and sinking fund on the outstanding bonds require his statement yesterday explaining the present situation to give the press
and position of
$9,253,000, remittances received and in transit for seven the government.
The statement points out that interest on the
national debt is now the
months (ended Jan. 31 1932) of the second year of the coffee sole service unsuspended and that
amounts
annually to only $3,877.000
1298
FINANCIAL CHRONICLE
Since
on the consolidated debt and $600,000 on the short-term bank loan.
budget the
the total of these sums is only 15% of the 1932 $35,000,000
d a moratorium on this ingovernment deems imprudent and unjustifie
Republic, now
terest service while the gold reserves in the Bank of the
to
nearly 75% of outstanding circulation, permit the transfer of funds
State and municimeet the payments. However, cash service payments on
and the National Governpal foreign loans will continue to be suspended
inment will offer its notes to such bondholders in exchange for matured
terest coupons.
the Republic in
Foreign loan service funds deposited in the Bank of
1 amounted
accordance with the foreign exchange control decree since Nov.
to nearly $1,500,000 on Jan. 16.
t's viewpoint
The newspaper El Tiempo disagrees with the governmen
foreign debt
that there is no justification for a moratorium on the national
estimates are unreliable and unservice, arguing that present budget
doubtedly inflated.
[VOL. 134.
his adminisOctober and placed the blame for the disorders on opponents of
presidency
tration. As a result, he is expected soon to return to the
in which twelve persons were
which he relinquished after the outbreak
government.
killed. The dominant Liberal party retained control of the
Republic of Uruguay Temporarily Suspends Sinking
Fund Operation on External Debt—Provision Made
for Interest Payments During 1932.
Jose Richling, Charge d'Affaires A.I., Oriental Republic
of Uruguay, under instructions from his Government, issued
the following statement on Feb. 16 concerning the external
debt of the Republic, consisting of Uruguay external debt
5% gold bonds of 1915, 25-year 8% sinking fund external
gold bonds due Aug. 1 1946, 6% sinking fund gold bonds
Colombia Reduces Budget.
due May 1 1960, and 6% sinking fund gold bonds due
Colombia's 1932 budget has been fixed at $35,800,000, May 11964:
ed
of the
the Administration announced on Jan. 27, said Associat
Interest and sinking fund charges on the external funded debt
Uruguayan
Republic would require, during the current year, 8,255,311
Press advices from Bogota (Colombia) which added:
figure fixed
This is a reduction of nearly $2,000,000 from the tentative
budget which
last month and of more than $4,000,000 from last year's
resulted In a deficit of about 85,000,000.
Colombia to Issue Scrip for Payment of Interest on
Foreign Debt.
Associated Press advices from Bogota Feb. 7 said:
Finance Minister Esteban Jaramillo announced to-day that all departto
ments and municipalities of Colombia with foreign debts had agreed
scrip.
the Government's plan for payment of interest in governmental
that the interest will be paid
The Government thus becomes guarantor
and municipal
at a future date. Most of the holders of departmental
bonds are in the United States.
the gold reserves of
Senor Jaramillo said the scrip plan would conserve
must continue to
the nation, for under it internal bond-issuing entities
The annual interest
pay their interest into the Bank of the Republic.
municipal debts, he said,
payments on departmental or provincial and
charges $2,479,000.
was $5.796,000 and the annual amortization
as
Further advices from Bogota (Feb. 8) are quoted
follows from the New York "Times":
foreign
cities carrying
A contract whereby all Colombian States and
National Government for the
loans, except Barranquilla, agree with the
interest coupons
Government to issue 6% scrip exchangeable for maturing a Presidential
was approved by
of the cities' and States' foreign bonds,
text partly published in to-night's press.
decree on Feb. 4, according to the
1933, but is extendible
The first series of the scrip will expire on June 1
nt's option. Hallgarten & Co.
for 18 months thereafter at the Governme
scrip.
may be named fiscal agents to handle the
payments on the foreign debt
The same decree suspends amortization
as to the country's metallic
of the nation, States and cities until the situation
reserves improves.
Bank's foreign debts conTransfers of funds to service the Mortgage
tinue to occupy the Exchange Control Board.
to-day, outlines a plan for
The Finance Minister, In a press statement
proposed new credit corporation with
the organization and functions of the
-year government concession to take over frozen
broad powers under a 10
in Colombia and Issue up
loans of domestic and foreign banks operating
ble with the Bank of the
to 20 times its paid-in capital in bonds discounta
and reserves'
Republic up to 25% of the Bank of Republic's paid-in capital
A cablegram as follows from Bogota, Colombia, Jan. 29
is from the New York "Times":
to accept conditionally,
The Bogota Municipal Council agreed to-day
of the National Government
with three other cities and six states, an offer
coupons on a total of 882,000,000
to exchange6% scrip for maturing interest
outstanding in foreign bonds.
is due in eighteen or, if extended.
The scrip of the National Government
the Council provides
In thirty-six months after issue. The conditions
creditors do not accpt the scrip
are that the agreement shall lapse if the
the sinking fund payments
n of
and that the government obtain a suspensio
claps of the loan conwithout prejudicing the city under the guarantee
tracts of 1924 and 1927.
concerned amounts to $5,750,The annual interest on the foreign loans
contemplates the expenditure of such
000 and the scrip plan apparently
public works if released by the
funds by the debtor states and cities for
nt in exchange for matured
depository bank to the National Governme
interest coupons paid for in scrip.
gold pesos of a par value of $1.0342.
on the
Uruguayan currency has depreciated so severely that this burden feeling
is
National budget has more than doubled at a time when Uruguay
Government
the full effects of the world economic crisis. Hitherto the
gold shipments
has been able to maintain loan service payments in full by
through the
of 3,000,000 pesos and by utilizing foreign exchange available through the
Bank of the Republic. which had dollar exchange on hand
however, that it
external issue made in 1930. The Government feels,
indefinitely at the risk
cannot continue depleting the Bank's gold reserves
confidence within
of great economic disturbances and consequent lack of
medium of
the country, where the notes of the Bank are the principal
circulation.
that, in order
After careful consideration, the Government has decided
consistent with
to reduce its foreign exchange requirements to an amount
it will be necessary
the necessities of Uruguayan trade and economic life,
the assent of
to have recourse again to a measure adopted in 1914 with sinking fund
ly
bondholders resident in Europe, viz.: To suspend temporari
the Republic.
operation in connection with issues of external bonds of
that holders
The Government regrets the necessity for this step but believes
appreciate that
of its bonds, resident in the United States and Europe, will
the prompt and full payment
this action is necessary to assure absolutely
of interest charges of all issues held abroad.
provision for the
The Government has made definite and appropriate
its external bonds.
payment during 1932 of all maturing interest coupons of
exchange cover
While the Government believes that there will be foreign
nts of 6.258,826
available In Montevideo sufficient to supply its requireme
provision has been
Uruguayan gold pesos for interest payments, special
if necessary,
made by law authorizing the Bank of the Republic to export,
to the Government
up to 3.900,000 Uruguayan gold pesos. This will assure
even though a
the foreign exchange it may require from time to time,
might develop.
temporary shortage of foreign exchange cover in Montevideo
in Uruguayan pesos
Furthermore, the Government has decided to pay
the 6% Dollar
(and not in dollars as heretofore) coupons on 87.240.000 of
nts
Bonds owned by the Bank of the Republic, whereby exchange requireme
deare reduced in the amount of 419,630 Uruguayan gold pesos. This
Accordingly,
cision will materially assist in making remittances abroad.
a law was duly enacted legalizing the procedure outlined above.
From the New York "Times" of Feb. 17 we take the
following:
due in
The American Dollar Bonds of the Republic involved are the 8s,
6s, due
1646, outstanding in an amount of slightly than $7,000,000: the
ng, and the
in 1960, of which slightly more than $28.000,000 are outstandi
than $17,500,000.
6s. due In 1964, outstanding to the extent of slightly less
t annually of $300,000.
The sinking funds of these issues call for the retiremen
$150.000 and $175.000, respectively.
Heretofore, announcements of inability to meet foreign debt service
of
made by other South American republics, have included obligations
y
Bolivia, Brazil, Chile and Peru, with the Republic of Colombia admittedl
experiencing difficulty owing to adverse foreign exchange conditions. 1.11
Central Bank Head Warns Ecuador on Money—Threatens to Quit if Sound Currency Is Menaced.
In advices from Guayaquil (Ecuador) to the New York
"Times" Jan. 28, it was stated that President Baquerizo has
been warned by President Cueva of the Central Bank that
c situation would be much worse without sound
23 stated: the economi
Associated Press accounts from Bogota on Jan.
money,Senor Cueva announcing he would resign rather than
that his government had
President Olaya Herrera announced to-day
y to his convictions and the banking
foreign debts of various departments approve action contrar
agreed to pay in scrip the interest on
y in the United laws. The cablegram added:
ties. The bonds affected are held principall
and municipali
El Tolegrafo supports Senor Cueva editorially, and El Comercio wants
states.
his stand against a national mora- the government to control imports restricting automobiles, flour and lard.
The President's statement reiterated
"Otherwise we must demand more money from the government and
torium.
from ethical and moral obligations. credit institutions, money which the country needs for primary inter"In order to guard her future, aside
degree in making every possible change," the paper adds.
Colombia is interested in the highest
fullest measure of fiscal and economic
effort to fulfill honorably and in the
its creditors," the President
possibilities the obligations contracted with
President Baquerizo Opposes Export Ban on Ecuador's
said.
its standard of living, it must
Gold—Indicates, However, Wil'ingness to Super"If the country is to develop and elevate
capital, which it could
In the near future ask the backing of more foreign
vise Transactions—Proposed Issuance of Bonds.
world returns to normal.
Sot easily obtain, even though the financial
every possible effort in times of
A cablegram as follows from Guayaquil (Ecuador) Jan. 28
unless it demonstrates that it has made
depression to meet its obligations."
from the New York "Times":
on the national debt, he said; is taken
n
Payments hitherto were being made only
President Baquerizo sums up the situation in regard to the exhaustio
debt
$3,877.000 annually in interest on its consolidated
the country owed
of Ecuador's gold reserves in a letter to President Cueva of the Central
de Republica owed $1.600.000 more.
of sucres into
and the Banco
in which he expresses concern over the conversion
to-day to consider plans for a national Bank,
Officials of the national banks met
foreign exchange. He says the bank upholds the gold standard by strictly
frozen assets and collect debts owed to the
credit corporation to handle
considering on their merits all discounts, but it exercises no such censorbased on President Hoover's similar plan.
nt to
national banks. The idea is
ship on drafts sold. He intimates the willingness of the governme
avoid the
co-operate in control of sales of drafts to private individuals to avoid the
Exonerated From Re- export of gold, but would not advise any measure tending to
Former President of Uruguay
exchange of sucres for gold coin.
in Uprising Last October.
considering a prosponsibility
El Comercio says the bankers'conference at Quito is
y, Jan. posal of the Minister of Finance to pay the Central Bank 6.000,000 sucres
advices from Asuncion, Paragua
Associated Press
thereby reducing
of the funds earmarked for the foreign bond service, bank undertakto the bank to 8,400,000 sucres, the
27 stated:
nt
exonerated former President Jose Gugglari the governme debt
the budget, up to
The Chamber of Deputies
the government, according to the needs of
uprising in which he was overthrown last ing to lend
to-night of responsibility for the
FEB. 20 1932.]
FINANCIAL CHRONICLE
1299
9.000,000 sucres at 3%. The Bank would lend at once 3,000,000 sucres.
with which the government would reimburse the bank for its 2,000,000
loss in the drop of sterling.
The government proposes to issue bonds up to 50% of the reserves of
member banks, which these could rediscount at the Central Bank at ninety
days.
Francisco Echenique Named President of Agricultural
Bank in Peru.
A Lima (Peru) cablegram to the New York "Times"
stated that Francisco Echenique was named President of
the Agricultural Bank on Feb. 6. He succeeds Dr. A.
Additional Peruvian Credits of Nearly $100,000 to Self y Mura.
Juan Leguia Revealed by Senate Finance Committee—Exhibits Furnished by J. & W. Seligman Tax Increases in Cuba—Cigarettes, Matches, Gasoline,
Coffee and Other Articles Put on a Higher Basis.
& Co. Showing Commissions Paid.
The following from Havana Jan. 23 is from the New
Additional credits of nearly $100,000 to Juan Leguia,
son of the former President of Peru, from the National City York "Times":
Tax increases on many items and new imposts on others will go into
Bank, the Chase National Bank, and the Royal Bank of
Monday under a
President Machado.
Canada were revealed by the Senate Finance Committee on effect cigarette tax is new law signed last night byof a cent on boxes of
The
raised from three-quarters
Feb. 18, according to Associated Press dispatches from 16 and 1 cents on boxes of 12 and 13 cents on boxes of 16. This tax
has been protested strongly by both tobacco manufacturers and workers,
Washington on that date, which also said:
who assert it will ruin the tobacco industry of the island.
In connection with its recent investigation of foreign loans, the Committee made public Juan Legula's checking account with J. & W. Seligman & Co. of New York, through which, it was previously shown, he received $415,000 to negotiate $100,000,000 in loans to Peru.
The account showed credits to Mr. Leguia of $60,956 from the National
City Bank; $10,000 from the Chase National Bank, $4,000 from the Equitable Trust Co., and affiliate of Chase, and $22,700 from the Royal Bank
of Canada.
No explanation of the credits was made by Seligman & Co.in submitting
the account to the Committee. Before the close of the investigation
officials of the Chase Bank were asked to explain the $10,000 given to Mr.
Leguia by tneir institution.
The account showed that Juan Leguia frequently was overdrawn in
his account with the Seligman company. At one time, the account showed,
he was overdrawn to the extent of $187,848. The company reported to
the Committee he was allowed to overdraw only when he submitted adequate security.
The Committee also made public exhibits furnished by the Seligman
company showing it paid commissions, such as those paid to Leguia, in a
number of other foreign bond negotiations.
A commission of $3,000 was paid to Antonio Borda,a citizen of Colombia,
in connection with a $3,000.000 loan to the Mortgage Bank of Bogota
in 1928. The company paid $33,981.64 to him for arranging a $12,000,000
loan to the Department of Cundinamarca, Colombia, in 1928.
P. J. Eder, a New York lawyer, received $42,000 in commissions for
arranging bond issues totaling $4,000,000 to the Department of Cauca
Valley, Colombia.
F. J. Alvardo of Costa Rica received $38,677 on an $8,000,000 loan to
that Republic.
George A. Helfert, an American doing business in Peru, received $7,500
as commission on a $1,500.000 loan to the Province of Callao, Peru.
Marc Wilenkin of London received $60,000 for arranging a $12,000,000
loan to the Mortgage Bank of Jugoslavia. Mr. Wilenkin shared this
with Nicholas Kagan. who was not identified.
Death of Former President Leguia of Peru.
Augusto Leguia, former President of Peru, whose administration recently was under discussion before a committee of the United States Senate investigating foreign
loans, died at Lima, Peru, on Feb. 6 at the Naval Hospital
at Bellavista, where he had been cared for by an American
physician since he was transferred from Lima Penitentiary.
Associated Press accounts from Lima on Feb.6 said:
Peru's "Legula problem" was solved automatically with the passing of
the former President and dictator, according to political observers here.
Many persons, during recent months, have expressed the opinion that he
should be released, believing he had served long enough and citing his
growing old age, but no one in authority in the governments which have
preceded the present regime of Luis Sanchez Cerro thought it proper to
grant him his freedom.
His son Juan is still in prison.
Leguia was operated on last November, but was reported doing well after
the operation. A short time previously he was taken from prison and
removed to the naval hospital in Callao, suffering from bronchial pneumonia. Later a bomb was reported to have exploded in the garden of the
hospital.
After having ruled 11 years as President, he fled the country in August
1930, after a military revolt overthrew his administration. Most of the
time since then he had been ill. He collapsed aboard a warship two days
after the fall of his government. He was detained aboard the warship
pending trail for alleged irregularities and imprisoned on an island at Callao
later.
Afterward he was taken to the penitentiary here. With six relatives, he
was tried in November 1930, on charges of "illegal enrichment." A large
quantity of Jewels, including a gold crown, were found when his safes and
deposit boxes were opened. He and his sons were fined $7.625,000 as
reimbursement for alleged improper transactions during his regime.
Last December the Peruvian Congress asked that he be tried as a traitor
and a resolution recommending a trial for treason was approved by the
National Assembly.
During the Senate committee investigation at Washington last month
Frederick Strauss of the J. & W. Seligman Co. of New York told the Committee a commission of $415,000 was paid to former President Leguia's son,
Juan Leguia, for promoting $100,000.000 in loans to Peru which are now
in default.
Tobacco will
pay from 25 to 75 cents a bale.
The tax on matches is made 1 cent on those of domestic manufacture
and 2 cents on the imported boxes of 50. A new tax of $2 a year is put
on mechanical lighters. Two cents a gallon extra has been levied on gasoline, making the impost on this product approximately 14 cents a gallon.
The present 2% tax on the value of consular invoices is jumped to 4%.
A cent a pound is imposed on coffee. The President has power to substitute for the present 134% gross sales tax, a tax on imports up to 10%
of their value.
Authorization is given to the President to limit immigration if he deems
such a measure advisable, with express prohibition of the entry of foreign
contract laborers who have heretofore been employed in the sugar industry.
Cuban Loan Extended.
The following from Havana is from the "Wall Street
Journal" of Feb. 13:
Chase National Bank has extended for 90 days the $20,000,000 loan made
to the Cuban Government.
Bolivian Currency Bill Passed.
Under date of Feb. 7 United Press advices from La Paz,
Bolivia, to the New York "Herald Tribune" said:
A bill sponsored by the Ministry of Finance authorizing the Central
Reserve Bank to issue sufficient currency to meet the deficit in the budget
was approved by the Chamber of Deputies early to-day after several days
of heated debate.
Gold Talk Worries Chile—Business Views Gravely
Possible Abandonment of Standard.
Under date of Feb. 12 a cablegram from Santiago, Chile,
to the New York "Times" said:
Following a meeting of the Central Chamber of Commerce, called to
discuss the insistent campaign carried on in the capital designed to obtain
abandonment of the gold standard, public opinion centres on this most
important possibility in the economic field since the new government came
into power. For the most part business circles consider the possible abandonment in a grave light. Anxiety already has been caused reflecting the
abnormal state of commerce as a result of the existing discussions in Congress and the press.
It is also said, but unconfirmed, that the Central Bank of Chile no longer
will oe compelled to adhere to the exchange standard of 6 pence to a peso,
but that a changing rate of exchange will be fixed periodically by a commission.
Despite denials in official circles, there are insistent rumors that some
changes in the present state of affairs are being considered.
Business Men Ask Former Policy for Bank of Mexico—
Seek Return to Its Operations With Private
Parties.
Business men are working now for the return of the Bank
of Mexico to the status it held before recent legislation
converted it into a central institution of credit, according
to Mexico City advices Feb. 12 to the New York "Times,"
which went on to say:
Rail Wages Cut in Peru.
From the New York "Times" we take the following from
Lima Feb. 5:
Formerly the Bank dealt directly with private individuals, discounting
paper and granting loans, but now its operations are limited to the rediscounting of paper presented by other banks and the issuance of bank-notes
In accordance with the rediscounting operations effected.
Virtually all of the chambers of commerce in Mexico hold that this
step will be necessary to alleviate the critical situation resulting from the
lack of currency in circulation, because of the abstention of the other banks
from discounting paper and, in consequence, from making loans.
To such a stage has the tightening of credit advanced that there are
hundreds of businesses, with first-class commercial paper and collateral
of all kinds, which are unable to obtain funds for their most pressing necessities. The resulting situation is regarded as almost a vicious circle,
with no one in a position to pay and no one receiving.
The situation affects not only national commerce but the business of
Americans with Mexico.
The newspaper El Universal said this morning the matter had been
studied by the Minister of Finance, but without results, and that the
Chamber of Commerce had accordingly addressed a message to former
President Plutarco Elias Canes, in his capacity as President of the Bank
of Mexico.
Dispatches from Arequipa report that because of the completion of the
Arica-La Paz Railroad and the transportation of freight from Arequipa to
Mollendo by trucks, the Southern Railways have notified their employees
of a reduction of eight working hours weekly.
It is said the reduction affects an employees and if not accepted it will
mean the discharge of 60 employees. Delegations of employees have
expressed willingness to accept four hours' reduction weekly. The matter
still is under discussion.
Mexican Ex-Minister of Finance in New York to Study
Federal Reserve System.
Luis Months de Oca, former Mexican Minister of Finance,
said in New York on Feb. 8, according to The Associated
Press, he had accepted a commission from President Ortiz
1300
FINANCIAL CHRONICLE
Rubio to study the Federal Reserve System of the United
States for possible application in Mexico. This is learned
from the New York "Tines" which also stated:
Senor Montes de Oca, who left Mexico two weeks ago and learned en
route to New York that President Ortiz Rubio had accepted his resignation
of the Finance portfolio and formed a new Ministry, has been in New
York on a vacation from nine years of public service. It is expected that
Senor Montes de Oca and Alberto J. Paul, coming from the Ambassadorship in Madrid to take up the Finance Ministry in Mexico City, will meet
here when the liner Europa docks to-day from Europe.
"If we meet," Senor Montes de Oca said last night, "It will be as friends.
We have been friends for 20 years. I know of no official business between us."
[VoL. 134.
empowers the Commonwealth to seize the revenue of any State defaulting
its debt payments.
The bill is a sequel to tne action of the State of New South Wales defaulting interest payments due in London and New York, payments which
the Commonwealth is meeting and in turn endeavoring to recover from
the State.
Explaining the procedure under the new bill, the Prime Minister said
that when any State defaulted the auditor general would issue a certificate
of such default and the high court would then issue a declaration. Both
Federal houses would then pass a resolution and the bill would be operative.
The bill empowers bondholders to sue the Commonwealth. On the
issue of a proclamation State taxes would become payable to the Commonwealth Government and the taxpayers would be liable to imprisonment if he paid the State.
The Commonwealth would also have power to retain monies borrowed
on behalf of a defaulting State and to seize the State's deposits in banks.
Oil Permit Granting Suspended by Mexico—President
Acts "for Public Good"—Exploitation Under Way
Council of League of Nations Calls Upon Japan to Cease
Not Affected But Will Be Studied.
Hostilities in China.
The following Associated Press advices from Mexico City
The Council of the League of Nations published at Geneva
Feb. 13 are from the New York "Times":
President Pascual Ortiz Rubio has announced a Presidential decree wnicn on Feb. 17 an appeal"to the supreme sense of honor of Japan"
suspends until further notice the granting of government permits for asking her to cease hostilities in China. The communication
the exploitation of petroleum throughout Mexico. The decree was issued
which was given to Naotake Sato, Japanese delegate to the
"for the public good," the President stated.
It also orders the Department of Industry to proceed at once to study Council, for transmission to the Government of Tokio
all existing petroleum permits in order to make recommendations on what
follows, according to Associated Press advices from Washingfixed basis future permits will be issued.
The decree, regarded as extremely important, has the effect of halting ton:
all petroleum exploitation in Mexico which is not now in process or for
which permits have not been granted. It does not affect production or
exploitation for which permits have already been granted, however.
The decree states that there is a great lack of uniformity in the exploitation of the national petroleum reserves and that this "anarchy" is highly
prejudicial for the public interest.
Opening of Oaxaca Bank of Agricultural Credit in
Mexico.
The following from Mexico City is from the "Wall Street
Journal" of Jan. 26:
The Oaxaca Bank of Agricultural Credit, another link in the chain of
regional agricultural banks being opened in various States by the National
Bank of Agricultural Credit, has begun business. Its initial capital is
200,000 pesos.
Mexican Foreign Debt Moratorium in Effect.
Supplementing the itom in our issue of Jan. 16, page 426,
we quote the following from Mexico City Jan. 28 to the
New York "Thriei":
The recently enacted legislation extending the suspension of Mexico's
foreign debt payments until Jan. 1 1934 wont into effect. A deposit of
$5,000,000 held in readiness for the next payment is likely to be used as
cover for a note issue.
Australia Announces Transmission of Funds to London
and New York to Pay Interest Obligations of New
South Wales—Commonwealth Will Compel State
to Pay—Premier Offers Bill to Seize State Revenues
for Service of Foreign Debts.
It was announced in Canadian Press advices from Canberra, Australia, Feb. 16 that the Australian Government
would forward on Feb. 17 to London and to New York
the amounts necessary to meet interest payments on bonds
of the State of New South Wales which were defaulted
by the State Government on Feb. 1. The press accounts
from Canberra added:
The Commonwealth has initiated steps to recover from the State the
amounts disbutsed, roughly E400,000 in London and 1200,000 in New York.
The Government of Australia is withholding about £250,000 due every
month to the State under the provisions of the Prime Minister's plan.
1. The President of the Council, on behalf of his colleagues, pointed out
in an appeal addressed on Jan. 29 to both parties that "good relations
between States could only be secured by co-operation and mutual respect
and that no permanent solution could be achieved by force, whether military
or merely economic, and that the longer the present situation continued the
wider the breach between the two peoples would become and the more
difficult the solution would be, with all the disasters that would mean not
only to the two nations directly involved but to the world in general."
2. The 12 members of the Council, other than the Chinese and Japanese
representatives, feel constrained to-day to make a pressing appeal to the
Government of Japan to recognize the very special responsibility for forbearance and restraint which devolves upon it in the present conflict in
virtue of the position of Japan as a member of the League of Nations and a
permanent member of its Council.
3. The situation which has developed in the Far East during the last
months will be fully studied by the commission appointed with the consent
of both parties. But since the commission was set up there have occurred
and are still occurring events in the region of Shanghai which have intensified
publlc anxiety throughout the world, which endanger the lives and interests
of the nationals of numerous countries, add to the unexampled difficulties
with which the world is faced during the present crisis and threaten to throw
new and serious obstacles in the path of the disarmament conference.
4. The 12 members of the Council are far from disregrading the grievances
advanced by Japan and throughout all these months have given her the full
confidence which they owe to an associate of long standing who had ever
been punctilious in the fullfilment of all her obligations and duties as a
member of the community of nations. They cannot but regret, however,
that she has not found it possible to make full use of the methods of peaceful
settlement provided in the Covenant;and recall once again the solemn understanding of the Pact of Paris that solution of international disputes shall
never be sought by other than peaceful means. The 12 members of the
Council cannot but recognize that from the beginning of the conflict which
is taking place on her territory, China has placed her case in the hands of the
League and agreed to accept Its proposals for a peaceful settlement.
5. The 12 members of the Council recall the terms of Article X of the
Covenant by which all members of the League have undertaken to respect
and preserve the territorial integrity and existing political independence of
other members. It is their friendly right to direct attention to this provision, particularly as it appears to them to follow that no infringement of
the territorial integrity and no change in the political independence of any
member of the League brought about in disregard of this article ought to be
recognized as valid and effectual by the members of the League of Nations.
6. Japan has an incalculable responsibility before the public opinion of the
world to be just and restrained in her relations with China. She has already
acknowledged this responsibility in most solemn terms by becoming one
of the signatories to the nine-power treaty of 1922 whereby the contracting
powers expressly agreed to respect the sovereignty, the independence and
the territorial and administrative integrity of China. The 12 members
of the Council appeal to Japan's high sense of honor to recognize the
obligations of her special position and of the confidence which the nations
have placed in her as a partner in the organization and maintenance of
peace.
An item in the matter appeared in our issue of Feb. 13,
page 1121.
Manchurians Form a Separate State—Government
Under date of Feb. 17 a cablegram from Canberra to the
Under Dominance of Japan Headed by Chang
New York "Times" said:
Ching-hui—Ankuo Name Selected.
Prime Minister Lyons announced at the opening of the new Australian
Parliament to-day that the Federal Government would fulfill immediately
Regarding the formation of a separate Manchurian State,
its promise to pay interest due on the debts of New South Wales.
a cablegram Feb. 18 to the New York "Times" said:
"We recognize that the default of New South Wales cannot be allowed
Manhcurian leaders last night constituted themselves a Northeastern
to continue and become a default of the Commonwealth," he said. It is
understood Premier Lang of New South Wales will provide £380,000 Executive Council to act as the central government of Manchuria. Chang
[$1,311,000 at to-day's exchange], as originally offered, toward the interest Ching-hul, who resigned the Chairmanship of Hellungkiang Province in
due, with the Commonwealth finding £50,000 13172,500 at to-day's ex- favor of Ma Chen-shan, is Chairman and the other members are Tsang
Shi-yi of Jehol.
change].
Tang Yu-lin has not appeared at Mukden but has apparently given some
Mr. Lyons also gave notice of a bill "to provide for carrying out the
financial agreement between the Commonwealth and the States by the sort of assurance he will join the new State. All Japanese observers agree
parties thereto." This was the first hint of legislative action compelling on the principle of a life appointee to head the new State, but his name has
not yet been publicly mentioned by Mukden.
Mr. Lang to adhere to the agreement.
New South Wales's default figured largely in a speech from the throne,
From Mukden (Manchuria), Feb. 17 Associated Press
with which Governor General Sir Isaac Isaacs opened Parliament.
accounts said:
"The effect of the failure of the New South Wales Government to meet
"While unhesitatingly
The new State of Manchuria will be known as"Ankuo,""Land of Peace."
its public obligations has been most serious," he said.
condemning a policy that has led to public default by the New South and Its national emblem will be the discarded Chinese five-barred flag emadvisots feel impelled in the interests of the na- blazoned with the rising sun of Japan.
Wales Government my
government. My Minister
It will have a republican form of government ruling under what is genertion's credit to honor the obligations of that
to the Commonwealth ally regarded as Japanese direction and will be headed by a dictator whose
will take steps to compel repayment of these moneys
identity is persistently linked with that of Henry Pu-yi, former "boy Emby the New South Wales Government."
peror" of China.
'
Canberra Feb. 18 (Canadian Press)
Further advices from
Leading Chinese officials, prompted by Japanese advisers, so decided
to-day in continuing their labors to set up a stable government in place of
are quoted as follows:
thorn was
"This bill is the answer to our critics," declared Prime Minister Joseph the military command of the army of occupation. Chief among Northern
Representatives a bill which General Ma Chen-shan,former commander of the Chinese forces in
Lyons to-day as he introduced in the House of
FEB. 20
1932.]
FINANCIAL CHRONICLE
1301
Manchuria and once a stubborn obstacle to Japanese subjugation of the ot Kirin Province, and Chang Ching-hul, Governor of Hellungkiang Province.
"three Eastern Provinces."
The "principles of democracy" will be adopted with a written ConFive fundamental principles will be embodied in the projected constitustitution, friendly relations with all the powers will be cultivated, the
tion according to reliable information.
Vesting of sovereignty in the people, autonomy of the State, Open Door and quality of opportunity will be stoutly maintained, industries
They are:
equality of races, co-operation among racial elements and maintenance of will be encouraged, and "efforts will.be made to contribute to world economics."
the "open door" policy.
The program also alms at perfecting the judicial system to safeguard
Mayor Chao Hsin-po of Mukden, known as a staunch friend of Japan,
selected by the committee to draft a proclamation announcing the the rights of all races and nationalities residing in Manchuria, according
was
formation of the new State, which may include the provinces of Jehol to semi-official Japanese announcements.
and Outer Mongolia. He may act to-morrow.
Organization of the government will signalize the completion of Japan's
military conquest of Manchuria, which began five months ago with the Chinese Leaders Urge That "No Ground Be Yielded"
seizure of Mukden, and will mean the ned of the regime of(former Marshal
—Wang Ching-wei Says Nation Will Always
Chang Hsalaio-liang.
Resist.
The following from Loyang (China), Feb. 15 (Associated
Tokio Orders Ultimatum to Chinese Troops, Demanding
Press), is from the New York "Times":
Withdrawal From Shanghai Area.
The Kuomintang, the Nationalist party of China, to-day urged that
From Tokio Feb. 17 a wireless message to the New York "no ground be yielded to the Japanese."
The Central Executive Committee of the party sent an urgent telegram
"Times" said:
The Government authorized Lieut.-General Uyeda at Shanghai yesterday
to deliver an ultimatum to General Tsai Ting-Kai demanding that the
Chinese 19th Route Army withdraw 20 kilometers (about 13 miles) from
the boundary of the International Settlement.
The time for presenting the ultimatum and the time to be allowed the
Chinese to retire are left to General Uyeda.
The Japanese will accept foreign participation in the negotiations if there
are any.
Minister Shigemitsu at Shanghai stated that all hope of obtaining the
Chinese withdrawal peacefully had been abandoned, but he thought it
preferable to issue an ultimatum rather than begin a battle immediately.
The Japanese know the risks involved in a battle on the edge of the Intermational Settlement.
A statement by Minister of War Araki about the possible need to send
two or three more divisions is taken to indicate that if serious fighting
seems likely Japan will send an overwhelming force.
The ultimatum applies only to the division "attacking" the Japanese,
not to Chiang Kai-shek's troops.
Japanese Bond Issue.
From the Wall Street Journal" of Feb. 16, we take the
following from Tokio:
to the executive Yuan and the military council at the temporary capital
here declaring that the Japanese proposal to demilitarize the principal
ports of China was made with a view to subjugating the nation. The
proposal, the telegram said, was absolutely unacceptable.
Nanking dispatches said that Wang Ching-wei, President of the Nationalist Government's Executive Department, had just arrived from Loyang
and in a message addressed to the nation and the world had declared "our
armies may be defeated but the nation will not be conquered."
Pointing out that China's military and economic advancement had
lagged during the past decade, Mr. Wang declared that "nevertheless.
Japanese military aggression will be resisted by a determined nation."
"They may occupy our cities," he said, "but every man, everywhere.
will resist. Japan may send millions of troops, but shall find it impossible
to subjugate China. Our position in international scallions is supported
by strong arguments and facts. We will not make concessions until Japan
gives up the idea of forcing China by armed aggression to surrender our
territorial and administrative sovereignty. There shall not and there cannot no direct Sino-Japanese negotiations."
He said other powers were sympathetic with CnIna, but that Japan knew
the powers were unable to interfere because of their economic depression
and other domestic troubles.
28,000 Japanese Live in Shanghai.
Announcement has been made of the first Japanese Government bond
A Tokio cablegram as follows, Feb. 12, appeared in the
issue to be made since the embargo was placed on gold exports in December. New York "Times":
The issue will amount to 42,000,000 yen bearing a 5% coupon. Issue
According to statistics given out by the Foreign Office to-day, Japanese
price will be 95.25 and maturity has been fixed at 1939. Proceeds will residents in Shanghai number 28,000, of whom 18,000 reside in Chapel.
be used for conversion of the 39,000,000 yen issue maturing March 15. Japanese property interests are estimated as worth $189,500,000. Nine
In financial circles here it is thought that the new issue will not succeed thousand Japanese refugees left Shanghai between Feb. 1 and 11.
as another Government issue, maturing in 1939, is selling at 93.80. Consequently, it is believed that the Bank of Japan will probably take the bulk
of the issue.
Inouye, Former Japanese Minister of Finance,
The Japanese press understands that the Government intends to redeem
Assassinated.
the £12,000,000 South Manchurian Ry. issue, which matures in July,
througn a domestic issue with the maturities to be paid in cash. The
A Tokio cablegram (copyright), Feb. 9, to the New York
railway company is responsible for half of the issue and the Government
"Herald Tribune," said in part:
for half.
Junnosuke Inouye, Minister of Finance in the Yamamoto, Hamaguchi and
Wakatsuki Cabinets, was shot by an assassin in here this evening as he arrived
100 American in Shanghai Appeal to Senator Borah to address a political meeting, and died five minutes after being taken to
the Imperial University Hospital. He was 63 years old, a leader of the
Against Japan's "Inhumanity and Stupidity."
Minseito opposition party and an advocate of moderation in Japan's army
The following (Associated Press) from Shanghai, Feb. 13, and navy and in her policy toward China. Once before he had been threatened with assassination by extremists, a bomb exploding in his home on
is from the New York "Times":
A group of(100 American residents of Shanghai cabled United States Feb. 5 1931. . . .
Mr. Inouye was one of the most discussed figures of the preceding Cabinet.
Senator William E. Borah at Washington to-day protesting against what
they said was Japanese violence against non-combatant civilians and During his tenure of office as Finance Minister he abided by two principles—
maintenance of the gold standard and retrenchment coupled with a "no.
Shanghai.
property in
The signers of the cablegram included scores of missionaries, the prin- loan" policy. Both principles were scrapped by the Seiyukai party when
cipal of an American school, general secretaries of the Young Men's and it came into power, with Tsuyoshi Inukai as Premier and Horeklyo Takahashi
Young Women's Christian Associations and the editor of a local American as Finance Minister. The policies of Mr. Inouye were generally regarded
newspaper.
by big business as sound.
"We greatly tear," it said, "that if Japan is successful in the present
aggression, world reliance will again be placed on armed force and the Joseph Grew Appointed United States Ambassador to
disarmament cause will lose all the progress it has gained since the World
Japan.
War."
Rev. Emory Lubbock, American pastor of the Shanghai Community
Joseph C. Grew, of New Hampshire, was named by PresiChurch, said:
dent Hoover, on Feb. 9, to be Ambassador to Japan. He is
"The American community here as far as I know, is unanimous and
indignant in condemning the stupidity and inhumanity that have char- now Ambassador to Turkey. At Tokio he will succeed W.
acterized Japan's entirely misnamed 'defense' of Shanghai.
Cameron Forbes, of Massachusetts.
"There had been for some time a general acceptance of the fact that
anti-Japanese activities in this area included criminal offenses for which
Stimson Blocks Embargo on Arms—
the Japanese were entitled to redress and to guaranteees that were not Secretary of State
forthcoming.
House Group Shelves Fish Resolution.
"Had Japan's resentment found expression in saner and more civilized
At the urgent suggestion of Secretary Stirnson, the House
ways and had there been the slightest inclination toward the international co-operation that is now so emphasized in Japanese official state- Foreign Affairs Committee on Feb,9 shelved the Fish resoluments, Japan would have received considerable support from many Ameri- tion to prohibit shipment of arms and ammunition to warring
cans. Indeed, a sizable section of the American community regrets that
countries. Associated Press advices from Washington on
Japan has made international co-operation impossible.
"It is widely felt that the future status ot the International Settlement, that date, as given in the New York "Evening Post," said:
the Chinese attitude toward foreigners generally and China's respect for
Chairman Linthicum said Secretary Stimson had asked that action be
her international obligations are all involved in the present conflict and deferred by the committee pending the receipt of further information
Americans wish that the cleavage between Japan and other foreign regarding treaties between the United States and foreign countries.
many
nations had not been made necessary. There is too much at stake."
The Committee declined to hear about 100 men and women representing
pacifist organizations, who waited for two hours to testify in favor of
the resolution, while the group debated behind closed doors on the Secretary's
Equality for All Plan in Manchuria—State Independent request.
Finally a majority gathered and decided to postpone consideration of
of China to Discourage "Nationalistic Consciousthe measure.
ness," It is Stated.
Under the above head a cablegram published in the New Tokio Reported to Have Set Aside $21,000,000 for
York "Times" from Mukden, Feb. 12, said:
Operations at Shanghai.
Japan evidently intends to develop Manchuria as an area open to all
A cablegram, as follows, from Tokio, Feb. 8, is from the
nationalities willing to abide by nominal Chinese rule directed by Japanese
New York "Times":
advisers.
It is announced that "nationalistic consciousness will be discouraged
among the 30,000.000 inhabitants" and all races placed on an equal footing
in a State independent of China to be founded by an early conference
among Tsang Shih-yi, Governor of Mukden Province; Hsi Hsia, Governor
Japan has appropriated 60,000,000 yen (more than $21,000,000 at yesterday's rate of exchange) for the Shanghai expedition.
The Government to-day appropriated 40,000,000 yen to be added to the
20,000,000 which had been appropriated previously.
1302
FINANCIAL CHRONICLE
It is estimated that this sum will cover the coat of the naval and military expenditures in this area until the end of March.
China's Bankers Aid Army—Give 200,000 Silver Dollars
to Troops Defending Shanghai.
As an expression of "gratitude and good-will," the Chinese
Bankers' Association announced on Feb. 16 that it had presented the Nineteenth Route Army, defending Shanghai,
with 200,000 silver dollars, equivalent to about $1 in gold to
each man. We quote from Shanghai Associated Press accounts, Feb. 16, to the New York "Times," which also said:
The Peace Preservation Committee, a patriotic organization of Shanghai
residents, also launched a campaign for "a national salvation fund for
armed resistance to Japanese invasion of Chinese territory."
"While the military men are risking their lives and abandoning their
families," the Committee said, "it is time for every citizen to pledge
financial support to the campaign, which is for the good of the country."
[VoL. 134.
Indignation at Highest Pitch.
"During four months of continuos Japanese military aggression, the
indignation of the Chinese people was aroused to the highest pitch, while
the Chinese government, already harassed by natural calamities, was
faced with the task of dealing with an invasion from without and restraining popular feeling within.
"Having sent naval forces to Shanghai with the stated purpose to protect the Japanese residents' property there, the Japanese government
presented through the Japanese Consul General certain demands to the
Chinese local authorities at Shanghai, requiring complete acquiescence by
6 o'clock p.m. on Jan. 28. At 2 o'clock that afternoon the Chinese
replied, fully accepting Japan's demands, and were assured by the Japanese
Consul General that the reply was satisfactory. Nevertheless, at midnight the Japanese naval forces advanced into the Chinese territory and
attacked the Chinese police and garrison troops. The Chinese government
has no doubt that disinterested foreigners on the scene have more or less
correctly informed the world of the events at Shanghai since Jan. 28,
but the Chinese government wishes to emphasize the following points:
"The Japanese naval and military forces have used the International
Settlement at Shanghai both as a base for their attacks on the Chinese
police and troops and as a sanctuary where they can retire when repulsed
and for recuperation and resupply.
Unable to Reply Effectively.
"The Chinese troops defending China's soil from the ruthless invaders
have been unable to reply effectively to the Japanese attacks without
endangering the lives and property of thousands of friendly neutral foreigners
residing in the International Settlement and surrounding suburbs, and
The Chinese Government, in a statement given out on have been unable to pursue their Japanese attackers without risking a
Feb. 12 by the Chinese Legation at Washington, challenged conflict with friendly neutral foreign police and troops protecting the
the contentions and allegations put forth by Japan in its Settlement.
"The Japanese naval and military forces
front
recent statement explaining its position and the declaration within the International Settlement to landhave used riverartillerydocks
their troops,
and
that its purpose was to insure tranquillity and peace in the supplies. The Japanese warships anchored in the Whangpoo River alongside the International Settlement fired over the Settlement at the Chinese
Far East. A Washington dispatch, Feb. 12, to the New York
forces resisting the Japanese attacks in the Chinese
"Herald Tribune," authority for the foregoing, in giving the Settlement, and the Chinese artillery cannot reply territory outside the
effectively without
statement, went on to say:
gravely endangering scores of neutral vessels in the port. The Japanese
text of the
Chinese statement answers the Japanese declaration in detail, iterates flagship with the Japanese admiral and staff directing attacks lies alongThe
hope for peace, but "solemnly declared to the world that she will continue side the wharf near the center of the Settlement.
"The Japanese airplanes bombed all parts of the Chinese sections at
to resist in self-defense against Japan's attacks at all points and with all
Shanghai and also parts of the International Settlement and then withdrew
forces at its command."
The statement concludes by emphasizing a "desire to settle the issues" in over the raid-section of the International Settlement.
"The Japanese military forces and civilian ununiformed elements have
"purview of interested Powers and in accordance with the principles guaranteeing the world peace and the sovereignty, independence and territorial killed and injured presently an incalculable number of Chinese peaceable,
unarmed men, women and children—estimated between 1,000 and 2,000—
administrative integrity of China."
and
and imprisoned and maltreated many others, and executed many without
The statement of the Chinese Government follows:
"With the full realization of its resopnsibility to the civilized world and trial.
"Japanese bombings and fires started by bombs already have destroyed
willingness to submit the accuracy of these statements to an impartial
international inquiry and adjudication the Chinese National Government property roughly estimated to be hundreds of millions of dollars.
"The Japanese government excuses these atrocities by alleging military
presents the following summary of the Sino-Japanese imbroglio from its
peril due to the proximity of the Chinese troops. The Chinese government
Inception:
solemnly declares that excuse as a transparent pretext. It is impossible
"At no time since the Russo-Japanese War has the Chinese Government
doubted the purpose of Japan to seize Manchuria whenever an opportune to send Japanese troops anywhere in China without being surrounded by
occasion arose. At the conclusion of the Russo-Japanese War, which was Chinese population and near Chinese troops occupying their regular
fought chiefly on China's soil against China's protest, Japan put strong stations. The Japanese military forces have pushed forward into China's
pressure on China to implement Japan's gains fram Russia and to grant territory, always making the excuse that nearby the Chinese troops conJapan additional special privileges impairing China's sovereignty and con- stitute a menace. It is evident that such reasoning provides an excuse
travelling the Open Door policy in Manchuria. China resisted those demands for the complete conquest of China by Japan.
"When the United States, Great Britain and France, supported by
to the utmost of her ability.
"When the World War arose, Japan took advantage of the preoccupation Germany and Italy, recently presented to Japan and China a note in
of the powers and China's military weakness to present the 21 Demands five categories, designed to end the hostilities and bring about a liquidawhich, if conceded, would have destroyed China's sovereignity, not only tion of this situation worse than war, the Chinese government without
In Manchuria but in other parts of China as well. Under Japan's ultimatum, hesitation accepted the proposals of the powers in full.
China was forced to concede some of those demands, which she did under
"Closing Avenues to Peace."
protest and so notified all friendly powers.
"In flatly turning down at first the proposals of the International
Rights Guaranteed by Treaty.
Shanghai Defense Committee, the powers' five proposals and, more recently
"At the Paris Peace Conference, at the Washington Conference and still, British Admiral Kelly's scheme, Japan is thus closing every avenue
the League of Nations, China reiterated her protests to those to peace, leaving China no alternative but to continue to adopt appro.
before
exactions of Japan and repudiated them on all suitable occasions. At priate measures of self-defense to the best of her ability.
"The Chinese government asks the world to contrast the known facts
the Washington Conference China refused to conduct separate negotiations with Japan and insisted that the Sino-Japanese questions must be on Japan's acts in China during the last few months with the Japanese
purview of the whole conference. By signing the Nine- government's latest statement that 'It is the immutable policy of the
discussed in
Power Treaty at Washington, Chin's territorial integrity and administrative Japanese government to insure tranquillity in the Far East.'
"Also contrast Japan's statement that 'her troops are in China only to
autonomy was guaranteed by all the powers and it was definitely stated
that Manchuria was an integral part of China's territory. That treaty discharge international duty' with the efforts of the League of Nations
appeal to the signatory powers in the event of dis- and the Washington treaty powers to induce Japan to withdraw her troops
also provided for
agreement in the interpretation of the treaty and infraction of its terms. from China and cease warfare.
"Also contrast Japan's frequent declarations that she has no territorial
"Subsequent to the signing of the Nine-Power Treaty, the Chinese government has invariably in its relations with Japan and other powers ambitions vis-a-vis China with her refusal to submit Manchuria and
terms of the principles of that treaty, but, owing other Sino-Japanese questions before a conference of treaty powers.
insisted on observing the
"Also contrast Japan's acts at Shanghai, causing an immense destruction
to Japan's continuously trying to step outside the treaty and insist on
having special rights in China, especially in Manchuria, the Chinese govern- of property of all nationals and loss of lives, with her statement that she
has acted at Shanghai only to protect the lives and property.
ment has been unable to avoid disputes and frictions with Japan which,
"Also contrast Japan's latest statement that she has acted at Shanghai
when serious, China tried to refer to the League of Nations and the Court
of International Justice. China gladly became a party to the Kellogg- in co-operation with other foreign defense forces and foreign municipal
authorities with the latest statement of the Shanghai foreign municipal
Briand pact renouncing force as a means to settle international disputes
Japan is solely responsible for acts of the Japanese armed
and obtai political objectives, and has associated herself with all similar council that
occasions China sought without success forces in Shanghai.
plans to secure peace. On several
Deny Violating Truce.
to invoke the provisions of the League of Nations Covenant that obsolete
"The Chinese government positively denies that the Chinese have
and unsatisfactory treaties might be revised.
violated the temporary truce arranged on Jan. 29. Because of the suddenCharges Usurpation at Mulcden.
ness of the armistice it was not possible to get orders to all outposts,
last September when, without any resulting during the night in desultory firing between the outposts of
"That, broadly, was the situation
provocation justifying such action, the Japanese troops attacked the both sides. The Japanese command resumed attacks at daybreak on
Chinese at Mukden and usurped the control there. A careful analysis January SO.
"Since Japan's astounding action at Mukden in last September it has
shows without doubt that Japan's military coup was premeditated and
carefully planned. Dispositions were commenced days before September 18. been the unswerving policy of the Chinese government to avoid by all
the events in Manchuria since then. means at Its command an outright state of war, and to that end endured
"It is hardly necessary to review
By using various pretexts the Japanese army has overturned Chinese Intense humiliation, risked its own existence In the face of popular feeling
authority in Manchuria and taken control of almost the whole of those in the hope that world-wide pacific measures might check Japan's reckprovinces, while China appealed in vain to the League of Nations and less course.
"Despite the failure of our pacific agencies the Chinese government
other peace pacts.
"At times since the Sfukden attack Japan has tried to draw the Chinese adheres to its faith in world justice, but cannot passively submit to
government into separate negotiations, but China, following the prece- Japan's invasion into Chinese territory and the slaughter of Chinese
dents set at Paris, Washington and Geneva, has refused to negotiate with- people, and therefore solemnly declares to the world that she will conout the presence or participation of neutral powers, knowing full well tinue to resist in self-defense against Japan's attacks at all points and
that she cannot singly resist Japan's pressure backed by its unbridled with all forces at its command.
"The Chinese government further declares that it is China's desire
military force, which aims at the annexation of Manchuria.
"Those tactics failing th frighten the Chinese government, Japan decided to settle the issues in connection with the present crisis in purview of
China, showing her contempt Interested powers and in accordance with the principles guaranteeing the
to carry military action into the heart of
and indifference to the world's opinion, with the purpose of convincing world peace and the sovereignty, independence and territorial and adininistra.
tive integrity of China."
the Chinese that it was hopeless to appeal for outside help.
Chinese Government, According to Statement Given
Out by Legation at Washington to Continue to
Resist Japan's Attacks.
FEB. 20 1932.]
FINANCIAL CHRONICLE
Federal Farm Board Funds Opposed at Hearing—Acts
and Policies Criticized by D. H. Williams of Gastonia, S. C., as Harmful to Farmers.
Declaring that the "acts and policies of the Federal Farm
Board since it has been in operation have been particularly
harmful to the farmers of the Nation," Dameron H. Williams
of Gastonia, N. C., representing the American Cotton
Shippers Association, on Feb. 15 opposed the proposed
appropriation of $1,880,000 for the Federal Farm Board,
before the subcommittee of the House Committee on Appropriations on the independent offices appropriation bill.
From the "United States Daily" of Feb. 16, we also take
the following:
"In the South the cotton farmer not only faces an actual financial loss
due to the activity of the Board but a situation has developed whereby
the foreign cotton has been rapidly taking the place of American-grown
cotton," he said.
"These acts and policies have contributed to the accumulation of a tremendous surplus of cotton and grain; textile manufacturers have suffered
losses of enormous proportions and the taxpayers of the Nation have been
called upon to face an additional loss of from $300,000.000 to $500,000,000
in a time of depression.
"The operations of the Board in spot cotton and in the handling of thousands of bales on the future market have been entirely of a speculative nature.
The magnitude of this speculation is without equal."
Pointing to the large number of proposals now before the House for either
the abolition or transfer of the activities of the Farm Board to the Department of Agriculture, and others for a thorough investigation into the policies
and activities of the Board, Mr. Williams urged that the appropriation be
held in abeyance until such an investigation can be undertaken.
1303
the last quarter of 1930 and only $6,500,000 between September and
December 1931.
For the year as a whole, the Federal Intermediate Credit banks were
the most active, lending $259,700,000 of the total 3307.400.000. Federal
Land banks loaned $42.015,300, and Joint Stock Land banks $5,675,422.
The Federal Land banks were the only ones to end the year with fewer
loans made than in 1930, while the Intermediate Credit banks showed the
heaviest rise, $40,758,000.
Half of Federal Loans to Farmers in Drouth Sections
Repaid.
Repayments of Federal loans to farmers in drouth areas
on Feb. 5 reached 43.5% of the total amount loaned, collections totaling nearly $1,500,000 in the week ended on
that date, according to statistics made available Feb. 12
by the Farmers Seed Loan Office, Department of Agriculture.
The "United States Daily" of Feb. 13 also said:
The repayments as of Feb. 5 represented a gain in two weeks of more
than 10% of the total loans, according to the tabulations. Louisiana leads
in percentage of repayment of loans, having repaid $2.156.168, or 67.4%
of the amount borrowed. Alabama has repaid 81,693,207, or 63.1%.
and Arkansas,in third place in percentages, has repaid $5,624,352,or 61.1%.
Opposition to Further Use of Federal Funds in Effort
to Stabilize Price of Farm Products Opposed by
New York State Grange—Repeal oc Old Age Pension Law Urged—Against Cancellation of War
Debts—Tariff Changes Adovcated.
The New York State Grange placed itself on record on
Feb. 5 for economy and elimination of unnecessary expenditures in Government, for equalization of the tax burden on
House Committee Hears Argument for Federal Farm
real estate, and for tariff changes to protect the American
Board—President Moser, of Co-operative Council,
farmer. We quote from the "Knickerbocker Press" of
Declares Leading Agriculturists Are Against AboAlbany, from which the following is also taken:
lition.
The Grange opposed further use of Federal funds in attempts to stabilize
had expended
"A great army of the most progressive, intelligent and the price of ,arm products. It declared that the Governmentof agricultural
more than $300,000,000 in such attempts, and that prices
conservative farmers" of all sections of the country are back commodities were lower than ever.
of the Agricultural Marketing Act and the Federal Farm
The delegates at the closing session of the State Grange's 59th annual
increase in gasoline
Board, C. C. Moser, Vice-President of the National Co-op- meeting in Albany favored imposition of a 2-cent They urged that the
"to get farmers out of the mud."
tax
erative Association, New Orleans, and President of the Na- costif it is used rights-of-way be paid for by the State rather than by the
of highway
tional Co-operative Council, Washington, testified before county, as roads are for general public use and the present system is a
Committee on Appropriations Feb. 16, according local burden.
the House
Opposes Debt Cancellation.
to the "United States Daily" of Feb. 17 which also had the
The Grange opposed cancellation of war debts as an injustice to the
following to say:
American people, urged disarmament, peaceful settlement of international
He appeared, he said, to support that law and the Board and he chalenged various statements that have been made, including statements by
representatives of the American Cotton Shippers Association and the Texas
Cotton Ginners Association.
Organized Attack Claimed.
Mr. Moser said the country now is going through the acid test of meeting
the organized attack of cotton, grail and produce trades, and the exchanges
which they control, who without shame, he said, boast of the enormous
slush fund they are spending to influence public opinion and members ot
of Congress against the Farm Board and the co-operatives.
"The Federal Farm Board." he said, "has directly or indirectly helped
financially more than 3.600 struggling farmer co-operatives. It has given
ncouragement and hope to millions of farmers and their families. The
task has not been easy in the face of the organized opposition of the agricul tural trades."
"The record of its operating expense, as compared with the Federal
appropriations for its maintenance," he said, "clearly demonstrates the
safety of providing an adequate appropriation for its needs, now pending
before the Committee. From its appropriation of $1.500,000 in 1930. It returned to the Treasury $130.000; from its appropriation of $1,900.000 in
1931, It is estimated it will return $300.000; and it now asks $1,880.000,
with which to meet the growing demand of hundreds of new co-operatives
of improperly organized or inadequately financed ones, to give them a fair
chance to succeed in these days of difficult credit and other unbalanced
financial and business conditions."
Represents 206.749 Farmers.
Mr. Moser said that in appearing before the House Committee in support
of the Act and the Board he directly represented 206.749 cotton farmers,
who market their cotton through cotton co-operatives of every important
(otton producing State and the National Co-operative Council, composed
of co-operatives embracing more than 1.000,000 farmers who market
co-operatively more than 81.000.000.000 worth of agricultural products.
He said in fact more than 2.500.000 farmers are conunitted to the support
of the Agricultural Marketing Act and the Federal Farm Board.
Agricultural Loans Increased for Year—Credit Extended by Federal Farm Loan Bureau Gained 11%.
An increase of 11% in the credit extended to agriculture
and related activity was made during 1931 by the three
institutions under the management of the Federal Farm
Loan Bureau, namely, the Federa Land banks, the Joint
Stock Land banks, and the Federal Intermediate Credit
banks according to the quarterly statement issued Feb 10.
The "United States Daily" of Feb. 11,from which we quote,
added:
During the year the loans made by these three organizations aggregated
more than $307,123,000. increasing $35.242,000 over the 1930 total,
according to the report. Additional information made available in the
report follows:
The increase of loaning activity which marked the year as a whole was
reversed in the last quarter when total loans fell approximately $6,500.000
under those of the same period in 1930, due chiefly to curtailed activity
on the part of the Federal Land banks which loaned $12,700,000 during
differences. and American adherence to the World Court.
It favored abolition of unnecessary public offices, 10% reduction in
salaries of public officials provided no reduction to be less than $2.000
annually, and opposed manadatory salary increases. It declared itself
against payment of I% fees to supervisors for State funds allotted in aid
of schools.
Resolutions adopted would bar importations of wood from foreign
countries where there is a possibility of its production by forced labor.
and urged protection of American poultrymen against importation of
frozen eggs.
Reiterates Dry Stand.
The Grange reiterated its stand in support of the 18th Amendment
and for law enforce nent. for electoral apportionment on the basis of
citizen population, opposing daylight saving, and opposing objectionable
billboard advertising on the punlic highways.
The delegates differed with the Court of Appeals on slot machines.
It declared for confiscation as evidence ot gambling. The Court has
held that proof of gambling is necessary. . .
Dairy League Is Fostered.
The Dairymen's League was recommended to dairymen as a medium
for co-operation and improvement of the dairy industry by Kenneth
Ward of Steuben County, reporting for the Committee on Co-Operation
and Trade. The committee recommended that no milk from uninspected
dairies be orfered for sale.
Resolutions adopted included, in addition to those mentioned:
Opposing proposed transfer of rural free delivery from present system
to a contract basis.
Opposing daylight saving.
Urging action to lower utility rates in accordance with lowered price
ranges.
ts
Urging repeal of the old age security law in , present form. De.
dared that present law encourages dishonesty and imposes a burden on
the taxpayers.
Favoring semi-annual collection of taxes.
Opposing payment of 1% fee to supervisors on State school moneys.
Urging efficiency upon the part of the Bar in the clearing of court
calendars.
Urge Short Term Auto Plates.
Favoring issuing of automobile licenses for shorter terms than one
year in the case of farmers who use such cars only part of year.
Urging Federal and State co-operation in the speedy development
of the St. Lawrence River power project.
Favoring development of farm-to-market highways.
Opposing the fixing of salary increases by mandate.
Urging that the State Highway Department take over all highway
construction and maintenance in the State.
Favoring returning to the former system of having property owners
responsible for cutting bush along the highways as a move to reduce
public expense.
Favoring reduction of taxes on real estate to not more than 40% of total
tax burden. Declared that real estate constitutes but 40% of State's
total wealth, but at present bears 70% of the tax load.
Flat Tax of $5 on Trucks.
Favoring flat tax of $5 on farm trucks which are used only part of time.
Favoring heavier tax on trucks in proportion to destruction of roads
caused by such trucks.
Favoring free syphoning of water from Barge Canal for farm use.
1304
FINANCIAL CHRONICLE
Favoring town primaries upon petition of 20% of voters.
Opposing parking fee in State parks as costing more to collect than
It returns and discouraging use of parks.
Opposing any legislation that would bar sale of grade A milk.
Urging use, as far as possible, of New York fruits and vegetables in
State institutions in welfare work.
[vol. 134.
right to lend a customer's securities "shall be evidenced by a separate
authorization," but this apparently contemplates special permission from
the customer, apart from the existing agreement under which a margin
trader gives his broker very broad privileges.
From the New York "Journal of Commerce" of Feb. 19
we take the following:
Brokers received the announcement of the Exchange action with mixed
New York Stock Exchange Adopts New Strictures feelings. It was regarded by some as an interference with the maintenance of a free and open
Affecting Short Selling—Lending by Members of thought likely to reduce market, and by discouraging short selling it was
commission earnings. Any effect on prices, it
Securities Held on Margin for Customers Prohibited was argued in many quarters, would be quite temporary, and would be
limited to a sharp reduction of the short interest presently outstanding.
Unless Written Consent of Latter Is Obtained.
The new ruling goes into effect April 1, it is pointed out, thus avoiding a
New strictures against short selling are to be put into rush to cover.
After the close yesterday a marked reduction in the borrowing demand
force by the New York Stock Exchange on April 1, when
floor
members will be prohibited from lending, "either to.them- for stocks was reported from thein the of the New York Stock Exchange.
The hurried covering operations
final minutes of trading yesterday
selves as brokers, or to others, securities held on margin for were held responsible. United States Steel was quoted flat for the first
time in weeks, and the stocks that continued to lend at premiums were
customers unless they shall have obtained separate authorization in writing permitting the lending of such securities." quoted at materially lower rates.
The new ruling was adopted by the Governing Committee
on Feb. 18, as to which we quote the following from the Stock Exchange Buying Orders Sent West Following
New York "Times" of Feb. 19:
Issuance of Ruling Affecting Short Selling—San
The new rule, announced by the Governing Committee of the Exchange
Francisco Exchanges Nearly Overwhelmed After
last night, imposes severe restrictions upon bearish speculatiors and will,
Closing Here.
in the opinion of brokers, reduce short selling possibly to the extent of
50% unless means of circumventing the regulation are discovered. In
The following San Francisco advices Feb. 18 are from
some quarters the Exchange's action is believed to sound the death knell
the New York "Times":
of large-scale operations for the decline in the New York market.
Buying orders from Eastern markets nearly overwhelmed the San
Rumors of the impending action by the Exchange governors were partly
responsible for a lively rally in the stock market between 2 and 3 o'clock Francisco Stock and Curb Exchanges after to-day's closing hour in New
Yesterday afternoon. Terrified shorts who did not learn of the proposed York and other trading centres in the East.
Westinghouse advanced 34, American Telephone 34, United States
rule until after the close of trading here turned to the markets in San
Francisco and Los Angeles, which profited handsomely from the urgent Steel 34, Pacific Telephone 3, du Pont and Southern Pacific 2, Standard
Oil of California 14, Pacific Gas 14, United Aircraft 1%, General Eleccovering movement.
Leading issues which are believed to harbor a large short interest rose tric and Southern California Edison 1 and General Motors 14.
Transamerica went through a comparatively quiet session, ending at
sharply, some of them as much as 3 or 4 points, as the frightened shorts
3
sought to cover their contracts rather than risk the uncertainties of to-day's 5%, a gain of 4, and Goldman Sachs showed a similar rise to $3.35.
market in New York. United States Steel, American Telephone & Tele- Only 46,000 shares of Transamerica turned over exclusive of odd lots.
Ten new high marks for the year were recorded on the Stock Exchange.
graph, General Motors, Southern Pectic. United States Industrial Alcohol,
Allied Chemical and Bethlehem Steel were among the stocks which Eastern and of the thirty-nine stocks traded twelve issues were up 1 or more points,
on there while only one loss was recorded. The Curb Exchange had a turnover
shorts bid for frantically on the Pacific Coast. Trading goes
after the close of the New York markets. Brokers said last night they of 20,263 shares, the largest since April 27 1931, while the market value
of 8866,066 was the greatest since 1930.
also had orders to buy heavily in London before the opening here.
It is the belief here that Eastern traders, taking advantage of the differThe Stock Exchange announcement of the ruling follows: ence in time between San Francisco and New York, after receiving word
of the new ruling that the New York Exchange would prohibit short selling,
NEW YORK STOCK EXCHANGE
had sent a flood of buying orders to the San Francisco exchanges.
Feb. 18 1932.
To the Members of the Exchange:
At a meeting of the Governing Committee held on Feb. 18 1932, the
following resolutions were adopted:
George B. Compton Attacks "False" Short Sales—Deals
"WHEREAS, It has been stated that customers in some instances do
for Next Day's Delivery Unfair, He Says in Radio
not appreciate that the usual form of customers' agreement permits brokers
Debate with E. B. Cobb.
to lend securities purchased on margin, and it has also been stated that
some customers are not aware of the fact that they have the right to revoke
The daily publication of all short sales of each stock listed
any authorization to lend securities which they may have previously given
on the New York Stock Exchange and "the abolition of
to their brokers; it was
Resolved, that members of the Exchange shall not, on and after April 1 false short sales," were
recommended by George Brokaw
1932, lend, either to themselves as brokers or to others, securities held
on margin for customers unless they shall have obtained separate authori- Compton, lawyer and former New York inheritance tax
zation in writing permitting the lending of such securities; it was
appraiser, in the course of a debate over the radio on Feb. 14
Further Rcsolved, that no general form of customer's agreement, even with
Ernest B. Cobb,a member of the New York State Board
though it includes specifically the right to lend securities, shall be deemed
sufficient compliance with this resolution, but such right shall be evidenced of Certified Public Accountant Examiners. The New York
by a separate authorization in writing; it was
"Times" of Feb. 15, in its advices to this effect went on to
Further Resolved, that in the case of the accounts of all new customers
say:
opened after the date hereof the requirement of such separate authorizaThe debate, "Resolved, That short selling as practiced on the New York
tion in writing for the lending of securities shall apply; and it was
Stock Exchange benefits the investing public," was broadcast through
Further Resolved, that the Committee on Business Conduct may, at its radio station
WOE. The affirmative was taken by Mr. Cobb, who advodiscretion, require that members shall at stated periods bring to the atten- cated short selling
on the ground that it stabilized prices and established a
tion of all customers their right to revoke any authorization theretofore free and open
market, while Mr. Compton, for the negative, favored
given for the lending of securities."
abolition of short sales except under certain conditions.
ASHBEL GREEN, Secretary.
Mr. Compton defined short selling for immediate delivery, that is deIn addition to the extract further above from the "Times" livery on the following day, as "false" short selling. He characterized
as "true" short selling, sales for delayed delivery. He held that in the
we also quote the following from the same paper:
abolition of "false" short selling, brokers would be prevented from lendUnder the resolutions which the governors of the Exchange adopted ing stock owned by customers to a short seller to make delivery on a short
stock out of "long accounts" will sale. This he contended would prevent the borrowed shares from being
Yesterday, the indiscriminate lending of
be prohibited and the so-called "hypothecation clause," under which used as a club to drive down the price of all shares of that stock, which
member firms have been accustomed to obtain a sweeping but general he said, "is clearly against the interest of the owner of the shares loaned
authorization from their customers, will no longer be considered valid so and unfair to him."
far as lending stock is concerned. . . •
"'True' short selling appears to be an essential factor in legitimate
speculation," he said. "It is responsible to the law of supply and demand,
Under Consideration for Some Time.
which is generally recognized as the only sound regulator of prices."
The Exchange issued the resolution without comment. It was underMr. Cobb argued that the short seller was not in a position to smash
stood, however, that the plan had been under consideration for some prices, for that could be accomplished only by dumping
of accumulated
time. In brokerage circles, where the substance of the resolution was long commitments, "the former bull turned
bear." He declared short
generally known late in the afternoon, the move was interpreted as an selling tended to prevent extreme fluctuations in prices
and to preserve
effort by the Exchange to remove all reasonable grounds for criticism of an orderly market,
its policy of short selling. That institution, through its President, Richard
Whitney, has been actively defending the short sale as a legitimate market
function.
H. G. Aron Before House Committee Expresses ConPreviously, however, the Exchange had not taken cognizance of what
viction That Short Selling Contributed to
Is perhaps the most persistent objection on the part of critics of short
Country's Present Distress—Takes Issue with
selling—that brokers, under blanket authority given to them by margin
customers, are permitted to lend to shorts stock that was bought in the
President Whitney of New York Stock Exchange—
hope of an advance in higher prices. The argument against this practice
Declares 20 Men Dominate Short Selling to Recoup
has been that shorts have been able, only by borrowing stock out of "long
Losses Suffered in 1929—Jackson Martindell Would
accounts," to conduct campaigns to depress prices. The effect of this,
it.
has been contended, is to make the stock of margin holders a weapon
Outlaw It and Margin Deals—Stock Exchange
to.be turned against them.
Proposed
Interpretations of Ruling.
F: The new rule is variously interpreted, but as brokers understand it
they will not be obliged to obtain specific authority of the customer to
lend any particular lot of stock; a single written authority will be sufficient
in the case of each customer. In spirit, the purpose appears to be to
require explicit permission in writing, but not in every individual lending
transaction. Some brokers, however, are inclined to proceed on the
theory that there will have to be a separate written authority every time
a lot of stock is lent to protect short accounts. The Exchange may be
requested by its members to clarify this point. The rule reads that the
Reaction to
Change in Rediscount
Privileges of Federal Reserve System.
Short selling in the securities market was denounced on
Feb. 15 as one of the major causes for the present economic
crisis, as the House Judiciary Committee opened hearings
on legislation designed to outlaw or severely regulate the
practice. Bills proposing both methods are before the Committee for consideration, said a Washington dispatch Feb. 15
FEB. 20 1932.]
FINANCIAL CHRONICLE
to the New York "Herald Tribune" which in indicating what
Mr. Aron had to say continued:
1305
Car & Foundry,common and pref.; Canadian Celanese, Donnacona Paper,
Enamel & Heating, Gypsum, Hamilton Bridge, International Power,
Lake of the Woods pref., Ontario Steel Products, and Wabasso Cotton,
Harold G. Aron, New York banker and lawyer, assailing Richard S.
On Feb. 18 Canadian Press accounts from Montreal said:
Whitney, President of the New York Stock Exchange, for defending short
The Montreal Stock Exchange has announced its intention to remove the
sailing in a recent radio address, charged that a group of 20 men had dominated short selling on the Exchange in a "ruthless effort" to recoup losses minimum prices from the following stocks: Bell Ttlephone, National Steel
-selling practices of the Car, Steel of Canada, British Columbia Power A and B, Southern Canada
suffered in the 1929 collapse. He described short
last two years as illegal. Mr. Whitney will have an opportunity to reply Power. Canada Wire & Cable A and B,Dominion Textile, Montreal Cottons
and Calgary Power. Reductions are to be made in the minimum prices of
when he testifies before the Committee on Feb. 27.
Canada Northern Power, Celanese pref., Canada Bronze, Eastern Dairy,
La Guardia Also a Witness.
Charles Gurd, Penmans, H. Simon & Sons, J. S. Mitchell common, CanaJackson Martindell, New York economist, and Representative Fiorello dian Hydro-Electric pref. and Atlantic Sugar.
H. La Guardia (Rep., N. Y.), who has a bill before the Committee giving
It is expected these changes will become effective on Monday.
the Federal Trade Commission extreme regulatory powers over short
Earlier in the month (Feb. 4) Canadian Press accounts
selling operations, and Representative Adolph J. Saboth (Dem., Ill.),
also were witnesses as the hearings opened.
from Montreal stated:
"I am convinced," Mr. Area said. "that short selling contributed as
The minimum prices for bank stocks listed on the Montreal Stock Exmuch as anything else to the present distress of the country and am of the
Canadienne
opinion that as it is practiced on the New York Stock Exchange it is illegal. change will be reduced to-morrow. The low limit for Banque
Nationale will be .1 yi points down at 155%, while for Bank of Commerce
It is my unpleasant duty to charge that the official defense of short selling
at 186, Dominion Bank at 189, Imperial Bank at 188 and Bank of Nova
Is special pleading, and misleading in its attempted conclusions.
Bank of Montrdal
"Short selling has not flourished on the New York Stock Exchange as Scotia at 269, it will be reduced 5 points. The limits for
will be 10 points
an economic safeguard to the Nation's welfare. It has been in the last at 215, Royal Bank at 211 and Bank of Toronto at 193,
below their previous minimums.
two years, the ruthless efforts of unscrupulous professional speculators to
recoup the fortunes lost by over-staying the bull market.
A previous item regarding the removal of minimum prices
Called Playing with Loaded Dice.
on the Montreal Stock Exchange appeared in these columns
"The President of the New York Stock Exchange asserts of short selling Jan. 30, page 771.
'there can be no doubt that it Is a lawful practice' and cites a decision of
Justice Holmes in the 'United States Supreme Court. I am a lawyer; the
President of the New York Stock Exchange is not. I challenge this asser- Toronto Stock Exchange Removes Minimum Price
tion, if by short selling is meant as practiced on the New York Stock ExRestrictions.
change. It has not even been gambling; it has been playing for huge stakes
A Canadian Press dispatch from Toronto Feb. 14 reported:
with loaded dice.
Nine stocks listed on the Toronto Stock Exchange, which have been
"For 30 years there has been a commonplace saying in stock speculative circles that any one can talk 'em down, but it takes money to buy "pegged" in price for some months, will appear to-morrow on the free list.
A fixed minimum price was set for these and other stocks last fall after
'em up. Since October 1929, any reasonably observant person has been
aware that there was not sufficient buying power to resist any organized Great Britain went off the gold standard. The restriction has already been
effort to drive stock prices down, if for no other reason than the glut of removed from several other issues. The nine stocks are: Canada Cement,
undigested securities put out during 1928 and 1929. No court has passed common and preferred; Canadian Car & Foundry, common and preferred;
Canada Steamships, preferred; Gypsum; Canada Forgings, A; Ontario
on the legitimacy of organized short selling under such conditions.
Stsel Products; Lake of the Woods, preferred.
Denies Short Selling Is Stabilizer.
"Continuing the defense, this statement was made unequivocally:'Competent and impartial economic students, both here and abroad, have long Howard T. McKee, President of the New York Cocoa
declared that short selling, by restraining inflation and cushioning sharp
Exchange, Declares Latter Is Not Interested in
declines tends to stabilize fluctuations of prices.' Where was the restraint
Plans to Merge or Consolidated with Any Other
In 1929, where was the cushion in 1930, where was the stability in 19317
The entire power of the New York Stock Exchange cannot produce a single
Exchange.
economic student who will give any such characterization to the practices
In a statement issued Feb. 15, Howard T. McBee,
of short selling here under inquiry.
"We have seen within the last week the intimate anatomical relationship President of the New York Cocoa Exchange, said:
between the stock market and governmental policies in the present financial
In answer to reports that consolidation of five commodity exchanges is
situation. The carefully worked-out plans for your Reconstruction CorNew York Cocoa Exchange is not
poration found no response in the stock markets. On Wednesday it was contemplated, I wish to state that the
interested in such a plan. The New York Cocoa Exchange is not planning
known in Wall Street that the rediscount powers of the Federal Reserve
any other commodity
Board were to be liberalized. This was the policy which certain influences and never has planned to merge or consolidate with
in the financial world have long favored. When that was promised it exchange.
Both the New York Cocoa Exchange and the New York Cocoa Clearing
resolved its power into plaudits in the most spectacular upward movement
Association are in excellent financial condition. The Exchange is housed
of the market in many months."
in very desirable quarters. The personnel is highly efficient. The equipMr. Martindell said short selling and margin business In the markets both
should be outlawed. He declared the margin operations, "not only usurp ment is of the highest order.
Prominent economists have pointed to the New York Cocoa Exchange as
a commercial banking function but make the vicious aspects of short
an ideal example of a successfully conducted commodity exchange. It is
selling possible. Short selling, he added, nearly always has been "the
the accepted world market for cocoa and is used by producers, importers,
direct cause for markets running away. Hedge selling in the markets,
Prices
he told the Committee, should be permitted but under strict regulatory merchants, brokers, consumers, and by leading commission houses.
quoted on the New York Cocoa Exchange accurately reflect the consensus
laws.
of world opinion in respect to values of cocoa. It is a broad market and is
Mr. Martindell submitted a lengthy written statement containing specific
recommendations. Among them were prohibitions against brokers lend- steadily growing.
ing on securities belonging to customers. Brokers' loans on any securities
In the New York "World-Telegram" of Feb. 11 it was
and margin business loans should be permitted, he said, only by recog- stated that
consolidation of five of the commodity futures
nized banking institutions, which are supervised by law.
Representative La Guardia said the bill was designed "to stop gambling." exchanges into one central market was contemplated in a
Gambling in the stock market, he said, affects not only the two individuals plan practically completed and shortly to be submitted
Interested in the deal but the industry whose stocks are concerned as well.
exchanges.
Transactions are carried on, he said, by speculators who do not have a to the boards of governors of the separate
cent in the industry concerned.
In printing the above the "Herald Tribune" said:
Area Ran for Comptroller in 1929.
Harold G. Aron, who appeared yesterday before a House Judiciary Subcommittee in behalf of legislation prohibiting short selling, was the Republican-Fusion candidate for Comptroller in 1929. He first became prominent
in N. Y. City politics in 1925, when he was campaign manager for Frank
D. Waterman, Republican candidate for mayor.
He has served as special counsel for the Federal Land Bank during its
organization, and for the Emergency Fleet Corporation, In 1920, he
was a member of the State Senate Committee on Taxation and Retrenchment and an advisory counsel to the Lockwood Committee on rent legisation.
Since the Waterman campaign against Mayor Walker in 1925, Mr.
Aron has been a critic of Tammany administration. He was one of the
organizers of the International Germanic Trust Co., now the International
Trust Co., and affiliated with the International Germanic Co., Ltd.
of which he is President.
Montreal Curb Market Freed of All Restrictions—
Montreal Stock Exchange Removing Minimum
Prices.
In the Montreal "Gazette" of Feb. 15, it was stated that
the local Curb Market is now completely free of all restrictions, and, it added, effective Feb. 15, the free list on the
Stock Exchange, is increased by some 16 issues, it was announced after the close on Saturday, Feb. 13. The
"Gazette" of Feb. 15 continued:
The sole exception to complete freedom on the Curb Market was Catelli
Macaroni pref. A., and this issue joins the free list at the opening this morning. On the Stock Exchange, minimum prices on the following stocks are
being removed: Bruck Silk, Canada Cement, common and preferred;
Canada Foundries & Forgings A, Canada Steamships pref., Canadian
Plea Denied for Dismissal of Indictment Against
Joseph A. Broderick, New York State Superintendent of Banks—Trial Postponed Until Feb. 23.
Joseph A. Broderick, New York State Superintendent
of Banks, must stand trial on the indictment charging him
with neglect of duty in failing to close the Bank of United
States before he took it over in December, 1930. The New
York "Herald Tribune" of Feb. 17 reporting this said:
Judge George L. Donnellan so ruled in General Sessions yesterday afternoon in denying a motion by Martin Conboy, attorney for Mr. Broderick,
to dismiss the indictment. Judge Donnellan postponed the trial until
next Tuesday.
In his decision, Judge Donnellan noted that Mr. Broderick had been
Indicted for a violation of Section 1857 of the penal law, being charged
with "the crime of wilfully omitting to perform a duty enjoined by law
upon him as a public officer."
The court agreed with defense counsel that "the defendant as State
Superintendent of Banks has wide discretion in connection with most
of his duties," but added that "if the defendent knew it to be his duty
to close the bank by reason of the character of the violations," then he
would have no discretion and it would be mandatory upon him to close
the bank.
"Although this motion is in the nature of a demurrer," said Judge Donnellan, "it differs from a demurrer in that no appeal lies from an order
made upon it. An order dismissing the indictment would be final
(Section 518, Code of Criminal Procedure) and should not be made unless
the question is absolutely free from doubt."
On Feb. 15, Judge G. Donnellan adjourned until Feb. 23 the
trial of Superintendent Broderick, which, as noted in our
isue of Feb. 6 (page 963) had been scheduled for Feb. 15.
According to the New York "Evening Post" of Feb. 17 the
Judge explained that he had informed counsel that he had
s
FINANCIAL CHRONICLE
1306
been so busy last week he lacked time to decide the motion for
dismissal made by the defense. He also said that one of
the briefs filed with the motion had not been submitted to
him until Feb. 11.
Banking Moratorium in Jefferson City, Mo.
A banking moratorium in Jefferson City, Missouri, announced on Feb. 14, effective the following day, and continuing until Feb. 23, was announced. A Jefferson City
dispatch Feb. 14 to the St. Louis "Globe-Democrat" said:
During that time no banking business will be transacted, except checks
on any of the four banks here to be honored for Exchange National Stock.
United Press accounts Feb. 14 from Jefferson City in the
New York "Herald Tribune" stated:
A week-long banking moratorium, declared to enable the First National
Bhnk to straighten out its affairs, becomes effective tomorrow in Missouri's capital city.
The holiday, declared by Mayor Henry Asel on recommendation of 300
business leaders, affects not only the First National but the Cole County
Bank, the Exchange National Bank and the Central Missouri Trust Co.
During the week financial leaders will work to reorganize the First
National. Known as the richest institution in the city, bank examiners
ordered officials to charge off $300,000 assets. Executives feared the
action would force the bank to shut down after a run. The moratorium
was suggested to work out a reorganization plan and restore public confidence. The bank was said to have deposits of more than 3300,000.000.
Financial leaders, it was known, were considering one plan to merge the
Exchange National with the First National, which holds about $250,000
In public funds and 3300,000 in state money.
According to the dispatch in the "Globe-Democrat" the
Exchange National is to take over the First National.
On Feb. 16 United Press accounts from Jefferson City said:
[VoL. 134.
Even though deposits declined, the number of accounts continued to gain.
with the increase last month amounting to 41,574, leaving the number of
open accounts at a new high record of 5,564,693. There were 134,888
new accounts opened during the month and 93.314 closed.
It was the fourth consecutive month in which savings deposits declined.
After increasing for 10 out of 11 months, savings deposits decreased $14.940,365 in October, while in November a decline of 37.494,623 occurred and
in December one of $7,690,212. The four declines have aggregated $40.876,297, but the reduction in the amount due depositors from the end of
September to the end of January was $54,072,701.
The 3.0,751,097 decline in deposits last month compared with the recordbreaking increase of $95,567.037 in January 1931. A year ago deposits of
savings banks in New York State were increasing rapidly,in part as a sequel
to commercial banking difficulties.
Net change in savings deposits by months since the beginning of 1929,
together with the amount due depositors at the end of each month, are
given in the following table:
Amount Due
Amount Due
Depositors at
Gain or Loss
Gain or Loss Depositors at
1929. in Deposits.
End of Month. 1930. in Deposits.
End of Month.
Jan
+ 19,901,842 34,532,324,129
+ $8,719,828 $4,351,809,537 Aug
Feb
+ 25,069,015 4,602,586,116
+ 5,122.133 4.364,887,688 Sept
— 4,351,026 4,598,433,745
March_ __ +
767,887 4,408,236.848 Oct
+ 6,790.271 4,808,753,846
A pril_ ___— 27,675,641 4,381,020,065 Nov
-I- 74,796,784 4,732,643,349
May ----- 22,621,919 4,359.814,520 Dec
1931.
June ----- 7,173,510 4,401,348,197
+895,587.037 84,828,572,851
— 27,677,013 4,375,641,791 Jan
July
-I- 40,170,729 4,888,855,185
4,532,324,129 Feb
Aug
— 85,332,552 4,371,218,364 March.
Sept
.+ 45,889,712 4,958.785,152
— 85,244,288 4,286.552,813 Apr11_ _ + 41,413,183 5,000,279.847
Oct
— 41,152,590 4,247.465,515 May ____+ 22,092,778 5,023,813,176
Nov
4,306,377,772 June __-I- 15,521.500 5,097,298,447
Dec
— 2.326,198 5,090,230,571
July
1930.
+ 21.197,888 5,143,493.559
+525,485,496 $4,359,811,681 Aug
Jan
+ 17,263.806 5,172.156,670
+ 19,985,192 4,377,198,558 Sept
Feb
— 14.940,365 5.157.962,545
March__ + 28,955,444 4.440,552,130 Oct
— 7,494.623 5,153,645,189
April_ _— 2.143,786 4,447.958.955 Nov
— 7,690,212 5,196,100,552
May ____— 4,259,548 4,448,342,775 Dee
1932.
June ___+ 3,343,397 4,499,975,811
—$10,751,097 $5,118,083,969
+ 12,297,817 5,512,874,780 Jan
July
In the last year the amount due depositors by mutual savings banks in
this State increased $289,511,118, while in the last two years the increase
has been $758,272,288.
Optimistic business men to-day were predicting that the Week's bank
moratorium, declared yesterday by Mayor Henry C Asel, would end far
ahead of schedule, for trade felt but slightly his decree closing the city's
four banks after the First National, the oldest one in town, was found
affected by depreciated securities Evidence of fraud was not found by
examiners
New Offering of $60,000,000 or Thereabouts of 91-day
Treasury Bills—Tenders Received $196,183,000.
Announcement was made by Secretary of the Treasury
Mills on Feb. 16 of a new issue of 91-day Treasury bills to
the amount of $60,000,000 or thereabouts, tenders for which
were received at the Federal Reserve banks and their branches
Seven-Day Business Moratoriun in Clinton, Mo.
up to 2 p. m. Eastern standard time yesterday (Feb. 19).
From the New York "World-Telegram" we take the The new issue is to replace a like amount of Treasury bills
following (United Press) from Clinton, Mo. Feb. 16:
which mature Feb. 24. The latest issue will be dated
Clinton was under a seven-day business moratorium to-day, declared by Feb. 24, and will mature on May 25 1932. The face value
A. Poague and the City Council to save the city's one remainMayor S.
of the bills will be payable on the maturity date without
ing financial house against a threatened run.
Three weeks ago the People's National Bank was closed, leaving only interest. The bills are sold on a discount basis to the
& Savings Co. Withdrawals were heavy on
the Brinkerhoff-Faris Trust
highest bidders. They will be issued in bearer form only,
Saturday.
in amounts or denominations of $1,000, $10,000, $100,000,
Similar business suspensions were noted in our issue of
$500,000 and $1,000,000 (maturity value). The announceJan. 30, page 785.
ment of Secretary Mills follows:
Hold 34% of All Bank Deposits
in State.
From the New York "Times" of Feb. 18 we take the
following:
Savings Institutions
Depositors in mutual savings banks in New York State hold 34% of
all the bank deposits in the State, although the average deposit amounts
to only $855.38 and in no case does any depositor have more than 37,500.
the legal maximum. Savings depositors. numbering 5,564,693, represent.
44% of the 12,588,066 people in the State.
Deposits in all the banks of the State amount to $14,915,654,000, of
which 35,118,083,969 represents mutual savings bank deposits. The
highest average savings bank deposits are in the Albany district, where
the figure is $1,544.30: the lowest is the Elmira district, which has an
average of $129.50. In the New York district the average Is $592.67.
Gain of $10,751,097 in Savings Deposits During January
Reported by Savings Banks Association of State
of New York.
From the Feb. 12 issue of the "News Bulletin" of the
Savings Banks Association of the State of New York we
take the following:
Reports for January for the State show a gain of 41,574 in accounts and
a loss of $10,751,097 in deposits during the month.
Accts. Accts.
Opened. Closed.
I
II a
III b
IV
Va
Deposits.
No. of
Amount Due
Open
Withdrawals. Accounts Depositors
Jan. 31 Jan. 31 1932.
1932.
8.701 6.667 311.301,560 $11.665,220 470.522 1359.099,239
223.962.576
8,879,350 349.451
8.973.181
7,006 5.819
336.797,270
6.501 5.749 10.871.663 13,161,448 410,841 2,880.188,962
2,730,580
74,078 44,579 113,374,494 114,625,891
38.602 30.500 52,993.639 59.933.725 1,603,299 1.318,035,922
134.888 93.314 5197.514.537 $208,265,634 5,564,693 85,118.083,969
a One bank not reporting.
b Four banks not reporting.
As bearing on the above the New York "Herald Tribune"
of Feb. 14 had the following to say:
Deposits in New York savings banks declined $10,751,097 in January,the
Savings Bank Association reported yesterday. This figure is arrived at
by comparing deposits of $197,514,537 with withdrawals of 8208.265,634.
A comparison of the amount due depositors at the end of January with
the end of December, nowever, indicates a decline of $78,016,583 last
month.
The Secretary of the Treasury gives notice that tenders are invited
for Treasury bills to the amount of $60.000.000, or thereabouts. They
will be 91-day bills, and will be sold on a discount basis to the highest
bidders. Tenders will be received at the Federal Reserve banks, or the
branches thereof, up to 2 p. m., Eastern standard time, on Friday, Feb. 19
1932. Tenders will not be received at the Treasury Department, Washington.
The Treasury bills will be dated Feb. 24 1932, and will mature on May 25
1932. and on the maturity date the face amount will be payable without
interest. They will be issued In bearer form only, and in amounts or
denominations of $1,000, $10,000, 3100,000, $500.000 and $1,000,000
(maturity value).
It is urged that tenders be made on the printed forms and forwarded in
the special envelopes which will be supplied by the Federal Reserve banks
or branches upon application therefor.
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e.g., 99.125.
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. 19 1932,
,
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, 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.
Payment at the price offered for Treasury bilis allotted must be made
at the Federal Reserve banks in cash or other immediately available funds
on Feb. 24 1932.
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 bilis shall be allowed as a deduction.
or otherwise recognized, for the purposes of any tax now or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue. Copies of the circular may be obtained from any Federal Reserve
Bank or branch thereof.
Secretary Mills Friday night announced receipt of applications totaling $196,183,000 for the $60,000,000 tender of
91-day Treasury bills maturing May 25. The highest bid
was 99.377, equivalent to an annual interest rate of about
2.46. The lowest bid accepted was 99.307.
FEB. 20 1932.]
1307
FINANCIAL CHRONICLE
the
universal expressions
tribute that has come to a public servant than
Subscriptions to $75,000,000 93-day Treasury Bills $211,- of the press and the public toward you during the past few days.
I am in hopes that your new and important responsibilities will prove
872,000—Amount Accepted $75,689,000—Average
congenial, and I am well aware of the extent of the burdens which you
Price 2.76%.
are undertaking out of a sense of patriotic duty.
I wish to take this occasion to again express the feeling of personal 10S8
We are giving herewith the details of the results of the
the Cabinet.
offering on Feb. 8 of the issue of $75,000,000 or thereabouts I have after these years of association inYours faithfully,
of 93-day Treasury bills, mention of which was made in
HERBERT HOOVER.
these columns Feb. 13, page 1129. The tenders received
The Associated Press notes:
amount
Mr. Mellon Is the third man to leave the Hoover Cabinet: Mr. Mills the
to this offering were $211,872,000, and the total
to enter it. The death of James
of bids accepted was $75,689,000. The average price of the thirteenth be made Secretary of War; James J. W. Good caused Patrick
Davis resigned the Labor
Hurley to
be issued is 99.287, the average rate on a bank dis- portfolio to enter the Senate, and William N. Doak succeeded him.
bills to
count basis being 2.76%. Secretary Mellon announced the
Reference to the nomination of Mr. Mellon as Ambassador
result of the offering on Feb. 11 as follows:
Secretary of the Treasury, was made in
secretary of the Treasury Mellon announced to-day that the tenders and Mr. Mills as
-day Treasury bills dated Feb. 15 these columns Feb. 6, page 958 and Feb. 13, page 1128.
for $75,000,000. or thereabouts. of 93
1932, and maturing May 181932. which were offered on Feb.8, were opened
at the Federal Reserve banks on Feb. 11.
The total amount applied for was $211.872,000. Except for one bid
of $10,000 at the rate of about 1.55%, the highest bid made was 99.400.
equivalent to an interest rate of about 2.32% on an annual basis. The
lowest bid accepted was 99.267, equivalent to an interest rate of about
2.84% on an annual basis. The total amount of bids accepted was $75,689.000. The average price of Treasury bills to be issued is 99.287. The
average rate on a bank discount basis is about 2.76%•
The previous offering of Treasury bills—$75,000,000 or
thereabouts (93 days)—on Jan. 31,. brought total tenders
of $196,873,000, while the amount of bids accepted was
$76,399,000; the average price of the bills issued was 2.65%.
This offering was referred to in the "Chronicle" of Feb. 6.
page 957.
Ogden L. Mills Takes Oath of Office As Secretary of
Treasury—Former Secretary Mellon Sworn in As
Ambassador to Great Britain—A. A. Ballantine
Assumes Office As Under-Secretary—Mr. Mellon's
Letter of Resignation and President Hoover's
Acceptance.
•
Ogden L. Mills,formerly Under-Secretary of the Treasury,
wIs sworn in on Feb. 12 as Secretary of the Treasury, succeeding Andrew W. Mellon, who at the same time took
the oath as Ambassador to the Court of St. James. The
new Under-Secretary, Arthur L. Ballantine, previously
Assistant Secretary of the Treasury, likewise took the oath
of office on the 12th. The brief ceremonies were held in
the reception room of the Secretary's office, the oaths being
administered by F. A. Birgfeld, Chief Clerk of the Treasury.
Treasury employees and officials were present during the
ceremonies. From the Washington dispatch, Feb. 12, to
the New York "Times" we take the following:
J. H. Douglas Jr. Named Assistant Secretary of
Treasury Succeeding A. A. Ballantine.
On Feb. 18 President Hoover named James H. Douglas Jr.
of Chicago to be Assistant Secretary of the Treasury, taking
the place of Arthur A. Ballantine. The vacancy was created
when Ogden L. Mills advanced to Secretary of the Treasury
and his post as Under-Secretary was filled by Mr. Ballantine.
Mr. Douglas is the son of a Chicago manufacturer,connected
with a prominent cereal manufacturing concern and also
with sugar and packing interests.
ImpeachmentProceedings Against Secretary of Treasury
Mellon Formally Dropped by House Committee.
The House on Feb. 13 formally dropped the impeachment
charges brought by Representative Patman (Dem.), of
Texarkana, Tex., against the then Secretary of the Treasury,
Andrew W. Mellon, newly appointed Ambassador to Great
Britain. We quote from the "United States Daily" of
Feb. 13, which also said:
The House action was the adoption of a report submitted from the
Judiciary Committee by its Chairman, Representative Sumners (Dem.),
of Dallas, 'fox., recommending that "the charges be discontinued."
Mr. Sumners told the House he had been directed to make the report
and he added that attached were minority views signed by four members
of the Committee. The minority views were as follows, in full text:
"We cannot join in the majority views and findings. While we concur
in the conclusions of the majority that Section 243 of the Revised Statutes.
upon which the proceedings herein were based, provides for action in the
nature of ouster proceedings, it is our view that the Hon. Andrew W.
Mellon, the former Secretary of the Treasury, having removed himself
from that office, no useful service would be served by continuing the
investigation of the charges filed by the Hon. Wright Patman.
"We desire to stress that the action of the undersigned is based on that
reason alone. particularly when the prohibition contained in said Section 243
is not applicable to the office now held by Mr. Mellon."
New Officials Hold Reception.
Those who signed these minority views were Representatives La Guardia
Among those witnessing the ceremony at the Treasury were General
New York City: Browning (Dem.), of Huntingdon, Tenn.;
Charles G. Dawes, President of the Reconstruction Finance Corporation: (Rep.), of
Condon (Dem.), of Pawtucket, R. I., and Tarver (Dem.), of Dalton, Ga.
Governor Eugene Meyer of the Federal Reserve Board, and other directors
of the Corporation; Lawrence Ritchie, a secretary to the President: Mrs.
Reference to the action of the House Committee in voting
Ruth Pratt, member of Congress from Mr. Mills's district; Mrs. Ballantine to discontinue the impeachment charges was made in our
and Mrs. Mills; Paul Destor, commissioner of the Federal Farm Loan Board
and other members of that Board and Seymour Lowman, Assistant Secre- issue of Feb. 13, page 1141.
tary of the Treasury.
The new Ambassador and Treasury officials received the congratulations
of a crowd of Government officials and others who were present in addi- House Suspends Rules and Passes Glass-Steagall
tion to the Treasury force. The assemblage formed a line and offered
Banking Bill Broadening Rediscount Provisions
Individual good wishes to Mr. Mellon, Mr. Mills and Mr. Ballantine, who
of Federal Reserve Act—Measure Also Passes Senate
then posed for photographers and a talking news reel.
With the swearing in of the officials, the White House
made public the letter of resignation of Mr. Mellon and
President Hoover's acceptance. Mr. Mellon's letter to the
President follows:
THE SECRETARY OF THE TREASURY.
Washington, Feb. 8 1932.
Dear Mr. President:
I hereby tender my resignation as Secretary of the Treasury, to take
effect at your convenience or at such time as you may desire me to assume
my duties as Ambassador to Great Britain.
It has been nearly 11 years since I came to the Treasury. I have found
it a period of absorbing interest and count it the highest privilege to have
had this opportunity for public service. I am leaving the Treasury with
the greatest respect for its organization and for the many able men whose
support and assistance to me have been so invaluable.
I am also leaving with the highest regard for you and for your administration, of which I have had the honor of being part. In going to London.
I shall miss particularly the pleasant daily association with you here and
regret the severance of the ties which have grown up during the long period
we have been together in Washington.
Faithfully yours,
A. W. MELLON, Secretary of the Treasury.
The President,
The White House.
The following is President Hoover's letter in reply:
THE WHITE HOUSE.
Washington, Feb. 12 1932.
The Hon. Andrew W. Mellon,
D. C.
Washington,
My Dear Mr. Mellon:
am in receipt of your resignation as Secretary of the Treasury, which
I
I, of course, accept.
There is little need for me to comment in appreciation of the 11 years
of service you have given to our country. I know of no more magnificent
—Government Securities to Be Substituted for
Gold As Part Security for Reserve Notes—Frees
Banks Says Eugene Meyer.
The rapidity with which the Glass-Steagall banking bill
has been engineered through the House and Senate this week
has been no less marked than the sudden and unexpected
announcement only 10 days ago (Feb. 10) that the new
legislation had been agreed upon by President Hoover and
Congressional leaders. Reference thereto appeared in these
columns Feb. 13, pages 1131-1133. Designed to broaden
the base of credit facilities of the Federal Reserve System,
and to increase the effectiveness of the System's gold reserves, the bill was introduced in both branches of Congress
on Feb. 11—in the House by Representative Steagall
(Dem.) and in the Senate by Senator Carter Glass (Dem.).
Further below we give details of the action of the House on
Feb. 15 when, over-riding every parliamentary action, it
suspended its rules and passed the bill by a vote of 350
to 15.
The Senate passed the bill late yesterday (Feb. 19). On
motion of Senator Thomas, Democrat, of Oklahoma, and
by a vote of 46 to 18, the Senate unexpectedly increased to
two years the limit within which individual banks in "exceptional and exigent circumstances" may receive loans, and
within which Government securities be used as partial collateral for Federal Reserve note issues. The original limit
in the Senate bill was one year, but those conversant with
the measure, including Senator Walcott, Republican, of
1308
FINANCIAL CHRONICLE
Connecticut, agreed that the change was advisable, and
seemed satisfied that the House conferees would accept the
provision. A Banking and Currency Committee amendment,
raising to $2,000,000 the capital of "needy" banks which
could obtain the benefit of individual loans, was accepted
without a record vote. The Senate bill as written would
have refused these loans to banks with capital of more than
$500,000. The alteration will place all member banks of the
Federal Reserve System. except 136, within the scope of
the particular section.
On Feb. 12 the Banking and Currency Committee of both
the Senate and House voted favorable reports on the bill,
the Committee action being indicated in the following from
the Washington account(Feb. 12) of the New York "Times":
Introduced only yesterday, substantially in the form recommended by
the Hoover Administration, the bill emerged from the committees to-day
with a few amendments, offered primarily in an attempt to make the
central banking system more useful to the smaller financial institutions
of the country.
Action by the Senate Banking Committee followed an hour's executive
session. The favorable vote in the House Banking and Currency Committee was unanimous, with one member reserving the right to oppose
the measure on the floor if he should see fit to do so.
Leaders in both committees moved for speedy action on the floor. Finding the Senate adjourned when the Committee had finished its work,
Senator Glass announced that he would present the bill Monday (Feb. 15)•
Representative Steagall of Alabama, Chairman of the House Committee,
announced that he would take the favorable report to-morrow and seek
a special order, either by rule or by suspension of the rules, to bring it
up Monday.
Urge Action on Committee.
Ogden L. Mills, Secretary of the Treasury; Eugene Meyer, Governor
of the Federal Reserve Board, and Charles G. Dawes, President of the
Reconstruction Finance Corporation, appeared before the House Committee to advocate favorable action.
Secretary Mills declared the measure would loosen about $750,000.000
in gold now held by the Federal Reserve System above the 40% requirements of the currency reserve. Governor Meyer emphasized the benefits
to be derived by the smaller banking institutions by expanding their borrowing privileges.
Mr. Dawes asked for a short executive meeting of the Committee, and
behind closed doors banged on the table, waved his arms and in truly
"hell-'n-Maria Dawes" language acquainted the Representatives with the
tensity of the present business situation.
Designed to thaw credit as opposed to inflation of the currency, the bill
was framed to make it easier for responsible, although possibly "unliquid"
institutions to avail themselves of the benefits of the Federal Reserve
System.
It proposed to give the Federal Reserve Board power to extend loans to
groups of five or more member banks upon their time or demand promissory notes, and provides that in "exceptional and exigent circumstances"
a single member bank may, on affirmative action by not less than six
members of the Federal Reserve Board, obtain credit accommodations
on its own notes secured to the satisfaction of the district Reserve bank.
It also provides that at any time within 12 months the Federal Reserve
Board may authorize the substitution of direct government obligations
for gold as a basis for Federal Reserve notes.
[Vol,. 134.
the latter situation resulted from the era of deflation through which the
country has been passing.
"The time has come to arrest this deflationary process," he said, "and
this bill is, to my mind, the way to do it."
Insists on Practical Benefits.
The proposed legislation would increase the resources of the Federal
Reserve System and, he added, it was hoped that enactment would start
the upward movement in business activity that the country is looking for.
One of the Committee members asked Mr. Mills if the release of $1,000,000,000 in gold would furnish $10,000,000,000 in credit, and he req
plied that theoretically that might be so. He emphasized, however, that
the important point was not what might theoretically be possible but
the practical benefits to be obtained from the bill, which he termed sound,
conservative and constructive. He said that enactment would make it
possible for banks with sound assets to obtain the relief needed.
Gold Deposits in Foreign Counrties.
Representative McFadden of Pennsylvania asked Mr. Mills about the
gold deposits of foreign countries in the banks of the United States. The
Secretary replied that he had no way of ascertaining such figures, but
reiterated that whatever the foreign deposits were they could be met and
paid in gold. As to "earmarked" gold, he explained that it was not figured
upon at all, just as though it had been sent out of the country.
Senator Walsh, Democrat of Massachusetts, expressed gratification
to-night that the Administration had adopted the plan of authorizing
currency on the basis of Government obligations above the required gold
reserves. He contended, however, that his own bill dealing with the
subject was more direct than the Glass-Steagall measure.
Senator Glass, co-author of the measure, reiterated to-night that every
safeguard had been put into the bill and again remarked that the program
did not contemplate excessive currency inflation. The Senator is reported to consider aid to smaller banks the main object of the measure.
Senator Explains Amendments.
It was after an executive session of an hour that the Senate Banking
and Currency Committee authorized Senator Glass to report the bill to
the Senate with three major amendments. He will prepare a report and
submit it with the bill Monday.
A member of the Committee explained the three amendments as follows:
The first amendment provides that groups of five or more member
banks which would receive advances from a Federal Reserve bank on
their promissory notes must first exhaust their eligible and acceptable
assets.
The second amendment expands the provision authorizing National
banks to obligate themselves in accordance with the proposed sections
of the law to include all member banks in the Reserve System.
The third amendment provides that only banks with a capital of $500,000
or less can take advantage of the section authorizing the Reserve Board
in "exceptional and exigent circumstances" to permit Reserve banks to
advance money to any individual bank on promissory notes.
Originally, the Senate Committee contemplated rewriting the section
concerning banks in "exceptional and exigent circumstances" to limit the
benefits to institutions in cities of a certain size, but it was decided that
the limitation of capital would be sufficient.
Maximum Capitalization Stands.
An attempt was made to limit the capitalization to $350,000, but Senator
Glass, it was stated, insisted on $500,000. As the bill stood yesterday,
committeemen said, the benefits covered in this section might have applied
to all banks, whereas the real purpose was to aid smaller institutions.
Efforts were made In the Committee to necessitate a vote of six of the
eight members of the Federal Reserve Hoard before authorization could
be given to use government bonds as collateral for Reserve notes, instead
of the commercial papers now specified. However, this proposal was lost
Amendments by Committees.
on a tie vote and the bill stipulates that a "majority" of the Board must
Amendments made in the short Committee sessions would make it make the decision.
necessary that groups of banks applying for credit on their notes shall
While Senator Glass would not discuss the Committee meeting, it was
have exhausted their supply of eligible and acceptable assets, and would understood that he asserted behind the closed doors
that member banks
limit the benefits under the "exceptional and exigent circumstances" now hold billions of available assets which have not
been rediscounted
clause to institutions with a capital of $500.000 or less. A third amend- and thus the immediate need for the bill might be disputed.
Nevertheless,
ment would expand the provisions to include all member banks, National he agreed to go through with the program of making
other paper eligible
or State, in the new benefits.
for rediscount.
Governor Meyer described to the House Committee a situation in which
On Feb. 13 Senate and House leaders sidetracked all other
about $3,500,000,000 of gold and eligible paper is held by member banks
of the Reserve System, but is kept out of use because of the fear that legislation to give right of way to the banking bill and
depositors might make demands, which would cause the institutions to measures on economic relief. On that date
the "Times",
seek immediate liquidation of this paper. He expressed the opinion that
in its Washington account (Feb. 13), said:
enactment of the Glass-Steagall bill would loosen the "frozen" condition
Senate leaders placed the Glass-Steagall bill next on the schedule
to
by letting the banks know that they can get money from a ready source
the Costigan-LaFollette relief measure which, it is expected, will be
dison their own notes in case of emergencies. He declared that many banks
posed of Monday.
had actually failed because of "unliquiditY."
Senator Glass announced the purpose to-day to call up his proposal
"This will stop them from failing from that cause," he said. "It cannot
Monday afternoon if action on the other measures does not come too late.
stop the failures that result from insolvency."
In the House, Democratic helmsmen were considering use of Congress'
s
Representative Busby of Mississippi asked Mr. Meyer if the holding
of eligible paper in inactivity were not in reality the "hoarding" of bank most drastic procedure, that of suspending the rules, to force action on
the measure Monday. Under this plan debate would be limited to
90
assets, comparable to the hoarding of currency against which President minutes
and no opportunity would be given for offering amendments.
Hoover has launched a national campaign. Mr. Meyer replied that the
Passage under such procedure would require a two-thirds vote of
those
banks had to look out for their depositors first of all, and hence could
present, but leaders were confident to-day of an overwhelming vote.
not be blamed for holding to liquid resources.
If the House leaders decide not to resort to this extreme course Chairman
Deny Threat from France Regarding Gold—Secretary Mills Would Make Steagall of the Banking and Currency Committee, and co-author of the
bill, will ask unanimous consent for its consideration the first thing MonBill Permanent Part of Federal Reserve.
day. Should that fail, he will inunediatAy seek a special rule, forcing
Although advocating passage of the measure by an emergency act, action not later than Tuesday or Wednesday.
Secretary Mills told the Committee that the bill might well be made a
With the suspension of the rules by the House on Feb.
permanent part of the Federal Reserve structure. He was speaking with
particular reference to the provision which would allow government se- 15, and its adoption of the bill by the overwhelming
vote of
curities to be substituted for gold above the 40% reserve requirement as
350 to 15, the "Times" had the following to say:
a basis for currency.
The measure was acted upon under the most drastic procedure known
Rumors had reached the Committee that this provision was drafted in
to Congress, and passage came after a debate of only three hours.
The
the bill because of a threat of the Bank of France to withdraw its gold
bill will be sent to the Senate to-morrow, where plans were made
to-day
deposits in this country. The rumors were denied emphatically by Mr. to
call it up for action before another day has passed.
Steagall and other members of the Committee. They insisted that the
Republican Senators were hopeful to-night that the Senate would
adopt
Whole proposal was one for domestic relief, and had nothing to do with the
exact wording of the House bill, but Senator Glass, co-author of
the
the foreign situation.
measure, revealed that he will insist on his own amendment to
insure
Mr. Mills told the Committee that the United States Is in a position to greater
benefits to banks of $500,000 capital or less.
meet all its demands for gold. He insisted that the gold reserve behind
Reiterating that the measure was intended(chiefly to make the credit
Reserve note issues was far in excess of the ratio contemplated by law, reservoirs
of the Federal Reserve System more accessible to small banks,
being 50% instead of the statutory requirement of 40%•
Senator Glass said to-night that the effects of the bill had been grossly
He said that $750,000,000 in gold could be released through enactment
of the part of the Glass-Steagall bill which would allow use of govern- exaggerated, resulting in another "riot of speculation" on the stock market.
He said that many people who were uninformed as to the nature of the
ment securities to supplement eligible paper as a currency base. He
bill stood to lose millions because of these "exaggerated" reports.
pointed out that the 40% in gold was required by the Federal Reserve
Act itself and could not be diminished.
Charges of "Gag Rule" Made.
The accumulation of gold in the currency reserves resulted from the
Charges of "gag rule" and "no time to study the bill" were made in
lack of eligible paper offered for rediscount, Secretary Mills said, and the House. Many critics of the procedure voted for the bill, however,
FEB. 20 1932.]
FINANCIAL CHRONICLE
leaving a small group of insurgent Republicans, some Democrats and
one Administration follower, Representative Tinkham of Massachusetts,
to vote against it.
Others voting in the negative were Representatives Howard ot Nebraska,
Blanton, Patman, Sanders and Williams of Texas, and Shannon and
Romjue of Missouri, Democrats, and Baldrklge of Nebraska, Amite,
Peavey; Schneider and Withrow of Wisconsin, McFadden of Pennsylvania and La Guardia of New York, Republicans.
The international debt question was referred to by Representative
Goldsborough, Democrat, of Maryland, who declared that a man "high
in European politics" had told him that France might withdraw all of
her gold from America if her debts to this country were not revised downward.
"I told this gentleman," Mr. Goldsborough continued, "that before the
end of this week Congress would have enacted a bill to furnish all the gold
we need and France could take her gold and go to hell with it,"
Mr. Goldsborough argued that the clause in the bill providing that, for
a year, the Federal Reserve agent may accept direct government securities
as a basis for note issues would free $750,000.000 in gold and afford a
supply for all contingencies.
Steagall Sees Many Benefits.
•
Debate also centered on the provision for extending further credit to
member banks after they have exhausted all of their rediscountable paper.
Banks in groups of five or more are authorized to borrow directly from
the Reserve banks on pooling their time or demand promissory notes backed
by adequate security. A single bank would be permitted "in exceptional
and exigent circumstances" to borrow on its own note. This is the benefit
that Senator Glass seeks to have limited to institutions with capital of
$500,000 or less.
"These are not cure-alls," declared Mr. Steagall, "but I do believe they
will enlarge and extend the service of the Federal Reserve System and
bring that great agency into the full part it was intended from the start
to take in the credit machinery and banking system of this country.
"Our banking system has drifted into unhappy days. Some of us for
years have warned the country of what was taking place and have pleaded
with those in power to change the policies under which we were operating.
Now a much larger task confronts us as a result of vicious and unsound
banking practices, which apparently were condoned by those responsible
for the Federal Reserve System. They have diverted and debased that
System into the present state of chaos. Small banks have been strangled
and choked to death and confidence has been destroyed."
Asks About Dawes' Remarks.
Representative Shannon of Missouri asked Mr. Reagan to relate,
"without the profanity," what Charles G. Dawes, President of the Reconstruction Finance Corporation, had told the Banking and Currency
Committee leaders at the White House conference to cause the bill to
be so rushed.
"The gentleman knows that there are certain delicacies about these
matters that cannot be published to the world," Mr. Steagall replied.
"We had the President of the Reconstruction Finance Corporation in
to
tell us of conditions of which he knew. He discussed individual cases,
telling of conditions in certain enterprises. Does the gentleman think
that the facts relative to these individual instances should be published
here?"
"Why, certainly," Mr. Shannon replied. "Anything that
pertains to
the American people should be brought out here."
This remark was "booed" from the Republican side.
Representative Strong of Kansas declared that the bill was
needed to
break the "reign of fear" throughout the country.
La Guardia Calls It Inflation.
"If inflation is necessary, call it inflation," Representative La Guardia
of New York insisted. "But I say to you that in this instance the entire
burden of the inflation will be put upon the wage earners of this country.
It will cost them billions of dollars.
"The last 12 months has been a systematic drive to deflate wages.
Now that wages have been deflated and commodity prices have come down,
you want to inflate the currency. If you do, then declare all wage agreements off and raise wages to make up the difference. And I say to you,
too, that it's no step in the restoration of confidence to withhold information about measures that are framed in secret conferences."
Representative McFadden of Pennsylvania also termed the bill
a move
"simply for inflation," demanded by speculators.
"You are going to give the Federal Reserve Board full authority
to
issue currency," he said. "You are going to take the lid off.
This is
not at the call of business and commerce. It will be placed at the
disposal
of speculators, and in this connection I ask you to recall what happened
in 1929 at the end of the greatest inflation this country has ever seen.
You are releasing gold belonging to the people of the United
States that
is now back of your Federal Reserve notes. You are destroying
the
liquidity of the Federal Reserve System."
"If this is deflation that we have been going through then give
us inflation with emphasis on the 'IN,'" remarked Representative
Stevenson
of South Carolina.
"There has oeen constant complaint about Congress being too
slow,"
Mr. Stevenson added, addressing those who had complained of
''steamroller" tactics. "It is regrettable that members of this House
are so
mentally weak that they cannot understand a simple
bill. I think all
this cry of haste Is just because you can't talk as much as you
like."
Representative Sabash, Democrat, of Illinois, retorted
to other critics
of haste that "this is no time to quibble aoout procedure."
Representative Busby of Mississippi supported the bill,
but with some
misgivings as to the ultimate benefit to small banks.
Senators Seek Agreement.
In the meantime informal conferences were held by members of the
Senate Banking and Currency Committee in the hope of reaching
an
agreement that would prevent a fight on the Senate,floor. Senator
Walcott
and Senator Glass were together for a long time, but no information as
to a definite agreement was obtainable.
Senator Glass, in charging that false reports were circulated as to the
effect of the bill, added:
"I think the people who have sent out these exaggerated reports about
this bill and started another riot of speculation on the Stock Exchange
are very culpable and are causing the loss of many millions of dollars to
persons who have been utterly misinformed as to the requirements of
this bill."
Consideration of the measure will begin in the Senate to-morrow if the
Costlgan-LaFollette measure is disposed of.
The fight will revolve chiefly around the amendment in the Senate bill
which limits borrowing by individual banks to those having a capital of
$500,000 or less. Reports were heard that Senator Glass may agree to
enlarge the capitalization limitation to $1,000,000. An effort also is
1309
being made to obtain a compromise simplifying the procedure
by which
larger banks may obtain loans.
The bill passed by the House, which does not limit individual
loans to
banks of small capitalization, is acceptable to the Administration
,
468 Banks Would Be Left Out.
Administration leaders who conferred with President Hoover last
night
were confident that the Senate would modify the Glass amendment
dealing
with capItalization. They presented figures to day to show
that 468
banks in 187 cities would not be covered by the bill if the
amendment
prevailed. Among them are 288 National banks and 180 State
banks.
In the New York Federal Reserve District, 95 banks in 32 cities
would be
excluded. The excluded banks in the other Reserve districts and the number of cities affected are:
District—
Banks.
Cities.
Boston
42
17
Philadelphia
46
18
Cleveland
42
16
Richmond
33
12
Atlanta
31
16
Chicago
68
30
St. Louis
20
Minneapolis
9
4
Kansas City
18
8
Dallas
28
12
San Francisco
36
16
"This bill, as it stands, reflects my views or I would not have introduced it," Senator Glass said, declining to admit that he would consent to
the compromises that will be offered on the floor by Senator Walcott.
Walcott Hopes for Compromise
Senator Walcott expressed the hope that a compromise acceptable
to
Senator Glass would be agreed upon. He said that it was of the utmost
importance that the legislation should become a law without delay.
"The bill is intended to promote a complete recovery of commercial
banking, which has partially broken down through a lack of
confidence."
said Senator Walcott. "By extending or broadening the base of eligibility
—that is, allowing other assets held by the banks than those assets now
eligible for rediscount in the Federal Reserve banks—it will immediately
strengthen the cash position of the banks.
"Thiu gives both the banks and their depositors renewed confidence
by dispelling fear. It is the small banks which suffer most from a shortage
of eligible paper, and provision in this new bill will allow the Federal Reserve System to give added strength to smaller banks.
"While it is essential that the smaller banks get additional relief at
this time and promptly, it is also essential to maintain the morale of the
larger banks by allowing them to borrow as individuals where groups
are not possible, just as the smaller banks are allowed to borrow."
Those who voted in the House against the bill are (we
quote from the New York "Herald Tribune"):
Republicans.—John C. Allen, Illinois; Malcolm Balldrige, Nebraska;
Morello H. La Guardia, New York; Louis T. McFadden, Pennsylvania;
Hubert H. Peavey, Wisconsin; George J. Schneider, Wisconsin; George
H. Tinkham, Me.qaehusetts; Gardner R. Withrow, Wisconsin.
Democrats.—Thomas L. Blanton, Texas; Edgar Howard, Nebraska
Wright Patraan, Texas; Milton A. Romjue, Missouri; Morgan Sanders,
Texas: Joseph B. Shannon, Missouri; Guinn Williams, Texas.
Elsewhere we give the reports on the bill of the House
and Senate Banking Committees, and statements by Senator
Glass and Representative Steagall. Late at night on Feb.
16, the Senate (which passed the bill Feb. 19) cleared the
way for the consideration of the bill; the first amendment
agreed upon on that day by Senators Glasa, Walcott and
others concerned the provision for extending further credit
to groups of five or more Federal Reserve System banks,
after they have exhausted their rediscountable paper. With
regard thereto the Washington account Feb. 16 to the
"Times" said:
The amendment, it was stated, would clarify the clause, so that the
proceeds of the advance would be receivable only by those within the
group that have divested themselves of eligible assets.
The bill now provides that the advances may be made to the groups
"provided such banks have no adequate amounts of eligible and acceptable
assets to obtain sufficient accommodation through discounting at the
Federal Reserve Bank."
The proposed amendment reads:
"Provided the bank or banks which receive the proceeds of such advances as herein provided have no adequate amounts of eligible or acceptable assets available to enable such bank or banks to obtain sufficient credit accommodations from the Federal Reserve Bank through
rediscounts or advances other tnan in Section 10 (b)."
Would Set Limit at $2,000,000.
Section 10 (b), to which the amendment refers, provides that single
banks "in exceptional and exigent circumstances," and without further
eligible and acceptable assets, may obtain individual loans, at a rate 1%
higher than other discount rates, but only if these single banks are capitalized at $500,000 or less.
This limitation of $500,000 or less capital was to-day increased,
under
the agreement, to $2,000,000, and an amendment to that
effect will be
offered.
On Feb. 17 Carter Glass expounded the provisions of
the bill, and it was observed in that day's dispatch to the
"Times":
Real opposition failed to manifest itself and indications were that any
delay to the bill would come from insistence on several amplifying
amendments offered late this afternoon.
Senator Brookhart offered one which would make the present "group"
section of the bill apply to individual banks. Another by Senator Blaine
would bar use of the loans for stock market speculation, while one
by
Senator Thomas of Oklahoma would make the "individual bank
benefit"
section apply permanently instead of for one year.
Relating the birth of the bill, Mr. Glass said that banking
officials had
"revealed a situation, if not menacing, at least distinctly
disturbing"
and that as a consequence he and his colleagues of the Senate
Banking
and Currency Sub-committee had agreed to proposals they
did not altogether favor, "for fear of being placed in an attitude of
obstinacy in the
face of these more or less alarming representations."
1310
FINANCIAL CHRONICLE
On.Feb. 18, it'was stated that while no opposing vote
was raised, the speeches ot those advocating the bill precluded a vote until the following day. A letter by Secretary
Mills was introduced stating that the Reserve banks under
existing law would be able to meet a demand for only $430,000,000 of new currency, or release that amount of gold for
export, whereas the proposed legislation would release
$1,400,000,000 and premit the issuance of $3,500,000,000
in Federal Reserve notes. Regarding yesterday's action
(Feb. 19) by the Senate on the bill, we quote the following
from the Washington dispatch to the New York "Evening
Post":
The Senate this afternoon accepted an amendment to the Glass-Steagall
tion of banks
emergency banking bill raising to $2,000,000 the capitaliza
the
eligible to rediscount securities individually under the bill, thus paving
day is over.
way to passage of the bill before the
accept the
Senator Glass, sponsor of the measure, said that he would
e was in accordance
amendment, but did so reluctantly. Its acceptanc
bill in order to avoid a fight
with an agreement to make this change in the
Glass over inon the floor between Administration forces and Senator
l action to banks
sertion of the first proposal to restrict such individua
whose capital was $500,000 or less.
l action,
The Republicans wanted no restrictions at all upon individua
136 banks
but consented to compromise on $2,000,000 which excludes only
in the whole country.
Later in the day the Senate passed the bill, as we note
above.
House of Representatives Passes Resolution Abolishing
"Lame Duck" Session of Congress—Would Eliminate Short Sessions.
A resolution proposing to the States a constitutional
amendment to abolish the "lame duck" session of Congress
was adopted by the House of Representatives on Feb. 16
by a vote of 335 to 56. It was approved by a two-thirds
vote as required for a proposed constitutional amendment.
Having already been approved by the Senate on Jan. 6 by
a vote of 63 to 7, it goes to conference for the adjustment of
slight differences. Associated Press advices Fob. 16 from
Washington said:
By not fixing a limit on the second annual session, the Democratic House
-year-old controversy between the two branches.
terminated a 10
The resolution must be ratified by three-fourths of the States within
seven years. It provides that a new Congress shall meet two months
after the November elections, instead of 13 months later as at present.
Terms of Congressmen would begin on Jan. 4 and of the President and
Vice-President on Jan. 24.
As the measure was adopted by the Senate, Congress would convene
Jan. 15.
Those who voted "no" on the resolution were:
Democrats.—Bland, Blanton, BulwInkle, Larsen, Montague, Tucker,
Woodrum-7.
Republicans.—Aldrich, Allen, Andrew of Massachusetts, Bachmann,
Bacon, Beck, Beers, Brumm, Burdick, Chipperfield, Cole of Iowa, Coyle,
a,
Darrow, Depriest, Doutrich, Eaton of Colorado, Erk, Evans of Californi
Kahn,
Finley, Foss, French, Golder, Hawley. Hess, Hollister, Houston,
Kinzer, Loofbourow, Murphy, Parker of New York, Ransley, Rich,
Shreve,
Rogers of Massachusetts. Sanders of New York, Sethi:sling, Shott,
, Watson,
Stokes, Taber, Temple, Tilson, Tinkham, Treadway, Underhill
-56.
Welsh of Pennsylvania. Wigglesworth and Wolfenden-49; grand total
[voL. 134.
to meet any demand will be enabled to realize upon other kinds of collateral
large amounts of cash which may be used by their customers in business
pursuits and along lines calculated to stimulate general improvement in
economic conditions.
The third provision of the bill simply attempts to carry out the original
of gold to
purpose of the Federal Reserve law, which required only 40%
Rebe maintained, in addition to collateral eligible as basis for Federal
serve notes.
more than
that
It was never contemplated nor was it considered desirable
A situation has
40% of gold should be carried as protection for currency.
which we find that it is necessary to maintain about
developed, however, in
banks. This results from a shrink80% of gold against notes issued by the
n.
age in eligible collateral brought about by the depressio
secured by
There are outstanding nearly $3,000,000,000 in currency
gold. By permitting
$900,000,000 of eligible paper and $2,000,000.000 of
of currency, as prothe use of Government bonds as a basis for the issue
This will strengthen
vided in the bill, we release about $750,000,000 in gold.
by increasing the amount of free
our financial position for all purposes
gold available.
credit and
The bill meets a widespread demand for liberalization of our
of Congress.
currency. This demand has grown day by day among members
and Currency Committee have been giving it
The members of the Banking
such
much thought and consideration with a purpose of passing some
legislation during the present session of Congress.
ntary to the
The Administration has found it desirable as suppleme
unquestionably
Reconstruction Finance Corporation Act. The bill will
pass at an early date.
The House Committee's report follows:
Report of House Committee.
groups of member
First, the bill provides that loans may be made to
number in any Federal
banks independently owned and not less than five in
Reserve district upon time or demand promissory notes.
distribute the proceeds
Banks receiving such loans are authorized to
as may be agreed
of the same in such manner and upon such collateral
trustee to receive deupon. The banks are required to select a suitable
the group, together
posit of the individual notes of the bankers forming
with such security as may be agreed upon.
of the majority of
Such loans shall only be made upon the approval adequate amount
have no
the Federal Reserve Board and when such banks
rediscount at the Federal
of eligible and acceptable assets to obtain sufficient
Reserve bank.
Reserve bank making such adIt is further required that any Federal
than 1% above the prevailing
vances shall charge interest or discount not less
in urgent and extraordinary
discount rate. Such loans are to be made only
after the passage of this
circumstances, and for not more than one year
Act.
be made upon foreign obligaIt is further provided that no loans shall
tions or securities.
of one year any indiSection 2 of the bill provides that for a period
security eligible under existvidual member bank that is unable to offer
bank on satisfactory
ing law may obtain loans from a Federal Reserve
security.
of a majority of the
Such loans may only be made upon the approval
offered is satisfactory to
Federal Reserve Board, and when the security
bear interest at a rate
the Federal Reserve bank. Every such note must
rate prevailing at the
not less than 1% higher than the highest discount
be eligible as security for
time, and no notes accepted for such loans shall
Federal Reserve notes.
as collateral for
No foreign obligations or securities shall be accepted
any such loans.
of one year the Federal
Section 3 of the bill provides yhat for a period
obligations of the United
Reserve Board shall be authorized to use direct
Federal Reserve notes issued
States as a basis for the issue of currency.
gold reserve of 40%.
under this authority must be protected by a
something like 80% of
Federal Reserve notes now outstanding have
al paper which may be
gold held against them for the reason that conunerci a point that requires
shrunk to
used as a basis for Federal Reserve notes has
this excess of gold.
of gold should be reIt was never contemplated that more than 40%
substitution of Governquired in support of Federal Reserve notes. The
out the policy exment obligations for commercial paper simply carries
pressed in the original Federal Reserve Act.
to banks that find themselves
The purpose is to afford a means of relief
into joint liability.
in urgent need of accommodations when willing to enter
, will result in easier
It is believed that this bill, without undue expansion
improvement of busicredits which will aid in ending bank failure; and in
ness conditions generally.
House Committee Report on Glass-Steagall Banking
Bill Broadening Credit Base of Federal Reserve
System—Statement by Representative Steagall.
Banking
In addition to the formal report of the House
Committee on the Glass-Steagall emergency
and Currency
l on Feb. 13
banking bill, filed by Representative Steagal
also issued on the same date a statement Senator Glass, in Report on Emergency Bill BroadenMr. Steagall
his statement RepreSays
bearing on the new legislation. In
ing Credit Base of Federal Reserve Banks,
e
ve Steagall said:
sentati
Measure Is Not Intended to Be Used for "Undu
ordered a favorable report
Currency
The Committee on Banking and
on."
filed to-day. The report is unanimous, with
Inflati
on the bill, which has been
gave notice that he might oppose the
the exception of one member, who
In a report on the Glass-Steagall banking bill which would
bill in the House.
,
be adopted for the passage of the bill enlarge the credit base of the Federal Reserve System
It is expected that some plan will
The bill will be taken up by unani- Senator Carter Glass stated that "the bill is not intended
Monday, or certainly early next week.
suspension of the rules.
mous consent, by special rule or under
undue inflation of the currency."
broaden the credit facilities of the nor should it be used for
The purpose of the measure is to
from the distressing conditions The report, which was submitted to the Senate on Feb. 15
Federal Reserve System to afford relief
loans to a group of member banks,
Glass, follows:
that now exist. Provision is made for
es without collateral now by Senator
themselv
not less than five in number, who find
The Committee on Banking and Currency, to which was referred the
loans may be made upon time or
for the
eligible at Federal Reserve banks. The
bill (83616) to improve the facilities of the Federal Reserve System
demand promissory notes.
e; to provide means for meeting
required to put up with a trustee service of commerce,industry and agricultur
Groups of banks applying for loans are
nces, and for other
agree upon. No such loans the needs of member banks in exceptional circumsta
'
selected by them such collateral as they may
one year purposes, having considered the same, report favorably thereon with the
securities nor for a longer period than
may be made upon foreign
the following amendments:
1% in excess of the prevail- recommendation that the bill do pass, with
the following:
and must bear a rate of interest not less than
Page 2, line 4, after the comma,strike out "the" and insert
and acceptable
ing rate.
method by which banks may "Provided such banks have no adequate amount of eligible
the
It is thought that this will afford a practical
for tem- assets to obtain sufficient accommodation through rediscounting at
relief
their credit resources and obtain
merge their collateral and
Federal Reserve bank. The."
insert in lieu
emergencies.
porary
Page 2, line 5, strike out "to" where It first appears, and
to individual member banks
Another provision of the bill authorizes loans
existing law upon such thereof "must."
thereof the
that have not sufficient security eligible under Reserve bank.
Page 3, strike out lines 5 to 8, inclusive, and insert in lieu
collateral as may be satisfactory to the Federal
themselves in accordexcess of the prevailing rate following:"Member banks are authorized to obligate
interest rate must not be less than 1% in
The
after the passage of ance with the provisions of this section."
following:
and no loans may be made after a period of one year
Page 3, line 15, after the word "bank" insert a comma and the
securities.
this Act. No such loans may be made upon foreign
hand that "having a capital of $500,000 or less."
for banks any sound collateral on
This will make available
Page 3, line 21, strike out "holding office at the time."
feel required out
cannot now be used because of ineligibility. Banks that
liquid paper
Page 5, line 7, strike out "holding office at the time."
of a sense of responsibility to their depositors to carry sufficient
FEB. 201932.]
FINANCIAL CHRONICLE
Not Intended for "Undue Inflation."
r The bill is not intended nor should it be used for undue inflation of the
currency. One important temporary provision, covering a period of 12
months after approval of the Act, authorizes, for that time, the Federal
Reserve Board, should it deem such action to be in the public interest, to
use the direct obligations of the United States as a basis for currency issues,
against which there must be a gold reserve of 40%•
This will enable the Federal Reserve banks to maintain a desirable volume
of what is known as "free gold." which means gold in excess of the 40%
statutory requirement and not including "ear-marked" gold. This would
fortify the gold status of the Federal Reserve banks in this period of extraordinary disturbance.
It is suggested, and is altogether probable, that the Federal Reserve banks
may not find it necessary to make use of this authorization.
Another provision of the bill taken textually from what is known as the
"Glass bill," now in process of consideration by the Senate Banking and
Currency Committee, with a modification of the specific rate of interest
which may be charged organized groups of banks desiring rediscount
facilities on other than eligible paper and securities, is intended to provide
a permanent reserve for groups of banks in periods of great distress.
Federal Reserve Board to Determine Discount Rate.
The discount rate is left to the determination of the Federal Reserve
Board; but in no event shall it be less than I% higher than the prevailing
rate of discount at the Federal Reserve bank of any district using this
facility.
There must be joint action by not less than five banks in any one group,
and the great probability is that there will be a great many more should
circumstances ever require the use of this facility. These banks must first
have exhausted their eligible assets before getting access to Federal Reserve
securities not ordinarily eligible.
A third provision of the bill authorizes, for a period of one year from
approval of the Act, any single member bank in exigent circumstances to
get accommodation at a Federal Reserve bank on satisfactory security not
now permitted by existing law; but it may do this only after it has used all
of its available eligible commercial assets and United States securities and
is in immediate need of help, which it may not otherwise obtain to avert
failure.
The two provisions relating to unusual rediscount operations are so
carefully safeguarded, the Committee thinks, as to make it improbable that
there can be any unwholesome inflation of the currency unless we may
assume that thr Federal Reserve banks, with the approval of the Federal
Reserve Board, will be unwise and improvident enough so to administer
the law as to bring about dangerous expansion. This would be difficult
under the terms of the bill.
It should be very definitely understood, as it is explicitly agreed by the
proponents of this measure, that the bill is not intended to displace the
so-called Glass bill now before the Senate Banking and Currency Committee
for consideration.
Senator Glass Tells Senate of Gold Raid Threat—
Emergency Credit Expansion Bill Will Make Us
Impregnable Should France Act as He "Conjectures"—Timidity Laid to Bankers—Says They Have
More Than $8,000,000,000 of Securities Eligible for
Rediscount—New Bill to Spur Them.
The Glass-Steagall credit expansion bill, centre of debate
in the Senate on Feb. 17, was advocated by Senator Glass
as a measure which would accomplish the double purpose
of inspiring American bankers with courage to assist business
and place this nation in an impregnable defensive position
against threatened gold raids from abroad. According to a
Washington account to the New York "Times" it was an
unusually intent Senate that heard the Democratic co-author
of the measure (Senator Glass), who opened the debate.
Member banks of the Federal Reserve System were ruled by
"cowardice," the Virginian charged, with the declaration
that although they have ,561,648,000 of rediscountable
assets in their portfolios they have discounted only $465,711,000 of this eligible commercial paper and government
securities. The "Times" dispatch continued:
Emphasizing his view that the banks have been "frightened to death,"
he demanded that they use their acceptable assets to stimulate trade and
commerce and thus help to end the depression.
For more than an hour Senator Glass described the machinery and purposes of the measure. The charge was made that attempts had been
made to break down the safeguards it provides, and he turned to the
Senate with a plea for approval of the program, which, he said, "will do
more in ten minutes to stimulate redeposits than all the mass meetings
in the world."
Sees Threats of Gold Raids.
France and other foreign nations, he declared, had threatened raids
country's gold reserves, it being his "conjecture" that France
upon this
desired to "affect our situation with respect to reparations and her indebtedness to the United States." Officials of the Bank of France have
"outwitted" officials of the Federal Reserve System, he contended.
Throughout the debate both Senator Glass and Senator Reed of Pennsylvania emphasized that no matter how heavy French gold withdrawals
might be this country would not be seriously affected.
Senator Glass's remarks on France were made in connection with that
section of the bill dealing with gold reserves of the banking system.
"They express the hope that they may never have to use that provision" he said. "I am not misled by that sort of optimism. I think it
very likely they will have to use it.
"I suppose I may, without exceeding the caution which ought to be
observed, say that the Reserve System has been threatened with raids
upon its gold supply by foreign nations, notably by France. I would not
have said that here, but it has been publicly said elsewhere, so I repeat it
here. There has been that threatening situation, the conjecture—and it
is a conjecture—being that that country wanted to affect our situation
with respect to reparations and with respect to her indebtedness to the
United States. I do not make that assertion; I say that is a conjecture.
To Replenish Our Gold Supply.
"The officials of the Bank of France have simply outwitted the officials
of the Federal Reserve System of this country, and they have them in
that position. The real purpose of this section of the bill is to put foreign
1311
nations upon notice that if they, in conjunction with their business men,
want to raid the gold supply over here, this is a method of replenishing it."
It was due to his own "intellectual integrity and past record," Mr.
Glass commented, that he be permitted to say he did not want to be
"stampeded."
"I have not wanted to appropriate to myself the terrific fear with which
some people seem to have been seized about these matters," he said. "I
particularly have contested from the beginning the assertions that there
was any urgent need for these devices, except the last one, by reason of a
paucity of eligible assets in the portfolios of the member banks of the
Federal Reserve System.
"There is a great deal of talk elsewhere about the Federal Reserve
System having broken down. It has not broken down. The member
banks of the Federal Reserve System, the banking community of the
United States, have ceased to function through cowardice. That is where
the breakdown is."
Sees "Memento of Folly."
Senator Glass denounced those who, he declared, had tried to widen
the benefits of the bill unduly.
"They put into my hands from responsible sources documents I intend
to preserve as a memento of folly," he exclaimed. "They would have
destroyed the Federal Reserve System and taken us in the way Germany
and Continental Europe have gone."
The Glass speech and an argument by Senator Walcott, who helped to
draw the bill, appeared to have convincing effect on the Senate. Real
opposition failed to manifest itself, and indications were that any delay
to the bill would come from insistence on several amplifying amendments
offered late this afternoon.
Senator Brookhart offered one which would make the present "group"
section of the bill apply to individual banks. Another by Senator Blaine
would bar use of the loans for stock market speculation, while one by
Senator Thomas of Oklahoma would make the "individual bank benefit"
section apply permanently instead of for one year.
Relating the birth of the bill, Mr. Glass said that banking officials had
"revealed a situation, if not menacing, at least distinctly disturbing,"
and that as a consequence he and his colleagues of the Senate Banking
and Currency Sub-committee had agreed to proposals they did not altogether favor, "for fear of being placed in an attitude of obstinacy in the
face of these more or less alarming representations."
As to "Group Benefit" Clause.
Objection has been raised against the "group benefit" section of the
bill, Senator Glass admitted, adding:
"The objection that strong banks will not assist the weaker banks in
any Federal Reserve district is a statement which, to me, involves an
imputation of incredible selfishness on the part of the banking community;
to think that as many as five banks in any considerable community may
not be willing to organize themselves in a group to avert the failure and
consequent disaster of one or more other banks in that community is to
assume that the bankers of the country have not even an intelligent selfishness, because the failure of any one of the weaker banks in any given
community has its reactionary effect upon the stronger banks, and it is
readily conceivable might bring disaster to them also."
Discussing the stipulation that banks must divest themselves of all
eligible paper before using the now ineligible assets, he said, his subcommittee "did not entertain for a moment the idea that the banks might
retain their eligible paper in their portfolios and unload on the Federal
Reserve Banks their cats and dogs, their ships and whetstones, their
utterly unliquid and in many, if not in most instances, worthless assets:,
Thirty-Eight "Speculative Institutions."
It was first suggested, he stated, that the capitalization of single banks
that wished to borrow in "exceptional and exigent circumstances" should
be limited to $500,000 or less capital.
Now, he continued, large banks "stimulated by inspired telegrams from
certain sources" demand that all banks be able to accept this benefit.
This, he stated, "simply reveals to me that somebody who never had
any great solicitude for the small banks would return us to a situation,
recently revealed, that amounts to a public scandal."
He meant, he explained, that "38 great banks easily identified as speculative institutions with large extensions on the Stock Exchange were borrowing two-thirds of the outstanding loans of the Federal Reserve Banking
System."
Responding to "tremendous pressure from various sources upon those
Who seem to be in charge of the measure," Mr. Glass stated, he agreed to
Increase the capitalization to $2,000,000. This, he added, was done "in
the face of a teriffic drive by people who haVe always sought to conduct
banking business at liberty and without restraint and who were clamoring
for no limitation at all." However, he continued, this limitation would
now exclude only 136 banks from relief Under this section.
Big Lending Power Seen Now.
Offering an analysis of the assets of the Reserve System, the Senator
said he possessed authoritative statements that the "Federal Reserve
Banks are in position today to make additional loans to those outstanding under the statute, including the gold reserve requirement of $4,000,000,000."
"Who will say that if we might expand today to the extent of $4,000,000,000, the situation would not be cured_" he queried, turning his slight
figure from one side of the chamber to the other.
"The Federal Reserve member banks have in their portfolios eligible
Paper which would not only absorb the $4,000,000,000 which the Federal
Reserve Banks might loan, but four billion and a half dollars more they
have in their portfolios," he resumed.
"Note these figures: $2,997,167,000 of quick commercial paper, within
$3.000,000 of 83,000,000,000 of commercial assets. In addition to that,
they have on hand 65.564,461,000 of United States securities eligible and
usable for rediscount purposes. The twelve Federal Reserve Banks, therefore, have usable paper to the immense volume of $8,561,628,000 which
may be used for rediscount purposes."
The following figures were used by Senator Glass to .show that the
Federal Reserve member banks have $8,561,648,000 of eligible assets,
and have rediscounted only $465,711,000:
District—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Eligible Corn- United Stales
Total
Redistnerel Paper.
Securities.
counted.
Assets.
$212.501,000 2330,321,000 $542,822,000 $25,277,000
940.151,000 2,195,881.000 3,136,032,000 95,764,000
208,060,000
365,901.000
573.961,000 72,309.000
173,861,000
567,449,000
741.310.000 67,250,000
141,104,000
154,417,000
295.521,000 35.000,000
131,526.000
160,517,000 292.043,000 34.409,000
328,991,000
664,147,000
993.000,000 27.144,000
138,746,000
152,731,000
291.477.000 19,254,000
164,332,000
121,997,000
286,329,000
4.699,000
192.398,000
199.625,000
392,023,000 15.398,000
156,034,000
131,590.060
287.624.000 16,817,000
209,423,000
519,857,000
729,280,000 51,370,000
1312
FINANCIAL CHRONICLE
[Vol.. 134.
Senator Glass based his contention that only ninety-one banks out of unusually large amounts, owing to considerable withdrawals
the 7,600 in the Federal Reserve System have actually exhausted their of deposits in the
interior. The item went on to say:
eligible assets on the following figures:
Aid advanced by New York banks to smaller institutions throughout the
Banks
Banks
two forms, it is pointed out. First, loans are made on col
Number without country takes
Number Without
of
Eligible lateral, permitting many interior banks to realize in part on assets which are
Banks. Eligible
Banks. Paper. not eligible for rediscount at the Federal Reserve banks. In the second
District—
District—
of
Paper.
960
5
Boston
383
Chicago
place a considerable volume of funds is secured by them through selling
11
500
New York
4
St. Louis
876
their better bonds to the New York and other large city correspondents
'
597
Minneapolis
7
15
Philadelphia
740
under repurchase agreements. This latter type of operation, which was
844
4
Kansas City
Cleveland
21
698
1
645
Richmond
448
7
Dallas
resorted to on an enormous scale at the end of last year, is usual for "window
545
11
Atlanta
2
San Francisco
363
dressing" purposes and usually involves a shorter advance than the loan.
The Senator said that on April 30 1932, the lending power of the memThe New York banks in many cases would prefer to have such advances
ber banks over and above their outstanding loans was:
continue undisturbed. In the first place, the bulk of them is considered
Lending Power very well secured. Secondly, they pay relatively an attractive rate, many
Lending Power
in Excess of
in Excess of
bearing interest at the rate of 6%. The borrowing banks, on the other
Loans.
District—
Loans.
District—
the
$831,000,000 hand, both because of the insistence upon very strong security and
$232,000,000 Chicago
Boston
higher rates paid, are believed likely to shift many such loans to the Re102,000,000
New York
1,206,000.000 St. Louis
75,000,000 construction Finance Corporation and the Federal Reserve banks, especially
198,000,000 Minneapolis
Philadelphia
98,000,000 with the passage of the Glass-Steagall bill.
300,000,000 Kansas City
Cleveland
52,000,000
121,000,000 Dallas
Richmond
The National Credit Corporation was not available as a substitute for the
190,000,000
94,000,000 San Francisco
Atlanta
large city banks in inter-bank borrowings, it is pointed out, because of difficulty of getting other local institutions in the credit association to underwrite
Sees Psycholog cal Advantage.
The situation, Mr. Glass proceeded, did not greatly impress him with such loans. On the other hand, the Reconstruction Finance Corporation.
questhe need of broadening the rediscount base for eligible commercial paper, when it gets fully under way, is held friendly to such advances. Some
Federal
but, nevertheless, he prepared the section of the bill allowing use of now tion exists in the minds of many bankers here as to the policy of the
Reserve authorities toward such loans after the passage of the Glass-Steagall
ineligible paper, after the acceptable assets have been used up.
"The trouble is that the banking community of the country is frightened bill.
It was pointed out that banks themselves in many cases would prefer to
to death," he said. "The banks. have ceased to function. They have
Credit
discarded the ideas, without warrant, that the Federal Reserve System borrow from New York city correspondents rather than the National
was intended for a situation like this. They do not seem to realize that Corporation. In securing the indorsements of neighboring banks the borwhich
they can and should get this accommodation. But it is not within the rowing institution would be compelled to reveal its portfolio to banks
transprovince of the Congress to compel a bank to borrow money if it will not compete for the same business. This would prevent any substantial
fer of loans from New York banks to the National Credit Corporation. On
borrow money.
the
"The chief psychological advantage of this measure—and it is Perhaps the other hand borrowers would in many cases prefer to borrow from
metropolitan
a valuable psychological advantage—is that it gives assurance to these Reconstruction Corporation and the Reserve Bank than from
frightened and timid bankers throughout the country that if they will correspondents.
Advances to interior banks through the sale of high grade bonds under
only respond to the requirements of commerce, if they will only help in
it was
relieving themselves and the country from this depression and in doing repurchase contracts have been issued on a strong percentage basis,
arters For example, such temporary sales would inso exhaust their eligible assets, then and only then may they make use stated in informeduunlcipal
ade
bonds on which the amount of the advance
clude high
of their ineligible assets."
n 70% of the value of the bonds,
would
He warned the Senate of "covert and powerful influences," seeking to
defeat the bill.
Treasury Explains Bank Law Revision—Pract'
Elimination of Failures Looked For in Broadening
of Credit Base.
Bank failures will be practically stopped by. the system of
oans contemplated under the proposed changes in the Federal
Reserve Act, according to oral statements made Feb. 11 at
the Treasury Department. The "United States Daily" of
Feb. 12 from which we quote, also said:
Under the temporarily revised regulations of the Act, institutions with
sound investments will have a source of strength upon which to draw if
pressure Is put on them, according to the oral statements. Additional oral
Information made available follows:
Strict definitions of the new classes of paper to be made eligible for discount and rediscount have not been arrived at, but probably the Federal
Reserve Board will be allowed to exercise its discretion and base its actions
on the intrinsic value of securities offered. Much of this discretionary
power may have to be delegated to the Board of the 12 Regional Banks
where the applications for loans on rediscount will be received.
The revisions of the Act may include some provision under which member
banks in the Federal Reserve System will be allowed to discount paper from
nonmember banks and, in turn, rediscount it with the Reserve banks.
Relief would thereby be extended outside the confines of the Reserve System,
which embraces between 7,000 and 8,000 banks, or more than a third of the
Nation's total.
Industries and persons probably would encounter less difficulty in obtaining loans from banks if the Reserve Act were temporarily slackened in
Its discount provisions. Banks, which are now insisting upon holding cash
to remain liquid, would be more willing to lend their money if they knew
they could discount their investments in case of need.
At the same time hank failures, the great stimulus to hoarding, would be
eliminated. Underlying most of the bank failures is a situation in which
the bank has an abundance of intrinsically valuable securities in its portfolio
but finds that they are ineligible as a basis of discount loans from the Federal
Reserve banks. Therefore, these sound securities are of no help to a bank
when withdrawal of depositors depletes its cash reserves.
A bank which failed three or four months ago furnishes an example.
Because withdrawals exhausted its cash resources, the bank had to close,
yet in approximately 90 days its liquidation has paid depositors 50% on their
money because of the gilt-edged securities held by the bank. Under the
revisions such a bank would not be forced to close its doors.
At present the Federal Reserve banks can discount notes, drafts and bills
of exchange which mature in 90 days and agricultural paper maturing in
nine months They are specifically forbidden to handle "a note, draft or
bill of exchange the proceeds of which have been used or are to be used for
Permanent or fixed investments of any kind, such as land, buildings or
machinery, or for any other capital purpose." Real estate mortgages are
one of the classes of paper considered sound and probably to be included as
rediscountable under the revisions.
roadenja of Emergency Banking Bill Urged to
Extend Benefits of Rediscount Privileges of Reserve Systems to Finance Companies.
The contention was made here in Chicago, on Feb. 12,
that the new emergency banking bill does not take fullest
advantage of opportunities to increase the nation's consumer credit. In stating this Associated Press advices from
Chicago quoted C. C. Hansa, General Manager of the
National Association of Finance Companies as saying:
The bill to broaden eligibility of paper discountable by Federal Reserve
Banks will be helpful, but its benefits would be increased many fold by
providing directly for use of the soundest class of paper in the portfolios
of banks—notes of finance companies.
"Notwithstanding adverse credit conditions in 1930 and 1931," he said.
"finance companies advanced $5,000,000,000 in the purchase of installment
paper, which means," he added, "that they financed the sale of nearly
$7,000,000,000 worth of merchandise."
"What we want to do is facilitate consumer credit still further," Mr.
Hansch declared," and if this Glass-Steagall bill were amended to make
finance company notes eligible for rediscount, probably $1,000,000,000
worth of such notes would become available."
Under the bill's present provisions, such notes might be used as collateral
for loans only when groups of five or more banks in any district combined
to request loans on the security of sound collateral which may include
finance company notes.
But this method is so difficult that comparatively few banks are likely
to take advantage of it, despite the fact that finance company notes are
safer and more liquid than most commercial paper.
The financing industry believes the bill should be amended to make
these notes eligible on tne same basis as other commercial paper, with or
without the provisions that they may be made the basis for issuance of
Federal Reserve currency.
Letter of Secretary of Treasury Mills to Senator V andenburg Regarding Freeing of $1,400,000,000 in
Gold Under Glass-Steagall Bill.
During the debate in the Senate on Feb. 18, a letter was
introduced from Ogden L. Mills, Secretary of the Treasury,
revealing that under the existing law the Federal Reserve
banks would able to meet a demand for only $430,000,000 in
new currency or release that amount of gold for export.
The proposed legislation, Secretary Mills wrote, would free
$1,400,000,000 in gold and would permit the issuance of
$3,500,000,000 in Federal Reserve notes. The letter, as
given in the New York "Times" follows:
"My dear Senator Vandenberg:
“I wish to acknowledge receipt of your letter of Feb. 12, In which you
Early Repayment of Interior Loans to City Banks Inquire about the effects of Section 3 of the pending bill—S-3,616—on the
Expected—Smaller Institutions Are Likely to Shift Power of the Federal Reserve banks to issue currency.
"The total volume of Federal Reserve notes
Borrowings to the Reconstruction Corporation on banks can issue is limited by the requirement that the Federal Reserve
that a 40% gold reserve
Easier Terms—Loans by Metropolitan Banks must be maintained against such notes. On the basis of the existing
volume of excess reserves, which is $1,400,000,000, the Federal Reserve
Strongly Secured.
banks can issue $3,500,000,000 of Federal Reserve notes. There is nothing
According to the New York "Journal of Commerce" of in the pending bill to change this maximum amount.
volume of loans and
"Under existing law, however, the Federal Reserve banks will be able
Feb. 16 a gradual reduction in the large
of additional demands for currency or for
other credit arrangements made by New York banks and to meet only about $430,000,000it necessary for member banks to increase
gold for export without making
financial centers to interior bank- their indebtedness at the Federal Reserve banks.
institutions in other large
ing institutions is expected with the organization of the
$900,000,000 in Paper Is Held.
Reconstruction Finance Corporation and the passage of the
"This is for the reason that the law requires that Federal Reserve notes
Glass-Steagall banking bill. Such loans have expanded to issued by the Federal Reserve agents be covered up to 100% either by
FEB. 20 1932.]
FINANCIAL CHRONICLE
eligible paper or by gold. At the present time the total amount of eligible
paper in the hands of the Federal Reserve banks is about $900,000.000 and
the total amount of Federal Reserve notes outstanding is $2,900,000,000,
so that about $2,000,000,000 of the Federal Reserve notes have to be
covered in gold.
"When allowance is made for the 35% reserve required against deposits
and for the amount of gold required in the redemption fund in the Treasury
this leaves about 5430,000,000 of gold that is not required either as reserve
or collateral against notes. It is only upon this amount that the Reserve
banks can meet either an internal or external drain without forcing the
member banks further into debt. When this amount of free gold is distributed among the 12 Federal Reserve banks, it is clear that the available
margin is narrow.
Member Banks Indebtedness.
"It is evident that it would be highly undesirable in tne existing circumstances, with member bank indebtedness already over $800,000.000.
to increase this indebtedness particularly so long as this increase is not
caused by a revival of business but either by further domestic hoarding or
by gold exports. It is, in order to meet this situation that the Proposed
amendment authorized the Federal Reserve banks to use United States
Government obligations as collateral against Federal Reserve notes.
"This will make it possible for the Reserve banks to meet additional
demands upon them without putting member banks further into debt and
thus exerting a contracting influence on the credit situation.
"At the present time every effort must be made to encourage banks to
resume the normal financing of the requirements of trade and industry,
and the necessity of increasing their burden of indebtedness must be
avoided. It is for these reasons that I urge the adoption of the section in
5-3,616 which authorizes the use of direct obligations of the United States
as collateral against Federal Reserve notes."
1313
Rochester; Lewis G. Harriman, Buffalo; Harry H. Pond, Plainfield, N. J.;
Julius S. Rippel, Newark, N..t., and Edmund S. Wolf, Bridgeport, Conn.
Philadelphia Loan Agency.
Chairman—Howard A. Loeb, Philadelphia..Members—F. Morse Archer, Camden, N. J.; Joseph Wayne Jr., Philadelphia, and C. S. Newhall, Philadelphia.
Boston Loan Agency.
Members—Wilmot R. Evans, Boston, alternate; Harry T. Van Huysen,
Philip Stockton, Boston alternate; Charles E. Spencer, Roger Pierce,
Boston; Walter S. Bucklin, Boston, alternate; George E. Pierce, Thomas
P. Beal, Boston, alternate; R. M. De Cormis, Robert D. Brewer, Boston,
alternate; George B. Bacon, Samuel H. Walcott, Boston; Herbert K. Hallett, Boston, alternate, and George S. Mumford.
Sub-Advisory Committee for Maine.
Members—W. S. Wyman, Portland; Henry W. Cushman, Bangor;
Edward W. Cox, Portland; Rypert H. Baxter, Bath; Judson C. Briggs,
Caribou; Ernest Saunders, Lewiston, and W. W.Thomas, Portland.
Sub-Advisory Committee for New Hampshire.
Members—Arthur M. Heard, Manchester; Burns P. Hodgman, Concord; W. H. McCarten, Lancaster; George A. Tenney Claremont; L. F.
Thurber, Nashua; E. H. Trickey, Rochester, and W.
'O. Walton, Portsmouth.
Sub-Advisory Committee for Vermont.
Members—W.0. Johnson Jr., Barre;(1. II. V. Allen, Fairhaven; E. E.
Clarkson, Burlington; C. 0, Staples, Brattleboro, and J. E. McCarter,
Newport.
Sub-Advisory Committee for Rhode Island.
Members
--0. B. Hibbert, Providence; George W. Gardiner, Providence;
Earl G. Batty, Providence; W. F. Farrell, P'rovidence; V. H. Frazier,
Providence; H. L. Wilcox, Providence, and Albert R. Plant, Providence.
Sub-Advisory Committee for Connecticut.
Members—W. P. Curtiss, New Haven; A. D. Johnson, Hartford; D. L.
Chamberlain, New Haven; N. D. Prince, Hartford; Earle W. Stamm,
New London; Lewis S. Reed, Waterbury, and It. B. Newell, Hartford.
Cleveland Loan Agency.
Chairman—Harris Creech, Cleveland.
Members—W. Baldwin, Cleveland; J. A. House, Cleveland; C. E. Sullivan, Cleveland; L. T. Williams, Cleveland; F. F. Brooks, Pittsburgh, Pa.:
E. W. Edwards, Cincinnati; B. G. Huntington, Columbus; H. L. Thompson, Toledo, and J. H. McCoy, Marietta.
Richmond Loan Agency.
Chairman—John M. Miller, Richmond.
Members—Julien H. Hill, Richmond; Oliver J. Sands, Richmond: N. W.
Phelps, Roanoke; Charles E. Rieman, Baltimore, Md.; A. H. S. Post.
Baltimore, Md.; Robert V. Fleming, Washington, D. 0.; John L. Dickinson, Charleston, W. Va.; George M. Moore, Clarksburg, W.
Robert
M. Hanes, Winston-Salem, N. C.; W. H. Wood, Charlotte, N. C.; W. S.
Va.*.
Ryland, Greensboro, N. C.; B. M.Edwards, Columbia, 8. O.; W. J. Roddey, Rock Hill, S. C., and A. L. M. Wiggins, Hartsville, 8. 0.
After a conference with General Dawes to-day, Mr. Allen said he would
Chicago Loan Agency.
assume his duties to-morrow morning. The Kansan did not know what
Chairman—George M. Reynolds, Chicago.
his new duties would be. He has for the last several months been working
Members—Melvin A. Traylor, Philip R. Clarke, William C. Cummings
at the State Department in connection with the St. Lawrence waterway. and J. B. Gallagher, Chicago.
The corporation in a statement said Mr. Allen's title will be "Assistant
Sub-Advisory Committee for Illinois.
to the President." Mr. Dawes explained that he desired Mr. Allen's
Members—Wayne Hummer, La Salle; W. R. McGaughey, Decatur;
help to relieve himself of some of the pressure of work during these early George L. Luthy, Peoria; Omer H. Wright, Belvidere, and J. H. Holbrook,
days of the organization period. The plan is for Mr. Allen to give, at Springfield.
Sub-Advisory Committee for Indiana.
present, only part of his time, due to his State Department duties.
Members—E. W. Stout, John P. Frenzel, Arthur V. Brown, Evans
Millions upon millions of dollars have been poured into the foundations
of the American business structure during the last two weeks by the Corp. Woollen and F. C. Stoinaker, all of Indianapolis.
Detroit Loan Agency.
Working quietly, day and night, the huge credit organization has deChairman—Wilson Mills, Detroit.
voted its first attention to small banks. These institutions, which might
Members—Robert 0. Lord, H. L. Chittenden Detroit; James E. Davidhave been forced to close their doors had not credit been extended, have son, Bay City; Herbert S. Reynolds. Jackson;
John C. Hicks, St. John's.
resumed their normal functions, according to reports reaching the corpora- B. P. Sherwood, Grand Haven, and William Alden Smith, Grand Rapids,
tion. The total already distributed is reliably estimated at more than
St. Louis Loan Agency.
$100.000,000, exclusive of the $50.000,000 turned over to the Department
Chairman—W. L. Hemingway, St. Louis.
of Agriculture.
Members—Richard 5. Hawes, W. J. Bramman, Tom K. Smith, A. H.
Sizeable loans have gone to hard pressed railroads, the Wabash, already Roller. St. Louis; H. B. McDaniel, Springfield, and Charles Boeschenstein,
Edwardsville, III.
In the hands of a receiver, and the Missouri Pacific.
Louisville Loan Agency.
Chairman—W. R. Cobb, Louisville.
Members—R. C. Gifford, Noel Rush, J. E. Huhn, W. J. Rahil, W. B.
Additional Agencies Set Up by Reconstruction Finance Smith, Louisville; W. C. Montgomery, Elizabethtown, and
L. L. Persia%
Board—Increases Number to 22—District Advisers Salem, Ind.
H. J. Allen Named Assistant to President Dawes of
Reconstruction Finance Corporation—Latter Devoting Its Attention to Small Banks—Also Relieving Railroads.
Henry J. Allen, former Republican Senator from Kansas,
has been appointed assistant to Charlea Gates Dawes, President of the Reconstruction Finance Corporation. In reporting this under date of Feb. 18, Associated Press accounts
from Washington said:
Chairmen of other loan agencies were named as follows:
on Loans—George W. Davison Chairman of ComR. S. Hecht, New Orleans,
W. R. Herstein, Memphis.
mittee for New York Agency.
Thomas F. Wallace, Minneapolis.
W. Dale Clark, Omaha.
Ned Holman, Oklahoma City.
James Ringold, Denver.
In addition to the 17 regional loan offices to be set up by Nathan Adams, Dallas.
0. N. Bassett, El Paso.
Houston.
Reagan Houston, San Antonio.
the Reconstruction Finance Corporation, as indicated in John T. Scott, San Francisco.
F. L. Lipman,
John T. Cooper, Los Angeles.
our issue of Feb. 13, page 1138, five more agencies were Paul S. Dick, Portland, Ore.
D. W. Twohy, Spokane.
W. H.
E. 0. Howard, Salt Lake City.
announced at the offices of the Corporation in Washington Walter Parson, Seattle,
S. McLucas, Kansas City.
on Feb. 10. The "United States Daily" of Feb. 11, indicating this, said:
Alabama Opinion Holds Assets of Banks Closed by
The new offices are at Minneapolis, Minn., with Joseph W. Chapman
State May Be Pledged by Receivers in Borrowing
as manager; Denver, Colo., with J. E. Olsen in charge; Omaha, Neb., L. H.
Earhart, manager; Oklahoma City. Okla., C. E. Dania', manager, and
from Reconstruction Finance Corporation.
Mich., with Charles F. Fisher, as manager.
Detroit.
The State Superintendent of Banks of Alabama has authorOffices in Reserve Bank Cities.
ity under section 6306 of the Code, where a bank has come
Offices are now established in each of the (12 Federal Reserve Bank
cities and in(I0 branch bank cities, and all offices have application blanks into his hands as Superintendent, to borrow money and
for loans to circulate upon request, according to information made available pledge the assets of the bank as security, whenever, in good
at the offices of the corporation. The offices are in the respective Federal
faith, it is his judgment that such a course is necessary to
Reserve Bank buildings.
conserve its assets and business. This is learned from
On Feb. 14 the appointment by the Reconstruction
Finance Corporation of advisory committees for its loan Montgomery (Ala.) advices Feb. 13 to the "United States
the
agencies throughout the country was announced. The Daily," from which in anfollowing is also taken:
This ruling is contained
opinion forwarded from the office of Attorcommittee, which will assist the management of the New ney-General Thomas E. Knight Jr., to Deputy State Superintendent of
York Loan Agency recently established, will be headed by Banks D. F. Green.
The ruling of the Attorney-General, quoting the letter of inquiry from
George W. Davison, President of the Central Hanover Mr. Green, follows in full text:
Dear Sir: Receipt of your letter of Feb. 8 1932, is acknowledged. You
Bank & Trust Co. With regard to the appointment of the
advisory committees, we quote the following to the New write as follows:
Assets Must Be Carried.
York "Times" from Washington, Feb. 14:
On Jan. 30 1932, Congress passed an Act creating the Reconstruction
Members of Advisory Committees.
The advisory committees chosen for its loan agencies by the Reconstruction Finance Corporation included in some instances advisory subcommittees for particular States. For example, Maine, New Hampshire,
Vermont, Rhode Island and Connecticut will have advisory subcommittees
acting in co-operation with the Boston loan agency. The committees
include:
New York Loan Agency.
Chairman—George W. Davison, New York City.
members—Percy H. Johnston, New York City;_ George V. McLaughlin,
Brooklyn; A. 11. Titus, White Plains, Frederick McDonald, Albany; A. B.
Morrill, Syracuse; Samuel G. H. Turner, Elmira; Raymond M. Ball,
Finance Corporation, and Section 5 of the Act provides in part that the
said Reconstruction Finance Corporation might lend money to certain
organizations and corporations "including loans secured by the assets
of any hank that is closed, or in the process of liquidation, to aid in the
reorganization or liquidation of such banks upon the application of the
receiver, or liguidating agent, of such bank and any receiver of any National
bank Is hereby authorized to contract for such loans and to pledge any
assets of the bank for securing the same."
A number of State banks in the hands of the State Superintendent of
Banks for liquidation have loans secured by mortgages on real estate,
which appear to be ample in anything like ordinary times, but right now to
foreclose these mortgages and sell the real estate for anything like it
1314
FINANCIAL CHRONICLE
Folk 184.
Any farmer who desires to obtain a loan will make application on a
reasonable value is impossible, and so it may be necessary for these assets
will
to be carried for a time and give the mortgagors time to refinance and form provided by the Secretary of Agriculture and at the same time
In execute a note in the amount of his loan and will give as security a first
pay the mortgages when they shall have made additional crops.
addition many of these banks own considerable real estate, which can mortgage on his crop to be produced in 1932. Application blanks and
not now be sold for cash for anything like its value and to sacrifice these other necessary forms will be sent, as soon as they can be printed, to
assets would, in your opinion, be a great detriment to the depositors and county seed loan advisory committees to be set up in each county. These
creditors of those banks. To try to liquidate these frozen assets would, committees will make recommendation to the Secretary of Agriculture with
at this time, create confusion and suffering, which would be inexcusable. reference to the individual applicant. On completion of the county comIn view of the facts as stated, you ask my opinion whether under Section mittee certificate on the back of the application, all papers in connection
6306 or Section 6307 of the 1923 Code of Alabama, the Superintenent of with the loan will be sent to one of the several field offices to be estabBanks, by the approval of the Court, would have authority to borrow money lished by the Secretary for the convenient handling of applications.
to pay some dividends to the creditors of these closed banks and to pledge
Location of Offices.
the assets, or part of the assets, to Finance Corporation as security therefor.
The offices for the making of crop production loans recently authorized
Section 6306 of the 1923 Code of Alabama reads as follows:
by Congress will be in Washington, Minneapolis, St. Louis, Memphis,
"Upon taking possession of any of the property and business of any bank
or individual banker, the Superintendent may collect moneys due to such Dallas, Salt Lake City, Spokane and Grand Forks, N. Dak. The offices
other acts as are necessary in Washington, St. Louis, Memphis and Grand Forks are already functioncorporation or individual banker and do such
to conserve its assets and business, and shall proceed to liquidate the affairs ing, and made loans in 1931. The offices in Minneapolis, Dallas, Salt Lake
thereof as hereinafter provided. The Superintendent shall collect all debts City and Spokane will be established within the next few days.
due and claims belonging to the bank."
The Washington office will receive applications for loans from farmers
Borrowing Held Necessary.
in Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, New
In reply will say that, in my opinion, under the facts stated, if, in the York, New Jersey, Michigan, Ohio, Maryland, Delaware, West Virginia,
opinion of the Superintendent of Banks, after having taken possession of Virginia, North Carolina, South Carolina, Georgia and Florida.
The office in Minneapolis will make loans in Wisconsin, Minnesota, Iowa,
the property and business of any bank, it is necessary to conserve the assets
and business of such bank, to borrow money by pledging the assets of such South Dakota and Nebraska. The office in Grand Forks will handle applibank as security, section 6306 is authority for such a course. Of course, cations from North Dakota and Montana where the drouth of 1931
all such authority must be exercised in good faith for the conservation of was especially severe and from which States, it is expected, many applicathe assets and business of such bank. In my opinion, the borrowing of tions will be received.
The St. Louis office will operate in Indiana, Illinois, Kentucky, Missouri,
money, in good faith, in promotion of the purposes set out In your letter,
would, as nearly as any one could judge, be necessary to conserve its assets Kansas and Oklahoma; and the Dallas office in Texas, New Mexico and
Arizona. The Memphis office will serve Tennessee, Arkansas, Alabama,
and business.
Of course, this opinion goes only to your authority as State Superintendent Mississippi and Louisiana, the same territory as in 1931. Loans in Colorado,
of Banks to borrow money. The question of making a loan, on the showing Wyoming, Utah, southern Idaho, Nevada and California will be handled from
Salt Lake City; and those in northern Idaho, Washington and Oregon from
made by you, is with the Reconstruction Finance Corporation.
I am unable to see that section 6307 of this Code of Alabama has any Spokane.
bearing on the matter inquired about.
of
On Feb. 12 the Washington correspondent the New York
"Journal of Commerce," commenting on the above regulaReconstruction Finance Corporation Makes First tions, said in part:
Loans—Group Aids Banks and Wabash Ry.
Restriction of loans under the $50,000,000 allocation to agriculture in
The following is from the "United States Daily" of Feb. 15: the Reconstruction Finance Corporation Act, in an effort to prevent over-
The first loans made by the $2,000,000,000 Reconstruction Finance Cor- productiion and to curtail crop acreage, was indiciated in regulations preporation have been extended to "banks in various sections of the country" scribed by Secretary of Agriculture Arthur M. Hyde governing this credit.
and to the receivers of the Wabash Ry., it was stated orally at the office
Farm leaders here see this move as a furtherance of the two-year stand of
of the Corporation Feb. 14.
the Federal Farm Board toward acreage reduction in the domestic crops
The Corporation also announced the establishment of its 28th regional burdened with surplus.
loan agency and is preparing to announce the advisory committees for all
Definite prevention of the use of money borrowed under this Act for
the branch offices. The statements issued by the Corporation announcing expansion of acreage in the great surplus crops—wheat, cotton and tobacco—
its loans and its new regional offices follow in full text:
is seen in tlm rules laid down by Secretary Hyde, which hold that:
"The Reconstruction Finance Corporation to-day announced that it has Loans will not be made for a total acreage of crops in excess of the average
made or authorized a number of loans to banks in various sections of the acreage planted by the borrowers in 1930-31 ; no loans will be made to
country. The Corporation also announced that it has approved a loan any,applicant that did not operate a farm in 1931; and loans for
financing
to the receivers of the Wabash Ry. Co., part of which is for the purpose
of paying the principal and interest of equipment trust certificates of the cotton and tobacco planting will be made on an acreage of not more than
company now in arrears and maturing prior to June 1 1932.
65% of the acreage devoted to these crops in 1931, im more than 10 acres
"The Reconstruction Finance Corporation to-day announced that it had of cotton or three acres of tobacco were planted last year.
established a loan agency at Louisville, Ky., and appointed Frank D.
Rash manager of the agency."
Effect of Provisions.
It is understood that the second of these provisions will effectively pre-
Regulations Governing Crop Production Loans Under vent any "back to the farm" movements being financed with Government
Reconstruction Finance Corporation—$50,000,000 funds. The third provision effects a reduction of 35% in tobacco and cotton
growers.
Allocated for Farm Loans—Secretary Hyde to Deny acreage of all borrowers except smaller to former acreage
Although restricting production loans
was used by the
Loans for Crop Expansion.
department in its seed and food loans in the drouth area of the Northwest
time credit limitations
The regulations governing crop production loans in 1932, last year, this is the first to prevent expansion. have been used to bring
about actual reductioin or
to be made by the Secretary of Agriculture under the proA circular Issued by Secretary Hyde detailing the regulavision of the Reconstruction Finance Corporation Act authorallocation of $50,000,000 for these loans, were made tions incident to farm loans under the Act creating the Reizing the
construction Finance Corporation was quoted as follows In
public by Secretary of Agriculture Hyde on Feb. 11. These
the "United States Daily" of Feb. 12:
regulations provide that loans may be made by representaThis circular defines the procedure relative to granting of loans for crop
in all States except
tives of the Secretary of Agriculture,
production during the year 1932 out of the appropriatioin authorized under
Connecticut and Pennsylvania, to farmers who cannot obtain the Act of Congress approved Jan. 22 1932, entitled "An Act to provide
crop production credit from other sources. In Connecticut emergency financing facilities for financial institutions, to aid in financing,
agriculture, commerce, and industry, and for other purposes." (Public
and Pennsylvania the State laws make no provision for No. 2, 72nd Congress.)
Section 2 of this Act provides in part as follow:
taking of crop liens, the security for loans which the Act
the
That
requires. The announcement issued Feb. 11 by the Depart- through$50,000,000 of the amount so subscribed, and the expansion ofsame
the notes, debentures, bonds, or other obligations as set out in section 9 shall be allocated and made available to the Secretary of Agriculture,
ment of Agriculture also says:
The amount of each loan will be based on the acreage of specific crops
to be planted by the borrower in the spring of 1932 and on the requirements of individual borrowers for supplies necessary in the production of
these crops. For instance, some borrowers will have feed for workstock
but will need to purchase seed. Others will have seed but need funds to
purchase fuel and oil for tractors. The maximum loan to any borrower
will be $400, and the total of loans to the tenants of any land owner in
any one county will be $1,600. The interest rate in all cases will be 514%.
Loans for financing the planting of cotton and tobacco will be made on
acreage not more than 65% of the acreage devoted to these crops in 1931,
if the owner, share cropper, or tenant planted more than 10 acres of
cotton or more than three acres of tobacco last year.
In counties in which fertilizer is not commonly used the maximum loan
per acre will be $3 for all crops except truck crops, including potatoes and
sweet potatoes, on which a maximum rate of $12 is allowed. Where fertilizer is necessary for crop production the maximum rates are $6 for all
crops except tobacco and truck crops, the rate for tobacco being $10 and
that for truck crops $20. Not to exceed $1 per acre of loans made at any
of these rates may be used for repairs and miscellaneous expenses of crop
production other than seed, fertilizer, feed for workstock and fuel and
oil for tractors.
Special provision is nrade for additional loans for the purchase of
materials to protect crops from insects and plant diseases where spraying
These loans will be at rates not to exceed
or dusting is necessary.
$2 for cotton and tobacco and $4 for truck crops. Fruit growers may
boredw not to exceed $25 per acre for fertilizer and spraying materials
for ori.. ards and vineyards. All loans for these purposes are included in
the limi of $400 on the individual loan.
Loans N ill not be made to persons who did not engage in farming in
1931, nor to minors. Loans for summer fallowing are not authorized,
The money aned from this appropriation may not be used for the purchase
of livestock, the feeding of livestock other than workstock, the purchase of
machinery, 0 for payment of taxes, debts, or interest on debts.
which sum,or so much thereof as may be necessary,shall be expended by the
Secretary of Agriculture for the purpose of making loans or advances to
farmers in the several States of the United States in cases where he finds
that an emergency exists as a result of which farmers are unable to obtain
loans for crop production during the year 1932:
Provided further, That the Secretary shall give preference in making such
loans or advances to farmers who suffered from crop failures in 1931. Such
advances or loans shall be made upon such terms and conditions and subject
to such regulations as the Secretary of Agriculture shall prescribe. A first lion
on all crops growing or to be planted and grown, shall, in the discretion of
the Secretary of Agriculture, be deemed sufficient security for such loan or
advance.
All such loans or advances shall be made through such agencies as the Secretary of Agriculture may designate,sad in such amounts as such agencies,
with the approval of the Secretary of Agriculture, may determine. Any person who shall knowingly make any material false representation for the
purpose of obtaining an advance or loan, or in assisting in obtaining such
advance or loan under this section shall upon conviction thereof, be punished
by a fine of not exceeding $1,000 or by imprisonment not exceeding six
months, or both.
Loans for crop production will be made in the several States of the
United States where the Secretary of Agriculture has determined that an
emergency exists as a result of which farmers are unable to obtain loans
for crop production during the year 1932 from any other sources. These
loans may be made to such individuals in such States as are found by the
Secretary of Agriculture to have acreage fit for seeding and who are without
means to purchase the supplies necessary for crop production during the
year 1932.
Limit of $400 Placed on Amount of Loans.
No loans for crop production in 1932 will be made to any applicant in
excess of $400. The total amount of loans to the tenants of any one land
owner in a single county shall not exceed $1,000. Loans for crop production in counties where fertilizer is not commonly used will be made at
rates per acre based on the approximate cost of the supplies required, but
in no case in excess of $3 per acre, except for truck crops, including potatoes
and sweet potatoes, for which loans will be made in amounts not in excess
of $12 per acre.
FEB. 20 1932.]
FINANCIAL CHRONICLE
Loans for the purchase of fertilizer will be made only in those counties
where its use is deemed necessary by the representatives of the Department
of Agriculture. Loans in such counties will be based on the approximate
cost of all the supplies necessary for crop production, including fertilizer,
but in no case in excess of a total amount of $6 per acre, except for
tobacco, on which the maximum rate is $10 per acre, and truck crops,
including potatoes and sweet potatoes, on which the maximum rate is $20
per acre.
Not to exceed $1 per acre of loans for crop production made at any of
the foregoing rates on the acreage of crops included in the mortgage or
crop lien given to the Secretary of Agriculture as hereinafter provided may
be used for repairs and miscellaneous expenses of crop production other
than seed, fertilizer, feed for work stock, and fuel and oil for tracts used
in crop production. In addition to the foregoing, loans will be made in
amounts not to exceed $2 per acre for the purchase of materiails for
spraying and dusting to protect cotton and tobacco from insects and plant
diseases; $4 per acre for spraying and dusting truck crops; and $25 per
acre for fertilizer and spraying and dusting materials for bearing fruit
trees and vineyards.
The right is reserved to make loans at rates lower than the foregoing
maximum allowances. Applicants must agree to use seed and methods
approved by the Department of Agriculture through its local representatives.
Applicants must also agree to plant a garden for home use and a sufficient
acreage of feed crops to supply feed for their liivestock.
Restrictions Adopted for Issuance of Credit.
No loans will be made to any applicant who has a means of livelihood
other than fanning, nor to a minor. No loan will be made to any applicant who did not operate a farm in 1931. No loans will be made for
summer fallowing. Loans will not be made for a total acreage of crops
in excess of the average of the acreage planted by the borrower in 1930
and 1931. Loans will not be made for the purchase of machinery, or livestock, or for the feeding of livestock other than work stock used in crop
production, or for the payment of taxes, debts, or interest on debts.
No loan will be made to any individual or to the tenants or share croppers
of any landlord to finance or assist in financing the planting of an acreage
of cototn or tobacco in excess of 65% of the acreage of such crops planted
by such individual or by the tenants or share croppers of such landlord
in the spring of 1931, and unless such individuals of landlord agrees that
he will not have any interest whatsoever in any such crops in excess of
65% of the acreage of such crops to which he had an interest in 1931:
Provided, That the foregoing shall not apply to the farmer, tenant or share
cropper who, in 1931, planted not more than 10 acres of cotton or three
acres of tobacco.
Application for loans for crop production purposes during the year 1932
shall be made on the official form of application prescribed and furnished
by the Secretary of Agriculture and shall describe the particular acreage
to be sown or on which the fertilizer is to be applied. Such application
shall be investigated by the Secretary of Agriculture through such agencies
as he may determine, but the approval or disapproval of the application
shall be by his authorized representative. Approval may be for a less
amount than that applied for.
List of Reguiremnts for Applicants.
The amount approved for loan pursuant to these regulations will be paid
by a temporary special disbursing agent to the applicant, upon receipt
and approval by the designated representative of the Secretary of Agriculture of the following documents:
(a) Application on the form previously specified in this circular signed
by the applicant and verified by the designated representatives of the
Secretary in the county in which the applicant is located.
(b) Promissory note, fully executed by the applicant, for the amount of
the loan, payable to the Secretary of Agriculture, on or before Nov. 30 1932,
with interest at the rate of 5th% per annum, in the form prescribed and
furnished by the Secretary of Agriculture. Applicants in North Dakota,
Minnesota and Montana who apply for loans for both seed and feed and/or
fuel and oil for tractors will execute two notes, one in the amount requested
for seed and one in the amount requested for feed and/or fuel and oil for
tractors.
(c) Crop pledge in Louisiana; seed lien in Minnesota, Montana, North
Carolina, North Dakota and Virginia; promise and authority in Colorado,
Delaware, Illinois, Kansas, Kentucky, Maryland, Massachusetts, Nebraska,
New York, Ohio, Rhode Island and Wisconsin; and crop mortgage in
Alabama, Arizona, Arkansas, California, Florida, Georgia, Idaho, Indiana,
Iowa, Maine, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New
Jersey, New Mexico, Oklahoma, Oregon, South Carolina, South Dakota,
Tennessee, Texas, Vermont, Washington, West Virginia and Wyoming, upon
the crop growing or to be grown on the land described in the application
for 1932, in favor of the Secretary of Agriculture, duly executed by the
applicant in such manner as to entitle it to filing, and securing payment
of the above-mentioned note, and containing a provision authorizing the
Secretary of Agriculture, through a representative designated by him, in
the event the applicant fails to protect and at the proper time to harvest
the crop mortgaged, to enter upon the premises and harvest the same, and
to sell the crop to satisfy the lien of said mortgage and expenses incurred
thereunder from the proceeds of the crop.
Effects of Limitation. in Certain States.
Crop mortgages, pledges, or liens shall be executed on forms
supplied
by the Secretary of Agriculture and shall be filed in the
proper office
under the State laws applicable. These instruments shall be
and signed in duplicate, except in North Dakota, South Dakota, prepared
Montana
and Minnesota, the original being fully executed and both
copies transmitted with the application. In the four States mentioned
the proper
document must be prepared in triplicate, one copy
to be retained by the
applicant.
As the laws of Colorado, Delaware, Illinois, Kansas,
Kentucky, Maryland,
Massachusetts, Nebraska, New York, Ohio, Rhode Island
and Wisconsin
require that a crop must be planted and growing before a
legal crop mortgage can be given, applicants living in those
States must sign an agreement to execute and deliver a crop mortgage on
growing crops at the
proper time. The crop mortgage, therefore, is not
required from applicants
for loans in such States at the time the application is filed.
If the applicant for a loan is a tenant, or is farming land under
contract
for deed or so-called crop contract, or has given a prior mortgage
on his
1932 crop, he must secure the waivers of the actual owners
of the land,
his landlord, and/or all prior mortgage holders in the space provided
on the
mortgage form for the purpose. If the applicant is the
owner of the
land and farms it with tenants or share croppers, waivers of such tenants
or share croppers must be secured in the space provided on the mortgage
form for the purpose.
If the applicant leases the land from another and in turn operates it
with tenants or share croppers, waivers of both the actual owner of the
leased land (unless the rental of said land has been paid) and of said
1315
tenants or share croppers must be secured in the space provided on the
mortgage form.
In all cases where waivers are required the person waiving must certify
that at the time of signing such waiver he is in actual possession and
owner of any rent note, mortgage, land sales contract, or other paper, and
must enter into an agreement on this form that he will not assign, transfer,
hypothecate, or sell such security without first having secured the written
consent of the duly authorized representative of the United States; and
further, that in the event advances are made in compliance with pertinent
regulations of the Secretary of Agriculture, for the purpose of harvesting
and marketing the said crops, it is agreed that the money so advanced may
be repaid from the proceeds derived from the sale thereof prior to the
satisfaction of any lien, claim or interest of the signor.
Right Reserved to Make Payment in Installments.
(d) By a voucher form supplied by the Department of Agriculture and
signed by the applicant.
The right is reserved to make payment of the loan in installments, the
amount of each installment to be determined by the Secretary of Agriculture. Initial payment wil lbe made at the time the loan is approved and
subsequent installments will follow at stated intervals only after expenditure of the initial payment is shown to have been properly made by a
report on a card furnished by the Secretary of Agriculture. Interest on the
entire loan from the dates of the several installments to the maturity date
of the note will be conducted from the final installment.
Applications for loans under these regulations must be mailed in time
to be received by the designated representative of the Secretary of Agriculture at the Farmers' Seed Loan Office, not later than April 30 1932.
The right is reserved to make further supplemental or amendatory regulations relative to loans for crop productioin purposes during the year 1932
or to withdraw these regulations at any time.
American Bankers Association Requests Delay in
Creating Home Loan Bank System—Other Wit-.
nesses at Senate Hearing Point to Need of Additional Credit as Aid to Owners of Homes.
Need for the proposed home loan banking system was
presented at a hearing, Feb. 16, before the sub-committee
of the Senate Banking and Currency Committee which is
considering the legislation, but at the same time statements
were filed with the committee advocating delay in launching
such a program.
The interim committee of the American Bankers Association filed a statement asking that the committee withhold
action until it can be determined whether the Reconstruction
Finance Corporation will meet requirements of the situation,
while outright opposition to the legislation was expressed in a
statementfrom Jay Morrison, President of the Savings Bank
Division of the Association. In its account the "United
States Daily" of Feb. 7, added:
Available Credit.
While the Morrison views objected to any claim that there was a lack of
credit facilities for home financing, two witnesses, Galvin L. Payne, of
Indianapolis, Ind., and John Emery, of Grand Rapids, Mich., Past National Commander of the American Legion, maintained the opposite
to be true. Both witnesses spoke with the background of active building
and loan association connections, and a third witness, John C. Hall, of St.
Louis, testified concerning the need for an even flow of currency.
Senator Watson (Rep.), of Indiana, subcommittee chairman and sponsor
of the bill (S. 2959), asked Mr. Emery: "Suppose that we do not pass this
bill and let things go on as they are. What will happen to the building and
loan associations?"
Effect on Home Ownership.
"The building and loan associations will continue to be subjected to the
effects of depressions, to the recurring difficulties thathave been experienced
and the small home ownership movement will suffer with them." Mr.
Emery replied.
"This business of buying homes is not a fad. Nothing is needed so much as
confidence, and the building and loan associations must have the confidence
of their customers, or our economic structure is going to feel the effects of it.
"I heard a question asked here a minute ago,'How long will the depression
last?' I cannot answer that, but I can tell you when the depression will end.
That time is when bankers are able to quit telling their customers,'Sorry,
but we can not loan any money on real estate.'"
Mr. Morrison stated the legislation was based on "the dubious assumptions of a shortage of real estate credit and a shortage of residential property." The statement added that "notwithstanding our sympathy for the
aims of the plan, we oppose it as unsound."
New Facilities Opposed by A. B. A.
The interim committee of the American Bankers Assn. voiced the belief
that additional banking facilities should not be created by the Federal
Government. Its statement follows in full text:
"That the A. B. A. takes the position that action by Congress on the proposed home loan bank will be deferred until it can be ascertained how
successful the Reconstruction Finance Corp. will be in dealing with the
problems involving accumulated mortgages.
"This for the reason that theiReconstruction Finance Corp. can give
the needed relief, with the exception of stimulating the building of new
homes which it would seem inadvisable to encourage at this time, the present
need being to render assistance to existing home ownership; and for the
further reason that it is unwise public policy for the Federal Government to
create additional banking corporations of a permanent character."
Vacancies in Housing.
Mr.Payne told the Committee that prior to his departure from Indianapolis for Washington, he had been advised that the Mortgage Bankers Assn.
of American had telegraphed its members, urging them to communicate
with their Representatives and Senators in opposition to the home loan
bank bill. He said the mortgage bankers asked also that the association
members tell the members of Congress the number of vacancies in housing.
"I know there are vacancies," he continued. "There are many of them in
every city in the country, but it is not because people do not want better
housing. It is because of the depression that families are doubled up, or
trebled up in quarters comparable to the conditions of the early Victorian
era where hard times forced people to live in a way that white persons
ought
never live.
1316
FINANCIAL CHRONICLE
"When conditions are better than now, a large percentage of the housing
vacancies are going to be used up. People will spread out again as they are
accustomed to living just as soon as jobs are available."
[vol.. 134.
which is considered by business economists as well as real estate men
to be a healthy condition, presaging necessary new building."
The bill would provide for the establishment of 12 Federal banks in each
Reserve district, financed through the sale of bonds, which would deal
only with the business of rediscounting home mortgages.
Financing Ability.
On the other side of the question, however, Mr. Morrison's statement declared that most savings bankers and mortgage loan agencies are of the
opinion that real estate is suffering now from an overextension of credit
during good times. Residential property, it was asserted, suffers at
this time from a lack of demand for the property by purchasers who have
ability to pay for it.
The ability of the system to finance itself during periods of adversity
also was questioned in the statement, which called attention to difficulties
which it said the Federal Farm Loan System had experienced.
"Further," the statement continued, "organization of the home loan
banks will result in a new source of tax exempt bonds. The income from
mortgages to be pledged as collateral to the home loan bank bonds is now
taxable. The income from the bank bonds will be tax exempt.
United States Senate Rejects $760,000,000 CostiganLa Follette Bill Proposing Federal Aid for Unemployed.
On Feb. 16, by a Vote of 48 to 35, the United States
Senate rejected the Costigan-La Follette bill, appropriating
$750,000,000 for the relief of unemployed. From the
Washington account Feb. 16 to the New York "Times" we
take the following:
Declared Inflationary.
"To summarize the plan for Federal home loan banks is based upon
dubious assumptions of a shortage of real estate credit and a shortage of
residential property. The plan will be conducive to unsound banking
in permitting savings banks and building and loan associations to borrow
money in the normal course of their business, thus using their depositors'
money to margin a larger volume of financing. It will lbe inflationary
through its call upon the United States Treasury for a portion of the initial
capital of the banks and through the issuance of bonds as security for public and other moneys.
"It will increase taxation because it will relieve from taxation some income
from mortgages which is now taxable. It will not prevent a recurrence of
collapse of real estate credit because when a credit crisis arises, the Federal
home loan bank will be unable to sell bonds just as the Federal Land bank is
now unable to sell its bonds.
"The plan has been devised with an earnest desire to find a way out of
one of the most serious depressions ever encountered by the American
People. Like most other plans to extricate us from our difficulties, it is
based upon a further extension of credit. America is now suffering from
an excess of credit rather than from a deficiency of credit."
This measure, frequently referred to as the "dole bill," and the first
offered in Congress, went down after numerous substitute proposals and
amendments had been beaten; thus the net result was that the Senate went
on record as being opposed at this time to any direct relief legislation.
The Costigan-La Follette proposal was originally for distribution of
$375,000,000 to charitable agencies by a Federal bureau. It was amended
by Senator Norris, Republican, of Nebraska. to authorize $375,000.000 in
road-building funds also.
Two weeks of debate closed with the Democratic minority of the Senate
as badly torn apart on the question as were the Republicans, among whom
such conservatives as Senators Davis of Pennsylvania and Jones of Washington cast their vote for the bill.
In the closing debate, which began in mid-afternoon and lasted until
7:15 p.m., Senators Costigan, Democrat, of Colorado, and La Follette.
Republican, of Wisconsin, co-authors of the measure, aided by Senator
Norris and Senator Copeland, Democrat, of New York, attempted to
break down the opposition voiced for the majority of the Democrats by
Senator Black of Alabama. Mr. Black was principal author of the Democratic substitute bill, replacing the gift provisions with loans to States,
which was defeated yesterday, 48 to 31.
La Follette Assails Three Foes,
Claims Discrimination.
Senator La Follette centred his final attack on three men who had spoken
At the afternoon session Charles H. Mylander, Vice-President of the First
Council against his bill, Senators Fess of Ohio, Reed of Pennsylvania and Walsh
National Bank of Cincinnati, appeared as a representative of the
of Administration of the Ohio Bankers' Association. He objected to calling of Massachusetts, the last named a Democrat. . . .
the proposed institutions Federal Home Loan banks. The Ohio association,
Kindred Measures Also Lose.
he said, regards it as undesirable for building and loan associations to make
Prior to the final vote, the Senate rejected by 76 to 7 a substitute offered
use of the word "bank" in their advertising, as might be cone in making by Senator Couzens to dispense with the road-building funds and allocate
known their membership in the regional institutions.
the 8375,000,000 as gifts to State governments rather than to charitable
Mr. Mylander protested against discrimination in the bill against some organizations.
types of financial institutions and favoritism for others. All building and
Another substitute, proposed by Senator Walsh of Montana, to eliminate
loan associations would be admitted to membership, he pointed out, while
the gift provision entirely and authorize $375,000,000 solely for road work.
banks would be required to meet certain specific tests.
was killed, 58 to 28.
The advertising of building and loan associations in Ohio, Mr. Mylander
Also voted down were an amendment by Senator Thomas, Democrat,
said, had induced the belief that certificate holders could withdraw their of
Oklahoma, authorizing $250,000,000 for public buildings, and another
deposits on demand. The associations, he charged, have been practically
by Senator Trammell, Democrat, of Florida, to cut the proposed building
conducting a banking business. They have diverted more funds into the
authorization to $100,000,000.
building field than should have been applied to that purpose, he added.
A motion by Senator Gore, Democrat, of Oklahoma, to recommit the
Asked by Senator Morrison (Dem.) of North Carolina whether depositors
In banks or building and loan associations had suffered greater losses in Costigan-La Follette bill to the Committee on Manufactures was defeated
overwhelmingly in a viva voce vote which demonstrated the determination
recent years, Mr. Mylander replied that it was impossible to tell. When
of the Senate to dispose conclusively of this pending legislation.
banks are unable to meet the demand of their depositors for funds, they
must admit insolvency and close, whereas building and loan associations
may always refuse payment on demand and exercise the right of asking
President Hoover in Lincoln Day Message—Confident
30 or 60 or 90 day notice of itnention to withdraw their funds, he said.
The home loan banks, if created, the Ohio banker said, should not be
of Resources, Power and Courage of People "To
permitted to accept deposits from its members. Neither should they be
Triumph Over Any National Difficulty."
permitted, he said, as in his belief the bill now authorizes, to make commercial loans as "investments" under regulations of the home loan bank
In an address commemorating the birthday of President
board.
Lincoln, broadcast Feb. 12 to the Lincoln Day dinner of
The Ohio Bankers Association, Mr. Mylander said, is not opposed to
the proposal of President Boover that some method be devised for financ- the National Republican Club in New York, President
ing home ownership, but they do oppose the Watson bill.
Hoover declared that "we celebrate his (Lincoln's) birthday
Favors Passage of Bill.
Charles W. Thompson, President of the Aetna Building & Loan Association, followed Mr. Mylander on the witness stand. He described the
situation in the building and loan association field in Kansas. Conditions
would be materially helped, he testified, by the passage of the bill and
great hardships will result if it is not enacted, particularly to many persons
who now need their savings to live on.
Endorses Plan.
F. S. Cannon, an Indianapolis building and loan official, testified that
10% of the borrowers from his association are in need of help and that he
would be in better position to give them aid if the home loan bank bill
became law. He favored the measure as an emergency proposal and also
as a permanent set-up. Mr. Cannon discounted the danger of "a building
inflation." No injury would result to commercial banks, he said.
Spokesmen for Building and Loan Associations Rally
to Home Loan Bank Bill Before Senate SubCommittee.
Emphatic support of the Home Loan Bank bill, which
would provide $150,000,000 of Federal funds for rediscounting mortgages on houses, was voiced on Feb. 15 by
building and loan association spokesmen and real estate men
before a sub-committee of a Senate Banking and Currency
Committee. From the New York "Times" we quote the
following from Washington, Feb. 15:
William E. Best of Pittsburgh, President of the United States Building
and Loan League, testified that the only opposition comes from mortgage
brokers and "two-year loan men." The principal benefit, he contended,
would be the "release" of house owners from short-term loans with bonuses
payable for each renewal.
Walter S. Schmidt of Cincinnati, for the National Association of Real
Estate Boards,said that first mortgage funds"have practically disappeared"
in the lightening of business.
Judson Bradway of Detroit, also representing the National Association
of Real Estate Boards, challenged statements that there has been overbuilding in residences.
"In spite of the overbuilding talk at present, which is greatly exaggerated," he said, "Detroit now has a dwelling vacancy of only 3.8%.
as the most significant for any American after Washington.
In its celebration we find renewed courage and strength.
Our obligation to Lincoln is to be resolute in our determination to maintain the principles which Washington forged
from the fires of revolution and which Lincoln strengthened
in the fires of civil strife." Referring to "the difficulties of
this day" the President asserted that "the forces with which
we are contending are far less tangible than those of Lincoln's
time. They are invisible forces, yet potent in their powers of
destruction. We are engaged in a fight upon a hundred
fronts just as positive, just as definite and requiring just as
greatly the moral courage, the organized action, the unity of
strength and the sense of devotion in every community as
in war." The President added "I am confident of the
resources, the power and the courage of our people to triumph
over any National difficulty." The President's address
delivered from the Lincoln study of the White House,
follows:
I deeply regret that public duties make it impossible for me to be present
with you at your Lincoln Day dinner this evening. It is, however, a
privilege and obligation for every American to join even for a few moments
in a tribute to Abraham Lincoln.
I gave a brief address from this room in the White House a year ago
to-night. I stated then that it was the room in which a long line of Presidents from Adams to Roosevelt have labored for the single purpose of their
country's welfare. It was in this room from which I am speaking that
Lincoln labored incessantly day and night for the preservation of the
Union. No one can enter here without being sensitive to those invisible
Influences of the men who have gone before.
It was from this window that for five years Lincoln looked across the
Potomac upon a flag under which embattled forces threatened our national
unity. Unafraid, he toiled here with patience, with understanding, with
steadfastness, with genius and courage that those wounds of a distraught
nation might be healed, and that that flag which waved over this house
might be restored as the symbol of a united country.
We rightly look back upon that time as the period of the greatest strain
and stress which has threatened our country. But its wounds have long
FEB. 20
1932.]
FINANCIAL CHRONICLE
since healed and its memories are of the glorious valor and courage of our
race, both North and South. They bring into bold relief memories of a
great son of America who freed the country from slavery, preserved the
solidarity of the Union, revitalized the nation, reinspired the people with a
new purpose and set for them a new destiny.
While we are in the midst of the difficulties of this day we may well
entertain the feeling that history will record this period as one of the most
difficult in its strains and stresses upon the timbers of the Republic that has
been experienced since Lincoln's time. There are enduring principles and
national ideals to be preserved against the pressures of to-day.
The forces with which we are contending are far less tangible than those
of Lincoln's time. They are Invisible forces, yet potent in their powers of
destruction. We are engaged in a fight upon a hundred fronts just as
positive, just as definite and requiring just as greatly the moral courage, the
organized action, the unity of strength and the sense of devotion in every
community as in war.
I am confident of the resources, the power and the courage of our people
to triumph over any national difficulty. They are rallying to their responsibilities. They are thus doing more than serving their immediate needs.
They are buttressing the very foundations of self-government. They are
defending the very principles of liberty and freedom. They are showing the
patience and the steadfastness of Abraham Lincoln.
Ours is a Government of political parties. Lincoln was the leader of a
party whose traditions and tenets are precious to all those who adhere to
It. But we do not celebrate the birth of Lincoln as a political event.
Instead we celebrate his birthday as the most significant for any American
after Washington. In its celebration, we find renewed courage and strength
Our obligation to Lincoln is to be resolute in our determination to maintain
the principles which Washington forged from the fires of revolution and
which Lincoln strengthened in the fires of civil strife.
Lincoln deservedly shares with Washington the distinction of a nationally
commemorated anniversary. To-day as throughout recent decades, his
vision sets the guide posts of American conscience and American ideals
This humble man of the wilderness who labored over grub-hoe and axe in
his youth never saw a city until he was 20 years old, never opened a grammar
until after he had attained his majority. Yet he became one of the new
masters of the English language. There are no nobler utterances, no greater
Inspirations to people than his many appealing statements culminating with
his Gettysburg speech. A race is fortunate that can contribute a voice
calling to order and to conscience In the world which shall be heard above
the froth and immaterial substance of everyday life. It comes to few men
to become that voice to their generation. Still fewer are they whose voices
resound through the lire of a people.
Abraham Lincoln more than any other man gave expression to the heart
and the cnaracter and the faith of our race. Washington was indeed the
father of our country. Lincoln was its greatest son.
1317
to meet the financial needs of the railroads were described
informally on Feb. 17 by E. G. Buckland, Chairman of the
New York New Haven & Hartford RR. and President of
the Railroad Credit Corporation. He spoke after a meeting
of the railway organization in the New Haven's offices here,
said the New York "Times," which also had the following
to say:
The Railroad Credit Corporation's funds are to be derived from freight
surcharges authorized by the Inter-State Commerce Commission in January.
The proceeds from theso surcharges will not materialize until about March
15. Meanwhile, Mr. Buckland said, the Railroad Credit Corporation is
issuing to applying roads certificates to show what they may receive from
future funds accruing to the railway organization and the roads are discounting these certificates with the Reconstruction Finance Corporation.
Mr. Buckland said several such transactions had been carried through by
the two organizations.
The Railroad Credit Corporation is empowered to make loans to railroads
solely to meet interest charges. The Reconstruction Finance Corporation
may make loans for maturities and other purposes.
The Railroad Credit Corporation yesterday considered six applications
for loans, but Mr. Buckland said that the names of applicants would not
be made public by his organization. It is known, however, that the Denver
& Rio Grande Western, Western Pacific, Pittsburgh & West Virginia,
Missouri Pacific and the St. Louis-,San Francisco have applied for loans.
Other roads which are reported to have considered applying are the Chicago
North Western, the Nickel Plate and the Erie.
Applications to the Reconstruction Finance Corporation by railroads
become public because the Inter-State Commerce Commission must pass
upon such applications. However, the decision of the Reconstruction
Finance Corporation on such approved applications would not become
public unless the railroad made the announcement.
Personnel of Railroad Credit Corporation.
While we gave in our issue of Jan.25(page 780) the names
of those directing the Railroad Credit Corporation, we are
giving herewith the following with regard to the Corporation
which has since come to us officially:
The Railroad Credit Corporation formed by the railroads for the purpose
of collecting, receiving and administering through loans to needy rail
carriers funds growing out of the increase in freight rates allowed by the
Inter-State Commerce Commission in ex parto 103, announced the following
permanent organization:
President—E. G. Buckland, Chairman of the board of the New York
Shops Reopened by New York Central RR. Recalling New Haven & Hartford flit.
Vice-President and Comptroller—E. R. Woodson, Washington, D.0.
1,200 Men.
Secretary— e illiarn J. 1,Htie. Washington, D. C.
Assistant Secretary—M. K. Dugan, New Haven, Conn.
Treasurer—Arthur B. Chapin, Boston, Mass.
Cleveland, Ohio, advices dated Feb. 8 to the New York
Counsel—Daniel Willard Jr., Baltimore. Md,
"Times" said as follows:
Mr. Buckland has been Chairman of the board of the New York New
The New York Central RR. has called 1,200 men back to work in the Haven & Hartford RR.since 1929, prior to which time he was Vice-President
Col'Inwood locomotive shops. effective Feb. 15. The order, issued Feb. 8. and General Counsel.
Is regarded as a move toward carrying out the employment promise made
Mr. Woodson, who was born in Roanoke, Va., has been Secretary and
In the rail wage reduction agreement.
Treasurer of the Railway Accounting Officers Association since 1914. He
originally entered railway service as a stenographer in the Superintendent's
Employees of Canadian Pacific Ry. Accept 10% Wage office of the Norfolk & Western Ry. Mr. Woodson is President of the
Kiwanis Club in Washington and Chairman of the international committee
Cut.
on vocational guidance of that organization.
Mr. Kane formerly was connected with the car service division of the
According to Associated Press advices from Montreal,
a practicing attorney.
Feb. 18, a 10% wage cut was accepted Feb. 18 by union American Railway Association and isEngland, having formerly been PresiMr. Chapin is well known in New
railway clerks, freight handlers, checkers and station em- dent of the American Trust Co. of Boston. When that company merged
with the First National Bank of Boston Mr. Chapin became General Manployees of the Canadian Pacific Ry.
ager of the New York office of the Whiting Paper Co. at Holyoke, Mass.
He was formerly State Treasurer of Massachusetts from 1903 to 1908 and
American Institute of Accountants Inaugurates New Bank Commissioner of Massachusetts from 1909 to 1912. Mr. Chapin
Publishing Program in Behalf of Accountants— also has been President of the Massachusetts Bankers' Association and the
Massachusetts Trust Co. Association,
New Bookstore Established in Cedar Street.
Mr. Willard is a graduate of Yale University and of the Harvard Law
Under the new name of American Institute Publishing School and is assistant to the General Counsel of the Baltimore & Ohio RR.
Mr.
has been serving as Secretary
Co., Inc., substituted for the name, The Journal of Account- tion Willard the period of organization. of the Railroad Credit Corporaduring
ancy, Inc., the publishing department of the American InstiMr. Dugan comes from New Haven, Conn., and is assistant to Mr.
tute of Accountants has embarked on a new publishing pro- Buckland.
gram designed to round out the services which it already
renders to professional accountants throughout the country. Elisha Lee of Pennsylvania RR. Says Services of Railroads Reduce to Myth Any Belief that Highways
The announcement in the matter says:
Are Capable of Superseding Railways—Appeals
Each year a vast quantity of material on accounting and allied subjects
Is submitted to the Institute for consideration for publication. The enlargefor Support in Application for Loan from Reconment of the scope of its publishing department now makes it practicable
struction Finance Corporation.
to increase considerably the amount of such material bandied. It is planned
during the current year to select at least six books of outstanding merit
Declaring that the services of the railroads to the nation
for publication. One of the first volumes to be published will be a book
irreplaceable," Elisha Lee, Viceentitled "Law for Laymen," by Harold Dudley Greeley, particularly designed are "indispensable and
to meet the requirements of students preparing for accounting examina- President of the Pennsylvania RR.,at Pittsburgh on Feb. 16,
tions, but also adapted to the use of practicing accountants and business reduced to a myth any belief that the highways may be
executives.
an analysis preTo provide an outlet for its own stock, as well as for technical books capable of superseding the railways. In
of other publishers, the Institute will on or about Feb. 1 open a bookstore sented to the Pittsburgh Chamber of Commerce at a luncheon
on the ground floor of its headquarters (135 Cedar Street, New York). A meeting, he showed that the freight handled daily over the
mail order service in connection with the bookshop will further facilitate
the securing of technical publications by accountants in all parts of Pennsylvania's Pittsburgh division alone, even in the
present depressed state of traffic, would fill a fleet of heavy
the United States.
The new program is an important step in the perfecting of the Institute's motor trucks which would monopolize a stretch of highway
equip Itself to serve the profession of accountancy adequately in
plans to
all Its branches, and the combination of publishing, book selling and longer than from Pittsburgh to Philadelphia.
library service is regarded as an ideal one for the production and disEmphasizing the importance of railway employment, he
semination of accountancy literature.
pointed out that in 1931, "perhaps the most difficult and
discouraging business year that any of us can remember,
E. G. Buckland of New York New Haven & Hartford the payroll of the Pennsylvania RR. in this one industrial
RR. Reviews Progress of Loans to Railroads—Tells centre—the Pittsburgh district—amounted to $25,500,000,
How the Two Credit Corporations Are Working and was distributed among 16,500 employees."
Together—Rail Group Meets in New York—
Incident to the Pennsylvania's current program of changes
Considers Applications from Six Lines.
and betterments in seaboard territory, Mr. Lee stated his
Means by which the Railroad Credit Corporation and the road "has bought, or contracted for, over $19,000,000 worth
Reconstruction Finance Corporation are working together of equipment, materials and supplies from the Pittsburgh
1318
FINANCIAL CHRONICLE
[voL. 134.
industries." Pleading for assistance in the form of tem- York In order to link up the California banking interests of the holding
porary loans from the Reconstruction Finance Corporation, company, which include the Bank of America of California. Blair & Co.,
an old-time banking house, was merged with the Bancamerica Corp. in
to permit continuance of this work "until it is again prac- May, 1929. as the Bancamerica-Blair Corp.
No announcement regarding the Bancamerica-Blair Corp. Is expected
ticable to finance railroad betterments in a normal way,"
to be made before the new directors elected
Monday (Feb. 15) meet in
Mr. Lee asserted that "such use of the Corporation's funds San Francisco next Wednesday (Feb. 24).onBancamerica-Blair took an
would be a most effective means of helping the restoration active part recently in the offering of the 8100,000,000 New York city
of confidence by giving employment and permitting useful special corporate stock notes, being one of the 15 banking houses asked to
assist the city-wide syndicate of banks in distributing the offering.
buying to proceed."
From the New York "World-Telegram" of Feb. 16 we
The seriousness of unregulated highway competition
against the railroads, Mr. Lee said, though great, "falls take the following:
Amadeo Peter Giannini's victorious
the
to
very far short of warranting the assumption that it would america Corp. suggested to Wall Street return the control of that Transto-day
Elisha
possibility
be practicable, or even possible, to shift the great bulk of Walker and his associates may eventually be eliminated from the management of the Bancamerica-Blair Corp., securities distributing affiliate of
railroad freight traffic to rubber tires and the cement road." the holding dompany.
He continued:
Approximately 63% of the stock of Bancamerica-Blair Corp. is now
The loading of the average freight train on the Pennsylvania Railroad
in 1930 was 960 tons. To handle such a train required an engine and train
crew of five or six men. The same tonnage transported by motor trucks,
at an average loading of five tons per truck, would require the employment
of 192 trucks. with 192 truck drivers. The tonnage mentioned is the average, considering all classes of freight trains. Many of our coal and ore
trains handle six or seven times this volume of tonnage.
The Pittsburgh Division of the Pennsylvania Railroad between Pittsburgh and Altoona. and the New York Division between Philadelphia and
New York. are each, even in these very dull times, moving between their
terminals well over 100.000 tons of freight a day. If this freight were all
transferred to five-ton trucks, each of which was carefully loaded to its
maximum capacity, more than 20,000 such trucks would be required to do
the work of either division.
Now, let us imagine the Pittsburgh Division traffic transferred to the
William Penn Highway. Of the minimum of 20.000 trucks, about 14.000
would be running eastbound and 6.000 westbound. Allowing a reasonably
safe running distance between the trucks, the eastbound caravan would
stretch from Pittsburgh to Philadelphia and some miles beyond. The
westbound line would cover 150 to 1611 miles of the highway. Assuming
that the movement both ways was distributed over the 24 hours, a truck
either east or westbound would rem any given point, on the average.
approximately every four and one-third seconds.
It is obvious, of course, that if the William Penn Highway were turned
over to this traffic, it would be useless for any other purpose, and would
be almost impossible to cross, either on foot or in a vehicle.
Such comparisons. without taking the passenger traffic into consideration at all, ought to settle the question that the country needs its railroads
and cannot get along without them, and that they are plainly In no danger
of going the way of the canal, that is. drying up because something better
has been found. The real danger lies in the fact that the railroads are completely regulated, while the trucks are almost completely unregulated.
Hence the trucks are free to pick and choose between the kinds of traffic
they shall accept, and as a consequence are continually skimming off the
cream of the business—the highest paying and most profitably handled
freight—and accepting loads only to points which suit the convenience
of their operators. The railroadi, on the other hand, as common carriers,
must, and do. accept any traffic offered, from feather pillows and straw
hats to turbines and electric dynamos, and to any and all points. The
injustice of this situation is perfectly obvious.
If the railroads are necessary to the life and Industry of this country.
as they undoubtedly are, then the public in its own interest should see
that they are protected from wasteful and discriminatory competition,
when they are prevented by present regulation, from effectively combatting
It. The remedy is to place the trucks, and the buses as well, under proper
Governmental regulation. Unsoundly low charges should be guarded
against by applying the principle of minimum rates, and something in
the nature of a certificate of public convenience should be required from
everyone before engaging in highway transport business of any kind. Such
regulation should be helpful to motor transport itself and bring order out
of chaos.
owned by Transamerica. the investment company having increased its
interest in the underwriting organization considerably since the consolidation of Blair & Co. with the Bancamerica Corp. in 1929, when 49.6%
of the 1.417.012 outstanding shares was in the Transamerica portfolio.
With a reorganization of Bancamerica-Blair reported in prospect. it
was said that Mr. Walker and his associates of the original Blair & Co.
might be forced to step aside, just as they relinquished yesterday the
management of Transamerica.
Divorced from Bank.
Last September Mr. Walker. speaking for the board of directors of
Transamerica. announced that certain changes would be made in the
policies of the corporation which would provide for the company to confine
itself to minority holdings In the banking field in amounts not involving
controlling influence.
To that end a merger was arranged between the Bank of America. N. A.,
of New York. with the National City Bank, and the Bancamerica-Blair
Corp. was entirely divorced from the bank.
Through this merger Transamerica became the owner of approximately
a 9% interest In the National City Bank in place of the 63% of the stock of
Bank of America, N. A.. which It had previously owned.
The shares of Bancamerica-Blair Corp. were thus separated from the
bank. and Transamerica received separate certificates evidencing Its
ownership of approximately 63% of the corporation's stock, the annual
report for 1931, recently made public revealed.
Policy Causes Break.
According to reports in Wall Street it was the ultimate plan of the Walker
board to divorce the Bancamerlca-Blair Corp. from the Transamerica
Corp. This would have been in line with the board's announced policy
of bringing about a separation of the Bank of America, N. T. & S. A.
(California). from control of Transamerica.
It was this policy which brought about the break between Mr. Walker
and Mr. Giannini and which in turn precipitated the fight which ended
yesterday in Glannini's return to power as chairman of the board of Transamerica and the election of John M. Grant as the corporation's new President along with an entire new board of directors.
Midwinter Conference of Savings Banks Association of
State of New York in New York Feb. 25.
The Savings Banks Association of the State of New York
is to hold a midwinter conference at the Roosevelt Hotel
in New York on Feb. 25. The Association says:
This is a new departure and every member bank is urged to be represented. It will be a one-day meeting in the nature of a combined group
meeting, for the purpose of discussion of problems of vital interest to the
savings banks of the State.
A number of people have commented that the annual meeting at Niagara
Falls was so well worth while because there was an unusual number of
be discussed. There have been many
After sketching the improvement and the speeding up of interesting subjects to warrant the
developments since then which
calling of this midwinter meeting
and
both freight and passenger service on the Pennsylvania RR. which insure that It will be an itnportant and interesting one.
There will be a morning session, a business luncheon at which
in recent years, Mr. Lee said in conclusion:
there will
We realize that the challenge of the times is good service at low cost, be one speaker, and an afternoon session. No plans are being made for
through the employment of the most efficient agency to provide an econom- the evening, leaving the delegates free to return to their homes or to make
ical result. We. on the railroads, accept this challenge. We know that their own plans if they stay over in New York.
This meeting will replace the usual midwinter
to successfully meet the issue we must adapt to a common end the beat in
meeting of the up-State
each transportation enterprise. I have complete faith in the ability and groups. There will be legislative reports, and such subjects as interest
managers to meet this situation, and, given a fair rates, the mortgage liquidity fund plan and the proposed central
Ingenuity of railroad
bank.
as well as the general savings
measure of freedom, they will have the power to make co-ordination of
bank situation, liquidity reserves and inthese enterprises effectual. We are. In fact, doing this now, to the extent vestment problems will occupy a large part of the program.
that any man can do so with one hand tied behind his back.
We ask no favors, but with sympathetic treatment of these facts by
the public. I assure you that when the country emerges from the storms Election of Officers of Trust Companies Association of
and shodows of the present, we will be prepared to offer to you a co-ordiState of New York.
nated, efficient and economical service without parallel in the history of
At the annual meeting of the Trust
transportation.
Companies AssociaThe Pennsylvania RR.'s application for a loan from the tion of the State of New York held on Feb. 18 at the Lawyers'
Reconstruction Finance Corporation was referred to in our Club, 115 Broadway, the following officers were elected
for 1932:
ssue of Feb. 6, page 965.
Bancamerica-Blair Holds Old Position—Success of
Giannini Interests in Transamerica Control Not
Likely to Cause Change—Name Seen as Asset.
The Bancamerica-Blair Corp., which is controlled by the
Transamerica Corp. through the ownership of 63% of its
capital stock, is expected (said the New York "Times" of
Feb. 17) to continue to do business as the securities affiliate
of the holding company under its present title as a result of
control of Transamerica obtained by the Ciannini interests
at the stockholders' meeting on Monday. The "Times"
went on to say:
At the time of the announcement last October of the merger plans of the
Bank of America with the National City Bank It was Intimated that the
Bancamerica- Blair Corp. might revert to its original name of Blair & Co.
It is now understood that A. P. Glanninl. the new Chairman of Trans
america. and his allies desire to keep the name Bancamerica alive in New
President, C. R. Dewey, Vice-Chairman of
Board, First Citizens Bank &
Trust Co., Utica, N. Y.
Vice-Presidents, Merrel P. Callaway, Vice
-President. Guaranty Trust
Co. of New York. New York City; Edward
II. Letchworth. VicePresident and General Counsel, Marine Trust Co.. Buffalo. N. Y.
Treasurer, L. Floyd Smith, Vice-President, First Citizens Bank & Trust
Co.. Utica, N. Y.
Secretary, Henry L. Servoss, Vice-President,
Chemical Bank & Trust Co..
New York City.
The elections to the Executive Committee were as follows:
Class of 1933.
A. A. Tilney. Vice
-Chairman, Bankers Trust Co., New York City.
F. J. Fuller, Vice-President, Central Hanover Bank & Trust Co..
New
York City.
James O. Blaine, President, Marine Midland Trust Co. of New York.
New York City.
Class of 1934.
Harold K. Downing, President, Troy Trust Co., Troy. N. Y.
George C. Cutler. Vice-President, Guaranty Trust Co. of New York,
New York City.
J.0. Traphagen, President, Bank of New York & Trust Co., N. Y. Oit1.
FEB. 201932.]
FINANCIAL CHRONICLE
Class of 1935.
James IT. Perkins. President.. City Bank-Farmers Trust Co., N. Y. City.
A. B. Merrill, President, First Trust & Deposit Co., Syracuse, N. Y.
Artemus L. Gates, President, the New York Trust Co., N. Y. City.
A. P. Giannini Regains Control of Transamerica
Corporation at Annual Meeting in Wilmington,
Del.—He is Appointed Chairman of the Board and
John M. Grant of San Francisco, President—
Elisha Walker, Former Head of Holding Company,
Wishes Success to New Regime.
A. P. Giannini, founder and former Chairman of the
Board of the Transamerica Corp., won a decisive victory in
his struggle to regain control of the holding company at the
annual meeting of the stockholders held in Wilmington, Del.,
on Monday of this week, Feb. 15, defeating by a large majority the group headed by Elisha Walker, who had held
the Chairmanship since Mr. Giannini's retirement in 1029.
Mr. Giannini was elected Chairman of tile Board and will
serve without compensation, thus saving the company. it is
claimed, $100.000 a year, which Mr. Walker had been receiving as salary. and John M. Grant. Manager of the T.ondon office of Transamerica, was made President of the
Corporation at a yearly salary of $20.000. Mr. Grant succeeds I. A. Bacigalupi in the Presidency, who. it is stated,
received a salary of $00.000. A dispatch from Wilmington
to tile New York "Journal of Commerce," on Feb. 15. from
which we have quoted above in the matter, went on to say
In part:
Proxies representing 15,371,578 shares of the Corporation's 24.453.900
shares outstanding were presented by Mr. Giannini, compared with about
9,000.000 shares produced by the opposing faction. The shares of stock
produced by Mr. Giannini were represented by proxies for over 200,000 of
the Corporation's 250,000 stockholders, the majority of whom live on the
Pacific Coast.
The following directors were elected: A. P. Giannini. Charles de Y.
Elkus. Theodore N. Stuart, A. J. Scampini, J. Ed. McClellan, .Tohn N.
Grant. Herbert II. Salinger, George 'Buck, J. C. Jury, Frank J. McCarthy,
Edward I. Barry, Ivan Culbertson, R. C. Springer, Alexander N. Nichols,
Edwin D. Steel Jr., Edwin D. Stayton.
Associated Press advices from Wilmington. reporting the
meeting, stated that besides the Chairman and tile President
of the Corporation, the only other officers chosen by the
new Board were J. A. Crooks of New York as Secretary and
Assistant to the Treasurer, and James F. Cavagnaro of New
York as Vice-President. L: A. Woolams. Treasurer, was
retained. The Board then adjourned to meet again in San
Francisco on Feb. 24. We quote furthermore, in part, from
this dispatch as follows:
1319
Arrangements were reported for the sale of two New
York Curb Exchange memberships; one for $36,000 and the
other for $40,000.
Two New York Cotton Exchange memberships were reported sold this week; that of George A. Garrett to Herman
Philips for another for $14,500, and that of Edwin H.
Muir to John C. Botts for another for $13,000.
At a special meeting of the Governing Committee of the
New York Stock Exchange, held Feb. 17, the petition of
the members to close the Exchange to-day, Saturday,
Feb. 20, was not granted. If the petition had been granted
the Exchange would have been closed three days, including
Monday next, Washington's birthday.
Edward M. McMahon, Second Vice-President of the
Chase National Bank of New York, died on Feb. 13. After
graduating from the University of Wisconsin, Mr. McMahon
joined the Northwestern Mutual Life Insurance Co. in 1910.
Later, he became manager of the Madison, Wis., Chamber
of Commerce and General Manager or the St. Paul Chamber
of Commerce. Mr. McMahon in 1920 organized the Northwestern Casualty & Surety Co. of Milwaukee, becoming its
Vice-President and General Manager. Following the merger
of the Chase National Bank and the Equitable Trust Co. in
June 1930, he became Second Vice-President of the Chase
National Bank.
The Emigrant Industrial Savings Bank New York, on
Feb. 11 elected William F. Heide a member of the Board
of Trustees. Mr. Heide succeeds his father, the late Henry
Heide. At the same meeting, Myles J. Tierney was elected
Second Vice-President. Mr. Tierney's father was a member
of the Board from Feb. 8 1894 until his death on Jan. 13
1921. He also served as First Vice-President from 1911
until 1921.
At a meeting of the Board of Trustees of the Title Guarantee & Trust Co. on Feb. 16, Henry Sillcocks was elected a
Trustee. Mr. Sillcocks is a member of the law firm of
Tanner, Sillcocks & Friend.
Clarence M.Fincke, formerly Vice-President of The Bank
of America N. A., has been appointed assistant to the President of the Greenwich Savings Bank of New York.
After the meeting Mr. Walker said: "As Transarnerica's largest stockholder, I wish the new management every possible success." . . .
After the meetings Mr. Giannini said that he wanted to make it clear
that the fight for control would he forgotten. He added:
"We are going to run this Corporation for the hest Interests of all. The
permanent Board of Directors will be chosen without regard to what faction
they may have been with."
In e formal statement, later, Mr. (Varmint said:
"It is not with a feeling of jubilation, but of great responsibility, that
I consider the important task ahead. I have told the stockholders many
times that their destiny is in their own hands, hut they must continue to
exercise eternal vigilance to preserve their rights.
"This decisive battle which has been fought and won by Transamerica
stockholders against the most formidable financial fnreos which Wall Street
could assemble is inspiring and instructive. It shows, after all, that right
Is might and that, when stockholders have right on their side, they should
not he too rowed to fight.
"Very deeply and sincerely do I appreciate the cheering messages which I
have received from thousands of stockholders and their vote of confidence in me.
"I shall do my level best for the stockholders, but I am neither a miracle
man nor a superman, and I am relying upon the continuous co-operation
and enthusiastic active support of the stockholders. executives, employees
and friends of Transamerica and our splendid institutions."
A spokesman, at the conclusion of the Board meeting, said that no
major move would he undertaken by the Company or assets sold without
the consent of stockholders.
The New York State Banking Department approved on
Feb. 9 the agreement filed by the Empire City Safe Deposit
Co. and the Manufacturers Trust Co., both of New York,
for the merger of the former into the latter under the name
of "Manufacturers Safe Deposit Company." The Banking
Department at the same time granted authority to the
Manufacturers Safe Deposit Co. to open a branch office at
each of the following locations in the City of New York:
122 Bowery, 350 Fifth Avenue, 121 Lenox Avenue, 530
Seventh Avenue, 3515 Broadway, 711 Fifth Avenue, 79
Eighth Avenue, 2760 Broadway, 67 West 125th St., all in
the Borough of Manhattan, and 29-28 Forty-first Avenue,
Long Island City, Borough of Queens. (These are not new
locations but those formerly occupied by the Empire City
Safe Deposit Co.)
cards will be placed on the table and stockholders will be told the best and
the worst."
Mr. Grant added that it was the shareholders who owned the Corporation
and not its officials. There would be a reduction in overhead expenses but
there probably would be no changes to personnel for a few days.
Mr. Grant was formerly Vice-President of the American Trust Co. in San
Francisco and later was in charge of the International banking department
of the Bank of America. Subsequently he was representative of Transamerica in London and In charge of its European business. Be received
his early training in Scotch and Canadian banks.
to the Empire State Building. Mr. Kaufman is also Vice..
Presidentand a director of the Marquette County Savings
Bank of Marquette, Mich. He will make his headquarters
at the bank's 42nd Street and Lexington Avenue office.
Mr. Kaufman also goes to the Sterling National from the
At a meeting of the directors of Sterling National Bank &
Trust Co., of New York, on Feb. 18, G. Y. Kaufman was
elected Vice-Chairman of the board and John McGrath a
Vice-President. Mr. Kaufman started his banking career in
With reference to the policies of the new President of tile
1919 with the Chatham Phenix National Bank & Trust Co.
holding company. John M, Grant, a dispatch from San Franof which his father, Louis G. Kaufman, was President.
cisco to the New York "Times," on Feb. 15, contained the
During the five years preceding the merger of the Chatham
following:
Phenix with the Manufacturers Trust Co., he was a Vice..
"Honesty. economy and efficiency will be the policy of the Transamerica
Corp., and all else will he subordinate," John M. Grant. the new President President and director of the institution, in charge of its
of the Co-npany, said to-day on his arrival here to take office. "All the office at Fifth Avenue and 30th Street, subsequently removed
Chatham Phenix, having served that institution for the last
six years as Vice-President in charge of the 39th Street and
Seventh Avenue office. He is widely known in the textile
industries. Mr. McGrath will make his headquarters at
the
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
bank's Broadway and 39th Street office. He is a trustee
of
Arrangements were made this week for the sale of four
the Queensboro Savings Bank and President of the
Seventh
New York Stock Exchange memberships at $161,000, Avenue Association,
which he helped to organize.
$156,000, $175,000 and 8160.000, respectively.
1320
FINANCIAL CHRONICLE
At the meeting of the board of directors of the Banca
Commerciale Italiana, head office, in Milan (Italy) it has
been decided to propose, at the general meeting of the shareholders, to be held on Feb. 28, a dividend for the year 1931
of Lire 40 per share, equal to 8%, and to carry over as
undivided profits Lire 34,250,000. The board of directors has
further decided to propose to the company's shareholders
the merger of Banca Commerciale Triestina (of Trieste,
Italy) with Banca Commerciale Italians.
Harry E. Finley of New York has been appointed CompE.
troller of the Worcester Bank & Trust Co. and affiliated
banks, Worcester, Mass., a newly created office, according
to Associated Press advices from Worcester on Feb. 17. Mr.
Finley, the dispatch went on to say, had charge of the reorganization and modernization of banking of the Bank of
Bogota, Colombia, in 1929 and was later affiliated with the
Bankers Development Corporation of New York.
James P. Philip, President of the Catskill National Bank
& Trust Co. of Catskill, N. Y., died at his home in that
place after a prolonged illness. Mr. Philip, Who was 70
years of age, entered Rutgers College, at New Brunswick,
N. J., when he was 16 and was graduated in 1882. After
graduation he taught for two years at Lancaster, Pa., and
then practiced law in Brooklyn, N. Y., where he became
Assistant Director of the Title Trust Co. In 1904 he
succeeded his father-in-law, Isaac Pruyn, as President of
the Catskill National Bank,
[VOL. 134.
and the Guaranty Trust Co.(both affiliates of the Plainfield
Trust Co.) was noted in our issue of last week, page 1148.
The directors and officers of the Plainfield Title & Mortgage Guaranty Co.of Plainfield, N.J., announce the removal
of their offices from 214 Park Ave. to the new Plainfield National Bank Building, where the company has leased a
portion of the ground floor of the building. Modern appointments are furnished for the convenience of the customers and
for increased efficiency in the conduct of the business.
A public reception was held on the afternoon and evening of
Feb. 13 in the new quarters and much appreciation of the
new surroundings was expressed by the many visitors.
The Plainfield Title & Mortgage Guaranty Co. is controlled
by the commercial banks of Plainfield, N.J. and is one of the
leading companies in its field in the State. The officers
are as follows: President, Harry H. Pond; Vice-Presidents,
DeWitt Hubbell, Charles E. Loizeaux and Abiel D. Edgar;
Secretary, Frank E. Chobot; Treasurer and Assistant
Secretary, F. Irving Walsh, Assistant Treasurer, H. Douglas
Davis; Counsel, Andrew L. McDonough, and Title Officer,
Peter J. McDonough, Jr. The combined capital and surplus
of the company is over $600,000.
Associated Press advices from Trenton, N. J., on Feb. 61
stated that Frank H.Smith, State Commissioner of Banking
and Insurance for New Jersey, on that day rejected a proposal to reopen the South River Trust Co. at South River
and urged Chancery Court approval of payment of a first
dividend of 33% to depositors. Continuing the dispatch
said:
Howard J. Castle was recently elected President of The
Representatives of a depositors committee asked the Commissioner
Torrington National Bank & Trust Co. of Torrington, Conn.
He succeeds John. H. Seaton, who resigned the Presidency
a short time ago and is no longer connected with the
institution in any capacity.
At the annual meeting of the directors of the Industrial
Bank of Hartford, Conn., on Feb. 5, Dudley Carlton,
Treasurer of the institution, was given the additional office
of Secretary, succeeding Georgge L, Hunt, who declined
re-election because of his recent appointment as Vice-President of the New England Mutual Life Insurance Co.,
according to the Hartford "Courant" of Feb. 6. The bank's
other officers were re-appointed as follows: Allen H.
Newton, President and Judge Arthur L. Shipman, J. W.
MacMorris and Franklin A. Morley, Vice-Presidents. The
"Courant" also stated that the directors be declaring a
dividend of 50 cents a share, payable Mar. 1 to stockholders
of record Feb. 5, have placed the stock on an annual dividend
basis of 8%.
Referring to the affairs of the Boston-Continental National Bank, Boston, Mass., which closed its doors Dec. 17
last, a plan for the reorganization of the institution was
submitted to the depositors by the reorganization committee
last week. Briefly, the plan contemplates the handling
of the affairs of the old bank so that a new banking institution will be formed with capital and surplus of $1,000,000,
at least one half of which will be new money and the balance
furnished by means of depositors' subscriptions. The Boston "Herald" of Feb. 7, from which the foregoging is
learned, goes on to say:
to suspend further liquidation of the bank, taken over last Juno. and approve a proposal providing for depositors' acceptance of stock and release
of deposits over a period of a year.
The Commissioner said the proposed liquidating dividend would make
$400.000 available to-morrow (Feb. 17) and the proposal to reopen offered
no assurance of being the better course. Counsel for the Commissioner
said additional dividends would probably be paid during the year.
Reference was made to the closing of the South River
Trust Co.in our June 20 1931 issue, page 4529.
Seymour R.Smith,President of the Hackettstown National
Bank of Hackettstown, N. J., for the past 41 years, died
on Feb. 14 in a hospital at Morristown. He was 81 years
old. Immediately after his graduation from Rutgers College
In 1868, Mr. Smith started working in the bank, of which
his father was then President. In 1872 he became a
director and in 1876 Vice-President. Mr. Smith was also a
director of the North Ward National Bank of Newark, N. J.
The business of the Northwestern Trust Co. of Philadelphia (which was taken over by the Pennsylvania State
Banking Department on July 17 of last year) has been
ordered liquidated by Dr. William D. Gordon, Secretary
of the Department, according to the Philadelphia "Ledger"
of Feb. 11.
The Farmers' Deposit National Bank of Pittsburgh, Pa.
on Monday of this week, Feb. 15, celebrated the 100th
anniversary of its founding. Organized during the administration of President Andrew Jackson, the institution
has grown from a country bank with capital of $5,000 to
its present position among the 100 largest banks in the
United States, with combined capital and surplus of $12,The new banking institution will credit on its books to the depositors
of the old bank a minimum of 50% in cash which will be made available 000,000 and resources of more than $70,000,000. Pittsburgh
upon its opening. Depositors' subscriptions to stock in the new institution was a village when the institution was established as the
will be by means of an assignment of 10% or more of their deposits. Pitsburgh Savings Fund Co. by a group of
people. Nine
The remaining assets of the bank will be placed in the hands of approved
years later its name was changed to the Farmers' Deposit
trustees for liquidation and distribution.
payment in full Bank of Pittsburgh, and in 1864, after
The plan further provides that the remainder, after the
the establishment
to depositors, shall be distributed to the old stockholders.
of the national banking system, it was chartered under its
The closing of this important Boston bank together with present title. The Pittsburgh "Post-Gazette" of Feb. 15,
Its affiliate, the Plymouth County Trust Co. .of Brockton, from which the above information is obtained, continuing
Mass., was noted in our Dec. 19 issue, page 4103.
said:
The Plainfield National Bank of Plainfield, N. J., with
which the Guaranty Trust Co.of Plainfield, was consolidated
on Feb. 6, on Saturday, Feb. 13, formally opened its recently remodelled bank building at 119 West Front Street.
Much admiration was expressed by the guests for the convenient and beautiful arrangements offered by the remodelled structure. The main banking room is spacious and
unusually well lighted and attractive. In the rear commodious booths and conference'rooms are supplied for the
patrons of the vault department. The consolidated institution reports deposits of $1,609,505.93 and total resources
of $2,092,509.09. The union of the Plainfield National Bank
It had nine Presidents during its lifetime. Within the memory of
generations now living, two of these have presided over its affairs—the
Incumbent. A. E. Braun, and before his election, the late T. H. Given,
who served from 1892 to 1919.
Given gave the bank its distinctive trade-mark— the picture of the
dog which appears on the bank's stationery and advertisements, on its
windows and on the granite above the Fifth Avenue entrance. The pictures
are a tribute to the faithfulness of "Prince," a white bull terrier that
Given purchased from a traffic officer downtown while he was the cashier
of the bank. The dog was a familiar sight to all patrons of the bank,
strolling about the banking rooms and lying on guard at the entrance to
the vault at night. He disappeared in 1898 during the excitement
attending a reception for troops on their way to the Spanish•American
war. It was thought be went with the soldiers.
The 24 story building of the Farmers' Bank at Fifth Avenue and Wood
Street was completed in 1903.
FHB. 20 1932.]
FINANCIAL CHRONICLE
1321
That effective Feb. 8, the Merchants' & Miners' Bank of
Luzerne, Pa., an institution with resources of $400,000,
would be taken over by the Luzerne National Bank, a $2,000,000 institution, was indicated in Wilkes-Barre, Pa.,
advices on Feb. 7, printed in the Philadelphia "Ledger,"
William J. Parry is President of the Luzerne National
Bank, and Ziba F. Schooley is (former) President of the
absorbed bank, the dispatch stated.
and $12,578.26 in undivided profits. Ten per cent of all deposits will
become immediately available.
The personnel of the bank will remain unchanged with H.0. Hughes as
President.
Arthur William Schreiber, Cashier and a director of the
Carnegie National Bank of Carnegie, Pa., died at his home
In Carnegie on Feb. 11. Mr. Schreiber, who was 51 years
of age, had been associated with the Carnegie National
Bank for almost 30 years. He was a member end director
of the Carnegie Chamber of Commerce.
Hiland B. Noyes has been elected Cashier of Central
Republic Bank & Trust Co. of Chicago to fill the vacancy
caused by the election of Charles C. Haffner Jr., to the
office of Executive Vice-President last October. Mr. Noyes
has been serving as Comptroller of the bank. He went to
Chicago in April 1923 and began work with the old National
Bank of the Republic of Chicago. He was promoted to
Assistant Auditor in 1926 and Auditor in 1928. He left
that institution in 1928 to join the present staff. Mr. Noyes
is a graduate of the University of Nebraska, and a certified
public accountant of Illinois. William E. Harrison, who
has been Assistant. Comptroller of the bank, succeeds Mr.
Noyes as Comptroller. Mr. Harrison has been identified
with Chicago banking for 16 years, having advanced step
by step from a junior clerkship at the beginning to his
present new position.
Wallace M. Ruth, a Vice-President of the First National
Bank of Scranton, Pa., and one of the most widely known
banking men of Northwestern Pennsylvania, was found
dead in his home in that city on Feb. 9. Death was due
to asphyxiation. Mr. Ruth, who was sixty years of age,
had been in ill health for some time, and did not report
at his office on the day of his death. The deceased banker
was also Treasurer of the Green Ridge Coal Co.
The First National Bank of Cannelton, Ind., with capital
of $25,000, went into voluntary liquidation, effective Jan. 13
last. The institution was absorbed by the Cannelton National Bank of the same place, which later (Feb.8) changed
its name to the First-Cannelton National Bank.
Associated Press advices from Hurlock, Md., on Feb. 16
was issued by the Comptroller of
On Feb. 12 a charter stated that the Citizens' Bank of that place, with resources the Currency for the First National Bank in Blandinsville,
of more than $300,000, had failed to open for business on Blandinsville, Ill., with capital of $25,000. Sephus Keys
that day, and that officials had immediately begun a is President and Willis Craig, Cashier, of the new institution.
search for Marion C. Smith, the Cashier, who had disappeared from his home Feb. 14. The dispatch furthermore
The Rockford National Bank of Rockford, Ill., the largest
said:
bank in that city, was closed by its directors on Feb. 10,
An official of the State Banking Department was called here from according to a dispatch by the United Press from Rockford
Baltimore to make an examination of the institution's affairs. The an.
of the closing gave no reason. The Citizens Bank was one which added:
of the oldest on the Eastern Shore and one of two banks here.
The Hancock Bank at Hancock,. Md., which had been
closed since last fall, has resumed business under a depositors' limited withdrawal plan, according to Baltimore advices on Feb.17 to the "Wall Street Journal". The proposed
reopening of this institution was noted in our issue along
with several closed Maryland banks under an agreement to
leave from 25% to 50% of their deposits in the institutions,
was indicated in our issue of Nov.211931, page 3371.
The last statement, Dec. 31 1931, gave deposits of $5,162,134, total
resources of $7,569,436, capital of $750,000, surplus of $750,000 and
undivided profits of $210,608.
The State Bank of Niles, Ill., a Chicago suburb, was
closed on the morning of Feb. 6, when the Cashier of the
Institution, George Krejsa, committed suicide in the basement of the bank building. An examination of the bank
was in progress at the time. Mr. Krejsa had confessed
to peculations of $3,750, according to Fred Edgerton, Chief
Bank Examiner. The institution had combined capital
and surplus of $70,000 and deposits of $100,000. The
It is learned from a dispatch to the Cincinnati "Enquirer" Chicago "Post" in its report of the
matter, furthermore
from New Lexington, Ohio, on Feb. 4, that a new institution said in part:
Peoples' National Bank—has been organized in New
—the
Immediately following the 0ashier's suioide, the State's Auditor's
Lexington to replace, the Citizens' National Bank, the Office closed the bank, while a complete investigation of its books and
closing of which was reported in the "Chronicle" of Nev. 14 the possibility of more extensive irregularities on the part of Krejsa
could be made.
last, page 3201. The dispatch said:
The audit of the bank was begun yesterday as a part of the regular
Following a meeting with Witham Taylor, National Bank Examiner, and
C. A. Jones, receiver for the Citizens' National Bank, this city, organization
of the Peoples' National Bank, successors to the Citizens' National Bank
was effected. Officials announced the opening of the bank on Feb. 16.
The bank closed on Nov. 9. The new bank will assume all obligations
of the former Citizens' National Bank. Reorganization was effected by
the sale of $75,000 capital stock locally.
routine of the State Auditor's office. Edgerton did not say what results
yesterday's examination showed, but did reveal that Krejsa last night
confessed peculations of $3,750.
This morning, before the bank opened, Krejsa came down from his
apartment on the second floor of the bank building. He greeted Fred
Mau, the President. After opening the vault he walked rapidly down to the
basement. A few minutes later Mau heard a shot.
Regarding the affairs of the Union Savings & Trust Co,
That the Romulus State Bank of Romulus, Mich., whidh
of Warren, Ohio, which closed last October, a dispatch has been closed since Sept. 18 1931, is expected to reopen
Feb. 5 from that place by the Associated Press, contained for business during the first week in March, according to
the following:
Charles H. Schultz, the receiver, was indicated in the
A plan for reopening the closed Union Savings & Trust Co. with a Detroit "Free Press" of Feb. 10. The paper mentioned said
capital and surplus of $330,000 was being worked out to an early con- in
part:
clusion to-day. Committee
was set up to receive subscriptions by present
stockholders for new stock at $30 a share, with $20 par value. The $10
difference goes to the surplus fund.
The Comptroller of the Currency on Feb. 11 issued a
charter for the Peoples National Bank of New Lexington,
Ohio, capitalized at $75,000. A. Garlinger heads the new
institution and B. G. Davis is Cashier.
A depositors' committee, headed by F. W. Miank, of Romulus, is
circulating a depositors' agreement which will snake possible the opening
of the bank under a five-year moratorium. The agreement has been approved
by the State Banking Department and the opening is certain if enough
depositors sign it to make 95% of the deposits available, Mr. Schultz
said.
The plan was approved at a meeting of the stockholders and a meeting
of the depositors has been called for Feb. 24 at Grange Hall, Romulus,
where details of the project will be explained.
Sentiment in favor of the reopening of the bank is pronounced, Mr.
Schultz declared, and the success of the plan is almost assured. The
bank closed voluntarily because of withdrawals by depositors, depreciation
in bonds and frozen assets.
That the Richland Trust Co. of Mansfield, Ohio, an inthe
stitution which closed the early part of November 1932 (as
noted in our Nov. 14 issue, page 3201) had reopened for
As of Jan. 19 last, the First National Bank of Gormania,
business on Monday of this week, was reported in Associated
W. Va., capitalized at $25,000, went into voluntary liquidaPress advices from Mansfield on Feb. 16, which also said:
Hundreds of persons, panicky three months ago, indicated complete con- tion. It was taken over by the Bayard National Bank at
fidence and during the day the bank took in $94.000. Approximately $39,- Bayard, W. Va.
000 was paid out In routine business. The bank was
reorganized under plans
worked out by the State Banking Department and a local committee.
Two North Carolina banks, both in Alexander County,
A dispatch from Columbus, Ohio, on Feb. 11 to the Clevethe Bank of Alexander at Taylorsville and the Bank of
land "Plain Dealer," in reporting the then approaching
Stony Point at Stony Point, were closed on Feb. 13, as
opening of the institution, said in part:
reported in the Raleigh "News & Observer" of the
time of its closing, due to heavy withdrawals, the bank had renext
At the
sources Of $2,828.000. It will reopen with $300.000 capital, $60,000 surplus day, from which we quote further as follows:
1322
FINANCIAL CHRONICLE
The bank had combined deposits of about $215,000.
The Bank of Stony Point, of which N. F. Steele was President, had no
bills payable, its last call statement showed, and had total resources of
$97,152.22. It was capitalized at $8,650, had a surplus of $616.43 and
deposits of about $83,000.
The Bank of Alexander was capitalized at $50,000; had total resources
of $263,724 and deposits of about $131,000. It had bills payable of
$81,159 shown on its last statement. It. A. Adams was President and
H. T. Kelly Cashier.
The Sedalia National Bank of Sedalia, Mo., was closed on
Monday of this week, Sept. 15, making the third bank to
close in that city within recent months. Advices from Sedalia
to the St. Louis "Globe-Democrat," from which the above
information is obtained, said:
The possibility of a new State bank being organized in Sedalia. with those
Interested buying the liquid assets of the now closed Citizens' National
Bank and the Sedalia Trust Co., was made known here to-day (Feb. 15) by
a group of business men. The new bank may also take over the liquid assets
of the Sedalia National Bank, which closed to-day
John McGrath, one of the directors and principal stockholder in the
Sedalia Trust Co., which closed Feb. 8, led the stock subscription for the
proposed new bank with 375.000,stating that he would increase that amount
to $100.000 if needed. Additional subscriptions are being made.
The new bank will have a capital stock of $100,000 and a surplus of
5100.000.
The business men, leaders in civic affairs, realize that Sedalia needs
.
another banking institution, and realize also that it will release more than
52.500.000 tied up in three closed banks In Sedalia.
The closing of the Citizens' National Bank on Nov.2 1931,
was noted in the "Chronicle" of Nov. 14, page 3203, while
the failure of the Sedalia Trust Co. was indicated in our issue
of last week, Feb. 13, page 1149.
Effective Nov. 12 1931, the First National Bank of
Elkader, Iowa, with capital of $50,000, went into voluntary
liquidation. The institution was succeeded by the Central
State Bank & Trust Co. of Elkader.
Effective Jan, 21 last, the Citizens National Bank of
Knoxville, Iowa, capitalized at $100,000, was placed in
voluntary liquidation. The institution was absorbed by
the Knoxville National Bank & Trust Co. of the same
place, which subsequently changed its name to the Knoxville-Citizens National Bank & Trust Co.
For... 134.
The Planters National Bank of Whitewright, Tex., was
placed in voluntary liquidation as of Feb. 10 1932. This
institution, which was capitalized at $100,000, was absorbed
by the First National Bank at Whitewright, as noted in
the "Chronicle" of Jan. 9 last, page 251.
The taking over by the Security National Bank of Salt
Lake City, Utah, of the Deseret National Bank of that
city, and the closing of the latter's affiliated institution,
the Deseret Savings Bank, were announced simultaneously
late Feb. 14, according to Associated Press ,advices from
Salt Lake City, which went on to say:
W. H. Hadlock, State Bank Commissioner, said depreciation of assets
and heavy withdrawals caused the savings bank directors to decide not to
open to-day. The bank listed deposits of $6,150,000 and resources of
$6,900,000.
The acquisition makes the Security National an institution with capital,
surplus and undivided profits of $1,250,000 and deposits of $10,000,000.
As of Dec. 15 1931, the First National Bank of Centralia,
Wash., capitalized at $100,000, went into voluntary liquidation. It was succeeded by the First Farmers-Merchants
Bank & Trust Co. of Centralia.
The First National Bank of Pendleton, Ore., capitalized
at $250,000, was placed in voluntary liquidation on Feb. 1
1932. The institution was succeeded by the First Inland
National Bank of Pendleton. Reference was made to the
merger of the First National Bank and the Inland Empire
Bank (forming the new organization) in our Nov. 14 1931
issue, page 3204.
—•—
G.E. Zoller was recently elected President of the Citizens
Bank of Sacramento, Cal., of which he has been a director
for the past eight years. Mr. Zoller, who is 38 years of age,
entered the banking field 22 years ago. For the past 20 years
he has been connected with the Capital National Bank of
Sacramento, becoming an officer of the institution 12 years
ago.
Raoul Hector Foa has been elected Deputy Chairman of
Barclays Bank (Dominion, Colonial and Overseas), London, Eng., in the place of the late Sir Herbert Hambling,
•
The Citizens' National Bank at Great Bend, Kan., was Bart.
reported closed in a dispatcb by the United Press from
The net profit of the Swiss Bank Corporation (head office
Topeka on Feb. 16.
Basle, Switzerland) for the year ended Dec, 31 1931,
(including the carry-forward of Frs. 1,025,434 from the
State
The State Banking Department for Kansas on Feb. 11
announced the closing of the Home State Bank of Goff, previous year) amounts to Frs. 13,633,955 against Frs. 17081,678 (including a carry-forward of Frs. 1,019,242) for
a small institution, according to the Topeka "Capital" of
1930. At the annual general meeting to take place on
Feb. 12, which went on to say:
Feb. 25, the Board will recommend the allocation of Frs.
Bank's Dec. 31 statement showed $10,000 capital, $6,000 surplus,
The
$94,098 deposits, $21,670 borrowed money, $66,826 loans, and $82,348 500,000 to the Pension Fund, the payment of a dividend
resources. George K. Meier, Deputy Bank Commissioner, was placed of 7% and the tarrying forward of Frs. 1,523,103.
in charge.
The resignation of Harry H. Rogers as Chairman of the
Board of the Exchange National Bank of Tulsa, Okla.,
and the appointment of John Markham, Jr., as his successor, and of Horace G. Bernard, as chairman of the
Executive Committee of the bank, was indicated in the
following dispatch from Tulsa on Feb, 4 to the Dallas
"News." At the same time Mr. Rogers retired as a director
and officer of the bank's affiliated organizations, the Exchange Trust Co. and the Exchange National Co. We
quote from the dispatch in part as follows:
At the meeting of the Board which accepted Mr. Rogers' resignation
John Markham Jr., was elected Chairman of the Board and Horace G.
Barnard, Chairman of the Executive Committee. Both are close associates
of Mr. Rogers and have been numbered among his intimate frineds for
many years.
Mr. Rogers' decision to retire for a long period of rest and recuperation
was forced upon him by his physicians' orders.
Advices from Athens, Tex., on Feb. 4 to the Houston
"Post" stated that a new banking institution, the Plainview
State Bank, owned principally by Athens citizens, had been
opened in Plainview. The new bank is capitalized at $50,000.
Officers were named in the dispatch as follows: Dan M.
Royal!, President; John W. Murchison, Vice-President;
George Shriber, Cashier; J. C. Wilson, Assistant Cashier,
and Miss. Correne Boyd, Secretary.
The First National Bank of Rockdale, Tex., and the
Rockdale State Bank of the same place were merged
recently under the title of the latter, according to a dispatch from that place on Feb. 4 to the Dallas "News".
J. W. Gardner formerly President of the First National
Bank, has become a Vice-President of the enlarged institution, it was stated.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The New York Stock Market has shown marked improvement the present week and while there have been several
reactionary periods due to realizing and short selling, the
trend,on the whole, has been toward higher levels. Trading
has been heavier all along the line. Tobacco shares have
generally been stronger and so have the industrial issues,
United States Steel reaching its peak for the year on Tuesday as it crossed 50 with a net gain of 23. points. One of
the outstanding happenings of the week was the failure of
the Southern Pacific to declare its usual dividend. This is
the first time since 1905 that the company failed to declare
a dividend when due. Another event of more than passing
interest was the reduction of the Bank of England rate from
6% to 5%, the biggest reduction, at any one time, since
August 1914. Call money renewed on Monday at 23/3%,
and remained unchanged at that rate on each and every
day of the week.
Thursday's brisk advances were sharply extended as the
market resumed operations on Saturday following the
Lincoln's Birthday holiday. The advances were largely
in high grade stocks and the gains ranged from 2 to 20 or
more points. An accumulation of orders was responsible
to some extent for the many striking increases, though the
completion of the plans by Congress to rush through emergency legislation to liberalize the credit facilities of the
Federal Reserve System was also a strong factor in speeding
the market advances. Railroad stocks were in excellent
demand and displayed gains of 2 or more points: New York
Central, for instance, shot upward, on sales amounting to
20,000 or more shares, 2% points during the first half hour;
%
Atchison climbed 93 points to 873t; Baltimore & Ohio
moved ahead 1 point to 19; New Haven, 33. points to 29;
FEB. 201932.]
FINANCIAL CHRONICLE
Norfolk & Western, 9 points to 133; Union Pacific, 12%
points to 88%, and Southern Pacific, 334 points to 35.
United States Steel started with a fractional gain and surged
upward 5% points to 49. Other noteworthy gains were
Air Reduction, 5% points to 57; Allied Chemical & Dye,
734 Points to 77; American Tel. & Tel., 14% points to 132%;
American Tobacco, 5 points to 783/8; Auburn Auto, 13%
points to 123%; General Electric, 35% points to 24; Western
Union,6% points to 453'; Woolworth, 334 points to 44, and
General Motors, 1% points to 23%. The market closed
strong and very active with prices near their tops for the
day.
Realizing and renewed short selling were the chief characteristics of the stock market on Monday, though new
buying came in on recessions which kept the losses within
moderate limits. The turnover approximated 2,000,000
shares as compared with 2,600,000 shares on Saturday. In
the early trading most of the active issues were slightly
down from the preceding close, the range being between 2
and 3 points, and while many made some recovery before
the close, the gains were generally fractional. The market
was reactionary most of the day and moved upward and
downward without definite trend. The principal changes
on the side of the decline were Air Reduction 234 points
to 5434, Allied Chemical & Dye 2% points to 743', Amer.
Tel. & Tel. 43. points to 1285 , Auburn Auto 434 points
%
to 11934, Delaware & Hudson 61% points to 83, Electric
Power & Light 3% points to 47, United States Steel 154
5
points to 47% and Woolworth 2 points to 423'.
The market took another sharp upward turn on Tuesday,
which wiped out practically all of the losses of the preceding
day. United States Steel sold up to 50, with a gain of 234
points, registering a new top for the current year. Amer.
Tel. & Tel. shot ahead over 5 points to 133% and Union
Pacific forged ahead 43% points to 91. The market encountered considerable resistance in the way of selling pressure
as it approached the higher levels, but this was generally
absorbed by the sharp buying that lasted during most of the
afternoon. Aside from those already indicated, the best
gains included Air Reduction, 334 points to 58; Allied Chemical & Dye, 33' points to 78; Atchison, 4 points to 8834;
Atlantic Coast Line, 43' points to 353; Auburn Auto, 53'
points to 1253 Brooklyn Union Gas, 3 points to 85; J. I.
';
,
Case, 33/i points to 3834; Homestake Mining, 4 points to
114; McKeesport Tin, 43' points to 583'; Westinghouse,
33' points to 323/s; Reading, 43' points to 36; Pere Marquette, 3 points to 11; Ingersoll-Rand, 23, points to 36;
American Can,2% points to 6934; Detroit Edison,43 points
to 116, and Eastman Kodak,2% points to 78. On Wednesday, the early gains were followed by a sharp downturn that
carried most of the leading issues downward from 2 to 6 or
more points. Practically every section of the market was
effected, though the largest losses were among the utilities,
industrial shares and railroad issues. Considerable liquidation was apparent as many speculators took their profit on
the advances, of the preceding day, though the turnover,
on the whole, was lower than on the previous day. The
changes on the side of the decline included among others,
Worthington Pump, 2 points to 203'; Westinghouse, 234
points to 30%; United States Steel, 2% points to 47; Union
Pacific,4 points to 47; Reading,3 points to 23;Air Reduction,
33% Points to 5434; American Can,33/i points to 663's; Amer.
Tel. & Tel., 57% points to 12834; Auburn Auto, 8 points to
3
11734; J. I. Case, 23 points to 35%,and Eastman Kodak,
234 points to 7534. The railroad shares displayed considerable weakness in the early trading on Thursday, due to the
failure of Southern Pacific to declare a dividend, but the
trend again turned upward as the day progressed and most
of the early losses were cancelled. Public utilities and industrials led the upward swing and a number of substantial
advances were recorded at the close. The outstanding gains
included such active market favorites as Air Reduction,
3
which surged upward 334 points to 57%; American Can,
which soared upward 334 points to 3934; Amer. Tel. & Tel.,
which improved 534 points to 13334; Westinghouse, which
gained 234 points to 333/8; Western Union, which climbed
3
35% points to 47%,and Southern Pacific, which surged upward 534 points to 2834.
The market skyrocketed to new high levels on Friday
following the announcement that the New York Stock
Exchange had ruled that brokers may not use their customer's stocks for loaning purposes without their express
permission. The advances were not maintained, however,
and in the final hour the trend was again downward. In
the morning trading, larger blocks of stocks changed hands
1323
than during any recent period. United States Steel was a
typical instance and moved up 3 points on the purchase of
a block of 5,000 shares. American Can moved ahead 33
4
points on a sale of 10,000 shares, and New York Central
moved up 134 points on a sale of 7,000 shares. Among the
speculative favorites closing on the side of the advance were
such active issues as American Tobacco, which gained 234
3
points to 79%; Coca Cola, which surged upward 334 points
to 11734; Norfolk & Western, which closed at 134 with a
2 point gain; Eastman Kodak, which improved 2 points to
%
80, and Brooklyn Union Gas, which moved ahead 23
points to 65. The market was weak at the close, though
trading was fairly active and with most of the market leaders
little changed from the previous close.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
Feb. 19 1932.
Stocks,
Railroad
State.
Number of and Miscall. Municipal &
For'n Bonds.
Shares.
Bonds.
Saturday
Monday
Tuesday
Wednesday ...
Thursday
Friday
Tntsd
2.626,200
1,976,164
2,502.180
2,185,798
1.681,935
2.430.612
$5,350,000
6,281.000
6.209.000
6,130,000
4,430,000
5,913.000
$2,400.000
3.163,000
2,690,000
3,226,000
2,452.500
2,575.000
Total
Bond
Sales.
United
Slates
Bonds.
59.412.500
14,369.500
12,535.500
12.770.500
10.883.000
11.169,000
$1.662.500
4.925,000
3,636,500
3,414.500
4,000.500
2.681,000
in 409 sisto 5.14 212 nnn lie ROA Ann 5sn Isn nen 271 120 MA
Week Ended Feb. 19.
Sales at
New York Stock
Exchange.
1931.
Jan. 1 to Feb. 19.
1932.
1931.
17,402.227
59.793,699
84.421.018
$3.317.500
13.683.000
31.691,000
$110.179,750
104.871.500
237,103,000
$31.954.400
104.051.500
262.118.000
$71,139,500 $48.691,500
$456.154,250
5398.123,900
1932.
Stocks
-No. of shares_
13,402,889
Bonds.
Government bonds_ _ $20.320.000
State 54 foreign bonds_
16,506,500
Railroad At misc. bonds 34,313.000
Total
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revised
Baltimore.
Philadelphia.
Boston.
Week Ended
Feb. 19 1932.
Shares. Bond Sates. Shares. Bond Sales. Shares. Bond Sales.
$6,1300
20,000
2,000
5,000
9,000
3,000
a34,407
a28,972
30.967
a29,569
19.433
8,020
56.000
17.502
25,500
23,000
28,000
956
1,416
975
1.118
743
1,713
53,000
2.500
2.000
2.400
13.000
1.000
208.458
245,000
151,368
$100,002
6.921
$23,900
155125
127 non
120 4.82
5121500
4.750
$3.400
41,518
35,889
49,896
37.280
34.922
8,953
a In addition, sales of rights were: Saturday
25; Wednesday, 100.
100; Monday, 115 Tuesday,
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. 20), bank exchanges for all the cities of
the United States from which it is possible to obtain weekly
returns will be 33.1% below those for the corresponding
week last year. Our preliminary total stands at $5,948,525,730, against $8,898,067,090 for the same week in 1930.
At this center there is a loss for the five days ended Friday
of 35.3%. Our comparative summary for the week follows;
-Returns by Telegraph.
Clearings
Week Ending Feb. 20.
Per
Cent.
1932.
1931.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
53.190,151,106
214,637,125
259,000.000
211,000.000
63.090,113
61,500.000
106.501,000
No longer will
76.099.779
66.913.582
66.164,522
54.198.899
29,289.066
54,932.646,021
370,155,997
364.000.000
319.000.000
82.113.416
84.900.000
137.675.000
report clearings
125.217,146
117.540.709
93.279,138
65.496.326
39.303.696
-35.3
-42.0
-28.8
-33.9
-23.2
-27.6
-22.6
Twelve cities. 5 days
Other cities, 5 days
54.398.545.192
554,726.250
56.671,327.549
747.032.000
-34.1
-25.2
Total all cities. 5 days
All cities, 1 day
$4,957,271,442
991.254.288
57.418.359.549
1,479.707,541
-33.2
-33.0
5504552573n
SR AAR 0e7 non
-IRA
Total all cities for week
-59,2
--43.1
-29.1
-17.2
-25.5
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. 13. For
that week there is a decrease of 44.1%, the aggregate of
clearings for the whole country being $4,286,852,264, against
$7,667,867,680 in the same week of 1931. Outside of this
city there is a decrease of 36.3%, the bank clearings at this
1324
FINANCIAL CHRONICLE
center recording a loss ofi.48.1%. We group the cities now
according to the Federal Reserve districts in which they
are located, and from this it appears that in tho New York
Reserve District, including this city, there is a loss of 47.6%,
in the Boston Reserve District of 34.0% and in the Philadelphia Reserve District of 33.2%. In the Cleveland
Reserve District the totals have been diminished by 41.0%,
in the Richmond Reserve District by 24.9% and in the
Atlanta Reserve District by 36.9%. The Chicago Reserve
District shows a contraction of 47.1%, the St. Louis Reserve District of 26.8% and the Minneapolis Reserve District
of 32.1%. In the Kansas City Reserve District the decrease is 33.4%, in the Dallas Reserve District 22.9% and
in the San Francisco Reserve District 33.8%.
In the following we furnish a summary of Federal Reserve
districts:
CLEARINGS.
SUMMARY OF BANK
Week Ended Feb. 13 1932.
Federal Reserve Diets.
$
223,876,280
lst Boston__ - -12 cities
2.720,875,709
2nd New York_12 "
243,640,066
3rd Pbslauel la..10 "
180.663,786
4th Cleveland_ 5 "
103,723,129
5th Richmond - 6 "
87,665,412
6th Atlanta__11 "
298,836.738
7th Chicago _ _ _20 "
89,548,463
8th St. Louis... 5 "
66,356,591
9th Minneapolis 7 "
92,028,014
10th KansaaCity 10 "
36,525,330
5 11th Dallas
152,932,746
1251* San Fran 14 "
117 e16160
Total
Outside N. Y. City
e.. .......
...
4,288,852,264
1,619,404,769
nor 104 Anil
$
339,016,388
5,193,306,786
365,273.034
306.389,947
138,023,977
138.902,264
664,857,870
122,413.211
83,066.174
138,140,481
47,344,966
231.132,662
Ine.or
Dec.
1930.
1929.
$
S
%
-34.0
481,749,432
515,208,822
-47.6 6,171,020.584 8,526.624.848
-33.2
555,380,668
581.635.039
-41.0
370,419,572
410,093,705
-24.9
165,355,322
177.074,895
-36.9
168,281,176
181,495,373
-47.1
812,419,311 1,060,266,257
-26.8
180,388,275
209,776,285
-32.1
101,783,080
114,294,694
-33.4
186,222,369
196,038,561
-22.9
59,398,457
78,257,584
--33.8
312,790,625
355,697,611
7,667,867,680 -44.1 9,565.208,761 12,406,463,674
2,588,266,189 -36.3 3,539,462,589 4,040,612,361
174 071 /RA
--10 7
904 010 AlA
490 091 9110
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Feb. 13.
Clearings at
1932.
1931.
First Federal Reserve Dist net-Boston
573,893
434,198
Maine-Bangor__
2,124.726
2,730,722
Portland
-Boston _ 195,764,108 298,000,000
Mass.
673,053
899,313
Fall River
242,030
448,645
Lowell
632,558
803,358
New Bedford_ _
3.035,521
Springfield_ _ _ _
4,255,7(0
2,073.497
2,886,367
Worcester
5,877,711
Conn.-IIartford.
10,677,696
4,318,125
6,503.072
New Haven__ _
8.304,700
10,612,500
R.L-Providence
N.LL-Manches'r
398.053
625,122
223,876,280
Total(12 cities)
Inc. or
Dec.
1930.
1929.
-24.3
-22.2
--34.3
--25.2
-46.1
-21.3
-28.7
-28.2
-45.0
--33.6
--21.7
-366
634,543
3,644,312
30,519,860
1,247,536
978,263
1,059,571
4.371,374
3,356,764
13,806,075
7,085,322
14,269,500
776,303
567,481
3,997,872
455,000,000
1,448,006
1,463,919
1,417,894
5,958,738
3,918,358
16,445,873
8,153,007
16,057,200
780,474
339,016,388 -34.0
481,749,432
515,208,822
-New
Second Fede al Reserve D (strict
5,106,263
5,118.406
-Albany,.
N. Y.
662,459
1,124,240
Binghamton_
22,020,824
35,755.547
Buffalo
1,062.032
695.652
Elmira
949,940
588,687
Jamestown.__ _
New York..._ 2,637,447,496 5,079,601.491
8,319,384
6,423.277
,Rochester
3,831,754
2,841,454
Syracuse
3,129,654
2,825,894
-Stamford
Conn.
587,170
396,614
-Montclair
N. J.
27,172,647
19,345,587
Newark
26.666,684
22,509,359
Northern N.J_
York
+0.2
6,762,462
7,106,332
-41.1
1,218,276
1,360.847
-38.4
47,571,847
55,933,612
-34.5
991,018
1,333,826
-38.0
1,389,218
1.243.928
-48.1 6,025,736,172 8,365.851,313
-22.8
12,458,093
13.602,432
-25.8
4,855.324
6,500,361
-9.7
3,061,151
3,617.890
-32.5
759,665
954,262
-28.8
31,016,627
27,807,446
-15.6
35,200,731
41,312,599
Total(12 cities) 2.720,875,709 5,193,306,786 -47.6 6,171,020,584 8,526,624,848
Third Federal Reserve Dist 'Jet-Philad elphla
1,179,531 -61.3
456,128
Pa.
-Altoona....
3,151,536 -27.0
2,299,453
Bethlehem._ _ _
723,951 -51.8
349,140
Cheater
1,792,364 -47.8
935,941
Lancaster
231.000,000 343,000,000 -32.7
2,604,313 -24.3
1,971,052
Reading
3,850,903 -45.8
2,088,634
Scranton
2,442,323 -41.5
1,427,747
Wilkes-Barre1,847,113 -41.5
1,080,971
York
4,681,000 -52.3
2,231,000
N.J.-Trenton.-
1,375,959
4.401,743
1,092,770
1,670,091
529,000,000
3.388,326
4,732,323
3,484,249
2,139,197
4,096,000
1,389,592
5,705,081
1,115,141
2,197,585
549,000,000
4,491,452
6.570,709
3.938.078
2.224.347
5,000,054
365,273,034 -33.2
555,380.658
581,635,039
Total(10 eltleS)
243,840,066
Reserve D istriet-Clev land
2,967,000 -89.5
d313,000
5,528,000
7,673,000
38,305,768
53,732,104
7,466,700
14
53.162,743 -27.9
92,305,574 -41.8
12,539,200 -40.5
60,926.312
133,314,598
15,257,000
72,438,880
141,674,221
18,373,200
80,836.214
145,415,460 -44.4
155,393,662
14
169,934,404
180,653,786
Fourth Feder al
Ohio-Akron-Canton
Cincinnati_
_
Cleveland
Columbus
Mansfield
Youngstown _ _
Pa -Pittsburgh.
306,389,977 -41.0
370,419.572
410,093,705
Fifth Federal Reserve Dist rict- Rielun cod582,291 -48.1
W.Va.-Hunt'g'n
302,175
4,000,000 -32.4
Va.-Norfolk
2,705,307
Richmond
31,855,000 -19.4
_
25,662,035
8.C.
1,000,611 -20.0
-Charleston
.800,000
75,902,581 -29.0
53,858,252
Md.-Baltimore _
24,683,494 -17.4
D. C.-Wash'g'n
20,395,360
1.058,893
5,495,327
41,035,000
2,023,750
91,200,782
24,541,570
1,177,928
5,134,264
44,838,000
2,400,000
95,867,164
27,657,539
138,023,977 -24.9
165,355,322
177,074,895
Sixth Federal Reserve Dist rict- dent a2,000,000 +42.9
Tenn.
2,857,407
-Knoxville
13,905,966 -45.0
Nashville
7,654,036
Ga
34,862,563 -18.3
28,500,000
1,460,310 -39.4
885,487
Augusta
768.736 - 22.2
598,272
Macon
Fla-Jacksonville
13,105.668 -18.7
10.652.296
Ala-Birmingham
12,484,535 -29.4
8,812,966
1,313,747 -34.9
Mobile
855,157
1,398,000 -31.3
960,000
iss.-Jackson_ _
148,019 -6.2
Vicksburg
157,218
La-New Orleans
57,454,720 -55.2
25,722,673
3,300,000
21,713.399
44,840,985
2,026,729
1,433,891
16,001,028
22,986,073
1,941,090
1,983,175
259,494
51,794,412
3,878,353
21,649,016
55,766,877
2,171,768
1,787.933
16,562,871
22,496,189
1,641,608
2,284.000
489,000
49,767,558
168,281,174)
181,495,373
Total(5 cities)_
Total(6 cities)_
Total(11 cities)
103,723,129
87.655,412
Week Ended Feb. 13.
Clearings di
1032.
138,902,264 -36.9
1931.
Inc. or
Dec.
1930,
1929.
9
$
$
9
%
Seventh Fede r al Reserve D istriet-Chi cage125,008
144,641 -13.6
204.227
-A drian _.
270,097
Mich.
595,429
862,018 -30.9
792,133
903.216
.
Ann Arbor_ - _
53,965,903 101,763,939 -47.0 145,763.904 195,856,676
Detroit
2,268,642
4,033,049 -43.7
4,957.476
8,554.522
Grand Rapids _
1,185.800
2,513,840 -52.8
3,378,400
Lansing
3,094,940
1,036,956
2,438,106 -57.5
3,730,908
-Ft. Wayne
3,517.166
Ind.
12,203.000
16,844,000 -27.6
20,680,000
Indianapolis,._
24,151,000
1,088,731
1,852,671 -42.2
2,355,610
2,959,596
South Bend.. _
2,859.220
3,935.164 -27.3
5,302.840
4.948,832
Terre Haute-- _
17,512,542
24,216,983 -27.7
32,019,486
36,938,635
Wis.-Milwaukee
612,812
Iowa-Ced. Raps
2.428,868 -74.8
2,702,643
2,717,168
.
4,773,692
5,809,271 -17.8
Des Moines..
9,416,299
9,188,267
2,320,213
3,842,784 -39.6
Sioux City _ _.
6,440.520
6,816,246
378,575
740,283 -48.9
V,aterloo - _
1,614,956
1,621,454
818,848
.
1,204,631 -32.0
I11.-Bloom'gton
1,729,574
1.959,510
192.300.830 383,921,883 -49.9 559.168,188 742.770,191
Chicago
508,793
887.802 -42.7
Decatur
1,264,715
1,352,771
2,190,500
3,094.420 -29.2
Peoria
4,854.463
5,913,640
704.882
2,150,589 -67.2
Rockford_ _ _.
3,396,990
3.736,823
1,386.362
2,172.928 -36.2
Springfield_ _ _.
2,645,979
2,990,507
Total(20 cities) 298,836,738
1931.
1932.
[VoL. 134.
564,857,870 -47.1
Eighth Feder a I Reserve Die trict-St. Lo Web
b
b
Ind.
-Evansville
60.800,000
83,300.000 -27.0
Mo.-St Louis_ .
18,061,79'
25,065.028 -27.9
Ky.-Louisville .
b
b
b
Owensboro__ .
10,014.324
13,301,496 -24.7
Tenn.-Nleraph 3
109,878
151,988 -27.7
III.-Jacksonvill
594,699 -5.4
562,466
Quincy
Total(5 cities)
Ninth Federa
Minn.
-Duluth_
Minneapolis_ St. Paul
N. D.
-Fargo.S.D.
-Aberdeen
Mont.
-Billings
Helena
Total(7 cities) .
812,419,311 1,060,266,257
b
118,500,000
39.430,683
b
20,999,099
234,000
1,224,493
b
140,300,000
44,530,029
b
23,143,131
372.275
1,430,850
180,388,275
209,776.285
Reserve Dis trlet-NH(1n eapolis2,125,857
3,677,646 -42.2
3,889,967
37,326.986
57,202,389 -34.7
69,119,762
13,001,338
16,581,174 -21.6
22.687,616
1,530.867
1,794,724 -14.7
1,722,020
529,993
749,142 -29.3
985.218
335,424
645,269 -48.0
644.997
1,506,126
2,415,830 -37.7
2,733,500
5,720,904
73,461.322
28,763,927
1,899,629
993,096
640,816
2,815,000
89,548,463
56,356,591
122,413,211 -28.8
101.783,080
114,294,694
Tenth Federa I Reserve Dis trict- Kane as CityNeb.-Fremont ,.
136,915
204,387 -33.0
305,764
156,897
411,579 -61.9
Hastings
501,707
.
2,249,735
2,821,878 -20.3
3,404.385
Lincoln
20,030,585
31,348,730 -36.1
40.812,344
Omaha
1,951,783
2,604,618 -25.1
3,049,975
Kan.
-Topeka__
4,096,867
5,443,668 -24.7
7,240,910
Wichita
59,152,598
88,747,707 -33.3 122,362,532
Mo.-Kan. City
2,835,615
4,367,040 -35.1
5,765,682
St. Joseph....
1,022,565 -29.3
1,167,951
Col.
722,451
-Col. Bogs
a
a
a
a
Denver
1,168,309 -40.5
1,611.119
Pueblo
694,568
339,684
605.933
4,239,344
39,978,072
3,184.435
7,519,140
130,638,653
6,563,072
1,442,290
a
1,527,938
138.140,481 -33.4
186,222,369
196,038,561
-Da has
Eleventh Fede ral Reserve District
Texas-Austin...
911.798
1,303,497 -30.1
24,911,838
Dallas
34,035,629 -26.8
6,401,990 -3.8
Fort Worth.. _
6.157,843
Galveston
1,725,000
2,090,000 -17.5
La -Shreveport.
2,818,853
3,513,850 -19.8
1,622,201
39,767,476
8,954.223
3,363,000
5,691,557
1,862,256
51,847,962
12,754,177
5,035,000
6,758,189
47,344,066 -22.9
59,398,457
78,257,584
Total(10 cities)
Total(5 cities).
92,028,014
83,066,174 -32.1
35,525,330
Twelfth Feder al Reserve D 'strict-San Franc, sco34,834,931 -44.2
33.873,566
Wash-Seattle _ _
19.436,681
10,186,000
7,848,000 -35.3
Spokane
5,079,000
1,242.397
Yakima
827,148 -50.5
409,515
31,783,797
Ore.
15.579,224
24.035,024 -35.1
-Portland_ _
Utah-S. L. City
15,935,886
8,309,242
12,065,612 -31.1
7,348.345
Calif
.-L.Beach_
2,933,293
5,344,782 -45.1
Los Angeles- -- No longer will report cleaxin gs.
3,698,718
6,248,612
Pasadena
5,614.364 -34.1
6,566,003
6,877,073
Sacramento_ _ _
5,936,268 +10.6
San Diego__
2,996,990
4.591.108 -34.7
5,977,348
San Francisco_
83,545,836 122,889,670 -32.0 184,234,356
San Jose
1,302,292
2,522,245 -48.0
3,330,119
Santa Barbara_
1,042,185
1.678,009 -37.9
1,914,763
Santa Monica_
798,159
1,642,391 -51.4
1,879,263
Stockton
1,235,608
1.303,000 -5.2
1,959,000
51,177,437
11,095,000
1,321.101
34,812.073
15,648.008
8,491,087
8,456,107
6,442,287
7,208,002
201,982,211
2,807,708
1,850,231
2,224,159
2,182.200
'rotal(14 cities) 152,932,746 231,132,552 -33.8 312,790,525 355,697,611
Grand total (117
cities)
4,286,852,264 7,667,867,680 -44.1 9.565,208,761 12406,463,674
Outside New York 1,649,404,768 2,588,266,189 -36.3 3,539.462,5894,040,612.360
Week Ended Feb. 11.
Ocarinas at-1932.
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
$
74,124,011
77,041,907
22,801,977
11,976,294
4,367,329
3,144,380
1,895,329
3,451,860
4,583,260
1,756.145
1.427,673
2,329,700
3,429,218
2,338,771
316,724
267.601
1,279.267
489,902
751,801
485,778
435,128
183.328
465,882
492,492
731,908
2,177,880
274,034
561,172
504.948
473,597
377,139
459,165
Total(32 cities)
225,395,600
1931.
$
150,166,889
113,347,896
38,042,049
14.392,718
5,309,500
4,310.528
2,485,113
4,403,443
7,526,946
1,842,261
2,763,891
2,667,746
4,094,166
3,082.487
323,395
449,329
1,521,017
725,398
886,823
811,561
584,652
202,53'
696,945
633,226
977,613
2,762,102
334,163
566,832
559,038
581,639
500,356
721,129
Inc. or
Dee.
1930.
1929.
%
-52.7
-32.0
-40.1
-16.8
-17.7
-27.1
-23.7
-21.6
-39.1
-4.7
-48.3
-12.7
-16.2
-24.1
-2.1
-40.4
-15.9
-32.6
-15.2
-20.6
-25.6
-9.5
-33.2
-22.2
-25.1
-21.2
-18.0
-1.0
-9.7
-18.6
-24.6
-36.3
5
112,520,180
115.232,754
33.626.318
18,143.501
6,634,018
5,246,007
3.240,471
5,266,784
9,933,275
2,158.794
2,124,163
2,381,428
6.516.956
4,228,849
427,479
492,386
1,838,783
884.624
990,714
665,351
689.599
259,724
776,883
817,503
1,101,397
4,478.424
372.806
785,995
603,852
723,803
660,284
1,201,710
8
136,329,040
153,990,127
41,945,251
22,555,859
8,872,611
5,283,390
3,619,521
6,316,028
10,615.175
2,826,287
2,730,186
2,704,437
5,265,164
4,391,516
479,814
576,904
2,004,008
1,049,500
1,283,098
787,185
781.164
383,017
1,193,128
840,875
1,309,260
4,941,455
384,384
1,186,190
755.426
602,416
789,386
374,073,386 -39.7
344,992,815
426,801,782
a No longer reports weekly clearings. b Clearing House not
present. d Figures smaller due to merger of two largest banks.
unrUMIIng at
FINANCIAL CHRONICLE
FEB. 20 1932.]
1325
Imports.
Exports.
THE CURB EXCHANGE.
£146,450
United States of America-- £23,306 Germany
19.962 Belgium
Australia
97.350
39,141 British India
4,821
Continuing last week's upward movement prices on Sat- Canada
5,273 Other countries
3,230
demand. Profit-taking New Zealand
urday last rose sharply on a heavy
11,950
thereafter caused some irregularity and slight lower range Other countries
£99,632
£251,851
Quotations during the week:
of values until to-day when many issues sold at their highest
IN NEW YORK.
IN LONDON.
and under
in some time. The close was somewhat quieter
(Cents per Pine Ounce, .999)
Bar Silver per Oz., Standard.
Cash.
2 Mos.
the best prices for the day. Among the industrial and
-29H
Jan. 27
Jan. 28
19 1-16d. 19 Hd.
miscellaneous issues Aluminum Co., com. rose from 53 to Jan. 29
29
19 5-16d. Jan. 28
1934d.
29
Jan. 29
Jan. 30
19 5-150. 19%d.
58 but reacted finally to 543%. Aluminum, Ltd., com. sold Feb. 1
30
20d.
203-350. Jan. 30
30M
1954d.
19 13-16d. Feb. 1
2
up from 16 to 22. American Cigar,com. on few transactions Feb. 3Feb.
30%
2
Feb.
advanced from 1333 to 145. Deere & Co. gained about Average
19.573d.
19.39id.
%
of exchange on New York recorded during the period
The highest rate
2 points to 11 and dropped back to 9%. Glen Alden Coal from the 27th ultimo to the 3rd instant was 33.4734 and the lowest $3.44.
No fresh Indian currency returns are to hand.
sold down from 163% to 143% and ended the week at 143%.
ultimo consisted of about 55,700,000
The
Mead, Johnson & Co. advanced from 48 to 55 and finished ouncesstocks in Shanghai on the 30th and 6,120 silver bars, as compared
in sycee, 169,000,000 dollars
with about 55,700,000 ounces in sycee, 169,000,000 dollars and 5,700 silver
7
to-day at 54%. Parker Rust Proof improved from 38 to bars on the 23rd ultimo.
3
45% with the final transactions to-day at 45. Singer Mfg. Statistics for the month of January last are appended:
-Bar Gold
-Bar Silver per Oz.gained 12 points to 132. A. 0. Smith Corp., com. sold
Per Pine
Standard (Delivery)
Ounce.
Cash.
2 Mos.
down from 473% to 40 and recovered finally to 46g. Public Highest price
122s. 9d.
20 7-16d. 20 7-16d.
117s 11d.
18 15-16d. 19;id.
utility issues showed moderate gains. Amer. Gas & Elec., Lowest
1205. 4.35d.
19.623d. 19.736d.
% and reacted finally to 3532. Average
6
corn. from 343% reached 37
Commonwealth-Edison improved from 1063% to 113 and
PRICES ON BERLIN STOCK EXCHANGE.
sold finally, at 110. Electric Bond & Share was active and
The Berlin Stock Exchange is closed.
and down to 10% with the close
sold up from 113% to 133%
to-day 10%. Northern States Power,com. A,on few transNew York quotations for German and other foreign unactions gained 5 points to 81. Oils showed only slight listed dollar bonds as of Feb. 19:
Bid.
changes. Chesebrough Mfg. improved 2 points to 85.
Asked.
25
80
Humble Oil & Refg. advanced from 45 to 463% and closed Anhalt 7s to 1945
28
so
Bavaria 6445 to 1945
23
as
Bavarian Palatinate Cons. Cit.
to-day at 453%. Indiana Pipe Line gained a point to 73%, Brandenburg Electric 6%. 19537% serial
3134
3434
34
38
while National Transit rose from 9 to 103%. South Penn British Hungarian Bk.73% 1962
29
34
Ind. Corp. 634, 1953
3
Oil moved up from 9% to 123% and South West Pa. Pipe Brown CoalMunicipal Ut11. 634%, 1948
25
21
Dortmund
28
23
Lines from 33 to 37. Standard Oil (Neb.) was up from 17 Dulsberg 7% ser
28
30
East Prussian Power 6%. 1953
to 18%.
34
32
European Mortgage & Investment 7348. 1966
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Feb. 19 1932.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Exchange.
Stoats
(Number
of
Shares).
Bonds (Par Value).
Foreign
Domestic. Government
Foreign
Corporate.
Total.
295,715 52.694,000
262,785 3,600.000
248,723 4,026.000
237,735 3,476,000
139,776 3,105.100
250.965 3.346.000
364,000
71,000
74,000
100.000
70,000
71.000
$133.000 $2,891,000
184,000 3,855,000
126,000 4,226.000
172.000 3,748.000
134.000 3.309.100
218,000 3.635.000
1.435,699 520,247.100
$450.000
$967,000 321.664.100
Week Ended Feb. 19
1932.
1931.
Jan. 1 to Feb. 19.
1932.
193.
Stocks
-No. of shares_
2,900.025
1.435,699
Bonds.
Domestic
$20,247,100 512,365.000
1.253.000
Foreign Government._
450.000
Foreign corporate
748.000
967,000
8,198,086
26.808,145
$102,418,100
3.946.000
4,895,000
3124,142.000
5,417,000
5,478.000
521.664300 814.366,000
$111,259.100
5135.035.000
Total
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Feb. 3 1932:
GOLD.
The Bank of England gold reserve against notes amounted to £120,763,338 on the 27th ultimo. as compared with £120.762,514 on the previous
Wednesday.
The SS. "Comorin" which sailed from Bombay on Jan. 30th carries gold
to the value of about 4,600,000.
About £380,000 of bar gold was available in the open market yesterday
and was purchased for France at the fixed price of 1195. 7d. per fine ounce.
Quotations during the week:
Per Pine
Equivalent Value
Ounce.
of £ Sterling.
Jan. 28
1195. 3d.
145. 3.0d.
119s. 7d.
Jan. 29
14s. 2.5d.
119s. 7d.
Jan. 30
14s. 2.5d.
Feb. 1
1205. 2d.
14s. 1.7d.
Feb. 2
1195. 7d.
145. 2.5d.
Feb. 3
119s. 5d.
145. 2.7d.
Average
119s. 7.2d.
14s. 2.5d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 25th ultimo to mid-day on the 181 instant:
Imports.
Exports.
Netherlands
/63,150 Netherlands
£116,610
British India
1.294,954 France
4,843,627
Australia
45,452 United States of America151,051
95,056 Switzerland
New Zealand
12,000
British South Africa_ __ - 1,081,274 Belgium
10,000
23,073 Other countries
Uruguay
19,740
15,604
Other countries
French Government 5345, 1937
French National Mall 8.8. Ltne 6%, 1952
German Atlantic Cable 7%, 1945
German Building & Landbank 644%, 1948
Hamburg-American Line 8445, 1935
Housing & Realty Imp. 7s, 1946
Hungarian Central Mutual 78, 1937
Hungarian Discount dr Exchange Bank 78„ 1963
Hungarian Italian Bank 734%, 1932
Koholyt 634s, 1943
Leipzig Overland Power 634%, 1946
Leipzig Trade Fair 75, 1953
Marmhein dr Palatinate 75, 1941
Munich 7s to 1945
Municipal Bank Hessen 7% to 1943
Nassau Landbank 6%%,1938
Oberpfalz Electric 7%, 1946
Oldenburg-Free State 7% series
Pomerania Electric 6%, 1953
Protestant Church (Germany) 7345. 1946
Provincial Bank of Westphalia 6%, 1933
Rhine Westphalia Electric 7%. 1936
Roman Catholic Church 834%, 1946
Roman Catholic Church Welfare 7% 1946
Saarbrueoken Mortgage Bank 65, 1947
Saxon State Mortgage 13%, 1947
Siemens & Retake debentures 6%,2930
Stettin Public Utilities 7%, 1946
Tucuman City 7s, 1951
United Industrial 6%, 1945
Wurtemberg 75 to 1945
100
8441
42
27
35
25
3214
24
60
29
as
sa
31
31
23
31
34
2334
28
2714
25
44
42
37
52
28
300
29
22
84
31
102
86%
50
30
45
ss
3434
26
70
35
sa
25
34
ao
26
35
as
2834
31
3034
sa
49'
47
42
60
32
330
32
25
se
as
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:
Feb.13. Feb.15. Fcb.16. Peb.17. Feb.18, Feb.19.
1932. 1932. 1932. 1932. 1932. 1932.
Francs. Francs. Francs. Francs. Francs. Francs.
Bank of France
13,800 13,700 13,600 13,700 13,800
112
106
101
Bank Nationale de Credit
105
1,560
1,560
1,570 1,830 11Banque de Paris et Pays Bas
,680
540
549
531
Banque de Union Parisienne
401
412
415
Canadian Pacific
gr
-iii
14,500 14,445 14,495 14,800
Canal de Suez
--._
2,490 2,520
2,500 2,500
Cie Distr d'Electricide
2,600 2,620 2,840 2,640 2,790
Cie General d'Electriettle
530
515
519
Citroen B
610
1,320
1,330 ijiio
1,320 1,360
Comptoir Nationale d'Eseompte
390
380
380
Coty. lac
390
370
454
435
438
453
Counters*,
_795
805
775
795
Credit Commerciale de France_
- .
Credit Fonder de France
4,950 4,960 4,980 4,980 5.4310
Credit Lyonnais
2,090 2,070 2,060 2,100 2,190
Distribution d'Electricitie la Par
2,490 2,500 2,490 2,480 2,530
Eaux Lyonnais
2,450 2,450 2.420 2,440 2,490
724
710
Energie Electrlque du North.720
719
Energie Electrique du Littoral...
1.124 1,105
1,105
1,121
101
French Line
101
99
105
08
Gales Lafayette
105
101
98
108
108
Gas Le Bon
850
HOLI840
850
830
850
Kuhlmann
430
DAY
430
420
420
430
L'Air Liquide
790
810
800
800
820
Lyon (P. I.. M.)
1,278 1,271
1,275 1,284
£2,618,563
£5,153,028 Mines de Courrieres
450
450
430
430
%lie
The Southern Rhodesian gold output for the month of December last Mines des Lens
530
530
510
510
530
was 50,034 ounces, which compares with 44,516 ounces for November Nord By
1,800 1,810 '1,790 1,790
1,820
Paris, France
1931 and 46,485 ounces for December 1930.
1,360 1,350
1,370 1,360
1,380
Pathe Capital
124
125
120
118
SILVER.
Pechiney
1,450
1,420
1,410 1,400 1.440
The market ruled very quiet during the first part of the week but moderate Rentes 3%
7,860
7,880
7,890
7,860 7.890
Continent raised prices from 19 1-150. for cash and 19 gcl. Rentes 5% 1920
buying for the
126.10 125.90 125.20 125.30 125.30
for two months on the 28th ultimo to 19 15-16d. and 1934d. for the respec- Rentes 4% 1917
96.60
97.20
97.10 06.70 97.00
deliveries on the 30th ultimo. On Fob. 1st, the next working day, the Rentes 5% 1915
tive
101.20 101.10 100.50 100.60 100.50
news from Shanghai of the serious development in the situation between Rentes 6% 1920
104.30 104.50 104.10 104.40 104.40
China and Japan caused sellers to hold back: there was a sharp upward Royal Dutch
1,460
1,450 1,460 1,500 1,550
prices being fixed 11-16d. higher at 20d. and 20 3-16d. Saint Con,. C. dr C
movement, both
2,435 2,390 2.355
2,305
Schneider & Cie
1,415 1,415 1,355 1,380
owing to some speculative demand on the poorly supplied market.
rise was not justified by the amount of business transacted and Societe Andre Citroen
520
520
510
510
'-The
"iio
226
225
219
230 ' 233
proved overdone, America offering freely in the afternoon. Both prices Societe General Fonclere
%
130
135
134
134
145
fell 5id. yesterday to 195 d. and 19 13-16d. on small sales by China and Societe Francalse Ford
Bazaars, whilst to-day, in the absence of support, the cash Societe Lyonnais
2,450 2,430
2,440 2,480
the Indian
680
690
680
681
quotation is %d.lower at 19 Hd., and that for two months 7-16d. lower at Societe Marseillalse
Suez
14,600 14,400 14,500 14,800 15.1136
1954d.
194
197
100
Although the situation in China adds uncertainty to the market, silver Tubize Artificial Silk peel
188
P.4.1 Union d'Electrictie
970
950
940
940
would appear sufficiently high in view of the poor offtake.
prices
-Oa
Kingdom imports and exports of silver Union des Mines
270
200
290
280
The following were the United
270
Wagon-Lite
106
105
103
105
registered from mid-clay on the 25th ultimo to mid-day on the 1st instant:
____
1326
FINANCIAL CHRONICLE
(VOL. 134.
Los Angeles Stock Exchange.
-Record of transactions
ENGLISH„FINANCIAL:MARKET PER CABLE.
at the Los Angeles Stock Exchange, Feb. 13 to Feb. 19,
The daily closing quotations for securities, &c., at London,
both inclusive, compiled from official sales lists:
as reported by cable, have been as follows the past week:
f rway
sates
Thurs.,
Wed..
Fri..
Mon..
Tues.,
Last Week's Range for
Range Since Jan. I.
Feb. 19.
Feb. 13.
Feb. 18.
Feb. 17.
Feb. 16.
Feb. 15.
Sale
ofPrices.
Week.
Silver, p. os.d. 19%cl.
9-16d. 19 9-16d. 1994d.
19%d.
19
19%d.
StocksPar. Price. Low. High. Shares.
Low.
High.
Gold, p. fine oz. _
119s.11d. 120s.1d. 1203.1d. 120s.Id. 120s.
Consols. 2%%. 5511
56K
5611
55%
55%
5531
13olsa Chia% Oil A
234 34
10
700
2% Feb
4
Jan
British 507 100
99%
99
99
98A
Bway Dept Store pref__100
55
55
25 504 Jan 55
Jan
British434% ----9631
9634
95
96
95S
California Bank
25
56
56
50 51% Jun 57% Jan
French Rentes
Central Investment Co_100
9
10
227
9
Feb 13% Feb
(in
Citizens Nat Bank
20
53% 53%
400 53% Feb 55
Jan
3% francs.-- ---78.60
78.90
78.60
78.90
78.80
Claude Neon Elec Prod..'
8%
834 9K
800
8
Jan 10
Jan
French War L'n
Chrysler
• 134 12% 13% 1,200 tog Feb 15% Jan
(in Paris)
Emsco Derrick & En Co. •
3% 336
100
3
Jan
334 Feb
100.50
100.60
100.50
101.20
5% francs__ ____
101.20
Globe Grain & Mill com_25
9%
934 9.4
100
934 Feb
934 Feb
8
8
The price of silver in New York on the same days has been: Golden State Co Ltd__ _25
100
6% Jan
8
Feb
Goodyear T & Rub pref 100
52
55
42 52
Jun 55
Silver In N. Y.,
Feb
Hal Roach 8% pref
25
3
3
25
334 Jan
30
30 30H
4
Jan
30%
per on. lets.) 29%
30
30%
Hancock 011 com A
25
641
6% 7
300
6
Jan
7
Jan
lot Re-insurance Corp..10 20% 204 2034
400 18
Jan 2234 Jan
Los Ang Gas & El pref.100
95
95%
189 9334 Jan 100
Jan
Los Aug Investment Co.10
631
631 6%
706
534 Jan
7
Feb
MacMillan Petroleum__25
15
A
100
A Jan
% Jun
114 114
Mtge Guarantee Co___100
30 114
Jan 115
Jan
16
-All Par Amer Flre Ins Co_10
16%
brought from page 1402.
400 1534 Jan 25
Breadstuffs figures
Jan
Pacific Clay
8
8
100
8
Feb
8
Feb
movement of grain
- Pacific Fin Products Co.'
the statements below regarding the
7%
7
Corp corn...10
74 1,300
6% Jan
734 Jan
Preferred series A__10
100
934 9%
receipts, exports, visible supply, &c., are prepared by us
934
8% Feb9% Feb
200
Series C
10
794
734 7%
634 Jan
7% Feb
from figures collected by the New York Produce Exchange.
Pacific Gas & Elee corn_ _25 36
34% 37
800 324 Jan 37
Feb
First we give the receipts at Western lake and river ports
2434 24%
100 24% Feb26
1st preferred
25
Jan
600 36A Feb40% Feb
• 39% 3911 40A
for the week ending last Saturday and since Aug. 1 for Pacific Lighting corn
300 3234 Jan 38
37% 38
Pacific Mutual Life Ins_10
Feb
each of the last three years:
Par Pub Serv lot Pref---*
100 1134 Jan 1234 Feb
1234 12%
900
4
Jan
Pacific Western Oil Co...'
6% Jae
5
434 5
41 Jan
91
100
94 jam
91
Richfield 011 Co corn_
•
I Barley.
Receipts at
- Flour. I Wheat.
Oats.
Rye.
Corn.
2
Jan
234 Jar
234 2% 1,300
Rio Grande Olicom
_25
25 103
Jan 108
10434 104%
Jar
S Joaq L & P7% pr p1.100
Ol3.10615s.bush. 60155.bush.56 lbs. bush. 32 Msibush.48)58. bush.56lbs.
230 31
Feb3734 Jar
25 37% 3634 37%
Chicago
384,000,
9.000 Seaboard Nat Bank
.
137.000 1.266.000
124,000
Jan 6031 Feb
40.000 Seaboard Nat Sec Corp 25 60% 58H 6034 3,100 57
95.000
94.000'
111,000
Minneapolis_
717,000
5
34 Jan
600
Jar
5
5
25
5
12.000 Signal Oil & Gas A
Duluth
42.000
25 314 314 3234 4,100 29% Jan 3234 Feb
2,000 So Calif Edison com
93.000
34.000
120,000
4.000
19,000
MilwaukeeJan 43
220 40
40
40%
Jar
Original pref
25
71,000
1,000
59.000
Toledo
219.000
Jan 2734 Jar
600 27
27% 2734
7% preferred
25
24.000
2.000
4,000
8,000
29.000
Detroit
25
2334 244 1,200 2334 Jan 2434 Jar
6% Preferred
202.000
166.000
34.000
Indianapolis
Jar
5%% preferred
25 2134 214 21% 1,300 214 Feb 23
28,000
160,000
252,000
St Louis....
666.000
144,000
160 2334 Feb 2334 Fet
2334 23%
So Calif Ga. ,eries A pf_25
93.000
213.000
53,000
24.000
53,000
Peoria
24
Jan 2434 Jar
200 24
24
6% preferred
25 24
50.000
187,000
Kansas City
7,000 1,953.000
20 88
So Counties Gas6% pref 25
02
Feb 92
92
Fet
12,000
120 000
420.000
Omaha
Southern Pacific Co___100
1.770 28% Feb 37
2811 34
Jar
109.000
51,000
43,
St. Joseph _
Standard 011 of Calif
• 2534 25
27
10,300 2234 Jan 27
Fet
3,000
2.000
635.0
Wichita
Taylor Milling Corp
6% 6%
600
6
Feb
8
Jar
•
13.000
133,000
2.000
31
Sioux City__
Trans
-America Corp
85.400
234 Jan
•
5%
6
Fat
334 6
934 Feb 1231 Jar
1034 11% 5,400
2.732.000 1.201.000
65.000 Union 011 Associates____25 1034
336.000
347.000 4.854,11
Total wk. '32
Union 011 of Calif
4.000 1034 Feb 13% jar
25 12
1134 129
5,186.000 2.339.000 442,000
235.000 .r.,,-., ........ a-- 387.000 7.698,00
Same wk. '31
Inn 500
250 550
0 100
V.V. 250
V...1
7,279,000 1,898.000 801.000
109.000
410.000 4.732,
Same wk. '30
gominercialand
iscellaneonsnews
Since Aug.112,196,000219,117.000 75,665,000 44.2430)022,528,000 4,424.000
1931
12,305,000289.444.000 119,304,000 75,439.000 36,714,000 16,181.000
1930
12,594.000274,970.000 155,247,000 91,014,000 51,483,00020.197,000
1929
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Feb. 13 to Feb. 19,
both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Range Since Jan. 1.
1Veek.
Sale
of Prices.
Low.
Par. Price. Low. High Shares.
StocksHigh.
15%
Alaska Juneau
Anglo de LP Nat Bank._.. 110
Atlas Imperial Diesel EngA
3
Bank of California
142%
Bond & Share Ltd
Byron Jackson
134
Calamba Sugar
831
California Copper
California Cotton Mills...
Calif Oregon Power 7% pf_
California Packing
10%
Calif Water Service pref
Caterpillar
1234
Clorox Chemical A
Cons Chem Indus A
17%
Crown Zellerbach v t c..
2
Preferred A
13%
Preferred B
Eldorado 011 Works
Fageol Motors
34
7% preferred
%
Firemans Fund Ins
46
Food Machinery Corp..
10
Foster & Klelser
General Paint Corp corn A.
Golden State Ltd
731
Haiku Pine Ltd
Preferred
Hawaiian C & El Ltd
Hawaiian Pineapple
Honolulu 011 Coro LtdHunt Bros A common
Langendorf United Bak A.
Leslie California Salt_ .... _ ---- -Los Angeles Gas & Eiee pref 95
Magnavox Co Ltd
134
Maichant Cale Machine.
Nor Amer Inv com
6K% preferred
North American 011 Cons
414
Oecid.ntal Insurance
Oliver United Filters A.-__
731
Paauhau Sugar
Pacific Gas 6% 1st pref.__
24%
Pacific Gas
36A
5K% preferred
Pacific Lighting Corp
40
8% preferred
93
Pao Pub Serv non-vat corn
2%
Non voting preferred.-- 13%
Pacific Tel
100
6% preferred
Paraffine Cos
Rainier Pulp & Paper
Richfield Oil
8 Joaq I.t & Pr 7% or pref.
6% prior preferred
Schlesinger Sons common_
Shell Union
Sherman Clay prior pref
45
Socony Vacuum Corp
Southern Pacific
Sou Pacific Golden Gate A
10%
Spring Valley Water
Standard 011 of California. 25%
Tide Water Associated OIL
Transamerica
514
Union 011 Associates
11%
Union 011 California
1234
, az
n
15% 16% 1,800
25
105 110
3
3
215
142% 155
300
234 33i
900
1K
131
1,613
180
834 9
31
31
100
3
3
145
88
89
35
10% 1134 3,998
63% 63%
5
12
13% 11,783
14K mu
100
9130
16% 17%
134 2
3,015
12% 134
342
12% 12%
20
10% 10%
570
34
,
1,550
94
31
% 2.000
44
48
666
1,376
9% 11
100
I%
134
175
3
3
734 1334 2.186
34 2.000
34
100
5
5
10
3434 3434
720
734 8%
200
991 10
271
5
5
165
8% 8%
110
7% 734
155
96
95
1% 29,678
34
6891
1%
191
195
34 5
5
15
15
311 434 1,676
10
11
11
446
7
% 8
20
3
3
24% 24% 4.597
3494 36% 10,925
926
22% 22%
39% 41% 1,849
192
91% 93
234 1,840
234
1.088
12% 13%
551
98 101
45
10534 107%
425
22%
22
268
74 73.1
100
91
91
48
104 105
10
95
93
20
11
11
394 3% 1,403
87
42
45%
300
10
10
28K 3731 8,163
880
10%
10
200
6% 7
27% 11.280
25
625
234 3H
6 424,764
4
10% 1134 3.350
4,000
1134 13
1st
on
c not
1234 Jan
101
Jan
2
Jan
14231 Feb
234 Jan
1% Jan
834 Jan
11 Jan
194 Jan
88
Feb
8% Jan
63% Feb
11
Jan
14
Jan
13
Jan
194 Jan
9
Jan
9
Jan
934 Jan
34 Feb
11 Jan
40 ;Jan
8
Jan
134 Feb
Feb
3
534 Jan
% Feb
Jan
5
Jan
34
731 Feb
9A Feb
Jan
3
7% Jan
6% Jan
93% Jan
34 Jan
114 Jan
331 Feb
Feb
15
334 Feb
Feb
10
Jan
6
Feb
3
24% Feb
3294 Jan
22% Feb
36% Feb
91% Feb
Feb
2
10% Jan
Feb
93
102K Feb
19H Feb
611 Feb
A Jan
102% Jun
89% Jan
Jan
1
Jan
3
Feb
41
934 Jan
25% Jan
Jan
10
6% Jan
22% Feb
291 Jan
2% Jan
Feb
10
Feb
11
1 0Sr len
16%
114
3
162
34
14
931
%
3
101
1134
65
15
15
17%
2%
1631
15
10%
%
%
4834
11
134
3
834
%
5
36
0%
10%
5
8%
7K
100
1%
154
5
15
4%
12%
8
3
26K
MA
24%
41%
95
234
13%
102
112
25K
9%
11
107
96
11
3%
45
10
3731
10%
7
27H
3%
6
12A
14
20
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jun
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jar
Jur
Jar
Jar
Jar
Fet
Jar
Jar
Jar
Jar
Jar
Jar
Fet
Jab
Pet
Jar
Jar
Fet
*No par value.
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, Feb. 13 to Feb. 19, both inclusive, compiled from official sales lists:
Stocks-
F ruray
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Bank & Trust Co Stks
First National Bank._ ..20 43
Mereantile-CommerceBank
& Trust Co
100 107
St Louis Union Trust new.
42
43
107
65
109
65
Miscellaneous Stocks
Brown Shoe corn
100
Preferred
100
Cora-Cola Bottling Co...1 18
Corno Mills Co
* 1634
Curtis Mfg corn
5
Dr Pepper corn
•
Emerson Electric pref_.100
Hamilton-Brown Shoe_ _25
International Shoe corn..'
Preferred
100
Johnson-S-8 Shoe
•
Landis Machine corn...-25
McQuay-Norris
•
National Candy corn
•
Rice-Stix Dry Goods Corn *
lot preferred
100
Scruggs-V-B DO corn._.25
Scullin Steel pref
*
Securities Inv pref
'00
Southwest Bell Tel pref 100 112
Stlx, Baer & Fuller corn..'
St Louis Pub Serv corn_ •
Preferred A
*
Wagner Electric com___100
9%
Preferred
15
3534 36%
115 115
17
18
1634
16
611 611
16% 1691
70
70
3
3
42
42
104% 104%
15
15
18
18
34
35
834 8%
4
4
70
70
2
2
294 2%
101
101
110% 112
8
8
191
1
4
44
8K 934
100 100
Street Railway Bonds
RA
RA
131
Range Since Jan. 1.
Low.
42
17 103
30 64
242
5
143
1,191
20
50
10
80
12
8
50
20
116
170
10
25
15
25
32
93
30
400
295
1.510
5
3334
115
17
15
6
1634
70
2
3611
102
15
18
30
7%
3%
70
2
134
101
11034
8
1
334
634
100
57,000
38
High.
44
Jan
Jan 110
Jan 67
Jan
Feb
Jan 3631
Feb 120
Feb 20
Feb 16%
Jan
7
Feb 18K
Feb 70
3
Feb
Jan 4334
Jan 105
Feb 15
Feb 18
Jan 35
9
Jan
Jan
4
Feb 71
Feb291
Jan
3
Feb101
1"eb 114
Feb94
Feb
134
4%
Feb
Jan
934
Feb100
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb40
Jar
Feb
*No par value
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
Feb. 11-The Peoples National Bank of New Lexington, Ohio.- $75,000
President, A. Garlinger: Cashier, B. G. Davis.
-The First National Bank In BlandinsvIlle, Ill
Feb. 12
25,000
President. Sephus Keys; Cashier. Willis Craig.
APPLICATION TO ORGANIZE RECEIVED WITH TITLE
REQUESTED.
-The First National Bank in Olyphant, Olyphant, Pa.. 100.000
Feb. 12
Correspondent, Stanley M. Evans, attorney, 113 Hull
Ave., Olyphant, Pa.
CHANGE OF TITLE.
-Cannelton National Bank, Cannelton, Ind, to "First
Feb. 8
Cannelton National Bank."
-The Knoxville National Bank & Trust Co., Knoxville,
Feb. 8
Iowa, to "Knoxville-Citizens National Bank & Trust
Co."
VOLUNTARY LIQUIDATIONS.
-The First National Bank of Pendleton, Ore
Feb. 8
$250,000
Effective Feb. 1 1932. Lig. Comm.: Jno. D. Ankeny,
G. A. Hartman and J. 11. Bowler, care of the liquidating bank. Succeeded by The First Inland National Bank of Pendleton, No. 13576.
-The First National Bank of Cannelton, Ind
25,000
Feb. 8
Effective Jan. 13 1932. Liq. Agent, First-Cannelton
National Bank, Cannelton, Ind. Absorbed by Cannelton National Bank, No. 9682, which bank has
changed its title to "First-Cannelton National Bank."
FEB. 20 1932.]
FINANCIAL CHRONICLE
8
Feb. -The Citizens National Bank of Knoxville. Iowa
100,000
Effective Jan. 211932. Lig. Agents: J. 0. Collins and
E. L. Job, both of Knoxville, Iowa. Absorbed by
The Knoxville National Bank & Trust Co., Knoxville. Iowa, No. 12849, which has changed its title to
-Knoxville-citizens National Bank & Trust Co."
-The First National Bank of Elkader, Iowa
Feb. 10
60,000
Effective Nov. 12 1931. Lig. Comm.: H. L. Swanson,
R. D. Bernard and John 0. Glesne, care of the liquidating bank. Succeeded by Central State Bank &
Trust Co. of Eikader.
Feb. 11-The First National Bank of Gormania, W. Va
25,000
Effective Jan. 19 1932. Lig. Agent, The Bayard National Bank. Bayard. W. Va. Absorbed by The
Bayard National Bank, Bayard, W. Va., No. 11664.
-The Brooklyn National Bank of New York, N. Y
Feb. 11
1,600,000
Effective Jan. 12 1932. Lig. Comm.: George Dressler,
Jerome Thralls, Morris Rosenwasser, I. Jerome
Riker, William W. Cohen, Albert H. Hager and
Albert Rosen. care of the liquidating bank. Lig.
Agent, Brooklyn National Corp., Brooklyn. N. Y.
Absorbed by Manufacturers Trust Co., New York,
N.Y.
-First National Bank in Centralia, Wash
Feb. 12
100,000
Effective Dec. 15 1931. Liq. Agent, First FarmersMerchants Bank & Trust Co. of Centralia, Wash.
Succeeded by First Farmers-Merchants Bank & Trust
Co. of Centralia, Wash.
Feb. 13
-The Planters National Bank of Whitewright, Tex
100,000
Effective Feb. 10 1932. Lig. Agent. Guy Hamilton,
Whitewright. Tex. Absorbed by The First National
Bank of Whitewright, No. 4692.
1327
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Combat*.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atlanta & Charlotte Air Line
'434 Mar. 1 'Holders of roe. Feb. 20
Bangor & Aroostook, corn. (guar.)
600. Apr. 1 Holders of rec. Feb. 29
Preferred ( Mr.)
(
114 Apr. 1 Holders of rec. Feb. 2
Boston & Albany (guar.)
mar.31 Holders of rec. Feb. 2
Boston & Providence (guar.)
254 Apr. 1 Holders of rec. Mar. 1
Chesapeake Corporation (guar.)
*75e. Apr. 1 'Holders of rec. Mar.
Chesapeake & Ohio. corn. (guar.)
*
82)4 Apr. 1 "Holders of ree. mar.
Preferred
'35' July 1 "Holders of zoo. JUDO
Chestnut Hill (guar.)
750. Mar. 4 Feb. 21 to Mar.
Columbus & Xenia (guar.)
*51.10 mar. 10 *Holders of rec. Feb. 25
Consolidated Mts.of Cuba, pref.(gu.) 50c. Apr. 1 Holders of rec. Mar. 100
Cuba RR., pref.(quar.)
134 May 2 Holders of rec. Apr. 160
Delaware & Bound Brook (guar.)
2
Feb. 20 Holders of rec. Feb. 17
Erie & Pittsburgh quar.)
*8730 Mar. 10 *Holders of rec. Mar. 1
Maine Central, pref.-Div. action deferr ed
Phila. Germantown & Norristown (mi.)- 41.50 Mar. 4 Feb. 21 to Mar. 8
Pittsburgh Bessemer & Lake Erie, C0111"75c.
Auction Sales.
-Among other securities, the following, Southern Pacific Co.. com.-Dividend - mitred Apr. 1 *Holders of tee. Mar. 15
0
not actually dealt in at the Stock Exchange, were sold at auction
Public Utilities.
in New York, Boston, Philadelphia and Buffalo on Wednes- Alabama Power,$7 pref. guar.)
$1.75 Apr. 1 Holders of rec. Mar. 15
$6 preferred guar.)
$1.50 Apr. 1 Holders of rec. Mar. 16
day of this week:
65 preferred (guar.)
$1.25 May 2 Holders of rec. Apr. 15
Amer. Electric Power. $7 pref. (guar.)
51.75 Mar. 15 Holders of too. Feb. 29
By Adrian H. Muller & Son, New York:
$13 preferred (guar.)
$1.50 Mar. 1 Holders of lee. Feb. 20
Amer. Telephone & Telegraph (quar.). 24 Apr. 15 Holders of rec. Mar. 12
Shares. Stocks.
$ Per Sh. Shares. Stocks.
Per Sh. Bangor Hydro-Electric, 7% pref. (gu.). *134 Apr. 1 "Holders of reo. Mar.
10
56.000 demand note of Wm. W.
A bond and mortgage for $5,000
4.1yi Apr. 1 *Holders of tee. Mar. 10
6% preferred (guar.)
Be,endorsed by Marie W. DeY.
covering premises 177 Canal St.,
Bridgeport Hydraulic Co. (guar.)
*400. Apr. 15 *Holders of rec. Mar.31
dated Aug. 31 1929
N. Y
$10 lot
$1,250 lot 13klyn. & Queens Transit. $6 pref.(gu.).
*Holders of tee. Mar. 15
$1,500 three-months note of Wm.
50 Interests In the capital stock of
Brooklyn Union Gas (guar.)
4 2 Ar 1 *Holders of rec. mar. 1
81 611 Apr
1 5
W. Dey. dated Nov. 23 1931,
the Keweenaw Land Assn.,
Buffalo Niagara & Eastern Power
endorsed by H. J. Waft
Ltd
$10 lot
per Int.
$110
$5 preferred (guar.)
"51.25 May 2 *Holders of rec. Apr. 15
50 North Shore Diner, Inc., no par$75 lot $94.000 aggregate principal amount
Preferred (guar.)($25 par)
*400. Apr. 1 *Holders of roe. Mar. 15
95 Twin Cities Properties, Inc.: 20
of let mtge.7% gold bonds,series
Central Illinois Light,6% prof. (guar.). 134 Apr. 1 Holders of tee. Mar. 15
Chicago Postal Building Corp.;
A,01 The Atlantic Fruit & Sugar
7% preferred (guar.)
134 Apr. 1 Holders of roe. Mar.15
10 Station "G" Postal Bldg.
Co
14.700 lot Central Public Service, class A-Dividen d omit ted
Corp.: 10 Florida Post orrice Co.;
$210,000 aggregate principal amount
Chic. So.Shore & S. Bend RR..pLA(gud 134 Mar. 1 Holders of rec. Feb. 15
2 Burlington Realty Trust: $10.of 1st mtge.7% gold bonds,series
Cities Serv.Pow.& Lt.$7 pt.(mt111.V.)-5 8 1-3c. Apr. 15 Holders of rec. Apr. 1
000 note Helen Schwidde, 6%,
A, of The Atlantic Fruit & &war
$6 preferred (monthly)
50c. Apr. 15 Holders of rec. Apr. 1
due Dec. 5 1932, supported by
Co
810.500 lot
$5 preferred (monthly)
4 1 2-30. Apr. 15 Holders of rec. Apr. 1
certain parcels of land located in
$164.000 aggregate principal amount
Coast Counties Gas dr El.. 1st pf.(gni- *134 Mar.15 *Holders of rec. Feb. 25
Township 38 North Range 14
of 1st mtge.7% gold bonds,series
Consol. Gas El. L.& P.,Balt.,com.(qu.) 900. Apr. 1 Holders of rec. Mar. 15
East. Cook Co., Ill.: $5,000 note
A, of The Atlantic Fruit & Sugar
5% preferred, series A (guar.)
14 Apr. 1 Holders of rec. Mar. 15
National Postal Buildings, Inc..
Co
$8,200 lot
6% preferred, series D (guar.)
14 Apr. 1 Holders 01 rec. Mar. 15
6%. due Dec. 2 1932, supported
100 9 Ave.
-31 St. Ccrp
$100 lot
54% preferred, series E (guar.)
134 Apr. 1 Holders of rec. Mar. 15
by mtge, on property on E. 162d
All the right, title and interest of
El Paso Natural Gas,7% pref.(guar.)-- •1% Mar. 1 *Holders of rec. Feb. 20
Bt.(formerly Collamer Bt.) Cleve9 Ave.-31 St. Corp. in and to any
*1,./ June 1 'Holders of rec. May 22
7% preferred (guar.)
land. 0.:$5.000 2d mtge. Nationand all moneys now due or owing
Empire Dist. Elec. Co.,8% pf. (mthly.) 500. Apr. 1 Holders of rec. Mar. 150
al Postal Buildings. Inc..6%.due
and all claims, demands and
Empire Gas & Fuel,8% pref. (mthly.)... 66 2-3c Apr. 1 Holders of rec. Mar. 155
Dec.2 1932, on lots corner Snyder
causes of action of whatsoever
7% preferred monthly)
and Bedford Ayes., Brooklyn:
58 1-3c Apr. 1 Holders of rec. Mar. 150
kind or nature, which the said
654% preferred (monthly)
541-Sc Apr. 1 Holders of tee. Mar. 155
$5.000 2d mtge. National Postal
9 Ave.-31 St. Corp. has had or
6% preferred (monthly)
Buildings. Inc., 6%, due Dec. 2
500. Apr. 1 Holden of leo. Mar. 150
now has or may have against
Engineers Public Service. corn.(quar.)
1932, on a lot on 83rd St., N. Y.
35e. Apr, 1 Holders of rec. Mar. 17
Anahma Realty Corp. arising un$6 preferred (guar.)
City; $5,000 2d mtge. National
$1.50 Apr. 1 Holders of rec. Mar. 17
der a written agreement dated
$5.50 preferred (guard
Postal Buildings, Inc., 6%, due
51.375 Apr. 1 Holders of roe. Mar. 17
June 19 1930 and further agree$5 preferred (quar.)
Dec. 2 1932, on lots in the 12th
$1.25 Apr, 1 Holders of roe. Mar.17
ments dated Nov.7 1930. Dec. 12
Gary Rys., pref. A-Dividends suspende d.
Ward. N. Y. City: 45.000 mtge.
1930 and Jan. 12 1931. all in relaIllinois Power Co..6% pref. (guar.).
real estate note. National Postal
- 134 Apr, 1 Holders of rec. Mar.15
tion to the purchase and sale of
7% preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15
Buildings, Inc.. dated Dec. 2
premises known as No. 358-366
Indiana Service Corp.,7% pref. (guar.)- 134 Mar. 1 Holders of rec. Feb. 15
1931,6%, due Dec. 2 1932: $10,W. 31st St. and 362-370 Ninth
6% preferred (guar.)
000 2d mtge. National Postal
13.4 Mar. 1 Holders of rec. Feb. 15
Ave., N. Y.
$100 lot Kans. City Pow.& Lt. let pf. B (guar.)_
Bulldinga, Inc., 6%, due Dec. 2
'154 Apr. 1 "Holders of rec. Mar. 14
157 Henry Klein & Co.. Inc., com.$50 lot Laclede
Gas Light,com.(guard
•134 Mar. 15 "Holders of rec. Mar. 1
1932, on land in the Borough of
149 Hudson View Gardens, Inc.:
Middlesex Water. corn.(guar.)
*75c. Mar. 1 *Holders of rec. Feb. 20
the Bronx, N. Y. City, at corner
proprietary least for apt. 44 in
Milwaukee Gas Light, 7% pref.(gu.)
*134 Mar, 1 *Holders of rec. Feb. 25
of Gerard Ave. and 169th St.:
apt. bldg. known as House D of
MissIssippi Val.Pub.Serif.. 7%(gu.)
*134 Mar. 1 "Holders of rec. Feb. 19
$5.000 note National Postal
the premises situate in N. Y.,
Mobawk & Hudson Pow.,2d prof.(gu.)- *51.75 Apr. 1 *Holders of rec. Mar. 15
Buildings, Inc., 6%, due Dec. 2
known as Hudson View GarNew England Tel.& Tel.(guar.)
2
Mar.
1932. supported by mtge. deed
Holders
dens
$1,000 lot New England Pub.Serv.$7 pt.(gu.)---- $1.75 Mar. 31 Holders of rec. Mar. 10
15
covering sub-iota Nos.99 and 100
of rec. Feb. 29
1,000 Bares Corp.7% pref
$100 lot
$6 prior lien Prof. (guar.)
11.50 Mar. 15 Holders of rec. Feb. 29
in the :Mister Subdivision, Cleve350 Barbro Co., Inc.,8% pref-$5.100 lot N.Y.& Queens El. L.
& Pow., pt.(gu.)_ "114 Mar. 1 *Holders of rec.
land,0
19
$20,000 lot
Northwestern Public Serv.,7% pt.(gu.) "134 Mar. 1 *Holders of rec. Feb. 15
Feb.
6% preferred (guar.)
'154 Mar. 1 *Holders of rec. Feb. 15
By Wise, Hobbs & Arnold, Boston:
Ohio Edison Co.. $5 pref.(on.)
$1.25 Apr. 1 Holders of rec. Mar. 15
Shares. Stocks.
$6 preferred (guar.)
$1.60 Apr, 1 Holders of rec. Mar. 15
$ per Sh.I Shares. Stocks.
$
10 Columblan Nat. Life Ins. Co--..14554 5 Quincy Market Cold Storage Per Sh.
$43.60 preferred (guar.)
81.85 Apr. 1 Holders of rec. mac. 15
&
65 Amer. Transformer Co
$7 preferred (guar.)
1H
Warehouse Co., common
$1.75 Apr. 1 Holders of rec. Mar. 15
334
se Amer. Mfg. Co..common
$7.20 preferred (guar.)
7H 10 Standard 011 Co. of N.J.. par $25.
$1.80 Apr. 1 Holders of rec. Mar. 15
16 Amer. Mtg. Co., pre:
14
28 ex-div. Ohio Public Service, 7% pref.(monthly) 68 1-3c Apr. 1 Holders of rec. Mar. 15a
2,0 Amer. Investment Securities
6% preferred (monthly)
5 Lynn G.& El. Co.(undeposited).
50c. Apr. 1 Holders of rec. Mar. 15a
Co. corn. v.1, 0., par $10
5% preferred (monthly)
634
41 2-3c Apr. 1 Holders of rec. Mar. 15a
Par $25
1044
2 Holyoke Water Power Co
10 Cent. Pow.& Lt. Co.7% pref._ 73)4 Penn Central Light & Pow.,$5 pret.(gu) $1.25 Apr. 1 Holders of rec. Mar. 10
250
$2.80 preferred (guar.)
70c. Apr. 1 Holders of rec. Mar. 10
*"
By R. L7Day & C -- Penna.State Wet. Corp., 57 pref.(gu.). *$1.75 Mar. 1 'Holders of rec. Feb. 20
Boston:
Public Serv. Elec.& Gas.$5 pf.(gu.)
*51.25 Mar.31 *Holders of rec. Mar. 1
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ Per
7% preferred (guar.)
"134 Mar. 31 *Holders of rec. Mar. 1
25 Nat. Rockland Bank, par $20-- 503 75 Atlantic Nat. Bank, par $25____ Sh.
131j Quebec Power, com.-D1v. action deferr ed.
20 U. S. Trust Co., par 510-5-13% 355 U. S. History Assn
$30 lot Second & 3d Sta.(Phila.) Pass. Ry.(gu.) *53
Apr. 1 "Holders of rec. Mar. 1
4 Beverly Nat. Bank. Beverly
242
13 Springfield G. L. Co. v. t. c..
Quarterly
July 1 'Holders of rec. June 1
*53
100 U. S. Trust Co., par 610.-1334-25
par $25
Quarterly
*S3
Oct. 1 *Holders of rec. Sept. 1
4 Waltham Nat. Bank, Waltham,
5 Nat. Service Co.. Pre
Southern Colo. Power, pref.(guar.)154 Mar. 15 Holders of rec. Feb. 29
par 525
40
13 Nat. Service Co., prof
8
Texas Utilities, pref. (guar.)
'154 Mar. 1 *Holders of rec. Feb. 19
10 Ludlow Mfg. Associates--48 ex-div.
Tri-State Tel. & Tel.,6% pref .(gU.)1 Plymouth Cordage Co
*15c Mar. 1 *Holders of tee. Feb. 15
60
BondsPer Cent. Underground Elec. By. of London
40 Elk Breeding & Grazing Assn..
$15,000 German Govt. internal
Am.dep. rcts. for ord. registered
pref.: 100 common
Mar.14 'Holders of rec. Feb. 113
*IA
$10 lot
54s. June 1965
3814 Union Gas of Canada, Ltd., corn.-Divid end om Med.
120 Serelco Products Corp., corn.;
511.5(0 Midland Natural Gas Co.
Western Continental Utilities. el. A-DI Mend passed
20 pref., par $25
$10 lot
cony. 65, July 1935
510 lot West Coast Telephone, prof.
'3734cMar. 1 *Holders of rec. Feb. 20
West Ohio Gas Co., pref.(guar.)
134 Mar, 1 Holders of rec. Feb. 15
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh. Shares. Stocks.
Banks
$ per Sh.
All the right, title and Interest of
88 Pa. Co. for Ins. on Lives, &o.,
Grace National
Mar. 1 *Holders of rec. Feb. 25
*5
estate of Max Kornfeld, deceased,
par $10
4354
In 20% equity in premises No.
5 Germantown Trust Co., par $10.- 25
MIscehaneous.
3001-27. Incl.. Boardwalk, and
10 Integrity Trust Co.. par $10---- 17
Abbott Laboratories (guar.)
8234 Apr. 1 Holders of tee. Mar. 18
No. 110 South Morris Ave. and
23 Real Estate-Land Title & Trust
Adams Express, preferred (guar.)
'134 Mar.31 *Holders of rec. Mar.15
101 01 land, Atlantlo City, N.J.$200 lot
Co.. par $10
1514 A ddressograph-M ult igraph Corp.corn.
- Divid end sell on postponed.
Phila. Nat. Bank. par $20
17
724 5 Lansdowne Trust Co
$10 lot Agnew-Surpass Shoe Stores. Prof.
(qui
154 Apr. 1 Holders of roe. Mar.15
70 Second Nat. Bank of Phila.,
15 Lansdowne Bank & Trust Co-320 lot Ainsworth Mfg., common (special)
*50c. Mar. 1 *Holders of rec. Mar. 1
par $10
254
Alliance Realty, pref.(guar.)
134 Mar. 1 Holders of rec. Feb. 29
40 Central-Penn Nat. Bank. par $10 38
Bonds-Per Cent. Aluminum, Ltd .Preferred (guar.)
u134 Mar. 1 Holders of rec. Feb. 15
10 Mount Holly Nat. Bank, Mt.
$5,000 Standard Gas & Elec. Co.
Aluminum Goods Mfg.. common (guar.) 4
.150. Apr. 1 "Holders of rec. mar.24
Holly. N. 1
-year 6s, Oct. 1 1935
$3 lot
20
Amer. Capital Corp.. prior pref.(quar.)1$ 1.375 Mar. 1 Holders of rec. Feb. 19
74
$1,000 United Light & Rys. 1st &
15 Corn Exch. Nat. Bank & Trust
American Crayon (guar.)
"Sl Mar. 1 *Holders of rec. Feb. 20
Co. par 520
49
ref. 55, June 1 1832
American Laundry Machinery (guar.) *300. Mar. 1 *Holders of rec. Feb. 19
95
American Manufacturing. pref. (quar.)_
lg Mar.31 Holders ot ree. elar. 15
By A. J. Wright & Co., Buffalo:
Associates Invest corn.(Guard
*$1 Mar. 31 *Holders of rec. Mar.21
$ per 8h.13hares. Stocks.
Preferred (Gust)
Shares. Stocks.
*134 Mar.31 *Holders of rec.
8 Per 3h.
Automotive Gear Works, pref.(guar.)._ *4154c Mar. 1 *Holders of rec. Mar.21
$1 lot 10 Angel International Corp., par
Assets Realization Co
100
Feb. 20
le.
91
1,000 Area Mines. par 91
leo. Beacon Participations, Inc.
Participating pref. A (guar.)
•150, Mar.
By Baker, Simonds & Co., Detroit, on Thursday,Feb. 11: Beatrice Creamery.common(guard _
Preferred (Guar.)
Apr. 1 'Holders of rec. Mar. 14
BondsPer Cent.
BondsPer Cent. Beech-Nut Packing, common
(guar.).
750. Apr. 1 Holders of rec. Mar. 12
$500 Burnett F Stephenson 1st
54.000 Bankers Trust Series M
mortgage leasehold 6345, 1936-515 lot Bovril,Ltd.$40 lot
1282
Amer dep. rots for ord. reg. abs
'w354 Mar.22
91,000 Troyea3 lit mtge. 654g,
lig
Am.dep. rota. for def. tog
"w5
$12 lot
Mar.22'Holders ° r c.
1934
*rolr s of .
lge
e
3514
.
$4,11%
'Holders 01; . .
0 z rib..lt
o e
1328
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
British South Africa Co., Ltd.
Amer. dep. rcts. (interim)
stc9d. Mar.14 *Holders of rec. Feb. 11
British American Tobacco (interim _10 pence Mar.31 Hold, of coup. No. 144o
Business Recovery Trust Shares
*14.2c Mar. 1 *Holders of roe. Feb. 19
California Ink, class A and B (quar.).
*50c. Apr. 1 *Holders of rec. Mar.21
Canada Cement, pref.(guar.)
81% Mar.31 Holders of rec. Feb. 29
Canada Iron Foundries,common
134 Mar. 15 Holders of rec. Feb. 29
Preference
3 Mar. 15 Holders of rec. Feb. 29
Champion Coated Paper,common (qu.) 1
12 Feb. 15 *Holders of rec. Feb. 10
Preferred and special pref.(quar.)
'1)4 Apr. 1 *Holders of rec. Mar. 19
Chesebrough Mfg. Consul,(guar.)
$1 Mar.31 Holders of rec. Mar. 10a
Extra
50c. Mar.31 Holders of rec. Mar. 100
Chrysler Corp., Common(guar.)
25c. Mar.31 Holders of rec. Mar. 1
Cincinnati Wholesale Grocery, common *3 Mar. 1 *Holddra of rec. Feb. 16
Cities Service Co., common (monthly).. 2340. Apr. 1 Holders of rec. Mar. 15a
Common(pay.In corn,stock)(mthly.)
134 Apr. I Holders of rec. Mar. 15a
Preferred B (monthly)
Sc. Apr. 1 Holders of rec. Mar. 15a
Prof. and preference BB (monthly)
50c. Apr. 1 Holders of rec. Mar. 15a
City Ice Co.(Kansas City) pref.(guar.) '1)4 Mar. 1 *Holders of rec. Feb. 15
Clark Equipment, corn -Dividend omit ted.
Preferred (guar.)
*$1.75 Mar. 15 *Holders of rec. Feb. 29
Coats (J. & P.), Ltd.
Am.dep. rcts. for ord, reg.shares...... .
06d. Apr. 7 *Holders of rec. Feb. 19
ColumbusAuto Parts, pref.(quar.)
50e. Mar. 1 Holders of rec. Feb. 19a
Commonwealth Loan, pref. (guar.)'134 Feb. 29 *Holders of rec. Feb. 20
Consolidated Film Industries, pref.(qu.) *50c. Apr. 1 *Holders of rec. Mar. 10
Consolidated Laundries, corn.(guar.)
*25e Apr. 1 *Holders of rec. Mar. 18
Preferred (guar.)
31.875 May 2 *Holders of rec. Apr. 15
Coon(W.IL) co., pref.(guar.)
•1
May 2 *Holders of rec. Apr. 12
Crane Company, com.-Dividend omitt ed
Preferred (guar.)
'1)4 Mar. 1 *Holders of rec. Mar. 1
Crucible Steel, pref.(guar.)
1% Mar.31 Holders of rec. Mar. 15a
Daniels de Fisher Stores. prof.
(quar.)-- '1)4 Mar. 1 *Holders of rec. Feb. 20
David & Frere, Ltd., class A-Dividend omitt ed
Dr. Pepper Co.(quar.)
30c. Mar. 1 Holders of rec. Feb. 15
Quarterly
•30c. June 1 *Holders of rec. May 15
Quarterly
*30c. Sept. I *Holders of rec. Aug. 18
Quarterly
.30c. Dec. 1 *Holders of rec. Nov. 18
Dominion Stores (quar.)
•u30c. Apr. 1 *Holders of rec. Mar. 15
Douglas Aircraft
*60c. Mar. 21 *Holders of rec. Mar. 1
Du Pont de Nemours & Co., com.(qu.)- $1
Mar. 15 Holders of rec. Feb. 26
Debenture stock (quay)
1% Apr. 25 Holders of rec. Apr. 9
Durham Duplex Razor, pr. pref. (quar.) *50e. Mar. 1 *Holders of rec. Feb. 23
Electric Controller & Mfg., corn.(guar.)
75c Apr. 1 Holders of rec. Mar. 190
Ely de Walker Dry Goods common-Divi dead o mitted.
Famous Players Canadian Corp. (guar.) *50c. Mar.28'Holders of roe. Mar. 4
Fischman(M.H.)&f3onsCo.,com.(No. 1) *20e. Mar.15 *Holders of roe. Feb. 29
Fuller(Geo. A.) Co., panic. pr. pt.(qu.) $1.50 Apr. 1 Holders of rec. .Mar. 10
Partic. 2d pref.(guar.)
$1.50 Apr. 1 Holders of rec. Mar. 10
Gamewell Co.. corn.(guar.)
•25c. Mar.15 *Holders of rec. Mar. 5
Preferred (quar.)
•$1.50 Mar.15 *Holders of rec. Mar. 5
Goal Amer. Invest.,6% pref.(quar.)..- .1% Apr. 1 *Holders of rec. Mar. 18
Gilbert(A. C.) Co.. $3.50 pref.(quar.)_ *8734e Apr. 1 'Holders of rec. Mar.19
Gillette Safety Razor, common
*25e. Mar.31 *Holders of rec. Mar. 1
Preference (guar.)
*$1.25 May 2 *Holders of rec. Apr. 1
Gilmore Gasoline Plant No.1 (monthly)- •20c. Feb. 25 *Holders of rec. Feb. 22
Gold Dust Corp.. pref.(quar.)
•$1.50 Mar.31 *Holders of rec. Mar. 17
Refold Co., common (quar.)
*25c. Mar.31 *Holders of rec. Mar. 15
Common (extra)
•25c. Mar.31 *Holders of rec. Mar. 15
)01% Mar. 31 *Holders of rec. Mar. 15
Preferred (quay.)
Harrods. Ltd.
Amer.dep.receipts for ord.reg.she- w1234 Mar. 23 *Holders of rec. Feb. 15
•
Hart-Carter, cony. pref.-No action tak en
Hathaway Bakeries, class A (quar.)„
75c. Mar. 1 Holders of rec. Feb. 15
$7 Preferred (guar.)
$1.75 Mar. 1 Holders of rec. Feb. 15
Mar. 31 *Holders of rec. Mar. 11
International Cement, corn. (quar.).. ..
International Harvester, corn. (quar.).- •45c. Apr. 15 *Holders of rec. Mar. 19
Internarl Nickel of Canada, com.-No action taken.
International Petroleum (quar.)
u25o. Mar. 15 Mar. 1 to Mar.15
Bearer share warrants (guar.)
u25c. Mar. 15 Holders of coupon No.32
International Salt (quar.)
50o. Apr. 1 Holders of rec. Mar. 15a
International Silver, pro.!.(guar.)
Apr. 1 Holders of rec. Mar. 14a
1
Investment Corp.of Philadelphia,com_ _
50c. Mar. 15 Holders of rec. Mar. 1
Investment Trust of N. Y., coll. tr.she_ *17c. Feb. 28 *Holders of rec. Jan. 31
Irving Oil, Ltd.,8% prof.(guar.)
•75c. Mar. 1 *Holders of rec. Feb. 15
Jantzen Knitting Mills, pref.(quar.)... '1)4 Mar. 1 *Holders of rec. Feb. 25
Katz Drug,corn.(guar.)
60e. Mar.15 Holders of rec. Feb. 29
Preferred (quay.)
$1.625 Apr. 1 Holders of rec. Mar. 15
Kemper-Thomas Co., cons.(quar.)
•123‘c Apr. 1 *Holders of rec. Mar. 20
Common (guar.)
*12%c July 1 *Holders of rec. June 20
Common (quar.)
*12%c Oct. 1 *Holders of rec. Sept. 20
Common (guar.)
•12340 Jan 1'33 *Holders of rec. Dec. 20
Preferred (guar.)
*1% Mar. 1 *Holders of rec. Feb. 20
•19,i June 1 *Holders of rec. May 20
Preferred (guar.)
•1).i Sept. 1 *Holders of roe. Aug. 20
Preferred (quay.)
•1% Dec. 1 *Holders of roe. Nov.20
Preferred (guar.)
Kennecott Copper
-No action taken.
Lake Shore Mines. Ltd.(quar.)
*500. Mar.15 *Holders of roe. Mar. 1
Lanston Monotype Machine (quar.)- -- 134 Feb. 29 Holders of roe. Feb. 19
Legere(P. T.) Co.. pref.(guar.)
*1% Mar. 1 *Holders of roe. Feb. 15
Liggett & Myers Tobacco, pref.(guar.)- *I% Apr. 1 *Holders of roe. Mar. 10
Lily Tulip Cup Corp.(guar.)
37)40 Mar. 15 Holders of roe. Mar. 1
Loew's, Inc.. corn.(guar.)
750. Mar.31 Holders of reo. Mar. 15
Marine Midland Corp.(quar.)
•200. Mar. 31 *Holders of rec. Mar. 1
Matbleson Alkali Works, corn.(quar.)
•50c. Apr. 1 *Holders of rec. Mar. 14
•1% Apr. 1 *Holders of roe. Mar.14
Preferred (quar.)
Mayflower Associates. Ins.(quar.)
•500. Mar. 15 *Holders of roe. Mar. 1
May Hosiery Mills, pref.(guar.)
*50c. Mar. 1 *Holders of rec. Feb. 19
McCall Corp.(quar.)
•6234c May 2 *Holders of rec. Apr. 20
McCiatchy Newspapers, pref.(guar.)
-'43340 Mar. 1 *Holders of rec. Feb. 28
McKee(Arthur G.)& Co..com.B(qu.). *87lie Apr. 1 *Holders of roe. Mar.20
McLellan Stores,6% pref. A (miar.)
*1% Apr. 1 *Holders of roe. Mar. 21
Mergenthaler Linotype (guar.)
•750. Mar.31 *Holders of rec. Mar. 20
Metal Textile Corp., panic. pref.
81%0 Mar. 1 Holders of rec. Feb. 20
((NJ
Meyer(H. H.) Packing. pref.(quar.).... •1% Mar. 1 *Holders of rec. Feb. 20
Morrell(John) & Co., Inc.. corn.
750. Mar. 15 Holders Of rec. Feb. 27
Mar. 1 *Holders Of roe. Feb. 23
Morris Plan Ina. Society (guar.)
*$1
Motor Finance Corp. (quay.)
•250. Feb. 29 *Holders of re*. Feb. 22
Motor Wheel Corp.
-Dividend passed.
100. Mar. 1 Holders of rec. Feb. 15
Muirheads Cafeterias, common
250. Mar. 1 Holders of rec. Feb. 15
Preferred
National Casualty (Detroit) (quar.)---- *300. Mar. 15 *Holders of rec. Feb. 29
National Lead, corn. (guar.
'1)4 Mar.31 *Holders of rec. Mar. 18 Preferred B (quar.)
'1)4 may 2 *Holders of rec. Apr. 22
National Service.$3 pref.(guar.)
*c75c. Feb. 15 *Holders of rec. Feb. 10
$4 preferred (guar.)
Feb. 15 *Holders of rec. Feb. 10
ell
National Transit (quar.)
*250. Mar. 15 *Holders of roe. Feb. 29
Neptune Meter. class A Sc II-Dividend a ction d eferred
Nevada Consoi. Copper Co.
-No action taken.
Nineteen hundred Corp.,cl.B (qu.)
*250. Feb. 15 *Holders of rec. Feb. 1
No. Brit. Royalty Tr. Shs., A (monthly) *10c. Feb. 15 *Holders of rec. Jan 15
North Central Texas Oil (quar.)
134 Apr. 1 Holders of rec. Mar. 10
Oahua Sugar Co.(monthly)
10o. Feb. 15 *Holders of rec. Feb. 6
•
ed.
Ohio Elec. Mfg.
-Dividend action deferr
Oneida Community. prof. (quar.)
.4334c Mar. 15 *Holders of rec. Feb. 29
Oxford Paper, pref.-Dividend omitted.
Package Machinery, 1st pref. (quar.)
•1% May 2
Paraffine Cos.. corn.(quar.)
*500. Mar. 27 *Holders of rec. Mar. 17
.
Pavonia Bldg. Corp
134 Mar. 15 *Holders of roe. Feb. 29
Pennsylvania Investing, class A-Divide nd omi(ted
Perfection Stove(monthly)
•1834c Feb. 20 *Holders of rec. Feb. 20
Pet. Milk, common
-No action taken.
Preferred (quay.)
134 Apr. 1 Holders of rec. Mar. 11
Photo Engravers& ElectrotyPers(qu.)
50e. Mar. 1 Holders of rec. Feb. 15a
Pioneer Mill (monthly)
*10e Mar. 1 *Holders of rec. Feb. 20
Pittsburgh Bond & Share(quay.)
*50c. Feb. 15 *Holders of rec. Feb. 10
Prentice Hall. Inc..$3 pref.(quay.)
•750. Mar. 1 *Holders of rec. Feb. 20
•$1
Quaker Oats, common (guar.)
*153
Common (extra)
Reeves(13) Inc.(quar.)
•37340 Mar. 15 *Holders of red. Feb. 29
6)4% preferred (quay.)
. 1% Mar. 15 *Holders of rec. Feb. 29
.
1
[VoL. 134.
FINANCIAL CHRONICLE
Name of Company.
Per
Cent
When
Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
25c. Mar. 15 Holders of rec. Feb. 29
Raybestos-Manhattan, Inc. (quar.)......
•31.5 Feb. 15 *Holders of rec. Feb. 1
Rosemary Mfg., preferred
50c. May,15 Holders of rec. Feb. 29
Schiff Co., common (guar.)
1% Mar. 15 Holders of rec. Feb. 29
7% Preferred (guar.)
Shippers Car Line, pref.-Dividend oml tted
Siemens & Halske A. G.
Var. 7 *Holders of rec. Mar.
*fa
American dep. rots for common
4e. Mar.31 Mar.22 to Mar.30
Siscoe Gold Mines, Ltd. (Interim)
Sioux City Stock Yards, corn.& pf.(qu.) *500. Feb. 16 *Holders of rec. Feb. 12
Smith-Alsop Paint & Varnish, p1. (qu.).. *8734c Mar. 1
Feb. 15 *Holders of rec. Jan. 31
*2
Standard Clay Products
750. Apr. 1 Holders of rec. Mar.15
Standard Steel Constr.. el. A (quar.)....
*2c. M. 1 *Holders of roe. Feb. 19
Standard Utilities, Inc., corn. (quar.)
1234c Mar. 1 Holders of rec. Feb. 15
Stix Baer & Fuller, com.(quar.)
Stromberg-Carlson Telep. Mfg.. corn. Divide nd omit ted
Preferred (guar.)
•134 Mar. 1 *Holders of rec. Feb. 15
*25c. Apr. 1 'Holders of rec. Mar. 4
Texas Corporation (guar.)
*50c. Mar. 15 *Holders of rec. Mar. 1
Texas Gulf Sulphur (guar.)
•1% May. 1 *Holders of rec. Feb. 20
Thompson Products, prof. (guar.)
Title Insurance Co.(St. Louis) (quay.)... .25c. Feb. 29 *Holders of roe. Feb. 19
•134 Mar. 1 'Holders of rec. Feb. 22
Traders Bldg. Assn. (guar.)
Trustee Standard 011 Shares, series B-- •30e. Mar. 1
*10c. Mar. 1 *Holders of rec. Feb. 20
Unexcelled Mfg., corn. ((Mar.)
250. Mar.24 Holders of reo. Mar.10
United Elastic Corp. (quay.)
Un. Guaranty Corp., corn. de cl. A (qu.) *20c. Feb. 15 *Holders of rec. Feb. 1
United Milk Crate, class A (guar.)
*500. Mar. 1 'Holders of rec. Feb. 15
*I% Apr. 1 *Holders of rec. Mar.20
United Piece Dye Wks., pref.(qu.)_
•1% July 1 *Holders of rec. June 20
Preferred (guar.)
' 1% Oct. 1 *Holders of rec. Sept.20
'
1
Preferred (quar.)
*1% Jan 2'33 *Holders of reo. Dec. 20
Preferred (quay.)
*2
Mar. 1 *Holders of rec. Feb. 15
United States Envelope, common
*3% May. 1 *Holders of rec. Feb. 15
Preferred
U. S. Playing Card, corn.(quay.)
•50c. Apr. 1 *Holders of rec. Mar.21
Utah Copper Co.
-No action taken
Victor-Monaghan Co., pref. (quar.)...._ *1% Apr. 1 *Holders of rec. Mar.19
Viking Pump, pref. (quar.)
*(30c. May. 15 *Holders of rec. Mar. 1
Virginia-Carolina Chemical, prior pref.- Divide nd omit ted.
*Holders of rec. Feb. 19
Waialua Agricultural (quar.)
*30c.
Walker(Iiiram)Gooderham&Warts (qu.) 834c. Mar. 15 Holders of roe. Feb. 22
Waltham Watch, prior pref.1No action
J taken.
6% preferred
Warren Ax & Tool, corn -Dividend act Ion del erred
Feb. 15 *Holders of rec. Feb. 15
*2
Watab Paper, pref.(guar.)
West. Mich. Steel Fdy., pref. (quar.)_. *433(0 Mar. 1 *Holders of roe. Feb. 16
Western Auto Supply, corn. A desIS (qu.) 50c. May. 1 Holders of rec. Feb. 19
Windsor Hotel, pref. (guar.)
134 Mar. 1 Holders of rec. Feb. 15
Feb. 15 *Holders of rec. Feb. 15
•$1
Wolverme Brass Wks., corn. (quar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Pata5le.
Books Closed.
Days Inclusive.
Railroad (Steam).
114 Mar. 1 Holders of ree. Jan. 294
Ateh. Topeka et Santa Fe. oom.(attar.)
Augusta & Savannah
*234 July 5
Extra
•250. July 5
Semi-annual
' Jan5'33
294
Extra
•25e. Jan5'33
Mar. 1 Holders of roe. Jan. 16a
Baltimore & Ohio, pref. (guar.)
1
Canadian Pacific, ordinary
r31 Kc Apr. 1 Holders of rec. Mar. la
Preference
2 Apr. 1 Holders of rec. Mar. la
ann. New On.Tex Sc Par. of.(qu.).... •1 4 Mar. 1 *Holders of rec. Feb. 15
Cleveland & Pittsburgh, reg. guar.
(ou.) 87 yic Mar. 1 Holders of reo. Feb. 100
Special guar. (quar.)
50c. Mar. 1 Holders of roe. Feb. 100
Delaware Sc Hudson Co.(quar.)
234 Mar.21 Holders of roe. Feb. 26e
Ft. Wayne & Jackson, prof
*$2.75 Mar. 1 *Holders of rec. Feb. 20
•1
Feb. 29 *Holders of roe. Feb. 20
Hartford & Connecticut Western
2), Feb. 15 Holders of rec. Feb. be
Hudson & Manhattan, prof
294 Mar.19 Holders of reo. Feb. 29a
Norfolk & Western, coin. (quar.)
Feb. 25 Holders of rec. Feb. 15
North Pennsylvania (quay.)
El
Oswego & Syracuse
*82.25 Feb. 20 *Holders of rec. Feb. 8
500. Feb. 29 Holders of reo. Feb. la
Pennsylvania (guar.)
Pittsb. Youngs.& Ashtabula, pref.(qu.) 151 Mar. 1 Holders of roe. Feb. 20a
500. Mar. 10 Holders of roe. Feb. 18a
Refuting Company. 1st prof. (guar.)
-Mar.31 *Holders of reo. Mar. 15
Texas & Pacific Ry.. prof. (guar.)
Union Pacific. Common (guar.)
234 Apr. 1 Holders of rec. Mar. be
2
Apr. 1 Holders of rec. Mar. la
Preferred
2% Apr. 1 Mar. 22 to Mar. 31
United N.J. RR.& Canal (guar.)
Public Utilities,
25c Mar. 1 Holders of rec. Feb. 13a
Amer.Power & Light, coll.(guar.)
Amer. Wat.Wks.& Elec..861st p1.((NJ $1.50 Apr. 1 Holders of rec. Mar. ha
Associated Gas & Elec..$8 pref.((NJ-- $1.50 Mar. 1 Holders of roe. Jan. 29
$6.50 preferred (qua?.)
31.625 Mar. 1 Holders of rec. Jan. 29
$5 preferred (guar.)
$1.25 Mar. 15 Holders of rec. Feb. 15
$5.50 preferred (guar.)
81.375 Mar. 15 Holders of rec. Feb. 15
Baton Rouge Elec.. $6 prof.
.
$1.50 Mar. 1 *Holders of roe. Feb. 15
Birmingham Gas, 1st pref. (quar.)- •1
*Holders of rec. Mar. 19
Birmingham Water Works. pref. (guar.) *1% Mar. 1 *Holders of reo. Mar. 1
Brazilian Tr.. Lt.& Pow.. ord.(Guar.)._
25e. Mar.
Holders of reo. Jan. 30
Brooklyn Edison Co. (guar.)
2
Mar.
Holders of roe. Feb. 5
Brooklyn-Manhattan Tr.. pref. A (gal_ 81 50 Apr, 1
Holders of tee Ape. he
Butler Water, 7% pref. (guar.)
•13i Mar. 1 *Holders of roe. Mar. 1
Canadian Hydro Elec. Co.. 1st pf.(au.). if K Mar.
Holders of rec. Feb. la
134 Mar,
Cent. Arkansas Publ. See.. pref.((NJ
Holders of roe. Feb. 15a
Cent. Gas Sc Elec.. $6 SS Pref.
81.625 Mar. *Holders of rec. Feb. 15
Central Indiana Power. Pref. (guar.).
Holders of roe. Feb. 20
- 134 Mar,
Central Maas. Lt. & Pow. (quar.)
*50c. Feb. 2 *Holders ol rec. Feb. 15
Cent Miss. Valley EI.ProP..6% PL(au.) •1 se) Mar.
*Holders of rec. Feb. 15
Cities Service, bankers shares
$10 .4160. Mar. *Holders of rot. Feb. 15
Cities Service Power & Light
58 1-3o Mar. 1 Holders of roe. Mar. la
$7 preferred (monthly)
$6 preferred (monthly)
50o. Mar. 1 Holders of roe. Mar. la
55 preferred (monthly)
41 2-3c Mar. 1 Holders of roe. Mar. to
Citizens Gas (Indianapolis) prof. (qu.).._ '194 Mar.
*Holders of roe. Feb. 20
Cleveland Elec. III.. pref. (guar.)
1% Mar.
Holders of rect. Feb. 15a
Commonwealth & Southern Corp.. corn_
15o. Mar.
Holders of roe. Feb. 50
Com'wealth Utilities. pref. C (quar.).
31.625 Mar.
Holders of roe. Feb. 15
Community Water Service, $7 pref. (qu., 81.75 Mar.
Holders of res. Feb. 20
Connecticut L & P.,514% pre( (IN.). *11.375 Mar.
*Holders of rec. Feb. 16
6 34% preferred (quar.)
'
81.625 Mar.
*Holders o) roe. Feb. 15
Connecticut Power (guar.)
•621',e.Mar,
*Holders of rec. Feb. 15
Consolidated Gas(N. Y.), corn. (guar) $1
Mar. 1 Holders of rec. Feb. 1581
Consumers Power. $5 pref.(guar.)
51.25 Apr.
Holders of reo. Mar. 15
6% preferred (guar.)
1% Apr.
Holders of rec. Mar. 15
8.6% preferred (quay.)
1.65 Apr.
Holders of reo. Mar. 16
7% preferred (guar.)
134 Apr.
Holders of rec. May,15
6% preferred (monthly)
50o. Mar.
Holders of roe. Feb. 15
6% preferred (monthly)
50c. Apr.
Holders of rec. Mar. 15
8.6% preferred (monthly)
650. Mar,
Holders of rec. Feb. 15
6.6% preferred (monthly)
550. Apr.
Holders of rec. Mar. 15
Dayton Power & Light. N.(monthly).... •50c. Mar. *Holders of rec. Feb. 20
Detroit Edison Co.(guar.)
2
Apr. I Holders of rec. Mar. 210
East Kootenay Power Co., pf.(qu.)
1% Mar. 1 Holders of rec. Feb. 29
East St. Louis de interurban Waters% preferred (guar.)
*1.31 Mar.
*Holders of reo. Feb. 20
7% preferred (guar.)
*134 Mar.
*Holders of rec. Feb. 20
East'n Shore Pub. Serv.$634 Pfd.(qu.).• 81.625 Mar.
*Holders et roe. Feb. 10
$6 preferred (quar.)
•$1.50 Mar. *Holders of roe. Feb. 10
Empire Gas & Electric. prof. A (quay,).. 114 Mar.
'
*Holders of roe. Jan. 29
7% preferred C (guar.)
•1% Mar. *Holders of rec. Jan. 29
6% preferred D (guar.)
•114 Mar. *Holders o' rec. Jan. 29
Empire Gas & Fuel. 8% pref. (monthly) 362
Holders of roe. Feb. 154
-be Mar.
7% preferred (monthly)
Holders of roe. Feb. 150
68 1-3c Mar.
634% preferred (monthly)
Holders of rec. Feb. 150
541-dc Mar.
Holders or roe. Feb. 150
6% preferred (monthly)
50c Mar.
FEB. 20 1932.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Empire Av Bay State Teleg. (guar.)
•1
Mar. l*Holders of rec. Feb. 20
Empire District El. Co., pref tmonthlY)
500. Mar. 1 Holders of rem Feb. 15
Federal Light dr Tr.. corn.(guar.)
37e,c. Apr. 1 Holders of rec. Mar. 14a
Common (payable In common stk.) _
Apr. 1 Holders of rem Mar. 14a
Preferred (guar.)
$1.50 Mar. 1 Holders of rec.
Florida Power Corp.: 7% pf.(guar.)._ '87%c Mar. 1 *Holders of rec. Feb. 150
Feb. 10
Preferred A (guar.)
•1e$ Mar. 1 *Holders
Frankford & Southwark Phila. Pass RY - •$4.40 Apr. 1 'Holders of rec. Feb. 10
of ree. Mar. 1
General Gas & Eec., corn. A (011.)
(a) Apr. 1 Holders of
$6 cony. pref., melee A & B (guar.) - $1.50 Mar.15 Holders of rec. Feb. 29a
.
roe. Feb. 15a
$7 preferred (guar.)
11.75 Apr. I Holders of rec. Feb. 29a
$8 preferred (emir.)
$2
Apr.
Holders
Germantown Passenger fly. (gu,)___•$ l.31% Apr. 1 •Holders of rec. Feb. 29a
5
of reo Mar. 16
Gulf State Utilities. $8 pref.(q11.)
"11.50 May.15 "Holders of rem Mar. 1
$5.50 preferred (guar.)
•• 31.375 Mar. 15 *Holders of rec. Mar. 1
Honolulu Gas (monthly)
•15c Feb. 20 *Holders of rec. Feb. 15
Huntington Water. 6% pref. (guar.).
Mar. 1 °Holders of rec. Feb. 20
7% preferred (quar•)
01)4 Mar. 1 *Holders of rec. Feb. 20
Illinois Water Service.8% pref. (guar.).
May. 1 *Holders of rec. Feb. 19
Indianapolis Water Co.. pref.(quar.)
13( Apr. 1 Holders of rec. Mar. 12a
Ironwood & Bessemer Ry. & Ught7% preferred (guar.)
•1% May. 1 *Holders of rec. Feb. 15
Kentucky Utilities. Junior pref. (guar.).
°87)4c Feb. 20 "Holders of rec. Feb. 2
Key' West Electric. Pref. (guar.)
.1% Mar. I 'Holders of ree. Feb. 15
Keystone Telephone of Phila.,$4 of.(au)
Mar. 1 •Holders of rec. Feb 19
Lake Shore Dist. Power.6% pref.(qu.)..
Mar. 1 *Holders of rem Feb.
•1% Mar. 1 *Holders of roe. Feb. 15
7% preferred (quer.)
15
Lexington Water Co.. pref. (quar.)
•13. Mar.
Loutevilie Gas & Elec.,cl. A & B (guar.). 43% Mar. 1 *Holders of roe. Feb 20
25 Holders of reo. Feb. 296
MIL Elec. Hy.& Lt.(1921) pf.(guar.)._ •1% Mar. 1 "Holders
of roe. Feb. 15
Minneapolis Gas Light. 7% pref.(au.)
•1% Mar. 1 *Holders of roe. Feb. 20
6% preferred (quer.)
•yei Mar. 1 *Holders of rec. Feb.
20
Monongahela West Penn Public Service.
preferred (guar.)
43e4c Apr, 1 Holders Of roe. Mar. 15
Muncie Water Works. pref. (quar.)
*2
Mar. 15 *Holders of rec. Mar. 1
Mutual Tel. (Hawaii) (monthly)
0130. Feb. 29 'Holders of roe. Feb. 18
National Power & Light, corn.(guar.).25c. Mar. 1 Holders of rec. Feb. 6.
Nat. Pub. Here. Corp., com.A (guar.)._
40e. Mar. 15 Holders of rec. Feb. 26
Common 11 (guar.)
40c. Mar. 1 Holders of rec. Feb. 10
$3.50 preferred (guar.)
87em May. I Holders of rec. Feb. 10
Nebraska Power. 7% pref. (gear.)
194 Mar. 1 Holders of rem Feb. 13
8% preferred (guar.)
1)4 May. 1 Holders
New Rochelle Water Co., pref. (qua?.)... *1% Mar. 1 *Holders of roe. Feb. 13
New York Steam C. re.. corn (qua?.)... •65c Mar. I *Holders of rec. Feb. 20
ot rec. Feb. 15
North American Co.. coin.(In corn.stk.) 12% Apr.
1 Holders of rec. Mar. 5a
Preferred (guar.)
75c Apr. I Holders of rec. Mar. 50
North Amer. Edison Co.. Pref.
$1.50 Mar. 1 Holders of rec. Feb. 150
North American Light & Power
$8 preferred (guar.)
$1.50 Apr. 1 Holders of rem Mar 19
North Shore (las. pref.(guar.)
.134 Apr. 1 *Holders of rec. Mar. 10
Preferred (guar.)
'1)4 July 1 *Holders of rec. June 10
Preferred (guar.)
•134 Oct. 1 *Holders of rec. Sept. 10
Northern Liberties Gas
*$1
Mar. 14 *Holders of rec. Feb. 1
Northern States Power, pref. (guar.).
- 134 May. 1 Holders of rec. Feb. 20
Nova Scotia Light & Power. pref. (qu.)_
134 Mar. 1 Holders of rec. Feb. 13
Ohio Power.6% preferred (guar.)
*1% Mar. 1
Ohio Pub, Serv. Co.. 7% pl.(guar.) -5 8 1.-3c May. 1 'Holders of reo. Feb. 6
Holders of rec. Feb. 15
8% preferred (quer.)
50c May. 1 Holders of rm. Feb. 15
5% preferred (guar.)
4 1 2-3c Mar. 1 Holders of rec. Feb. 15
Oklahoma Gas & Elec..8% pref.(qu.)
134 Mar. 15 Holders of rec. Feb. 29
7% preferred (guar.)
1)4 Mar. 15 Holders of rec. Feb. 29
Otter Tall Power. corn. (quay.)
'$2.26 Mar. 1 *Holders of rec. Feb. 15
Penna. Power Co . 118.80 Pref.
•55c M. 1 'Holders of rec. Feb 20
preferred (guar.)
(mthly.)$6
$1.50 Mar. 1 *Holders of roe. Feb. 20
Philadelphia Company. 5% pref
25e
Philadelphia Suburban Water. pref.(qu.) 134 Mar. 1 Holders of rec. Feb. 106
Mar. 1 Holders of rec. Feb. 12.
Ponce Electric Co.. pref. (quay.)
•lei Apr.
Potomac EleetrIc Power,8% Pref.(au.) •1% Mar. 1 °Holders of rec. Mar. 15
1 •Holders
lie.% preferred (Auer.)
•1% Mar. 1 'Holders of rec. Feb. 11
of rec. Feb. 11
Power Corp. of Canada. Ltd.. corn.(gu.) 150e Feb.
Public Electric Light.8% pref. (guar.).- '1)4 Mar.20 Holders of rem Jan. 30
1
Pub.:Sere co. of Colo. 5% pfemtble.)- 68 1-ac Mar. 1 *Holders of rec. Feb. 20
Holders of rec. Feb. 15s
6% preferred (monthly)
50c May. 1 Holders of rec. Feb. 150
6% preferred (monthly)
4 1 2-3c Mar. 1 Holders of rec. Feb. Ifis
Public serv Corp. of N.J..com.(gu.)-856 May. 31 Holders of rec. Mar. la
8% preferred (guar.)
2
Mar. 31 Holders of rec. May, la
7% preferred (quay.)
lee Mar. 31 Holders of rec. May. Is
$5 preferred (guar.)
$1.26 Mar. 31 Holders of rec. Mar. la
6% preferred (monthly)
50c Feb. 29 Holders of rec. Feb. la
6% preferred (monthly)
50c Mar.31 Holders of rec. Mar. la
Ridge Ave. Pass Hy.(qum.)
.$3
Apr. 1
Rochester Gas & Liar.. 7% pref. B (qu ) •Ui Mar. 1 *Holders
6% preferred. miles C (guar.)
•1yi May. 1 'Holders of rec. Jan. 29
of roe. Jan. 29
0% Preferred, series f)(quay.)
May. 1 *Holders of rec. Jan. 29
Savannah Elec. & Power. deb. A (guar) *2
Apr. 1 'Holders of roe. May. 10
Debenture stock, series B (quay.)._.__ '1
34 Apr. 1*Holders of rec. Mar. 10
Debenture stock. scrim C (guar.).- 4.154
Apr. 1 •Holders of rem Mar. 10
Debenture stock, series D (guar.).
•
- .154 Apr. 1 °Holders of roe. Mar. 10
e% preferred (quar•)
•3
Apr. 1 *Holders of rec. Mar. 10
Seaboard Public Service. $6 Prof.(qu.)
$1.50 Mar. 1 Holders of rec. Feb 10
$3.25 preferred timer.)
81 Sic
Sher:tango Valley Water. pref. (guar.)-- •Iye Mar. 1 Holders of rec. Feb 10
Mar. 1
Sou. Calif. Edison, 7% pref. A (qu.).... 4334c May. 15 "Holders of rec. Feb. 20
Holders of rec. Feb 20
8% prof. eerier [((quay.)
37'.'r May. 15 Holders of rec. Feb. 20
Sou. Calif. One Corp.,16)4 pf. (gu.).... $1.825
Feb 29 Holders of rem Jan. 31
Southern Colorado Power, corn. A.(qu.)
50c. Feb. 25 Holders of rec. Jan. 30
Steed Pow & Lt.. corn. & corn. B (qu.)
50e. Mar. 1 Holders of rec. Feb 11
Tampa Gas Co., common (guar.)
.$1
Mar. 31 'Holders of roe. Mar. 25
8% preferred (guar.)
"2
Mar. I 'Holders of reo. Feb. 20
7% preferred (guar.)
•lee Mar. 1 *Holders of reo. Feb. 20
Tennessee Electric Power Co.
5% first preferred (guar.)
134 Apr. 1 Holders of rem Mar. 15
6% fleet preferred (guar.)
1% Apr. 1 Holders of ree. May. 15
7% first preferred (guar.)
laf Apr. 1 Holders of roe. Mar. 15
7.2% first preferred (guar.)
1.80 Apr. 1 Holders of rec. Mar. 15
6% first preferred (monthly)
50c Mar. 1 Holders of rec. Feb. 15
6% first preferred (monthly)
50c Apr. 1 Holders of rec. May. 15
7.2% first preferred (monthly)
60c Mar. 1 Holders of rec. Feb. 15
72% first preferred (monthly)
Terre Haute Water Works, pref. (guar ) Me. Apr. 1 Holders of rec. Mar 15
'134
Tide tt titer Power. $e Prof.
_ "SI en Mar. 1 *Holders of rec. Feb. 20
Toledo Edison Co.. 7% pref.(monthly) Si I-3c Mar. 1 "Hoiden; of rem Feb. 10
Mar. 1 Holders of rm. Feb. 15a
6% preferred (monthly)
50c. Mar. 1 Holders of rec. Feb. 150
6% preferred (monthly)
41 2-3c Mar. 1 Holders of rec. Feb. 150
United Otte Corp., $7 pref. (guar.)
$1.75 Mar. 1 Holders of rem Feb. 10
United Gm Improvement, corn.(guar.)30c Mar. 31 Holders of rec. Feb. 290
Preferred (qua?.)
$1.25 Mar. 31 Holders of roe. Feb. 296
United Light & Railways (Del.)
7% prior preferred (monthly)
•58 1-3c Mar. 1
•Holdere of rem Feb. 15
5.38% prior preferred (monthly)
•53c. May. I *Holders of ree. Feb. 15
6% prior preferred (monthly)
*50e.
Virginia Flee & Pow 16 pref. (quay.)... 11.50 Mar. 1 *Holders of roe. Feb. 15
Mar. 21 Holders
Washington fly. & Klee corn.(guar.)._ '134 Mar. 1 *Holders or rec. Feb. 290
of rec. Feb. 13
5% preferred (guar.)
el 34 Mar. 1 'Holders of rec. Feb. 13
Wheeling Electric. 8% pref. (guar.).
- '134 Mar. I 'Holders of rec. Feb. 8
Williamsport water. $6 prof.(Quay.)
*$1.50 Mar. 1 •Holders of roe
Wisconsin Elec Power..6 % Prat(au ) •134 Apr. 1 *Holders of rem Feb. 20
Mar. 15
6% preferred (guar.)
•1% Apr. 1 *Holders
Wisconsin Public Service. 7% prof.(qu.) lee Mar.19 Holders of rec. Mar. 15
of reo. Feb. 29
preferred (qua?.)
6)4%
154 Mar. 19 Holders of ree. Feb. 29
6% preferred (guar.)
134 Mar.19 Holders of roe. Feb. 29 •
Insurance.
Fire
North River (guar.)
*25e. Mar. 1 *Holdens of reo. Feb. 29
Miscellaneous.
AbbOtta Dairies, com• (guar.)
*50o. Mar. *Holders of roe. Feb. 15
First and second Preferred ((Mar.)._ '1)4 Mar. *Holders of roe. Feb. 15
Allegheny Steel, pref. (guar.)
•134 Mar.
*Holders of roe. Feb. 16
Aluminum Industries. Inc. (guar.)
•250. Mar.1 'Holders of rec. Feb. 29
American Arch (quay.)
*25c. May.
*Holders of rec. Feb. 19
I
OW
Name of ContivaliV.
1329
Per
When
Cent. Payable,
Boots Closed.
Days Inclusise.
Miscellaneous Continued).
Amer. Asphalt Roofing,8% pref.(qu.).. *2
Apr, 80 'Holders fo rec. May.30
American Chicle, corn.(quay.)
50e. Apr.
Holders of rec. May. 120
Common (extra)
25e. Apr.
Holders of rec. Mar. I26
American Dock,8% prof. (qILL)
*2
May. *Holders of ree. Feb. 20
•15i Mar.
American Envelope. 7% prof. (qua?.)
"Holders of rec. Feb. 25
•15.4 June
7% preferred (guar.)
*Holders of rec. May
7% preferred (guar.)
*134 Sept. *Holders of reo. Aug. 25
25
7% preferred (quar.)
*Holders of rec. Nov.25
'154 Dee.
Amer.& General Securities, corn. A (MI.) 12340 May.
Holders of roe. Feb. 15
13 first preferred (guar.)
750. May.
Holders of rec. Feb. 15
American Home Prod. Corp.(mthly.)..
35c. May,
Holders of rec. Feb. 150
American Ice. prof.(guar.)
$1.50 Apr. 2 Holders of rec. Apr. 4a
Preferred (qear.)
$1.50 July 2 Holders of rm. July 86
Preferred (quay.)
51.50 Oct. 2 Holders of rec. Oct. 70
Amer. Radiator & Stand. Sanit'y Corp.
Common (quer.)
100, Mar.3 Holders of rec. Mar. ha
Preferred (guar.)
IN Mar.
Holders of rec. Feb. 15a
Amer. Smelt & Refining. 1st pref.(qu.). 15( Mar.
Holders of rem Feb. 5a
Second preferred (guar.)
154 May.
Holders of rec. Feb. So
Amer. Steel Foundries. prof.(guar.).
- 134 Mar.3 Holders of rec. May.166
American Stores, common (guar.)
Holders of roc. May, 15a
500. Apr.
1
An. Sugar Refg.. corn. (guar.)
Apr.
Holders of rec. Mar. 50
Preferred (guar.)
lee Apr.
Holders of roe. Mar. 5a
American Tobacco. corn. & corn. B (qu.) $1.25 Mar.
Holders of roe. Feb. 10a
Common and common B (guar.)
$1
May.
Holders of rec. Feb. 10a
Archer-Daniels-Midland Co.. common..
25e. Mar.
Holders of roe. Feb. 190
Artloom Corporation, pref. (guar.)
1
May,
Holders of rec. Feb. IlSo
Associated Dry Goods. 1st pref.(qu.)... 134 May.
Holders of roe Feb. lba
Second preferred (guar.)
194 May,
Holders of rec. Feb. ha
Atlantic Refining (guar.)
25e. Mar, 1 Holders of rec. Feb. 23a
Atlas Powder, common (quay.)
5.00. May,10 Holders of rec. Feb. 290
Atlas Stores, corn.(quay.)
15c Mar. 1 Holders of rec. Feb. 15a
Atlas Utilities Corp.. pref. A (Irlar.)
750. Mar. 1 Holders of me. Feb. 19
$.3 preferred A (guar.)
750. June 1 Holders of rec. May 20
•
Babcock & Wilcox Co.(guar.)
1
Apr. 1 "Holders of rec. May. 19
Balaban & Katz, corn. (guar.)
•75e. Apr. 2 *Holders of rm.' Mar.19
7% preferred (guar.)
'134 Apr. 2 'Holders of rem Mar.19
Bamberger (L.) & Co.. Ye% pref.(qu.) 154 Mar. I Holders
of rec. Feb. 150
Bandini Petroleum (monthly)
'Sc. Feb. 20 "Holders of rec. Jan. 31
Bankers National Invest. corn. (qu.)__ - .
08c. Feb. 25 *Holders of reo. Feb. 13
Class A & B (guar.)
•3213. Feb. 25 'Holders of roe. Feb. 13
Preferred (guar.)
•150. Feb. 25 'Holders of roe. Feb. 18
Beaton A Caldwell Mfg.(mthly.)
•12yee Mar. 1 'Holders of rec. Feb. 29
Monthly
'12340 Apr. 1 "Holders of rec. May. 81
Belding-Canteen', Ltd.. pref. (qua?.).. 1% May. 15 Holders of rec. Feb.
29
Best & Co.. corn. (guar.)
50c. May. 1 Holden; of rec. Feb. 25a
Bethlehem Steel. 7% preferred (guar.)..
Apr.
Holders of rec. Mar. 46
Blaw-Knox CO.((Mari
12%o May.
Holders of rec. Feb. 15a
Block Bros. Tobacco, corn. (guar.).--_ •37340 May 1 "Holders of rec. May
10
Common (quay.)
'37340 Aug. 1 "Holders of rec. Aug. 10
Common (guar.)
'3734c Nov. 16 'Holders of roe. Nov. 10
Preferred (guar.)
•134 Mar. 31 'Holders of rec. Mar. 24
Preferred ((Mari
'134 June 31) 'Holders of roe. June 24
Preferred (guar.)
'134 Sept.30 'Holders of roe. Sept.24
Preferred (guar.)
*lye Dec. 31 *Holden of reo. Dee. 24
Blue Ridge Corp.,$3 pref. (guar.)
(n) Mar. 1 Holders of roe. Feb. 16
Borden Co.. coin. (guar.)
75e Mar. 1 Holders of rec. Feb. 156
Bower Roller Bearing (guar.)
•250 Apr. 1 'Holders of me. Mar. 15
Brach (E .& .1.) & Sons (guar.)
'260 Mar. 1 'Holders of roe. Feb. 13
Brennan Packing, class A (guar.)
*$1.
May. 1 'Holders of roe. Feb. 20
Brill Corp. 7% preferred (guar.)
•Iye May. 1 'Holders of
. 30e, Feb. 29 Holders of me. Feb. 16
Brown Fence & Wire. class A (qu.).-rec. Feb. 150
Brown Shoe. corn.(quay.)
750 Mar. 1 Holders of rec. Feb. 20a
Buckeye Pipe Line (guar.)
May. 16 Holders of rec. Feb. 19
31
Bucyrus-Erie Co., pref. (guar.)
lee Apr.
Holders of rec. Mar 5a
Burma Corp., Ltd., Am dep. reta
*co Feb. 20 'Holders of rec. Jan. 14
Burroughs Adding Mach.. corn (quar.)20c Mar. 6 Holders of roe Feb. So
Byers(A. M.) Co., pref.(guar.)
1% May 2 Holders of rec. Apr. 15a
Catawba Sugar Estates. corn.(guar.).
- •400 Apr. 1 "Holders of roe. Mar. 15
7% Preferred (guar.)
"350 Apr. 1 "Holders of rec. Mar. 15
Canada Bread. pref. B (guar.)
500 May. I Feb. 18 to
Feb. 29
Canada Vinegars, Ltd.(guar.)
40c May. 1 Holders of rec. Feb. 15
Canada Wire de Cable. class A (qua?.).. 811
May. 15 Holders of rec. Feb. 29
Preferred (guar.)
lee May. 15 Holders of rec. Feb 29
Canadian Car & Fdy..com.(guar.)
£250 Feb. 29 Holders of rec. Feb. 15
Preferred (guar.)
44e Apr.
Holders of rec. Mar. 28
Canadian 011 Co,., pref. (guar.)
2
Apr. 1 Holders of rec. May,19
Canadian Silk Prod., el. A (guar.)
374e Mar. 1 Holders of rec. Feb. 16
Cantle:el 011, corn.(guar.)
"11
Mar. 31 'Holders of rec. mar. 20
Common (guar.)
•11 June 30 *Holders of rec. June 20
Preferred (quay.)
•134 Mar. 31 *Holders of rec. Mar. 20
7% Preferred (qua?.)
'154 June 30 'Holders of rec. June 20
7% preferred (guar.)
"I% Sept. 30 "Holders of rec. Sept. 20
7% preferred (guar.)
*lei Dee. 3 'Holders of reo. Dee. 20
Carman & Co.. Ino., class A (quay.)
50c May.
Holders of rec Feb 15
Carter (William) Co., pref. (quay.)
114 Mar. 1 Holders of rem Mar. 10
Case (J. I.) Co.. pref. (guar.)
*Holders of rm. May. 12
'134 Apr.
Caterpillar Tractor (quer.)
25c Feb. 2 Holders
Central Manhattan Prop.. cl. A ((Mar). •54e Mar. 'Holders of roe. Feb 154
of me. Feb. 19
Centrifugal Pipe (guar.)
leic May 1
Holders of reo. May 5
Quarterly
15c Aug. 1 Holders of roe. Aug. 5
Quarterly
15c Nov. 1 Holders of rem Nov. 5
Century Ribbon Mills. Inc.. pref. (:m.)lei Mar.
Holders of ree. Feb. 20a
0:altered Investors, $5 prof.(quay,)
*11.25 May. 'Holders of roe. Feb. 1
Chicago Yellow Cab (quer.)
50e May.
Holders of rec. Feb. 19a
Cities Service Co., corn. (monthly)
•23ec May. 'Holders of rec. Feb. 15
Com (pay. In corn. stock)(monthly)
*pi mar.
'Holders of rec. Feb. 15
Preferred B (monthly)
'Sc. May.
'Holders of rec. Feb. 16
Prof. and preference BB (monthly).
- *50c. Mar. 'Holders of rec. Feb. 15
City Ice & Fun.corn.(guar.)
90c. Feb. 29 Holders of rec. Feb. 156
Preferred (qua?.)
lee May.
Holders of rec. Feb. 15a
Cleveland Quarries (guar.)
25e. Mar.
Holders ot rec.
Coca Cola Bottling Co.of St. L.((Mara - •40e. Apr. 1 'Holders of rec. Feb. lea
Apr. 5
Quarterly
•400. July I "Holders of rec. July 5
Quarterly
•400. Oct. I *Holders of rec. Oct. 5
Colgate Palmolive Peet Co., pref. (qu.). 114 Apr.
Holders of roe. Mar. 10a
Collateral Trustee Shares
017c. Feb. 28 "Holden; of roe. Jan. 31
Collingwood TermInals. pref. (guar.).
- 1% Feb. 2 Holders of rec. Feb. 15
Collier at A lkman Corp.. prof.
(gm)
lei Mar.
Holders of rec Feb. 18a
.....Columbla Pictures, pref. (alter,)
75e. May.
Holders of rec. Feb. 190
Commercial Invest. Trust Corp.
Common (guar.)
50c Apr.
Holders of rm. Mar. 5a
7% first preferred (quay.)
134 Apr.
Holders of roe. Mar. 50
814% first preferred (guar.)
lei AM.
Holders of rec. May. 50
Cony. pref. opt.!ler. 1924(guar.)
(m) Apr.
Compressed Industrial Gasses (guar.).- *50c. Mar. 1 Holders of rec. May. fla
'Holders of roe. Feb. 29
Congoleum Nairn, Inc., corn.(quay.)...
250. May. 1
Holders of roe. Feb. 156
7% preferred (quay.)
•154 May, 'Holders of rec. Feb. 15
Consolidated Cigar Corp.. prof.
134 Mar.
(gear.)Holders of roe. Feb. 150
Consolidated florets, pref. A (guar.).'37340 Feb. 20 "Holders of rec. Jan. 31
Conselidated Paper (quay.)
May.
*Holders of rec. Feb. 20
Continental Chic. Corp.. Prof.(quay.).. •10e. May.
The.
Holders of rec. Feb. 15
Comb M Ills, common (guar.)
500. May.
Holders of roe. Feb. 20
Creameries of Amer.. pref. A (guar.)...
*Holders of rec. Feb. 10
.8714e May.
Crown Cork & Seal, corn. (quay.)
30e. Arc. 1 Holders of rec. Feb. 296
Preferred (quay.)
670. May.1 Holders of rec. Feb.
29a
Crown 7,ellerbacb Corp.,Prof. A (qua?.). 3734c.
Mu..
Holders of rec. Feb. 13
Preferred B (guar.)
3734e. May.
Holders of rec. Feb. 13
Crows Nest Pam Coal(quay.)
750. Mar.
Holders of rec. Feb. 15
Crum & Forster. preferred (quer.)
.2
Mar.3 'Holders
Crum & Fonder Maur.She., A & B (qu.) •250. Feb. 2 'Molders of rec. Mar.21
of rec. Feb. 19
Preferred (guar.)
'134 Feb. 2 *Holders of rec
Cuneo Press. preferred (guar.)
*lee Mar. 1 *Holders of rec. Feb. 19
Mar. 1
Curt's Publishing, common (guar.)
500. May.
Holders of rec. Feb. 20a
Preferred (guar.)
$1.75 Apr.
Holders 01 roe. Mar. 19a
Cushman's Sons, Inc corn.(guar.)
Si
Mar.
Holders of rec. Feb. 15
7% preferred (guar.)
lee May.
Holders of rm. Feb. 1.50
$8 preferred (guar.)
$2 May,
If
of rec. Feb. 15a
Dartmouth Mfg.. prof. (qua?.)
*Holders of rm. Feb. 5
Decker (Alfred) & Cohn, Inc., pref.(au.) '134 Mar.
•13i Mar.
'[lubbers of rm. Feb. 20
Deere & Co., pref.(guar.)
35c. May.
Holders of rec. Feb. 150
1330
Name of Company.
[vol.. 134.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued)
May 15 'Holders of re& May 5
I
•
Magnin (I.) A Co.,6% pref. (gU.)
Denver Union Stock Yards,7% pf.(gm.) SIN Mar. 1
Aug. 15 'Molders of ree. Aug. 5
6% preferred (guar.)
1 Holders of rec. Feb. 1511
25e Mar.
Diamond Match, corn. (guar.)
134
' Nov. 15 ...Holders of rec. Nov. 5
6% preferred (guar.)
750. Mar, I Holders of rec. Feb. 150
Participating preferred
15e. Mar. I Holders of ree. Feb. 156
Manhattan Shirt. corn (guar.)
25e. Mar. 1 'Holders of rec. Feb. 19
.
Dictaphone Corp., common (quar.)
S2soe Mar. 1 'Holders of rec. Feb. 20
MantschewIts (B.) dr Co., corn.(go.) '
Mar. 1 'Holders of rec Feb. 19
*2
Preferred (guar.)
'134 Apr. 1 "Holders of rec. Mar 21
Preferred(guar.)
25c. Apr. I Holdets of rec. Mar. 19
Distributors Group. Inc. (gear.)
45e. Mar. 1 Holders of rec. Feb. 164
May Dept Stores. common (guar.)
25e. Apr. 20 Holders of ree. Mar. 3I a
Dome Mines. Ltd. (guar.)
McCahan (W. J.) Sugar Refining
1824e May 16 Holders of rec. Apr. 30
Dominion Bridge (guar.)
134 Mar. 1 Holders of ree. Feb. 176
& Molasses, pref. (guar.)
ye Mar. I Holders of rec. Feb. 190
(S. R.) Mfg.,class A (guar.)
Dresser
150. Mar. 15 Holders of rec. Feb. 15
eColl-Frontenac OIL ltd. (gu.)
Si Mar. i Holders of rec. Feb. 190
Class B (guar.)
250. Mar. 1 Holders of rec. Feb. la
McIntyre Porcupine Mines (guar.)
Mar. I Holders of rec. Feb. I5a
$1
Drug. Inc. (guar.)
*51.50 Mar. 1 'Holder, of ree. Feb. 15
Mead Corp.. pref. (guar.)
50c. Mar. 31 *Holders of rec. Nlar. 19
.
Daniel Co.. com.(guar.)
Early &
Metro Goldwyn Pictures. pref.(guar.).- 47lee Mar, 15 Holder" of rec. Feb. 266
•ISa Mar. 31 Holders of rec. Mar. 19
Preferred (ouar.)
1(4 Apr, 1 Mar. 16 to Mar. 31
Metropolitan Paving Brick. pi.(gu.-)
.5c. Mar. 10 'Holders of rec. Feb. 20
East Malleable Iron (guar.)
Mickelberrya Food Products
40c. Mar.
Holders of rec. Feb. 20
East Sugar Loaf, Coal
*874e Apr. 1 *Holders of ree Mar. 21
Preferred (guar.)
- Inc. Apr.
Eastern Food Corp., class A (guar.).
.
40e. Apr. 1 'Holders of ree. Mar. 15
Miller & Hart pref. (guar.)
75e. July
Claw A (guar.)
Miuneapolls-Honeywell Regulator
Holders of rec. Jan. 30
50c. Mar.
Eastern Theatres. Ltd.. cons. (guar.)._
75e. May 14 Holders of ree. May 3a
Common (grate.)
rec. Jan. 29
Eastern Utilities invest.. $7 Pref.(guar.) •15.75 Mar. 'Holders of
•I 4 Apr. I *Holders of rec Mar. 19
Preferred (guar.)
.51.50 NI ar. •IIfolders of rec. Jan. 29
$8 preferred (guar.)
51.75 Mar. 1 Holders of rec. Feb. 15
Val. CBI. Invest, Co.97 pt.(qu)
Holders of rec. Mar. 50
Apr.
$1.25
Eastman Kodak. com.(guar.)
250 Mar. 1 Holders of ree. Jan. 30
Mohawk Mining
Holders of rec. Mar. 5a
I te Apr.
Preferred (guar )
.87 tic Apr. 1 *Holders of rec. Mar. 12
Monroe Chemical. pref. (guar.)
•Holders of rec. Fele 15
•50e. Mar.
Edwards Dental Supply (guar.)
75e Mar. 15 Mar. 1 to Mar. 15
Montreal Loan & Mortgage (gust.)....
Electric Shareholdings25c Mar. 15 Mar. 1 to Mar. 15
Bonus.
Pref. (opt elther 44-1000 eh. corn. or
350 Mar. 1 Holders of rec. Feb. 1511
Minisitetwear. Inc., common (guar.)._
Mar, 1 Holders of ree. Feb. 5
$1.50 In cash)
40c Mar. 1 Holders of rec. Feb. 19
rec. Mar. 1
Murphy (G. C.) Co., com. (guar.)
20c. Mar. 15 floiders of
Employees Group Associates. com.(go.)
•50c Mar. 1 'Holders of rec. Feb 18
Muskegon Motors Spec.. CIA (guar.).
Aug. 1 •Holders of rec. July 25
"2
Entwurf. Smith & Co
1(4 Mar. I 'Holders of recs. Feb 18
'
Muskogee Co., 6% pref. (guar.)
Mar 16
fiele. Apr. I
Faultless Rubber,corn.(guar.)
•154 Mar 1 'Holders of rec. Feb 10
National Baking. pref (Mier.)
.400. Mar. 1 'Holders of rec. Feb. 20
Federal Compress & Whse.,com. NUJ
70e Apr. 15 Holdens of rec. Mar. lea
'tee. Mar. 29 Holders of rec. Mar I50 National Biscuit. Corn. (guar.)
Fifth Avenue Bus Securities (guar.).- 154 Feb. 29 Holders of rec. Feb. Ila
Preferred (guar.)
1 Holders of rec. Feb 15
Finance Serv CO., Bait.. com.A&B(au) 20c. Mar.
65c. Apt. 1 Holders of rec. Mar. 154
Dalry Products. corn. NUJ
National
174e Mar, 1 Holders of rec. Feb 15
Preferred 'guar.)
IN Apr. 1 Holders of rec. Nt al 15
Preferred A & B (guar.)
134 Mar. 1 Holders of ree. Feb. 150
(guar.)._
Firestone Tire A Rubber, pref.
144 Ntar. 15 Holdenp of rec Feb 266
National Lead pref. A (guar.)
Fitz Simons & Connell Dredge & Dock
Netfonal Short Term See., Prof. 0111.1--- '17340 Mar. 1 ...Holders of ree. Feb. 5
.50c. Mar. 1 "Holders of rec. Feb. 19
Common (guar.)
60e. Apr, 1 Holders of rec. Mar. 1
Natioual Sliver Refining (guar.)
115 Apr. 1 Holders of rec. Mar. ISO
Floreheitu Shoe. pref (guar.)
May 15 Holders of ree. May 1
2
Neptune Meter. pref. (gust.)
$1.50 Mar. 15 Holders of ree. Feb.
Follansbee Bros.. pref (guar.)
Aug. 15 Holders of rec. Aug. 1
2
Preferred (guar.)
ec
Apr. 1 *eelers of r. Mar 29H15
Formica Insulation (guar.)
Nov. 15 Holders of ree. Nev. 1
2
Preferred (guar.)
"Holders of rec. Feb. 15a
•50c. Mar. 1
Freeport Texas Co (gust.)
2734c Apr. 1 *Holders of rec. Mar 16
'
Newberry (.1. J.) Co.. atm.(guar.)
87
. tic Mar. 1 *Holders of rec. Feb. 15
Galland Mercantile Laundry (gu.)
•14 Mar. 1 'Holders of ree Feb 16
Preferred (guar.I
•1 4 Mar. I *Holders of rec. Feb. 15
Gates Rubber,$7% pref. (guar.)
1(4 Apr. 1 Holders of rec. Mar. 19a
New York Shipbuilding. pref. (gear.)..
25c. Mar. 15 Holders of rec. Mar. la
mar. 28 •floiders of me Mar, 15
General Asphalt. corn. (guar.)
York Transportation (guar.)
let Mar. I 11,1riers of ree Feb. 200 Now
General Cigar Co.. Mo.. pref.(on.)
- 0750. Mar. I *Holders of rec. Feb 15
Northam Warren Corp.. pref. (guar.).
10c. Mar. I Holders or tee. Feb. 19a
General Empire Corp
11(4 Mar. 1 Holders of rec. Feb. 22
Holders of rec. Feb. I30 Ogilvie Flour Mills. pref. (guar.)
50c. Mar 12
General Motors,com (gear.)
Mar. 15 •Holdem of ree. Feb. 24
$1.25 May 2 Holders of rec. A or 20 Ordo 'Si. preferred Omar.,
So preferred (guar.)
Apr. 1 lioldersi of rec. Mar. 15a
2
Omnibus Corp.. pref (guar.)
14 Mar I Holders of rec. Feb 20
Globe Democrat Pub , pref.(Quar.)
200. Feb. 20 *Holders of rec. Feb. 10
•
Mintier. Sugar IniiiiithlY)
of rec Feb. 29
"40c. Star 10 *Holders
Golden Cycle Corp (guar )
Holders of ren. Mar 19
12 140 Ayr.
Holder, ef rec. Mar.1 a Ontario Mfg.. common (goat.)
Tire & Rub., let pref.(gu.)- 14 A r.
•1
Goodyear
Apr.
•Holders of me Mar 19
Preferred miter.)
•IIelders of rec. Feb. 15
40e. Mar.
•
Gorham Nianufacturtng (guar.)
•Holders of ree. Feb. 19
50e. Mar.
•
Oskosh Overall. pref. (guar.)
rec. Mar. 21
•10e. Mar.3 *Holders of
Grand RapIde Varnish (guar.)(No I)
1 4 Apr.
Holders of rec blat. 16
owens-lilinfas Glom. prel. (guar.)
Holders of rec Feb 15
75c. Mar.
GrandUnion Co., cony. pref (guar.).
'Holders of ree Feb. 20
'Si 50 Mar.
Paeltage Machinery (Guar.)
Holders of rec. Feb 10
750 Mar
$3 preferred ((war.)
'Holders of rec. Niay 20
*Si .511 June
Querterly
•11,,iders of rec. Feb. 3
Great Atlantic & Pac. Tea., corn.(Qu.) •51.50 Mar.
11 older. of ree blat 19
Page-liereey Tittles. Ltd., corn.(0(1.)-- 181 25 Apr.
•lioldere ot ree. Feb. 3
Inc.
' Mar.
Commou (erne%)
41 75 Apr.
Holders of ree Mar 19
Preferred Bluer )
•floldere of rec. Feb 9
•1 ti Mar.
Preferred (guar.)
.75e. Feb. 20 "Holden' of rec. Feb. 10
Parker RIM( Proof, corn (guar.)
•Holders of rec. Feb. 20
.60c. Mar.
Great Northern Paper (guar.)
Feb. 29
50e. Mar, 1 Feb 15 to
Patterson Sargent Co.. corn. (guar.)._
•Holders of rec. Feb. 15
•25e. Mar.
(guar.)
Hale Bros. Stores. lee.
,
Feeder (1).)(Irocery. ChM A (guar.)__. '87 tie Mar. 1 Holders of rec. Feb. 20
25c. Feb. 25 Holders of rec. Jan. 30
Hamilton Matinee Service. Inc..(au.).25c. Mar. 14 Holdens of rec Feb. 296
Penick & Ford. Ltd. (Outer.)
•10c. Mar. 1 *Modem of rec. Feb. 15
Hancock Ott. A and B (guar.)
•Holdere of rec Feb. 20
Mar.
•1
Needier Co_ pref. (guar.)..
51 75 Mar. 20 Holders of rec. Mar. 54
Hanna (M. A.) pot.(guar.)
1% Mar.
Holdere of rec Feb. 1011
Harbison -Walker Refract.. com. NUJ.- 12 tic Mar. 1 Holders of rec. Feb. 20s Plea* Arrow Motor Car. pref. (guar.).Holders of rec Feb. 15a
60c. Mar.
14 Apr. 20 fielders of rec. Apr. 90 Pillebury Flour Mille. corn. (guar.)
Preferred gliar•/
*Mc. Apr.
•Holderi of ree Mar 25
Plume & Atwood Mfg.(guar.)
134
' Mar. 1 •Holdere of rec Feb 15
Hardedy(R )Mut 7% Pref.(auar.)-641c. July
•
'Holders of ree June 25
•15$ June 1 ,Holders of rec. May 15
'
Quarterly
7% preferred (guar./
*Mo. Oct.
•Heiders of tea Sept 25
•1% Sept. 1 ...Holders of ree. Aug 15
Quarterly
7% preferred (guar.)
•1 i milers of roe Mar 15
'IN Apr.
Powdrell de Alexander, pref.(guar
Dec. I •Fl eiders of rec. NO,. 15
7% preferred (guar.)
4
•
Feb. 29 •11/ildere of me Feb. 20
Pratt Food Muer.)
•I2 tic Mar. 15 *Holders of rec. Mar. I
Hazeltine Corp. (guar.)
1 Si Mar. 15 Holders of rec. Feb. 251
Procter dt Gamble, pref. (guar.)
•10e. Mar. 15 Holders of rec. Feb. 15
Heels Mining (guar.)
1 4 Apr.
Holders of rec. Mar. 10
Pure 011. 54% preferred (guar.)
75c. Mar. 1 Holders of ree. Feb. 20
Helena Rubinstein. Inc.. pref.(mar.)
134 Apr.
Holden of rec. Mar 10
6% preferred (guar.)
250. Mar. 1 Holden; of rec. Feb. 10
Heyden Chemical. corn. (guar.)
Apr.
2
Hidden, of rec. Ntar. 106
8% preferred (guar.)
150. keb. 26 Holders of rec Feb. 19
Hibbard. Spencer. Bartlett Co.(mthly )
Mar. 3 "Holders 01 ref) Dec 31
"8
Puritan lee, common
15e. Niar. 25 Holders of rec. Mar. 18
Monthly
Mar. 3 •fiffelem of rec Dec. 31
*4
Preferred
60c. Mar. 15 *Holders of ree. Mar. 14
.
Oil, class A
Hickok
11 olden. Of rec Feb, 15a
50c. Mar
50e. Mar. 1 Holders of rec. Feb. 16a Purity Bakeries Corp.. com (goat.)....
,
Hire. (Charles E. & Co., corn. A (on.).
1(4
' Feb. 29 'Madera of rec. Feb. I
Quaker Oats. preferred (guar.)
.50c. Mar. I •Tioldere of rec. Feb. 15
Hobart Manufacturing (attar.)
) 37(40 Mar. I •Heitiers of rec. Feb. 1
Runway Equip. & Realty, let pref. (go'
5r. Feb. 25 Holdenn of rec Feb. 11
r :old Mines
Hollinger Cons.
50e. Mar. 15 *Holders of rec Mar. 1
.
Flectrotype Roar ).
•25c Apr. I *Holders of ree. Mar. 1
Holophane Co..com
1 'Molders of me Niel.. 22
'134 Apr
Reliance M fir (111.) pref. (guar.)
'51.1)5 Apr. 1 "Holders of me. Mar. 1
Preferred
37 tie Mar. I Holders of rec. Feb 154
Reynolds Metals (guar.)
45e. Ntar. 1 *Holders of rec. Feb. 9
•
Holt(Henry)& Co.. clam A (guar.).
Mar. 30 "Holden,, of rec. Mar, 15
•1
Rich& Inc 6 til pref. (guar.)
'8714c Apr. 1 'fielders of rec. Mar. 21
Horne Credit (Baltimore). pref
14 Mar. 1 Holders of rec. Feb. 15
650 Feb. 25 Holders of rec. Feb. 20a Rolland Paper. pref (guar )
Honteetake Mining (monthly)
15c. Mar. 21 Holders of rec. Mar. 1011
.
Feb. 25 Holders of rec. Feb 20a St. Jueeph Lead co (guar.)
Si
Extra
.
San Vrarielaco Rem, Leen Ann.(guar.) *87 I..0 Mar. 31 *Holders of rem Mar. 15
•H °lifers of rer Feb. 15
'IN Mar.
Hooveu & Allison, pref.(gust)
Second Investors Corp (R. (.)Holders of rec. Feb. 10
1(4 Mar.
prei. (guar.).Horn & Hardier of N. V..
075e. Mar. 1 *Holders of rec. Feb. 15
61 prior pref. '(Oird.)
•Holders of rec. Mar. IS
.
Fierthey Co.. claw A (guar.) - .624c Apr.
•37.-c Mar. 1 *Holders of rec. Feb 15
preferred (guar
Feb. 13 to Feb. 29
(124e afar.
11.
Imperial I , Ltd
75r Mar, 1 !Mittens of ree Feb. 15
Holders of coupon No.32 Serord (Leural I ',Indy Shops (guar.)-1124c Mar.
S, are warrants
*Si 75 May 2 'Holders of rec. Apr 20
Servel. Inc., preferred (guar.)
Feb. I
Holders of rec.
250 Met.
Industrial & Power Securities (guar.).
*SI 75 Aug.
•Holdere of rec. July 20
Preferred (guar.)
Holders of rec. May 1
250. June
Quarterly
•floiders of ree Oct 20
Preferred (guar.)
Holders of ree. Aug. 1
25e. Sept.
Quarterly
• 1 5e
Shepard Niles Crane & Hoist (gilar.).- .63 75 NNfoavr..
'Holders of rec. Feb. 19
Holders of rec. Nov. 1
250. Dec.
Quarterly
Holders of re& Feb. 15a
Holders of rec. Feb. 2s Sherwin willfams Co., pref. A A (mud.) 1),, Mar.
750. Mar.
Ingersoll-Rand Co., corn. (guar.)
Holders of rec Feb 176
Holders of ree. Feb. 15a Simon (laankftn) & Co.. Prof ('lust.)
25e. Mar.
Inland Steel (guar.)
"
I II Mar.
Simon (If.) & Sons. Ltd.. pref.(guar.).Holders of ree Feb 20
•100. Feb. 29 *Holders of rec. Feb. 24
Inter-island Steam Nay.(mthly.)
250 Men 15 Holders of ree. Feb I96
Holders of rem Mar 22a Socony Vacuum Corp
1
Internal Business Machine.'(guar•)---- $1.50 Apr.
Me Mar. 1 Holden; of rec. Feb. 15
Holders of rec. Feb 5a Southern Pipe Line (guar.)
134 Ntsr.
(ernational Hereafter. pref. (qual.)
1
25e Apr. 15 Holders of rec Mar. 3Ia
Spalding (A 0.)& Bros., com.(guar.).Holders of rec. Feb. 20
Mar.
1(4
InternationalMilling. Pref. gust.)...First preferred (guar.)
134 Mar. 1 Holders of re c Feb 156
Holders of rec. Feb. 20
Mar.
134
Preferred A (gum.)
Mar, 1 Holders of rec. Feb 15
2
Second preferred (guar.)
Holders of rec. Feb. 1511
60e Mar.
•1
A (go.)
Internat. Safety Razor. el.
Mar 15 Holders of rec Mar, 8
Holdera of rec. Feb. I5a Sparks. Withington Co., pref. (guar.)._
25c Mar.
Class B (guar.)
•14 June 15 Holders of rec. JtillO 8
Preferred (guar.)
Holders of tee. Feb. 15
- 60e. Mar.
International Shoe Pref. (monthly).
Standard Coosa Thatcher corn. (guar.)
•25e. A or. I Holder*, of rec Mar 30
'holders of rec. Mer 15
•50e. Apr.
Preferred (menthie)
'134 Apr, 15 Holders of ree. Apr. 15
Preferred (guar.)
•Holders of ree. Apr. 15
*LAC. May
Preferred (monthly)
50e Mar 15 Holders of ree Feb 154
Standard Oil of California (guar.)
•Hollers of reo. May 14
50e June
•
Preferred (monthly)
Standen] Oil (Indiana).(guar.)
•25e afar. 15 Holder, of rec. Feb 15
•10e. Mar. 'Holders of rec. Feb. 19
Iron Firemen Mfg. (guar.)
Standard 011(Nebratikal (uutd.)
50e Mar.21 Feb 28 to
Mar 21
15 Holders of rec. Apr. 1
Apr
$I
Jewel Tea. Inc.. COM.(guar.)
J.), $100 par (qua?,)
Niar, 15 Holders of ree. Feb 15a
1
1(4 Apr. 1 Holden. of rec. Mar. its Standard 011(N
Jones & Laughlin Steel. pref. (guar.)___
810(1 par value (extra)
Mar. 15 Holders of rec. Feb 16a
Apr. I Holders of rec. Mar. 10
1(4
Kaufmann Dept. stores. pref. (guar.).Inc Mar 15 Holders of rec Feb. 1611
$25 par value (guar.)
14 Mar. 1 Holders of rec. Feb. 10a
Kendall Co.. preferred A (guar.)
25e Mar 15 Holders of rec. Feb 15a
VS par value (extra)
Feb 20 *Holders of rec. Jan 31
.
Knudsen Creamery, class A & B (guar.) 374e blat. 31 Holders of rec. Mar. 110 Stlx Baer A Fuller. 7% prof. (guar.)._ '4334c Mar. 31 Holders of ree. Mar. 15
450
Kresge (S. S.) Co.. corn.(guar.)
•4334t June 30 *Holders of ree. June 15
7% preferred (guar.)
ju
Mar. 31 •II elders of rec. Man. Ila
Preferred (guar.)
7% preferred (iitiar.)
•
434c Sept. 30 Holders of rec. Sept. 15
1 Holders of ree. Feb. 100
25c
Kroger Grocery & Baking. Wm.(qua?.). •1 54 Mar.
7% preferred (guar.)
'4334c Dee, 31 Holders or rec. Dee. 15
Apr. 1 *Holders of rec. Mar. 21
8% preferred (guar.)
Strawbridge & Clothier, pr. pref. A MU ) '134 Mar. I Holders of rec. Feb. 15
•154 May 2 'Holders of rec. Apr. 20
7% preferred (mer.)
Studebaker Corp., common (guar.).-- 30c. Mar. I Holders Of rec. Feb. 1042
es1
Mar. 1 "Holder. of ree. Feb. 13
Lackawanna Securities
Preferred (quer.)
lee Mar. 1 Holdens of rec. Feb. 104
250. Feb. 29 Holders of rec. Jan. 30
Lehigh Coal & Navigation (guar.)
1411 Sun 011 Co.. common (guar.)
25c Mar. 15 Holders of roe. Feb. 2511
IN Apr. 1 Holders of rec. Mar. 150
Lehigh Portland Cement, pref. (gust.).
Preferred ('boat.)
tiolderif of rec. Feb. 10a
134 Mar,
750. Mar, I Holders of ree. Feb.
Lehn dr Fink Products (guar.)
Superior Portland Cement A (monthly) 274e Niar.
*Holders of ree Feb. 23
L1,ggett & Myers Tobacco
'Holders of rec. Feb. 20
Mar. 1 Holders of ree. Feb. 15a Susquehanna UM. Co., lot pref. (guar.) '1% Mar.
$1
Common dr common B (guar.)
•50e. Apr.
*Holders of rec. Mar. 10
Mar. 1 Holders of rec. Feb. I5a SwIft & Co. (guar.)
Common and common B (extra)._ SI
Telephone Investment Corp. (mthly.). .
20c. Mar.
'Holders of rec. Feb. 20
.6240 Apr. 1 *Holders of rec. Mar. 15
Limestone Products,7% pref.(guar.)
Tex-O-Kan Flour Nine 7% prof. (go.). '114 Mar. 'Holders of ree. Feb. 15
Mar. I Holders of ree. Feb. 15
25e.
Lindsay (C. W.)& Co.. Ltd.. com.(qu.)
Timken-Detroit Axle. pref.(
Holders of rec. Feb. 202
guar.)
154 Mar.
14 Mar. I Holders of rec. Feb. 15
Preferred (guar.)
TIni ken Roller Residue(guar 1
50c Mar. 5 Holders of rec. Fell 111/1
30c. Mar. I Holders of rec. Feb. 15a
Link Belt Co., com.( guar.)
Truscon Steel, preferred (guar.)
1(4 Mar. 1 Holders of rec. Feb. 20
1 *Holders of rec. Mar. 15
Apr.
Preferred (guar.)
.30e Mar. 1 *Holders of rec. Feb. 15
20c. Mar. 1 Holders of roe. Feb. 12a Twentieth Century Fixed Trust
Loblaw Grocerterias. Ltd., A dr B (quiUnderwood Elliott Fisher Co.,eom.(gu.)
50c Mar. 31 fielders of rec. Mar. 126
.67c. Feb. 29 'holders of ree. Feb. 29
Lock Joint Pipe (monthly)
Preferred (guar.)
of re& Mar. 31
1(4 Mar. 31 Holders of ree. Mar. 120
.66c. Mar. 31 'Holders
Monthly
Union Storage (guar.)
'62140 May If) 'Holders of ree. May 1
Apr. 1 •Holders of rec. Apr. 1
2
.
1
Preferred (guar.)
Quarterly
'6214c Aug. 10 'Holders of ree. Aug.
14 Mar, 1 Holders of ree. Feb. 15
Lord & Taylor, let pref. (guar.)
.624c Nov. 10 "Holdens of re0. Nov. 1
Quarterly
Lucky Tiger Combination Gold MM.
Union Tank Car Nuar.)
40c Mar. 1 Holders of rec. Feb. 1511
.3c. Apr. 20 *Holders of rec. Apr. 9
Quarterly
6
Union Twist Drill, corn, (guar.)
.25c Mar. 31 'Holders of ree. Mar. 20
51.60 Mar. 1 Holders of rec. Feb
Ludlow Mfg. Aesoclates (guar.)
•134 Mar. 31 'Holders of tea. Mar.20
Preferred (guar.)
1 'Holders of rec. Nlar 21
Lunkenheimer Co., preferred (gust.).,.. •154 Apr.
Apr, 1 Holders of ree. Mar. 106
United Aircraft & Transport., pref.(go.) 1
July 1 "Holders of rec. June 20
•1
Preferred (guar.)
20
50c Mar. 1 Holders of rec. Feb. 16a
United Biscuit corn. (guar.)
•15e Oct. 1 "Holder. of rec. Sept.
Preferred 'guar.)
50o Mar. I *Holders of ree. Feb. 15
United Chemicals. $3 panic. pref. (gIL) •
Jan 233 'Holders of rec Dec 22
•1
Preferred (guar.)
FEB. 20 1932.]
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inchutve.
1331
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending Feb. 11:
Miscellaneous (('oncluded).
United Fruit. core. (luer.)
75c. Apr. 1 Holders of roe. Mar. 2,
United Shares Corp.. Prof.(War.)
Mar. 15 Holders of rec. Feb. 25
$1
1% Mar. 1 Holders of rec. Feb. 20
U. S. Dairy Products. class A (guar.)
First preferred (luer.)
13( Mar. 1 Holders of rec. Feb. 20
Second preferred (guar.)
2
Mar. 1 Holders of rec. Feb. 20
U.8 Pipe & Ftly.. corn.(guar.)
50c. Apr. 20 Holders of rec Mar. 310
Common (luer.)
50e July 20 Holders of rec. June 300
Common (a uar )
50e. Oct. 20 Holders of rec. Sept. 300
Common lunar.)
50e. Ja.20'33 Holders of rec. Dec. 3111
First preferred (nuns'.)
30e. Apr. 20 Holders of rec. Mar. 3Ia
First preferred (aunt)
)
30c July 20 Ih.lders of rec. June 300
First preferred (ei uar.)
30c. Oct. 20 Holders of rec. Sept. 30a
First preferred (guar.)
30c Ja.20133 Holders of rec. Dec 3Ia
S. Steel Corp.. common (guar.)
U.
50c. Mar. 30 Holders of rec. Feb. 290 INSTITUTIONS NOT IN TILE CLEARING HOUSE WITH THE CLOSING OF
Preferred (attar.)
13.‘ Feb. 27 Holders of rec. Jan. 30a
BUSINESS FOR THE WEEK ENDED THURSDAY, FEB. 11 1932.
U 13 Stores. let pref. (guar.)
.$11
Mar. 1 •liolders of rec. Feb. 18
Utility & Industrial Corp. pref. (10.)-- 37 4e Feb. 20 Holders of tee Jan. 81
,
NATIONAL BANKS
-AVERAGE FIGURES.
Van Raalte Co.. Inc.. 1st pref
AM Mar. 1 Holders of rec. Feb. 19a
Vulcan I ietinning. common
50c. Apr. 2 Holders of rec. Apr. 70
Preferred (uurtr.)
14 Apr. 2 Holders of roe. Apr. 7,
Loans.
Other Cash Res. Dep., Dep. Other
Wagner Electric. common (guar.)
12 tie. Mar.
Holders of rec. Feb. 10
Disc. and
Gold, Including N. F. and Ranks and
Oros*
Waltt & Itotid. chum A (nuar.)
•50c. Mar.
"Holders of rec. Feb. 15
Investments.
Bank Notes Elsewhere. Trust Cos. Dept:4UL
Waldorf System et m (rluer.)
37 1..e. Apr.
Holders of rec. Mar. Ifla
Warner Bros. Pictures. pref. (quar.)
964c Mar.
Holders of rec. Feb. 13a
$
$
i
$
$
$
Warren Bros Pictures. pref. (quar.)--. •96 Sic Mar. 'Holders of rec. Feb. 14
Manhattan
wen,(Raphaeb & Co.. pref
.4
Mar. •Holders of rec. Feb. 1
Grace National_ 18,207,545 1.000
77.021 1,567.315
776,954 15.269,079
Welch Grape Once, corn. (guar.)
25c. Feb. 29 Holders of rec. Feb. 15
Preferred (rjuar.1
14 Feb. 29 Holders of rec. Feb. 15
Brooklyn
Weesmr, Oil A suowdrift. pref. (ottan)__ $1
Mar. 1 Holders of rea. Feb. 15a People's Nat'l__ 6,460.000 5.000
121,000
403,000
22,000 5.700.000
Western Dairy Products. $6 pref. A (go.) •$1.50 Mar. 1 Holders of roe. Feb. 10
Western Plpe & Steel (guar.)
•500. Mar. 5 Holder, of rec. Feb. 25
Westvaco Chlorine Products (guar
Holders of ree. Feb. 15a
400. Mar.
•1
Whitaker Paper, pref. ((mar.)
Apr.
•Holders of reis. Mar. 19
White Rock Mineral Springs. ann.(Ou ) 1
Apr.
Holders of rec. Mar. 15
TRUST COMPANIES
-AVERAGE FIGURES.
Fleet preferred (guar.)
Holders of tee. Mar. 15
1 Si Apr.
Second preferred (guar.)
5
Apr.
Holders of roe. Mar. 15
V1111 & !isomer Candle Co.. pref.(gu.)-. 2
fielders of roe. Mar. 15
Am.
'
Loans, DiaRes. Dep., Dep. Other
Winsted Hosiery (guar.)
*2
May
'Holder, of rec. Apr. 15
<runts and
Cash.
N. Y. and Ranks and
Gross
Quarterly
•2
Aug.
'Holders of roe. July 15
Investments
Elsewhere, Trust Cos. Deposit*.
Quarterly
Nov
'Holder, of rec. Oct. 15
•2
Wolverine Tube, pref. (guar.)
•14j Mar.
*Holders of rec. Feb. 15
Manhattan$
$
$
$
5
Woolworth (F. W Co. ((mar.)
•6110. Mar. 'Holders of rec. Feb. 10
Empire
61.431,400 .3,542,100 6.625.500 2.016.600 61.310,400
Wrigley (win.). Jr. (monthly)
50e. Mar.
Holders of rec. Feb. I9a Fulton
18.053,100 .2,342.900 1,140.200
789.700 17.608,500
Monthly
25c. Apr.
Holders of rec. Mar. I9a United States
68.735,842 6,190,065 11,901,650
59.308.868
•
I
WurlItzer (Rudolph) CO,7% Pt.(0111.)
Apr.
•Holders of rec. Mar. 19
•
I
7% preferred (guar.)
July
•Iloidere of rec Jan. 19
Brooklyn
Zonite Products (attar.)
25c. Mar. 10 Holders of rec. Mar. 20 Brooklyn
95.167.00
2.281.000 25.410.000
363,000 99.713.000
Kings County
26.081.876 1,832,544 3,535.153
24.846,412
• From unofficial sources. 1 The New York Stock Exchange has ruled that
stock will not be quoted ex-dividend on this date and not until further notice.
1 The New York Curb Exchange Association has ruled that stock will not be quoted
• Includes amount with Federal Reserve as follows: Empire. 82,189,900:
ex-dividend on this date and not until further notice.
Fulton, $2,194,100.
a Transfer books not closed for this dividend.
d Correction. e Payable In stock.
/Payable in common stock. g Payable In scrip. S On account of accumulated
dividends I Payable In preferred stock.
m t otnr,.erch.l Invest Trust cony. pref. dividend will be paid in stock at rate of
Boston Clearing House Weekly Returns.
-In the fol
I-5211. share corn stordi unless holder notifies compan3 on or before Mar. 16 of
lowing we furnish a summary of all the items in the Boston
his desire to take cash. Si 50 per share.
n Blue Rohn. Corp pref. stock dividend will he paid 1-32 share corn, stock miles Clearing House weekly statement for a series of weeks:
holder miotille. ettittltaniY on or before Feb. 26 of his desire to take cash, 75e. per share.
o All transfers received in order at London on or before March 3 will be In time
BOSTON CLEARING HOUSE MEMBERS.
for payment of dividend to transferees.
s General tins A Elec. Coln. class A dividend Is payable In class A stock at rate
Of 3-200ths of a share.
Week Ended Changesfrom Week Ended Week Ended
Payatile iii tanadlan funds.
Feb. 17
Feb. 3
Feb. 10
Pregtoug
1932.
Week.
1932.
1932.
Payable in United States funds.
If
Burma Corp. dividend Is one anna a share and a bonus of°Deanna,free of British
$
$
$
$
Income tax and lesa expenses of depositary.
Capital
91.775.000 Unchanged
91.775.000
91.775.000
Surplus and profits
W Less deduction for expenses of depositary.
P2.328.000 Unchanged
82,328.000
82,328.000
x Dividends on Canadian Pacific ordinary stock will hereafter be declared half- Loam, dleCla & inveetle. 928.651.000 +1.569.000 927.082,000 916,867.000
Individual deposits
538.589.000 +3.008.000 535,581.000 543 317.000
yearly.
Due to banks
126.857.000 -1.015,000 127,872.000 125.939.000
Time deposits
208.971.000 -1,636.000 210.607.000 211.103.00C
United States deposits_
29,448,000
-635,000
30,083.000
15.354.000
Weekly Return of New York City Clearing House.
- EXenanges for Chg. House 11,605.000
+963.000
10.643.000
13.269.000
Due from other banks_ _ _
61.309.000
+78.000
61.231,000
63.287.000
Beginning with March 311928, the New York City Clearing Ree've in legal depositles 71,850.000
+195.000
71.655.000
72.151.000
in bank
House Association discontinued giving out all statements Cash In excess In F.R.Bk. 10.394.000 -458,000 10,852 000 10.5116,000
Res.
4,596,000
+180.000
4.416.000
4.758.000
previously issued and now makes 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. The figures
given below therefore now include returns from these two
new members, which together add $41,185,000 to the capital,
$35,064,800 to surplus and undivided profits, 8291,259,000
to the net demand deposits and $115,993,000 to the time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, Feb.
13 1932.
Clearing House
Members.
*Capital.
*Surplus and' Net Demand
Undfrided
Deposits.
Average.
Profits.
Time
Deposit,.
Average.
$
6.000.000
Bank of NY & Trust Co__
9.730,700
76,054.000
10.986.000
22.250.000
Bank of Manhattan Tr Co
44.436.700
224,346.000
38.513.000
National City Bank
124.000.000 101.347.500 0938.291.000 176,484.0011
Chandra' Bank & Tr Co
21,000.000
44.758.800
201.241.000
24.100.000
Guaranty Trust Co
90.000.000 194.959.000 5729.618.00* 64,140.000
31anUfaetllrere Trust Co__ 032.935.000 e27.188.400
255.764.000
87.692.000
21.000.000
79.101.200
Cent Hanover ii & T Co._
399.235.000
43.277.000
15.000.000
22.549.5110
Corn Exch Bank Trust Co
169.3611.000, 24.406.000
10.000.000 112.537.200
264.047.000, 22.909.000
First National Bank
50.000.000
75.506.700
Irving Trust Co
299.402.000
41,160.000
4.000.000
6,750,290
Conti Bank & Trust Co.._
24.8111.000,
3.727,000
148.000.000 143.075.000 c946.292.009 93,576 000
Chase National Bank
500.000
3.405.800
31.456.000
Fifth Avenue Bank
2,403.0110
Trust Co
25.000.000
75.020.400 6335.574.000, 39.476.000
Bankers
10.000.000
21.204.100
35.731.000,
899.000
Title Oust & Trust Co._
10.000.000
36.531 009
7.019.000
5.381.000
Marine Midland Trust Co
3 000.000
2.400,001)
13.420.000,
Lawyers Trust Co
1.390.000
12,500.000
26.559.200
157.171.000, 23.242 000
New York Trust Co
7.000.00
9.215,600
44.191.000,
2,345.000
Corn) Nat ilk & Trust Co
2.000.00
2.863.200
25.684.000
4.412,000
Harriman N B & Tr Co__
7.876.400
8,250.00
35.495.000, 28.301.000
Public N 13 & Trust Co
622,435.000 1,017.530.600 5,243,767,000 738,825,000
Totals
r *As per official reports: National. Dee. 31 1931: State, Dec. 31 1931; trust
0Ornpanles, Dec. 31 193l.e As of Feb. 9 1932.
Includes deposits in foreign branches: a $223,773,000; SO8.018,000: C $42.969.000; a $20,869,000.
Philadelphia Banks.
-Beginning with the return for the
week ended Oct. 111930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
Feb. 23
1932.
Changesfrom
Previous
Week.
Week Ended
Feb 16
1932.
Week Ended
Jan. 30
1932.
$
$
S
s
77 052 000 Unchanged
77,052.000
77.052.000
Surplus and profits
218.419.000 Unchanged
218.419 000 218.419.000
Loans. (fleets and Invest 1,215,471,000 -1,202.000 1.219.673.000 1.220.159.000
Each for Clearing House
21.081.000
+817.000
20.264.000
19.162.000
Due from banks
77.324.000 -2,403.000
79.727.000
77.938.000
Bank deposits
129.144.000 -3.453.000 132.597.0110 1 31,989,000
Individual deposits
618.774.000 -2.264.000 621.038.000 616.503.000
Time deposits
260,308.000 -2,734,000 263.042.000 265.170.000
Total deposits
1.008.226.000 -8,451.000 1.016.677,000
1,013,662000
Reeve with FR.Bank
88.906,000
+853,000
. .
,
89.891:000
capita!
[VOL. 134.
FINANCIAL CHRONICLE
1332
Weekly Return of the Federal Reserve Board.
Feb. 18, and showing the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon,
table we
the results for the System
the
of the twelve Reserve banks at the close of business on Wednesday. In and first those of present
the corresponding week last year.
with
as a whole in comparison with the figures for the seven preceding weeks
The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks. between the Comptroller and
Federal Reserve notes
Accounts (third table following) gives details regarding transactions in The Reserve Board's comment upon the returns for the
Reserve Agents and between the latter and Federal Reserve banks.
and Discussions."
latest week appears on page 1287, being the first item in our department of "Current Events
FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB. 17 1932.
COMBINED RESOURCES AND LIABILITIES OF THE
1932. Jan. 13 1932 Jan. 6 1932. Dec. 30 1031 Feb. 18 1931.
Feb. 17 1932. Feb. 10 1932. Feb. 3 1932. Jan. 27 1932 Jan. 20
S
$
3
RESOURCES.
2,074.369,000 2.074.541.000 2,090.372,000 1,713,789,000
2.053.930.000 2.071,979,000 2 078.779,000 2,063.879.000 2,056,234,000
34,467,000
Gold with Federal Reserve agents
58.077,000
58.342,000
59.493,000
58.498,000
59.493,000
56.462.000
56.962.000
56.491.000
Goid redemption lurid with U.S. Treas.2.123.372.000 2,115.727,000 2.132.711.000 2.133.039.000 2,148.449.000 1.748,256,000
Gold held exclusively agst. F. R. notes_ 2.110.424.000 2,128,941.000 2.135.241.000 333.756.000 363,410,000 385.583.000 358,436,000 335,570.000 480,497,000
270.787.000 317,192.000 320.005.000
Gold settlement fund with F. It Board
529.858.000 526.777,000 483.542.000 494,077,000 503,545,000 855,655,000
Gold and gold certificates held by banks. 562.375.000 521,035.000 514,936.000
1.084.408.000
.
2.943.586.000 2,967,218.000 2.970.182,000 2.986,986.000 3,005,914.000 3.001.836.000 2,985.552.000 2.987,564,000 181,995.000
Total gold reserves
186,045,000 173,635.000 167.459,000
201.958.000 196.277,000 197.321.000 198.520.000 189.717,000
Reserves other than gold
3,266,403.000
3 145.544.000 3.163.495,000 3.167.503.000 3.185,506.000 3.195.631.000 3,187.881.000 3.159.187.000 3.155.023.00(1
82,298,000
Total reserves
74,610.000
71,670,000
78,415.000
76.387.000
77.315.000
74,197.000
75,666,000
77.067.000
Non-reserve cash
66,067,000
Bills discounted:
476.002,000 451.664.000 438.545,000 437.348.000 451,987.000 594,833.000 133.756.000
473.165.000 450.326,000
Secured by U S. Govt. obligations
380.993.000 366.229,000 429,300.000
372,616.000 369.109,000 379,166.000 385.975.000 380.441,000
Other bills discounted
819.341.000 818,216,000 1.024,133,000 199.823,000
845,781.000 819.435,000 855.168.000 837,639.000 818.986.000 213.801.000 275.306,000 326.975.000
93,995,000
Total bills discounted
146.382.000 189,391,000 156,100.000 162.261.000 188.041,000
Bills bought In open market
78,971,000
U. 8 Government securities:
320.383.000 320.213,000 320.267,000 330,199.000 344,626.000 196,215,000
319.978.000 320,110.000 320.207.000
Bonds
30,843,000
30,549,000
30.596.000
33.557.000
.51.070,000
63.020.000
69.530.000
75.504.000
Treasury notes
Special Treasury certificates
400.712.000 405.197.000 427.759.000 324.488,000
345.860.000 351,794.000 365.768,000 380,263,000 397.698,000
Certificates and bills
599,674,000
751.716,000 751.468.000 751,575.000 765,945.000 803.228.000
Total Ti. S. Government securities__ 741.342.000 741.434,000 748,995.000
30.880.000
28,844.000
29.732.000
36,846,000
36,296,000
35,952.000
33,451.000
29,995.000
Other securities
Foreign loans on gold
1.888.311.000 2,185.216.000 893,492.000
1.763.500.000 1,763,711.000 1,796.215.000 1,787,912.000 1.795,341.000 1,813.449.000
699,000
Total bills and securities
8,662,000
8,662.000
8,663,000
8.597.000
8.608.000
8.611.000
8,608.000
8.505,000
15,332.000
Due from foreign banks
21,726,000
20.056.000
18.368.000
19,137,000
15,748.000
14.600.000
12.802,000
13,810.000
Federal Reserve notes of other banks
431,387.000 439.210.000 475,253.1)00 443.521,000 513,097,000
421 531.000 345.551,000 376.009.000 353.251.000
58.191.000
59.581.000
67.770.000
Uncollected items
57.811.000
57.813.000
57,819.000
57.820.000
57,821,000
57.820,000
19.336,000
39.151.00(1
33.752.000
Bank premises
33,931,000
36,371.000
37.351.000
38,436.000
39,335.000
39,917.000
All other resources
5,637.728,000 5,716,331.000 5.985.820.000 4.848.848.000
5,527,784,000 5.466,989.000 5,533.391,000 5.523,510.000 5.620,664,000
Total resources
LIABILITIES.
2.635.766.000 2.651,026,000 2.613,104.000 1,419,756,009
2,656.941.000 2.661,959,000 2,664.003,00 2,627,296.000 2,642.140,000
F. R. notes In actual circulation
2,379,736,000
Deposits:
1.945.217.000 1.971.564.000 1,991.347,000 2,036.072.000 2,322.787.000
1,904,216.000 1,904.914.000 1.937.231.000
35,248,000
Member banks—reserve account
29,893.000
50,705.000
32.638.000
26.146.000
38.555.000
31.675.000
48,3'11,000
27,214.000
5.261.000
Government
64,645.000
77.259.000
75.129.000
81.830.000
79.937,000
61.671.000
46,582,000
38,848.000
19,305,000
Foreign banks
38,809.000
29.358.000
27.90(1.000
26.385.000
35.783.000
2.1.424.000
21.255.000
42,813.000
Other deposits
2,439,550,000
2.169.419.000
2.013.121.000 2.021.082,000 2.054.001.000 2.099.492.000 2.105.925.000 2.130.110.000 451.516,000 2.480.109.000 502,628,000
Total deposits
435.291.000
412.877.000 339,168.000 371.161.000 352,001.000 428,687.000 427.469.000
169,265.000
Deferred availability Items
157.915.000 158,362.000 158.500.000 159,233.000 159.459.000 159.836.000 160,605.000 160.553.000 274.636,000
Capital paid in
259.421,000 259,421,000 250.421.000 259,421,000 259.421.000 259.421.000 259.421.000 274.636.000
13,013,000
Surplus
24,344.000
22,127.000
25.126.000
25,032.000
26,067.000
26.305.000
28.997.000
27.509.000
All other liabilities
5,620,664.000 5.637.728.000 5.716,331.000 5.985,820.000 4,848,848,000
5,527,784.000 6.466.989,000 5,533.391.000 5.523,510,000
Total liabilities
79.3%
Ratio of gold reserve to deposits and
61.9%
68.6%
62.9%
62.8%
62.9%
63.1%
63.0%
63.3%
F. It, note liabilities combined
Ratio of total reserves to deposits and
65.5%
66.9%
67.3%
67.4%
67.1%
67.4%
67.6%
liabilities combined
F. II. note
37..0%
Contingent liability on bills purchased
6 9% 448,684 900
0
315.348,000 310.294.000 317,681.000 304,777,000 285.299.000 285.141.000 269.544,000 248.529%0
for foreign correspondents
•
Maturity Distribution of Bills and
Short-Term Securities
1-15 days bills discounted
18-30 days bills discounted
31-60 days bills discounted
61-90 days bill discounted
Over 90 days bills discounted
655.759.000
49,542,000
73.587.000
46,620.000
20.273.000
628.139.000 666.432.000
48.143.000
48.995.000
74.142.000
74,971.000
46.819,000
47.503.000
19.632.000
19,827,000
848.606,000
45,472.000
73.685.000
48.664.000
21.212.000
832.804.000
44.002.000
72,553.000
48.751.000
20.873.000
631.648.000
42,342.000
68.043.000
54.810.000
21.498.000
638.235.000
44.483.000
64.994.000
50.218.000
20.286,000
851.558,000
39.895.000
61.106.000
51,407.000
20,167.000
123,265,000
18,288,000
28,841.000
17,575.000
11,854.00o
845 781,000
56,296.000
22.255,000
32.782.000
34,992.000
57.000
819.43.5,000
60.296.000
34.527.000
39,416,000
34,717.000
435,000
855.168.000
49.823.000
37.230.000
45.675.000
22,918.000
454.000
837.639.000
53.13.3.000
24.324.000
50.766.000
33,570.000
468,000
818.986.000
79,626,000
24.205.000
50,946.000
32.697 MOO
567.000
818.341.000
84.417.000
40.361.000
49.527.000
38.797.000
699.000
818.226.000 1,024,133.000
137.297.000 192.124.000
70.416.00(1
64.096.000
50.940.000
47.482.000
19,056,000
19.161.000
759.000
950.000
199.823.000
24,352.000
25.642,0o0
33,436.00o
10.215,000
350,000
146.382,000
Total bills bought In open market
41.818.000
1-16 days U. S. certificates and bills
61.295.000
certificates and bills—.
16-30 days U. S.
7.050.000
31-60 days U.S. certificates and bills—.
20,025.000
61410 days Ti. S certificates and bills._
215,672.000
Over 90 days certificates and bills
169.391.000
37.591.000
26.338.000
66.338.000
4.820.000
216.727.000
156.100.000
52.836,000
38,818.000
66.345.000
3.50(1.000
204.269.000
162,261.000
44.225.000
37,591.000
82.634.000
8.050.000
207,763.000
188,041.000
28,450,000
54.836.000
103.613.000
8,050,000
202,749,000
213.801.000
20.950.000
40.225.0(10
61.429.000
68.344.000
209,764,000
275,306.000
6.500.000
23,450.000
99.154.000
68.345.000
207,748.000
345,860.000
3,438,000
241.000
131,000
365,768.000
3,168,000
107.000
376.000
1,000
380.263,000
3,082.000
103.000
211,000
80.000
397.6983000
2,542.000
100,000
212,000
82.000
20.000
351,794.000
3,375,000
167 000
208.000
1,000
20,000
400.712.000
2,266.000
156.000
204.000
120.000
1.000
405,197.000
2.082.000
75.000
69.000
132.000
1,000
3 830 000
3.771,000
3,652.000
3,476.000
2.936,000
2.747.000
2.359.000
Total bills discounted
1-15 days bills bought in open market...
16-30 days bills bought In open market..
31-60 days bills bought In open market
81 90 days bills bought in open market..
Over 90 days bills bought In open market
Total U. S certificates and bills
1-16 days municipal warrants
18-30 days municipal warrants
31-60 days municipal warrants
61-00 days municipal warrants
Over 90 days municipal warrants
, Total muni0"Pal warrants
Federal Reserve Notes—
Issued to F. It Bank by F. R. Agent
Held by Federal Reserve Bunk
In actual circulation
93,995,000
326.975.000
28.500,000
20.950.000
77.816.000
86.139,000
22,000.000
214,354.000 302.488,000
-427.759.000 324.488,000
3.792.000
221.000
84.000
87.000
11,000
4,195,000
2,923,836,000
2,931.929.000 2.950.938,000
2.024,588.000 2.920.870.000 2.901.167.000 2.919.978.000 296.163.000 299,912,000 2.909,798.000 1,858,540,000
296,694.000 408,784,000
262,629.000 256,867.000 273.671.000 277.838.000
-2.664.003.000 2,627.296.000 2.642,140,00(1 2.635,766.000 2.651,026,000 2.613,104.000 1,449,756.090
2.656.941,000 2,661,959.000
266,895.000
Collateral Held Si' Auera as Securillt for
821.999,000 829,854,000 867,789,000 867,611,000 865.742,000 619,559,000
Notes Issued to Bank—
752.250.000 817,790.000 817,109,000 1,241.880.000 1.226.380.000 1,206.580.000 .206.930.000 1.224.630.000 1,091,230,000
By gold and gold certificates
1,301,680,00f) 1,254.180.000 1.261.180 000 954.716.000 962.085,000 952.413.000 .025.018.001, 1,284.926.000 252,991,000
Gold fund—Federal Reserve Board
946,930.000 048.829.000 970.389.000
By eligible paper
000 3,018.595.000 3,018,319.000 3,026.782.000 .099.559,006 3.375,298,000 1,966,780,000
0
3.000.860.00 3,020,806,000 3.049.168
Total
*Revised figures.
RESERVE BANKS AT CLOSE OF BUSINESS FEB. 17 1933
!ABILITIES OF EACH OF THE 12 FEDERAL
•
Two Ciphers (001 omitted.
Federal Reserve Bank of—
Boston. New York.! Phila.
Total.
$
164,627,0
$
RESOURCES.
Gold with Federal Reserve Agents 2.053.930.0
56,494.01
Gold[ecru fund with U.S. Tress...
Cleveland. Richmond A danfa. Chicago. St. Louis Minneap. Kan Clip
$
$
$
445,215.0162,700,0 212,470,0
$
3
$
$
76,170,0 83,275,0 545,620.0 72.395,0
7,332,0 2,259.0 3,234,0 6.506.0 2,351.0
11,102.0
4,628,0
-456,407,0169.711,0 219,802.0 75,429.0 86.509,0 552.126,0 74.746,13
Gold held excl. agst. F. R. notes 2,110,424,0169,255.0 119,535,0 13.613,0 32.721.0 7.721.0 7.023.0 25.000.0 6.470.0
Gold settle't fund with F.R.Board 270,787,01 13.193.01 365,268.026.021, 24.119.0 6,159,0 8,784,0 54.193.0 11,541.0
0
Cold and gold etfa. held by banks_ 562,375,0I 20.089.0
_
276,642.0 92.309,0 102,316.0 631,319.0 92.757.0
2,943,586,0202.537.0 941,210,0 209.345,0 15,815.0 10,886,0 5.309.0 29,396.0 11,035.0
Total gold reserves
50.628.0, 21,120.0
201,958.01 19.781.0
Reserves other than gold
230.474,0 292.457,0 103.105.0 107.625.0 660,715.0 104.692.0
3,145,544.0222.318.0 991,838.0
Total reserves
21.052,0, 5,161.0 4,002.0 4,449,0 4,279,0 11.937.0 3.445.0
77.067.0 7,784.0
Non-reserve cash
II
Bills discounted:
132.716,0 59.674,0 69.262.0 7.968,0 13,563.0 49.361.0 14.739.0
See. by U.S. Govt. obligations_ 473,165.0, 21,355.0
62.718,0 51.825.0 28,290.0 35.997.0 26.544.0 7.871.0
372.616.0, 17.709.0 95.101.0
Other bills discounted
22.610.0
177,820.0 122.392,0 121,087.0 36,258.0 49,560.0 75.905.0 5,923.0
845.781.0 39.004.0
Total bills discounted
46,287.0 6.466.0 7.513,0 7.468,0 7,811,0 20,220.0
146,382,0 9,247.0
Bills bnneht In open market
7.011,0
$
Dallas. San Fran.
s
3 —
$
54,655,0 56,080.0 30.960.0 149.763,0
889,0 3,105.0
998.0 6.985.0
55.544,0 59.189.0 31.958.0 156.748.0
.5.516,0 11,477.0 7.198.0 21,320,0
2.203,0 12.589.0 3,493.0 27.916,0
63.263.0 83.255,0 42.649.0 205.084.0
7.160.0 8,330.0 10.119.0 11.470,0
—
70.423.0 91,585,0 52.768.0 217.454.0
2.056.0 2.100.0 3.417,0 6.485,0
2.020.0 7.011.0 2.809.0 90.1187.0
10.830.0 30,459.0 11,224,0 44,045,0
—
13.750.0 38.370.0 14.033.0 134,932,0
4.326.0 7.407.0 4,606.0 10.088,0
FEB. 20 1932.]
Two Ciphers (00) Omitted.
—
RESOURCES(Concluded)—
r. S. Government securities:
Bonds
Treasury notes
Certificates and NIS
Total U S. Govt. securities—
ther securities
°reign loans and gold
Total bills and securities
lie from foreign banks
.. R notes of other banks
recollected Items
lank premises
,11 other resources
FINANCIAL CHRONICLE
I'S(10.
Boston. New York.
Total.
$
$
Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap. Kan.City. Dallas. Son Fran.
$
$
1333
a
$
$
$
5,731,0
1,038,0
7,312,0
$
$
5,223.0 54,086,0 11,715,0 15.847,0
1,269.0 9,171.0 2,787.0 2.044,0
6.102.0 44,058,0 13.384.0 9.890.0
$
$
$
319,978.0 23,323,0
75.504,0 5.636.0
345.860.0 26,959,0
110,144,0 23,083,0 26,051,0
31,555,0 5,568,0 7,353.0
129.419,0 29,812.0 35,168,0
55,968,0
741,342.0 .
29,995,0 3,230,0
271,118,0 58,463,0 68.572,0 14,081,0 12,594,0 107,315,0 27.886.0 27.781,0 19,958.0 29,865.0 47.741.0
553,0
400,0
700,0
750,0 3,490,0
880,0
15,486,0 2,636,0
1,870,0
1,763,500,0 107,509,0
8,595.0
095,0
13.810,0
218,0
421.531.0 47.046,0
57.820.0 3,336.0
39,917.0 1,130,0
510,711.0 189,957.0 197.172,0 58,527,0 70,715.0 206,930,0 57,299,0 46,410.0 66,135,0 48,504.0 203,631.0
21,0
13,0
252,0
941,0
876,0
347,0
321,0 1,225.0
243.0
3.062,0
599,0
373.0 1.007.0
283,0 1,710,0
422,0
845,0 1,083,0
3,667.0
697.0 2,502,0 1.003.0
116,416,0 38,875,0 41,294,0 29,597.0 11,052,0 51,916.0 17,131,0 7,166,0 21.729.0 14,873.0 24,436,0
14,817,0 2,626.0 7.059,0 3,605.0 2,488.0 7,827,0 3.461,0 1.834.0 3,649.0 1.785.0 4,433,0
1,149,0 1.522,0 1,147,0
14,881,0 1,407.0
1,984.0 4,916.0 4,086,0 4,270,0 1,991.0 1.434.0
8,935.0 17.996,0 17.844,0
1,897.0 1.972.0 5.164,0
9.126,0 9,897.0 24.733,0
Total resources
5,527,784,0 390,036,0 1.677.344,0 469,863,0 546,589,0 205,719,0 201.263,0 947,322,0 189,043.0 129,709,0 187.606.0 123.395.0 459.895,0
L1.4BILITIES.
.. R. notes In actual circulation 2,656,941.0 182,721,0 572.141,0 263,175.0 311,389,0 104,369,0 119,982,0 570,761,0 93,380.0 68,770,0 83,035,0 41,502,0 245,716,0
Seposits:
Member bank reserve acc050t_ 1.904.246,0 121,423,0 802,597.0 119,397,0 140,663,0 51.053.0 48.031.0 256,142,0. 55,882,0 40,955,0 67.762,0 49,637,0 150.694,0
Government
27.214,0 2,447.0
5,300.0 1,837,0 2,254,0 1,593,0 2.440.0 1,544,0 2,902,0 1,322.0 1,888,0 1.207.0 2,475,0
Foreign bank
050,0 1,252,0 1.209.0 2.979,0
38.848.0 3,281.0
9,749.0 4,447,0 4,361,0 1.727,0 1,597.0 5,785,0 1.511,0
Other depositS
42,813,0
393,0 3,233,0
164,0
90.0 5.395,0
242.0
30,754.0
333,0 1.095,0
351,0
123,0
840.0
Total deposits
leferred availability Items
;annul paid In
urplus
21 other liabilities
2,013,121,0 127,393,0
412.877.0 47,354,0
157,915,0 11.643,0
259.421,0 20,039.0
27,509.0
881,0
848,400.0
113,212,0
60,300,0
75,077.0
8,214,0
126,074,0 150.511,0 54,547,0 52,401.0 264,566.0 60,935,0 43,578,0 71.025,0 52,143.0 161.543.0
36.578.0 40,200.0 28.910.0 10,954,0 52,055,0 18.855,0 6,572.0 20.504,0 15.476.0 22.203,0
16,368,0 14.629.0 5,381,0
5,007,0 17.734,0 4.512.0 2,948,0 4.154.0 4,050.0 11.189,0
26,486.0 27,640,0 11,483.0 10,449,0 38,411,0 10,025.0 6,356,0 8,124.0 7,624.0 17.707.0
1,182.0 2,220,0 1,029.0 2,406,0 3,795,0 1,336.0 1,485,0
764.0 2,600.0 1,537.0
Total liabilities
5,527,784,0 390,036,0 1,677,344,0 469.863,0 546,589,0 205,719,0 201,263,0 947,322,0 189,043.0 129,709,0 187,606.0 123.395,0 459,895.0
Memoranda.
teserve ratio (per cent)
87.4
71.7
69.8
59.2
63.3
64.9
62.4
79.1
67.8
62.7
59.4
56.3
53.4
ClOntingent liability on bills purr
e.haseo for foreign correspondls 315,348,0 23.867.0 103,688,0 32,346,0 31,718,0 12,561,0 11,619,0 42,031,0 10.091.0 6,909,0 9,107.0 8.793.0 21,868.0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent al—
Total.
Boston.
New York.
Two Ciphers (00) Omitted.
$
$
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt_ 2,923,836,0 205,277.0
Held by Federal Reserve Bank_ 266,895,0 22,556,0
Phila.
$
Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap. Kan.City. Dallas. SanFran.
$
$
$
$
$
$
$
3
$
$
622,869.0 277.711,0 329,436,0 114,261,0 138,477.0 632.460.0 97,876,0 70,797,0 94.917.0 48,075.0 291,880.0
50.728.0 14,536.0 18,047,0 9,892.0 18.495,0 61,699,0 4,496.0 2.027.0 11.682,0 6.573,0 45.964,0
In actual circulation
2,656,941,0 182,721,0
Collateral held by Agt. as security
for notes issued to bank:
752,250,0 47.010.0
Gold and gold certificates
Gold fund—F. R. Board
1.301.680,0 117,617,0
946.930,0 45,748,0
Eligible paper
572,141,0 263,175,0 311,389,0 104,369.0 119,982,0 570,761,0 93,380,0 68,770,0 83,035,0 41.502,0 245.716,0
3,000.860,0 210,375,0
658.037,0 283.937.0 337.638.0 118.421.0 138,943,0 636,633,0 98,057,0 70.999,0 99,347,0 48,169,0 300,284.0
Total collateral
330,215.0 57,400,0 64,470.0 11.570.0 12,775,0 97,620,0 15,495,0 13.155.0 9.280.0 12,260.0 81,000.0
115,000,0 105,300,0 145.000,0 64.600.0 70.500.0 448,000.0 58,900,0 41.500,0 46.800.0 18,700.0 64.763,0
212,822,0 121.257,0 125,168.0 42.251.0 55.668.0 91.013.0 25.662.0 16,344,0 43,267.0 17.209.0 150.521,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dee. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 1287,immediately preceding which we also give the figures of New York and Chicago reporting member banksfor a week later.
Beginning with the statement of Jan 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and Include
all yea, estate mortgages and mortgage loans held by the bank Previously acceptances of other banks and bills sold with endorsement were included with loans, and some
,,it the banks Included mortgages in investments. Leans secured by U S. Government obligations are no longer shown separately, only the total of loans on securities
Doing given Furthermore. borrowing at the Federal Reserve is not any more subdivided to show the amount secured by u s obligations and those secured by commercial
paper, only a lump total being given. The number of reporting banks is now omitted in lie Place the number of cities included (then 1011. 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 10 the San Francisco district with loans and Investments of $135.000,000
on Jan. 2 1929, which had then recently merged with a non-member bank. The figures are now given in round millions instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS FEB. 10 1932 (In millions of dollars).
Total.
Federal Reserve District—
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Ifinneap, Kan.Citg. Dallas. San Fran.
$
1,314
$
7,757
$
1,177
$
1,996
Loans—total
12,716
877
4,996
712
+5.504
7,212
335
542
2,429
2,567
362
350
7.069
437
2,761
On securities
All other
Investments—total
_
U.S. Government eecuritles
Other securities
3.853
3,216
Reserve with F. R. Bank
Cam,in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. it. Bank
1,442
235
11,090
5,724
390
898
2.305
472
i
1
...
tatal
. ,4-4
,..mwww.m...ha
w000t.,...o pa.w,
Loans and Investments—tetal
$
19,785
$
603
529
$
2,674
1,256
369
349
561
695
148
221
108
241
465
740
234
1,674
1,087
185
280
385
355
114
120
698
64
5,221
1,215
224
130
874
75
69
14
634
266
27
58
136
59
105
28
845
836
24
60
182
96
34
14
294
224
11
55
82
15
$
$
$
$
$
579
347
575
422
$
1,812
1,906
371
217
311
275
1,077
894
1,012
148
223
59
158
90
221
82
193
288
789
180
788
208
130
264
147
735
94
86
416
352
88
120
54
76
133
131
87
60
400
335
29
8
237
197
14
53
76
27
206
37
1.430
1,004
13
154
326
46
39
7
310
210
3
54
85
4
22
5
173
153
2
38
58
5
43
12
362
182
2
77
133
19
30
8
244
131
15
68
84
5
87
19
009
884
21
91
150
ins
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. 17 1932,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. 17 1932. Feb. 10 1932. Feb. 18 1931,
$
$
$
445,215.000 465,239.000 366,919.000
11.192.000
11.312.000
13,660,000
Gold held exclusively agst. F. II notes
Gold settlement fund with F. R. Board_
Gold and gold ctfs, held by bank
456.407.000
119.535.000
365.268,000
470.551,000
132.959.000
331.885.000
Total gold reserves
Reserves other than gold
941.210,000
50.628.000
941.395.000 1.078.601.000
47,740,000
49,846,000
Total reserves
Non-i°serve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
991,838.000
21,952.000
989.135,000 1,128,450.000
20.705,000
20,120,000
132.716.000
45.104.000
126.527,000
44,023,000
14,109,000
23.532,000
Total bills discounted
Bills bought n open market
U. S. Government securities:
Bonds
Treasury notes_
Special Treasury Certificates
Certificates and bills
177.820.000 170.550,000
46,287,00() 64,116,000
37,641.000
32,606,000
110,145.000
31,555,000
33,178,000
44,151,000
110,145,000
30,017,000
380,579,000
160.011,000
538.014,000
129.418.000
130,956,000
271,118,000
18,162,000
183,928,000
Total resources
1.677.344,000 1.663,279.000 1,570,759.000
572.141,000
802.597.000
5.300.000
9.749.000
30,754.000
575.264,000 261.572,000
811.301.000 l,006,920.000
17.582,000
5.227.000
15.125.000
1,401,000
8.671.000
9,612.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
848,400.000
113.212.000
60.300.000
75.077.000
8.214.000
852.679.000 1,
023,160.000
91.950.000 136,937,000
60.412.000
65,674,000
75.077.000
80.575,000
7.897.000
2.841.000
Total liabIlties
Total U.S. Government securities
Other securities (see note)
Foreign loans on gold
Feb. 17 1932. Feb. 10 1932. Feb. 18 1931
$
X
.3
3.062.000
3.076,000
228.000
3.667.000
3.144,000
4,466.000
116.416.000
94.127.000 141.110 000
14.817.000
14.817.000
15,240.000
14.881.000
14.329.000
6.970.000
Liabilities—
Fed. Reserve notes In actual circulation_
Deposits—Member bank reserve acc't
Government
Foreign bank (see note)
Other deposits
106,599,000
271.118.000
15.486,000
Resources (Concluded)—
Due from foreign banks (see note)
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other resources
1.677.344.000 1.863,279.000 1.570.759.000
Ratio of total reserves to deposit and
Fed. Reserve note liabilities combined_
69.8%
69.3%
87.8%
Contingent liability on bills purchased
510.711.000 523.946.000 254.175,000
for foreign correspondents
103.688.000 107.634.000 148,403 000
Total bills and securities (gee note)
NOTE.—IlegInning with the statement of Oct. 17 1926, two new Items were added in order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the eantioil "All other earnings assets... Previously made up of Federal Intermediate Credit Bank debentures was changed to -other
securitiee... and ;h0 caption. "Total earnings assets" to 'Total bills and securities." The latter terra was adeuted as a more accurate description of the total of the diwouns
aoeeptances and Securities acquired under the provisions of Sections 13 and 1401 the Fedora Reserve Act. which It was stated are the only items Included therein.
1334
FINANCIAL CHRONICLE
For... 134.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions
in
Wall Street, Friday Night, Feb. 19 1932.
Liberty Loan and Treasury certificates on the New
York
Railroad and Miscellaneous Stocks.—The review of the Stock Exchange. The transactions in registered
bonds are
Stock Market is given this week on page 1322.
given in a footnote at the end of the tabulation.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the Daily Record of U. S. Bond , Feb. 13. Feb.15. Feb. 16 Feb. 17.
'
ices
Feb. 18. Feb. 19.
pages which follow:
First Liberty Loan
•ganktre
IC
azette.
•
STOCKS.
Week Ended Feb. 19.
Range Since Jan. 1.
Range for Week.
Sales
for
Week.
Lowest.
I
Highest.
Lowest.
Highest.
Railroads—
Par. Shares. $ per share. 8 Per share. $ per share.S per share.
Jan
Caro Clinch .4 Ohlo. 100
69
Feb 19 61 Feb 19
100 61
Jan
Central RR of N J.1
Feb 13 73 Feb 13 67% Feb 76
300 71
Feb
Chic & Eit t Ill pret.100
,
700 134 Feb 13 2 Feb 15 1% Jan 2
Feb
Cleve & Pittsburgh_ 100
Feb 60
10 60 Feb lb 60 Feb 15 60
Cuba RR pref
100 1231 Feb 18 1234 Feb 18 12% Feb 12% Feb
100
III Central pref
Feb 26% Jan
300 25 Feb 13 25 Feb 17 21
100
Jan
Jan 36
Leased lines
40 2931 Feb 15 2931 Feb 15 23
100
Jan
Mantua Elev guar. 100
Jan 38
210 31 Feb 18 34 Feb 19 26
Minn St Paul & SS Mar
Leased lines
Jan 1231 Jan
170 8 Feb 15 831 Feb 13 7
100
Market St RY
% Jan
% Feb 15
100
30
31 Jan
flFeb 15
Nash Chatt & St L.10
Feb 27% Jan
200 1531 Feb 15 16 Feb 15 15
Pitts Ft Wor & C pt 100
Feb
Jan 136
10 136 Feb 19 136 Feb 19 130
Pitts Youngs & Ashtab
Preferred
Feb
100
90112 Feb 16 112 Feb 16 12
Feb 112
Sou Ry M & 0 ctfs_100
Feb
100 25 Feb 16 25 Feb 16 16
Jan 25
Indus. & Miscell.—
Affiliated Products_ ..•
Amer Ch..ln pref _100
American Ice pref. _100
American News.
•
Anchor tali Corp pref.
Arch Daniels Mid pf 100
Austin Nichols prior A •
Barker Bros pref
100
Burns lime class B....•
Comm Invest Trust—
Warrants stamped..
7% pref
100
Consol Cigar pf (7) 100
Crown Cork & Seal pf.•
Crown Willlarnette1st preferred
•
Cushm Sons pf (7%1100
Preferred (8%)_
•
Devoe &Reynolds 0f100
Dresser M fa class A.•
Class B... _ ______•
Elk Horn Coal pref..50
Eng Pub Serf pf(61—*
Food Machinery
•
Franklin 811111121 p(.-100
General Cigar imef..100
Gen Gas & Elee pf A(71•
Preferred A 01)
•
Gen Steel Castings pf •
Benditon Watch
•
Ilelme (0 W) pret..100
Indian Motorcy if. 100
Internal Comb Eng—
Pref cgs
Kresge
Si Co pf..100
Mel.ellan Stores preiliio
Mesta Machine...._ .5
Mexican. Petrol of..100
Newport InduArles_-.1
N Y shipbuilding....•
Preferred
100
•
Outlet Co
Pac Tel & Tel pre(.. 100
Panhandle Producing &
Reflirg prof......_10
Pierce-Arrow Co pf.10
Pirelli Co of Italy
Pitts Term]
1001
Proctor &(lamb phi 100
Revere top & Br pf.100
Rhide Wer•tphalla El
& Power
Scott Paper
•
Sloss-Sheff St & m-100
Preferred
10(
Spear & Co
•
Preferred
100
The Fair pref
100
Tobacco Products Ws •
Claw. A ctfs
•
Underwood-Elliott-Fish
Preferred
100
United Amer Bosch.- •
United Piece Dye p1100
Duty Leaf Tob pref.100
17tah Coppet
10
Van Raalte 1st p1_100
Webster Eiseillohr pf100
• No par value.
5,900
200
100
20
200
2)40
20
60
200
1451 Feb
22 Feb
5431 Feb
30 Feb
70 Feb
92 Feb
15 Feb
30 Feb
% Feb
200 1
20 94
10 7131
500 2031
Feb
Feb
Feb
Feb
15 1531 Feb
16 24 Feb
13 5431 Feb
13 3031 Feb
15 7031 Feb
13 94 Feb
19 15 Feb
171 30 Feb
15' % Feb
15! 1
19, 91
13: 7131
15' 22
Feb
Feb
Feb
Feb
16
15
13
15
16
15
19
17
15
12%
22
50
29%
70
90
1431
30
15%
26
55
33
70%
94
16
30
1%
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
1531 Feb 1
Jan
Feb 97
19 93
Jan 71% Feb
13 59
Jan
16 20% Feb 24
10 26 Feb 17 26 Feb 17, 233-1
10 85 Feb 19, 85 Feb 19 7031
20 72 Feb 181 72 Feb 18 67
10 95 Feb 15 95 Feb 15 95
400 2131 Feb 16 22 Feb 13 1931
1.6011 1131 Feb 16 1231 Feb 17 1014
100
% Feb 17
Si
51 Febhi
200 55 Feb 16 57 Feb 19 4231
200 1031 Feb 19 1031 Feb 19 834
565 Feb 17z65 Feb 17 60
20
370 99.51 Feb 15 101
Feb 15 99
250 25 Feb 13 2931 Feb 151 2431
10 40 Feb 15 40 Feb
26
140 12 Feb 19 15 Feb 15 12
20 10 Feb 19 12 Feb 19 10
10126 Feb 16 126 Feb 16 12431
130, 14 Feb 18 1631 Feb 15 10
500 1131 Feb
2010131 Feb
30 30 Feb
100 1331 Feb
10 100 Feb
2.100 231 Feb
1.400 431 Feb
80 50% Feb
90 40 Feb
2010731 Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan 26
Jan 85
Jant 72
Feb 95
Jan 22
Jan 1231
Jan
%
Jan 59
Jan 1031
7255
Jan
Jan 101
Feb 2931
Feb 40
Feb 16
Feb 12
Jan 128
Feb 27
16 1331 Feb
1310131 Feb
18 31
Feb
13 1331 Feb
16 100 Feb
13' 231 Feb
18 5 Feb
17 52 Feb
15 40 Feb
16 109 Feb
431 Jan 1331
10131 Feb10431
16 28% Jan 3231
13 13% Feb 1954
16 100
Feb 100
2
Jan 251
Jan 655
13 4
171 49
Jan 55
15 40
Feb 42
18 101
Feb 109
19
6 Feb
40 Feb
3034 Feb
131 Feb
97 Feb
17 Feb
15
16
18,
IS
13
16
3%
39
2631
51
95
15
Febt 8
Jan
Jan
Feb 41
Jan' 3031 Feb
Jan 151 Feb
Jan
Jan103
Feb
Jan 17
100
60
200
10(1
100
630
170
5.500
3.000
1331 Feb
42 Feb
10 Feb
1231 Feb
1
Feb
20 Feb
75 Feb
33-1 Feb
831 Feb
19 1314 Feb
1342 Feb
17 10 Feb
16 1254 Feb
Feb
15 I
15 2031 Feb
17 80 Feb
16 434 Feb
15 831 Feb
191
13:
17i
16
13
18
13
18
16
11
36
10
12%
1
20
75
251
6,1
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
15 10014
17 6%
Is 91
16 80
15 45
19 31%
19 21
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan 10031 Feb
15 100
Jan 634 Jan
17 6
Feb 93% Jan
18 91
Jan
Jan 81
16 77
Feb
Jan 59
15 45
Jan
19 3151 Feb 35
Feb
19 2014 Jan 21
Quotations for United States Treasury Certificates of
Indebtedness, &c.
Bid
Rate.
Maturity.
Asked.
--- -41.
,
Deo 15 1932._ 350 99.
1932.— I
98.. 99
98",%
1932... 2%
'n
Aug. 11 1932.— 334% 100
99".. 100
19311.„ 231% 1004,, 1004,1 Feb. 1 1933._ 331% 1091aa
1932.-- 3%
990
:, 100
Maturity
,P1 .
t .18
Mar. 16
June 15
Sept. 15
Rate.
Bid.
Asked.
100
10
0'n
11.10.as
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 3.4434@
3.45 for cheeks and :).4543.45 St for cables. Commercial on banks,
sight, 3.443i; sixty ,
.
laYs. 3.4143.41M' ninety .1a)s. 3.39 1-1601 3.40.
and documents for payment, 3.411i 03.42. Cotton for payment 3.4431.
and grain, 34434.
To-days (Friday's) acttal rates for Paris bankers' francs were 3.93 15-16
@3.94 3-16 for short, Amsterdam bankers' guilders were 40.43 ii 4440.45
Exchange for Paris on London. 87.45; week's range, 87.70 francs high
and 87.4, francs lo:.
The week's range for exchange rates follows:
SterImp. Actual—
3.3.4431Cables.
Checks.
High for the week
3.4634
Low for the week
3.44
3.44 Si
Parts Bankers' Francs—
High for the week
3.9451
3.9431
Low for the week
3.94 1-16
3.93 15-lo
Germany Bankers' Marks—
high for the \ieek
23.78
23.83
Low for the week
23.72
23.73
Amsterdam Bankers' Guilders—
High for the week
40.51
40.5434
Low for the weok
40.42
40.4434
970a,
961*.
9741,
253
____
98
97 31
,
97°,,
314
____
_
9;iin
981*.,
9824.1
189
_ _
- ..
8
94
982•:,
981.at
66
___
in..,
981.at
99"at
581
_
9021”
-9911st
9911as
688
_ _
_
99an 99
- 3in
99",,„
990
990
991*:, 991.e,
866
545
101'31 101.*22
1000n 1014 1
,
101.o 101..,,
191
849
9810., 98*".,
970n 98142,
981"1. 9821%
274
81
.
,
95$2
95 •.,,
9311,1 94 1j
,
9510at
951 2
131
126
93C, 930
,1
92.'22 93"32
930n
931n
40
53
891.2
8911as
87
0s: 891as
891at
891172
452
806
931.n 93".,
92.1.1 93' 42
,
9310at 9311,2
266
29
931aat 931.at
92wat 931.at
93un 930a,
693
132
901,131
9018
8844,2 90
90
90 41 ,,
71I•
A I)
___
__
9
. 1 99 s:
6
- -44
99n
. 99,,
..
99 •., 99” 3
,
1,063
426
10211.st 103
1010,, 1024ss
1020, 1021°,2
4
450
456
100
100 .,
,
9844so 9914.1
991*,,99**.:
224
207
9
6",1 97
05'.22 9614:1
96.
1as
96"at
270
89
940
:: 940,
1
93 .., 032.,,,,
,
9444,, 9344as
36
74
9044s, 91
891.as 891n
90.11
898.1
592
121
941'w 941.at
941.” 930,1
94 1041 9410as
7
15
941.at 94 as
,
941z,
930
,,
940n 9441,
70
40
91 tan 91,,,,
9044,1 900:1
91
9014,:
"PM
....
the
15
18
16
13
13
16
Feb
Feb
Feb
Feb
Feb
Feb
Feb
WI
952..,
964,,
315
____
coupon
6 Feb
3934 Feb
3031 Feb
% Feb
9554 Feb
17 Feb
30 100
200 6%
10 91
10 80
50 45
10 31%
10 21
IClose
Total sales in $1,000 units_
__
_
Converted 431% bondsiHIgh 9 - ..,
8
98 .1
-117
ot 1932 47 (First 431s) Low. 98..,
98 .,
,
Close 9812.
98 .,
,
Total sales in $1,000 units._
102 2,464
Second converted 431%1 High
bonds of 1932-47(Fr:4)i Low(Second 451s)
Total sates in 81.000 units._.
____
____
Fourth Liberty Loan
IHIrth 9942,
0911,,
998n
434% bonds of 1933-38._ Low. 99'32
(Fourth 45151
Close 094a:
9912s,
328
Total sales in 81,000 Pans._
643
IHIgia 10011:2 100",,
Treasury
1000s,
Low 1004,,
431s. 1947-52
Close 100% 100on
420
280
Total sales in $1,000 units...
{High 96"n 97".,
43. 1944-1954
Lew
961.as 9644n
Close 9610n 972232
Total sales in $1,000 :min.__
184
38
0n 93K82
111 fah 92
331$, 1946-1956
92*.n 931.1
Low_
Cline 9244n 9344n
Total sales In $1,000 units..
35
53
High 91.., 922.al
33111, 1943-1947
91
91,,
I.ow
,,
Close 914s:
9124n
Total sales in 81,000 units__
7
14
1 H lel; 86.4. 88
3s, 1951-1955
low
861., 87
Close 861,, 872,at
Total sales In 91.000 units...
62
330
. 93
High 9211
low.92",,9211at
334,. 1940-1943
Close 92l4
, 9224at
Total sates in $1,000 units__
43
42
1111g II 921.1, 93..,
334,, 1941-43
921.8
Low. 921at
'
Close 92 621 93
Total sales in $LOW units__
76
83
rich 87..n 89.as
3;0, 1946-1949
88
I ow. 874,,
Close 87:: 88
111
120
95 ,
0
942.12
95**.,
289
____
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Note.—The above table includes only sales of
Feb
Jan bonds. Transactions in registered bonds were:
Jan 21 9th 451s
99
to 991.0
5 Trea.s. 450
100nn to 10013 1
.
Feb
Jan
Jan
The Curb Exchange.—The review of the Curb Exchange is
Jan
Feb given this week on page 1325.
Jan
A complete record of Curb Exchange transactions for
Feb
Feb
Jan week will be found on page 1351.
Jan
10
200
300
500
90
10
1334
42
10
14
1
30
85
454
831
IHlgb 94,4a, 0444,,
331% bonds of 1932-47__ Low. 94",, 9442,
(First 355s1
Close 94'',, 94"..
Total sales in $1,000 units-70
445
Converted 4% bonds of High_
CURRENT
NOTICES.
—Announcement has been made of the organization of a new advertising
company to be known as the United States Advertising Corp. with offices
in New York, Chicago. Toledo. Milwaukee and Indianapolis and associate
offices in Important market centers throughout the world. Ward M.
Canaday. President of the present United States Advertising Corp. of
New York and Toledo, becomes l'resident and the executive head of the
new company. and Ilomer McKee. President of the Homer McKee
Co..
Inc., of New York, Chicago and Indianapolis. becomes executive
WeePresident of the new company. George Enzinger, President
of the DyerEnzinger Co. of Chicago and Milwaukee, becomes President
of the Chicago
division. In addition to the standard departments, such RS
divisions of
research and market analysis, technical advisory and creative
departments,
complete radio service units have been set up for both New York and
Chicago
manned by program builders and continuity writers of National
repute.
—G. B. Guilltains, Inc., has just been organized, with headquarters
at
918 Midland Building. Cleveland. Ohlo, to transact a general securities
business. G. B. Guilliams, President of the company, has been In the
Investment business for many years having been manager of P. W.
Chapman
& Co., Inc., Cleveland office. Associated with him will be A. B.
Green,
formerly Vice-President of the Standard Corp., W. A. Ten Winkel and E.
D. Stieglitz. Mr. Ten Winkel and Mr. Stieglitz have been
in the investment business for many years with headquarters in Cleveland.
—The firm of Wilmerding St Co.. Inc., has been formed to do a
general
business In municipal and corporation bonds, by Pelham C. Wilmerding,
for the last several years associated with Guardian Detroit Co., Inc.. as
Vice-President of their New York office. The new firm, of which Mr.
Wilmerding will be President, will occupy the same quarters at 1211 Broadway formerly used by Guardian Detroit Co., and they will retain the
personnel and staff of that organization.
—In the proposed amendment to the Federal Reserve Act. Hornblower &
Weeks in their February investment Review see the most important and
effective method of restoring public confidence and abolliffing fear that has
yet been devised to bring about a reversal of the deflationary trend in
business. They point out that the reception which the stock market has
already given the announcement of this new amendment is indicative of itfar-reaching importance.
—Edward B. Smith SE Co., members of the New York Stock Exchange in
their current issue of"The Outlook for Equities'• state that the "Passage
of the Glass-Steagall bill should measurely reduce, if not wholly eliminate.
forced • WIWI/Won of dome,Ittc bonds. United States Government issues
should be especially benefited, and their probable more favorable action
appears likely to give the entire list a better tone, as well as facilitate new
Government financing.
-R. F. Camden and C. E. Pike have formed the form of Camden. Pike
& Co. for the transaction of a municipal bond business. Offices will be
located at 100 West Monroe St., Chicago. and in the Finance Building,
Kansas City, Mo.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages - Page One
or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
-PER SHARE. NO?' PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Feb 13.
Tuesday
Feb. 16
Mondale
Feb. 15.
Wednesday
Feb. 17.
Thursday
Feb. 18.
Frigate
Feb. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
-share lots
On basis of 00
Highest
Lowest
PER SHARE
Range for Previous
Year 1931
Lowest
I
Highest
Par $ per share $' per share $ per Merril per Mare
Railroads
Per share $ per share $ Per share Shares
$ per share $ per share $ per share
8
7914 Dec 2033 Fel
8 84
4
8724 87
894 36.500 Ateh Topeka & Santa Fe _100 71 Feb 10 94 Jan 14
3
8418 873
4 83 8 8918 843 893
792s 90
100 7612 Jan 4 86 Jan 18 x75 Dee 10814 Apr
Preferred.
600
84
85
83
83
8312 8412 .84
83
85
843 .83
4
"83
25 Dec 120 Jon
,
12 1,400 Atlant c Coast Line RFt....100 2514 Jan 4 4112 Jan 14
34
34
31
3012 31
32
31
3512
31
31
38
•32
14 Dec
87 8 Feb
7
4
100 123 Jan 5 2138 Jan 21
67,400 Baltimore & Ohio
19
1714 1818 18
18% 1714 19
168 184 17
19
17
8012 let,
25 Dec
100 27% Jan 6 4112 Jan 14
Pre'erred
1.400
4
a
4 3012 3012 31
3211 3212 323 323
317
3314 34
34
32
18 Dec
4
663 Feb
50 1814 Jan 7 2412 Jan 14
Bangor & Aroostook
200
*1812 21
21
22
20
20
*2018 233
*18
4
*21
22
22
80 Dec 11312 Mar
Preferred
100 6718 Jan 7 7912 Jan 15
40
80
79
7918 *75
79
80 "75
*75
79
80 "75
*75
10 Dec
66 Feb
100 10,8 Jan 7 14,2 Jan 9
Boston & Maine
1212 "11
121 *11
1212
*10
1212 •11
14
•11
15
•10
93 Jan 14
4
6% Oct13 8June
3
712 Feb 8
100 Brooklyn & Queens Tr_No par
4 '714 84
712 722
4 *714 8% *714 83
4 *714 83
*714 83
46 Dec
6414June
No Par 4814 Jan 7 53 Feb 19
Preferred
400
53
*5114 52'2 52
8
5012 501 2 *5012 54 .507 54
54
•50
4
3118 Oct69 8 Mar
3
4112 3912 41,
40
4114 405 423 27.100 Bklyn-Manh Tran v t c No par 3012 Jan 5 423 Feb 19
8
4
40
4
405
8
8
403 4I4 40
63 Dee
9414 Feb
Preferred v t e
No par 68 Jan 13 75 Jan 8
800
70% *7018 71'l 71 14 72 8
,
70,
4 70
71 12 70
*7012 71 1 .70
2 Jan 15
13 De
8
912 Feb
I% Jan 5
500 Brunswick Ter&Ry Sec No Par
"15
8 2
"13
8 2
•11% 2
8 2
015
4 2
13
134 l4
1034 Dec452 Feb
8
25 107 Jan 2 1614 Feb 19
15% 1614 30.000 Canedian Pacific
4 1514 153
157
8 15
15% 1514 153
15
157
15
72 Dec 102 Apr
Caro Clinch & Ohio stpd__100 70 Feb 6 70 Feb 6
*68
75
*68
75
*68
75
"68
75
75
75 .70
.70
23% Dec
4612 Feb
25 2118 Feb 10 31% Jan 14
8
4
,
4 233 27 4 24% 2712 23% 25'4 245, 263 145.700 Chesapeake & Ohlo
8 25g 2412 253
243
77 Feb
*35, 3% 1.000 Chicago Great Western_ IGO
438 Jan 11
212 Dee
318 Jan 2
35
8 3%
314
31
8
3% 35
8
312 25
313 31
712 Dee
2712 July
9% Jan 5 1512 Jan 22
100
Preferred
123
4 121 4 12'2 1212 12% 3.800
4
13% 123 1312 12
8
123 13g 13
112 11ec
8 8 Jan
7
314 Jan 14
1% Jan 5
2.100 Chicago Wise St Paul & Pao_ _
27
8 27
4 2%
4 27
2 4 2% *23
3
27
, *23
2s
28
7
23
4
212 Dec
15% Feb
23 Jan
4
514 Jan 13
Preferred
3.800
412 41
412
8
8
414 412
4
43
8 45
414 43
418 43
4512 Feb
5 Dec
12% Jan 15
6 Jan
8
93 101 27,172 Chicago & North Western_ 100
4
918 10 4
93 103
8
914 10
,
93 101
4
93 1012
8
1312 1/er 116 Mar
31 Jan 22
Preferred
100 17 Jan
700
26
26
23
24
23
27 "22
28 .22
*21
21
21
6512 Jan
16% Jan 22
7% Dec
812 Jan
12.800 Chicago Rock Isl & P843100 100
1112 13
11
1212 1312
13% 11% 12
4 1224 135
113 133
4
14 Dee 101 kler
100 14% Feb 10 2712 Jan 14
7% preferred
700
•19
24
20
20
20
18
1812 20
1814 20
24
99
101s Dec
90 Jar,
100 1112 Feb 2 2412 Jan 14
6% preferred
*15
17
1712 2.000
1712 1812 •1412 17
17
1612 19
17
16
72 Dec
48 Jan
93 Jan 11 16 Feb 19
4
100
11
*Ft% 15
500 Colorado & Southern
16
11
"512 15
"1018 15
•10
1412 15
4212 Feb
10 Dec
11 12 Jan 2
103 "10
103
400 CO11801 RR of Cuba pref__100 10 Jan II
10
10
10
10
10
10
1012 •10
•10
,
an
64 Dec 15714 yel
Delaware & Ilud.son
100 6512 Jan 6 8912 Feb 13
8212 863
8914
6.700
84
87
2 83
84
84
7514 89,
173 Dec 102
4
23
2212 23% 2134 2314 2114 2214 22
9,136 Delaware Lack & Western_ Si) 1738 Feb 10 28% Jan 13
23
2012 22,
4 22
4
312 11cc
453 Feb
412 Jan 4
9 Jan 15
.6
8
.612 8
200 Denv & Rio Gr Weet pre!_100
*712 8
8
8
8
8
8
*7
39 4 Fell
3
5 Dec
514 Jan 5 10 Jan 22
100
8 4 8%
,
812 9
6.50 Erie
8% 9
8% 9%
77
9
91
814
4512 Feb
11
63, Dec
100
11
First preferred
1012 1012 *10
7% Jan 2 1312 Jan 28
113
101s 1022 10% 101
1012 101
90
4012 Jan
912 Jan 11
100
5 Dec
612 Jan 6
8
Second ireferred
8
8
8
812 81
50
812 81
*712 8%
7% 73
4
6934 Feb
15% Dec
8 2012 213
s 2018 213
213 11.80 Great Northern preferred_ _100 1612 Jan 5 25 Jan 14
4 20% 21.112 21
In 21% 2018 213
.5
311 Dec
2714 Feb
8 Jan 14
7 Jan 12
.
5
Gulf erer bid Is Northern._ _100
pr Mi..reie
8
"4
814 04
81
*4
814 *4
75 Jar,
13 Dec
•10
17
*10
8 Jan 13 14% Jan 21
17
17 •10
17
100
200
10
•10
1014 101
10
4412 Feb
*2812 30
287 287
2614 Dec
4
8 2818 28% 283 291
30
30
100 26% Feb 10 303 Jan 18
4
2712 28
1.600 Hudson Sr Manhattan
1322 153
928 Dee
89 Feb
1514 14
1514 14
8 14
100
14% 1412 151 23,000 Illinoilt Central
1524 14
912 Jan 4 1814 Jan 22
912
91
.
914 13
61 Jail
922
7 Dec
9 Feb 6 1412 Jan 28
130
914 912 *9
RR Sec stock certificates__
•914 13
34 Mar
4% Dec
93 10
11
4
10
11', 10
97 10'4
8
518 Jan 4 11% Jan 21
9.100 Interhoro Rapid Teall VI 13_100
0 4 10
3
10% 103
45 Feb
11 14 1114 1084 1084 1012 II
67 Dec
8
812 Jan 6 1314 Jan 22
11 1
2.900 Kansas City Southern._..I00
II
'2 93
4 1014 103
0
64 Feb
4
•20
25 "14
15 Dec
21
21
20
4
400
Preferred
100 1714 Feb 17 233 Jan 18
2312 173 20 '18
*20
61 Jan
14
8 Dec
16
1512 16 4 1212 1512 *1114 14'2 14
,'
1.000 Lehigh Vallee
.50 10 Jan 5 18 Jan 12
1612 1612 16
2412 25
233 233
4
4
2014 Dec III Feb
8
4 24% 253
24% 2614 253 26
2.900 Loulsvide & Na.shvilie
27
.100 21 Feb 5 323 Jan 14
26
67 Dec
39 Feb
1218 13
1412 1414 15
13
12% 1322 12
17.100 Manhat Eiev modified guar 100
13
7 Jan 5 15 Feb 19
1212 14
22 Fet
9
"83 13%
13%
9
612 Dec
100 Market St R2 pri,r pref.. 100
4
9 Jan 28
8 Jan 23
'812 3334
812 133
4 .9
4
•63 14
.1,
3
2
18 Dec
24 Jar.
18 Jan 12
MInnearedia & St Louis. 100
3 '
8
14
3
8
*14
3
8
*24
% Jan II
*14
3
8
*14
3
8
1112 Feb
•112 3
Minn St Paul & 88 Marie 100
•112 3
•112 3
1 Dee
112 Jan 7
•112 3
*112 3
3% Jan 16
•112 3
814
4 8,100
6
63
6% 612
6% 63
4
6%
6
6,
4 6%
612 6%
19
19,
19
4 5.100
18
1812 20
21
173
4 17
17
17,
2 17
812 9% 19.900
8
8
83
8% 9%
8% 918
8 2 914
,
83
4 9,
4
20
2112 41.801
20
213
4 1914 20% 1912 91% 19% 21% 18
20
2
2
*14
3
8
*14
3
8
*14
3
2
18
14
14
14
•%
32
3134 33% 340.900
8
,
,
3214 29% 33 4 303 33 4 30
29% 3312 30
700
*7
73
7
73
4 812
73
4 7%
7
4
*7
73
73
4
'7
40
•1012 11
•1012 11, •1012 11
12
4
.11
11
10
10% 11
231
4
1147 115 •1123 115 "112 115 •112 115
8
112 115
124 124
88.400
2714 29
4
4
2812 27, 2918 263 29% 20% 271
27% 29% 27
65
6514 1.400
68
72 .65
70
70
69
70
69
70
70
7 2 75
,
8 '2,000
4
,
7% 73
7 8 73
,
7% 7
4
712 7%
7 4 7%
,
7
4,38
7
2
*3
2
7
2
.2
2
711
*3
8
%
*3
3
03
8
7
8
100
*13
4 21
212 212 "112 2% "112 222 "134 21
•
112 21
3.500
133 134
13112 135 *132 134
132 1333 13114 133
4
128 133
20
"72
75
72
72
72
73
72 •
7612 72
71
761 .
*72
2014 21% 31.100
8
21% 19% 21% 193 201
4
4 20
197 21% 193 21,
8
100
.1
21
1 12 11
*1'2 2
•1 14 212 •I 14 2
,2
•1
21
20% 21 1 34,700
207
8 20% 21% 20
8 21 18 2214 207 217
8
2114 223
"2
4%
43
43
4 .2
43
4 •2
4 •2
43
43
4 .2
.2
12
10
1,000
•9
12
11
10% 11
•
7
11,
8 *9
II
•10
230
13% 14%
17
18
1812 16
20
4
,
1112 14 4 14% 143 •18
170
1318 13%
13
13
16
16
16
16
13
16
16
•13
•10
143
4 "8
12
•10
15
12
*10
15
*8
16
•I5
33
35
"3212 353 *33
33
33
500
35%
36
4
.323 35 "32
4
28
30 "2012 30
30 •27
30 .27
400
28
27
30 .
•27
28
30 "28
30
30
•28
30 •
•28
30
30 .28
•28
53, 51
4% 512 4.700
512 53
4
512 6
5% 514
8 5%
51
ell 613
624 712
612 63
614 6% 9.300
612 734
6% 6%
10
10
*8
10
10
10
*912 10
9
1,900
*8
914 10
"15
191 •15
18
300
19
•1612 1712 1712 171 •15
18
18
88
%
%
12 4.000
8
/
1
4
3
8
h
3
3
3
8
7g '
7
8
.8
8
7
2
3
8
7
8
'h
7
*3
3
7
8
4
31% 355, 323 3714 26
4
3318 35
29 8 283 31 156.200
,
35
32
117
8 11
II% 1014 1112 11
117
8 11 12 1218 10.300
11
1034 12
4
1512 1512 1514 151 •143 15,
4 1514 1512 2,620
141 16
133 15
4
,
371 •20
371 *20
3712
3712 no
37, •
2 20
371 .20
*20
1112 12
12
121
1112 1212 2.100
1212 1212 13
8
I218 123 •12
100
*312 4
'312 4
.312 4
'312 4
4
'31
4 3
3
33
20
20
20
20 .19
20 "19
40
20 .19
20
22
"20
89
933 73.000
8
92
8518 891
87
4
8812 843 92
86
941
77
8 67
490
63
634 63 4 6314 .6'312 671
,
633 67 •63
4
671
6412
'
3 4 314 3.900
,
314 31
4
,
,
314 33
32 3
312 4
%
313 3
414 4,
414 43
5
4 2.400
5
5
5
5% 5%
5'
5
618 63
1,300
53
4 53 •
63
4 64
67
8
6% 67
67
8
6% 7
6
91
7
100
.
7
812 *5% 81
*6
•13
8
*612 81
*23
8 3
100
3
33
4
3
•238 3 4 *2% 3% *3
,
*Vs 4
4 5
4 5
1.500
*45
5% 5% *43
5
5
5
5
43
4 5
Mo-Kan Texas RR____No par
Preferred
100
Misimori Pactho
100
Preferred
100
Nat Rya of Mexico 2d pref. 100
New York Central
100
N Y Chle & St Louis Co 100
Preferred
10e
N Y & Harlem
50
14 V N II& Hartford
100
Preferred
N Y Ontario & Western__100
N Y Railways pref____No par
Norfolk Southern
100
Norfolk de Western
100
Preferred
100
Northern Pacific
100
Pacific Coast
100
Pennsy'vanla
50
Peoria & Eastern
100
100
Pere Marquette
Prior preferred
100
100
Preferred
Pittsburgh & West Virginia 100
60
Reading
50
1st preferred
50
2d preferred
St Louis-San Franciseo___100
100
tat preferred
St Louie Southwestern_-.100
100
Preferred
No par
Seaboard Air Line
100
Preferred
100
Southern Pacific Co
100
Southern Rallwa2
100
Preferred
100
Texas & Pacific
IOU
Third Avenue
Twin City Rapid Tranalt 100
100
Preferred
Union Pacific
100
100
Preferred
Wabash
100
Preferred A
100
Western Maryland
100
2d preferred
100
Western Pacific
100
Preferred
100
4% Jan 4
113 Jan 4
53 Jan 5
4
12 Jan 4
18 Feb 9
2412 Feb 9
4 Jan 2
612 Jan 5
105 Feb 3
175, Jan 5
60 Jan 2
618 Jan 5
3 Feb 9
8
1% Jan 5
111 Jan 4
6712 Jan 2
14% .lan 4
112 Feb 18
1718 Jan 4
112 Jan 4
612 Jan 2
812 Jan 4
6 Jan 5
10 Jan 7
2928 Feb 10
2734 Jan 5
27 Jan 2
3 Jan 4
4% Jan 2
71 Jan 14
16 Jan 29
18 Jan 2
14 Jan 4
25% Jan 4
7% Jan 2
11 Jan 2
33 Fish 2
8 Jan 7
8
214 Jan 2
13 Jan 2
65 Jan 5
62 Jan 29
1 Jan 4
1% Jan 2
47 Jan 4
6 Jan 7
214 Jan 6
3% Jan
25
, 25, 3,800
"7
8
800
.21
24%
•e0 100
53
5% 23.500
'61
67
880
27
300
27
200
•122 145,
2
400
*314 323
565 5938 35.400
100
'17
8 2
147 15% 134,000
8
100
*2's 47
5
2, 2% 17.500
5% 614 5.300
400
'4% 6
400
*412 512
12
"11
Industrial & Mlacellaneou
Abitibi Power & Paper .No pa
Preferred
100
Abraham & Eitraus____No pa
Preferred
100
Adams Express
No par
Preferred
100
Adams Millis
No par
Addreesograph lot CorpNo par
Aqvanee Rummy new_No par
Air Reduction Inc......_No par
Air-way Elea Applianee No par
Alaska Juneau Gold Min___10
A P W Paper Co
No par
Allegnany Corp
No par
Pref A with $30 walT----100
Fret A with $40 warr____ DX)
Pref A without warr____I00
Allegheny Steel Co._ _No par
2 Jan 2
5 Jan 29
2012 Jan 6
85 Feb 2
33 Jan 4
55 Jan 4
24 Feb 5
10% Jan 8
212 Jan 9
46 Feb 10
15, Feb 16
117 Jan 4
8
2% Jan 5
114 Jan 5
2% Jan 4
8
25 Jan 2
214 Jan 2
10 Jan 20
2% 3
7
7
24
"22
.90 100
8
4% 53
. 2 67
66'
27
26
14
4
,13
.314 312
62, 57
4
.112 2
14% 15%
.27
2 5
2% 2%
4 5
'
43
%
514 5
6
•5
12
•11
2% 3
6% 7
25
•18
•
90 100
3
5% 5 8
66
66
2712
•
25
13
13
334 3%
6412 564
•I 12 2
14% 1514
"27
8 5
8
2% 27
51
534
5% 5%
5% 51
12
*10
8
212 23
7
7
247
8
*18
•90 100
5,8 584
657 67
27
'25
1212 121
•314 313
58
54
15
8
1%
8
147 155,
5
'2
2% 23
514 51
53
*5
512
*43
12
.10
2% 2%
714
*7
247
8
'21
090 100
518 58
70
'61
2712
'25
4
"123 1412
,
3% 3 4
5814
54
'14 2
8
157
15
3
3
4
212 23
514 6
4 51
*43
5
5
12
*10
2% 212
7
7
247
8
'21
•90 1,30
55 53
67
.61
27
*25
'123 1422
4
3%
314
543 5712
•17
8 2
1514 1618
'288 4
213 278
5%
5
5% 514
4
•43
4 53
12
*11
and ex-rights. e 60% stock cUvidend paid
no sale on 1his day. a Ex-dividend
• Bid and milked Prices:
r Ex-dividend.
37 Dec
8
7 4 Jan 22
3
1912 Dec
2178 Jan 22
6% Dec
11 Jan 22
26 Jan 26
12 Dec
so Jan 12
13 Oct
36% Jan 15
24% Dec
212 Dec
912 Jan 12
15% Jan 22
6 Dec
125 Jan 15 x101 Dee
17 Dec
31% Jan 21
52 Dec
783 Jan 14
4
5% Oct
83 Jan 22
4
Is Dec
3 Jan 21
2
212 Jan 14
34 Dee
135 Feb 17 105% Dec
6512 Dec
78 Jan 22
1412 Dec
2314 Jan 22
114June
112 Feb 18
1614 Dec
233 Jan 21
8
1% Dec
3 Jan 14
4 Dec
13 Jan 14
812 Dec
19 Jan 14
618 Dec
1714 Jan 14
11 Dec
15 Jan 11
42 Jan 14
30 Dec
28 Dec
33 Jan 29
2
30 Jan 22
273 Dee
3 Dec
6% Jan 14
93 Jan 22
414 Dec
4% Dee
1112 Jan 26
614 Dec
2012 Jan 26
78 Jan 28
% Dec
18 Dec
78 Feb 2
2612 Dec
375 Jan 21
63, Dec
13 Jan 14
10 Dec
2m3 Jan 22
22 Dec
33 Feb 2
13 Feb 16
512 Apr
2 Dec
4 Jan 25
1112 Dec
2412 Jan 26
70% Dee
9412 Feb 13
51 Dec
68 Jan 18
% Dec
4 Feb 2
6 Jan 28
I% Dec
5 Dec
734 Jan 22
8% Jan 22
5 Dec
4 Jan 14
I% Dee
6% Jan 22
3 Der
4
263 Jan
85 Jan
423 Feb
4
107 Feb
12 Jan
13214 Feb
88 Feb
94 Mar
227 Feb
947 Feb
11918 Feb
0une
137
2 Feb
8% J
217 Fetv
93 Mar
8
607 Jan
7 Mar
64 Fel,
911 Jan
85 Feb
9'214 Feb
80 Jan
88 Jan
9712 Feb
46 Jan
47 Jan
6234 Jan
76 Jan
3312 Jan
60 Fel
13 Jan
8
218 Jan
10912 Fel
6572 Feb
83 Feb
100 Jan
151* July
177 Fel.
8
62 Fell
205% Feb
87 may
26 Jan
51 Jan
19% Feb
20 Feb
147 Feb
315 Feb
,
2 Dec
47 Dec
8
18 Dec
96 Dec
3% Dec
5012 Dec
2218 Jan
10 Oct
2 Sept
475 Dec
114 Dec
7 Jan
2 4 Dee
3
1% Dec
2 Dec
13 Dec
4
13 Dec
4
10 Dec
14% Feb
52 Fe)'
39 Aug
10612May
2312 Feb
92 Apr
3312 Aiig
2311 Feb
1 I as 54 ef
109 8 Feb
3
8
103 Feb
201aJune
9 Aug
123 Feb
4
5918 Feb
69 Feb
6512 Feb
4614 Feb
3 Feb 13
914 Jan 15
24 Jan 13
9712 Feb 8
52 Jan II
67 Feb 11
2712 Jan 13
13 Feb 11
314 Jan 15
5938 Feb 19
18 Feb 18
16% Jan 21
3 Jan 4
318 Jan 14
78 Jan 22
6% Jan 22
614 Jan 15
13 Jan 7
p Ex-rights
1336
New York Stock Record-Continued-Page 2
erFOR SALES DURING THE WEEK OF STOCKS
NOT RECORDED IN THIS LIST, SEE SECOND1932 GE PRECEDING.
PAGE
PA
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Feb. 13.
Monday
Feb. 15.
Tuesday
Feb. 16.
Wednesday
Feb. 17.
Thursday
Feb. 18.
Friday
Feb. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
RanueRo3H
PEf r Year
On basis of 00
-share lots
Lowest
Highest
PER SHARE
Range for Prertott*
year 1931
Highest
Lowest
S per share 5 per share $ per share 5 ver share S per share $ per share
Shares Indus. & MIsee11. (Con.) Par $ Per share $ Per share
713 774 7414 7612 7312 784 7414 793
4
9 per share 3 per share
1 743 7914 79
8
8312 158,200 Allied Chemical & Dye_No par 6214 Jan 5 8312 Feb 19
*115 11612 01153 11614 *115 116 '115 116
4
64 Dec 1823 Feb
4
115 117
117 117
Preferred
400
100 108 Jan 4 117 Feb
1213 13
123 1318 11 4 124 1112 12
8
,
1114 114 11
12 3 7,000 Allis-Chalmers Mfg____No par 104 Jan 4 13 8 Jan 3 100 Dec 128 Apr
,
,
'712 8
18
•
713 8
1012 Dec
423 Feb
712 712
712 712 *714 9
4
*8
9
300 Alpha Portland Cement No par
712 Feb 16 10 Jan II
1313 1312 1312 1313 1318 1358 1312 1312 1313 1312 137 137
74 Dec
8
187 Feb
8
8 2.000 Amerada Corp
No par 12 Jan 25 14 Jan 14
7
7
65
8 658
1114 Dec
61g 613
23 Mar
6 4 67
,
8 *612 63
900 Amer Agri° Chem (Del) No par
4 *614 612
514 Feb 10
712 Jan 16
1413 15
15
16
1512 16
2914 Feb
1613 163
54 Oct
8 1514 16
1518 163
8 5,900 American Bank Note
10 1212 Feb 10 1812 Jan 14
043
47
43 4 47
1214 Dec
4318 4318 '4312 467 *4312 4678 .4312 467
,
4
623 Feb
8
Preferred
8
410
50 40 Jan 7 47 Feb 15
35 Dec
53
3,
.1*
1
6614 Feb
31
.12
kl
"2
At
"2
400 American Beet Sugar-_No par
5-1
12
'3
..;1, e1) 19
' 9
334 Jan 12
12
9
.3
6
*21- 712 *212 712 *23
:i
3
! n
8743 J
e
713:11 23 I 12314 r,FJfibi.
eeec
4 IDDec
4 712 '212 713 *213 712
7% preferred
100
2 Jan
13
13
13
13
13
13
*1314 15
*14
15
14
14
15 Feb
900 Am Brake Shoe .8 FdY-No 1P0aor 7213, 1-e1 10
'80 111
.80 111 '80 III
*90 111
00
90 .80 111
Preferred
20
Jan
95la Fan 18
10 j eb 5
6414 70
6512 68
644 693
2 654 694 6612 6912 71
733 278,500 American Can
3
100 151473191 JanJftn 5 17 8 Faeib 1409
25
62 268 41 rje ,1
7
b
*1212 1512 12512 12512 .12312 126 *124 1253 *124 12512 12418 12412
4 9 Dec 1293,2 MarAF )
9 2 1oece
:
4
3582,14
600
Preferred
73
8 77
8
us
712 778
712 733 713 7 4 74 753 734 778 2,400 American Car & Fdy......No par 614 Jan
,
3014 32
31
31
30
Feb
32
31
3218 .3012 31
31
31
Preferred
420
100 25 Jan 7 347 Jan 18
8
203 Dec
'5
8
5
5
8
*5
86 Mar
63
4 .5
6
'5
6
*5
6
100 American Chain
No par
5 Jan 4
6 Jan 13
5 Dec
333 3412 3514 357
4
4
433 Feb
36'4
8 36
36
363 •35
36
4
35
3512 3.000 American Chicle
No par 29 Jan 5 363 Feb 17
4
3014 Dec
5
5
.5
7
*5
8
*5
8
*5
485* Mar
8
5
5
300 Amer Colortype Co_
No par
5 Jan 22
6 Jan 13
5 Oct
21 14 Feb
73
4 8
713 758
74 8
753 814
!
74 83
4
8 912 31.000 Am Comm. Alcohol
85
No par
64 Jan 29
913 Feb 19
34 412
434 43
5 Oct
4 *4
1412 Feb
412 *412 5
*414 5
5414 5
700 Amer Encaustic TIling_No par
3 Jan 6
5 Jan 9
918 97
23 Dee
8
; 912 912
16 Mar
93
2 912
94 97 .
3
2.300 Amer European Sec's_No par
914 953
9 3 10
7
714 Feb 8 1012 Jan 16
712 814
712 83
75 Dec
8
8
3318 Feb
73
3 812
712 812
75
8 84
73
614 Jan 5
4 87 57,600 Amer .8 Forn Power _No par
8
914 Jan 14
25
27
64 Dec
265 2712 263 2712 2614 27
513 Feb
8
4
4
24
25
2314 26
Preferred
3.300
No par 2178 Feb 9 3812 Jan 21
123 15
3
20 De
1318 1412 133 143
100 Mar
4
4 1414 1414 1312 143
4 13
14
3,900
2d preferred
No par 1112 Jan 29 174 Jan 14
23 23
10 be
23
23
791a Feb
2212 227
8 23
24
2212 23
2312 234 1,800
$6 preferred
No par 2212 Feb 16 33 Jan 18
18 De
53
8 512
9(, Feb
512 53*
53* 57
6
8
6
54 57
10
1,000 Am Hawaiian 85 Co
4
43 Jan 28
8 *514 6
6 Feb 17
4 1)
2
2
*2
23
13", Jan
4 *2
23
4 *2
3
'2
3
.2
3
100 Amer Hide .8 Leather_ No par
152 Jan 4
24 Jan 7
1 Sept
•1018 107 *1014 113 .11
8 Mar
8
4
1112 •1014 111
1012 1012 1014 1014
Preferred
200
100
0 Jan 4 12 Jan 6
74 Dec
4512 477 34738 4738 4612 4612 4612 47
8
30 Apr
4614 4612 4714 4713 4,200 Amer Home Products_No par 4178 Jan 5 475 Feb 13
8
37 Oct
1512 1512 15
64 Mar
15
1412 143
143 15
*1412 15
4
4
*1412 15
2,200 American lee
No par 12 Jan 5 1712 Jan 18
1012 Oct
3152 Feb
6'4 74
64 73
67
4
8 84
,
67
8 818
64 7 8
7
73
5 Jan 4
4 812 73,500 Amer Internal Corp_ _No par
812 Feb 19
5 Dec
12
26 Feb
12
12
12
*12
12
*12
4
12
13
700 Am L France&Foamite_No par
3
4
8
14 Jan 6
12 Jan 12
14 Dec
1 12 Jan
.34 4
*312 4
*312 4
312
312 31
312 *34 4
Preferred
20
2 Jan 4
100
4 Feb 3
118 Dec
713 73
4
8
15 July
818
778 8
73
4 8
*712 731
73
2,300 American Locomotive_No par
4 8
513 Feb 3
91g Jan 18
5 Dec
'35
303 Feb
40 "40_ *40
4
4718 '3712 4718 "3812 4012 4012 4012
Preferred
100
100 3014 Jan 6 4013 Feb 19
2912 Dec
843 Mar
203 21
4
4
2012 --21
204 21 12 2114 22
203 213
4
4 2114 22
6,400 Amer Mach & Fdy new_No par 174 Jan 5 2214 Jan 14
16 Oct
4
433 Mar
"2
3
23
4 34 *27
8 34 '23
4 314 *23
4 314 "23
4 314
600 Amer Mach & Metals_No par
2 Jan 7
34 Jan 18
14 Oct
7 Mar
47
,3 47
8
47
8 5
433 5
*478 5
5
5
5
5
1,800 Amer Metal Co 1.td__ __No par
414 Feb 10
65 Jan 11
8
478 Dec
2334 Fell
'15
21
17
21
17
17
1712 1712 .17
17
"17
21
260
6% preferred
100 15 Feb 10 1912 Jan 14
14 Dec
8912 Feb
Amer Nat Gas pref___ _No par
1 Jan 4
17 Jan
8
1 Oct 397 Jan
8
-147- -- ,- i45 - 1- -1.2 -1. 37 -1412 - 5 8 -1,- 8 -I51- -Thig -- 4 -. g 15 4
1512
16:1- 20,400 Am Power .8 Light____No par 13 Jan 29 167 Jan 11
17. - 2
11 2
1i2 - 1
1- .78
13
115 Dec
2
647 Feb
8
50
51
51
5118 50
51
*51
533 .51
533 '51
4
4
533
4
Preferred
800
No par 48 Feb 9 58 Jan 14
4413 Dec 102 Mar
41
443 •40
4212 .40
4
42 .40
42 •40
42
*40
42
$5 Preferred
700
No pa
, 3814 Feb 10 493 Jan 14
4
.
Pref A stamped
No par
35 Dec
-- i "Ili -- ,-II;
85 Apr
4
i
7i2 -i- - -- -1
54 7 9 7i.:: - 1- --7i2 - -i2
i- 39,;100 Am Rad & Stand San'y _No par
6 Feb 6
812 Jan 8
5 Dec
4.234 3
21 12 Mar
3
318
23
4 23
4 .23
4 312 '23
4 313
314 4
3.900 American Republics. No par
134 Jan 8
4 Feb 19
114 Dec
123 Feb
8
934 103*
4
97 103
8 1012 117
8
93 1012 1018 113
8
8 12
123 43.10 American Rolling Mill
4
25
7 8 Jan 4 1234 Feb 19
,
73 Dec
8
373 Feb
8
2414 2512 25
2514 25
25
25 4 25 2 25
,
,
4
254 253 2612 1,700 American Safety Razor_No par 213 Jan 5 2612 Feb 19
8
1914 Dec
66 Feb
4
"2
.2
4
*2
4
.2
4
'2
4
'2
4
Amer Seating v t c
No par
2 Jan 13
212 Jan 21
158 Dec
9 Feb
.
13
14
*14
14
3 -,_,2•
14
3
3
"14
3
8
100 Amer Ship & Cornm
*It
3
s
No par
14 Jan 27
12 Jan
18 1)ec
22
22 .21
"21
22
22
152 Feb
*21
22
*213 22
4
*213 22
4
10 Amer Shipbuilding new.No par 21 Feb 10 254 Jan 6
20 Oct
153 163
4
4 147 1612 1513 1612 1514 167
42 Jan
8
8 1512 164 16
1714 24,800 Amer Smelting dr Retg_No par 1218 Feb 8 185 Jan 14
8
2
1713 Dec
80 "75
80
80
80 '75
5812 Feb
*7314 80
57314 80 .731.1 80
200
Preferred
100 73 Jan 5 85 Jan 29
75 Dec 13812 Mar
5013 5012 .50
5014 5014 '4913 511
55
*50
525
8 55 55
300
2d preferred 6% cum
100 41 Jan 5 55 Feb 19
33
34
45 Dec 1023 Mar
*3313 3414 34
327 33
34
8
34
4
34
34
34
1,100 American Snuff
25 304 Jan 4 344 Jan 19
28 Oct
.06 100
96
06
96
96
98
08
4214 Mar
*96 100
•96 100
100
Preferred
100 90 Jan 11 9912 Jan 15
1
la
14
1i
l
14
977 Dec 1107 July
8
13
It
13
8
14
14
3 23.300 Amer Solvents.8 Chem_No par
2
4 Feb 15
12 Jan 14
14 Nov
4
12
12
7
4
3
4
3
412 Feb
"2
3
.1
14
12
14
3
8 4.700
Preferred
No par
14 Feb 18
714 8
114 Jan 20
758 818
75
8 77
8
7
734
3 Dee
8
712 7 2
1112 Feb
,
712 73
4 5,200 Amer Steel Foundrtes_No par
538 Jan 5
814 Jan 21
85 .72
80
.68 100 '70
*7213 80
80
5 Dec
80
3114 Fell
*724 80
30
Preferred
100 69 Jan 5 80 Feb 18
36 '3412 36
3
3514 3514 353 3612 36
35
35
68 Dec 113 Feb
3613 3613 1.000 American Stores
No par 3314 Jan 5 3613 Feb 16
26
2634 2612 2713 *2512 264 264 27
243 2612 2612 27
4
33 Dec
4814 Mar
2,600 Amer Sugar Refining
100 21 ,8 Feb 10 3914 Jan 13
4
8 694 70 •703 75 .7012 753 571 12 75
673* 697
3
3413 Oct
60 Mar
7212 7212
7011
Preferred
100 673* Feb 13 8818 Jan 13
4 4
4
4
.418 412 *44 412 .418 412
.35
8 412 *33
844 Dec 108 3 Mar
,
100 Am Sumatra TobaccoNo par
3 2 Feb 8
3
6 Jan 7
313 Dec
1118 Feb
127 8 131
1263 13512 12712 13518 128 1333 1323* 1373 603.300
,
4
122 134
4
8
Amer Telep & Teleg
100 1073 Jan
4
77
7812 78
753 784 7714 78
4
7812 7714 7714 7934 803
4
4 3.400 American Tobacco new w L.25 65 Jan 5 13733 Feb19 11218 Dec 2013 Feb
77
81
7738 803
5 803 Feb
763 8212 7812 813
4
4
4 7812 81
604 Dec 12834 Apr
8013 833
Common class B new wl_.25 664 Jan 4 8334 Feb 19
107 1073 106 106 .106 10712 106 106 *106 107 4 58,030
•106 107
4
19
64 Dec 132 Apr
600
Preferred
100 105 Feb 9
20
193 20
*18
•17
23 .19
4
23
017
90 Dec 132 May
23
*19
23
300 American Type Founders_ _100 1934 Feb 15 11012 Jan 21
*45
50 '45
50 '45
50 '45
25 Jan 25
50 •45
19 Dec 105 Jan
50 .45
50
Preferred
29
100 42 Jan 19
317
8 30
3113 2912 313
4 2953 3218 304 3012 31
72 Dec 11013 Feb
32
13,000 Am Water Wks & Elec_No par 244 Feb 10 70 Jan /1
263 27
*2612 36
4
27
27
3212 Jan 14
*27 30 *2612 32 '27 30
2344 Dec
803 Feb
4
400
Com Vol tr ctfs
No par 2112 Jan 4 2812 Jan 14
72
72 .704 73 8 7313 7318 •704 76 .705 76
*697 73
,
8
213 Dec
4
4
803 Feb
8
200
lot preferred
413 412
70 Jan 5 75 Jan 15
418 412
8
413 45
414 43
4
6412 Dec 107 Mar
412 5
43
4 513 5,400 American Woolen
100
3 Jan 4
2414 223 2514 233 253
3 22
223 233
4
;
4
512 Feb 19
4 233 2112 2613 2718 45.000
25 Dec
114 Jan
8
4
Preferred
100 1512 Jan 4 27,2 Feb 19
33
ks
"2
*12
53
5
1
4
1514 1)ec
4
40 July
12
12
52
52
800 Am Writing Paper ctfs_No par
4 Jan 27
•212 9
*212 9
*212 9
.213 9
3 Jan 11
4
*212 9
12 Dec
4 Jan
*212 9
Preferred certIrIcatee_ _100
3
3
27
8 27
2
•23
4 3
3
3
27
8 273
24 Dec
18 Feb
3
3
800 Am Zinc Lead & Smelt_No par
25 Feb 11
8
27
*20
.20
2712 *20
2712 '21
338 Jan 9
2712 *20
212 Dec
2712 *20
4
83 Feb
2712
Preferred
25
10
107
94 103
8
04 1012
1
97 10 8
,
8
97 1012 103 11
8
8
1912 Dec
89,900 Anaconda Copper Mining_ _50 22 Jan 4 23 Jan 18
4518 Aug
834 Feb 10 123 Jan 14
*9
16
9
'7
9
15
*8
8
15
58
434 Feb
9
94 Dec
"8
9
100 Anaconda Wire &Cable No par
6 Jan 6
1414 144 1513 1512 1612 15
4 14
133 133
8
9 Feb 11
15
8 Dec
16
2614 Ma
167
8 6.700 Anchor Cap
No par 13 Jan 5 167 Feb 19
*414 5
'414 5
*414 5
8
"418 5
.44 5
13 Sept
*418 5
36 Feb
Andes Copper Mlning_No par
378 Feb 9
1112 11 12 "II
43 Jan 8
12
114 12 '1112 1214 *1112 1134 *1112 113
4
4 1,100 Archer Daniels MiciFd.No par
4 Dec
191 3 Feb
912 Jan
.38
3812 39
3912 3914 40
40
4014 40
4018 38
8 May
18 Feb
4012 1.100 Armour .8 Co (Deb pref_ __IN) 32 Jan 27 12 Feb 16
14 14
113 Ds
4 4013 Feb 19
14
114
114
13
8
114
DI
20 Oct
114
72 Jan
113 9,700 Armour of Illinois class A___25
1 Jan 2
112 Jan 14
3*
3
3
4
4
'8
*.'"ii
3
4
1
3
3
4
31
413 Jan
31
1 Dec
4
3
4
72 5.300
Class B
25
12 Jan 7
4 Jan 16
272 Jan
12 Oct
94 912
9
9
9
9
*9
93
8 •9
93
912 912
8
700
Preferred
100
638 Jan 2
.2
313 *2
912 Jan 13
3
'2
24 212 *2
3
3
212 212
54 Dec
200 Arnold Constable Corp_N. par
47 Jan
4.3
.3
8 5
514 .33
514 •3
13 Jan 18
4
5
53
3 Feb 1
514 43
514
158 Dec
9 July
Artloom Corp
No par
17
8 23
8
24
214 214 *214 23
2
8 *214 23
4 Oct
8
1012 Feb
23
8 23
8 1.700 Associated Apparel Ind_No par
61, 7
134 Jan 5
7
7
67
8 7
25 Jan 7
8
67
8 7
'612 7
287 Feb
8
14 Dec
612 7
2.600 Amine Dry Goods
No par
512 Jan 8
83 '812 84 .8
814 Jan 15
4
87
2 84 .
8
83 '8
4
534 Dec
834
8
8
29514Ma
130 Associated 011
25
8 Feb 8
137 *10
8
93 Jan 2
137 *1014 137 '1014 137 *1014 137
137 •10
4
8
8
•10
8
83 Dec
4
8
8
All GA IV 1 SS LIne.-No par 10 Jan 19
31 Feb
•1514 18
1712 *15
.1518 1712 *15
104 Feb 19
18
.15
20
39 Jan
10 Doc
*15
20
Preferred
100 1613 Jan 27 1512 Jan 27
1012
94 103* 1014 1012 1014 105
94 1014 10
5312 Jan
8 104 107 11.400 AtlantiC Refining
15 Dec
8
25
8'5 Feb 9 104
233 .20
23 '20
4
223 2414 20
23 .20
4
23
*20
2313
853 Dee
900 Atlas Powder
23,Feb
'
No par 1712 Jan 5 2512 Feb 19
73
73
7314 73
73
73
73
73 '73
Feb
87 .73
54 Feb
18 Dec
87
100
Preferred
100 723 Feb 10 7912 Jan 2
4
•514 6
*518 7
514
8 7
.6
514 .53
712 '53
8 7
9972 Jan
13
771 1 Dec
2,000 Atlas Stores Corp
No par
11414 12412 116 124
44 Jan 9
11512 12612 116 12514 1153* 123
514 Feb 18
1 Dec
21
.
118 12112 238.500 Auburn Automobile--No Par 9113
1312 Feb
Feb 10 15134 Jan 14
•12
.
7
8413 Oct 29612 Apr
8
13
7
*12
.3
7
*12
8
7
*12
8
7
8
12
12
100 Atistin NlehoLa
No par
12 Feb 19
I.
34 Jan 12
7
•12
8
12
512
4
*12
7
•12
8
128ept
214 Mar
4
•12
4
100 Autosaies Corp
No par
12 Jan 7
7 Jan 8
8
*153 2
,
.14 2
"1 8 2
•13
18 Dec
8 2
•14 2
*Pe 2
212 July
Preferred
50
112 Jun 28
2 Jan 11
2 11 23
,
4
8
23
8 .23
4 27
27
3
2 8
3 3
25* 27
5 Feb
1 Dec
23
4 23
4 4.600 Aviation Corp
734
No par
712
24 Jan 4
8
714
734
7
734
312 Jan 2
7
7
2 Dec
718 712 4,900 Baldwin Loco Works. No par
618 Mar
472 Jan 4
812 Jan 14
4
2214 244 183 2112 2112 23 .2018 22
197 22
8
*205 2312
8
458 Dec
274 Mar
620
Preferred
10(1 164
887 80 .86
94 .86
8
•85 104 '86 104
94
.85
94
15 Dee 1044 Mar
20 Bamberger (L) & Co pref_100 85 Jan 2 284 Jan IS
Jan 8 8914 Jan 14
•134 2
24 .214 212 *214 212 *214 212
.13
4 2
2
85 Dec 107 Feb
230 Barker Brothers
No Far
2 Jan 8
24 Jan 4
453 53
43
8
4 5
5
518
453 43
134 Oct
413 5
10 Jan
1
43
4 44 9.100 Barrisdal Corp class A_ _ _ _ 25
4 Jan 4
57 Jan 14
8
*2
12
•____ 12 •____ 12 ...- 12
.4
94 *4
4 Dec
1412 Feb
912
Ilayuk Cigars Inc
No par 1234 Feb 1 13 Feb 1
14 Dee
33 J111:1
557
61
56
57 .56
60
*57
60
60
•57
*56
61
20
1st preferred
100 56 Feb 17 59 Jan 7
37
391
3914 381i 39
3714 373
60 Dec
384 38
4 37
90 Mar
38
393
4 4,900 Beatrice Creamery
50 3512 Feb 10 4312 Jan 14
8314 8314 '853 874 .
37 Oct
81 Mar
8
8712 877s 877 .853 92
.1
.5314 87
16
4
340
Preferred
100 83 Feb 3 95 Jan 18
4212 4212 '4113 43
04013 43
"40
43
9(8 Dec 111 Mar
)
43 .401 43
•40
100 Beech-Nut Packing Co
_20 3912 Feb 11 43 Jan IA
3
3
.23
4 314
62 Apr
3
3 18
3713 Oct
312 VI '35
8 4
34 34 3.300 fielding HeMway Co_ _No par
23*
334 Feb 17
611.1 *605 64
8
4June
6118 61 18 61
•605 64
13
8
61s Aug
500 Belgian Nat RY8 part pref ____ 604 Jan 4
.6014 64 '6114 64
Jail 4 6238 Jan 18
547 Dec
1634 173 45.000 Bendix Aviation
8
,
4
8034 Jan
4 163 17 4 1612 17
4
8 1634 173
177
167 177
2
2 17
No par 15 Feb 10 1834 Jan 14
125 Oct
4 2313 24
8
4
233 244 18.200 Best & Co
8 2273 243
2512 Feb
8
2314 244 233 243
223 24
4
No par
464 Mar
193 Dec
4
8 21 1a 2212 2234 2432 135.300 Bethlehem Steel Corp No par 1912 Feb 8 244 Feb 19
4
3 203 227
2210 2012 233
20
2314 20
1518 Jan 29 2438 Feb 19
6324 633
704 Feb
1714 Dee
4 647 6672 644 664 643 65 2 647 644 665 664 2,200
4
8
8
3
4
7% preferred
100 60 Jan 29 74 Jan 9
8
60 Dec 1237 Mar
7 x *73
4 8
4 8
.73
700 Blaw-K nox Co
74 7,
2 z7
'4 754
No par
7
734 8 '10
778 167 *10
834 Jan 14
- 29 Feb
6 Dec
16
•10
16
10 Bloomingdale Brothers_No par 14 Feb 5
16
14 .10
14
14
'10
Feb 15 14 Feb 15
21 Nov
15 Oct
74
*60
74
74 .60
*60
74
Preferred
*60
74 .60
74
'60
100 60 Jan 8 81 Jan 6
95 Jan
75 Dec
213
4 2018 204 2012 2114 6,700 Bohn Aluminum .8 Br--No
20
19
2012 2012 21 14 2012 21
Par 1712 Jan 5 2214 Jan 14 5154 Dec
43 Aug
49i 4934
.
49_
200 Bon Ami clam A
*48
49 .48
.48
8
8
50
497 497 *4812 49
No par 48 Feb 6 51 Jan 21
49 Oct$661.4 A pr
38
Booth 1 isherles
54
•3
3 3 .3
31
3
1
•
•3
8
3
4
3
2
4
No par
7
*3
2
"3
12 Jan 13
3 Feb
22 Feb 1
4 Dec
•1
3
*1
•
lot preferred
3
*1
*I
3
•1
3
100
114 Jan 5
113 Dec
1714 Fel
14 Jan 5
41
50.800 Borden Co
g 3912 40% 384 4012 40
8
8
4
383 405 x385 404 3812 397
25 3434 Jan 5 41 Feb 19
7612 Mar
351g Dee
4 9.800 Borg Warner Corp
,3
114 10 4 104 107 111
,
4
11
8 107 11 14 103
1112 1012 117
8
10
9 Jan 4 1214 Jan 14
s
303 Feb
9 Doc
1
Botany
1 12 .1
113 *1
1
•1
112 *1
14 'I
112 *34 Jan 11
18 Dec
3 4July
3
„.
1 Jan 27
97
92, 10i4 13.800 Br1gga Cons Mills class A__50
v.3
3
914 93
ManufacturIng_No par
95 10
g
8
914 97
4
8
914 97
778 Feb 10 1014 Feb 19
4
223 Mar
74 Dec
• 1*111
and naked prices; no gales on this day. z Ex-dividend. ir Ex-rights.
$
1337
New York Stock Record—Continued—Page 3
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. 13.
Monday
Feb. 15.
Tuesday
Feb.18.
Wednesday
Feb. 17.
Thursday
Feb. 18.
Friday
Feb. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1932
-share lots
On basis of 100
Highest
Lowest
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
$ per share Shares Indus.& Miscell.(Con.) Par $ per share $ per share $ per share $ per share
2412Mar
No par
8 Feb 10 1012 Jan 14
8 Sept
*818 9 4
3
800 Briggs & Stratton
.818 1012
1 Jan 23
3 Jan 11
4
38 Dec
5 Mar
/
1
4
4 1
300 Brockway Mot Truck No par
*3
7
8
*3
4
54 Jan 9
100
5 Jan 9
213 Oct
26 Feb
7% preferred
*3
43
4
*3
43
4
7238 Dec 129 2 Mar
83
85
2,900 Brooklyn Union Gas__ _No par 724 Jan 5 85 Feb 16
3
82
82
4513 July
/
1
No par 334 Jan 8 36 Feb 15
323 Jan
4
100 Brown Shoe Co
*35
3612
36
*35
178 Feb 3
24 Jan 22
24 Dec
15 Feb
*214 314 1,100 Bruns-Balke-Collender_No par
24
2
5 Jan 9
48 Feb 10
10
314 Dec
207 Feb
8
43
8 43
8 1.100 Bucyrus-Erie Co
8
414 45
512 Jan 5
714 Feb 15
8
10
43 Dec
8
347 Feb
*6
7
1,400
Preferred
618 612
100 75 Feb 4 75 Feb 4
75 Dec 114 Apr
75
75
*65
75
80
7% preferred
134 Feb 9
23 Jan 14
4
112 Dec
55 Feb
8
214 214 1,000 Budd (E 0) Mfg
No par
2
2
13 Feb
5
412 Jan 14
2 8 Dec
5
No par
2 8 Jan 6
*312 33
4 1,900 Budd Wheel
314 34
312 Jan 25
314 31
3 Feb 9
314 I)ec
15 Jan
/
1
4
/
4
No par
500 Bulova Watch
*3
3
/
1
4
23 Feb
33 Jan 4
4
512 Jan 13
35 Dec
8
5
53
8 2,200 Bullard Co
No par
45
8 5
3214 Feb
978 Feb 9 1234 Jan 14
10 Oct
114 115
8 7.700 Burroughs Add Mach No par
2
1112 117
31 Feb
1538 Dec
4
*175 20
8
Bush Terminal
No par 153 Jan 4 18 Jan 14
1512
*15
49 Der 104 Jan
101
50 Feb 8 62 Jan 14
*54
58
60
Debenture
55 55
85 Dec 113 Mar
94
*77
96
Bush Term Bldgs pref____100 72 Jan 29 85 Jan 7
*75
34 Jan 6
13 Feb
4
58 Jan 8
41%111Y
3
600 Butte & Superior Mlnlng___ 10
h
5s
7
8
*3
4
114 Jan 14
2* July
1 Jan 4
*1
118
6
1 Dec
100 Butte Copper & Zinc
*1
Ds
205 Feb
8
318 Jan 28
412 Jan 7
3 Dec
No par
4
4
418 418
4
4
900 Butterick Co
8
693 Feb
4
107 Dec
81,500 Byers & Co (A M)
No par 1012 Jan 5 19 Feb 19
2
16
173
4 1714 19
137 153
,2
68 Oct 1067 Feb
8
100 50 Jan 26 55 Feb 9
*56
Preferred
70
*56
70
10
*5014 70
63 Feb
818 Jan 2 117 Feb 13
8
8 Dec
*1034 113
8 1012 1112 3,500 California Pecking__ _ _No par
8
1014 117
14 Oct
*14
138 Mar
*14
12
3
2
14
14
10
14 Feb 9
12 Jan 15
100 Callahan Zinc-Lead
4338 Mar
521 Oct
Calumet & Arizona Mining_20
_
_ _
_
-_ — _
- __
1138 Feb
4 Jan 13
3 Dec
25
3 Jan 5
2
Its ;i Vs 2:566 Calumet & Hecla
38 /
7
18
718 Jan 7
1652 Mar
538 Feb 16
5 4 Dec
3
500 Campbell W & C Fdy__No par
8
53
8 518
*512 57
*514 612
103 Dec
8
45 June
12
1112 1258
12
123 1212 4,700 Canada Dry Ginger Ale No par 10 Jan 5 1312 Jan 14
2
17 Jan
25 Mar
No par 17 Jan 4 1812 Jan 29
*173 1814 *18
4
1812
700 Cannon Mills
18
18
57
8 612 2,200 Capital Admlnis Cl A No par
414 Feb 5
618 Feb 19
412 Dec
16 Feb
43
4 5
514 6
8
50 2518 Jun 11 274 Jan 15
24 Dec
363 Feb
Preferred A
*27
31
*27
31
31
*27
335 3838 38
4
100 26's Feb 10 434 Jan 18
3314 Oct 13112 Feb
4118 455,000 Case (J I) Co
357
2
3212
100 4912 Feb 8 75 Jan 12
53 Sept 116 Mar
Preferred certlficates
6312 6312 65
65
110
8
8
597 597
1014 Dec
5212 Feb
8
12
124 123 1314 6,700 Caterpillar Tractor---No Par 107 Feb 10 15 Jan 18
4
13
12
112 Jan 7
4 Feb 11
4 Feb
12 Dec
290 Cavanagh-Dobbs Inc__No par
*212 24 *212 278
312 312
758 Jan 12 2234 Feb 11
53 Dec
8
26 Mar
100
Preferred
20
20
*16
20
50
1812
*16
338 Feb 9
5 Jan 14
252 Dec
16 Feb
*312 418 *312 418
700 Celanese Corp of Am__No par
4
358 33
8
143 Mar
214 Jan 6
34 Jan 18
218 Dec
No par
212 212
*212 3
400 Celotex Corp
*214 3
15 Dec
8
133 Mar
4
2 Jan 6
1 Feb 8
No par
Certificates
100
*114 23
8 *114 2
152
*1
738 Dec
373 Mar
4
7 8 Jan 25
3
No par
6 Feb 3
Preferred
*214 7
*214 7
*214 7
2534July
11 Dec
Aguirre Mao...No par 1114 Feb 10 1212 Jan 4
300 Central
12
1214 1214
12
1214 1214
212 Jan
614 Jan 9
8'4 Sept
5 Jan 6
1,500 Century Ribbon Mills..No par
914
6
6
6
6
6
90 Sept
50 May
100 7314 Feb 19 85 Jan 23
Preferred
10
7314 7311
*75
79
79
*75
79
*75
79
*75
*75
79
3018 Feb
97
88ep
9 Feb 9 515 Jan 14
/
1
4
113 125 17,100 Cerro de Pasco Copper_No par
4
8
/
1
8 1114 12
8
8 1114 1218 114 127
12
127
8 113 125
714 Mar
214 Jan
338 k eb 17
212 Jan 2
*3
314 *312 314
314 314
*314 312
300 Certain-Teed Products_No par
34 3 2 *314 31
3
35 Aug
11 Jan
100 1134 Jan 30 1212 Feb 8
151 *11
0 preferred
1512 *11
1512 *11
1512
•123 1512 *11
4
15's 11
373 Feb
8
2.92 Dee
Jan 4 2812 Feb 19
8
No par 257
800 City Ice & Fuel
2812 2812
271s 26
*26
29
2718 *257 27
8
2712 27
27
90 Apr
6312 Dec
100 64 Feb 11 68 Jan 5
Preferred
*623 67
8
*623 67
8
*624 67
8
8
8
*64
677 *623 677 *623 67
8
2314 Feb
314Sept
7 Jan 14
434 Jan 6
No par
612 *6
614 4.100 Checker Cab
618
6
8 *9
/
1
4
63
8 65
614 7
614 6
544 Feb
1378 Dec
8
No par 13 Feb 6 205 Jan 14
8 18
194 175 1818 1818 1914 26.000 Chesapeake Corp
8
1614 178 183 173
4 1814 183
4
1518 Feb
318 Oct
63 Jan 22
4
334 Jan 8
45
8 54 4,300 Chicago Pneumat Tool_No par
5
53
8
/
4
5
53
8
5
54
45
8 51
8
458 53
35 Feb
63 Dec
8
114 Jan 22
7 Feb 10
No par
Preferred
*8
912 *8
912 *8
102
812 *612 9
*612 2 8 *7
3
23 Jan
8 Sept
50 Chicago Yellow Cab_ No par 10 Jan 20 1158 Feb 18
8 115 115 *1014 1114
8
8
1012 1012 *1012 113
1012 101 *1014 101
4
123 Mar
8 Dec
812 Jan 9
8 Feb 2
10
812
814 814
814 814
814 814
600 Chickasha Cotton 011
8
8
8
8
*8
333 Feb
4
518 Dec
713 Jan 13
5 Feb 9
No par
6
6
6
*6
012 *514 0
55
8. 54 1.300 Childs Co
6
6'4
6
253 Mar
4
113 Oct
4
4
No par 1012 Feb 9 153 Jan 14
2 1218 127
125 1313 1212 133
8
8 1218 1318 123 133
8
8 1'27 1312 138.200 Chrysler Corp
8
43 Feb
8
218 Jan 14
14 Dec
58 Jan 6
No par
1
1
118
118
114
1
118
118 118
114 2,100 City Stores new
118
1'4
2278 Mar
813 Dec
83 Jan 7
4
8 Jan 25
No par
9
*8
9
*8
9
*8
9
*21
*8
83
4
8
8
200 Clark Equipment
3418 Feb
15 Dec
•16
19
*17
20
*17
19
18
18
*17
1812 18
18
500 Cluett Peabody & Co__No par 1512 Jan 7 18 Feb 17
92 Dec 105 July
100 95 Jan 5 06 Feb 15
*95 100
59514 100
*9514 100
100
Preferred
*96 100
95
96
*951 1 100
9713 Oct170 Feb
8
8
4
No par 9712 Jan 6 118 Feb 19
1083 115'4 1113 11412 11112 1153 113 1157 1125 11412 116 118
4
8
31.000 COCO Cola CO
5312June
453 Dec
8
4
48
4814 4814 *46
465 *48
8
Class A
No par 454 Jan 6 483 Jan 28
•48
4812
200
481 *484 4814 48
5012Mar
24 Dec
2912 2912 2912 2912 3014 295 293
*29
8 2918 2978 1,500 Colgate-Palmolive-Peet No par 2618 Jan 5 3014 Jan 15
2912 30
8
797 Dec 10418Sept
8712 8712 89
89
100 87 Feb 6 9018 Feb 19
*8618 89
9018 9012
700
6% preferred
87
87
0853 87
4
4
No par
7 Feb 10
93 Feb 19
64 Dec
1712Juna
812
814 9
87
8 9
*83
8 9
9
9 4 3.200 Collins & Alkman
3
812 81
812
95 Aug
68 Dec
943 *733 943 *72
4
4
4
943 *7914 943
4
Non-voting preferred___100 7118 Jan 19 75 Feb 1
4
943 *73
•72
943 *72
4
1012N0v
712June
1012 10
9 Jan 11 1014 Jan 18
/
1
500 Colonial Beacon 011 Co_No par
1014 104 1014 1014 1014 1018 1018 *9
10
•9
1912June
104 *93 1012 1.000 Colorado Fuel & Jr new_No par
612 Dec
4
7 4 Jan 7 1238 Jan 14
3
83 10
4
•9
10
912 lO1z 1012 1012 *9
8
4
4 3318 3512 3414 37
3618 38
353
4 323 353
34.100 Columbian Carbon v to No par 28 Feb 10 3813 Jan 14
32 Dec 1115 Feb
34
35 4 33
3
8 133 143
4
4 135 145
8
8 1412 1518 81.649 Columbia Gee & Elec_No par 1178 Jan 5 1514 Jan 14
1158 Dec
4552 Mar
1378 143
8 135 143
8
8 1338 145
*697 733
8
4 70
100 64 Jan 5 79 Jan 16
70
1,000
Preferred
7218 Dee 10913 Mar
704 6912 7014 •7014 73
/
1
69 694 *67
1614 Mar
312Sept
Certificates of deposit
1112July
_
_ _
__ ___
— --_- - -- --- -_ __
6 June
8 Sept
2314 Feb
97 1
8 01
97s .
10
9 8 -7 1052 11,200 Commercial Credit____No par
818 Jan 5 1058 Feb 19
ors 16
63 To
4
14
4 16
25
25
.25
2614
700
Class A
2412 241
25
25
50 194 Jan 5 25 Feb 15
194 Dec
354 Feb
24 24
2314 25
Preferred B
2412July
20
*17
70
25 1618 Jan 13 203 Jan 22
17
17
*17
15 Oct
17
17
1812
4
18
•17
19
*17
68
68
*68
6834
68
220
13M % let preferred
683
67
100 56 Jan 6 68 Jan 27
52 Dec
*67
92 Sept
•67
683
4 67 68
8 2312 237 15.500 Comm Invest Trust___No par 154 Jan 2 2438 Feb 13
8
34 Mar
4 235 24 i 234 237
8
1512Sept
24
224 233
233 243
8
8 23
90 Jan
69
69
Cony preferred
No par 58 Jan 4 693 Feb 13
60 Dec
69
2.400
68
8
68'2 6812 684 69
8 6812 69
6812 693
100 90 Feb 6 9412 Jan 30
94 Dec 106 Aug
*90
92
10
634% 1st preferred
*90
92 E90
90
92
*90
92
933 *90
4
*90
2112 Feb
65 Dec
8
9 8 75.800 Commercial Solvents__No par
5
714 Jan 29
958 Feb 19
8 918
85
2 9'2
83
4 9 8 ,3 85
3
9
83
8 918
812 9 8
3
12 Feb
3 Dec
34 Jan 2
44 Jan 14
8
418 414
414 43
8
418 43
2
418 43 49.700 CommonwIth & Sou___No par
8
414 43
8
418 43
8
8
46 Dec 1003 Mar
6514 6618 2,200
36 preferred series___No par 59 Feb 9 683 Jan 21
8
623 623
8
2 0212 6258 623 6234 6452 65g 647 65
4
3414 Feb
10 Dee
Conde Nast PublIca'ns_No par
913 Jan 28 10 Jan 6
*9
13
13
*9
13
*9
13
*9
13
*9
13
*9
143 Aug
4
64 Jan
8 Jan 2 11 Feb 13
1014 103
x1014 1034
1014 103
1014 1014 1012 103
4 8,700 Congoieum-Nalrn Ine_No par
11
1018
4
63 Dec
4
303 Mar
4
*77
8 8'2
8
No pax
8 Feb 15
/
1
4
812 gi
838
712 Jan 6
700 Congress Cigar
812 83
4
812 812
*712 9
373
4June
20 Sept
No par 21 Jan 7 2412 Jan 8
22
22
22
22
22
*22
25
*22
25
23
2313
800 Consolklated Cigar
21
42 Dec
73 Mar,
100 52 Jan 6 59 4 Jan 7
3
Prior preferred
56
57 8 56
3
56
310
*56
5614 563
4
57
5612 571 *5612 61)
358 Feb 10
538 Jan 11
334.1une
15 Feb
414
358 338
4
4 12 *4
412
4
4
4
4
418 2,000 Consol Film Indus___No par
73 Oct
4
187 Feb
8
8 8 Jan 5 1112 Jan 14
5
No par
Preferred
7
9 8 1014 1018 1012 1014 101
1012 1022 101 103
1012
10
/
4
4 1.900
5714 Dec 109 Mar.
No par 5418 Feb 10 653 Feb 19
4
52
/ 617 654 62
1
4
8
6414 6312 653 152.000 Consol Ga8 NY)
8
8 615 63
6558 62
6014 645
4
88 Dec 5107 July,
No par 883 Feb 10 93 Jan 7
4
Preferred
897 9014 90
8
90
9014 90 90
90
9014 9014 9014 2.000
90
154 Mar
9 Jan 4 107 Jan 13
8
No par
812 Dec
918 9 8
5
1.600 Consol Laund Corp
4 *912 912
912 93
93
4 93
014 07
03 10
4
134 Mar
14 Jan
38 Jan 4
5 Jan 20
8
3
2
12
3
2
12
3
8
12
*3
8
1
No par
3
8
5
8
3
8
12 2.800 Consolidated Textlie
813 Jan
212 Feb 19
78 Dee
178 Feb 5
2
2
2 2
2
8 17
8
2
2 3
8 212 1,311 Container Corp A vot No par
17
*17
8 Ds
*3
4 1
*7
2 1
14 Dec
3 Jan
*3
4 1
*3
4 1
58 Feb 9
118 Jan 18
No par
*3
4
1
1
Class B voting
1
1,400
30 Feb
412 Dec
7 Jan 14
478 Jan 29
613
55
8 6
57
558 6
a 618
6
5
/ G
1
4
53
4 614 5,800 Continental Bak el A No par
13 Dee
7
8
7
8
3
4 1
34 Feb
.7g
1 Jan 8
58 Jan 5
Class B
No par
4.100
3
4
7
8 1
78
1
1
1
4
7713 Feb
40 Sept
100 40 Jan 29 46 Jan 14
4512 4513 453
45
4 46
4
46
Preferred
4454 45
46
453 46
46
2,400
6234 Mar
3014 Dee
/
4
8 361 395
8 373 393
3578 373
8 308 375
8
8 3612 385
3812 3914 36,200 Continental Can Inc___No par 3134 Jan 5 3958 Feb 16
1678 Feb
312 Dec
43 Feb 17
4
412 412 *4
412
*414 412
34 Jan 4
414 43
4 *414 41
412 412
600 Cont'l Diamond Flbre..No par
517 Feb
8
1818 Dec
8
10 1918 Jan 5 2418 Jan 15
233
8 225 2414 2212 24
2312 24
2312 233
22
2314 24
4,900 Continental Ins
1 Dec412 Feb
13 Jan 14
4
13
8 13
114
114 112
8
1 Jan 5
114 112
114 114 8.400 Continental Motors___No par
114
114
118
5 June
12 Feb
97 Jan 7
8
6
63
2
618 93
2
6
53 Feb 10
8
658
No par
57
2 614
57
s 618
57
8 614 39 900 Continental Oil
/ Dee
1
4
12 Feb
3 Jan 2
8
3 Jan 13
4
No par
54
3
4
3
4
5
5
8
8
ai
,
5
8
3
4
N
3
4 8.900 Continental Shares
52
3
4
/
4
863 Feb
2
391 Oct
4214 447
2 4212 4414 43
46
44
453
s 4312 4112 444 453 31.100 Corn Products Refinng____25 237 Jan 5 46 Feb 10
4
812612 1281 1 •128 12814 128 128
128 128 *128 12814 128 128
100 126 Jan 8 12912 Jan 11 118 Dee 15212 Apr
Preferred
100
272 Dec
18 Feb
4
414
4
418
4
4
43 Jan 16
4
*33
4 4
4
418 3,300 Coty Ins
25 Jan 5
8
No par
3 8 418
5
3412 Mar
20 Sept
223 .20
4
2214 *22
/
1
4
2212 *20
22
8
800 Cream of Wheat
No par 20 Feb 8 22 Jan I.4
213 2212 2212 221 *20
2
/
4
13
1014 Nov
194 Apr
13
13
1312 133 14
1212 123 1212 121 13
4
1.800 Crex Carpet
100 1014 Jan 5 14 Feb 19
12
*3
312
218 Dec
314 314 *34 34 *3
412 Jan I
8 Feb
/
1
4
318 312
312 312 1.200 Crosby Radio CorP-___No par
312
3 Jan 5
12
/ 1214 12
1
4
12
1238 13
133 Dec
4
*12
4
3814 Feb
123
4 123 123
8
4
4 1.50 Crown Cork & Seal____No par 12 Feb 10 143 Jan 12
•123 14
112 Dee
672 Jan
214 21
*112 214 *218 214 *17
214 Feb 15
8
100 Crown Zellerbach
No par
112 Jan 2
8 24 *17
8 218
*112 23
20 Dee
*19
193
8 19
20 .18
63 Feb
19
*18
20
1912 2014 1,500 Crucible Steel of America_100 15 Feb 01 2314 Jan 14
1712 19
*4018 4512 *4018 451
2
4012 4012 *4118 4512 4012 4212
90
Preferred
367 Dee 106 Jan
42
100 4014 Feb 17 494 Jan 141
42
112
112 112
5 8 Jan
7
400 Cuba Co
134 Jan 14
7 Dee
8
14 11
*114 112 *114
No par
112 Feb 3
112 112
*118 112
3
14 Jan 5
25 Jan
8
600 Cuba Cane Products_ No par
12 Jan 15
3
3
*24
8
3
8
3
14
14
*14
3
8
3
8
14 Dee
3
8
3
2
13
8 *112 15
8 *114
158
53 Mar
4
8 *1
13
4
1 her
15
8 15
13
4
600 Cuban-American Sugar____10
1 Jan 4
13 Jan 11
4
8
*112 15
35 Jan
210
Preferred
100
7 Feb 11
6 Dec
71
758 758 *7
714
71 71
/
4
/
4
714
712
812 Jan 18
Vs 712
712
18July
1 12 Jan
Cuban-Domln Sugar__No pa
481 Mar
8
3
; 5512 3314
34T2 3458 *.3i2 343434600 Cudahy Packing
50 30 Feb 8 3412 Feb 17 229 Oct
5
i ' I2
-,
3
8
;5(57 if
24
24
24
24
20 Der 100 Feb
24
24
2.100 Curtis Publishing Co__ _No par 22 Feb 9 31 Jan 15
24
243
4 23
24
2312 25
8
70 lice 1183 Mar
79
*77
783
4 78
783
4
000
78
Preferred
No par 75 Jan 4 86 Jan 14
76
76
75
75
79
*70
57 Feb
8
13
4 2
1 Dee
14 2
28.100 Curtlos-Wright
No pa
234 Feb 2
17
8 2
17
8 2
114 Jan 2
17
8 2
14 2
812 Mar
13 Dec
8
252 23
4
23
8 238
212 238
222 212 2,700
Class A
100
338 Feb 1
8
17 Jan 2
8
212 23
212 212
7 Dec
41 Jan
712 Jau 2 10 Jan 21
913 918
85
8 914 *83 107
4
8
600 Cutler-Hammer Mtg___No par
832 *852 10
8
8
*812 107
412
No par
314 Dec
2:3 Feb
8 •4
43
8 45
8 3.400 Davison Chemical
412 43
312 Jan 4
514 Jan 15
438 458
438 412
8
43
s 43
13
8Sept
1212 Jan
*13
4
___ Debenham Securitles___5 Seh
4 5
*13
4 5
*13
*13
4 5
4 5
*13
•144 5
1318 Dee
22 Jan
11
20 10 Feb 9 1514 Jan 15
58
il's 2,900 Deere & Co prof
113
8 103 1058 107 11
8
1112 11
x11
1052 12
100 109 Feb 10 122 Jan 14 11014 Dee 195 Feb
11512 11513 1,100 Detroit Edison
115 115 *114 116
11112 11112 11212 116
10912 110
812 Dee
Devoe & Reynolds A__No par 1014 Jan 2 11 Feb 1
1918 Feb
*1114 18
*1114 18
*1212 18
*1114 18
18
*11
•111 18
/
4
104 Dec
No par 1212 Jan 4 24514 Feb 15
23 \I sr
8
8
s 2,300 Diamond Match
2 1472 1478 1478 145 143 *1412 l47
1514 147
1518 x15
15
25 2152 Jan 13 524 Feb 15
Preferred
1912 Dee
24
*23 24
3,903
*23
284 kug
*2318 24
24
*23
4
2358 2223 24
23
$ per share
per share $ per share $ per share
4
93
4 93
4 *818 93
4 93
4
93
3
4
*3
4 1
3
4
4
7
8
43
4 *3
43
4 *3
*3
43
4
81
85
84
85
81
*78
*35
37
36
*35
3612
36
214 214
212 212
2
2
418 44
*418 438
414 43
8
/
1
65
8 63
4
614 614
614 74
*65
75
*65
75
*65
75
214 238
214 214
24 218
34 33
4
33
8 37
8
31 34
/
4
3
3
3
3
318 34
43
4 5
43
4 58
3
5
5
11
113
4 103 115
4
8 11
1158
183 *18
8
184 *17
*17
1812
57
561 5614 57 57
/
4
57
*75
96
*75
96
*77
96
7
8
*5
8
3
4
3
4
3
4
*3
8
118 *1
118
11s 14 *1
4
4
4
418 44
4
157
8 15
144 iSis 14
164
55
55
*56
70
*56
70
1112 1112 1112
1118 11's 11
*14
3
8
*14
3
*14
3
2
- -- - — —- - -318 1
14
Ws 1
/
1
4
5 1
14
*514 53
4
53
8 5
/
1
4
55
8 5513
12
1238 12
13
1218
12
4
*177 1812 175 175
8
8
8 173 18
54 5 8 *522 6
7
512 54
31
*27
31
*27
31
*27
335 3858 3514 3914
8
3212 3612
63
03
60
64
60 60
8 123 127
8
8
8
5123 1318 123 127
8
8
234 27
8 *212 27
2
25
8 25
*20
22
22
20
*20
20
*312 418
4
4
*312 4
*214 3
*214 3
*214 3
2
2
15
8 15
8
8
*114 15
*214 7
*214 7
*214 7
4
4
*113 1212 *113 1213 *113 12
4
*55
8 6
614 *55 10
8
6
$
• Bid and asked Dr1C111: no sale] on this day
0
$ per share
4
.818 93
*3
4 1
*3
43
4
8214 8214
*35
3612
*214 3
414 43
8
6
6
*65
75
2
14 214
4
*312 33
/
1
4
*318 3
5
5
1118 1112
3
*173 1812
*54
58
96
*77
*5
8
h
*1
118
2 Er-dividend.
y Ex-dividend and es-rIghts.
1338
New York Stock Record-Continued-Pag
re' FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST,e 4 FOURTH PAGE PRECEDING.
SEE
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Monday
Tuesday
1Vednesday
Thursday
Friday
Feb. 13.
Feb. IS.
Feb. 16.
Feb.17
.
Feb. 18.
Feb. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
_
PER SHARE
Range for Year 1932
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for PresiouS
Year 1931
Highen
Lowest
3 per share $ per share $ per share $ per share $ per share Shares Indus.& Miscell.
(Con.) Par $ Per share 5 per share
834 834
834 87
5
$ per share $ per ahem
83
4 9
83
4 94 587
3 94 3.200 Dome Mines Ltd
No par
712 Jan 4
94 Jan 21
1514 1514 1514 153
6% Oct xl31a Mar
4 1512 15% 1514 1514 1514 1534 1.800 Dominion Stores
No par
4
1112 114 113 12
24 Apr
1112 1212 1114 1112 115 123
8
11 Oct
3 4,400 Douglas Aircraft Co Inc No par 13 4 Jan 5 153 Feb 16
4
73 Jan 5 137g Feb 1
x5312 545
7% Dec
21 14June
5314 5518 521 557
;
8 5318 5414 54
6512 43,000 Drug Inc
No par 4734 Jun 5 57 Feb 13
.118 2
*118 2
423 Oct
5113 2
*118 2
783 Mar
*113 2
4
Dunhill International_No par
112 Feb 4
112 Feb 4
010
12
113 Dec
510
12 .10
12 .10
*10
12
814 Mar
12
Duplan Silk
No par
934 Feb 5
.85 103 .
1434 Feb
10 Sept
90 103 *3 500 103
*90 10
89 103
Duquesne Light let pref___100 89 Feb HI 108 Jan 23
92 Jan 13
.312 4
*312 4
923 Dec 10712 Aug
45
4
4
8 544 5
.312 5
400 Eastern Rolling Mill_No par
3 Jan 2
434
737 78
8
7414 783
213 Dec
1314 Mar
4 7512 7912 7412 777
80
84% 63.600 Eastman Kodak Co
No par 6813 Feb 10 878 Feb 17
Jan 14
118 118 *118
77 Dec 1853 Feb
4
_ 5118 . . 11912 11912 116 116
100
8% cum preferred
100 99 Jan 22 11912 Feb 18
- -8
7
7
7
7
3
7%
7 _7
103 Dec 135 Sept
g
612 714
7 900 Eaton Axle & SprIng_No par
434 Jan 4
8 Feb 19
543 56% 5434 5834 5514 58
4
554 58
8
217 Mar
53* Dec
5714 593 276.100 E I du Pont de Nemours_ _20 48S Feb 10
4
5934 Feb19
101 101 *101 102 5101 101 12 10112 10112 1013 102
50 Dec 107 Mar
4
700
6% non voting deb
100 98 Jan 6 102 Feb
12
19
12
94 Dec 124% Aug
*4
%
12
314
12
4
3
4
3
4 4,000 Eltingon Schild
No par
12 Feb 9
114 Jan 6
g 57
512 512
11 18 Feb
57
12 Dee
8 *512 0
5512 64 •513 714
500
614% preferred
100
54 Feb 15 1212 Jan 6
2912 3134 2914 31 14 29
31
283 3018 29, 3134 98.200 Electric Autollte
8
74 Dee
8
69 Feb
No par 2334 Feb 10 3112 Jan 14
•98
99
20 Oct
98 10014 *93 100
*93 100 •93 100
74% Mar
200
Preferred
100 97 Jan 11 10014 Feb
13
112 1 12
94 Dec110 Jan
1% 13
4 *112 13
13
4 *III
4
112 13
4 1.100 Electric Boat
No par
114 Jan 6
212 Jan 6
314 334
33* 34
314 312
412July
3 Dec
4
3 5 312 10,500 Elec & Mus End Am shares-5
3
314 33
2 4 Jan 4
3
4 Jan 8
245ep
9 83u14'
7
123 1312 1214 134 1212 137
8 1212 133
70.800 Electric power & Light_No par 1018 Jan 5
4 1212 1314 1314 14
14 Feb19
53 4 547 5512 53
53
55
55
53
3
9 Dec 603 Feb
552
55 "52
3
4
56
Preferred
1.000
No pas 47 Jan 6 64 Jan
14
*45
4712 47
47
41 Dec 10818 Mar
45
45
4753 *4518 474 47
4513 4518
800 $6 preferred
No pas 3912 Jan 6 5512 Jan 14
313 313
4 3153 33
8
3112 32
311z 317
3012 311
32 Dec
3012 31
3.000 Elec Storage Battery_No par 2512 Jan
9814 Mar
5 33 Feb19
23 Dec66 Mar
"
14
18
*4
*4
4
14
*15
4
15
"
Elk Horn Coal Corp
14
*4 14
No par
18 Jan 13
14 Jam 13
__ ___-___ ....„ ____ ____ ____ ______ Ernerson-Brant ci A. No par
4 Dec
1 14 Feb
3212 36
36
384 34
23 Mar
14 Dec
4
*34
34
*3412 35
35
343 343
4 1.200 Endicott-Johnson Corp____50 2512 Jan 4 3618 Feb
H.
105 105 .10413 1171 510418 11712 .10418 110 .10413 11712 *10418 11712
2313 Dec4538Sept
Preferred
100
100 10012 Jan 9 105 Feb
23
23
24
24
25
24
*20
24
24
8
24
24
24
800 Engineers Public Serv__No par 18 Jan 5 25 Feb 13 x983 Dec 115 Aug
16
*474 51
50 .47
50
51
047
15 Dec
51
*47
51
49 Mar
*47
51
100
55 preferred
No par 4413 Jan 12 50 Feb 15
.48
60 .48
547 .48
42 Dec
60
548
60
548
60
87 Jan
548
60
No par 46 Jan 8 52 Jan
$54 preferred
*1812 23
7
1812 19
42 Dec
*1812 1912 *1812 19
91 Mar
51818 1812 1812 19
1,000 Equitable office BIdg_No par 1712 Jan 27 19 Jan 14
4
534 4
44 5
1818 Oct353 Jan
5412 43
4 *412 5
4 .412 43
*44 43
8
4
900 Eureka Vacuum Clean_No par
312 Jan 8
5 Feb 15
•114 234 •1 13 2 8
3
314 Dec
114 138 5134 234
134 15
8
124 Mar
18
500 Evans Auto Loading
134
5
lx Jan 29
158 Feb 18
1012 1034 510 4 1034 *1014 1012 "1014 1012 *104 1012 1012 1012
1 Dec85 Feb
,
8
20 Exchange Buffet Corp_No par
93 Jan 30 113 Jan 11
4
4
•14 2
10 Dec25 Jan
*is 2
*14 2
5,
4 2
*14 2
*14 2
Fairbanks Co
25
524 45
8 5218 45
8 *218 434 5218 4% 524 45
13Sel't
3 Ma
8 *218 4%
Preferred
100
2 Jan 8
3 Jan
5
5
2 Dec13 June
547
8 534
5
518
47
8 54 5434 5
*458 5
700 Fairbanks Morse
58 Jan 19
No Pas
414 Jan 6
.
5
48 5_ _
48 ... _
313 Dec
48 . _ _ _ 48 ..
1.
293 Ma
-_ 48 •__ _ _ 48
8
Preferred
100
40 Dec 1097 Feb
112
134 *.l. 14 14 *114
ii2 112 *Ii4
.
8
134 *114
200 Fashion Park Assoc____No par
13
4
118 Jan 20
13 Jan 25
4
517
22
22 22
1
22
22 •20
24 .20
613 Feb
24
520
24
200 Federal Light & Trac
15 17 Jan 6 22 Jan 25 $1511 Dec
583
70
x63
497 Feb
Dec
63
563
70 .63
*63
70
70
563
70
Preferred
10
No Par 53 Jan 7 631 Jan 20
*3
48 Dec
33* *3
314 *3
314 *234 212 *23
92 Ma
8 212 *23
Federal Motor Truck_No par
212
3 Jan 25
35 Feb 6
24 Dec
734 Feb
•112 2 4 .112 214 *112 214 .112 214 *13
,
5 214
13
5 13
200 Federal Screw Works No par
4
14 Feb 10
2 Jan 14
47
14 Dec
414 43
4
43
412 478
4
45
8 434
1513 Fe
413 412
412 412 2.100 Federal Water Serv A No par
34 Jan 4
512 Jan 14
3 Dec
1312 14 .12
30 j
e
14
5123 14
4
5123 133 *123 1312 •123 1312
4
4
4
300 Federated Dept. Stores_No par 11 Jan 2 14 Jan 7
1013 Dec
2312 2414 24
2718 Au
2334 25
2512 244 26
24
23
25
8
25
8,100 Fidel Phen Fire Ins N Y. 10 20 Feb 8 275 Jan 15
20 Dec
*8
8
5614 Fe
5618 8
5618 8
.64 8
613 618 •84 8
20 Fifth Ave Bus
No par
614 Feb 18
618 Feb 18
518 Oct
•___ 22 5_ __ 22 5_ _ _ _ 22 *____ 22 5 __. 22 5 ___ 22
.
9 Fe
_
.
.
Filene's Sons
No pa
1514 Oct
.5012 95
24 Au
590
9212 590
9213 590
9212 •90
9012 .9112 924
70
Preferred
100 90 Jan 14 94 Jan 18
8514 Feb 104 May
1218 1214 1214 1214 12
1214 1218 1212 1212 1234 1234 13
5.000 Firestone Tire & Rubber___10 12 Feb 9 15 Jan 13
127 Dec
8
20 Jun
s54
55
54
*54
54
5412 *533 5412 544 5412 54
4
56
1.700
Preferred
100 50 4 Jan 4 5912 Jan 28
3
4934 Dec
6618Jun
4814 50 2 49
51 12 4934 51
,
50
52 4 50
,
5012 5013 5112 8.900 First National StoreS_No pa
4113 Jan 5 5214 Feb17
41 Jan
63 Aug
14
14
14
18
14
14
18
14
18
14
14 5.400 Fisk Rubber
14
No par
I8 Feb 1
14 Sept
3 Jan 11
8
7 Feb
8
4
4
12
3
3
3
3
5
8
12
12
8
12
5
3
8
12
530
1s1 pteferred
14 Feb 2
100
7 Jan 9
8
4.3
8
1
12
'sSept
.12
12
7
8
12
3 Feb
12
12
12
*12
7
270
8
1s1 pref convertible
100
4 Feb 3
118 Jan 18
ItSept
*94 1034 *912 18
313 Mar
593 18
4
*10
.93 15
4
1212 510
12't
Florshelm Shoe class A_No par
8 Jan 6
94 Jan 8
778 Dec
3512 Jan
580
95 5
95
80
80
80
*80
580
95
95
580
95
10
6% preferred
100 65 Feb 5 80 Jan 11
80 Dec 10212 Mar
5412 5
434 434 *412 5
5
5
544 54
5
5
300 Follansbee Bros
4 Jan 9
No par
512 Jan 2
4 Dec
97 1014
913 10
93 1014
193 Feb
4
953 10
94 98
1018 111 12.900 Foster-Wheeler
8 Jan 4 1112 Feb19
No par
8 Dec
6412 Feb
4
4
314 312 *314 434
313 4
*314 4
*314 4
500 Foundation Co
No par
412 Jan 14
3 Jan 4
213 Dee
1613 Mar
1712 187
18
1812 18
19
1812 1812 1814 19
1934 20% 4.000 Fourth Nat Invest w w
1 1512 Feb 10 207 Feb19 3155 Dec
,
8
33
33
43
33
324 Feb
4
4
34 4
3
37
3 37
4
413 14.200 Fox Film class A
234 Jan 2
No par
53 Jan 14
8
212 Dec
383 Feb
183 19
3
8
18
173 1912 1818 193
3
193* x177 19
1812 191 17.200 Freeport Texas Co
No par 1514 Jan 4 194 Jan 15
1314 Oct
4314 Mar
51
14
14 114 *1
1
P4 *1
114 51
14 51
1
14
100 Gabriel Co (The) cl A No par
se Feb 5
1% Jan 4
1 Dec
68 Feb
127
12
8 1212 127
8 124 1212 1214 13
4
113 113 *1113 13
4
420 Gamewell Co
No par 11 Feb 11 17 Jan 11
15 Dec
60 Feb
_. __-_ __- ____ ____ ____ ____
Gardner Motor
5s
a Oct
22
23* Mar
34
278 318
27
3
3
3
25
8 25
8
3
318 5,700 Gen Amer Investors__No par
23 Feb 13
5 Jan 14
8
3
218 Dec
7% mar
•58
68
61
558
68
558
81
70 .58
65
558
70
100
Preferred
100 49 Feb 8 61 Feb 16
45 Dec
88 Mar
3012 307
8 30
307 32
5
3214 3112 3314 3112 333
3 333 3434 26.000 Gen Amer Tank Car...No par 28 Jan 4 343 Feb19
3
4
28 Dec
7318 Feb
4 1313 1414 1312 144 14
133* 133
1414 *13
132n 1334 14
2.700 General A8phalt
No par 11 Jan 5 1512 Jan 15
958Sept 47 Mar
154 157
8 1514 153
4 1518 163
3 1614 163
s 16
1614 1614 1612 6.700 General Baking
5 11 Jan 5 1613 Feb19
913 Dec
25% Apr
598
997 599
997
8 99
99
4
*993 997 0993 997
4
99
993
4
200
$8 preferred
No par 97 Jan 27 993 Feb 19
4
95 Dec 114 Mar
2
218
218 214
Ds 24
2 4 23
3
25
4
8 3
3
3
3.500 General Bronze
2 Feb 4
No par
33 Jan 8
8
13 Dec
4
94 Feb
52
2 12 •2
23
218
2
8
17
2
178 5178 212 1,200 General Cable
17
134 Jan 6
No Par
23 Feb 1
4
113 Dec
13 Feb
*414 45
413 41
8
*43
5 43
54,4 43
*414 412 "414 413
100
Class A
4 Jan 4
No par
512 Jan 13
213 Dec
2513 Feb
13
13
15
15
1212 1312 1134 12
*1112 12
12
1314
270
7% cum preferred
100 11 18 Feb 9 11112 Jan 4
1113 Dec
5 363
65 Jan
354 37
35
357 3614 3612 3714 36
3612 3714 38
No par 285 Jan 2 38 Feb 19
2.600 General Cigar Intl
8
25 Oct
4812 Feb
2112 2412 217 23's 2114 2312 2112 2312 2111 23
2214 24 291.250 General Electric
No Par 1712 Feb 10 2618 Jan 14 22273 Dec
541 Feb
11
11
107 11
107 11
8
8
108 107
3 10% 107
8 107 11.
,
6.000
Special
10 107 Jan 2 1114 Jan 14
8
107 Dec
8
7
124 Jan
3414 35
343 353
3 344 353
8
4 3412 35
3453 3512 3512 38
NO par 3134 Jan
43.800 General Foods
' 363 Jan 14
4
2814 Dec
58 Apr
24 212
218 212
2 4 234
,
218 23
4
214 212
158 Jan 6
No par
23
3 23* 11.100 Gen'l (lax A Flee A
2 4 Feb 17
3
114 Dec
812 Feb
20 20
x19
5183 243 *20
19
2412 520
4
4
21
Cony pref ser A
20
No par 219 Feb 15 243 Jan 14
400
20
4
8243 Dec 1849013 seNta r
159 4 DD eeee
.
76,4 M alo
,
523 4 _ _ 52412 ____ *243
3
__ 5243
-_ 5243
3
8
4
__ 52434
Gen lull Edison Elect Corp__
__ .
2112 Jan 8 2314 Jan 28
_ _
203s Dec
353 Mar
3614 - -12 3612 37
36
37
37 -37
37 -3
37 -7
General Mills
37 -1.600
No 10r 81% j n i8 87 Fa b 25
pa
8 Ja 6 3
37
0 3
8 j e 19
,
5
8812 .87
87
*8612 8812 5864 8812 *8612 8812
87
8812 87
Preferred
100
22
2314 2212 23
2212 2312 2212 23% 223 2312 2318 2413 540.200 General Motors Corp
10 1913 Jan 6 2434 Jan 14
4
213 Dec
8
48 Ma
8113 83
8412 8312 8414 84
84
55 preferred
8412 83 83
No par x8012 Jan 4 867 Jan 21
8314 8314 1.800
8
795 Dec 1033
8July
500 Gen Outdoor Adv A
563
83
*7
*8
9
*8
9
8 9
3 9
No par
6 Feb 10
*6
9
9
9 Feb 13
514 Oct
28 Jan
Common
*3 4 4
*33
34 4
3
33
3
4 4
1.200
4 4
12
No par
3 Feb 9
33
4 4
*33
4 4
4 Jan 5
34 Oct
1014 Feb
12
12
350 General Printing Ink No par 1113 Jan II 14 Jan 28
1212 1212 *1212 1314 1314 1314 *1213 1314 *1212 1314
1014 Oct
31 Ma
$6 preferred
611
No par 44 Jan 4 60 Feb 18
551
558
58
556
58
58 .56
80
60
58
88%
561
4313881)t
76 Jan
334 47
No par
418 44
4 9.300 (ten Public Service
44 43
3 Feb 9
4
44 43
415 43
3 4 4%
4
3
5 Jan 13
25* Dec
23 Feb
4,400 Gen KY Signal
2418 25
25
24
2313 2412 2314 2412 23
25
24
No par
193, Feb 10 2834 Jan 14
23
21 Dec
13418 Ma
100 90 Jan 13 90 Jan 13
6% preferred
*80
*80
87
87
*80
5
87
87 .80
80
580
87
87
81 Dec 114 Ma
118
1
118 1.900 Gen Realty A Utilitles_No par
113
57
1
1
3 1
113
1
14
lilt
34 Jan 4
I N Jan 11
1 Dec
4
913 Ma
1512 164 3,300
•15
15
16
$6 preferred
5
No par 1214 Jan 29 1812 Feb19
•13
1453 01314 144 1353 13 3 14
1352 Dec
7418 Ma
900 General Refractorles
13
13
No par 1134 Feb II
1212 1212 1212 1212 *1214 13
5124 13
4
113 12
1434 Jan 9
12 Dec
573* Feb
7
3
8 8.900 Gen Theatres Fq ul p v t cNo par
4
3
3
4
4
%
%
13 Jan 2
%
3
4
7
%
7
3
3
8
4
14 Jan 11
4 Dee
1512 Fe
8
3
105
8 183 197 153.900 Gillette Safety Itazor_No par 1618 Jan 5 197 Feb 19
1618 1712 15% 165
181a 163 1834 17
8 16
94 Oct
383
4Ma
Cony preferred
62
80
6.400
587
8 5814 60
100 150 Jan 5 62 Feb 19
4 58
583
56
56
5614 56
56
45 Dec
7137
8Ma
300 Gimbel Bros
218 2'3 .218 2%
214
8 5213
No pa
218 *218 28 5213 23
2
134 Feb 6
212 Jan 14
1% Dec
7 3 Feb
7
Preferred
23
500
2418 523
237
8 23
100 22 Feb 8 31 Jan 13
2318 2318 23
523
235* 523
23
Ws Dec
55
52 Jul
1,500 Glidden Co
55
No pa
4% Jan 5
7
*512 5 8 *54 8
512 6
513 57
4
513 53
8 Feb16
413 Oct
1818 Fe
Prior preferred
20
5512 *50
100 42 Jan 13 54. Feb
50 .50
5512
54
54
5212 50
*43
5512 *50
13
40 Dec
57
82 Au
57
3.200 (lobe!(Adolf)
6
No pa
534 6
6
8
613
8
513 Jan 4
618 614
6
Mar
(
r
8
8d D st Cer p v t
,
177 1813 18.700 (1, 18 eor,tterrad _o______ N0 p: 8
N p
0
4
1714 18% 1714 1814 1714 1814 173 1814 1734 18
16 .Jan 2
8 Ja 8
9
88%13 Dtat 142 8 M
13 I cc M.aay 10,8
4 Opc
)
111:4
2
592 10014 592 10014
*92 - -- .90 10018 *92 10018 592 100
9 12 Fen 216
198 ..1 b 41
518 Jana
41
4 9.000 Goodrich Co (B F).---No par
8 43
414 45*
4
54
414 4
412 43
412
434
4
3% Jan 4
534 Jan 14
3 8 Dee
3
2073 Feb
Preferred
600
16
1512 1513 16
101
12 Jan 5 17 Jan A
16
1612 1612 •1513 177 51518 17% 16
10 Dee
68 Feb
e
17% 24.300 Goodyear Tire & Rub_No Pa
16
1834 1418 i618 154 1614 1512 18
1514 164 16
127 Jan 5 177
8
133 Dee
5212 Feb
57
1st preferred
2.500
No par 43 Jan 6 564 Feb19
5518 •54
55 5555 55
54
547
4
533
55
55
Jan 18
95 Dec
91 Feb
1014 1012 1012 1034 10
No par
8 1014 10% 5,000 Gotham Silk Flow
714 Jan 5 10 4
1012 1034 1012 1012 105
33 Sept
3
4
133 Apr
Preferred
584
100 5014 Jan 11 8412 Feb 15
74
20
74
585
74
6412 6412 56412 74
565
74
565
Feb 8
50 Jan
72 Apr
Gould Coupler A
•113 14 *114 15
No par
15
8 op, 55
132 *115
8 *p8
Ps
8 .3118
1 Jan 81
1
1 Jan I 1
2 1 u.t
4
.
•
63 Feb
8
Graham Paige Motors No par
14
34 313
25 Jan 5
34 312
34 3's 8.900
34 314
34 3
34 314
453 Jan 12
17 t3ep
5
illtMay
5618 7
512 Jan 2
012 6t2
00 Granby Conti M Sin & Pr_ 1110
7
1.2
73 Jan 14
634 7
56
7
7
64 67
514 Dec
225 Feb
8
17
17
* 17
8
13
15
1 Feb 11
8 13
212 11.300 Grand Silver Stores____No Dar
158
1%
112 212
4
2
3 Jan 22
113 Dec
2513 Mar
No par
85* 9
85 Jan 5
8
812 83
812 8% 2,800 Grand Union Co
812 878
812 834
9 Feb 13
8
812 87
4
7 Oct18 8 Mar
7
Preferred
200
No Par 2314 Jan 5 3218 Feb 19
3218
03014 40
31
32
32
31
*3012 32
530
.31
32
21 Dec
46 May
Granite City Steel
•13
18 .1312 15
No par
*1312 15
1218 Feb I
*1312 15
*1312 18
13 Jan 30
51312 18
113 Dec
4
293 Feb
4
No par 251s Jan 23 295* Feb19
2714 2812 27
4 28% 295* 4.900 Grant (W T)
283
28
283
29
281 1 2f)
3 28
241a Dec
42 Aug
1112 Jan 4 1314 Jan 14
12
13
1212 1212 1212 1212 4.700 GE Nor Iron Ore Prop_No par
124 1212 1214 12 4 12% 123
,
10 Dec
2334 Apr
5 Jan 28
512 55
8
613 Jan 8
534
534 534
534
512 512
514 512 1,800 Great Western Sugar-No par
54 53*
54 Oct117 Jan
,
Preferred
520
118) 68 Feb 10 8114 Jan 5
70
6814
68
70
68
8
70
683 681
68 6812 138
88
73 Dec
9612 Jan
13
lig
No par
114
8
115 114
1 Jan 30
13
8 8.500 Grigsby-Grunow
114 13
114 1%
5
1% Jan 11
114 134
1 Dec
63 Ma
4
Guantanamo Sugar
518
No par
14 Jan 12
14
54
4
*13
*4
14 Jan 12
4
4
*18
*4
14
14
4 Dec
1 13 Jan
87
2
500 Gulf States Steel
*612 7
NO ra
, 54 Feb 2 8 Feb 16
513
65
64 8
8
57
71
*7
8% *7
4 Dec
3712 Feb
Preferr J
5-- -- 30 5_ __ 30 •__ 30 •__ 30 *---- 30 *-2!- 30
100
15 Dec
80 Ma
Hackensack Water
.207 2412 *207 2412 .207 2312 *207 2312 *21
8
25 20'4 Feb 6 23 Jan 12
231 521
s
23,2
8
2
22 Dec
3012 Ma
*2612 27
7% preferred class A
70
25 2613 Jan 27 274 Jan 2
27
*2612 27
27
27
27
2612 2612 *2612 27
2614 Sept
30 Apr
•13
17
4 17
No par
211
218 214 *2
138 Jan 5
218 2.400 Hahn Dept Stores
s
218 .2
13* 2
214 Jan 14
11* Dec
93 Mar
512
16 .16
Preferred
600
100 14 Feb 10 19 Jan 16
1618
1712 15
18
16
15
1713 1712 517
14 Dee
637 Ma
51014 101
300 Hall Printing
1012 1012 1034 103 .10
10 10 Feb 9 1113 Jan 7
103
8
8
1012 1012 1034 010
11 Sept
193 Ma
3
$ per share
83
8%
15
1518
1134 12
523 57
•1 18 2
*10
12
'- ___ 103
*313 4
735 773
4
118 118
614 714
5318 5712
1004 1004
12
12
53
4 53
29
3134
98
98
1% 13
4
338 33
8
a
;ir4
• Rid and askewl mire, no Wes on olio dav . z Ex-dividend.
p Ex-rights. b Ex-dIvIdends.
r
New York Stock Record—Continued—Page 5
1339
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
Feb. 13.
Monday
Feb. 15.
Tuesday
Feb. 16.
Wednesday
Feb. 17.
Thursday
Feb. 18.
Friday
Feb. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1932
On Oasis of 100
-share lots
Lowest
Highest
per share S per share $ per share Shares Indus. & MIscell. (Corn.) Par $ per share $ per share
$ per share $ per share $ per share
Hamilton Watch pref
100
70
____ 70
s___. 70 *__-- 70 *---- 70
100 Hanna pref new_ _ NO par 65 Jan 21 70 Jan 14
066
68
68
68
*66
66 66
*66
*6612 68
68
68
93 Jan 29 15 Jan 6
4
1,400 Harbison-Walk Refrao_No par
1112 *1014 1112 *1014 11
10 '10
4
4 10
10 "10, 103
10
17 Jan 15
3
h Jan 6
112
lh
13
4
700 Hartman Corp class B_No par
113 112
112 113 •112 13
113 113 •lh
4
314 Jan 14
2 Jan 8
Class A
No par
4
4
4
*2
4
*2
*2
*2
4
*2
*2
4
714 Feb 18 10 Jan 12
8
714 73
71! 718 1,360 Hawaiian Pineapple Co Ltd_ 20
74 8
3
8
84
/
1
712 7 2
,
74 7 4
/
1
3
112 Jan 12
118 Jan 19
118
No par
112 *124
112
112 •114 11
100 Hayes Body Corp
*14
1 12 *114
"114 112
25 71 Feb 19 7312 Feb 1
71
300 Helme (0 W)
75
7112
743 .70
*70
743 '70
4
4
743 *70
4
•7212 75
813 Jan 15
612 Jan 5
No par
8
400 Hercules Motors
9
9 8 *7
,
8
912 '8
93
8 *7
818 818 *7
No par 25 Jan 5 2818 Feb 18
29
700 Hercules Powder
2818 281s *25
26 .25
31
26 .25
273
4 26
.25
140 Hercules Powder 27 aura p8100 92 Jan 13 95 Jan 12
93
93
93
93
93
93 .93
96
94 .93
96
*93
No par 7313 Feb 10 82 Jan 15
79
/ 8012 2,500 Her+hey Chocolate..
1
4
4
7912 7712 791
783 787
4
8 783 79
/ 79
1
4
4
773 77
No par 7312 Feb 8 8114 Jan 15
Preferred
7814 78 4 7912 7913 2,000
7714 78
78
78
,
773 79
4
4
753 77
*114 3
13 Jan 12
4
138 Jan 2
ho par
*113 3
Hoe (11.) & Co
'1
3
*11 3
/
4
*118 3
*1 18 3
8
No par 10 Feb 10 117 Jan 11
4
500 Hollend Furnace
/
4
/ 103
1
4
,
/
1
4
4 103 104 104 103 *101 10 4 103 11
103 •10
4
4
/
1
"10
8 Feb 13
54 Jan 4
Hollander & Sons(A)—No par
9
800
*8
/
1
4
814
7
/ 7
1
4
/
1
4
7
/ 7
1
4
/
1
4
*8
73
4 8
74 7
3
100 110 Feb 15 13014 Jan 7
700 Homestake Mln.ng
114 115 *113 120 .114 120
114 115
110 110
*115 120
334 Feb 16
212 Jan 4
3
38 3 8
3
/
1
4
3 4 33
,
8
/
4
33
4 33
4 4,400 Houdaille- Hershey el B No pa
3
/ 3
1
4
34 3 4
,
3
314 31
100 Household Finance Part Of-50 5514 Feb 11 5718 Jan
563 .56
4
56
/
1
4
56
563
4 56
•56
564 "56
/
1
•56
564 '56
/
1
8
Feb 9 233 Jan 14
22
13 700 Houston Oil of Tex tern etfs100 1618
19
217
8 20
3
4 197 211
19 4 204 20 203
3
/
1
21,
4 21
47 Jan 14
8
318 Jan 5
Voting trust etts new. _2
37
8 4
4
4
414 6.700
3
/ 4
1
4
33
4 418
34 4
3
4
10 ‘. Feb 8 1613 Jan 12
No pa
Howe Sound
12
12
1134 1212 2.20
12
11
1212 12
12
12
1214 12
77 Feb 10 1134 Jan 8
Ao pa
93
8
9
838 9'
9
9 / 11.70( Hudson Motor Car
1
4
9
93
4
914 9 8
5
8
/ 93
1
4
4
33 Feb 9
5313 Jan 11
1
4
418 4,901 Hupp Motor Car Corp
4
4
4
4
4
41
37
8 418
414 414
lh Jan 9
7 Feb 9
8
No pa
11 118
/
4
600 Indian Motocycle
118
11
/
4
118 118
•1
1
1
1
1
138
13 Jan 21
8
114 Jan 4
1
Indian Refining
/
4
8 •112 lh *112 17
8 •112 13
11 *114 15
/
4
8 *112 11
•114
2318 Jan 4 34 Feb 17
No pa
333
4 8.900 Industrial Rayon
31
3358 3218 331
3214 33
32
34
31
3212 32
2712 Jan 5 3912 Feb 19
No pa
363 39 2 14.700 Ingersoll Rand
36
381
4
35
39
8
3312 337 361
,
33
3512 33
20 Jan 8 24 Feb 13
No pa
8
23 *23
23
/ 1.300 Inland Steel
1
4
233
4 233 23
23
523
23
/ 23
1
4
22
24
414 Jan 14
3 Jan 5
3
3
31
3
318 5.000 Inspiration Cons Copper___2
3
3
3/
1
4
3
/ 312
1
4
314 31
37 Jan 7
24 Jan 19
3
/
1
4
400 Insuranshares Ctfs Inc.No pa
/ 3
1
4
/ *3
1
4
3
/ 3
1
4
/ *2
1
4
8 4
*314 3
/ *27
1
4
/
1
4
2
/ 2
1
4
8 Jan 12
412 Jan 2
7
714
67
8 7
1,800 Insurananares Corp of Del..__
*65
8 7
7
7
6
/ 7
1
4
7
7
h Jan 19
h Jan 7
75
Intercont'l Rubber..
-No par
7
8
7
8
34
400
7
8
"h
7
*34
*3
4
5
8
5
8
34
414 Jan 22
34 Jan 7
No par
/ 1,000 Interlake Iron
1
4
41a 4
3
/ 4
1
4
4
4
412 *4
*4
414
5
*4
*7, 1
113 Jan 9
*72 1
84 Feb 5
*7
4 1
No par
.7
2 1
*7
2 I
100 Internet Agrleul
1
1
45 Jan 5
718 Jan 18
100
Prior prefei red
7
'5
7
*5
*5
7
*5
7
*5
7
7
*5
4
108 1103 11,800 Int Business Machines.No par 9034 Feb 10 1103 Feb 19
1047 107
8
4
100 1063 10312 1064 10312 1083 107 108
512 Jan 13
3 Jan 4
/
1
4
42
4 *4h 41
4
/ 41
1
4
1,100 Intermit Carriers Ltd...No par
41 41
/
4
418
412 412
•418 43
4
.No par 143 Jan 5 18h Jan 14
1611 17
1714 18,
171
4 7.600 International Cement.
1712 17
17 4 1753 17
,
16
171
lh Jan 15
38 Jan 7
112 12 17.100 Inter Comb Eng Corp__No par
11
/
4
114
114
8
114 15
1h 13
8
114 122
114
47 Jan 6 21 Jan 15
100
Preferred
141
144 183
/
1
14
13
8 7.900
13
8
13
1412 143 15
10
12
3
241
2412 257 36,700 Internet Harvester____No par 213 Feb 9 29 4 Jan 18
2312 2512 23
2412 25'4 2312 25
/ 2238 25
1
4
4
100 1013 Feb 15 108 Jan 8
Preferred
100
4
4
4
4
4
.100 1033 1013 1013 *90 1013 •90 1013 *90 1013 *90 1013
4
9 Feb 8 Ilh Jan 14
Int Hydro-El Sys el A.-No Pa
/ 10 4 lOss 7.800
1
4
93 1012 1018 1012 1018 10
4
913 10
,
87 101
8
3
23
/ 2412 15.700 International Match pret_._25 15 4 Jan 5 2412 Feb 19
1
4
24
4
23
2418 223 244 23
4
22
23
/ 223 231
1
4
4 Jan 7
3 Jan 27
4
4
1.10 lot Mercantile Marine ctfa.100
312 312
334 33
*34 3
3
*3'8 33
*234 33
918 Jan 14
718 Jan 5
.No pa
8
/ 97,900 lot Nickel of Canada.
1
4
818 8
8
84
,
7 4 814
7
/ 87
1
4
83
8 83
4
7
/ 82
1
4
,
100 80 Feb 19 854 Jan 20
Preferred
100
821 '76
80
80
82
823 *81
83 •76
"75
83 '76
7 Feb 10 1011 Jan 15
10 Internet Paper 7% prof. 100
714 714 *718 8%
*814 9
•8
/ 9
1
4
*814 9
*814 9
212 Jan 21
17 Jan 2
11
100 litter Pap dr Pow al A__No pa
2
2
"2
21
*2
218
21
215 *2
*2
218 *2
114 Jan 21
No pa
h Jan 16
Class B
•1
114
•1
114
*1
11
11
•1
113 *114 113 "1
h Jan 4
12 Feb 5
No pa
Class C
600
*4
/
1
/
1
4
*h
'h
7
a
h
h
3
4
3
4
*
/
1
4
3
4
718 Jan 5 11 Jan 15
100
Preferred
812 81
8
83
/ 1,400
1
4
7
/ 7
1
4
734 83
4
84 81
8'4 814
b Jan 6
414 Jan 14
Printing Ink Corp_No pa
*43
4 7
*5
7
100 Int
*5
7
*43
4 7
5
5
4 5
.43
4
100 5243 Jan lb 30 Jan 2
Preferred
*2634 34
*264 34
/
1
*2612 34
*2615 34
*263 34
4
"2612 34
100 1938 Jan 2 234 Feb 17
8
*19
/ 20
1
4
4.700 Internr Bona' Salt
21
21
2014 2014 2014 207
8 207 2238 2112 231
8
8
413 42
4212 413 4214 4114 42
*4112 46
41
4214 427
5.300 International Shoe____No par 364 Jan 4 443 Jan 15
100 15 Feb 11 2113 Feb 15
1614 18
20
18
18
17s 2018 1918 21 18 1914 2015 19
3.500 International Sliver
100 52 Jan 5 65 Feb 13
7% preferrred
64 '55
64
10
*55
64 .55
64
•55
72 "55
65 65
74 Jan 4 1214 eb 19
1118 1214 173.700 Inter Telep & Teleg_ __No par
4
1014 113
10
12
1014 11
1018 11
103 111
712 Feb 9 11 Jan 9
*812 87
9
9
8
/ 9
1
4
9
9
812 812
"813 853
600 Interstate Dept Stores_N• par
*43
*43
53
*43
53
53
.43
5412 •43
*43
63
Preferred .2-warrants...100 43 Feb 3 6213 Jan 8
53
43 Jan 21
4
412 Jan 23
.413 5
*412 514
No par
*412 514 *412 51
*418 514 *412 51
Intertype Corp
182 „fan 5
238 Jan 14
214 1.200 Investors Equity
2
2
2
•2
2
21
2
218
No par
2
24
2's
1414 Jan 4 18 Jan 14
1
154 153 .1614 161
*1512 153
/ 1552 •1512 16
1
4
•1512 1613 15
600 Island Creek Coal
343
34
No par 30 Jan 4 35 Feb 13
33
/ 337 *3412 35
1
4
3312 3313 3312 34
3412 35
1.200 Jewel Tea Inc
241
3
No par 157 Jan 4 2513 Feb 19
2218 237
22
23
/ 2114 24
1
4
213 2314 21
4
235 251 119.700 Joh na-ManvIlle
8
OR
100 88 Feb 3 99 4 Jan 22
9633 *00
963 963 '95
4
3
98
98
98 98
160
Preferred
•88 107
78
78
78
78
78
78
78
78
78
180 Jones & Laugh Steel prof.. 200 78 Jan 29 84 Jan 5
78
*7514 78
K C P & Lt 1st pf ser B_No par 11214 Jan 6 11334 Jan 23
/
4
•10014 113 .10014 113 '1004 113 *1001 113 *10014 113 *1004 113
•12
*12
3
111 Jan 6
38 Jan 5
900 Karstadt (Rudolph)
/
1
4
•12
"
12
3
4
3
4
3
4
3
4
,
13
778 Feb 13
71
6 Jan 4
7
7
7
7
71
2,600 Kaufmann Dept Stores 812.50
7
74
,
712 7 8
718 7
7
/
1
4
97 Feb 19
7 Feb 10
8
/ 91
1
4
812
9
/ 9
1
4
7
6.100 Kayser (J) Co v t e. _ --No oar
812 •8
7
713 77
8
7 4 818
3
218 Jan 22
1 Jan 4
11 2
/
4
2
2
173 2
10,500 Kelly-Springfield Tire_No Par
13
4 2
174 218
17
8 2h
100
6 4 Jan 6 18 Jan 21
3
8% preferred
153 161
4
153 16
4
154 16
/
1
670
153 16
4
143 16'4 1512 16
8
6% preferred
100 20 Jan 2 32 Feb 1
293 293 *30
4
38
200
293 30
4
30
30
357
8 2814 31
.30
3 Jan 4
..Ns par
414 Jan 14
3
/ 31
1
4
5,900 Kelsey Hayes Wheel.
3
3,
4
3
/ 34
1
4
,
3
/ 3
1
4
,
33
3 32
,
3 3 31
3
7 Jan 4 1034 Feb 19
No par
914 97
9
/ 103 64,900 Kelvintstor Corp
1
4
93 10
8
7
3
87
8 98
912
9
/
4
87
8 91
No par 2614 Jan 15 37 Feb 19
37
50 Kendall Co prof
3112 3113 3112 •3013 35
35
31 12 *30
.28
311 •28
94 Feb 10 13 Jan 14
No par
8 1018 103 20,600 Kennecott Copper
8
4
9 8 1012 1014 1118 1018 105
7
1012 11'4 1014 115
No par 1613 Feb 6 1913 Jan 9
*19
20 '19
20
20
19
19
600 Kimberley-Clark
1913 "19
19
19
•17
21 Jan 22
/
4
112 Jan 5
•14 13
No par
100 Kinney Co
•112 lh "113 13
*112 2
13
4
13
4 *113 13
100 10 Feb 3 1318 Jan 23
Preferred
*10
•I0
20
20
*10
20 '10
20
20
.10
20 .10
10 1513 Jan 4 19 Jan 14
164 1618 171 67.000 Kresge (8 8) Co
/
1
/ 16
1
4
174 177
8 1612 18,
1612 18
8 1614 17
No par 30 Jan 15 37 Jan 21
4
4
300 Kress Co
*343 37
4
*343 37
*343 37
4
36, 361a *343 37
8
35
361
918 Jan 26
434 Jan b
813
8
81
/
4
81
81 812
/
4
8
/
1
8
83
8 83 209.600 Kreuger & Toll
4
7
/ 84
1
4
8
123 Jan 5 167 Feb 19
4
/
1
1414 1614 151 1618 154 15
1418 15
161 36.800 Kroger ()roc & Bak.....No par
/
4
/
4
13
/ 141
1
4
/ 16
1
4
4
No par 4414 Feb 10 563 Jan 14
Lambert Co
507
8 50 8 518 24,400
48
/ 5012 4713 5214 49
1
4
4913 61
4814 51
3
*312
311 Jan 28
312 Jan 2
No pa
*313 5
*33
Lane Bryant
.33
g 5
*34 5
/
1
b
*318 5
5
218 Jan 8
2 Jan
218 *2
*2
218 *2
218 *2
21
"2
2
2
100 Lee Rubber & Tire._ No Pa
218
•512 612 *54 612
64 Jan 28
54 Jan
.50
6
*6
7
6
6
6
*6
7
400 Lehigh Portland Cement..
75 Jan l2
100 69 Feb 1
70
7% preferred
69
*68
70 .68
69
70 '69
70
120
70 '68
70
312 Jan 8
17 Jan
8
2
2
2
218 214
8 "24 238
2
*214 23
*2
214
600 Lehigh valley CoaL—No pa
9 Jan 9
5 Feb
57
50
5 6
Preferred
8
5
57
3 63
/ 5
1
4
6
6
•57
8 9
1.200
/ .57
1
4
878
4414 Feb 19
36 Jan
41
/
4
411 42
423
423
3
8 42 4 4414 13.350 Lehman Corp (The)....-No Pa
4312 41
4 42
3913 42
23 Jan 16
19 3 Jan
3
No pa
21 12 22
21
2114 4.30 Leh fi & Fink
/
4
2114 2211 521 12 211 "2014 211 2112 22
8 Jan 20
518 Feb 1
7
7
6
/ 73
1
4
8 2.90 1.Ibby Owens Glass... _No pa
/
4
7
7 14 .61 7
,
"/ 7
61
4
6
/ 71
1
4
58 Jan 20
.25 4514 Jan
571
5512 561 *56
•56
571z 58
57
574 68
*5612 6712
700 Liggett & Myers Tobacco.
61 Feb 13
3
45 8 Jan
2
57
56
55714 591
Series B
4
583
8 663 58
/ 19.500
1
4
587
61
3 5713 59
68
116 Feb 19
100 11013 Jan
Preferred
100
•116 125 *116 125 *116 125 *116 11812 *116 11813 116 116
18 Jan 13
18
1612 Jan
..Ns pa
163 17
4
•17
18
18
•1714 18
173 18
8
•1714 18
1.100 Lily Tulip Cup Corp.
163 Jan 14
4
12h Feb
143 143 '14
4
143 143
4
1438 •1314 143
4
Works_ No pa
133 15
8
143 145
3
8
8 1,100 Lima Locoroot
13, Jan 4
8
12
•1112 121 *1113 12, *114 1214 1214 1214
212
12 Jan 2
No pa
12
.11
200 Link Belt Co
4
193 Feb 19
1712 18
17
17
1413 Jan
18
1814 19
1934 4.00 Liquid Carbonic
183
8 19
1714 18
No 04
3278 Feb 19
2914 32
2314 Jan
2912 3214 30
2914 3013 2812 307
3114 313g 3273 37.10 Loew's Incorporated___No Pa
72 Feb 19
72
57 Jan
No pa
70
6912 691
70
71 12 .70
72
Preferred_
6912 70
70
72
1,200
313 313 *318 31
8
33 Jan 14
27 Jan
3
•/ 3
3
3
1
4
/
1
4
3
3 18 1.50 Loft Incorporated
NO Pa
/
1
4
318 3
114 Jan 29
118 "1
11
1 1+ Jan 2
118 •1
•1
•1
11
•1
1 18 •I
1 18
Long Bell Lumber A No pa
363 Feb 17
34
343
4 3312 331
7
26 29 3 Jan
8
353
33
3514 1.700 Loose-Wiles Biscuit
8
35% 363 •3412 353 *33
14
1514 Feb 13
147
1413 1514 68,600 Lorillard
25 12 Jan
1434 1478 1412 15
4
143 154 1418 147
90
901
0018 Feb 15
*865 91
8
*8613 91
90
*865 91
8
100 734 Jan
90
*8612 90
500
7% preferred
•112
114
114 •118 11
•1
114 *1
lh Feb 2
118
11
1 Jan
No par
*118
114
100 Louisiana Oil
14
•12
14
14
•12
14
18 Jan 9
•12
14
1112
14
Preferred
100 12 Feb
14
20
14
2224 22 2218 *214 221 *2218 221
1.500 Louisville 0 & El A___.No par 1918 Jan
2212 Feb 13
217 2213 2213 2212 22
8
47
8 47
43
4 47
45
8 5
5
5
5
5
112 Jan
No par
1.100 Ludlum Steel
5 Jan 21
201 •16
2018 •16
2018 .16
201
174 Feb 5
Preferred
No par
2018 "16
613 Jan
2018 •16
*16
8
20
20 .14
1514 1514 15' *14
•143 167 •14
4
100 MaeAndretva & Forbes_No par 137 Jan
1514 Feb 17
•143 20
4
•6012 80 "601 80 '6013 80 '6012 80
6% preferred
*6013 80 •6012 80
"6013
/
4
624 Jan 6
100 60 Jan
157
15
167
4
6.700 Mack Trucks Inc
4 1412 154 15
17 Jan 14
No par 1214 Jan
4 133 153
/
1
4
153
4 143 153
15
541
6514 563 10.000 Mecy Co
53
604 Jan 14
No par 47 Feb 1
57
4 54
3
54
54 2 5212 563
,
5212 56
/
1
4
/ 3
1
4
338 Feb 11
212 Jan
3
/ 35
1
4
3
/
1
4
*34 3h 2,2(10 Mall*on So Garden__ No par
315 3
/
1
4
31 3
/
4
/
1
4
3
/ 3
1
4
67 Feb
7
83 Jan 14
4
No par
/ 73
1
4
8 ,17h
8 8
7
700 Ma+mia Copper
7
714 714 *73
718 718
*78 7',
*7
8 I
*1 118
/
4
100 MaIllson (H RI & Co No par
Jan
1
1
•7
8 1
l's
De Jan 18
*
/ 1
1
4
13
12
•i8
18
*18
12
•4
Mansti Sugar
1 Jan II
100
3 Jan
8
•13
12
''8
I2
*24
lh
2 Jan 25
Pretered
13
8 •1
lh "1
100
114 Jan 1
100
13
8 •1
11 114 •1
/
4
*84 11
/
4
3
3
3 Jan
27 Jan 2
8
*2
*2
100 Mandel Bros
No par
*2
3
"2
3
3
7
8 2 8 "2
27
514 *5
7 Jan lb
434 Jan 2
Manhattan Shirt
25
514 *5
514 *5
514
514 *5
4 514 *5
*43
34
34 Jan 1
*4 1
/
1
100 Mar.,attiNt 011 Explor. _No pa
7 Jan 12
3
*34 1
"4 1
h
*8
4 1
*34 I
1214 Jan 14
912 Jan
10
4 1012 107A 13.800 Marine Midland Corp
1034 1118 1014 103
1112 1014 11
1152 11
11
938 Jan
11 Feb 13
No par
1012 103 10% 2.000 M arl 1 n-Rock well
8
103 1012 "10
8
10
/ 10
1
4
1012 10
lots 11
112 112 2.000 Marmon Motor Car__.No pa
118 Feb 1
2 Jan 9
113
114
114 lh
13
8 lh
/
4
13
8 11
/
4
138 11
714 Feb 1
134 Jan 14
7
/ 7
1
4
/
1
4
2,900 Marshall Field & Co_ No par
73
4 8
814 9
84 8
/
1
/
1
4
,
/ 92
1
4
8
81/4 91
*12 112
*12 112
h Feb 3
*12 112
II.
12 Feb
.No pa
*1
Martin-Parry Corp...
*4 11
/
1
/
4
*12 1
• Fltd and asked Prices: no sales on this day
•
z Et
-dividend. N Ex-lights.
PER SHARE
Range fo Precious
Year 1931
Lowest
Highest
per share $ per 'Aar.
94 June 103 Jan
67 Dec
94 Feb
1113 Dec
441+ Feb
12 Dec
7 8 Feb
3
lh Dec
10h Feb
4212 Jan
814 Nov
1 Dec
8 Mar
60 Oct 100 Feb
18 Mar
5 Dec
26 Dec z58 Mar
95 Dec 11912 Mar
68 Dec 103h Mar
7013 Dec 104 Mar
13 Dec
3
812 Mar
37 Feb
1014 Dec
1918 Apr
64 Dec
81 Jan 138 Dec
gig Mar
213 Dec
66 Mar
524Sept
684 Feb
154 Dec
1418 Feb
3 Dec
2913 Feb
1113 Dec
25 Jan
4
73 Oct
33 Oct
4
1318 Feb
434 Feb
h Dec
455 Feb
118 Dec
21 Oct
86 Feb
253 Dec 182 Jan
4
71 Feb
19h Dec
11h Feb
3 Dec
938 Feb
214 Dec
12h July
44 Dec
44 Feb
14 Sept
273 Dec
15 Jan
1 Dec
54 Feb
412 Dec
5114 Feb
4
92 Oct 1793 Feb
1238 Feb
3 Dec
6213 Feb
16 Dec
4 Feb
4 Oct
393 Feb
4
,
3 2 Dec
6013 Mar
223 Dec
8
105 Dec 14313 Mar
31 Feb
94 Dec
7314 Mar
11 Dec
1613 Jan
2 Dec
12
2018 Feb
7 Dec
80 Dec 123 mar
42 Mar
7 Dec
1014 Fe
17 Oct
,
6 Jan
4 Dec
13 Oct
412 Feb
4312 Mar
1114 Dec
1614 Feb
414 Dec
6913May
25 Dec
42 Feb
18 Dec
54 June
37 Dec
51 Mar
157 Dec
3
9018 Mar
50 Dec
8
333 Feb
74 Dec
213 Feb
8
8 Dec
6713Mar
524 Dec
45 Dec
1813 Feb
9 4 Feb
,
114 Dec
31 Jan
143 Dec
4
5712 Feb
24 Oct
8034 Mar
153 Dec
3
8314 Dec 126 AV
68 Dec 12311 Mar
11114 Oct 11512 Apr
7 Jan
14 Dec
18 Feb
54 De
4
243 Mar
714 Dec
312Ma2
8 Oct
4
26 Ma
518 00
45 Mar
10 Sett
4
3 Dec
293 Feb
154 Mar
6 Sep
60 Apr
20 Jan
314 Feb
9 8 Dec
3
41 Jan
137 Dec
8
2012 Jan
113 Dec
70 Jan
5 Dec
293 Aug
8
15 Dec
55 Feb
2614 Dec
27114 Mar
414 Dec
1213 Dec r3512May
87 3 Ma
7
4018 he
1714 Jan
IN Dec
41 Mar
17 Oct
2
183 Feb
4
b Dec
72 Dec 1014 Feb
811 Ja
8
13 Dec
4
80 Jul
6 Dee
8
693 Fe
85 Oct
343 Fe
4
1812 Oct
20 4 Apr
7
512 Dec
91 Fe
89 Oct
40 Oct
913 Fe
4
110 Dec 146 May
264.1une
16 Sept
34h Feb
1214 Dec
33 Feb
14 Dec
5514 Feb
1313 Dec
237 Dec
8
6313 Feb
99 Mar
56 Dec
613 Apr
232 Oct
4 Jan
4July
3
297 Dec
8
547 Mar
s
21h July
10 Oct
743 Dec 10213 Aug
4
44 Feb
1 Dec
55 Jan
20 Dec
3538 Feb
17 Dec
74
19 mar
4 Dec
5214 Feb
10 Dec
25 Feb
13 Dec
60 SeptMP, Apr
437 Feb
12 Dec
60 Dec 10614 Feb
2 Sept74 Mar
713 Oct27 s Feb
3
4 4 Mar
3
12 Dee
5 Mar
%Nov
34 Dec
127 Jan
2
8 Sept8 Jun
413 Dec
12 Fe
',Sept3 4 Fe
3
914 Dec
2414 Fe
9 3 Dec
3
323 Fe
8
114 Dec
10 Feb
913 Dec
323 Feb
8
It Dee
34 Jan
1340
New York Stock Record-Continued-Page
6
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS
LIST, SEE SIXTH PAGE PRECEDING.
.
-=z- - -
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Monday
Tuesday
Wednesday Thursday
Friday
Feb. 13.
Feb. 15.
Feb. 16.
Feb. 17.
Feb. 18.
Feb. O.
Sates
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ per share S per share 6 per share $ per share S per share S per share Shares lodue,
& 1111scell. (Con.) Par
163 17
8
1634 1718 17
1712 178 183
18
8 2,900 Mathieson Alkali WorksNo par
18
18
.10018 110 .10018 110 *10018 110 *10018 110 4 .10018 110 *10018 183
110
Preferred
100
1714 1814 x175 18
8
18
1814 17% 183
183
8 1812 19% 5,815 May Dept Stores
4 18
25
2
318
3
3
.2
4
.2
4
*2
3
4
3
600 Maytag Co
No par
*7
8
.7
710 718 .7
8
8
8
*7
.7
8
600
Preferred
No par
.34
45 .34
45 .34
45 .34
45 .34
45
*34
45
Prior preferred
No par
187 187
8
1812 187
8 17Ie 1712 177 1814 177 18
183 1812 3,100 McColl Corp
No par
*15
22
*1518 22 .15
22 .15
22 .15
22 *15
22
McCrory Stores class A No par
.15
20 .15% 20 .15
20 .15
20 .15
20
*15
Class B
20
No par
*55
62 .58
62 .55
62 .55
82
62
62
*55
62
10
Preferred
100
7
7
.6% 7
*65
8 7
*612 7
*612 7
7
200 McGraw-Hill Publics's No par
7
•15
1512 154 154 15
15 .15
155 *15
8
1534 .15
1512
500 McIntyre Porcupine Mines__5
5112 54
535 5412 53
5814 608 60
62
587
8 58
62% 52.400 McKeeiport Tin Plate.No par
41% 518
5
5 12
5
512
43
4 518
5
5
43
4 538 6,200 McKesson & Robbins_ _No par
23
23 .2212 23
4
2212 223 *2112 2312 *2114 23 .22
2412
400
Preferred
50
27
3
318 3%
318 314
3
*3% 314
3
3
3
2.700 McLellan Stores
No par
15
15
*147 16
15
15
15
1412 15 .14
147 10
1,600 Melville Shoe
No par
*218 212
212 212
212 212 *214 212 .214 212
600 Mengel Co (The)
214 214
No par
193 193
4
4 197 2053 .2018 21
8
21
21
.20
*2012 22
22
500 Metro-Goldwyn Piet pref__27
314 314
3% 312
314 3 4
,
1,000 Miami Copper
312 312
5
314 334 *312 4
53
4 6
6
6
53
4 53
4
574 57
No par
512 512
512 55
3 8,100 Mid-Cord l'etrol
8
7
9
87
9
855 8%
83
9%
8% 93
3
3,300 Midland Steel Prod_-_ _No par
,
88 9
.4112 4612 .44
4612 .44
4612 47
*96
47
48
*47
48
200 8% cum lot prof
100
*22
23 .1918 2112 20
20
20
20
*1812 21
20
22
700 Minn-Honeywell Itegu_No par
17
17
17
8
2
13
4 13
4
1% 2
8
13
4
2
17
2
1.000 Minn-Moline Pow Impl No par
.8
10
3
3
.818 10
.9
93
4 .813 9 4 .8
9 4 *8
No par
Preferred
9%
912 912 *9
912 934
912
93 10
4
*914 07
600 Mohawk Carpet Milla_No par
8 *9
934
2278 25
24
2412 238 247
24
24
23
25
24
24
6,600 Monsanto Chem Wks_..No par
9
978
9
1g 10
93
4
918 101 1
914 1014
9
912 1018 153,900 Mont Ward Co Ill Corp Na par
*31 18 ---- *333 37
4
*34
37
*34
37 .34
37 .34
37
Morrel (.:1 & Co
No par
*14
3
8
14
3
8
14
14 .
14
%
%
300 Mother Lode Coalition_No Par
*14
*14
%
034
53
3
4
7
8
7
8
kl
1
7
8
*3
4 1
4
3 14,900 MotoMeter Gatige&En No par
3
4
2314 25
2413 26
24
2412 2414 2513 . 4 2512 .2358 25
2.600 Motor Producte Corp_ No par
233
53
5
512 512 *514 512 *514 51g
5
No par
53
8
512 512 1.200 Motor Wheel
1018 11
1118 1212 12
1238 11
12
*1018 107
8 11
11
3,800 Mullins Mfg Co
No Par
21 18 2113 2412 25
2412 2412 2412 *2212 2112
2412 2412 .22
Preferred
190
No par
*133 62 "133 62 .14
4
4
62 .14
20
*14
62
62
.14
Munstngwear Inc
No par
72
7% 7%
718 73
712 8
4
77
712 73
8
4
21,800 Murray Body
No par
73
4 8
19
19
*1612 22
*1612 19
*1614 20
*1614 19
*161 1 20
100 Myers F& E Bros
No par
1700 18
1712 18
167 18
8
1712 18
8
1714 1755 175 1818 17,100 Nash Motors Co
Vo Par,
312 35
314 312
8 *318 353 *318 358 1,300 National Acme ,tamped._..J0
*3
3
312 .14 353
.514 7
*514 7
.514 7
.6
7
.6
7
7
.6
Nat Air Transport
No par
82
5
8
12
5
8
12
5
8
12
58
12
5
8
08
52 11,700 Nat Dallas Hess
No par
.
*318 5
353 5
.3% 5
5
5
200
*3% 034 *318 93
Preferred
100_
4
43
457
45
4212 447
433 45
8 43
4
8 427 457
44% 457 24,800 National Biscuit new
10
12912 12912 .130 133 .130 136 .134 136 .130 136
130 130
7% cum prof
400
100
fity 1053
934 103
93 1014 10
8
912 1014
912 1014
103 12.400 Nat Cash Register A w INo par
4
,
2533 26 4 2514 267
8 2553 2753 2618 2714 257 273
8
4 2714 28 105,500 Nat Dairy Prod
No par
*3
4 1
7
8
7
8
78
*53 1
7
8
1
1
.3
4 1
300 Nat Department Stores No par
4
53
4
.412 5
0
*412 53
4 *5
5
5 4 *5
*5
90
100
Preferred
54
20
207
20
2114 20
21
207 217
8
8 20% 207
8 2312 235 10,600 Nat Distil Prod ctfs-No par
8
.6
.7
9
9
*7
*6
9
9
*7
9
.7
9
•
Nat Enam he Stamping
100
.86
9018 "83
94
88 .83
88
94 .88
901j *83
100 National Lead
94
100
•116 120
117 117 .117 120
117 117 "117 120 .117 120
90
Preferred A
100
.100 116 .100 102
100 100 .100 116 *100 116 *100 116
20
Preferred B
100
1412 14% 1418 147
1418 1518 14
147
8 134 1412 1412 1518 26,200 National Pr & Lt
No par
--------------------------------------------Preferred
No par
2112 2314 2253 224 2212 223
4 2211 227
8 2184 22
2212 227
8 9300 Nat Steel Corp
No par
8
8
.8
0
8
8
*7% 87
9
*8
*8
9
200 National Supply
50
.22
26
2618 2618 .27
30 .27
30 .27
30
027
30
50
Preferred
100
15
16
15
1512 147 1518 15
8
15% 15
15
15
1514 5,500 National Surety
50
83
8 84
83
4 8%
812 8 4
,
4
84 83
884 83
4
83
4 9
2,800 National Tea Co
No par
*312 48 *37
8 47
8 *37
8 47
.37
8 512
4
4
.4
5
100 Neisner Broe
No par
43
434 47
4% 434
412 4%
47
4% 9,600 Nevada Consol Copper No par
8 514
538 553
No par
50
No par
6 2 612
,
712
612 612 .65
8 63
4 .63, 63
4
63
4 7
500 NY Air Brake
No par
*614 12
12
*612 12
.614 12
.614 12
*614 12
New York Dock
100
45 .20
45
*20
45 .20
45 .20
45
45
*20
Preferred
100
178
17
8
178
13
4 I%
2
2
*178 2
*13
4 2
1.200 NY Investors Inc
No par
9584 *9312 9514 9155 915
8 95
95
.95
9514 *95
20 NY Steam 36 pref_No par
9514
104 4 105 105
,
105 105 .1041.1 105
105 105
105 105
110
37 1st preferred
No par
1453 143 14% 1414 145
8
1412 14
14
1418 14
1414 11,500 Noranda Mince Ltd
•
3618 35
36
383
35% 381
4 353 38
36
4
38
40 169,621 North American Co_No par
44 .4212 44
43 43
4312 44
4312 4412 .43
45
Preferred
600
50
33
33
312
353
33
312
333 3 8
312
3
312 312 10,500 North Amer Aviation...No par
844 *79% 8412 *7912 83
83 83
*7914 84 .80
100 No Amer Edison pref_No par
84
3
9 4 *712 93, .712 93
4 *712 93
73
4 73
300 North German Lloyd
712 73
4
4
28 .25
28 .25
28 .25
28
*25
28
"25
Northwestern Telegraph___50
28
14 .1
.1
114 .1
1
1
I
114
1
1
700 Norwalk Tire & Rubber_ ___10
512 6
613
8
514 55
512 5%
553 57
45,600 Ohio Oil Co
8
53
4 6
No par
114
114 114
114 114
4
114
13
8
1,
1 12
112 112 2,500 Oliver Farm Eau p new No par
64 *43
4 512
5
*414 614 .43
5
Preferred A
800
614
48 5
No par
212 212
23
212 212
8 23
233
2% 214
8
5
255 2 8 1.100 Omnibus Corp
No par
8
*8
8
*714 9
9
.8
4
9
871 .8
200 Oppenheim Coll he Co_No par
93
14
1134 12
*1014 1312 105 1053 1114 1114 *11
8
170 Orpheum Circuit Inc prof-100
12
18
19
18
187
183
18
4 18
187
170 18
1712 183 14,300 Otis Elevator
4
No par
*103 115 .103 115 *103 115 0103 115 0103 115 *103 115
Preferred
100
414
4
4%
4% 414
4
414
418 4% *4
414 3,000 Otis Steel
41 1
No par
11% 13
*1218 13
*1211 13 .1213 13
13
13
150
13
Prior preferred
13
100
2112 2112 .2158 23
22
2.300 Owens-Illinois Glom Co__25
2612 2555 25 8 2534 2614 2512 27
,
34% 37
353 37
4
343 3634 3455 36% 3412 3555 36
4
37
13,700 Pacific Gas he Electric
25
39
3914 40
413
8 4,900 Pacific I-tg Corp
40
4012 40
404 39
40,
4
4 383 40
No pa
,
.8% 11
05
8 93, *10
490 Pacific MI118
104
912 012
53
4 918
912 1014
100
97 100
98 1007g 9834 100
9812 9812 98
9812 100 1017
8
620 Panina Telen he TeleZ
100
413
4
4 18
4
411 41,800 Packard Motor Car___ _No par
4
418
4
414
4
48
,
4
.16
2112 .16
2112 *16
2112 .16
2112 *16
2112 *16
Pan-Amer Petr & Trans_
2112
50
016
201 .16
2018 96
2018 .16
2018 016
Class B
2018 "16
20,
8
50
4
200 Park-Ttlford Inc
3% 318 .3
318 318
*313 312 0313 312 *332 312
No par
11* 2
*112 2
2
*112 2
*112 2
'
2
*112 2
100 Parmelee Transports'n No par
*7
8 1
.41
- 1
•78
1
.
5
8 1
07
8
I
Panhandle Prod he Ref_ No par
"4 1
9
912
814 9
83
4 93
4
No par
53
4 914
83, 912
918 1018 102,002 Paramount Publix
1% I%
1
118 2,200 Park Utah C M
1
118
118
1 18
118
1% 1% *I
1
44
7
8
ss
78
7
8
7,000 Pathe Exchange
1
st
st
No par
3
4
2
4
3
4 1
33
4 4:18
47
38 478
334 412
514 20.500
412 53
Class A
412 5
No par
3
81 2 9
73
.712 8
4 74
,
*712 8 2
812 *712 9
73
700 Patino Mines he Enterpr___20
4 4.312 38, *312 352 *312 35
353 312 .312 33
312 312
200 Peerless Motor Car
50
273 3112 27
8
2914 29
29
301 3018 3033 29% 3012 5,300 Penick he Ford
No par
2812 3014 2918 3014 233 3014
8 30
8 31 18 2953 31
3114 18,500 Penney (J C)
2955 303
No Par
.78
85
*78
85
*8114 85 .80
84
34
84
84
85
Preferred
200
100
*7
8 1
.7
8 1
*7
8
1
1
1
1
Ps
1,000 Penn-Dixie Cement-No par
*7
8
1
34 4
,
4
414 .4
5
4
4
5
*4
.4
5
Preferred
2,200
100
*1612 233 .17
4
2334 *1612 233 .1612 233 *1612 234 *1512 234
4
4
Peoples Drug Store___No par
.87
95 .86
95
*86
95 .86
*86
95
9' *86
95
614% cony preforred_100
10012 110
1037 10912 102 10714 103 10614 102 105
8
1033, 107
13,600 People's G L& C (Chle)___100
.11
12 .11
12
*II
12 .11
12 .11
12 .11
12
Pet Milk
No par
37
33
4 414
37
4
4 14
414
4
354 31
4
4 18 6,300 Petroleum Corp of AM_No par
7
714
65
8 7
612 612
6% 7
*65
8 7
.65
8 64 9,200 Phelps-Dodge Corp
25
Philadelphia Co (Pitteb)- 50
03712 40
*37 1912 *373 .
8 3612 *373 1912 *373 - .12 391i 8
8 3
100
3914
6% preferred
50
4
412
4
4%
4
4
37
8 414
412 5
17,800 Phila & Read C & I__ __No par
453 5
8%
87
8 87
87
.812 87
7
812 83
812 812 .812 8 8
4
500 Phillip Morris & Co Ltd10
.8
84 .8
83
4 .77
818 .7% 818 *77a 81
Phillips Jones Coep__No par
.77
808
.3112 447 53112 447 *3112 4478 .3112 447 03112 447 0 8 447
8
8
8 3112
8
Phillips Jones pie
100
45
8 6
47
47
5
5
45
8 5
10,200 P131111181 Petroleum____No par
453 47
43
4 5
"312 6
"312 6
*312 6
.312 6
*312 6
*312 6
Phoenix Hosiery
6
.8
10
.712 9
10
0,5
0212 10
*5
10
*5
:
10
A___No par
Pi z -Arrow
p, e
*14
2
8
2
8
3
8
3
8
3
8
*38
12
*3
8
12
*3
8
12
400
25
512 553
512 532
57
53
34 *412 512
*414 53
Ion
4 *4% 5
Preferred
400
7
S
7
9
3
4
7
3
7
2
7
8
7
2
7
8
7
8
7
8 3,300 Pierce Petroleum
7
8
No par
22
2212 542
2212 217 22
22
22
22
22
2253 1,500 Pillsbury Flour Mills_No par
22
.__
• 1114 and asked Priem no sales on this day. h Ex-dividend and ex-r VAR / Ev-dlvtdend. / Ex-rights.
-.
5T2
*8
•614
.20
*154
.932
4
10414
143
8
335
8
.42%
334
.837
8
*712
.25
.
7
3
533
114
.412
*214
*7 2
,
.10
433
.-
-
54 -134
-
--
-
--
-
- ___
- - --i3-4 - 11i -- 4 114 .334 1 .5i4 "4
*53.
-
--
PER SHARE
Range for Year 1032
On basis of 100-share lots
Highest
$ per share
1314 Jan 5
10412 Jan 11
16 Jan 4
2 Jan 5
7 Jan 6
35 Jan 26
17 Jan 4
15 Jan 4
15 Jan 27
55 Jan 12
6 1e1) 10
"
5
14 8 Jan
,
43 Jan 5
37 Jan 4
,
181 Jan 11
23 Jan 6
8
1412 Feb 17
218 Jan 4
1912 Feb 11
27 Jan
8
514 Feb
77 Jan
4218 Feb 1
19 Jan
112 Jan
734 Jan
8 Jan
207i Jan
67* Jan
29% Jan I
14 Jan
5 Feb
8
22 Jan 2
5 Jan
73 Jan
4
19 Feb
103 Jan 1
553 Jan
1614 Jan
15 Feb
218 Jan
518 Jan
3 Jan 29
8
25 Jan 29
3718 Jan 5
12512 Jan 16
714 Jan 5
21 Jan 5
8
7 Feb 16
3% Feb 9
1714 Jae 4
5 Jan 5
86 Jan 19
113 Jan 4
100 Jan 5
1214 Jan 6
1912 Feb 10
6 Jan 4
22 Feb 10
11 Jan 4
63 Jan 6
4
312 Feb 11
412 Feb 16
Clams A
555 Newton steel
27 Jan 5
6 Feb 11
7 Jan 2
1% Jan 6
90 Jan 4
102 Jan 8
123 Jan 4
8
29 Jan 5
41 Jan 23
23 Jan 4
4
79 Jan 5
58 Jan 6
25 Jan 6
34 Feb 9
5 Jan 5
1 Jan 11
3 Jan 5
112 Jan 4
8 Jan 23
6 Jan 4
1618 Feb 8
100 Jan 5
312 Feb 10
9% Jan 5
20 Jan 4
3218 Feb 8
3612 Feb 6
7 Jan 4
9318 Feb 10
312 Feb 9
16 Feb 6
3 Feb 10
13 Jan 6
8
12 Jan 23
61 Jan 5
1 Feb 18
3 Jan 2
8
134 Jan 11
618 Jan 5
22 Jan 4
23 Jan 5
2614 Jan 5
80 Feb 3
7 Jan 7
8
3
3 4 Feb 13
75
943
4
11
3
6
Jan
Feb
Feb
Jan
Jan
8
14
312
4
8
2014
$ per Share $ per share $ per share
183 Feb 17
4
3112 Jan
12 Dec
1115 Jan 13 104 Oct 1253
85.lar
20 Jan 13
155 Dec
39 Mar
8
3 Jan 14
878 Fob
112 Dec
814 Jan 13
8
5 Sept
243 Mar
3514 Jan 7
7112Mar
35 Dec
21 Jan 14
1512 Dec
36 Jan
1512 Feb 4
4
15 Dec
513 Feb
19 Jan 14
515 Feb
8
1412 Dec
62 Feb 18
9312Mar
64 Dec
1614 Jan 9
72
,
2 ,214
7
16 Dec 1 %lb
, oc4
6214 Feb 19
512 Feb 15
23 Feb 13
31 Jan 15
18 Jan 9
234 Jan 8
2214 Jan 14
414 Jan 13
63 Jan 8
8
10 Jan 14
48 Jan 14
2312 Jan 18
253 Jan 18
11 Jan 25
1054 Jan 20
25 Feb 13
1033 Jan 14
33 Feb 6
08 Jan 4
1 Jan 9
26 Feb 15
612 Jan 14
13% Jan 13
27 Jan 13
147 Jan 28
8 Feb 17
19 Feb 13
1918 Jan 14
37 Jan 14
8
712 Jan 21
1% Jan 5
5 Feb 17
41178 Feb 13
130 Jan 13
1114 Jan 15
28 Feb 19
1 Fob 19
8 Jan 2
23 3 Feb 19
5
8 Jan 21
92 Jan 8
120 Feb 10
105 Jan 13
15% Jan 14
3812 Oct
33 Dec
8
15 Dec
112 Dec
1412 Dec
2 Sept
16 Dec
2 4Sept
,
5 Oct
7 Oct
3514 Oct
15 Dec
114 Dec
61 Dec
70 Dec
4
1614 Oct
658 Dec
28 Dee
14 Sept
5 Dec
8
15 Oct
5 Dec
814 Dec
20 Dec
11 Dec
5 Oct
20 Oct
15 Dec
2% Dec
4 Sept
7 Dec
2
37 Dec
363 Dec
8
11912 Dec
7118 Dec
20 Dec
12 Dec
47 Dec
16 Doc
514 Dec
x7812 Dec
111 Dec
100 Dec
1014 Dec
18May
%Seta
2312 Jan 8
1812 Oct
812 Jan 22
6 Dee
31 Jan 21
20 Dec
1753 Jan 14 540 Dec
912 Jan 18
614 Dec
512 Jan 14
3 Dec
65 Jan 14
8
43, Dec
101sJune
41 Jun
47 Jan 18
214 Dec
7 Feb 19
412 Dee
714 Jan 2
714 Dec
20 Sept
2 Jan 14
1% Dec
98 Feb 5
80% Dec
105 Feb 8
94 Dec
15 Jan 14
10 Oct
40 Feb 10
26 Oct
4712 Jan 7
4012 Dec
414 Feb 1
253 Dec
8612 Jan 18
79 Dec
8 Jan 21
4 Dec
28 Jan 29
21 Dec
118 Jan 21
12 Jan
612 Jan 8
518 Doe
2 Jan 15
52 Dec
612 Jan 15
21 Dec
3% Jan 14
1% Oct
97 Jan 21
808 Dec
1414 Jan 13
43 Dec
2212 Jan 8
Ms Dec
105 Jan 15
97 Dec
414 Jan 7
312 Dec
14 Jan 16
8 Dee
27 Feb 19
20 Dec
37 Feb 13
2958 Oct
4153 Feb 19
35 Oct
1014 Jan 11
75 Dec
102 „inn 10 z931, Doe
51 Jan 11
3% Dee
20 Oct
-19 Jan 8
18 Dee
412 Jan 13
3 Sept
2 Jan 8
I Dec
114 Jan 15
5 Dee
/8
1112 Jan 14
512 Dee
114 Jan 4
711 Sept
1 Feb 17
14 Dec
5 Feb 17
54
1% Der
4i8Sept
9 Feb 13
4 Jan 26
2 Oct
3038 Feb 18
22 Oct
3114 Feb 19
2684 Dee
85 Jan 20
13, Jan 2
5% Jan 12
7 8612 Feb 5
9 121 Jan 15
4 1212 Jan 7
4
47 Jan 7
8
812 Jan 8
6
3518 Jan 5
3 Jan 4
812 Feb 2
714 Feb 1
32 Feb 10
4 Jan 5
Jan 29
Jan 2
Jan 5
Jan 2
Jan 4
PER SHARE
Range for Precious
Year 1931
Highest
Lowest
391i Feb 19
5 Feb 18
9 Jan 7
9% Jan 5
32 Feb 10
512 Jan 14
9
12
612
118
221n
10312 Apr
17 Jan
373o Feb
1012 Mar
34 Mar
812 Feb
27 Apr
10% Feb
1634 Jan
3112 Feb
04 Feb
5812 Feb
712 Feb
48 Mar
2158 Mar
4
283 Aug
29% Feb
58 Fen
3 Feb
4
412 Mar
475 Apr
8
197 Feb
8
3678 Mar
7212 Mar
3114 Jan
1834 Mar
4512 Mar
407 Mar
1034 Mar
13 Mar
10 Feb
32 Feb
83 4 Feb
,
15314May
393 Feb
4
50 4 Mar
,
712 Feb
60 Jan
36% Feb
277 Feb
8
132 Jan
143 June
1203
4July
4414 Feb
118 Feb
21 Jan
5818 Feb
7014 Feb
111 Feb
7612Mar
247 Star
2514 Feb
1484 Feb
207 Mar
8
5514 Oct
24 Feb
25 Jan
3754 Jan
80 Jan
1218 Jan
10734 Mar
118 Apr
2912MaY
9014 Feb
57 Mar
11 Apr
10712 Aug
35% Apr
4712Stay
2 Nov
1912 Jan
58 Feb
26 Jan
612Mar
2812 Feb
72 Mar
5818 Jan
12912Nlar
8
163 Feb
6912 Feb
39% Jan
547 Mar
6912 Mar
26% Mar
13134 Mar
8
117 Feb
3518 Jan
3412 Jan
11 Mar
47 Jan
8
414 Fel
60% rein
214 Mar
27 Feb
8
8* July
1553 Fe
4% Feb
41112 Feb
4434 Aug
7984 Dee 10014SeP
84 De,
612 Feb
29 Jan
218 Dec
.3512 Ma
lb Dec
78 Dec 10414 Aug
107 Dee 250 Feb
1712 Jan
9 Dec
107 Feb
8
8
27 Dec
8
257 Feb
578 Dec
159 MaY 155 Jun
5612 Ma
30 Dec
1214 Ma
2% Dec
8
125 Au
8 Dec
147 Nov
912 Dec
52 Jai
36 Dec
8
105 Jan
4 Dec
312 Dee
1014 AP
2714 Fe
518 Oct
84 Dec
1% Feb
3,1:
233% Feb
Feb
Dee
37 Mar
190 Dec
4
Jan 13
Jan 8
Jan 14
Jan 7
Jan 9
_-
New York Stock Record-Continued-Page 7
1341
110 FOP SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH' AND LO1V SALE PRICES
sati,rday
Feb. 13.
Monday
Feb. 15.
Tuesday
Feb. 16.
Wednesday
Feb. 17.
Thursday
Feb. 18.
Friday
Feb. 19.
Sales
for
the
1Vetk.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
.614 73
*78
1
•1% 2
2012 2012
513 54
1318
12
1118 11%
4
*96 1233
8
30, 3018
81
*75
12
12
1::
12
74
7
01012 12
5
8
014
0111
112
13
13
218 218
8
1218 127
04% 253
8
*2
218
__ ____
*61, 7
1
1
2
2
*2012 21
54 53
4
1218 1318
1118 1144
*9518 1233
4
31
.29
87
*77
*1214 1314
12
5
8
*714 712
*1012 12
53
*14
*114 112
13
12
8
2% 23
4
11% 123
8
245 255
2%
*2
3253
23
4
117
,,
75
12
60
3
97
8
7
191.
33
133
4
116
2
317
373
4
59
71
53
857
8
263
4
10
297
8
____ _ __ ____ _
___
*631 - 4 *612 - 3- .935*
73
i4
1
1
% 1
1
*2
25* *2
214
2
21
21
21
21
*2012
518 54
53
8 553
53
8
12
1314 12
1318 1218
11 18 1112 1111 117
8 1118
*96's 1233 *100 1233 *100
4
4
304 303 *30
4
30% 303
4
*77
87
*80
87
*80
1214 1214 *12
.1214 13
7*
1::
*12
1S
'
*12
7
*1312
7
*612 712
*1012 12
*1012 12
*1012
*14
3
8
*14
5
/3
*11
114 114 *114 112
*11.t
*12% 13
*1238 1318 *I23
8
214 24
24 238
2
4
113 123
4
4 113
115o 123
243 253
8 2412 26% 23
4
2
2
2
17
8 2
• Bid and asked prices: no sales on this day
4
313
*212
10
74
*4
*40
23
4
*912
*63
*137
8
*3
127
8
11612
2
3018
*36
*56
*65
*12
*8434
2518
97
283
8
3214 32
324
3
*212 3
10
*9
12
74
7314 731 1
12
*4
12
55
*50
55
3
*27
8 3
9 8 *9% 97
7
67
8
6
6%
19% *137 193
8
33.1 *3
334
1314
127 133
8
4
117 *11512 117
2
*2
218
3112 3112 33
3712 36
3712
60
*60
70
72
*67
75
*12
7
8
7
8
86
*843 86
4
25% 2514 2612
97g
10
R)
2914 29
303
8
_
14
31
2
22
53
8
125*
111g
12314
31
87
121,
4
7
12
5*
112
127
8
2
1218
2514
218
____ _ __
64 612
1
1
*2
214
21
21
514 5 8
,
123 1353
4
1112 117
8
100 12331
31
31
*80
87
*12
1314
*12
'8
612 812
*1012 12
*14
3
8
.11, 113
123
4
12
.218 214
113 123
4
4
2418 2514
*1% 2
z FA-dividend.
13,200
100
200
140
1,100
200
100
100
52.200
1,000
800
25.100
1,300
200
200
900
200
32.700
1.600
85,300
___ ___
200
1,800
600
700
4,700
20,200
7,100
900
200
700
900
100
1,700
1,100
41,990
39,900
1,200
p Ex-rights.
Highest
PER SHARE
Range for precious
Year 1931
Lowest
Highest
$ per share $ ye share $ per share $ per share
712 Jan 14
6 Jan 7
4 Dec
2812 Jan
273 Dec
4
29 4 Jan 7 40 Jan 28
3
80 Jan
4 Feb 16
3 Dec
314 Jan 2
1514 Feb
217 Dec
*
87 Jan
22 Feb 17 24 Jan 18
112 Feb 15
1 Dec
15 Feb
1 Jan 4
995* Feb
40 Dec
30 Jan 6 40 Jan 21
51 Dec
1814 Jan
43 Jan 14
3 Oct
133 Jan
318 Jan 28
514 Jan 15
2 Sept
27 Feb
4
33 Jan 4
%Sept
8 Feb
118 Jan 28
18 Jan 14
9 Jan 14
4 Dec
3912 Jan
412 Jan 4
418 Dec
203 Feb
8
7 Jan 7
412 Feb 9
57 Dec
2612 Feb
614 Jan 4
8% Jan 7
25 Jan 14
114 Dec
74 Feb
15* Jan 6
65 Jan 5 11 Jan 14
512 Dec
475* Feb
7114 Mar
363 Dec
8
377 Jan 5 4214 Jan 14
112 Jan 4
1 Dec
6 Feb
1 Jan 23
3 Dec
16 Feb
818 Jan 26
318 Jan 8
4918 Dec
9612 Mar
4814 Feb 10 588 Feb 17
78 Dec 10212May
78 Jan 7 825* Jan 15
92 Dec 12014 Aug
95 Jan 5 9912 Jan 22
4
108 Feb 10 111 Feb 17 11212 Oct1393 Aug
12012 Feb 2 128 Feb 18 118 Dec 16012 Aug
4
87% Dec 107% Aug
86 Jan 5 993 Feb 16
5812 Feb
1514 Dec
155* Jan 5 25 Jan 14
% Feb 17
3 Jan 2
8
2 Jan
14 Aug
37 Jan 4
5% Jan 15
8
314 Dec
117 Jan
8
6312 Dec 1017 Jan
60 Jan 5 6012 Jan 14
1031 Dec
5514 Mar
103 Jan 5 1514 Feb 13
8
2712 Feb
518 Dec
514 Jan 5 1058 Feb 19
24 Jan 5 327 Jan 12
20 Dec
5518 Mar
97 Jan 4 1878 Jan 14
912 Dec
60 Mar
7 Jan 14
23 Dec
4
4 Dec
23 Jun 4
4
97 Jan 5 115 Feb 15
2912 Mar
812 Dec
4 Feb 4
3078 Feb
214 Jan 4
I% Dec
6 Dec
90 Feb
14 Feb 4 14 Feb 4
14 Jan 2
I% Jan
ls Dec
12 Jan 12
13 Apr
4 Feb 4
8 Sept
3 Jan 8
33 Jan 14
193 Feb
17 Dec
8
2 Jan 5
88 Jan
614 Dec
10 Feb 9 1112 Feb 5
10 Dec 98 Jan
11 Jan 22 12 Jan 21
101* Feb
27 Dec
8
27 Feb 5
38 Jan 8
25118 Feb
4% Dec
612 Jan 14
414 Jan 5
54 Feb
818 Dec
812 Jan 4 15 Feb 19
13 Jan
2% Dec
3% Jan 29
3 Jan 14
30 Jun
6 Dec
Jan 30
6
5 Jan 5
22% Mar
7 Sept
912 Jan 14
77 Jan 4
8
55 Jan 14
184 Mar
212 Oct
314 Feb 10
5412June
3212 Dec
321 Jan 4 4014 Jan 14
7512 Feb
69 June
65% Feb 9 69 Jan 2
63 Jan
8
8
8 Dec
12 Jan 4
3 Jan 11
4
1014 Feb
1% Nov
2% Jan 12
2 Jan 2
53 Dec
413 Mar
4
7% Jan 7
8 Jan 9
26 Feb
3% Dec
334 Feb 5
612 Jan 14
425* Feb
13 Dec
138 Jan 4 197 Fett18
303 Feb
8
7 Dec
738 Jan 2 1012 Feb 15
6912 Aug
39 Jan 2 M12 Feb 19
385* Jan
98% Sept
6314 Dec
72 Jan 6 82 Jan 16
71 Dec 10812 Aug
75 Jan 4 94 Jan 15
2014 Feb
3 8 Dec
5
312 Jan 5
75* Feb 1
11 18 Mar
3 Dec
3 Jan 6
4 Jan 13
65 Mar
30 Dec
21 Jan 22 30 Jan 5
3
20 4 Apr
634 Jan 28
9 Jan 12
512 Oct
11 Feb
214 Dec
212 Feb 10
2% Jan 21
6314 Feb
2714 Feb 10 373 Jan 18
8
304 Dec
612 Feb
11 Jun 26
158 Jan 12
5 Dec
4
5818 Feb
3012 Feb 11 32 Jan 2
27 Dec
18 Feb
14 Jan 12
14 Sept
12 Jan 4
4
113 Apr
4 Jau 5
538 Jan 13
312 Dec
712 Feb 11
2912 Feb
1114 Feb 19
814 Dec
412 Jan 23
8
5 Jan 14
2% Dec
137 Feb
53 Jan 13
334 Feb 6
21 Mar
34 Oct
2514 Feb 5 3014 Jan 18
6112 Mar
28 Dec
23 Jan 4
4 Feb 13
21 Dec
1014 Jan
19 Jan 2 2514 Feb 19
15 Dec
78 Feb
93 Mar
14 Jan 4
3 Jan 14
4
18 Dec
7 Jan 2
23% Feb
9 4 Feb 19
3
67 Dec
45 Jan , 5
8
312 Dec
11 Feb
6 Feb 19
4% Jan 4
418 Dec
157 Feb
8
718 Jan 7
79 Feb 6 89 Jan 15
64 Dec 103 Mar
212 Feb 8
1278 Jan
4 Jan 8
2 Dec
10 May
62 Jan
12 Jan 4 16 Feb 15
44 Feb
38 Jan 30
1 Jan 11
4Sept
3
414 Jan 11
112 Feb 19
2 Oct
113 Feb
.7
834 Feb 5 103 Feb 1C
4
83 Dec
8
21 Aug
4012 Jan 4 63 Jan 19
95 Mar
40 Dec
63 Feb 10
8
1712 Jan
83 Jan 14
8
63 Dec
4
88 Jan 8 93 Jan 5
87 Oct 11212July
5412 Feb
4
283 Oct
8
25 2914 Jan 6 323 Feb 19
Southern Calif Edison
212Sept
5 Mar
23 Feb 17
212 Jan 14
Southern Dairies Cl B--No par
8 Dec
36 Jan
No par
9 Feb 3 12 Jan 12
Spalding Bros
100 7314 Feb 19 95 Jan 9
94 Dec 11512May
let preferred
2712 Feb
SPangChalfant&Colne_No par
93 Dec
4
9212 Jan
4813 Oct
100 4812 Jan 2 4812 Jan 2
Preferred
1358 Mar
3% Jan 14
2 Dec
23 Jan 2
4
Sparks WithIngton____No par
1612 Mar
912 Feb 13 10 Jan 16
9 Sept
Spencer Kellogg & Sons No par
63 Feb 19
17% Feb
6 Sept
No par
6 Jan 4
Spicer Mfg Co
1114 Dec
3312 Feb
Preferred A
No par 143 Jan 30 14% Jan 30
35 Jan 14
1713 Mar
3 Dec
214 Jan 26
Splegel-May-Stern Co_No par
1012 Dec
2012 Feb
4
Standard Brands
No par 1134 Feb 10 133 Feb 16
No par 1144 Feb 15 11912 Jan 22 114% Dec 124 July
Preferred
1% Dec
4 Feb
2 Jan 4
2 Jan 4
Stand Comm Tobacco_No par
2518 Dec
883 Mar
8
Standard Gas dr El Co_No par 2512 Jan 5 33 Jan 14
647 Mar
8
297 Dec
4
Preferred
No par 313 Feb 9 4114 Jan 14
40 Dec 101 Mar
No par 52 Jan 28 6112 Jan 11
56 cum prior pref
55 Dec 10934 Mar
57 cum prior pref
No par 62 Jan 4 75 Jan 15
12 Jan 26
7 Jan 13
8
3 Dec
8
414 Feb
Stand Investing Corp_No par
8718 Dec 106 Sept
Standard 011 Export pref__100 8431 Feb 11 0113 Jan 9
2318 Dec
No par 2212 Feb 6 27 Jan 14
513 Feb
4
Standard 01101 Callf
75 Dec
19 Jan
Standard Oil of Kane3s____2'
9 Jan 7 12% Jan 21
Stanaard 011 01 New Jersey_25 255* Jan 29 7012 Jan 14
26 Dec
5212 Feb
Standard Oil of New York__25
8Jun
26 Feb
137
72 Jan 22
Starrett Co (The) L B__No par
61 1 Feb 19
6 Dec
3414 Feb
Sterling Securities el A_No par
% Jan 4
57 Feb
8
114 Jan 9
12 Dec
98 Feb
Preferred
No par
13 Feb 10
8
214 Jan 7
13 Dec
8
40 Mar
Convertible preferred----50 20 Jan 5 2312 Jan 2
1618 Dec
2178 Mar
Stewart
434Sept
-Warner Sneed Corp 10
638 Jan 14
5 Jan 4
97 Dec
6412 Mar
Stone & Webster
He Paz
914 Jan 5 1434 Jan 13
Studebaker Corp (The) No par 21053 Feb 10 1314 Jan 14
9 Oct
26 Mar
Preferred
75 Dec 1184 Apr
100 95 Jan 7 95 Jan 7
4514 Feb
Sun 011
2634 Oct
No par 275* Jan 29 31 Feb 18
75 Dec 10412 Feb
Preferred
100 73 Jan 7 7614 Jan 21
Superheater Co (The)__No par 11 Jan 6 1312 Jan 18
11 Dec
40% Feb
Superior 011
14 Dec
No par
13 Feb
4
14 Jan 5
3 Jan 18
8
Superior Steel
100
414 Jan 4
712 Feb 13
27 Dec
8
187 Mar
8
Sweets Co of America
50 1018 Jan 30 11 Jan 4
1012 Dec
157 Aug
Symington
No par
12 Jan 2
5 Jan 21
8
218 Feb
le Dec
Class A
No par
118 Jan 6
2 Jan 19
1 Oct
612 Jan
No par 12 Jan 29 1312 Jan 8
Telautograph CorP
1113 Dec
2112 Mar
No par
17 Jan 2
a
23 Jan 16
8
Tennessee Corn
2 Dec
9,2 Jan
25 10 Feb 9 137 Jan 14
357 Jan
Texas Corporation
98 Dec
No par 201* Jan 4 263 Feb 17
Texas Gulf Sulphur_
1912 Dec
551 Feb
Texas Pacific Coal &011
10
17 Feb 16
61 Jan
23 Jan 15
8
I% Dec
Indus. & Miscell. (Con.) Par
$ per share 5 per share $ per share $ per share $ per share $ per share Shares Pittsburgh Coal of Pa
100
100
7
04
7
7
*514 7
*514 7
*514
*514 7
100
Preferred
35
*34
35
*35
35
35
*30
*30
35
*34
35
*30
700 MO Screw & Bolt__ _No par
.312 4
312 4
33
4 33
4 *312 418 *312 4
0314 4
100
*22
26
30 Pitts Steel 7% corn pref
*22
26
*23
26
2218 2218 22 22
26
.23
25
300 Pittsburgh United
112 112
112 112 *131 2
112 112 *112 212
212
•114
100
630
Preferred
37
40
33
35
35 14 36
36
36
334 3212 33
3012
No par
Pittston Co
4 *____
4
4 *___ _
4 *____
4 *__ __
._ _ _
4 *___ _
No par
900 Poor & Co class B
378
4
4
4
4
4
4
4
37
8
i
44
4
600 Porto Rican-Am Tob Cl A._100
*412 47
43
4 43
4 *43
4 5
412 412
414 47
5
6
No par
Class B
400
158 *13
15
8 *1% 15
8
15
8 15
8 *112 13
4 *118
8
13
3 13
3
800 Postal Tel & Cable 7% prof 100
*712 812 *712 812
712 712
74 8
3
7
77
8
712 712
55
57
25
1.700 Prairie 011 & Gas
54 558
512 5 4
3
5 4 53
3
4
55* 5 4 "55* 534
1
25
0
9,500 Prairie Pipe Line
734 77
8
712 77
8
73
3 77
6% 77
712 7
73
8 74
3
No par
17
214 21.1 2,000 Pressed Steel Car
18
13
4
218 212
218 214
214 214
18
100
Preferred
9
9
500
11
9
*9
8
8
9
*5
9
*714 9
No par
4114 41
4112 11,900 Procter & Gamble
41
4018 4138 40% 42
41
417
41
417
11
300 Producers & Refiners CorD__50
*1
1%
118
1
1
4118 118
•1
14 *1
11
50
57
57
Preferred
30
4 712
632 612 *57
712 *51
*512 712
*53
634
4
59
5714 5512 5814 55% 587
5712 5714 583 42,9281 Pub Ser Corp of NJ___No par
6314 58% 65
No par
55 preferred
.80% 8112 1,400
*80 8012 8012 81
81
4
80 80
815* 803 81
100
700
6% preferred
*9512 9612
06
*95
961 *95
9612 9612 9612 *9512 99% 96
100
7% preferred
111 111
500
111 111
•105 112 *105 108 "____ 11014 111 111
100
8% Preferred
200
8
128 128 *126 130
8
•121 124% •121 1247 1247 1247 *122 130
500 Pub Ser El & Gas pf $5_No par
*8812 90
4
893
4 90 90
90 3 904 905 905 *873 90
8
*88
No par
23,200 Pullman Inc
22
22% 2214 23
22
23
2114 2314 213 23
4
23
22
*Is
14
414
3.
8
44
14
14
14
18
Is
*18
14
50
600 Punta Alegre Sugar
25
414 438
412 43
4 4,100 Pure 011 (The)
45* 434
45
8 47
434 43
45
8 47
8
100
8% preferred
23
5912 5912 5912 5912
60 60
60
60 60
58
593
60
No par
145* 20,700 Purity Bakeries
8 133 1418 14
4
4
8 1312 141
135* 147
13% 1514 2133 147
No par
944 105*391.600 Radio Corp of Anier
85* 10
83
8 9
• 8% 9
85 1014
8
913 1038
50
Preferred
190
35
*2812 3012 31 31 *30 38 *30 3612 *32 347
*31
No par
Preferred B
157 167
8
8 15
4
173
4 1712 183 38,700
1638 153 1812 154 18,
4 16
No par
57
8 618 11,200 Radio-Keith-Orph
8 57
8
512 6
53
4 614
514 614
57
512 55*
1,900 Raybestos Manhattan_No par
8
8 105* 11
4 107 107
103 11
4
11
115 *1038 1112 1012 103
31z
10
34 312 1.100 Real Silk Hosiery
318 33
8 *34
8
,
3
8
3 4 3 8 *318 33
*3 4 33
,
100
Preferred
20
14
*12
14
14
*12
14
*12
14
*12
14
14
*12
No par
100 Reis (Robt) & Co
•18
38
*Is
38
*Is
3
8
3
8
3
3
*1/
3
3
8
*14
%
100
lot preferred
,
,
*312 612 *3 1 614 *3 2 612 *3,2 614 5312 512 *312 512
No par
3
3 18 13,800 Rentington-Rand
318
27
8 3
314
3
8 27
27
23
8 27
25
100
1st preferred
*11
14
*11
1312 *1112 1312 *1112 1312 *1112 1312
*11
13
100
20
2d preferred
*11
20
*11
20
11
11
*1018 14 .10% 15
*1018 15
10
3
3
2,400 Reo Motor Car
3
3
8 3
2% 3
27
3
3
3
35*
57
538 618
6
512 614
614 16,300 Republic Steel Corp.. No par
8 614
68
53
6
Ps
100
147 15
8
1,800
6% cony preferred
4
134 133 *133 14
4
1318 24
13
14
138 14
4 4
Revere Copper & Brass_No par
•23
4 4
*231 4
*23
4 4
*234 4
*23
*23
4 3
No par
Class A
7
*5
7
*5
*5
7
7
*5
7
7
*5
*5
91
No Par
1,500 Reynolds Metal Co
*812 9
85* 9
9
9
9
287
84 84
s 9
4
200 Reynolds Spring new _No par
4
.3
4
*3
4
.3
4
*3
4
*312 4
387 39,400 Reynolds(R J) Tob class 13_10
8
8 3738 384 37
3814 38
3612 3814 367 381
364 383
Class A
10
*657 68
*65% 68
5657 68
*65% 68
•6538 68
*657 63
8
3
8 4.300 Richfield 011 of Calif ___No par
33
/
5.
8
53
3
8
5
8
5*
%
%
5
8
12
5
8
No par
214 3,500 Rio Grande Oil
218 214
218 2'4 218 2% 2% 218 213 218 2
No par
Ritter Dental Mfg
"714 8
*7% 9
*7% 8
*711 9
*7% 9
*714 9
*45* 55*
47
10
431 43
4
47
8
43
4 54 1,400 RoSSIa Insurance Co
4% 5
412 41
18i4 183
4 187 1918 1918 197
8
1818 181
194 197
7.400 Royal Dutch Co (N Y shares)
1814 19
10
912
9
07
8
9% 95
8
9
9% 6,200 St Joseph Lead
9
914 104
9
105*
No par
4818 5012 49
503
4 48
503
8 4814 507
8 48
50
4912 5112 15,300 Safeway Stores
100
79 .75
82
80 80
*79
82
79
90
6% preferred
80
80
78 4 80
,
100
88
88
88
8712 887
8
510
*89
91
88
885* *8712 89's 88
7% preferred
512 53
4
53
4 *5
53
4 1,800 Savage Arms Corp____No par
63
53
4 .53
4 *5
6
5 s 612
7
314 318
33
33
8 344
3
314
34 312 *3
*3
314
1.700 Schulte Retail StoresNo par
40
*22
40
*22
40
100
*21
30
*22
*23
40
Preferred_
*23
40
72
5
8
8 14
8
84
,
8% 8% 16,100 Seaboard 011 Co of Del_No par
813
8 512
53
4
77
*212 314 *212 3
*212 3
5212 3
*212 3
*212 3
No par
Seagrave Corp
8 3312 3412 341 j 3614 64,100 Sears. Roebuck & Co No par
8
4 323 3544 3318 353
4
327 341
325* 343
1
8 *114 112 *18 112 *13
8
112
13
8 153
13
8 13
13
8
112
800 Second Nat Investors
1
*3212 39
40 .3214 40 .3212 39
*3212 39
Preferred
032
3712 *32
No par
3
8 1.000 Seneca Copper
*14
3
8
3
8
3
3
%
3
8
3
8
%
3
s
38
%
43
43
4 5
4% 518
45
8 5
25,800 Serve! Inc
No par
8
514
43
8 5
45* 47
8 10
1012 103 1114 17,300 Shattuck (F 0)
No par
11
1014 107
4
812 90
0
1012 10
412 4%
600 Sharon Steel lloop
No par
412
412 412
412 412 *4
412
412 412 *4
37
8 418 *33
4 4
*33
414
1,700 Sharp & Dohme
No par
*418 412
412 45
44 4%
No par
700
Preferred
*28 30 2814 2814 *2612 27% 2734 2734 *27 2812
*2814 30
38
No par
4
35* 3 4
4 7.500 Shell Union 011
312
312
33
3 37
3
3
33
4 33
4
312 33
100
Preferred
2412 241 *2312 25
2412 2412 2514 2514 1,500
25
2412 2518 25
800 Shubert Theatre Corp_No par
3
4
"z
38
*12
5
8
5
8
12
11.
5
8
ki
3
3
3
5
87
No par
8% 93 12.500 Simmons Co
4
8
812
8
8
8 12
814
8
8
812
10
5,100 Simms Petroleum
43
4 5
43
4 53
8
5
53
8
5
512 6
5
518 54
53
33.900 Sinclair Cone Oil Corp_No par
55* 6
512 618
58 618
3
6
512 57
53
8 53
4
100
Preferred
*78
85
*78
85
*78
85
85
*78
85
*78
85 .78
25
1,700 Skelly 011 Co
*23
4 3
23
4 27
34
*
27
3
2% 27
3
27
2%
100
400
Preferred
*16
25
16
*16
25
16
*16
25
16
15% 15% 16
No par
300 Snider Packing
12
*3
8
*%
12
%
53
38
12
*3
8
12
*3
8
12
No par
Preferred
200
2
112 112
*112 212 .112 212 *112 15
1%
Na *1
25
101s 210
101a 1012
93 1012
4
97 1012 10
8
105* 104,600 Socony Vacuum Corp
98 103
55
600 Solvay Am Inv Trust pref _100
54
52
52
*50
55
*5312 55
*53
60
63% 66
.No par
73 /3
5,500 BO Porto Rico Sugar..
7
7 12
73
4 818
73
8
712 7,2
72 814
100
Preferred
.90
91
90
90
90
90
91
91
*90
91
*90
91
50
8 313 325* 313
4
3111 3218 32 323
4
*178 234
*17
8 3
*17
8 3
23
12
*10
•1012 1212 •10
12 .10
86
279
84
75
85
78
*74
54
12
*4
12
*4
12
*4
•_ __ _ 78 •__.„. 55 ..._ _ _ 50 *_ _ _
27
27
8
3
3
3
23
4 3
918 912 *912 978 .912 978 *912
,V *553 63
563
4 .63
8 9
.6% 7
8
4
8
*137 19, *137 1914 *137
8
28
8
*20
3
27
8 .3
3
*3
334 *318
27
8
12% 1314 127 133o 13
133
4 13
51143 11512 1144 11512 *1143 11612 11512
4
4
2
2
*2
24
,
2
2
2
3018 32
3012 323
2912 312
8 3018
36
3612 *3612 3712 373
36
36
4
55
59
65
5812 5812 *57
*54
.67
75
66, 66, *66
2
2
72
71
*12 7
8
12
*12
kl
' 41
.1
.85
89
*85
*85
86
86
858
2618 25
2612 25 8
25% 2612 x25
3
7
97
8
1018 10,8
9
912 1014 .98
8
2812 301 1 28
285* 297 x284 30
PER SHARE
Range for Year 1932
On basis of 100
-share lots
1342
New York Stock Record—Concluded
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS—Page 8 EIGHTH
LIST, SEE
HIGH AND LOW SALE PRICES—PER SHARE. NOT PER CENT.
Saturday
Feb. 13
Monday
Feb. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Tuesday
Wednesday
Thursday I Friday
Feb. 16.
Feb. 18.
Feb.17
.
Feb. 19.
— —
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & MIscell. (Conti.) par
5
53
4
518 53
5
614
55
5% 6
618
16.600 Texas Pacific Land Trust....1
512 53
4
3 2 4 2 .5
,
,
3
412 *33
4 412 *4
412 *33
Thatcher Mfg
2 *33
4 412
No par
.2618 30
*2618 30 .2618 30
*2618 30 •26% 30 .2618 30
Preferred
No par
*512 613
6
6
.512 612 .512 6 2 *512 612 *512 012
100 The Fair
,
No par
24 212 .2
2%
25
2
213 212
23
212 212
8 212 1,000 Therniold Co
No par
14
14
1
*1413 15
*1413 153 *1418 153 .1318 15% 153 1512
8
8
3
400 Third Nat Investors
09 4 13 .10
*9
13
3
1212 13 .1112 15 .10
13
1312
400 Thompson (.1 R) Co
25
9
9
93
.678 9
9
912
912 9 2 1,600 Thompson Products Inc No par
012 .812 93
8
,
07
8 1
13
1
13
13
8 13
8
1
1
1%
1% 1,900 Thompson-Starrett Co_No par
1
.14
18 .14
18
*14
15
17 .14
18 .14
14
14
300
53.50 cum pref
No par
23
4 313
28 318
23
24 3
7
27
8
23
4 2%
23
4 28 14,000 Tidewater Assoc 011
No par
22
22
22
22
217 22
22 .21
22
22
21
21
1,300
Preferred
100
•3
•3
10
10
.3
03
10
*3
10
*3
10
The Water Oil
10
100
.32
33
33 33
.33
38 .33
*33
•33
38
36
38
Preferred
100
100
4
4 18 .45 43
4% 414 .4% 414
418 418
414 412 1,100 Timken Detroit Axle
10
2014 22
2014 22
20
2018 22
21% 20
2114 12012 217 46.100 Timken Roller Bearing_No par
47
414 43
4
4
5
43
4 47
5
514
45, 43
5% 54 10,100 Tobacco Products Corp No par
8% 812 *73
4 812 .8
812 85
8%
812 812
8
Clam A
812 85, 1.300
No Par
33
37
55g 6
47
51
4(4
434
5% 55
513 6 223,000 Transamerica Corp
25
•35
*4
8 414
5
414 4% *4
*414 5
5
*412 5
100 'Creamy]& Williams St, No par
16,600 TM-Continental Corp__No par
34 332
312 3 4
312 3 4
3
3% 3111
3
33
35
4 4
8 354
53
53
*5314 58
5618 .54
56
55
55
62
56
55
600
100
6% preferred
27
5
27
273 *265, 27% 27 a 28
027
4
1,300 Trier) Products Corp—No par
28% 28% 2812 30
13
8
8 13
•138 112 013
112 11
111 •13
8
2 112 •138 112
200 Truax Traer Coal
No par
6
6
614 .6
*6
6% *6
612 .6
612 .6
612
10
100 Truscon Steel
*214 2%
214 21
*214 3
213 212
24 27
800 Ulen de Co
02 2 3
No par
,
19
1912 19% 203
1 203 22% 20
4
9.300 Under Elliott Fisher Co No par
227
3 20
2112 2112 23
077
(4 *813 93
*8
93
4 0711 93
4
3 914 0812 9
200 Union BagAr Paper Corp No par
913 912
4
313 3412 32% 3312 3138 34
4
32
337
3112 325
, 323 3412 109.300 Union Carbide & Carb_No par
4
1178 13
1114 12
12
1212 12
1258 12
1218 1214 123
25
4 5,900 Union 011 California
•16
17
17
17 .16
1714 165 17
16
8
.16
16
167
8
900 Union Tank Car
No par
1518 157
8 145, 155, 147 1614 15
168 1518 1618 1512 167 186.500 United Aircraft de Tran_No par
8
.4412 45
4412 45
44
46
46
46
46
46
*4418 46
2.300
Preferred
50
213 223
4 23
4
23 12212 233
2312 24
23
233
8 23% 237
8 3.100 United Biscuit
No par
.89
95 .89
997 0
8 89 897 •89
8
997 095
8
991 095
Preferred
991a
100
•11
11 12 104 11
1012 101
1012 1012 *1014 103
4 1012 1214 3.400 United Carbon
No par
14
1
1
118
1
1 18
118
1
l's
I', 118 12.900 United Cigar Stores
l's
No par
016
19% 016
18
*1614 18
*1614 18
.16
18 .16
18
Preferred
100
10's
9 2 10'8
,
912 1014
Ws 107
912 978
9't
934 105, 171,163 United Corp
No par
3513 36% 36, 375 37
4
37
38
38
363 3714 363 3712 9.900
4
4
Preferred
No par
312 3%
33
4 4
34 4
3
3 4 414
3
4
4
4% 4,
3 8.900 United Electric Coal—No par
2713 25
23 4 2412 2414 2612 26
3
28
2612 26
25
2612 13,400 United Fruit
No par
1912 201g 193 2011 193 203
20
1914 20 8 1914
3
4
8 2018 21
4
44,655 United Gas Improve
No par
883 883
89
8
8812 881 .8712 91
8813 8812 89
.8814 90
900
Preferred
No par
012 112
012
012 112
112
012 l'j
United Paperboard
012 112
012 1 12
100
094 1210 0914 12%
0
9
9
812 111
.812 1218 10
10
500 United Piece Dye Wlos_No pa
234 234 .214 23
258 25,
23
8 2%
.218 23 .
4
300 United Storm elms A__No par
214 23
433 44
4
4312 4318 44
437 4414 4,300
4358 433
4312 438 43
Preferred class A____No par
•1712 20
*18% 1912 .1812 19
1812 181 .18
19
*17
20
100 Universal Leaf Tobacco No par
48 .45
*45
48
•45
48
48
•45
48
045
*45
48
Universal Picture; ist pfd 100
7
8
7
8
1
1
1
1
1
1
1
1
1
1
1,400 Universal Pipe & Rod--No par
144 15
145, 15
145 154 143 148 14% 1518 10,000 U 8 Pipe & Foundry
1413 15
8
20
8
1513 1513 *147 157 •147 15% *1412 1512 •143 l47a 1413 147
8
4
500
let preferred
No par
.2
5
5
*2
.3
5
*2
.3
5
.3
5
5
U 8 DLstrib Corp
No par
12
12
.3
03
8
.
13
8
14
313
12 .
*3
13
8
14
200 U 8 Express
%
100
57
57
612 61
.6
6% 63 . 1 75, .6% 714
83
8's
300 U 8 Freight
No par
38 3 2
3
3
27
8 35,
314
3
23
3
4 3
3
3
314 4.300 U 8 & Foreign Seour
No pa
4818 47 47
•46
51
*45
46
46
.45
47
*4513 47
200
Preferred
No par
24
244 24
20 4 22
2312 2311 24
3
2111 2214 22
243
8 5.100 U 8 Gypsum
20
03 4 4 2 .334 413
33
4 412 03 4 411 *33
3
4
4
,
4 41
100 U 8 Hoff Mach Corp_.No par
3
2412 2612 2412 265
8 2414 261s 26
2884 50,000 U 8 Industrial Alcohol_No par
2414 257
24% 26
25, *213 3
25
8
214 21
23
212 21
4 27
*23
4 3
600 0 13 Leather
No pa
5
5
*414 514
414 4l4
5
5
54
414 5% 1.000
,
5
Class A
No par
76 .55
76 .55
*5514 76 .544 76 .55
.55
76
76
Prior preferred
100
838 812
712 8
74 8
3
85, •814 812
8
8
87, 7.500 US Realty & Imps__._No pa
41
45
4% 455
4541
4
412 5
4% 455
45
8 54 10.800 CI 8 Rubber
No par
8
4 8
9
812 8%
84
103
3
83
912 93
8 8% *73
4 2.900
1s1 preferred
100
16
16
4 1512 16
154 16
16
4 16% 165
1614 163
1614 3,700 US Smelting Ref & Min--__50
381s 3818 3814 384 .38
3818 381
4 38% 381
0
*377 393
40
500
Preferred
50
465 50
464 50
8
4478 497
463 4013 5014 525,618.550 U 8 Steel Corp
4
8 4612 49
100
4
104 1123 109 11012 1084 1104 10814 11112 10614 10814 109 113
9.000
Preferred
100
63
63
63
*62
4
614 61% *613 6212 *62
65
617 62
8
500 U 8 Tobacco
No par
83
4 918
83
4 9
834 914
87
5
84 9
87, 95,
4 9 /I
18.200 Utilities POW de Lt A
No par
12
*As
12
,
03
3
%
%
13
*3
8
No par
12
500 Vadsco Sales
.%
12
251 •17
251 *17
*17
25
•17
21
•17
2512 •
17
2512
Preferred
100
144 167
16
15
4
4
a 143 1712 1714 187 67,600 Vanadium Corp
143 15 4 143 16
3
4
8
No par
7
o
03
.53
4
7
8
7
•5
8
8
3
4
%
300 Virginia-Carolina Chem No par
%
7
028
03
8
4
314 3
0314 412 •314 4%
*311 41
41
500 6% preferred
%
% 03
•3
3 1 412
100
34
355, 35i4 31
33
*31
30
28
31
28
30
27
1.600
7% preferred
100
0
871 •8655 873 *8612 8755 878 873
140 Virginia El & Pow $6 pt No par
8614 87 •86
86
86
2513 27
4 2434 27
237, 263
271
1.321 Vulcan DetinnIng
2412 24% 25% 2612 25
100
N. pa,
8
5,400 Waldorf System
16
1614 16% 16% 165, 1611 1612 17'n 1613 16% 163 17
.2% 3
100 Walworth Co
212 213 •212 33
.
214 3
*214 3
•218 3
No par
9 4 *7
3
9
300 Ward Bakeries class A_No par
*7
9
8
04
3
10% .87 1014 •87 1014
10
8
Class B
21s 213 1.600
2
2
2%
2
218
2
218 218
No Par
218 214
39
3714 3714 39
700
39
Preferred
40 •35
*35
40
40
101
.3518 40
314 342
35,
3
33
8
3
314
318 312 34,900 Warner Bros PleturesNo par
3%
3
3
Preferred
,
•1212 18% 01212 181s •I2% 1818 9213 181 01212 18% •1212 18 8
No par
114
600 Warner Quinlan
114 01
112 118 •1
I%
No par
118 1% •I
118
.1
8,200 Warren Pro* new
614 7
8
63
5
518
5
5% 518
No p'or
43
4 518
43* 512
Convertible pref
40
154 15
1518
No pa
•11
153 01212 1412 1233 1212 *1212 141 .15
4
700 Warren Fdy & Plpe
4
133 13%
8
3
137 137
8 14
0123 137 •1212 14
2
14
14
14
No Pa
7
8 1
2,300 VVetrder Eiseialohr
1
1
1
No par
1
112
1
1
114 114
01
1314 5.600 Wesson Oil & Snowdrift Na par
1228 1314 13
1318 14
133 1312 12% 134 134 14
8
.474 473
400
8
8
Preferred.
473 473
48
No po,
48
4812 4812 *4714 48
*4712 48
56,900 Western Union Telegraph. loll
4711 53
4412 47
403 47
4
4234 47
8 4218 47
4313 467
1511 1614 6.600 WeetIngh'se Air Brake.No par
1514 16
161
15
1534 1612 1512 1614 .16
1714
3314 3572 335.400 Westinghouse El & Mtg_.__50
3014 331
2812 3214 2918 31
2918 335, 3014 333
*6614 17
250
lot preferred
*6614 71
70
70
50
7071% .66
70
634 8
875 72
9
9
9,8 70
483
4 9
914 914 2.100 Weston Elec Instruin't_No pa
95 91
,
28
28 .14
Class A
*14
28
•20
015
No par
29
28
29 .13
•I4
75
Wed. Penn Elecalass A_No pa
75 .65
80 .65
*67
•65
80
80
80 .65
*65
72
270
705, 72
Preferred
7012 •70
•70
IOu
72's 70
7014 70
70
70
65
.131
65
20
6% preferred
69% 65
101
697 •65
8
65 .65
697 .61
8
*61
106% 1063g
170 Wen Penn Power pre1....10i
•102 109
10514 10514 106 106
105 105 .10514 109
4
20
92 .913 94
6% preferred
02
•90
loll
94
09014 94
90
90 •9014 94
14
400 West Dairy Prod el A_./1 pot
011.
1112 1212 *1112 121 •12
7o
11fs 11
eg
12
11
313
500
Class B
.318 4
0318 334
No par
312 312
315 33, •315 313 0338
12
12
500 Westvaco Chlorine ProdNo pa
11% 117 .1013 113
12 .1012 12
4 114 114 11
9
.6
Wheeling Steel Corp_ _No par
0
.6
9
06
.6
9
9
*6
.6
9
2.500 Whlte Motor
91
9a 09
914 914
No par
913 913
8 912 09
93
10
9
1.400 White Rock M!n Spring etf.5(1
28
28
28
26
*26
27 .2611 271
2712 2712 28
27
78
7
8
•7
8
1
1,300 White Sewing Machine_ No par
3
4
3
7
4
8
Is
7
8
7
8
*7
8 1
500
1,
2 I%
VS
.112 vs 0112
Preferred
112
'l's
114 114 •112 2
No par
7,600 Wilcox on A Das
412 5
4
43
4 43
37
3 8 414
7
37
8 4
414 5
412
No par
2
*17, 20
200 Wilcox-Rich Cl A conv_No par
8
2313 20 20
20
20
*20
8
.175 2312 *175 20
24 23
8 4,900 Willy, Overland (The)
214 214
214 23,
23
214 2%
27,
214 2%
5
233
1011
I referred
4
18 .17
•18
235 018
234 18
233 018
4
•17
100
114 1,500 Wilson az Co Ine
114 *1
7
*1
8 1
3
7
4 1
8
7
8
1
1
No par
31, 3.000
3
Class A
23
.212 23
23
.213 23
4 312
4
No par
23
314 333
600
Preferred
20% 203
2218 2111 21% 02214 24
4
4 213 213 .2158 22
22
100
4 4314 4412 130,600 Woolworth (F W) Co
4
4178 4412 4214 441
417 4414 42% 4414 413 433
10
8
223
8 2111 233 32,400 Worthington PA M
2038 2178 2018 221
2118 22% 2018 224 21
100
30
400
3114 .31
Preferred A
3114
45
•35
39
35
39
347 347 .31
100
2712 2712
27
800
25
30 .25
.25
Preferred B
30
34
25 .25
25
100
*718 9
*718 9
4718 9
67
8 67
4718 9
8 47 5 9
50 Wright Aeronautical.
..No par
515, 5,600 Wrigley(Wm)Jr (Del)No 1,07
5114 150
50
50
51
5012 52
52
50
5013 511
87g 9
1.500 Yale & Towne
9
9
.812 9
914 97,
9
9
9
9
25
418 10.500 Yellow Truck dr Coach el B_10
38 4
7
4
4
4%
37
8 414
4
418
4
4's
5 22
*15
015 4 22 .154 22
*153 22 .153 22 .153 22
4
Preferred
4
3
4
100
48% 93
8 0811 912
500 Young Spring & Wire__No par
812 812 . 3 0
83
9
94
'
9
9
1912 2.200 Youngstown Sheet & T_No par
13 8 17
5
16
1612 1512 16
1612 174 01612 18 .18
078
03
7
4
,7, 1
7
1
200 Zenith Radio Corp.___No par
03
4 1
7
8
78
1
4
77
85
Ws 20,100 Zoulte Produce] Corp
8
7% 8
8
8 12
814 83,
1
8
514
1
• Hid af d asked prime no Wee OD 31112 day. I Ek-dPiddelld. a EX-righ28
j
2334
PAGE PRECEDING.
PER SHARE
Range for Year 1932
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
$ per share $ per share $ per share $ per shar.
412 Jan 4
614 .18
1 'e0 16
.1 b
;
374 I3ec
41 Dee
.
2127%
35 Feb 1
8
413
Feb
2614 Jan 18 29 Jan 21
243 Dec
41 Mar
5 Jan 9
7 Jan 12
53 Dec
23 Jan
2 Jan 7
3 Jan
11 Dec
9 Feb
13 Jan 5 16 Jac 12
2
II% Dec
27 Feb
834 Feb 9 13 Feb 17
12 Dec
35 Mar
7 Feb 2
912 Feb 16
63 Oct
18 Feb
7 Jan 23
8
112 Jan 9
% Dec
838 Mar
14 Feb 9 1412 Jan 30
1411 Dec
3414 5Iar
238 Jan 5
313 Feb 13
218 Dec
9 Jan
20 Feb 3 27% Jan 8
2013 Oct
68 Jan
9% Nov
18 Mar
30 Feb 9 357 Jan 15
30 Dec
83 Feb
4 Jan 5
5 Jan 8
313 Dec
12 Feb
1634 Jan 4 23 Jan 9
1612 Dec
59 Feb
2 8 Jan 5
7
514 Feb 18
15
8June
412 Nov
63 Jan 4
a
85, Feb 3
6 Dec
14 Apr
218 Jan 2
6 Feb 17
2 Dec
18 Feb
33 Jan 8
414 Fab 15
278
8
1713 Mar
Dec
212 Jan 4
44 Jan 14
2 Dec
113 Feb
4
42 Jan 2 568 Feb 17
3612 Dec
9414June
26 Jan 8 3 i4 Fen 19
0 Feb 14
3 ja
241 Dec)ec
4558 Feb
10
n
114 Feb 2
512 Feb 6
65 Jan 12
8
57 Dec
8
24 Feb
2 Feb 4
3 Jan 13
2 Dec
213 Mar
4
1413 Jan 5 23 Feb 19
1311 Dec
7534 Feb
712 Jan 7 1014 Jan 21)
5 Dec
14 Aug
2714 Feb 8 3412 Feb 13
2718 Dec
72 Feb
1034 Feb 11 137 Jan 7
8
11 Dec265, Feb
15 Jan 27 1914 Jan 2
16 Dec
2518 Jan
93 Jan 5 167 Feb 17
97 Dec
8
387 Mar
8
4114 Jan 5 46 Feb 16
40 Oct
6114 Aug
2012 Feb 9 2.513 Jan 14
18 Dec
4134 Mar
90 Jan 5 90 Jan .5
90 Dec 122 Mar
918 Jan 2 1214 Feb 19
6% Oct
283 Feb
4
1 Jan 30
13 Jan 11
4
Ils Dec
7% Apr
18 Feb 6 20 Jan 11
20 Dec 176 Apr
8 Jan 4 1012 Jan 15
712 Dec
3114 Mar
317 Jan 4 3814 Jan 7
2618 Dec
5218 Mar
3 Jan 4
413 Jan 13
3 Jan
12 Feb
20 Feb 8 28 Feb 17
1712 Dec
673 Feb
4
1714 Jan 5 21 Feb 19
153 Dec
37's Mar
8614 Feb 5 92% Jan 15
83 Dec 1063 Aug
4
2 Sept
34 Jae
9 Jan 28 11 Jan 6
914 Dec
313 Feb
4
3 Jan 28
113 Jan 4
1% Dec
93 Apr
8
27 Jan 4 4414 Feb 19
21 Oct
52 Apr
16 Feb 9 20 Jan 7
157 Oct
8
4112 Apr
37 Jan 4 50 Jan 27
24 May
57% Aug
88 Jan 23
1 Feb 2
Is Oct
4 Feb
101* Jan 4 1512 Jan 21
10 Dec
3718 Mar
141s Jan 2 1512 Feb 3
133 Dec
204 Mar
313 Jan 27
3 4 Jan 27
3
4 Dec
10 Mar
14 Jan 15
48 Jan 23
3 Dec
8
184 Jan
512 Jan 30
8 Jan 14
41i Dec
30',Mac
218 Jan 5
312 Feb 15
17 Oct
8
12% Feb
44 Jan 4 5018 Jan 14
40 Dec
90 Feb
1844 Jan 5 247, Feb i9
1412 Dec
50 Mar
4 Feb 19
312 Jell 20
2% Dee
123 Apr
21% Feb 10 30 4 Jan 14
205, Oct
3
773 Feb
13 Dee
2 8 Jan 14
1% Jan 5
7
103 Mar
4
4 Jan 2
512 Jan 21
314 Dec
157 Mar
8
5514 Jan 28 5614 Jan 5
5714 Dec
8612July
51 Dec
813 Feb13
5 s Jan 5
5
3614 Feb
51 Jan 14
312 Jan 5
3112 Dec
2038 Mar
714 Feb 10 10% Jan 14
618 De
3618 Mar
143 Jan 5 17 Jan 14
125
8Seo
2534 Nov
3618 Jan 25 3812 Jan 9
35 Set)
47 Apr
3513 Jan 4 525, Feb19
38 Dec 1523 Feb
z98, Jan 29 113 Feb 19
94 Dec 150 Mar
59 Jan 5 63 Feb 17
587 1)ec
717 mar
8
814 Jan 5 1038 Jan 14
77 Dec
31 Feb
38 Feb 2
13 Jan 4
2 Dee
8
2 Feb
17 Jan 28 20 Jan 9
14 May
28 Feb
1113 Jan 5 187 Feb 19
8
11 Dec7634 Mar I
5 Jan 20
8
% Jan 1.5
3 4 Feb
,
11 OlL
34 Feb 15
412 Jan 15
23 Dec
4
17 Feb
27 Feb 19 3912 Jan 14
34 Dec
718, jar,
8318 Jan 2 88% Jan 22
81 Dec 109 May
19 s Jan 29 297 Jan 12
3
s
2014 Dec
713 Feb
8
1114 Jan 5 19 Jan 2
175 Oct
2778 Fel.
2 Jan 2
3 Jan 14
112 Dec
15 Feb
73 Jan 4 1014 Jan 13
64 API' 27 2 Mar
,
In, Jan 5
252 Jan 14
1% Dec
8% Jan
35 Jan 5 40 Feb 10
24 Apr
57% Jan
43 Jan 13
214 Jun 4
218 Dec
203 Fe)'
8
9 Jan 6 20 Feb 1
812 Dec
40% Jan
1 Jan 4
1% Jan 11
7 Dec
8
73 Feb
8
37 Jan 5
8
7 Feb 19
3 4 Dec
3
463* Feb
104 Feb 5 1712 Jan 14
1214 Dec
491 Feb
12, Jan 27 14 Feb 3
4
1314 Dec
32 Pei.
7 Feb 19
8
2 Jan 18
14 Dec
6 Feb
125, Feb 9 1511 Jan 14
12 Dec
2614 Mar
4738 Feb IS 10 Jan 6
4414 Oct
57% Feb
33 Jan 4 50 Feb 19
3812 Dec 1502 Fell
12 Jan 4 1714 Feb 13
11 Dec
3618 Feb
19% Jan 4 357 Feb 19
22% Dec 1073 Feb
4
6112 Jan 4 723 Jan 20
4
6014 Dec 11912 Fel,
6 Feb 9
914 Feb 19
6 Dec
28 Feb
10 Jan 19 19 Jan 19 119 Dec
361 Jab
5812 Jan 2 65 Feb 2
5012 Dee 10514 Apr
4
6112 Jan 6 76 Jan II
55 Dec 112 Mar
53 Jan 5 70 Jan 12
4912 Dec 103 Mar
98 Jan 8 10812 Feb 2
9314 Dec 120 Feb
83 Jan 6 95 Jan 12
88 Dec 11312.110Y
1012 Feb 11 1312 Jan 2
814 Dec
4412 Fri
253 Jan 6
312 Jan 13
2% Dee
127 Mar
8
9 Jan 12 12 Jan 14
75 Dec
40 Mar
9 Dec
204 July
812 Jan 4 104 Jan 14
73 Oct
.
2614 Jan
2178 Jan 4 28 Feb 17
20 Dec
4
473 Mar
11 Jan 7
1 Jan 2
7 Dec
8
5 Al"
1 Jan 23
17 Feb 3
8
1034 Apr
1 Dec
314 Jan 12
5 Feb 17
93 Mar
8
2% Dec
20 Feb 13 20 Feb 13
174 Dec
30 Mar
21s Jan 5
8 Mar
134 Oct
3 Jan 13
17 Jan 7 25 Jan 26
584May
1412 Oct
34 Jan 11
1 Jan 11
4 Feb
% Oct
218 Jan 12
1004 Feb
312 Feb 17
10 Oct
18 Jan 7 25 Jan 15
15 Oct
5114 is"
3634 Jan 5 4412 Feb 13
723 Aug
35 Dec
1112 Jan 5 233 Feb 19
,
1514 Dec 1067 Feo
3114 Feb 18 41 Jan 15
95 Mar
3814 Dee
25 Feb 16 3012 Jan 11
8
835 Mar
23 Dee
5 Jan 25
27 Feb
8% Jan 14
7% Dec
8011 Mar
453 Feb 9 57 Jell 18
4
46 Dee
814 Feb 10 1012 Jan 18
814 Dec
39 Jan
1518 Ma
,
318 Jan 2
3 Dec
6 Jan 14
76 Mar
2018 Jan 6 24 Jan 12
1512 Dee
77 Jan 20
29 Feb
6 Deo
914 Feb 16
78 Feb
12 Dec
125, Jan 2 1714 Feb 17
514 Feb
84, Jan 2
2 Jan 22
"2 pee
14 June
634 Dee
63 Jan 4
4
83 Feb 17
4
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1343
On Jan. 1 1909 the ferchange method of quoting bonds was changed and prices are now -and interest--ercept for income and defaulted bonds.
-•
iI
Price
4_.
Range
Weors
,
BONDS
.... _,
wed's
Range
4
.
Price
BONDS.
tt
Friday
Ez
Range or
Since
N. Y. STOCK EXCHANGE a
Since
gi.
Range or
Friday
.
N. Y STOCK EXCHANGE z
3.2 Q
!an. 1.
Last Sale.
'..a. Feb. 19.
Week Ended Feb. 19.
Jan. 1.
Last Sale. co.]
Feb. 19.'..;a. Feb. 19.
Week Ended
Bid
Ask Low
High No. Low
High
High
Cundlnamarca (Dept) Colombia
.
1234 12
1234 Sale 1212
External f 6.346
12
94244 98 ,
17
1959 M N
92
2
86 190 •
8
___
____ Czechoslovakia(Rep of)88_1951 A 0 913 95 92
89
90
21
94
854 100 4
099"22
Sinking fund 8s ser B_1952 A 0 90
978142
78
7014 7 4 '
I942 .1 J 78 Sale 73
95
____ ____ Denmark 20-year exti 6s
8
723
62
, 47
725
1955 F A 7112 Sale 86912
External gold 5145
64
57
6012 53
External g 4 448__Apr 15 1962 A 0 6012 Sale 584
9842 991322
5712 75
32
73
__ Deutsche Ilk Am part ctf 612A932 M S 70% Sale 870
__ _
5512 15
2
5
5512'
2 _9830- 2103
Dominican Rep Cost Ad 5%8'42 M S 55 Sale 5412
45 •,
30
40
6
1940 A 0 40 Sale 40
94 100.s,
let ser 514e of 1926
4215 1
33
2
38
38
1940 A 0 3814 40
8913097
2d seriee sink fund 5148
4
4
243 403
4 19
403
4
8730094342 Dresden (City) external 78_1915 M N 4014 423 4014
8
81, 87
85% 34
Dutch East Indies esti 65-1947 .3 J 85 Sale 8314
82.0 91
85
10
79
82
4
1962 M El 813 Sale 38012
-year external 65
40
873.0941.22
79
76
30
-year ext 544()_Mar 1953 M S 753 8214 76 Feb'32 _
8810 94142
75 580
4
75 Feb'32 --30-year ext 510.___Nov 1953 M N 753 77
.31
83 912
61
40
3
444
8
.1 447 Sale 40
---- ____ El Salvador (Republic) 88_ _1948 .1
3312 Feb'32 - 324 394
Estonia (Republic of) 75__1967 .1 .1 3412 36
424 47
1612 14
45
Finland (Republic) Intl 65_1945 M 5 4214 50
22
434 55
54
5218
sinking fund 7e.-1951) M 8 533 56
External
--------92 Nov'30 ___ .--- ---4212 48
50
48
4
463
4
External sink fund 640_1956 NI 5 4818 49
--------928 Apr'31 ____ _.- --3518 49
49
18
External sink fund 5448_1958 F A 49 Sale 45
___ ____ 10012 Apr'31 ____ _--- ---4812
44
45 Feb'32 __
A 0 4912 50
____ ____ 9912 July'31 ____ ---- ---- Finnish Mun Loan 6148 A 1954
47
41
1
4
463
-------- 102 may'31 ____ ____ ____
External 61431 eerie:. 11...._ .1954 A 0 4912 5312 464
30
22
2814 28
8
267 Sale 2612
Dee'31 ____ ____ ____ Frankton (City of) 13f 6Ii8_.1953 M N
--------9812
139 1101 116
116
-------- 109 may.32 ____ ____ ____ French Republic exti 714e_..1941 .1 D 116 Sale 114
1949 J 0 11412 Sale 11212 11412 333 81084811512
External 78 of 1924
19012 Apr'31
____ ____ 19012 Sept'31 __----- ---____ ____ 9912 Oct'31 ____ --_- ____ German Government Intenaa 2734 3912
383 223
Bona' 35-yr 544a of 1930_ _1965 1 D 371.8 Sale 37
_
____ -_ 10614 Dec'30 ____ ____ ____
6514
57
63% 391
86 11038 10512 Dec'30 ____ ____ ____ German Republic exti 75_ _ 1949 A 0 6114 sale 6012
--------112 Jan'31 ____ ____ ____ German Prey 42 Communal Bits
31
39
194 3312
,
(Cons Agile Loan)6348. _1958.1 D 2718 Sale 274
6
2818 4212
4212
1954 81 N 4212 Sale 4214
Graz (Municipality )81.
95
446 88912 954
33
Gt Brit A Ire(U K of) 5)48_1937 F A 947 Sale 9312
22
30
54
274 3014 2714
4
F A ---- ---- 942 Sept'31_ _-- - 33
23
Registered
2912 19
28
2718 40
.
1 6356 638014
60
84% fund loan L opt 1960.1990 M N e60 Sale es60
4978 584
5818 32
4
56
573 59
8
3
5 e365 4es683
8
8
8
683
e5% War Loan £0111 1929.1947J D e683 Sale es683
10
164
6
1314
11 Sale 10
79
91
7
38
M N 88 Sale 88
1234 157 Greater Prague (City) 710.1952
5
6
4
13
13 Sale 123
44
36
53
6312
e
Sl7 4914
11
15
2
Greek Government of ser 7e_1964 M N 42
11
11
113 15
8
48
34
28
39
1968 F A 384 Sale 36
15
Sinking fund sec 68
12
1312 10
1258 1412 1312
0
6618
62
4
8
641
1952 A 0 6412 68 643
912 124 Haiti (Republic) e f (le
4
11
912
1012 11
5
277 3432
11
31
4
1946 A 0 297 Sale 2153
4
912 143 Hamburg (State) 68
1
10
1012 121
912
2712 36
Jan'32 -912 14
11
8
Heidelberg(Germany)exti 734,50.1 .1 2914 347 36
912
11 Sale
26
34
1
433
43 4
4112
74
Heisingfors (City) ext 6 I28_ A960 A 0 4412 51
13 865
8
71
697 Sale 697
2518
15
254 36
8
Nlunic Loan 7145 1945.1 .1 213 25 21
45
5558 Hungarian
55% Sale 51
558 37
23
14
87
23
Externals! 78__Sept 1 1946 J 1 22 Sale 1914
30
20
254 Feb'32 ____
30
66
Hungarian Land M lust 7448 '61 M N 23
46
56
56 Sale 514
77
2478 31
15
28
26 Sale 2512
66
Sinking fund 734 ser 11.._ _1961 M N
45
49
,
56
5512 Sale 514
55
40
28
51
444 66
78
56
Hungary (K hard of) of 7344.1944 F A 4912 Sale 4912
4
553 Sale 5112
741
20 469
869
55 4 Sale 52
3
56
20
Irish Free State exti 8 f 68_ 1960 M N 7014 7424 869
45
36
8412 91
884 168
8712 Sale 87
448 555 Italy (Kingdom of) exti 78_1951 .1 D
8 47
553
56 Sale 5218
82 100
1
8618
56
Italian Cred Consortium 7s A '37 M 8 8618 Sale 8618
45
61
36
56 Sale 5112
7012 76%
72
7314 16
76
66
External sec of 7e ser II_ _1947 M S 73
44
56
56 Sale 5112
49
3
60 8 75
7012 27
Italian Public Utility exti 78.1952 .1 J 7012 Sale 6814
4534 56
56 Sale 5112
43
56
,
7318 84
3
7714 339
a f 6445.1954 F A 745 Sale 7418
8
401 52
5112 Sale 47
137
Japanese Gov 30-yr
52
61
734
104
66
6012 Sale 60
Esti slaking fund 5148- - -1965 M N 6214 Sale 6214
5412 61
6012 41
5414 Sale 52
464 59
4
543 113
Jugoslavia (State Mtge Bank)
40
31
4118 29
1957 A 0 41 Bale 374
5414 Sale 523
156
4
4612 59
55
Secured s f g 7s
35
28
30 Feb'32 _,__
37
1947 F A 31
4712 Sale 4612
41
4
48
533 Leipzig (Germany)if 7s
129
40
33
7
40
834 9214 Lower Austria (Prov) 7%8_1950 J 0 40 Sale 40
90 Sale 894
924 95
98% 102
110
102
4512 Sale 44
37
4512 157
47
Lyons (City of) 15-year 68-1934 M N 102 Sale 100
High No
601
Ask Low
U. S. G*****ment.
First Liberty Loan1686
J D 9710 Sale 94.0 98
0
3;4% of 1932-47
.1 D -------- 100 Dec'31 ____
Cony 4% of 1932-47
.1 D 991 22 Sale 9842 99",, 4090
Cony 414% of 1932-47
____
.1 D ____ ____ 1011342Sept'
2d coax 434% of 1932-47
Fourth Liberty LoanA 0 99. 22 Sale 99.0 99330 3871
7
414% of 1933-38
J .1 --------100 Sept'30 ____
Conversion 38 colliaon
3146
1947-1952 A 0 1021 8 Sale 100.0 103
Treasury 4118
ale 9604 100422 1008
,
1944-1954 .1 0 9924, s
Treasury 48
804
0
1946-1956 M S 961322 Sale 92. 0 97
Treasury 3 Ns
9450n 224
22
1943-1947 J D 93" Sale 91
Treasury 3148
2413
.2 Sale 86022 91
51-1955 M 8 893
Treaeuri 31.- --Sent 15 19
0 402
Treasury 3345 June 15 1940-1913 .1 0 94"22 Sale 921022 9413
1941-1943 M 8 94.
0 94"22 1094
Treasury 345
32 Sale 92.
0
Treasury 3145_June 15 1946-1949 .1 D 90242 Sale 8742 91.3 1487
1961 Q M --------9834 Sept'30 -_Panama Canal 38
State and City Securities.
N Y C 334s Corp etk-Nos 1951 MN
1955 M N
344s
1936 M N
48 registered
1955 M N
4s registered
1957 NI N
4% corporate stock
434% corporate stock--1957 M N
1957 NI N
414% corporate stock
1958 M n
6% corporate stock
1959 M N
4% corporate stock
1960 M S
44%, corporate stock
1963 M 8
444% corporate stock
1965 J 0
414% corporate stock
1963 M 5
New York State 4448
Foreign Govt. & Municipals.
1947 F A
Agrle NI tge Bank 8 f 68
Sinking fund 68 A. _Apr 16 1948 A 0
1963 M N
Akershus (Dept) ext 58
1945 J .1
Antionula (Dept) col 75 A
1945 J .1
Externals f 76 ser B
1945.1 i
External 81 7e ser C
1945 J .1
External e f 78 ser D
1957 A 0
External s f 78 1st ser
External sec s f 78 54 ser_1957 A 0
External sec ,f 78 3d 8er- A957 A 0
Antwerp (City) external 58 1958 J D
Argentine Govt Pub Wks 68_1960 A 0
Argentine Nation (Govt of)Sink funds 68 of June 1925-1959 J 13
Esti a f (18 of Oct 1925_1959 A 0
1957 M 5
Esti 0168 series A
External 68 eerie, B_ _Dec 1958.1 13
Esti s f 68 of May 1926_ _196( M N
Externals 165 (State Ry).1960 M 5
Esti 6s Sanitary Works_ 196 F A
Esti (la pub wke May'27).196 M N
Public Works exti 5348_1962 F A
Argentine Treasury 58 £.....1945 M S
Australia 30-yr 58_ _ _July 15 1955.1 .1
External 68 of 1927. Sept 1957 M S
External g 44421 of 1928_1956 M N
1943.1 D
Austrian (Govt) a t 713
1957 J J
Internal Of 78
Low
27 c4I
101% 82
c41
55
4
Bavaria (Free State) 6)48-1945 F A 3812 Sale 38
983 10158
Marseilles(City of) I5-yr 68_1934 MN 1015, Sale 100
1815
10
1949 NI 5 90 Sale 3873
8
15
Belgium 25-yr esti 64.211
9012 188
9012 Medellin (Colombia)6%8_1954 -1 0 1212 1514 15
83
21s 34
1955 1 J 8518 Sale 844
_ __
External a t 65
215 Feb'32 ____
8
86
861 Mexican IrrIg Asstng 444s. A943 51 N __
170
80
911 9712 Mexico (US) MI Es. of 1899£ '45 Q .1
2T8 963 244
4
4
26 Apr'30 ---- ---- -External 30-year at 78-1955 J D 9618 Sale 9512
1956 M N 96 Sale 39512
9612 221
Stabilization loan 7.1
918 98
Assenting 5s 03 1899
4
1945 ------------3 Dec'31 __-- ---- ---97 Nov'31 ____ _-_- - Bergen (Norway)Assenting 58 large
3% 10
2
1
Esti sink funds 5e_Oct 15 1949 A 0 46
112 - 76
112
112
80 Dec'31 __ _ -318 5
Assenting 46 of 1904
.
1960 M S 5018 Sale 46
46
5018
6
5534
External oink fund 58.
312 15
Assenting 48 of 1910
24 4
212 Jan'32 ___
4
44
4
1950 A 0 29 Sale 2618
29
68
224 317
4 Feb'32 ___
8
Berlin (Germany)a t 614s
---- --- _
Assenting 4e of 1910 large
4
203 2878
34
25% 32
3
---,
14 - -3- 3 Feb'32 _--Assenting 48 of 1910 small
External is f 68. _Jun 15 1958 .1 D 25 Sale 24
24
16 822
18
20% 13
19
Tress 6s of'13 assent(large)'33 J -I --------3 Dec'31 ___- -- ....
Bogota B. IV) exti 5 f . _1945 A 0 18
712 10
712
4
9
83 Sale
8828
3 Dec'31 _---Small
Bolivia (Republic of) ext.! 88.1947 111 N
c712 10
4 818 Milan (City. Italy) extl 644e 1952 A 0 6438 Sale 6312
53
4
53
578 Sale
63 10 s
6512 113
7External secured 71. U7a1).1958 J J
1969 M 8
54 812 Mimes Geraes (State) Brazil
5%
614
57 Sale
8
External s t 78(flat)
12
1612
1958 M 5 12 Sale 12
3
98 4 10112
1312 iii
External s f 614e
Bordeaux (City of) 15-yr 611_1934 M N 10112 Sale 10014 10112 128
27
1959 M 5 12 Sale 1112
1112 17
4
18
12
24
28
Esti sec 61.45 series A
27
Brazil(U Sof) external 88_1941 J D 22 Sale 213
1952 .1 D 24
26
2112 28
16
197
23
6
33
25
26
Montevideo (City of) 78
External of 614s of 1936.A957 A 0 197 Sale 16
25
3
20
25
24
4
1959 M N 25 Sale 23
158 234
68
20
External s f 6s series A
External - t 84 of 1927 -1957 A 0 20 Sale 17
1952.1 D 1512 1612 153
4 54
8 10514 AD 81013 10
1218 20
16
Netherlands 6a (fiat prIce5)._1972 M 8 10418 Sale 1033
4
16
78 (Central RY)
304 53
"719
4
50
651g 663 New So Wales (State) exti tes 1957 F A 50 Sale 434
2
.5
863
.1
663
7441.(coffee secur) 5(fiat) A952 A 0 6712 70
k
297 5212
c5014 130
Apr 1958 A 0 c5O14 Sale 4258
2978 4312
External a f 5s
1312 49
Bremen (State of) exti 7s._ 1935 M 5 4014 Sale 3758
7712
70
4
1943 F A 77 Sale 75
77
33
1957 M S 37 Sale 36
334 4215 Norway 20-year esti 68
38
Brisbane (City) a(58
3712 13
714 7858
4 15
783
1914 F A 77 Sale 7614
1958 F A 37 sale 3612
20-year external 68
32
4318
Sinking fund gold 58
4
7612
70
9
1950.1 D 41
7558
1952 A 0 7558 Sale 3748
4714
30-year external 68
37
43
20-Year 8 1 Ss
15
47
41
6414 73
73
2
73
75
1
1965 . D 73
261,
40-year of 5445
Budapest (City) exti of 68.A962 .1 D 23 Sale 2112
16
2412 50
6314 7134
7158 63
J 48 Sale 4618
External e f 50Mar 15 1963 M 11 70 Sale 69
8
B1161108 Aires(City)6)4s2 B 1955 J
4014 51
60
k
7 70
16
1960 A 0 423 ____ 43 Feb'32 ____
59
70
External s f els eer C-2.
40
43
4
Municipal Bank esti e f 58.1967 J 0 70 Sale 68
6458 643
80 61% Jan'32 ___ 4
1960 A 0 4018 ___ 45
45
1
External s t 68 ser C-3_
40
45
NI unielpal Bank exti a f 58.1970 J D 60
2018 3112
27
29
27
294 30
3512 Nuremburg (City) esti 68_1952 F A
Buenos Aires (Prov) ext1 68_1961 M S 318 Sale 29
314 63 824
72
52
6212 32
1953 M 8 604 Sale 59
11461 F A 3012 3212 30
Esti s f 6348
314 32
2414 34 . Oriental Devel guar 68
50.2 6814
4
5558 48
533 Sale 5312
1958 51 N
Bulgaria (Kingdom)et 7e_ _1967 J J 20 Sale 19
2018 15
Esti deb 5148
1812 34
704
60
8
704 15
4112 Oslo(City) 30-year s16s1955 M N 693 Sale 6314
30
35
Stabl'n of 7448---Nov 15 1968 MN 32
19
3512 33
5
997 10012
1946 F A ____ ____ 10018 Jan'32 Sinking fund 51431
Caldas Dept of(Colombla)7 40'46 .1 J 15
16
14
1518
1612 21
2014
914
85
9
9118
Canada(Doen of) 30-yr 40_1961 A 0 7412 Sale 717
7112 79
Panama (Rep) eat 5 He___ .1953 J D 914 Sale 9018
71
75
1952 M N 89 Sale 588
45
7
Viz
6712
5712 Sale 563
143
4
87
89
9134
Esti 8 f 58 ser A..May 15 1963 M N
fiti
1936 F A 9134 Sale 91
912
7
1
84
904 38
94
444a
86
84 912 812
Pernambuco (State of) exti 7s '47 M S
1954 J J 72
1114 14%
1
8
113
2
S 1114 1212 113
73
6
Carlsbad (City) to t 88
92
7112 7918 Peru (Rep of) external 7s. _ 16594_
73
734
6
618 Bale
6
8
7
Cauca Val (Dept) Colom 714846 A 0 123 1512 1512
12
a
658 36
157
194
Nat Loan exti a f 6s 1st Bet 1960 J 13
514 712
53
6
Central Agile Bank (Germany)
514
6 Sale
Nat loan exti o f 68 2d ser.1961 A 0
56
50
8
Farm Loans f 78_ .Sept 15 1950 M S 4018 Sale 4018
56
364 477 Poland (Rep of) gold 68-1940 A 0 55
8
4314 49
594 55
55
48
76
Farm Loan s t 68_ _July 15 196) J J 35 Sale 35
66
2812 4112
3712 79
Stabilization loan a r 78...1947 A 0 5418 Sale 531/
48
5912 75
Farm Loan 8 f fif...Oct 15 1960 A 0 35 Sale 35
5912
3712 111
57 Sale 5618
2812 4214
1
External sink fund g 88...1950. J
14
11
3
1112
Farm 1.010.6.38er A Apr 15 1938 A 0 3712 Sale 3(112
J : 1112 1512 1112
39% 216
c43
11
2714
Port.) Alegre (City of) 88...._198l
1942 M N
1114
4
8
10
1514 1512 1514
Chile (Itep)-Ext o f 78
10
Esti guar sink fund 714e. _1966 J J
143 19
1712 11
958 10
External oinking fund 60_196( A 0 1214 Sale 11 12
2214 35
8 96
1214 49
1034 14% Planed& (Free State) exti 614s '51 M 5 31 Sale 3034 8327
External sinking fund 65 1961 F A 14 Sale 11 18
32
108
2112 333
4
104 143
4
1214 53
1952 A 0 30 Sale 30
External of 6s
1961 J J 134 1412 11 18
6014 7612
19
Ry ref esti s f 61.
1118 15
72
1278 30
Queeneland (State) exti a f 73 1941 A 0 71 Sale 6618
1947 F A 623 Sale 57
1961 M 5 14 Sale 134
1514 95
Esti sinking fund 68
6312 22
25-year external 68
5112 6312
1018 1514
4
68
4
12
12
1312 Rhine-Malu-Danube 7s A_ .1950 M 5 50
5
12
53
3
Esti sinking bind
1962 M 8 113 14
35
50
5212
55
8
141g Rio Grarale do sin exti of 8.„1916 A 0 144 18
1963 M N 115 Sale 1112
II
1312 5S
21
Eat) Milking fund 68
13
14
5
1414
97
97 Sale
114
8
1312 13
1012 20
1414 IS
External sinking fund 6s._1965 J D
59
Chile Mtge Ilk 6)46 Julie 30 1957.1 D 13
918
42
25 c32
27
1414
11
12
12
External e f 7s 91 1926... _1966 M N
S f 6441. of 1926_ _June 30 1961 .1 D 27 Sale 25
1218 13
1
Apr 30 1961 A 0 1314 Sale 123
1112 1512
78
4
14
External e I 7s mimic loan _1967 J 1-) 104 104 1018
Guar s f 68
13
10
1
104
1962 M N 1312 Sale 1212
1114 153 Rio de Janeiro 25-year 0 f 83_1916 A 0 IS
14
36
4
Guar s f 68
18
5
12
18
1812 18
1960 iss S
814
814 Sale
7
12
958 14
1258
Chilean Cons Mimic 75
10
External a f 6)4,
28
1953 F A
12
10 Sale 10
712 11
7
8
73 Rome (City) exti 6149
Jan'32 ___
7
1952 A 0 68 Sale 6712
Chinese HI ukuang Ry)5&.1951 .1 1.)
6612 7414
35
69
75 Feb'32 _ _
75
75
Christlanla (Oslo) 20-yr 8 fee '54 M S 75
Rotterdam (City) exti 68_1964 M N 87
8458 91
1
87
90
87
224 303 Roumania (Monopolies) 7o..1959 F A 51 Sale 50%
26
1
4
56
30
Cologne(City)Gerrnany 6 Hs 1950 M S 29 8 ;le 29
47
8
523 156
2412 82
214 30
40
80
saarbruecken (City) 68
Jan'32 ____
Colombia (Republic) 6s...1961 .1 .1 24 sale 2212
1
1953 . J 3914 Ws 60
2113 30
2412 66
sae Paulo(City) et Se. _Mar 1952 MN
1312 23
4
2
8
227
227
External a f 6s of 1928_ __ ..1961 A 0 233 Sale 2212
23
17
colombia Mtge Bank 6 48 011947 A 0 20 Sale 20
20
8 29
15
227
1414 Sale 1414
274
10
1011 017
External 8 f 6448 of 1927.1i157 M N
San Paulo (State) exti of 88_1936 J .1 45 Sale 4312
27
33
20
50
2
45
2112 37
Sinking fund 78 of 1926.„1946 SIN 21 Sale 20
2512 36
21
1
12 s1912 25
External sec a f Se
1950. .1 193 Sale 193
22
2812
4
4
Sinking fund 7a of 1927_1947 F A 21 Sale 21
5 18
1952 .1 0 6012 Sale 5612
6212
13
5512 65
1518 11
9
External a f 7s Water 120_1956 M 5 15
16
147
Copenhagen (City) 65
1953 M N 595 72
8
544
60
External s f 68
1968 J J
83 17
50
15
12 Sale 1138
12
4
5758 16
25-yr g 4 48
2018 34
62
1940 A 0 6018 Sale 67
46
2312 30
Secured s f 78
121
61
Cordoba (City) exti 5 I 78._ _1957 F A 23 Sale 23
..Nov 15 1937 M N 3312 35
32
45
38
11
2
4
Santa Fe (Prey Arg Rep) 78_1942 M 5 4312 Sale 43
313 45
38
38
External s f78.
2218 348
3334 65
13
Saxon Pub Witli(Germany) 73'45 F A 397 Sale 3018
4
304 42
38
42 11
404 373
Cordoba (Prov) Argentina 78' . 3 38
M N 3314
Gen ref guar 614e
1951 M N 29 Sale 28
19
4
33
32
203
2558 c45
334 26
Costa Rica (Remit)) exti 78_1951 M S 86 Sale 293
1904..1944
Saxon State Mtge Inn 7s._.1945 .1 13 31
7838 86
86
s
27
Sale 384
4558 12
3
317 45
34 4 4538
Cuba (Republle) 5s of
Sinking fund g 6 3.4s..Dec 1948J 13 3718 Sale 333
86
88
6
84
4
2112 3712
3718 32
59 of 1914 ser A 1949 F A 86 Sale 84
External
70 sale 70
79
1
52
70
8
Seine Dept of (France) ext 7s '42 J --------- 1047 Dee'31 ----External loan 444s ser C_ 1949 F A
1
76
29
47
7312 78
4
8
407
46
58
50
Serbs Croats & Slovenes 85-1982 M N
35
Sinking fund 5148 Jan 15 1953.1 J 753 Sale 7412
c4114 39
36
June 30 1915 J D 34 Sale 33
44
33
33
47
39
External see 78 ser 5.-- -1962 M N 41 Sale 38
Public wks 514s
e On the basis of 35 to £ sterling. 8 Deterred delivery.
C Gael) sale.
New York Bond Record-Continued-Page 2
1344
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 19.
Price
Friday
Feb. 10.
Foreign Govt. &Municipals.
Bid
Silesia (Prov of) extl 76
D 44
1958
Silesian Landowners Asan 86_1947 FA 2614
Soissons(City of) esti 66_-.1936 M N 102
Styria(Prov) external 78
__
1948 F A
Sweden external loan 545-1954 M N 87
Switzerland Govt esti 530_1946 A 0 1017
Sydney (City)51 5145
1955 F A 4058
Week's
Range or
Last Sale.
44
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 19.
0,4
Prise
Friday
Feb. 19.
Wee.t's
Range or
Last Sale.
4 •
E z-1
cci4
Range
Since
Jan, 1.
High
High No. Low
Bid
High No. Low
High
3112 4418 Chic Burl & Q-II1 Div 3118-11149 J J 803 Ask Low
4418 46
4 83 8178
82
79
8374
18
28
1
28
Registered
J 11
91
Jan'31
97 102
18
Illinois Division 45
1949 J J
102
867
8
12
87
86
8Dit
2838 40
General 45
1958 M fil 84 Sale 8212
393
4 14
8418 56
8212 51812
7914 8712
1st & ref 434s ear B
1977 F A 84 Sale 83
8712 111
8438 20
83
87114
1027
1st & ref 5s series A
8 76 101 103
1971 F A 904 Sale 96
963
4 18
93
97
34
4512 Chicago & East III 1st 65
1934 A 0 ____ 75
40 8 28
,
70
70
3
65
70
C & E III Ry (new co) gen 58_1951 MN 15 Sale 15
1612 97
12
1612
Taiwan Eleo Pow 8 1 548_1971
567
50
673 Chic & Erie let gold 58
4
534 Sale 5312
46
1982 M N 8114 8512 83
84
3
80
8812
Tokyo City 58 loan of 1912_1952 M S 39
3514 4512 Chicago Great West 1st 48_ _1959 M S 5412 Sale 5138
6
493 363
4
4
39
543 108
47
4
583
4
A 0 55 Sale 543
External at 511s guar......-1961
54
70
4
57
Chic Ind & Louis's ref 6s
85
1947 J J 55
89
55 Jan'32
55
5512
Tolima (Dept of) esti 7s____1947 M N
15
15
18
3
1912 15
15
Refunding gold 58
1947 J .1 3512 47 101
Apr'31
N 52
Trondhjem (City) 1st 530_1957
4114 5434
60 52
3
52
Refunding 48 series C_
1947 J J 25 ____ 91 Apr'31
Upper Austria (Prov) 78_ __ _1945 J D 32 Sale 30
30
353
4
41
35
1st & gen 56 series A
1966 M N 35 Sale 3212
35
12
247 35
3012
28
External s f O34sJune 15 1957 .11)
3812
let & gen 68 ser B___May 1966 J J 40 Sale 38
8
28
40
10
28
40
Uruguay (Republic) extl 88_1948 F A 45 Salo 39
231133 48
Chic Ind & Sou 50-yr 48_195(i J J
10
45
91 Sept'31
234 343 Chic L S & East 1st 445_ _....1969 J D 82
4
External sfee
1960 M N 32 Sale 3012
3212 114
95 93 Dec'31
Extisf6
4
24
34
Ch M& St P gen 48 A_May 19892 J 62 Sale 62
May 1 1984 ▪ N 323 Sale 3012
323
4 44
62
5711 68
Venetian Prey Mtge Bank 75 '52 A 0 85
Gen g 311s ser B___May 1989 J J 52
1
95 8414
8012 87
5414
51
Jan'32
51
51
Vienna (City of) exti 81 65_1952 MN 56 Sale 56
47
643
4
Gen 434s series C_ __May 1989 J J
89
58
6512 Feb'32
62
70
Warsaw (City) external 78-1958 F A 42 Bale 4112
32
45
Gen 44s series E_ _May 1989 J J 6512 6712 6512 Feb'32
36
45
5812 70
0 6014 Sale 6014
Yokohama (City) eat' 68_1961 J
56
75
Gen 434s series F-_May 1989 J .1 6912 Sale 68
613
4 24
6913 26
59
73
Chic Milw St P & Pao 55
1975 F A 3914 Sale 3713
42
3012
393 473
4
Railroad
Cony ad) 58
Jan 1 2000 A 0 1012 Sale 10
1114 798
7
1134
Ala Gt Sou 1st cons A 58____1943 J O 70
Chic & No West gen g 330_1987 M N 61
9614 105 Sept'31
85
5614 Jan'32
56
58
1st cons 45 set B
-ii- 'Ffr
Registered
78
78
78
1943 J O 70
7913 Mar'31
Alb & Susq 1st guar 3325_1946 AO
674 7014
7014 Feb'32
5812 85 60
General 45
6214
-66- 16Alleg & West 1st g gu 45.- 1998 A0 704 ____ 71 Feb'32
71
71
Stpd 4s non-p Fed Inc tax 98 Q N 57
1 87 M rIF
6812 69 Jan'32
69
70
Alleg Val gen guar g
MS 8014 90 87 Jan'32
87 8718
Gen 434s stpd Fed Inc tax-1987 MN
85
Oct'31
Ann Arbor tat g 45_ __July 1995 Q J 25
1914 26
Gen 5s stpd Fed Inc tax-1987 M N 67 Sale 67
30
25 Feb'32
67
1 -67- 83
7
Atch Top & S Fe
-Gen g 45_1995 AO 86 Sale 843
8114 88
Sinking fund deb 56
211
4
86
1933 M N
7612
7612
2
62
80
AO
Registered
M N
813 8513
4
2
Registered
72 Feb'32
824
8212
60
75
Adjustment gold 45__July 1995 Nov 7612 9712 7614
75
8412
15
1
-year secured g 845 - _J936 M S -8612 - 1 80
80
7614
64 4
3 75 87
Stamped
N 7712 Sale 75
4712
47
let ref g 58
-July 1995
35 s74% 385
May 2037 .1 D 4318 49
3
7712
47
57
MN
Registered
4234 Sale 41
1st & ref 445
9412 May'31
423
4 71
3814 48
Cony gold 48 of 1909___1955 J D 8018 90
73
80
1st & ref 4 Sis ser CMa 2 3 : D 43 Sale 41
03
Ma 2 7 1
;°
6
43
79
80
37
37
46
Cony 45 of 1905
74
3112 Sale 293
81
1955 3D 80
4
33 984
957 80
Cony 445 series A
5
80
2512 39
Cony g 48 issue of 1910_1960 J D
7412
74
- - 74 Jan'32
Cony deb 44a
90
93 x Chic R I & P Railway gen 48 19 9 J N 7013 73 6614
71
88
1948 ID 9112 924 9114
92
94 M J
30
41
651g 80
Rocky Mtn Div Sat 0._1965 J
817 82
J J 6318 ____ 71 Nov'31
Registered
82
1
82
Trans
-Con Short L 151 48A958 J
89
89
Refunding gold 48
1934 A 0 644 Sale 6214
744 89 89
Feb'32
6512 417
615 73
4
6612 9012
Cal-Aria 1st & ref 4348 A_1962 M
A 0
Registered
88
907 8612
8
13
87
- - 9614 Apr'31
All Knoxv & Nor 1st g 58_1946 J O 8018 ____ 10312 Feb'31
8
Secured 44a series A
5612 76
1952 M S 553 Sale 5553
46 83
4'
Ati & Chart A L 151445 A 1944 J j 51
44 Sale 42
Oct'31
Cony g 448
46
4 90
327
3012 50
65
1st 30-year 5s series B
--ii --- Ch St1- 15tere0 5a_ _June 15 19 M D 62
i. 8 ;
65
ite,& N 0
81
6112
1944 j
8514 90 865
51
8
6° J N
855
8
3
46
65
7 98 Sept'31
J J
Atlantic City 1st eons 48.....1951
J D 56
95
89 Mar'31
All Coast Line let cone0July'52 MS -7767
7 1
6
Gold 334s
763
8
78
75
8512 May'31
29 -7 6- -- 1June 15 1931 J D 47
General unified 448
75 Feb'32
75
81)
Memphis Div let g 45____1951 J D 50
1964 J D ____ 82
70
59 Feb'32
45l 59
68
64
Ch St L & P 1st cons g 5a____1932 A 0 9913 100
L & N coil gold 411.__ _Oct 1952 MN 83 Sale 601.1
63
31
9914 Feb'32
9914 9
914
Atl & Dan 1st g 48
2934
23
3
1948 J J 3012 32
30
3014
Registered
A 0
101
Feb'31
2d 46
1948 J J 1913 27
2013 Feb'32
1514 30
Chic T H & So East 1st 68_ __1960 J D 40 Sale 34
40
14
34 16'
All & Yad 1st guar 48
60 64 Sept'31
1949 AO 27
Inc gu 58
3
Dec 1 1960 M 8 317 Sale 30
32
7
28
37
Austin & NW 1st gu g 58_1941.5,
10012 104 Mar'31
Chic Un Sta'n lst gu 448 A_1963 J 1 883 90 89
4
89
2
8612 94
1st 53 series Et
1963 J 1 9913 Sale 9812
9912 15
9718 10012
Salt & Ohio 151 g 48__July 1948 A0 813 Sale 7912
8
77
8138 84
83
Guaranteed g 5e
95 Sale 95
9578
6
947 9814
3
Registered
July 1948 Q J
9212 Aug'31
let guar 84s series C
3
4
1964j D 1073 1073 107
9 3 JJ
4
10712 13 108 109
20
-year cony 41.0
1933 MS 84 Sale 8134
8412 123
71
853 Chic & West Ind con 48
4
1952.5 ..I 6613 72 6313
67
16
6314 70
Refund & gen 66 Belies A_1996 J O 6618 Sale 6213
59
6618 50
7012
1st ref 534s series A
7914 Sale 76
7914 30
68
873
4
J O
Registered
80
_
Oct'31
Choc Okla & Gulf cons 55-19 2 M N 6014 80 80 Dec'31
195 M S
62
1st gold 55
July 1948 AO 9018 Sale 8812
9012 60 -8872. 2 CM II & D 2d gold 448
9411937.5 J 90 __ 95 Dec'31
Ref & gen 65 series C____1995 J O 76 Sale 7112
65
7614 40
7812 C I St L & C 1st g 48...Aug 2 1936 Q F 85
9812 91
95
11 -6iPLE&W Va Sys ref 48_1941 MN 74
76
747
3
69
79
75
5
85
Registered
Aug 2 1936 Q F
Jan'32
85
86
Southw Div 1st 58
1950 J J 763 Sale 75
4
70
77
805 Cln Lab & Nor let con gu 45_1942 M N 7414
8
39
- 75
Jan'32
75
76
Tol & Cm Div 1st ref 48 A_1959 J J 59 Sale 59
59
60
5
62
Cin Union Term let4 Me-- _2020 J J 8714 10214 947
8
9478
2
85
94%
MS 67 Sale 6213
Ref & gen 56 series D__2000
59
6912
83
67
1st m 58 series B
9714 45
96 Sale 95
98
95
Cony 44s
4
1960 FA 533 Sale 52
4212 69
5512 621
Clearfield & Mab 1st gu 0_294° j j 71
80 9814 Apr'31
1° 3 ..1 J
2
' 78 10112 88
3
Bangor & Aroostook let 55_1943
Jan'32
81
88
Cleve Cin Ch & St L gen 45 1993 J D 71
80
71
75
100 - - 77
65
Con ref 48
1951 J
6218 64 64
64
6
60
65
95 97 Nov'31
General 58 series B
6 .11 j
9
19 3 j D
Battle Crk & Slur let gu 38_1989 J O
70 61 Feb'31
____ 98 95 Feb'32
Ref & impt 6s ser C
95
99
Beech Creek 1st gu g 4a
1936 J
---- 9214 91
Jan'32
-61- IC
7912 Sale 7913
Ref & Impt 5.5 ser D
7912 - I
68
794
2d rfaar 68
1936 J J
100 Jan'30
Ref & Inlet 446 ser E
71 -1 J
4
19 7 .1 j 68 Sale 65
6834 133
82
7114
Beech Crk ext 1st g 34 -19 AO 5514 ____ 88 Mar'31
8
Cairo Div 1st gold 45
75
J J 75 Sale 75
51
1939
1
75
7618
Belvidere Del corm gu 345_1943 J J
CM W & M Div 1st g 48-1991 J J 61
75
70 Jan'32
65
70
Big Bandy 1st 4e guar
4
8531
1944 J D 853 -_-- ------Jan'32
-834 - 166 1
St L Div 1st cell It g 45-1990 M N 68
70 68 Feb'32
85
68
Boston & Maine 1st 58 A CA967 MS 74 Sale 72
75
71
6712 75
____ 75 Dec'31
Spr & Col Div 1st g 4s
1940 M S 71
Sat M 58 seriee 2
3
1955 MN 734 9610 737
7414
4
694 75
973 July'30
1940J .1 6013 96
4
W W Val Div Mt g 48
lstg434sserJJ
1961 AO 70 Sale 6718
70
6518 70
27
Boston & N Y Air Line 1st 481955 FA 5213 61
GO
60
5112 80
C C C I gen cone es 66-_1934 J .1 ---- 102
&
2
94 Jan'32 _ _
94
94
Bruns & West 181 gu e 45
88
Oct'31
Clev Lor & W con let g to__ _1933 A 0 94
98
-19315 J J
97
Jan'32 _ _ _ _
97
97
Buff Roch & Pitts gen g 56
_ 73
Clevel & Mahon Val g 5s
1938 J J 84 _12_8 191 Sept'31
7
8
._ 0
-1937 58 S -6164 1-66- 894 Jan'32
8
MN 67 Sale 534
Consol 4348
1957
57
4(
7 -. 4 CIA Mar 1st gu g 448
1- 1f
1935 M N --------9913 Oct'31
10
9614 90 Nov'31
Burl C K & Noe 1st& coil 56_1934 AO 70
-___ ---- Cleve & P gen KU 4;0 ear B_1942 A 0
Series B 3Sis
1942 A 0 7814 -_-_ 97 Mar'29 _--_-_:
Canada Sou ciOns gu 65 A1962 AO 8112 Sale 8112
77
86
Series A 446
8112
1942.5 J 84 ____ 10114 Nov'30
2
Canadian Nat 44s_Sept 15 1954 MS 768 Sale 7618
7258 7718
Series C 348
7718 15
1948 MN --------8014 Dec'31
7318 7734
J J 773 Sale 7538
8
30
-year gold 448
1957
773
4 82
Series D 330
1950 A F ---- ---- 864 Apr'30
Gold 434e
767
723 767
4
Gen 448 set A
52
1968 J O 764 Sale 74
1977 F A 85 __
101 12 Aug'31
80
8312 Cleve Shot Line 1st gu 445_1961 A 0 78
Guaranteed g 58_-....July 1969 J J 83 Sale 8134
8318 20
8714 84 Jan'32
8214 If8018 c83/2 Cleve Union Term let 5;0_1972 A 0 _95 Sale 933
Guaranteed g be
8314 67
Oct 1969 AO 827 Sale 8118
....
8
95
18
93 10312
8
8233 Feb'32 _
81
82%
lst s f 58 series B
Guaranteed g 56
1970 FA 773 78
1973 A 0 ---- 90 88
90
4
88
93
J D 8014 Sale 7918
1st a f guar 430 series C....1977
75
81/14
Guar gold 4 Ns_June 15 1955
80 4 13
,
80
80
8412
7710 Coal River Ry 1st gu 48
Guar g 448
73
7712 57
1945 J D 85 ____
1956 FA 7712 Sale 7514
8812 8812
92
9712 Colo & South ref & ext 430_1935 M N 93 Sale 657
8
9712 40
Canadian North deb 81 76...1940 J D 973 Salo 9512
8 12
8
90
73
35
1
8414 93
9612 Sale 9510
915 97
8
Genl m 434s ear A
25
-year at deb 848
967
6
1946 J
13
19 0 M o 61 ._11_ 75 Deem
48 A N 7
8
7 2
.
62
70
90
Col & H V let ext g 48
83
90
16
10-yr gold 4 14s __Feb 15 1935 FL 90 Sale 8812
__
6112 96
575 633 Col & Tol let ext 45
8
4
4
Canadian Pae Ry 4% deb stock-- J J 61 Sale 3573
65
7414 Conn A Possum Rly let 48_19 3 F O °7118 ---- 911 j e:3
8
74
16
Coll tr 448
0
1946 MS 74 Sale s707
194S A A 6 2 ____ 0 Dee 30 -_-__-:
5
6
un 1
7714 85
7
8312
Consol Ry non -cony deb 4a_ _1955 j J 5212 69
835 90 s83
8
5o equip tr offs
1944
9 4 .1
5
5
2 50 57,4 Dec'31_
0 Jan'32
5 4
-86- IC
23
771
70 4 77%
3
Coll tr e 54
Non-cony deb 45
Dec 1 1954 JO 7778 Sale 73
50
57/4
72
17
64
75
Non-cony deb 0
Collateral trust 445
1960 JJ 7112 Sale 7012
1955 A 0 524
44 Dec'31
9338 Oct'30
Non-cony deb 45
Carbondale & Shaw 1/4t g 0_1932 MS
1956 J J 5212 6614 45
_ WI- Ii- Cuba Nor Ry lat 5Sill
21
Feb'32
J 2014 39
Caro Cent 1st cons g 48- _1949
1942 .1 D 20 Sale 1812
20
15
18 1686
1
86 86
Caro Clinch & 01st 30-yr 58-1938 JD 86 Sale 86
Cuba RR 1st 50
8
12 6
-year Si g
.1
7
1952 J 0 3554 ae 3
9
,6
3 .....
8
5
1
3012 45
87 855
8
88
2
85
94
1st & con g Si set A_Dee 15'52 JO 80
1st ref 734s series A
Sale
35% 40
Oct'31
80
Cart & Ad 1st gu 4
Ist lien & ref 68 ser B
1981 JO
8
1936.1 D 35' 40 38
Jan'31
36
45 80 Jan'32
38
80
38
80
Cent Branch U P 1st g 4,. 1948
6814 72
70
70
1
Del & Hudson let dt ref 48-1943 MN 85 Sale 8213
Central of Ga 1st g 58__Nov 1945 FA 6712 80
85
67
7634 85
44
44
4814 23
55
Consol gold 58
30
1945 IN 4612 48
-year cony 58
1935 A 0 883 100 91
4
Feb'32
8212 91
38
357
2512 41
36
5
15
Ref & gen 548 series B_1959 AO 34
-year 534s
1937 MN 91 Sale 91
91
2
93
89
32
34
2512 38
D RR & Bridge 1st gu 94
Ref & gen 58 series C
1959 AO 32 Sale 31
4
e-1936 J A 893
90
Oct'31
75 75 Sept'31
Chatt Div our money g 48_1951 JD 40
Den & R 0 let cons g 48
1936 J J 66 Sale 62
66
35
69
53
_ 7914 9314 June'31
Mac & Nor Div 1st e 58_1948 JJ
---Consol gold 4348
1936 .1 J 67 Sale 36313
56
67
16
70
10112 10212 Nov'30 _- ---Mid Oa & Atl Div pur m 58'47 JJ
Den & KG West gen 58 Aug 1955 F A 31 Sale
293
4
.33
38
84
25
50
75
95 Sept'31
Mobile Div 18t g 58
1946
Ref & (mist Is set 5_-_Apr 1978 A 0 4112 Sale 4112
4412 13
36
49 4
3
.1 61
Cent New Eng 1st gu 48_1961
65
64%
6514
3
82 - 1- Des M & Ft D 1st gu 46
664
1935 .5.1
2
8 30 Sept'31
454 4514 Feb'32 _ _
Cent RR & Bkg of Ga coil 581937 MN 35
45
50
Certificates of deposit
J J
2
4
3 Dec'31
9014
Central of NJ gen gold 1511._ _1987 .1 J 9014 92
92
8
90
98
Des Plaines Val 1st gen 448.1917
•S 25
99 Nov'30
Registered
Jan'32
1987 Q J 8418 88 92
9014 c94
Del & Mac 1st lien g 40
1965 J D 30
40 35 Apr'31
76
9712 97
General 45
76
1987 .7
11
76
76
Gold 4e
1995 J D 25
38 Dee'30
Cent Pac 1st ref gu g 4sL.-1949 P A 7813 sale 75l4
7812 57
81% Detroit River Tunnel 434s_.1961 MN 78
76
84
"go" 16FA 7113 8113 9614 July'31 _
Registered
Dui Missabe & Nor gen 55 1941 J .1 98 _ _ _ 80 Feb'32
90
7712 Feb'32 _
Through Short L tat eu 48 1954 AO 60
F2 7713 Dul & Iron Range let 5s_ _ _1937 A 0 97% 9812 1045 Nov'31
965 97
963 Feb'32
4
723
8
1960 P A 7314 76
75
30
Guaranteed g 58
66
7812 Dal Sou Shore & Atl g 56 _1937 J J --__ 37
39% Dec'31
Charleston & Say% 1st 76...1936 .1 J 95 ____ Ill June'31
_
East Ry Minn Nor Div let0'48 A0 75
80 973 July'31
4
4
10014 109 -66 166 East T Va & Ga Div
1939 MN 993 Sale 9914
Chas & Ohio 1st con g 55
1st 58_1958 MN 82 Sale 80
12 -io" 14 2
82
- 10314 Nov'31
MN
Registered
_
Elgin Joliet & East 1st g 56._1941 MN 8514 86
4.
843 8612
8512 Feb'32
8
9014 13
1992 MS 88 Sale 875
87
General gold 448
9318 El Paso & S W Ist 5s
1965 A 0 ____ 9212 98 Sept'31
-- - _
MS 8018 83 80 Dec'31
Registered
Erie 1st cony g 4.13 prior
4
5
64 - 11996 J J 7214 Sale 714
7214 56
84
82
82
9
1993 AO 81
77
84
Ref & impt 448
6612 6612
Registered
2
1996
6612
6612
8212 26
7512 83
Ref & Impt 448 ser B__ _ _1995 j j 82 Salo 8131
let cense] gen lien g 4s
5914
47
1996• J 5815 5913 57
5914 68
____ 9912 993
4
993
4
2
993 993
4
Craig Valley 1st 68._May 1940 j
4
4812 4812
Registered
5412 30
1996 J J 54 Sale 54
945 Aug'31
8
87
_
9912 9912
Potts Creek Branch let 48_1946 j J
Penn coil trust gold 4s_
9912 Feb'32
1951 F A 9912 101
80 80
80
1 ;i6R & A Div let con g 45_1989'.1 75
5112
38
50-year cony 48 series A. 1953 A0 41
45
46 Feb'32
80 Nov'31
37
4812
2d eonsol gold 45
1989 J J 5112 86
6
Series B
44
4412 44
1953 A 0 41
4
_
_ 100 1043 Mar'31
Warm Spring V 1st g 58_ _1941 MS
Gen cony 45 series0
6713 Aug'31
68
1953 A 0 41
.11Cheeap Corp5s-See under Indus is
35 16 4
205
Ret&impt53
46
4513 Sale 4234
1987 M N
46
44
3,5
4612
49
7
40
Chic & Alton 11R ref g 343_1949 AO 44
471x
326
Ref & !mat 5.5 of 1930_ _1975 A 0 4514 Sale 423
48
4
93
40
464 42 Feb'32
40
90
_
Ctt dep stud Apr 1 1931 int-4712
Erie & Jersey 1st s f 6s
92
90 Feb'32
1955 J .1 79
7934 Dec'31
4
753 8
4 6
Railway first lien 345_ _ _ _1950 Ji
86
83
Genessee River 1st a f 65_ .1957.5
8113 95
C Cash sale
Deferred delivery
Ask
Sale
28
Sale
397
Sale
Sale
Sale
Low
40
28
993
s
37
844
1017
38
----
----
N'12 TA:::
4
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 19.
FF'rridicealfWeek':
Range or
Lass Sale.
Feb. 19.
•
cc 42
Range
Since
Jan. I.
Bid
Ask Low
High No, Low
High
Erie & Pitts gu g 3145 e'er 11_1940 J J
83 Jan'32
83
83
1940 J J
Series C 3348
9518 July'31
35
4212
4
50
37
Fla Cent & Pen 1st cons g 58 '43 J
37
30
Florida East Coast lot 410_1959 J D 44
5512 50 Feb'32
444 50
1974 M
(3
512 712 512
lot & ref 55 series A
2
4
712
Certificates of deposit......
5
712 5 Feb'32
5
612
1.
1
1012
Fonda Johns & Glov 1st 434s 1952 -- 10 Sale 10
4
10
12
Fort St U I) Co 181 g 4148_1941 1 J
96
Oct'31
9613 97 Dee'31
Ft w & Den C 1st g 530_1061 J D
Frem Elk & Alo Val 1st 6s._1933 AO
100 Nov'31
Galv Hous & Fiend 1st 55_1933 AO
9512 July'31
2
Ga & Ala Ry 151 cons bs Oct 1945 J J 15 Sale 15
15
Ga Caro & Nor 1st Cu g Is '29
Extended at 8% to July 1.1934 .1 1 8714 9812 45 Nov'31
1946 AO
Georgia Midland 1st 3s
61
73 Jan'31
13 5534 ____ 100 Jan'31
Gouv & Oswegatchle 1st 5s._1942
95 100 Sept'31
Grit & I ext 1st gu g 4345._1941 .1.1 89
9712 Sale 95
Grand Trunk of Can deb 75_1940 A
9712 73 -Hi WI;
s
1936 Al
15-years f es
943 Sale
4
9434 36
914
8712 9434
1947 J D 20
Grays Point Term let 55
96 Nov'30
Northern gen 7s ser A_1936 J J 94 Sale 9012
Great
94
168 -612 985
.
4
Registered
J J
9712 Oct'31
1st & ref 4 Ma series A____1961 .1.1 8353 Sale 835
7
8
837
8
79
85
General 510 series 13____1952 ii 78's 84
12
75
79
73
85
General 5s series C
1973'.1 78 Sale 7412
3
78
71% 78
General 43-48 series D
1976.1, 69
70 6718
19
69
6514 7314
1977• J 6818 79
General 4148 series E
67%
693
8 15
7314
64
Green Bay & West deb Mrs A___ Feb
Debentures ctfs B
Feb
Greenbrier Ry 1st gu 45____1940 M N
Gulf Mob & Nor let 510_1950 A 0
1950 A 0
lot M bs series C
Gulf & S I lot ref & ter bs_Feb '52 .1 .1
Hocking val 1st cons g 410.1999 J
Registered
1999 J
Housatonic Ry eons g 5s
1937 M N
1937 J .1
H & T C 1st g ba Int guar
Houston Belt & Term 1st 55_1937 J .1
Houston E & W Tex 1st g 55_1933 M N
1st guar 58 redeemable...1933 M N
Bud & Manhat 1st 58 ser A_1957 F A
Adjustment income 58 Feb 1957 A 0
20
54
7118
47
453
4514
853
4
65 6712 Apr'31
712 5
Jan'32
9614 953 Mar'31
8
5112 4614 Feb'32
52
50 Feb'32
52
25 Feb'32
Sale 8512
853
4
- 10012 Apr'31
80
81
8012 Jan'32
7512 100
75 Dec'31
873 100 Sept'31
---- 943 Jan'32
4
55- 9734 100 Nov'31
8434 Sale 8112
843
4
587 Sale 58
8
693
4
4
BONDS
N. Y, STOCK EXCHANGE.
Week Ended Feb. 19.
Mex Internet 1st 48 asst.:1-1977 M 5
Mich Cent
-Mich Air L 4s__1940 .1 J
Jack Lana & Sag 3148----1951 Al 5
1st gold 3345
Ref & Inapt 414s ser C
1979 JJ
52 R.' N
Mid of N .1 1st ext 58
1910 A 0
Mil& Nor 1st ext 4 Ms(1880)1934 .1 13
Cons ext 410 (1884)...A934 .1 D
Me Spar & N %V 1st gu 48_1947 M S
Mllw & State Line 1st 3148_1941 J J
Minn A-. St Louis lot cone 58_1934 Al N
Ctts of deposit
1934 M N
151 & refunding gold 48_1949 M S
Ref & ext 50-yr 53 ser A
1962 Q F
Q F
Certificates of deposit
NI St P & SS Al con g 4s lilt gu '38.1 .1
1st cons bs
1938 J .1
lot cons bs gu as to lot
1938 J .1
let & ref 68 series A
1916 J .1
25-year 514s
1949 191 S
1st ref 510 ser B
1978 J J
lst Chictugo Term a f 48-1941 MN
MiselssIPP1 Central let 58_1949 J
Mo-Ill RR 1st 5s ser A
1959.1 J
Mo Kan & Tex 1st gold 4s_1990 J D
Mo-K-T RR pr lien Sneer A.1962 J J
40-year 45 series B
1962 .1 .1
1978
Prior lien 4 Ms ser 13
J
5
5
Cum adjust 53 ser A_Jan 1967 A 0
Alo Pee 1st & ref be ser A
1965 F A
-45- 16General 45
1975 M S
39
50
1st & ref Is series F
1977 M S
25
30
let & ref g 5s ear
1978 M N
8612
80
Cony gold 514
y
1949 M N
1st ref g 55 series H
1980 A 0
79
8012
1981F A
lst&ref5aserl
1345
Price
Friday
Feb. 19,
1Peek'e
Range or
Last Sale.
.
Bid
Ask Low
High No.
____ ____
24 Dec'31
7083 _--- 98 Aug'31
5512 ____ 79 May'26
75
5
..7 - ---- 9
_-5 93
08
75
Oct'31
36
678 72 Sept'31
75
Jan'32
____ 767 90 Sept'31
8
55
6912 28 Nov'31
____ __ 90Apr'28
253 73
4 253 Feb'32
13
7% 6 Feb'32
112 212 112 Feb'32
77
____
8 Jan'32
41 De43 __3_
8
c'31
_9
414 Sale
30
377 34
8
59
7
3714 39
50
50
2
2212 29
21
Jan'32 _.-_
20
21
20 Feb'32 ___
58 Sale 57
58
10
7812 _-__ 9553 Dee'30 _.__
72
40
72
78
6.53
4
6514
59
7
56
37
56
56
42%
5614
5614
85
44
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
76
Jan'32
40
40
6
71.
14
72
6
77
78
84
653
4
66
4
64
6712 41
5414
59
69
55
5734 39
37
39
235
544
5612 341
541.2
565
8 85
437 1135
4034
54
5612 95
5318
57
207
Range
Since
Jan. 1.
Low
Hiek
___ ___
-__ ___
- - /7E
/
-. 8- 7
71_--- ____ _---2 - 3
-i8 2 -8
6
6
112 212
8
8
-ag- 350 --32
4312
21
20
45
___
39
6114
2212
20
68
____
76
33
7114
62
5212
5512
39%
48
3014
46
453
4
30
46
46
80
42
80
78
6718
68
60
6312
4112
60
60
46
60
60
Mo Pao 3d 7s ext at 4% July 1938 M N 51
79
9312 Aug'31
943 945 Mob & Bir prior lien g 58
4
4
1945'2
95 Aug'31
Small
11 .1
97 Sept'31
89 -go- 161st NI gold 48
1945 J
69 Nov'31
92
63
Small
60
S
J
81 July'31
Mobile & Ohio gen gold 45..1938 M
12 80 May'31
-Illinois Central 1st gold 4s-_1951 1 J
- 8212 Feb'32
80 /88
Montgomery Div let g 58_1947 F A ____ 747 9512 Sept'31
1st gold 314s
1951 .1 J 81-- - 70 Dec'31
5012 80
197751 S 17 Sale 17
Ref & Impt 414e
76 -iEis - 120
51 2
Registered
.1 J
8614 June'31
Sec 5% notes
1938 M S 197 Sale 18%
8
2378 60
15
28
Extended 1st gold-3148_1951 A 0 40 ___ 855 July'31
Mob & Mal 1st gu gold 42-1991 M S 70
753 72 Feb'32
72
76%
1st gold 35 sterling
1951 NI S
73 Mar'30
Mont C 1st gu 68
1937 J
____ 963 10114 Nov'31
Collateral trust gold 48_1952 A 0 5112 Sale 4518
5112 30
4518 67
1st guar gold ba
1937
____ 92
90 Jan'32
90 90
1st refunding 45
1955 M N 50 Sale 44
50
49
42
56
Morris & Essex 1st ICU 334/3_2000 J D 56
7214
7214 71
69
7318
Purchased lines 334s
1952.1 J 51
844 July'31
Constr M 55 ser A
1955 M N
86
86
86 86
Collateral trust gold 48.....1953 M N 4512 Sale 42
4512 12
39
52%
Constr M 434s ser 13
1955 Al N 784 Sale 72
79
16
70
79
Refunding bs
1955 M N 57 Sale 55
57
17
46
57
15
-year secured 6348 g
1936 J J 62
79
79 Feb'32
5912 8234 Nash Chatt & St L 4s see A__1978 F A 56
73
5412 Dec'31
40-year 4145
Aug 1 1966 F A 4212 Bale 4212
44
115
34
52
N. Fla & 8 1 t gu g 5
,
1937 F A 88 _-- 99 Dec'31
--_Cairo Bridge gold 48
1950 .1 D 55 ____ 79 Sept'31
Nat Ry of Mex pr lien 4 MIL-1957 J
-- --__ 18 July'28 ___ _-__
Litchfield Div 1st gold 38_1951 .1 J
_
70 Sept'31
July 1914 coupon on
J
---- -__- 183 July'28
4
Louis,/ Div & Term g 314a 1953 J .1 40-- - 70 Sept'31
40
63
Assent cash war ret No. 4 on
1
212 2 Jan'32
Omaha Div 1st gold 3s_ _ A951 F A
- 65
Oct'31
Guar 45 Apr'14 coupon_ _1977;
---- ---- 123 July'31
4
St Louis Div & Term g 38_1951 J J 31 /9 - 724 Sept'31
Assent cash war ret No. 5ou1 _--_
12
128 128
153 Jan'32
Gold 33-4s
1911.1 .8 31
80 57
Jan'32
-51 if" Nat RR Alex pr lien 434s Oct '26 i--i ____ ____ 3512 July'28
Springfield Div 1st g 3148_1951 .1 .1 50
85 85 Sept'31
Assent cash war ret No. 4 on
154 2
2 Feb'32
--i- 212
Western lines 1st g 4s
1951 F A 40
85 60 Dec'31
---1st consol 48
1951 A- - --------22 Apr'28
.15
Registered
F A
80 9012 July'31 ___ ---Assent cash war ret No.4 on _ _
1
17
1
Jan'32
III Cent and ('Mc St L & N 0
Naugatuck RR 1st g 4s.......1954 M N 5718 85 66 Dec'31 ____
Joint 1st ref Is aeries A___1963 J D 4614 Sale 44
48
61
40
54
New England RR cons 58_1945 J J 7018 __-- 100 Sept'31
---1st & ref 4 Ms aeries C____1963 J D 4212 Sale 41
44
52
35
52
Consol guar 4s
1945 J .1 603 75
8
90 Sept'31
---Ind Bloom & West latest 45.1940 A 0 75
94 80 Dec'31
NJ June RR guar 1st 48...„1986 F A ---- ---_ 92 Nov'30
1950.1 .1 78
Ind III & Iowa hug 48
84% 9114 Sept'31
NO & NE 1st ref & Inlet 4345 A'52 .1 J 35
37
567 Jan'32
8
567 567
s
Ind & Louisville 1st Cu 48_1956 .1 .1 34
45
38 Dec'31
New Orleans Term 1st 4s
1953 J .1 60
65
65
65
6
85
60
Ind Union By gen 5s ser A 1965 .1 .1 85
95
08 Nov'31
N 0 Tex & Mex n-c 11 c 5n 1935 A 0
60
397 Jan'32
8
35
39%
Gen & ref bs aeries B
1965 .1 J --------10318 Oct'31
1st bei series B
1954 A 0 34
357 3378
8
3514 17
2812 41
lot & Get Nor 1st 65 ser A._1952 J J 51 gale 50
12
72
4313 60
1st bs series C
1956 F A 32
38
36 Feb'32 ____
33
Adjustment 65 tier A_July 1952 A 0 185 20
39%
8
1834
20
13
15
30
1st 43.63 aeries 13
1956 F A 32 Sale 31
32
41
29
1st 59 series II
44
12
1956 J .1 41 Sale 41
43
8
32
50
1st 5163 series A
1954 A 0 40 Sale 397
413
4 43
443
3012 45
1st g bs series C
1956 J 1 41 Sale 41
25
3612 4812 N & C Bdge gen guar 4145_1945 J .1 81
89
Feb'32
80
lot Rys Cent Amer let 58_1972 M N 3712 40
3914
8212
38
5 314 64 N Y13&M B 1st cong 58_193.5 A 0
99
984242
-_-_-_-_
9412 9412
1st coll tr 6% notes
1941 M N 4014 43
41
41
2
3812 5014
1st lien & ref 6 Ms
1947 F A 2212 3612 225
8
26
2
2114 26
N Y Cent RR cony deb 68
1935 M N 89 Sale 8712
8983 25
83
92
1938 .1 D
34 514 514
Iowa Central 1st gold 58
1
514
3
514
Consul 45 series A
1998 F A 7312 Sale 7214
7414 33
624 734
J1 D
22
7
312
313
Certifleates of deposit
311 312
Ref & leapt 414s series A 2013 A 0 69 Sale 67
69
33
64% 714
1st .S4 ref g 45
1951 131 9 ---2 8 114 Dec'31
3
When Issued
6912 sale 66
6912 132
6412 72
Ref & impt Is series C____2013 A 0 74 Sale 72
74
72
69% 784
James Frank & Clear lst 45..1959 J D
88
94% Aug'31
NY Cent & Bud Rh M 3148 1997 J .1 723 Sale 37112
,
8
737
25
70% 7378
Kal A & G R 1st gu g 58_1938 J .1
_--- 103 May'31
Registered
1997 .1 J 653 ---- 7012 Oct'31
8
Kan & 54 1st gu g48
1990 A 0 51
9214 83 Sept'31
Debenture gold 48
1934 NI N 90 Sale 87
2914 39
845 0214
K C Ft S & 54 Ry ref g 4s
1936 A 0 62 Sale 61
43 "Eai, 70
62
39-year debenture 48
1942 J J _ _ _ _ 8I% 82 Feb'32
78
82
Kan City Sou 181 gold 313_1950 A 0 59 Sale 58
61
28
58
58 70
Lake Shore coil gold 3343_1998 F A 70 Sale 697
8
725
8 17
6512 7212
Ref & impt Is
Apr 1950 .1 .1 674 6812 6614
6812 21 s6114 7118
Registered
1998 F A 58
69
72 Nov'31
Kansas City Term 1st 45...1961 .1 .1 8312 Sale 880
8312 73
80
8714
Mich Cent coil gold 334s 1998 F A ___ 7014 67
67
2 67
67
Keritucky Central gold 4s_ _1987 J .1 6014 827 827 Nov'31
8
8
RegIstered
1998 F A -___ 8412 8212 Mar'31
Kentucky & Ind Term 430_1961 J J
84 Aug'31
N Y Chic & St L 1st g 4s.
,1937 A 0 74 Sale 737
74
5
71
82
Stamped
1961 1 .1 30
92 8914 July'31 - Registered
1937 A 0 -___ --_- 8314 Mar'30
Plain
1961 .1 J
89 Apr'30
6% gold notes
1932 A 0 52 Sale 51
5412 435
221s 57
Refunding 534s series A 1974 A 0 3912 Sale 383
398
4 45
2412 41%
Lake Erie & West 1st g 58..1937 .1 J 75 Sale 75
7514 10
Ref 414s series C
1978 Al 5 3412 Sale 34
353 258
4
19
36
'2d gold be
1941 J .1
75 Dec'31
NY Connect hut gu 4148 A.1953 F A 85 Sale 85
85
8
79% 85
Lake Sh & Mich So g 310-1997 1 D 72
76
72
73
5
1st guar 58 series
91
Jan'32
91
91
Reglstered
1997 .1 D 65
75
72 Nov'31
N Y & Erie 1st ext gold 48..1943F N 7812 ___ 81 Dec'31 ____
139 7 M A
1 5
Leh Val Harbor Term Cu 55_1954 F A 8512 95
90
Jan'32
3d ext gold 43.4s1933 M S
,
100 Sept'31
I.eh Val N Y 1st gu g 4145..1940 .1 .1 6412 80
91 Nov'31
Lehigh Val (Pa) cons g 4s 2003 M N 5618 Sale 564
567
8
-.life Ili- N Y & Greenw L gu g 68 19461M N 40 7512 8834 Nov'31
Registered
M N
64 Nov'31
N Y & Ilarlem gold 3148
2000 M N 71
77
76 Feb'32
72 ftfGeneral cons 434s
2003 M N 60 Sale 60
60
1
48 ifi5; Al Y Lack & W ref 414s B
1973 M N ____ ____ 75 Feb'32 ____
75 75
Gen cons bs
2003 M N 62% 65 64
64
2
6414 N Y & Jersey 1st 63
61
1932 F A _-_- ____ 100 Dec'31
Leh V Term Ry 1st gug bs_ _11)4 I A 0 85 100 85 Dec'31
N Y & Long Branch gen 4a 1941 Al 5 52
__ 8412 Dec'31
Lehigh & N Y 1st gu g 49_._1945 M 5
9514 Aug'31 ____
N a & N E Bost Term 45._ A939 A 0 80___ 9512 July'29
,
Lex & East 1st 50-yr 5s Cu 1965 A 0 7911 Sale 7912
7912
1 - 574 7913 NY N II & 11 n-c deb 4a_ _ _ _1947M 9 6114 69
63 Feb'32
61f56 Little Miami gen 48 series A..1962 M N
9112 May'31
Non-cony debenture 3148_1917 PA s 543 62
4
48 Dec'31
53
53
Long Dock consol g 68
1935 A 0 98 Sale 98
98
1
98 for
Non-cony debenture 3148_1954 A 0 544 74% 5614 Feb'32 ____
5614
55
Long island
Non-cony debenture 48.__1955 J .1 57
70
63
Jan'32
General gold 45
1938.1 13 85
60
85
90 85 Jan'32 ____
8214 85
Non-cony debenture 48
1956 al N 6118 63 634
6312
5
Gold 48
6434
1932 .1 D 98
58
98
08
1
98
98
Cone debenture 3148_1956 .1 .1 5212 5812 55
Jan'32
Unified gold 45
1949 1V1 S 73
51% 55
87
7014 Feb'32 ____
7014 7514
Cony debenture 65
1948 .1 7 9212 Sale 8812
9212 60
1934 .1 D 8678 9212 92
Debenture geld be
8712 95
92
2
90
92
Registered
.1 J ____ ____ 10012 Nov'31
1937 IM N 7512 85
20-year p m deb ba
7512
7512
1
7512 80
Collateral trust 65
1940 A 0 89 100
89
91
9 -i5T4 91
Guar ref gold 48
1949 M S 7534 7912 74
75
5
73
7512
Debenture 45
1957 M N 554 56
527
56
24
Nor Sh 11151 con gu 68 Oct '32 111 J 99 Sale 99
48
57 4
,
99
1
99
9912
1st & ref 414s ser of 1927_.1967J 0 71 Sale 69
Louisiana & Ark 1st Is ser A.1969 .1 .1 483 Sale 46
714 66
6612 77
4
50
165
38% 50
Harlem R.& Pt Ches 1st 4s 1954 PA N 733 8212 79 Dec'31
8
Louis & Jeff lidge Co gd g 07_1915 M 13
75 Feb'32
73
75
& Nashville 58_1937 M N 90
Louisville
973 90 Dec'31
4
NY O& W ret g 4s June___1992
4518 Sale 454
4812 14
Unified gold 48
1940.1 J 8312 857 7812
38% 51
8
84
47
79
85
General 45
437 413
41
42
40
66
2
Registered
J 1 ____ ____ 8212 Jan'32 ____
81
8212 NY Providence & Boston 4e1942 -I D
195 AO
5
96 Mar'31
1st refund 5145 series A..._2003 A 0 80 Sale 76
80
16
733 8012 N Y & Putnam lot con Cu 46_1933 A 0
4
Jan'32
/i18
2003 A 0 73
80
73
1st & ref 5s series B
75
5
71% 75
N Y Suse & West 1st ref 58..1937 J J -5E"
351. 54
40
77%
--5
0
2003 A 0 6518 70 64 Feb'32
1st & ref 4 Ms series C
64
71
2d gold 43
-is
1937 F A
70
75 Mar'30
1941 A 0
95 Dec'31
bs Interim rets w I
General gold 58
1940 F A 33
397 3618 Jan'32
8
-5Elfs 395
Paducah & Mem Div 48_1946 F A 7012 8014 7512 Feb'32
7012 /51-2
Terminal 1st gold Ss
1943
N 50
9212
98' 924 Feb'32
92
50
45 Feb'32
45 48
St Louie Div 2(1 gold 3a._1980 M S 48
N Y W Ches &II 1st seri 434s'46 J J 574 Sale 57
62
5812 21
52
81
mob & Monts 1st g 4148_ _1945 M 5
Feb'32
81
81
Nord By ext'l sink fund 634o 1950 A 0 985 Sale 98
993 115
4
8634 10014
Monon 48_1952 J .1 ____ 648 827 Nov'31
South By joint
Norfolk South lot &
58.1961 F A
14
153
77
75 Feb'32
-iiig ff- Norfolk & South 1stref A 5s.1911 1V1 N 14 Sale 6512 Oct'31 16 1112 2012
Atl Knoxv & Cie Div 48_1955 M N 72
gold
14
1712
Nor!& West RR Impt&ext 6s '34 F A 101 Sale 101
102
6 101 102
1934.1
100 Sept'31
5
Mahon Coal RR 1st 58
New River 1st gold 65
7 10114 993
1932 A 0 99
4
993
4
1
99% 093
4
859
51
60
Manila RR (South Lines)46_1939 M N 859 Sale 51
N & W Ry let cons g 48
1996 A 0 86 Sale 84
8612 26 strlIs 9012
62
1959M N
67
Jan'32
52
52
1st ext 4s
Registered
1996 A 0
Jan'32
81
81
81
94 96 Dec'31
Manitoba SW Colonizten bs 1934'.1 13
DWI 1st lien & gen g 48..1944J .1 90 Sale 8912
92
25
87
92
8712 Aug'31
Man G 13 & N W lst 3145_ _194111
Pocab C & C joint 4s...l941J D 87 Sale 87
9052
6
85% 92
Cash sale. 8 Deferred delivery.
New York Bond Record-Continued-Page 4
1346
111:.i
:
BONDS
N.Y. STOCK EXCHANGE. P..
-.a':
Week Ended Feb. 19.
Week's
Range or
Last Sale.
Price
Friday
Feb. 19.
"..,
1.2,..
22(b
Range
Since
Jan. 1.
z
BONDSt'gi
Price
Friday
N. Y. STOCK EXCHANGE
44: Feb. 19.
Week Ended Feb. 19.
.i
. ,r
Week's
Range or
Last Sale.
1.
A
:S
Z
ea,
Range
Since
Jan. 1.
High
Bid
High No. Low
Ask Low
6
2
3
278
2
7
28 Sale
Seaboard All Fla 1st gu 68 A-1935 F A
112 44
2 ___ 412 Feb'32 ---.. .
.
Certificates of deposit - __
212 213
1935 FA
_-8
25 ---- 212 Jan'32 ---_
(*dee B
112 212 25 Oct'31 ---- ---- ---__
8
Certificates of deposit
85 9012 Aug'31 ---- ---- ---Seaboard & Roan let be acid 1931 J 1 35
1936 F A 8112 90 102
El & N Ala cons gu g 541
Oct'30 ---- ---- ---_1963 A 0 60 100 100 Nov'31 ---, ---Gen cone guar 50-yr
71
62 -,.coil)
15
68
71
6614
So Paccoll 4s(Cent Pee56.- k '49'J D 68
4
843
73
42
81
let 4 44s (Oregon Lines) A_1977 M S 81 Sale 80
97
95
97 Feb'32 --92
1934 1 D 90
20 year cony be
1968 M s 67 Sale 6512
3
62
5912 7 4
68
Gold 4 448
74
61
49
4
1969 M N 673 Sale 654
69
Gold 43.18 wtth war
5918 724
6714 183
1981 M N 6714 Sale 6412
Gold 4 448
84
74
4
7712
San Fran Term let 4s..._1950 A 0 7712 Sale 7812
99 99
97
99 Jan'32 --So Par of Cal 1st con gu g 56.1937 51 N 9.5
So Poe Coast let gu g 4s_ _1937 J J 70 -- -- 96 Jan'30 ------------_
2
8 14
76
1955) .1 7714 79
76
,
78 8 94
So Poe RR let ref 48
Reglatered
Stamped (Federal tax).1955 J J --------9212 May'30 -----------83
7
864
79
Southern Ry let cons g 58.-1994 J J 83 Sale 8212
_
-2 1 --------104 July'31
Registered
iii, ii
Devel & gen 48 series A„.1956 A 0 50 Sale 48
5012 iOi
67
48
34
61
1968A 0 59
4
803 604
Devel & gen 68
___
Pacific Coast Co 1st g 56_1948 J D --------23 Dec'31 ____
72
51
644 64
4 ____4
4
8113 90
1956 A 0 6412 Sale 603
Devel & gen 6SO
87
4
Pao RR of Mo 1st ext g 48-1938IF A 87 Sale 863
1996 J 1 ---- 95 93 Nov'31 --__ _..... - Mem Div let g 56
91
85
1938,) J 85 100 85 Feb'32 _
2d extended gold 58
67
60 - -34
1951 J J ---- 85
6314 Feb'32 ____
St Louis Div let g 4s
954
95
.
F'aducah & Ills let 8 f g 4 S45 1955 J 1 ____ 95 9518 Jan'32 .. ..
98
East Tenn reorg lien g be 1938 M S ---- 88 101 Sept'31 -----------91
isi
98
Paris-Lyons-Med RR ext 66_1958 F A 9712 Sale 396
3512 43
6
4114
3
Mob & Ohio roll Cr ie.__ .19314 M 5 4012 43 4 4012
98 102
142
Sinking fund external 7s_ _1958 NI S 102 Sale 310012 102
1911 30
35 30 Jan'32 ____
8
8812 947 Spokane Internal let g 5,6_1956 J 2 26
9318
9
Paris-Orleans RR ext 5 W-19 8 M S 9318 Sale 9214
6
Staten Island By let 4 148.._1943 J 0 --------87 Oct'30 ---- ..--- ---55
41
1
50
65 50
Pennine Ry let & rode f is 1912 M S 55
9514 974 Nov'31 ---- __- ---8
787 Sunbury & Lewiston let 48-19361.1 J
70
Pa 0100 & Pat let & ref 4 kis A'77 A 0 75
75 18 13
7612 75
92
88
4
Pennsylvania RR cons g 414_1943 M N 8718 923 88 Feb'32 ____
8
247 38
33
2
33
42
8713 934 Penn Cent let 69 A or B19471 A 0 35
Con801 gold 48
1948 M N 87
904 92 Feb'32 ____
90 Jan'32 _--884 90
92
4
913 Term Amu 01 41 L Iota 4 348.1939 A 0 82
87
2
4
913
4
45 sterl mptd dollar May 1 1948 M N 87
4
913 913
_ ..
97 100 Nor31 __1944F A 90
95
let cons gold Ss.
90
36
Con8o1 sinking fund 440_19611 V A 933 Sale 92
4
95
ii "fti
a
7114
71
1953 1 J ---- 76
Gen refund 811 45
7818 874
General 4148 eerie, A____1965 J D 7912 Sale 79
4
7912
6312 74
7
74
8412 92% Texarkana & Ft S Imt 5 445 A 1950 F A 74 Sale 71
48
19682 I) 89 Sale 8412
General Is wiles B
89
8
15-year secured 6(4o
977 1024 Tex & N 0 Con gold Sa....1943 .1 J --- 90 10012 Nov'31 -----------1936 F A 10012 Sale 9912 10012 103
4
873 92
7
__ Texas & Par let gold 58._ 2000) 14 9018 93 8 89 Feb'32 ---Registered
F A --------10914 Feb'31 ____
_
_
26 Inc 65(Mar'23 epon1Dec20151 Mar --------05 Mar'29 ___
88
40-year secured gold 6e_.19641
79
N 827 Sale 81
8 60 ____-827
8
664
68 66
a
aii: -7-6
4
1977 A 0 66
Deb g 4%8
Gen & ref 55 series li
6518 743
197(1 A 0 7212 Sale 71
42
73
6118 69
68
5
6714
79
1979 A 0 6712 68
General 4 449 ear D
Gen & n4 5m series C
70
67
1981 A 0 7473 Sale 703
75
4
6213 69
68
11
,
._
1980 .1 D 6714 Sale 664
Gen A ref Ss series II
Pa Co go 340 Coll tr A reg 1937 M S --------87 Nov'31 ____ __._
85
80
80
1
Tex Pan-Mo Par Ter 5%6_19841M S ---- 94 80
81
81 .2
Guar 314s coil trust ear B1941 F A --------81
81
4
923 Jan'32 --9214 9254
92
3
3
85 8 85 4 Tol & Ohio (cult let gu 58...193S1.1 1 75
8
851 Jan'32 ____
Guar 3148 trust etfs C._ _1942 J D ____ 87
8
_ _.
Western Inv let g 56
.....1935IA 0 ---- 96 1007 Sept'31 ___ ____ ____
8
807 6812 Dec'31 ____ ___.
Guar 34.trust atm 0___1944 J 0
95 Sept'31 ___ ____ ____
77
Gen gold &a
7612 25
1935 .1 1) -_ 94
781
Guar (ta mer E trust 4115_1952 M N 7612 Sale 7612
74 Nov'31 ___ ___ ____
70
78% Tol St L & W 50-yr g 49_1959 A 0 50
70
12
76
1963 M N 76 Sale 7213
Secured gold 4%s
504 Tol W V & 0gli 4 %seer B_ 19:43 J 1 79 --__ 10018 Oct'30 --- ___ ____
40
6
5018
51
48 .
Peoria & Eastern let eons 45 1940 A 0 48
lst guar 45 series C
1912IM S -,... -___ 9618 Apr'31 ___ __- ___.
3
2 4 658 73 Dec'31
6
April 1990 Apr
Income 414
Toronto Ham & Buff let g 4a 1946 J D 62 ---- 88 Dec'31 _-_ ___ ____
65
65
73 65 Feb'32 ____
Peoria & Pekin Un let 544s .1974 F A 65
_
Ulster A Del let eons g 59 .1928 .1 D --------9058 Jan'31___ ___
8
457 63
6012 43
5813 56
Pere Marquette let ser A 58.1956) 1 55
77
70 - _Stpd as to payt Dee 1930 Int__ ---- ---- 77 Jan'32 ___
4iii 4sas
4812 16
1956 J 1 4812 Sale 44
let 4s series B
.._.. __..
let con Ss ctne of dePosit
424 53
52
49
1980 M 8 4814 Sale 4714
let g 4 448 serial C
Ctrs of del, stpd Dec '30 Int. ------------77 Feb'32 --70
91
7712
88
1
88
88 88
PhIla Bait & Wash 181 g 48_19-13 M N 85
41312
48
10
48
48
48
1952 A0 44
1974 F A
9912 10812 Sept'31 ------------let refunding a 4s
General 58 serles B
8
867 934
7
9014 156
8014 Union Par let RR & Id gr 48 1947.1 J 90 Bale 87 8
77
Jan'32 ____
77
1977 J J 7814 80
Gen'l g 4 446 eer C
._
5
1
/
1778 2112
J 1 -= _„--- 864 Dec'31 ___. ._ __
Regl5tered
21
2018
Philippine Ry 1st 30-yr 8 f 48 '37) .1 21 Sale
74 -4
7934
79% 23
1st lien & ref 46
June 21104 51 5 793 Sale 78
2 100 100
100
1932) 0 --------100
Plne ('reek eel 1st 68
7812
44
4, 76
85
1967 J J 7812 _.-_ 76
Gold 414e
1 s924 96
9314
3
1940 A 0 9314 95 4 9314
4448/4
PCC&StLitii
9812 Jan'32 ___I 984 984
1st lien & ref 56
96
9213 924
June 2004 M S 86
9212 Jan'32 _
95
1942 A 0 92
Belles B 4%a guar
196$) 11 7512 Bale 713
7512 37
4
71
774
97 Dec'31 ------------411-year gold 49
1942 M N 92
Series C 440 guar
U N J RR & Can gen 48_1914 M 8 90 ____ 9312 Jan'32 -8814 90
93
934
4
/
1945 M N 821 ---- 8614 Feb'32 ___
Series 04s guar
I933'J 2 --------100 July'31 ___ ____ ___
7518 ---- 95 Mar'30 ___ ____ ____ Utah & Nor let eat 45
Series E 4 44s guar gold. 1941) F A
1
4
/
1953) D 791 .....„ 98 Sept'31 ____ ____ ____ Vandalla cone g 45 series A 1955 F A 754 -___ 95 8 June'31 ___ .... ---.
Series F 48 guar gold
19i17 51 N 7512 _
9312 Sept'31 __ - _
Cons 6 f 48 serifs B. _
8
-- _.
1957 M N 78 ___ 893 Dee'31. ____ ___ ____
Series] 048 guar
4
/
11 234 1 14
81933 J J
_ . Vera Cruz & P wet 4%_
14
2
114 1 4
,
__ 9712 Sept'31 ____ ._ _
7784
1960;F A
Series H eons guar 48
90
Virginia Midland gen 59_1936 M N 87
94
904 Jan'32 --_
8814 - 90
12
9018
90
_446_1963 F A 90 10012 90
Series 1 cone guar 4
. Va A Southw'n let Ill 59_2003 J J 75
85 80
_
80
5
80 80
99 Sept'31 __ _
Series) cons guar 4 40_1964M N
1958 A 0 3213 44
1s1 eons 50-year 58
39.
394 Jan'32 -__
35
9212
88 - _1
89
_ 887
General 51 Ss serten A ....19711IJ D 8414- - - 3 89
8
884 9212 Virginia Ry let. Se aeries A 1962 M N 8518 867 86
87
7
8912
81
4
Gen mtge guar laser B-1975IA 0 ---- 873 884 Feb'32 ........
1962 M N 7318 -_- 70 Jan'32 --1st M 4 448 aeries B
744 8.14
70
5
75
79
J
804 79
1977)'
Oen 440 series('
9 100 1004
4
/
1
Pitts MeK & Y let gu 68_1932,1 1 10018 Sale 10018 1001
25
5
65
72
79
19341J 1 -.-- 100 100 Nov'31 ____ ____ ____ Wabash RR 1st gold 58_1939 M N 7053 Sale 67 8
2d guar 130
4
1939 F A 50 2 5312 533
54
,
2d gold 58
3
43
---54I,
Oct'31 _
99
1910A 0
Pitts Sh & 1. E let g be
1278
r15
Ref & (pm a f 5%a err A, _1975 M S 1212 13
13
19
11
1943) 1 75 ____ 10014 Aug'28 ---- ____
Ss
let canard gold
_ _ - 931 May'29
4
/
Deb rim merles B reglmred 1931*) J
te
3
_--- 985 June'31. ___ ____ -__
19431M N 70..
Pitts Va & Char (51 45
___-----year g term 4s_ 19541.1 J ____ 75 87 July'31
1st Ilen 50
45
1
55
53
Pitta & W Va 1st 4%seer A 1958J D 53 Bale 53
73
1941...1 1 73 Sale 73
48
Det & Chle ext let Ss
47
iii: Vi i
Jan'32 ____
47
55
19581A 0 52
Ist 51 434e series B
60 32 Feb'32 --Des Moines Div let g 45 1939) J 32
55
30
46
45
10
1960A 0 55 Sale 5214
55
let 51 414s eerie] C
79 Aire31
Omaha Inv let. it 3 445___1941!A 0 ____ 59
VA AM let 45 eel' A 1948 J 14 75 ___ 954 Sept'31 ____ ___ ____
Pitts
1911 M S 4612 70 60 Feb'31__
169912 Oct'31 ------------Tol A Chic Dly g4,4
1962'F A 81
1st gen 55 series B
____
____ ____ ____ Wabash fly ref & gen Is B._ 19711,F A 13
.. __
15
12
1312 ii 94 19
19742 0 81
let gen 58 eeriest C
1978A 0 13 Sale 12
Ref & gen 4%,series C
914 184
1313 29
4, July'31 ____ _-__ ____
Providence Seem deb 46_1957 M N 4818 ____ i13 4
/
131 Sale 12
19414A 0
Ref & gen 5s series O
16):
9
7
4
/
131
8
19561 M ES 653 ---- 8318 Sept'31 ____ ____ ___
Providence Term let 46
Warren 1st ref go g 3 44s_ _20(111 F A --------78 July'31
-- ---Waxhington Cent 1st gold 49.1918 Q M 50
86
8912 July'31 __4
783 79
4
783 Jan'32 ____
Reading Co Jersey Cen coil 48'51 A 0 ____ 75
Weak Term let go 3146
80
1945 F A 78
82
83
70
82
82,a -55- - 2
4 40
763
4
Gnu & ref 4148 series A ._19971) J 763 Sale 72
1st 40-year guar 48
82
19451F A 835* 85 89 Dec'31
76
__
77 Feb'32 ____
Gen & ref 414s eerie, B..1997 J .1 7512 80
19521A 0 5912 Sale 58
57
62
48
60
Oct'30 ____ ---- ---- Western Maryland 1st 49
194IIM N 80 . - 113
Renseelaer & Saratoga 86
Imt & ref 5445 series A_ 1972_
J 60 Sale 58 8
_.
83
3
46
60
74
1948;M N ____ ii 7912 Sept'30 ____ __ __
Rich & Morn 1s1 1 45
West N Y & Pa let g 5s_. 1937') J 9412 9712 89412 Feb'32 --__
93
93 -9112 95
Jan'32 ____
9814 93
(lichm Ter m Ry let gu 56..1952 J 2 71
Gen gold 48
1943 A 0 71
8014 8014 Feb'32 ___
8014 914
Rio Grande June let go 58..1939 J D ____ 93 85 Sept'31 ____ ---- ---- western Par 1st 5a ser A
8
1946 M S 415 Sale 40
47
28
43
85
214 June'31 ____ ---- ---6
Rio Grande sou tst gold 45 1949) 1 _-------------- West Shore 1st 48 guar
216112 J 74 Sale 71
74
68
12
74
Guar 48 Lien 1922 coupon)'49 J .3 --------713 Apr'28
Registered
J 68 Bale 68
6614 75
2361'
28
634 70
68
2
73
Rio Orande West let gold 48.1939 J 1 7018 Sale 70
Wheel A I. E ref 4 %a see A.1966 51 S 60
58
44
75
55 Dec'31 ____!
_ ___.
60 50 Feb'32 ____
52
Ist (.0(1 As cull trust 46 A..1919 A 0
8
Refunding re series B._ 1966 NI 5 58
467 70
90 9812 A ug'31 -- I -_---•
6012 81
14 I Ark & 101118 let 4 4a.....1934 M 0 6012 Sale 6812
RR Ist romml 45
39
1949 NI 5 65
70 593 Jan'32 ------ -59% -5931
4
39 June'32 _ ' 39
49
1949) J 40
R tit-Canada let gu g 48
Wilk A Fast let gig 58.-1942'.1 I) 18
47
47
2012 29
96
8
254
26
Feb'32 ___
1941) 1 4112 6434 47
Rutland let eon 434s
Will A 3 F lst gold 58..
. 193s J 14_
80
61
Winston-Salem ii it lit 4s_ 194.1 .1 70 15 96 June'31 _-______
61
__
7914 80 Jan'32 -___
J J 69
St Joe & Grand 151 1st 4s...„1947
. Wls Cent 50-yr 1st gen 4(1 1949 J J 334 35 334
35
9518 13
35
95 Apr'31 ____ .___
1996 .1 J
St Lawr & Adr 1st g Ss
Sup & Dul dtv & term let 4m '311M N 31 Sale 29
,
8 89
897 _--.
4
24
33as
31
8
1996 A 0 3658 8912 897 Feb'32 _-_
241 gold gs
Wor & Conn East 1st 4 44s..1943.1 .1 ---- 88 8814
_- St Louts Iron Mt & Southern8312
65
48
79
1933 M N 7812 Sale 7614
Rh, & 0 Dtv let g 4a
234 34
243
INDUSTRIALS
32
46 A 1950 .1 1 31 Sale 3014
St 1.-San Fran pr lien
2614 Abitibi Pow & Pap 1st 55 1953 J D 3834 Sale 3412
15
551
25
284 41
394 61
4
1978 M S 933 Bale 23
Con NI 4!4s series A
_ . Abraham & Straus deb 5448_1943
J D --------4212 Aug'31 ____ ___
Registered
Wfth warrants
42
8
753 84
994 - A 0 83
3712 46
7
8312 834
8314
4
1950 2 J 363 Sale 36
Prtor lien Si, aeries B
_ . Adams Expe-ss coil tr g 4s_ _1944 M S 674 Sale 6712
70
65
2
6712
St L Peor & N W 1st gU 65 1918 J .1 ____ 70 105 Aug'3I ____ ._ _.
Adriatic Flee Co esti 78. _ _1952 A 0 75
78
69
54 -6814 13
72
66
794 78 Feb'32 ____
68
St 1.8 W let g 4.4 bond ett9 1989 M N 55
49-., A ax Rubber let 15-yr a f 88 1936 J D
45
45 Jan'32 _ _
6
112 14
5
5
Jan'32 ____
26 a ‘94 Inc bond ens Nov 1949,..1 1 3512 45
Alaska Gold M deb 68 A__ _1925 M S 12
83
42
7912 50
5
147
8
10
14
14
14
1932 .1 I) 78 Sale 78
Con5ol gold 45
14
Cony deb 65 (relies B
2713 55
9
1926 M S 12
45
7
10
14
14
14
terminal A unity1ng ho 1952 ./ J 45 Sale 44
Ito
424 BO
Albany Perfor Wrap Pap 651 9411 A 0 40
52 Feb'32 ____
50
4014 48
45
'
45 Jan'32 ___
St Paul A K C Sb I. 1st 4 449,1941 F A 48
411
28
3712 168
St PA Duluth 1st con 148 1968 .1 D ____ ..... 9312 Oct'31 ____ ____ ____ Allegany Corp coil tr 56.___I944 F A 3614 Sale 30
40
__.
Coll & cony 58
21
99
19491) D 33 Sale 324
35
St Paul F. Gr Trk 1st 4 K. 1947 J J ____ 85 9918 Aug'30 __-.
97
33
roll & cony Se
98
15
1954 A 0 3112 Sale 31
96 Jan'32 ____ ____96
4
323 179
St Paid 5(11,0 & Man coo 46.1933 J 1 93
91
994 Allis-Chalmers Mfg deb be .1113791 N 86 Sale 86
79
98
99
1
13
19 J J 9812 99 99
91
let conwol g 68
4
/
511
97
40
94
Altane-Mouton Steel Ist 75 1955 M S 611s Sale 5118
1
10
96
4
/
511
fls rerlueed Co gold 4 45-1933 J 1 96 Sale 95
1812 22
_. 100 Apr'31 ____ __ _ ._ . Amer Beet Sug eonv deb 65 1935 F A
J f) ____
9
1812 Sale 1812
20
Registered
'
8 867
3
84 4 87
867 - 8 American ('halo deb s f 68 1933:A 0 85
1
8
86
8671937 .1 0 _--- - 8 867 Jan'32 ____
8614 86
Mont ext 1st gold 45
75
69
754 Am Cyanamid deb 58
70
4
70 Feb'32 ____
1942I A 0 72
7312
75
73
pacific ext gu 48 (sterling) 1940 .1 J 7012 82
47
38
99
91
Am & Foreign Pow deb 58_21130 M S 444 Sale 3934
3
92
8
927
96
3
45 8 458
St Paul Un Dep 1st & ref 58 1972 1 J 92
4
743
66
8
6712 783 Amer Ire a f deb 55
4
Sale 75
13
4
783
3
1953 1 D 6512 67 67
67
S A & Ar Nuts 1st gu a 4s. _ 1943 1 J 78 4
70
55
104
69
Fe Pres & Phen let 56 1942 NI 5 __-- 10214 95 Dec'31 ____ ____ ____ Amer I 0 Chem cony 54s 1949 M N 664 Sale 66
Santa
9
74
68
7112 38
1SePt'31 ---- ---- ____ Am Internet Corp cony 614s 194(3.1 J 69 Sale 69
/
1934 A 0 ____ ____ r1074
Say Fla & West 1st g 862
3 10214 109,
Am Mach & Fdy s f 944
___ 101
Oct'31 ____
1934 A 0 ____
1939 A 0 10214 Sale 10214 10214
let gold 5t4
484 63'4
6314 67
80
814
8212 80
6 ____8112 Amer Metal 5(4% notes. 1934 A 0 6314 Sale 5812
Scioto V & N E let gu g 48_ _1989 M N 80 4
3
20 Feb'32 ___
23
Feb'32 _-. 20
22, Am Nat Case %a (with war) 1942 A 0
0 20
412 3
2
96
Seaboard Air Line 1s1 1 48 1950 A
80
9113 110
12
19% Am Sim & R let 30-yr Sm eer A '47 A 0 90% Sale 89
8
4
/
1950 A 0 121 187 1518 Feb'32 ____
Gold 48 atamped
98 105
34
100
. Amer Sugar Ref S-yr 6s. _1937 1 J 9912 Sale 934
1913 10 Dec'31 ____ ____
A 0 12
Certificates of deposit
944 994
8
1
112 Am Telep & Teleg cony 4s 1936 M S 9618 98
_-97
Feb'32 ____
7
1
95 a
3
1
Oct 1949 F A
Adjustment 54;
74
'3
33 1 1.8 3
0 ,:
180
0
0
1
12 5 4
2
3
11
4
43
30
5
-year coil tr 55
1946 .1 D 99 Sale 9812 C10r 346
5 Sale
1959 A 0
Refunding 45
8 7
27
14
35
-year s f deb 65
19611 1 J 97 Sale
512 8 Feb'32 ____
414
Certificates of depoeit.... - ,-_-0
0
023
1074 272 l
1
0 14
l
2
, 614
84
8
3
54
3
45s
-year,f 5 44s
20
9 3 M j 0 4 Ela
1010 J N 1041 sale 103
5 Sale
,
:1 4
__1945 M S
IV 1 074
ris series A
lot & core
8
7
Cony deb 4 14s
3
512
3
4
1
/
4 Sale
9514 39914
Certificates of deposit
9734 271
1512 20
1965 F A 974 Bale I 913%
35
-year deb 58
All & Birm 30 yr let g 49_41933 M S 1812 2112 1912 Feb'32 ____
North Cent gen & ref 58 A-1974 M 13
1974 M 5
Gen & ref 4445 ear A
North Ohio let guar g 5s_1945
North Pacific prior lien 46-1997 Q J
Q J
Registered
Gen lieu ry & Id g 38 Jan 2047 Q F
Regintered
Jan 2047 Q F
Ref & impt 41.48 series A_ _9047
Ref & impt 88 aeries 13_2047 J .1
Ref & Impt 5s series C.- 2047 J .2
Ref & 'mut be series D___2047 .1 J
Nor Par Term Co let g Se...1933J .1
Nor Ry of Calif guar g 513_1938 A 0
Oa& L Cham let gu g 48-1948 J 1
Ohio Connecting RS' let 46...1943 M S
1938 2 D
Ohio River RR let g 58
1937 A 0
General gold ha
Oregon RR & Nay corn g 48.1946 1 D
Ore Short Line let cons g 68_1946 J 1
1946 J 1
G
Oregon-Wash 1st & ref 48_1961 1 J
High
High No. Low
Ask Low
Bid
__-- 10012 107 Nov'30 ---- ____ ____
____ 100 104 Sept'31 ---- ---- -__
.
78% Oct'31 - - _ _
hi,
fi 55
4
/
811 Sale
7318 75
1
75
--------75
614 6115
63
61
60 Sale 5912
6.112 5412
2
5412
--------5412
59
6518 69
69
6812 Sale 6712
8
7412 893
83
89
89 Sale 87
77 ..
75
2
76
7412 Sale 7412
768
70
6
7412
73 Sale 73
__ __
0958 ---- 10012 Dec'31 --__
- - 954 Oct'31 _-__ ___
___
45
45 -Jan'32 __
41
40 - - 45
78 ____ 97 May'31 ---- ---.
0
90 9
88 - _ 9() Jan'32 ----- 89 Nov'31
91
85
85
1
87
85
8012 8412 85
99
95
98 Feb'32 --__
98
90
4
943 100
2
8
967
8
9512 967 984
78
72
7512 58
7512 Sale 7252
-.
--
r Cash sale
4 flue May
t Due August
8
Deterred delloefi.
New York Bond Record—Continued--Page 5
BONDS
N. Y.STOCK EXCHANGE
Week Ended Feb. 19.
Price
Friday
Feb. 19.
Week's
Range or
Last Sale.
Ask Low
Bid
High
92
Am Type Found deb 86.---1940 A 0 89
89
89
Am Witt Wks & El coil tr 58_1934 A 0 89 Sale 87
9018
Deb g Si series A
1975 M N 7734 Sale 75
773
4
Am Writing Paper 1811 611-1947 J J 24 Sale 22
2512
Anglo-Chilean a I deb 74-1945 M N 12 Sale 12
1214
Antilla (('omp Asuc) 7 Ka-1939 J J
1
10
10 Sept'31
Certificates of Jewett
J J
Jan'32
1
Ark & Mom Bridge& Ter 541964 NI S 80
85 80
80
Arum& & Co (111) let 434e _1939 J D 7314 Sale 70%
73 4
,
& Co of Del 5144. _1943,1 J 6312 Sale 613
Armour
64
4
Armstrong Cork cony deb 58 19401 D 50
58 65 Feb'32
Associated 0116% gold notes 1935. M S 9814 100 98
100
Atlanta Gag I. 181 58
19.17.3 13
954 Feb'32
AtiOUlfA W ISSL.colltrSal9SgJ J 404 4212 404
41,
2
Atlantic Refining deb 518__ - -1937 J
89
93 89
9012
Baldwin Loco Works let 58. _1940 M N 101 Sale 101
101
Itaragua ((omp Asuc) 7144193713 1
5
15
74 Jan'32
Batavian Petr guar deb 4 4e 19-12,1 J 7918 794 79
79%
fielding Hemingway 68
19363 .1 88
____ 390 Feb'32
Bell Tele', of Pa 5o aeries B_ 19481J J 10014 Sale 10018
10112
let & ref 53 aeries C
1960 A 0 10012 Sale 997
101
Beneficial lodue Wan deb de 1946,M
76 Sale 75
76
Benin City Elec Co deb 6 Sis 195IIJ
45 Sale 45
4712
Deb oinking fund 6(45...-19591F A 41 Sale 40
42
Debenture 68
1955. A
3214 Sale 3012
33
Berlin Eire El & Underg S tie 1956 A 0 31 Sale 31
35
Roth Steel let & re/ Si guar A '42 lie N 883 Sale 863
4
8918
4
30-year p m A impt s f 541936 J
9412 Sale 93
9412
Ding A Bing deb 8 %a
1951).M
22 Sale 22
22
Botany Cone Mills 61411- —1934, A 0 1614 17
1812
1614
Bowman-lint Hotels 1st 7e. _1934,111 8 4218 Sale 41%
4312
teway A 7th Ave let eons 56.1943 J 0
213 4% 312
312
I'enthralls of deposit.
1.1
13
4 214 27 Dec'31
8
Brooklyn City RR let 5e
194111 J 6614 741 8814 Feb'32
Bkiyu Edison Inc gen Si 4-1949
(.1 J 98 Sale 97%
9812
Bktyn-Maub R T see 64_19681J
87 Sale 8514
8712
Itklyn
('o & Rub eon gtd 5.'41 MN 59
73
5514 Feb'32
ist 15e 'flawed
19413 J 58
80 9012 June'31
itrooklyr B Tr 161 100! g 4a 2002 J
9212 June'29
liklyn Union El let g fet. _19511 F A 72
744 742
7412
Liciyu (in Gam let eons g 54.1945•M N 10112 Sale 101
10218
1st lien A ref 139 gelled A-1947 M N 107 ---- 107 Feb'32
Cony deb g 518e
111363 J 140 ____ 147 Feb'32
Cons deb 56
1950 J D 95 Sale 93
7
95
But A Sue.) Iron let 5 f 54 1932 J
96 Nov'31
Buff Gen El 4 lie gelled B_ 19)11 F A 9214 94
92
92
Rush Terminal let 45
1952 A 0 75
77 80
Jan'32
COWIlli Si
1955 J J 56
92
6014
60
Rush Term Ridge 5e gu tan en 60 A 0 8114 Sale 8114
8112
By-Prod Coke let 515e A-1945 r.4 N 58
78 80
Jan'32
Range
Sines
Jan. 1.
414
Price
Friday
Feb. 19.
Week's
Rants or
Lass Sale.
No, Low
2
89
30
8314
11
68
20
22
16
7
5
67
270
2
8
9
5
69
95
219
18
182
44
99
67
21
18
6
31
11
1
103
233
_10
42
— -40
2
8
6
Cal0& E Corp unit & ref 58-1937 M N 10018 100% 10012 1003
8
4
Cal Pack cone deb Si.
19403
66l
66 Sale 84
80
":141 Petroleum cony deb et 581939 F A 67
73
5412
67
7
Cony deb a I g 544e
1938 MN 70
75
89 Feb'32
Camaguey Sue 1st sf75._1942 A 0
5
6
5 Feb'32
Canada SS L let A gen 68___1941 A 0 304 40
3012 Feb'32
'ent Diet Tel 1st 30-Yr 58- - 1943 J 0 100 101
993
4
1013
26
Cent Foundry let e f 138 May 1931 F A 9112 ____ 93 Feb'32
Cent Hudson 13 & E Eie Jan 1957 M 8
97
4
98
Cent 111 Elec & ()as let 5s
1951 F A 75
90
71
76
26
Central Steel 1st g a f 8,_
1941 M N 88 Bale 88
88
10
Certain teed Prod 5(45 A_ 194891 8 43 Sale 41
43
7
Cespedee Sugar Co let a f 7148 '39 M S
512 47
8 8 Jan'32
chesap Corp cony 58 May 15 '4791 N 713 Sale 70
4
74
211
Chic city &Conn Rye 50Jan 1927 A 0
274 July'31 - _
(hO LA Coke let gut g Si 1937 J J
99 99
99
2
Chicago Rye let be stpd eels 15%
principal and Aug 1931 Int—. F A 47
483 47
4
48
10
Childs Co deb 58
1943 A 0 4534 Salo 4512
4818 10
Chile topper 4'0 deb Si
1947 1 .1 53 Sale 5014
5312 86
('b
E let M 4a A
19491 A 0 84 Sale 82%
84
46
ciearfleld itlt Coal let 44_1940 J J
- 74
77 Dec'30
Colon 011 cony deb fle
1938 j J 343 Sale 343
4
4
11
37
Colo Fuel A II Co gen St 58 1943 F A 60
72
66
66
1
Col Indus let A coil be gu__ _1934 F A 59
597 60
8
6212 13
Columbia GA E deb bs May 1952 M N 79 Sale 753
8
79
202
Debentures 54...Apr 15 1952 A 0 81 Sale 80
81
4
Debenture 511
Jan lb 1961 J J 7812 Sale 75
79
111
Columbus Gas 1st gold 5s..1932 J
89
90 90 Feb'32
Columbus fly P & L 1t4145 111573
8414 Sale 83
8414
Commereial Credits((Is.._1931 M N 92 Sale 91
93
Con tref54% mites
1935 J
86
91
86
86
Cornm'i invest Tr deb 5 10_1919 F A 84% Sale 8212
85
so
Computing-Tab-Roe a f 6s. A94I
105 1051 105
105
2
Conn ity & I. let dr ref g 430 1951 J
101% July'31
Stamped guar 43,a
1951 J
95
9312 Dec'31
Collage AgrIc Loan—See German Pr V & Comm Banks
censoildated Hydro-Elec Works
of Upper Witertemberg 75.19.583
344 Sale 3412
3412
Cons i'oal of Md lilt A ref 59_1950 J Cs 1918 20
194 12
Comes Gee(NY)deb 548 ..1945 F A 10212 Sale 19
101 12 1027
8 87
Debenture 4 tie
1951 J
91% Sale 9014
9112 196
ConstillIPM Gam of Chic gu 5e 1936 J D 9712
984
98
50
Comm mers Power 1st 5a.._ _1952 M N 98 Sale 98
97
99
34
Contaluer Corp 1st Os
1946 J
38 Sale 35
3612
9
15 year deb be with wart' 19-13,1 D 20% Sale 203
8
22
16
Copenhagen Telep bm Feb 15 1954 F A
71 12 Sale 68
713
4 71
Corn Prod Refit 1st 25-yr 51 5s'34 M N 1013 Sale
4
1013
4 10212 13
Crown (*cork A Seal s f fls
.1917 J D 76
883
80
9
Crown Willamette Paper 841951 J J 70 Sale4 794
70
71
3
(
'rown Zellerbach deb 6s se w 1910 M S 5312 54
5212
5312 45
Cuban cane Prod deb Cu.
111511 3 J
2
24 2
218
9
Cuban Dorn Sugar 1st 71441944 MN
____ 5 Dec'31
Stod with Dumb Warr attached
15 Sale
8
1%
1
cue of dell st Lel and Quieted.
1% 5
1 18 Jan'32
Climb T A T 1st A gen 55_1937
9914
9933 43
Cuyamel Fruit let sf68 A._1940 A 0 10414 Sale 9812
Sale 10212 1043 209
4
Del Power A Light 1st 4348_1971 J J 854
89 88 Feb'32
let & ref 445
19593 J
let mortgage 4448
1969 J J
Den Gas A El 1.1st A rots f Si 'Si M N "tii Sale 90 Feb'32
91 12
2
Stamped Si to Penne tax.1951 11 N 924 Sale 91
4
9212
9212
1
fiery MG)Corp let s f 7a 1942151 S
1
_ 61
Oct'29
24 is Awl Sept 1930 eoupon I M ml
1
1
Dec'31
Edison let coil tr 54.1933 3 J 10012 I
Detroit
1003 10014
4
101
21
Gen A ref Si series A
1919.4 0 97 Sale 9512
97
51
Gen A ref 58 seriesB
19553 0 9812 9712 94
9712 10
Gen A ref ba series C
19112,F A 9612 Sale
974 13
Gen A ref 4 %a eeriest D. _ 1961F A 90 Elate 964
90
90% 26
Detroit United let rang 4 tie 1932.J J
9812 Dec'31
Dodge Brno cony deb Ile _ _1940 M N 8312 Sale 81%
83% 89
Dold LIneobi Para let 88- -.1942, N 524 5912 5218
5218 12
Domirilou Iron & Steel 54 19391M S
_
100 Nov'31
Donner Steel let ref 4._19421.1
78
81
7912
80
10
Pow 1st(laser-A.19M M N 7212 Sale 7018
Duke-Price
74
18
Duquesne Light 1st 4 %ft A .1967 A 0 943 Sale 94
4
943
4 45
East I 'Ilbs Sug I5-yr f g 714e '37 M $
5
33 2512 Feb'32
Stamped as to e f guar......
4
412 Dec'31
Eli El In Illtlyn 1st con 4s, 19391 J 9412 16
94
Jan'32
eons g 541995 J
1024 117 110
Ed Bier (N Y) let
Jan'32
36% Sale 354
El Pow Core (Germany) 654s '50 m
363
4 29
1953 A 0 30
sinking fund 6 4s
let
36% 34
35 4 18
3
20 Jan'32
25
Elk Horn Coal 126 & ref 13%819311J D 20
Deb 7% notes (With wart') 1931,3 D 15
15 Aug'31
&hilt Gas Light 1st con 54_19321M 8 664 10014 100 Dec'31
Ernesto Breda Co let m 7e_ _1954
purchase warrants. F A 4512 4814 46
With stock
22
48
Caab sale 8 Deferred delivery
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 19.
1347
High
Bid
Ask Low
High
973 Federal Light dr Tr let 54 1942 M
4
7112 94
70 Feb'32
95
let lien a f Is stamped____1942 151 S 88
88
70
Jan'32
84Io
let lien Ileataniped
4
763 85
1942 M
76
76
26
30
19541J D 132
-year deb &series 13
85 65
65
1214 Federated Metals e t 76
78
193911 13 75
79
79
Flat debs f g 7s
19481J J 80 Sale 80
804
Fisk Rubber let sf8s
194I IM S 23 Sale 20%
2412
80 80
Framerlean Ind Dev 20-yr 7%6'4213 J 84 Sale 84
88
88% 754 Francisco Sug 1st 51 7 ne
1942.M N 1514 20
18
Jan'32
60
67
Gannett Co deb (te
19431F A 70
72
70
70
65
70
Gee& El of Berg Co cone g581949,3 D
- 10314 Sept'31
98 100 I, Ge'senkirellen Mining 68..__1934,M
36 Sale 344
364
95
9514 Gen Amer investors deb 54_1952 F A 7612 77
77
75
4018 44
Gen Baking deb 5 f 6)9e
1940 A 0 9312 9414 94
94
854 93
Gen Cable lets f5
19471
52 Sale 47
4
52
101 10112 Gen Electric deb g 3
97
93 Feb'32
1942.F A 93
7
7 1 Gen Bier(Germany) 7a Jan 15 45 J J 48
,
49% 49
50
713 80
4
St deb 6.e
19403 D 4712 ---- 47
4712
8512 90
20
-year e I deb fle
194e M N 40 Sale 38%
4012
983
010212 Cell blot Accept deb (te
1937 F A 100 Sale 99
10018
98% 102
Gen1 Petrol let e f 50
1040F A 97 Sale 9884
9712
704 79
Gen Pub Serv deb 51-85
7914 80
794
19393
80
3014 4712 Gen Steel Cast 5 ,s with wan 493'
61 Sale 80
6112
42
30
Gen Theatre. Equip deb 68_ 1940,A 0
4 Sale
34
43
4
25% 37
Cool Ilene Sive & It sec 74.1945,4 0 3114 Sale 31
3811
244 3512 Goodrich(B V) Col et 6 y0_19471.1 J 89 Sale 67
69
8634 97
Conv deb fle
D 41 Sale 39%
1945
42
9 % 96
2
Goodyear Tire & Rub 1s1 58-195791N 7512 Sale 74
7513
27
20
Gotham silk 0cselery deb 841936 J D 76 Sale 78
76
1512 17% I build Coupler let P f 6s
19411 F A 2212 40
23 Feb'32
40
50
( ,
3
G1 'ole El Pow tJapan)74_1944 F A 60 Sale 59 4
693
s
3
4%
1st & get. sr 81 a
19693 J 5218 Sale 513
s
53
Gtof States Steel deb 5)44_1942 .1 D 37 Sale 33
37
651
-
9714c105
Hackensack water let 45
1952
1
8918 894 0811118:414 Lines fis with warr 1939 A 0
5514 58
II arpen Mining Its with stk purcb
wet. for 01/111 stock of Mn she '49 1
Havana Kier curare g 58 _1952 F A
70
78
sent. of 1926 _ 1951 M
I bib 5
100 10212 Hot (ID A Co lot 6-2e set A.I934 A 0
107 111
Holland-Aung line 6s(1101.1947 M N
,
147 147
11005ton 01 sink fund 51 4.1940 M N
,
92
97%
Coal let (beset 4.11162.1 13
IluiLson Co (las it g 5s___1949IM N
91
95
Dointuetill A Refining 5,'4s 19323
80
80
Deb gold Si
1937i1 0
71
58
Illinois Bell Telephone 54_195131J D
8114 90
iiii181i8 :gee! deb 4.•,8
9 81 F O
0A A
4
80 60
I likeder Steel Corp mtge 64_11
Int-Ilene Limestone let e f 8419411M N
9914 10112 Ind Nat ties A 011 ref ts— _1936 M N
8212 71
Inland Steel let 4 1,a
197e14 0
1314 67
let M s 4 ..a ger B
10111 F A
71
84
I nterboro NI etrop 4(5
1958 A 0
5
514
certificates of deposit
AO
23
3012 I uterboro Rap Trion let 54_1986
J
9934 102
• J
Stamped
89% 93
10
-year Si
1932 A 0
963 100
4
113-year eons 7% notee
1932 M
7012 783o Interlake Iron let Se 0
1951 M N
88
85
lilt Agrie Corp let 20-yr 66 1932 M NJ
3114 44
Stamped extended to 1942,... M N
5
8
lilt Cement cony deb 58. ___1948 M N
64
78
internal Hydro El deb 84 1944 A C)
Internet Match et deb Ze___1947 MI4
97 lOOts
Cony deb 5e
1941 J
inter Mere Marine St 64...1941 A 0
4512 49
Internet Paper Se tier A & B_1947
J
40% 48
Itef f Cie series A
8
47
57
lilt Telep & Teleg deb g 414e 19 2 J
195 M
5
82% 8814
Cony deb 4)9e1939 J
Deb 5s
1955 F A
32's 37 !newton; Equity deb Si A _1947 3D
80
87
Deb &veer B with warr_1948 AO
60
85
Without warrants
1948 A0
717 8212
8
74
81 12 K C Pow & Lt let 4%s ser 0_1957 33
71% 841
,
1st NI 4 12s
1961 FA
90
90
Kansas Gas & Electric 4,
441980 3D
811, 85
Karstadt (Rudolph) let 84_1943 NI N
93
91
Keith (I) F1 Corp 1st 68_ _1946 MS
85
87
Kendall Co 51 ,o1 with warr_194e MS
79
85
Keystone Telep Co let 56_ _ _1935 J J
105 1084 Kings County El I. A P 5s_ _1937 AO
Purchase money (Is
1997 AO
Kings County Elev let g 46_ _1949 J A
Kings Co Lightner 1st 54_1954 J J
First and ref 6 ,s
1954 J .1
334 354 Kinney(G10 & Co 7.4% 110te13
.35
2012 Kresge Found'n coil tr 64_1936 J 13
19
J
510034 10434 Kreuger & Toll sees f
.. 1959 91 E4
944
89
93 101
Lackawanna Steel let 5a A__1950 M
4
97 1003 Laclede G-I. ref & est
___1934 A 0
3712
32
Coll & ref 5
series C__ _1953 F A
20
24
Coll A ref 5
series D_ ._I960 F A
62
7134 Leutaro Nitrate Co couv 641954
10We 10212
Without warrants
J J
774 80
Lehigh ('A NOV 8 f 4-s A ._I954 J J
71
67
Cons sink fund 4 ve ger C.1954 .1 J
48
57
Lehigh Valley Coal 1st g 56.19,5) 3J
14 24
1s1 40-yr gu lilt red to 4% _1933 J J
1st di ref s f 58
1934 F A
let & ref s f Ii
1944 F A
118
Its
let & ref s f 5s
1954 F A
9712 101
lat & ref s f 524
19114 F A
4
97 1043
& ref s 5s
1974 F A
1 Iggett & Mrere Tobacco 78.1944 A 0
88
93
b's
/52 F A
11
Lw Inc deb s
oe's
A .3
-66 92 Lombard Elee 78'68 tvar11.' J 0
without
99
89
9212
W In warrants
J D
90
9212 1.orillard (Pi Co deb is
1944 A 0
1951J3
1937 F )1
t 5.48
ier,
jail; 161- Louisville Gas & El(Ee) 59.1952 M N
9512 101
Lower Austria Hydro El Pow—
94 10010
Islet 8,8
1
1944 F A
98 1001,
90
95
McCrory Stores Corp deb(Die'41 J D
McKesson & Robbins deb
-WI- 13: Menet! Sugar lets f 71, 5%ICS° M N
..e...1942 A 0
50% 53
Stamped Oct 1931 coupon 1942 A 0
1990 A
"ia" 16 Mantua Re(N Y) cons g 4s 20133 0
3d 4a
D
8818 811, Manila Elec RR A Lt s 155,
.1953 M S
9334 97
Mfrs Tr Co ate of partic In
44 54
A 1 Narnm & Son let 84_1943 J D
Marion Steam Shovels 16,_ .1947.A 0
Market St fly 7s ser A _April 11140Q .1
110 110
Mead Corp let tle with warr 1945_
N
264 387e NI eridlonale Elee 1st 78
4_19571A 0
28
36
etr Ed let & ref 5s ger C 19531.1
20
2014
Ito g 4 k,e Bence D
1968M S
Metrop Wet Sew & Dr 5%41950 A 0
Met West Side El(Chic) 44_1938 F A
M tag Mill Mach lets f 74_1956 J D
40
48
MIdyaleStA 0 coil tr e f 541938 M
83
19
891
Sale
7914 Feb'32
18
21
Range
$towe
Jac 1.
No, Lots
68
70
5
78
5
1
79
42
771s
63
20
22
82%
16
9
89
46
33
17
75
15
8912
20
351s
93
6
39
40
34
152
2814
202
973
4
23
95%
7
74%
123
58
91
3
58
294
11
60
127
3811
121
70
3
724
_
23
45
5018
35
45
32
25
28
High
70
71
80
80
8114
28
913
4
16
72
77
94
52
96
5014
49
4212
1004
100
80
6112
7%
40
7118
45
7814
7812
2512
69
584
37
7814 8212
18
27
424 Sale 41
4218 20 52612 424
20
25
25 Feb'32
25
25
612 7
7
712,
3
5
8
20
1912 24
22121
3
20
28
1512 171 34% Oct'31
6212 65 6312
65
10
80
7014
38 Sale 36
38
15
34
44
993 Sale 9818
8
99%
5
98 1003
4
10014 Sale 10018 1001s 73
9918 1003s
9712 Sale 97
98
15
94
9914
99% Sale 987
8 100, 138
4
9618 101
95 4 Sale 9514
3
96
43
9312 974
2414 Sale 24
28
3'2
214 30
15
18
13
1512
5
15
18
91 Feb'32 -91
98
783 7914
8
76
794
1
74
80
76 Sale 76
3' 73
76
12 80
94 12
1018 Sept'31
912 Jan'31
5014 Sale 4914
5112 118
40
5l1n
50% Sale 483
4
5114 279
40
51 4
,
3512 Sale 35
37
22
2714 3814
7112 Sale 71
75
50
75
57
554 Sale 554
554
3
55
60
10114 210114 Feb'32
4'10114/10114
32
39
32
33
3
32
38
63 Sale 83
69
72
821a 7014
45 Sale 45
4712 126
4312 54
60 Sale 5812
8212 224
4478 5218
8115 Sale 58
64
212
434 64
48 Sale 48
4
50
54%
45
5014 Sale 4718
22
51
45
55
28 Sale 28
9
30
27
384
48 Sale 44%
51
182
51
41
5712 Sale 53
5812 180
4418 59
51 14 Sale 494
54 2 223
,
42
544
55
70
60 Jan'32
80
60
55
60
60
Jan'32
59
60
55
65
60 Dec'31
93 Sale 917
9134 931 92
77 Sale 744
24
241 2234
5912 Sale 4912
5512 70
58
68
721 70
10014 ____ 100
12012 140 1203
4
671,. 7214 6714
9212 96
94
106 Sale 106
4614 56
45
90 Sale 87
59 Sale /57
93
10
934 25
77
56
24
31
62
38
561
4
Jan'32
Feb'32
Jan'32
6714
2
Feb'32'____
106
3
45
1
90
6
5912 196
80
89%
96 Sale
73 2 Sale
,
72 Sale
90
Jan'32
9514
96
72
74
71
7212
1212 Sale
9112
_ 89
ii 93
99%
10(14
-
5123
4
Feb'32
Feb'32
8618
Dec'31
Feb'32
Feb'32
35
Jan'32
Jan'32
11814
987
s
8812
65
Nov'31
10314
91
Dec'31
96
96
11
88
90
8618
94
9912
40
35
40
43
32
4012 41
119 118
99 98 4
3
Sale 85
8512 63
89
Sale 10212
Sale 8712
101%
Sale 913
4
40
Sale
ai
29
118)9
9812
8612
82%
1034
90
40
77
90
77
5712 Sale 854
10 Sale 10
3
2
12
3412 Sale 34
3512 32
21
50 10112 98
42
77
14
5714
10
34
3512
Dec'31
Sept'31
15
17
15
89
3
1
8
19
28
2
_
14
51
90
93
70
68
92%
98
78
75%
10
88
89
80
133
4
90
90
8818
64, 9i97N
397, 44
35
43
41
11514
9612
7514
57
3934
43
41
11814
993
4
87%
701,
16i4 104
8114 91
27
91
a
34
42
7812
51
44
2
284
91
60
10
44
3
39
4
83
1
29
43
78 Feb'32
28
20
36
84
25
83
47
47
82
80
8
__ 9512 97 Jan'32
80 Sale 79
803
4 16
4514 107
45 Sale 4118
4812 38 Feb'32
38
294 Sale 294
2912
1
934 45
92% Sale 92%
36 Sale
83% Sale
49
47
91% 943
4
904 95%
744 86
1914 25%
43
82
49
5814
70
70
100 102
1203 120%
4
62
8714
93
97
106 107
45
56
28.5
914
40
1594
98
78
83
21
86
83
873
4
44
50
76
82
97 100
79
86
3318 47
38
38
23
80
8 , 94%
, 3
8
a
New York Bond Record-Concluded--Page 6
P 1348
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 19.
•
r..
44:
Nillw El fly & Lt let fis B-1961 J D
let !Owe 59
1971 J J
ii
Montana Power let 58
Deb 59 series A
1962 J 0
Montecatinl Mlis & Agric1937 .1 J
Deb is with warrauts
.1.1
Without warrants
Montreal Tram 1st & ref 56_1941 .1 .1
Gel] & ref at 58 series A.__1955 AO
1955 AO
Gen & ref sf 58 ser 13
1955 AO
Gen & ref s f 4 He fair C
1955 AO
Gen & ref s f 58 ser D
Morris & Co let s f 4445__1939• J
-Bond Co 48 ser 2..1966 AO
Mortgage
1932 J J
10-25 year 5s serlos 3
1934 J O
Murray Body 1st 648
Mutual Fuel Gas 1st go g 68-1947 NI N
N
Mut On Tel gtd 6s ext at 5% 1941
Price
Friday
Feb. 19.
Bid
89
4
883
9012
75
Ask
90
Sale
Sale
81
72
71
7918
8
683
683
59
s
683
73
4014
Sale
Sale
834
70
____
2
9112
Sale
70
Namm (A I) & Son. _Bee Mfrs Tr
.1
Nassau Elee guar gold 48____1951
1942 J D
Nat Acme 1st s f (is
Nat Dairy Prod deb 5348_1948 F A
1947 F A
Nat Radiator deb 6445
1956 A 0
Nat Steel let coil 5a
Newark (onsol Gas cons 58.1948 .1 0
N J Pow & Light let 4348_1960 A 0
Newberry (J J) Co 544% notes 411
1952 .1 D
New Eng Tel & Tel 58 A
1961 MN
1st g 444e series B
New C)ri Pith Serv let 58 A 1952 A 0
1955 J
First & ref 58 aeries B
N Y Dock 50-year lot g 48 1951 F A
1938 A 0
Serial 5% notes.
NY Edison let & ref 644s A_1941 A 0
1st lien & ref 51 series B__ _1944 A 0
N Y GIU3 El Lt H & Pow g 58 1948
Purchase money gold 4s 1949 F A
NY LEA W Coal & RR 544e'42 M N
NYLE&W Dock & Imp 5e'432 .1
NYRyOI5IRE&ref4s1942i J
Certificates of deposit
-year ad) Inc 5s_ __ _Jan 1942;
30
IA 0
Certificates of deposit
N Y Rys Corp Inc 6s_ _Jan 19651 Apr
19651.1 J
Prior lien fte series A
N Y& Melon Gas 1st 6s A 1951 M 74
NY State Rye 1st eon,4 48_19621M N
M N
Certificates of depoelt
50-yr let eons 6448 ser 13.196264 N
N Y Steam 1st 25-yr Cs set A 1947 M N
1951 M N
let mortgage 50
N Y Telep lot dr gen sr 440_1939M N
1946J I)
N Y Trap Rock 18t 65
Niagara Falls Power let 59_ _1932 J J
Jan 1932!A 0
Ref & gen 6s
Niue Lock & 0 Pow let 5s A_1955 A 0
1950 M N
Niagara Share deb 545
NorrideutscheLloyd 20-yr s f 6s'47 M N
deb 644s A 1940 M S
Nor Amer Cem
1961 F A
North Amer Co deb Is
No Ani Edison deb User A._1957 M S
Deb 5448 ser B_ Aug 15 19631' A
Deb .5s series C_ --Nov 15 196DM N
1947 M
Nor Ohio Tree & Light 65
Nor States Pow 25-yr 58 A-1941 1 A 0
lot & ref 5-yr Cs set B19411A 0
North W T lot fd g 444s gtd_1934IJ .1
Norweg Hydro-El Nit 5448_1957iM N
Ohio Public Service 744s A 19461A 0
1947IF A
let & ref 714 series B
1944/F A
Old lien Coal lot (is
Ontario Power N F 1st Is. _1943 F A
Ontario Power Sent lot 5445.1950 J
Ontario Transude-110n lot 58_1945 M N
-See Fordl gn G
Oriental Development
Oslo Gee & El Wks esti 5s___1963 M S
Otis Steel let M Soeer A_ .._1941 M S
Pacific Gas A El gen & ref 58_1942'J J
Pac Pub Serv 5% notes
19301 S
1937,2 .1
Pacific Tel & Tel lot 59
1952IM N
Ref mtge 5s serles A
Pan-Amer P & T cony 8168_19341Ni N
Pan-Am Peteo(ofCal)eonv 68 '40 J D
Certificates of deposit
.1
Pararnouut-Irway let 534s_ _1951
-Fern's-Lasky 68.1947 J D
Paramount
Paramount Publix Corp 544s 1950
Park-Lea lot leasehold 645-1953 J
1944 A 0
Parmelee Trans deb 68
Pat & Passaic G & El cons 5s 1949 M
Pathe Etch deb 78 with wart 1937 M N
Penn-Dixie Cement lot Co A.1941 MS
Pennsylvania PAL Pit 4448_1981 AO
Peal, Gas L & C let cons(15.._1943 AO
1947 MS
Refunding gold 56
MS
Registered
1967 ▪ D
Phila Co Bee 58 scrim A
MUM Elee Co let & ref 4 34EI_1987 NI N
1971 FA
1st & ref 48
Phila & Reading C dr I ref 5s_1973
1949 M
Cony deb 68
1939.1 D
Phillips Petrol deb 5415
Pillsbury Fri. Mills 20-yr 68_1943 A 0
Pirelli Co(Italy) cony 75_ _ _1952 M N
Poeah Con Collleries lots f 6s '57'J J
Port Arthur Can & Dk 6s A.1953 F A
1953 F A
lot M Co series II
Port Gen Elm lot 4440 set C.1960 M S
Portland Gen Elm lot 5s_ __.1935 J J
Porto Rican Am Tob cony 6s 1942 .1 J
Postal Teleg & Cable coil 58.1953 J J
Premed Steel Car cony g 5s 1933 .1 J
Pub Sexy El & G 1st & ref 4;48'67 J D
1970 F A
18t& ref 444s
1971 A 0
lot & ref 45
Punta Alegre Sugar deb 7s 1937 .1 .1
1937 F A
Pure 011 815 % notes
1940 M
S f 54% notes
Purity Bakeries s f deb 59...._1948 J J
92
85
9314 95
90
80
Low
87%
4
873
8818
80
2.4
•`Q'
,
72
7112
72
71
7812 Feb'32
60 Dec'31
94 May'31
60
60
9312 May'31
73
7012
70 Sept'31
99 Dec'31
85
85
Feb'32
93
997 Nov'31
4
463
4614
Jan'32
60
9112
89
10
10
75
7312
98
98
4
953 Jan'32
78
7912
991s
100
93
92
77
74
77
7312
5418
544
3412
3214
10734
109
98
9912
10134
103
9012
89
02 seprao
00 June 31
40
____ 434 Sept'31
Dec'31
40
50
40
118 212 Nov'30
12
'31
,
1 July2 1
17 Jui38
2 Sale
42
42
42
45
95
Feb'32
98
80
2
4
5
112 5
314 Nov'31
13
Jan'32
112 214 2
10412
10414 1047 10414
96
06 Sale 94
97
9614 Sale 96
67
75 366
68
100 Dec'31
99% Dec'31
93
93 Sale 93
70
4
693 Sale 67
337
8
3l'8 Sale 3118
Feb'32
17
19
18
85
4
843 Sale 382
Feb'32
86
88
85
9112
4
903 921 88
8314
8212 Sale 7812
9718
9634 987 9312
s
98
95 Sale 95
4
1013
1013 Sale 101
4
85
947 Jan'32
80
61
6014 Sale 58
4
0114
1013
4
1013 107
10014
10014 Sale 99
18
1514 Sale 1514
8912
95
89
90
56
5412 Sale 5412
83%
83%
4
833 89
erments
5712
_
5014
454
45 Sale 42
97
97 Sale 9514
Feb'32
88
95
88
4
1003
4
1003 Sale 97
98%
98% Sale 96%
10112
10112 Sale 1014
21
21
16
18
13 Dec'31
73
73
73
72
54
53 Sale 53
8
503
49% Sale 48
26
25 Sale 25
2312 Feb'32
1319 23
9914 Jan'32
801z
8012 Sale 72
4312
4213
4234 45
8612
86 Sale 84
104
104 Sale 03
93
9412 91%
93
0912 July'31
8512
4
8512 Sale 833
94%
94% Sale 93
85
85 Sale 8312
64
4
633 Sale 6312
5114
51 Sale 45
4
523
51 Sale 50
98
4
4
973 Sale 973
90%
____ 89% 87
Jan'32
82
85
80
80
8012 80
104 Mar'31
6114
60% Sale 573
89
89 Sale 89
40
40 Sale 3912
33
324 Sale 3012
58
58
9212
92 Sale 92
92
4
913 Sale 91
6512
844 Sale 8312
4% Jan'32
71 12
71% 7012
70
684
6812 Sale 6512
73
4
4
723 Sale 723
101
77
4212
82
47%
53
32
2418
54
36
3512
35%
8
127
1112
Range
Since
Jan. 1.
BONDS
STO
N. Y.STOCK EXCHANGE
Week Ended Feb. 19.
ig
r.
24
28
1
49
5
5
_
180
1
63
1
8
112
22
58
39
5
8
63
67
28
13
__.
51
1
_
38
_
_
4
24
107
3
2 212
5
3212 43
98
95
212
Cl
„..
2
2
10318 105
94
97
95,8 9912
6513 70
15
8618
58
244
17
80
82
85
78
90%
94
100
94%
49
97
70
34
2112
85
89
0112
85
8
993
9612
103
9712
61
12
7
4
4
35
1
981s
99
15
83
50
80
10614
10414
18
89I?
4
573
86
1
93
102
22
31
22
15
60
21
4
10
98
_
57
27
16
4
5014 6434
4012 50
9414 10014
88
87
97 c103
4
963 102
4
100 81013
8
127 21
3
27
93
5
68
4412
3712
15
1712
9914
59
4018
81
103
89%
82
54
49
26
2312
994
8012
43,2
86%
4
1073
9714
86 -
1
82
9212
83
59
37
45
94
87
82
80
9712
87
05
51 14
.1
523
09
92
89
80
191
2
17
180
15
40
44
48
_
16
29
7
8
-b 5
89
3718
28
56
92
91
83
47
6712
65
68
8
157
9834
42
39
65
4
963
96
8812
47i,
5
723
70
73
31
29
94
2
11
6
30
97
67
37
70
39
1
494
2714
10412
4
853
48
85
5(1
5312
41
2614 62
55
57
37% 124
8
377 109
37% 93
30
15
19
12
20
51
30
2912
2812
1012
1112
10412
82
48
85
50
5312
36
19
9
163
4
26
40
30
21
14
202
44
6
11
-See under For eign Govern meMe
Taiwan Elec Power
101 10051 Jan'32
Tenn Coal Iron & tut gen se 1951,J
5512
5712 50
Tenn Copp & Chem deb 6513 1944 M 8 53
100
1
19472 D 99 Sale 074
Tenn Elec Power 1st 6s
79
Texas Corp cony deb 5s__1914 A 0 78% Sale 76
48
47
1960 .1 J 46% 48
Third Ave fly 1st ref 4s_
3712
Ad) Inc Es tax-ex NY Jan 19e0,A 0 35% Sale 3512
87 Feb'32
88
1937J .1 81
Third Ave Rit 1st g Is
60
Toho Electric Power let 75..1955 M S 55 Sale 58
98%
19321.1 .1 0812 Sale 9814
6% gold notes
Tokyo Elec LIght Co, Ltd
5512
4
19531.1 D .543 Sale 52%
lot 69 dollar series
4
99% 003 Dec'31
1949 M 8 99
Trenton G & El lot g 5s_
1912
1912 Sale 19
Truax-Traer Coal cony 65411 1943IM N
5412
N
5312 5412 53
Trumbull Steel lot s f (13. _ _ _1940I
Feb'32
10
10
68
Twenty-third St fly ref 59_1962 J J
50
Tyrol Hydro-Elec Pow 744s 1955 M N 48% Sale 48
45
41 Sale 4012
1952i F A
Guar sec s f 78
1
8
667
6412 Sale 6413
Ungawa Elec Powers f 75 1945 M
8
1003
8
Union Flee Lt & Pr (NSo) 55 1932 NI S 1003 Sate 0014
10014
1933 M N 1004 Sale 100
Ref & ext 5s
100%
Un E L & P (111) 1st g 5449 A 1954 J J 9914 Sale 99
4512
4513
1945I A 0 4412 48
,
Union Elm fly (Chic) 5s_
100
Unlon 011 30-yr 6s A_May 1942 F A 99% Sale 99
94
lot lien s f Is ser C___Feb 1935 A 0 94 Sale 9358
77
77 Sale 75
Deb 5s with warr_ __.Apr 1945 J D
4
91
9212 893
91
United Biscuit of Am deb 6s 1942 M N
88
1953 M S 87 Sale 8412
United Drug 25-year 5s
38
393 3734
4
J 37
United Rys St L 1st g 48_..A934
45
U S Rubber lot & ref loser A 1947 .1 J 454 Sale 43
80
4
813 80
United SS Co 15-ymr 69.__ A937 M N 80
29%
4
Un Steel Works Corp 634s A 1951 .1 D 25 Sale 243
2714
4
1951 J D 233 2714 26
Sec of 640 series C
26%
4
J .1 253 Sale 24%
Sinking fund deb 644eserA1947
United Steel Wks of Burbach9012
90
93
Esch-Dudelange st 78___ _1951 A 0 90
20 Dec'31
Universal Pipe & Bad deb 65 1936 J D
34
3312 32
Unterelbe Power & Light 68_1953 A 0 30
77
74
4
& Trac lot & ref 58.1944 A 0 713 78
Utah 1.t
8312
83 Sale 8014
Utah Power & Light let 58_ _1944 F A
Jan'32
Utica Elm' LA P 1st s f g 58.1950 J .1 97 10612 97
Feb'32
101 100
Utica Gas dr Rice ref & ext 58 1957 J J
4614
1947 J D 44 Sale 43
Util Power & Light 544s_
4312
42 Sale 41
1959 F A
Deb 5s with warrants
43
F A
WIthout warrants
Vanadium Corp of Am cony 55 41 A
Vertientes Sugar lot ref 7s__1942 J
1953 J
Victor Fuel lot St 55
Va Iron Coal & Coke 1st g 58 1949 M
Va Ry & Pow 1st & ref 5s. 1934 J
0
D
J
8
.1
6312
5
13
55
98
Sale
8
67
22
74
Sale
Range
Since
Jan. 1.
Week's
Rance or
Last Sale.
Ask Low
Bid
High
Mph
2618 Sale 264
9412 Rime Steel lots t719
2618
1955 F A
9712
Roch G&L'I gen mtge544eeerC'48 NI S 9712 Sale 9713
95
974 9212 Feb'32
1977 M S 95
Gen mtge 444e series D
9513
8012 85 Dee'30
823 Roch & Pitts C.41 pm 58_1946 M N 70
4
7314
Royal Dutch 4s with warr 1945 A 0 7314 Sale 72
28
28
28
1948 A 0 21
72
Ruhr Chemical s 1 68
68
72
67
81
82
80
St Joseph Lead deb 530_1941 M N 81
75% 80
85
85 Sale 85
St Jos fly Lt Ht& Pr let 68_1937 M N
44
4012
40
Rocky Mt & P5s stpd_1955 J 1 40
St I.
92
2012
-65- 60 St Paul City Cable cons 55_1937 J .7 38 69 40 Dec'31
40
10372 J 38
Guaranteed 58
86
84
86
694 76
San Antonio Pub Serv let 6s 1952 J .1 78
-See under For elgn Govern ments
Saxon Public Works
48
1946 J .1 48
484 48
Schulco Co guar 644s
67
Guar la f 648 aeries 13._.._1946 A 0 6314 6712 65
85
85
42
42 Sale 35
Sharon Steel Hoops f 5348_1948 F A
93 100
74
74 Sale 72%
Shell Plpe Line St deb 50.-1952 M N
4
71
7014 Sale 693
Shell Union 011 e f deb Is.. 1947 M N
7114
Deb 55 with warrants. _1949 A 0 704 Sale 70
4412
4712
4118 4714 Shlnyeteu El Pow 1st 644s_ _1952 J D 4512 47
3
3
3 Sale
60
60
Shubert Theatre Ge_June 15 1942.1 D
78
1935 J .1 7612 78
78
9112 Siemens & Halske 8 f 7s
85
1951 M S 5414 Sale 5414
8
8
Debenture s f 6)40
127
,
59 4
895
907 8914
Sierra dr San Fran l'ower 58_1949 F A 90
6911 75
1946,F A
244 28
5
2714
255
98
Silesia Elee Corp s t 64s
96
373 Sale 377e
A
3878
4
95% 953 Silesian-Am Corp coil tr 75 1941.
8412
1937,M 8 837 Sale 8312
8
7718 81 14 Sinelair Cons 011 I5-yr 78
8
83
19381 J D 81% Sale 813
974 Kai,
lot lien 6445 series B
95
95
91
Sinclair Crude 01154s ser A_193811 .1 95 Sale 9413
9212
924
1942 A 0 9218 93
8814 78
Sinclair Pipe Line otIs
4
48
4734 Sale 473
1939 M
77
Skelly Oil deb 54e
70
4
10112
51
5513 Smith (A 01 Corp let 648_1933 M N 101 Sale 1003
86
85
1942M S 85
87
32
39
Solvay Am Invest Se
9951
10612 10912 South Bell Tel & Tel let 5 f 59 '41.J J 993 Sale 9813
8
995
9712 10212 S'west Bell Tel 1st & ref 5s_ _1954 F A 987 Sale 975
8918
8814 Sale 8512
10014 10412 Southern Cob Power Os A 1947 J J
1005
7
874 9313 Stand OH of NJ deli & Dec 15'46,1 A 10014 Salo 10018
4
913
_ Stand 011 of NY deb 445_ _1951 ./ D 91 Salo 8751
26
24
2412 25
Stevens Hotel lot 6s series A 1945 J J
24 Jan'32
12 3
Sugar Estates (Oriente) in. _1942 M S
M S
Certificates of deposit
'
7
10614 10012 Jan'321
D
Syracuse Ltg. Co. 14 g 5s___1951
No. Low
Ms
1
96
2
9212
73
1
8
10
3
10
5
3
33
42
125
222
23
70
16
34
32
42
35
13
40
21
111
72
7
408
2.8
15
39
13
47
263
14
450
30
74
1.11ch
39
98
9212
7134 75
30
24
91
85
42
80
85
40
-6- 93
-48212 46
5012,
48
82
65
35
44
4
(163 78
71
58
71 14
58
3812 593
4
312
,
28
78
71
42
5914
92
87
22
28
8
373 4118
72% 88
83
68
4
913 96
8918 9314
48
43
9812 10112
89
81)
9734 100%
9612 101 14
00
85
991971112
92
87
28
23
212 212
52
12
100 100
100 10112
63
60
934 100
7112 81
424 49
2919 3712
84
89%
68
54
0418 98%
261
45
62
3
3
19
26
55
10
50
51
11
11
50's
10
40
4012
29
7
46
40
5
7
5
21
5
79
2
64
1
93
13
51
56
9919
99
99
4512
95
873
69
88
8412
37%
43
79
21
26
21
71
8
1003
100%
101
4512
101
94
77
93
9214
40
5934.
,
83 4
32
3012
3014
85
927o
2
5
21
31
114
233
61
112
75
7
2
7
1418 Dec'31
1
55
55
31
98
97
3112
"iii" 72'i 80
7614 914
97
97
100 10314
49
43
2
8394 417
45
5
75
10
66372
"ii" 9614 99
22
22
28
40
66
66
32
09
21
Walworth deb 634s with warr 1935 A 0 2014 23
A 0 22 Sale 22
Without warrants
1st sinking fund 60 series A 1945 A 0 23 Sale 22
Warner Bros Pict deb 6s_ _ _1939 M S 32 Sale 3112
65
70
Warner Co lot 6s with warr.1944 A 0 65
65
A 0
Without warrants
29
30
uinlan Co deb 68_.1939 M 8 29
Warner-Q
9814
Warner Sugar Refin lot 7s1941 J D 99 100
712
Warner Sugar Corp lot 78_ A939 J J
6
Stamped July 1931 coup on '3911 .1
1941 M S 47 Sale 42
Warren Bros Co deb 65
9812
9114 98
Wash Water Power s f 5s_ 1939.1 J
Westchester Ltg 5s stud rad 19501.1 D 100 10414 100
4
West Penn Power ser A Es. _1946IM 8 9712 Sale 963
1963 M S 97% Sale 9712
1st 5.4 series F
.1 D 9712 Sale 97
1956
let 9ec 59 series 0
Western Electric deb 5s_ _ _1944 A 0 9614 Sale 93
Western Union coil trust 59_1938 .1 J 82% Sale 8012
Funding & real est g 4448_195 M II 6912 73% 70
90% Sale 90
1936 F A
15-year 6 44
4
1951 J D 68 Sale 643
25-year gold So
1960 M S 68 Sale 6412
30-year 5s
2413 Sale 2412
Un El Power 65_1953 J J
Westphalia
6912 6814
Wheeling Steel Corp let 544s 1948.1 J 67
lot dr ref 4 445 series II_ _ _ _1953 A 0 59 Bale ssig
White Eagle Oil& Ref deb 5 Mii'37
4
With stock porch warrants... M S 975 0914 973
913
_
10
White Sew Mach Os with wart'36 1 .1
J J
,
92
4
9, 18
Without warrants
94 11
1940M N
1012
Pante s f deb (is
312 9% 312
Wickwire Spencer St'l lot 7e 1935 1 J
2
10
3
Ctf Sap Chase Nat Bank.......
4
13
5
3
75(Nov 1927 coup on) Jan 1935 141N
312
7
3
CH dep Chase Nat Bank_ __ M IN
4
913 88
WIllys-Overland s f 6 48_ _ _ _1933 M S
Wilson & Co lot 25-yr of 69_1911 A 0 80 Sale 7818
62
Winchester Repeat Arms 7448'41 A 0 6913
A 0 6912 7012 62%
Certificates of deposit
Feb'32
22
2514
3212
Feb'32
65
30
99
Dec'31
Jan'32
48
Jan'32
Feb'32
97%
98
98
8
9(13
8313
73
2
91,
69
68
8
263
693s
5912
98
Jan'32
Feb'32
1012
Jan'32
Jan'3I
Dec'31
Jan'32
Feb'32
80
Jan'32
Jan'32
10
10
312
87
75
61
6112
69
6712
7014
70
19
32
63% 701 1
70
64
30
6812
45
4
413
4018
15
Youngstown Sheet & Tube 58 '78.3 J
12
1970 A 0
let mtge s f 59 ser B
5.8 aeries C 1935 sold on Dee. 5. 21.000 at 73 "deferred delivery."
a Deferred delivery. • Union Oil
Price
Friday
Feb. 19.
High No. Low
8712
8912 26
87
8
4
883
87%
16
4
903
82
10 37334
4912 47
8
583 60
914 Sale
92 187
s
4
743 Sale
_ 98
8312 95
7912 Sale
100 Sale
93 Sale
7612 Sale
77 Sale
5418 Sale
33 Sale
10812 Sale
9912 Sale
101 10218
9012 Sale
00
Radlo-Keith-Orpheum part pald
N 101 Sale
etfs for deb Cs & corn stk. A937 M
77 Sale
Remington Arms let s f 69_ _1937
war '47 M N 4514 Sale
Rem Rand deb 5448 with
85
82
Repub I & S 10-30-yr Sos f 1940 A 0
.1 50 Sale
Ref ec gen 5 49 aeries A _ _ _1953 .1 8 54
5414
M
Revere Cop & Brass 69_July 1948
1946 .1 J 32 Sale
Rhelnelbe Union of 78
-See Foreig n Go erments
Rhine-Main-Danube
2418 Sale
Rhine-Ruhr Water series 68_1953.1 .1
59
55
N
Rhine-Westphalia El Pr 78- _ 1950 M
N 36 Sale
1952 M
Direct [Mee 68
3514 Sale
1953 F A
M Co of 1928
Cons
3312 Sale
Con NI Cs of 1930 with war 1955 A 0
17 Sale
1944 M N
Richfield 011 of Calif fle
1212 Sale
1m N
Certlficatee of deposit
C Cash sales.
Week's
Rance or
Last Sale.
69% Sale
70 Sale
9
19
51
1
5
5
82
35
17
9
54
70
18
13
74
88
78
25
27
1
21
20
22
25
65
65
28
9712
_
6
6
50
40
9812 100
100 104
96% 1027s
9712 102
96 10114
99
91
86
78
80
70
97
83
6413 75
61
721s
27
20
6814 77
4612 65
9612 98
812 10
9%
8
8% 1012
312 34
1-1 2
90
8
833
8
623
(52
1349
FINANCIAL CHRONICLE
FEB. 20 1932.]
Outside Stock Exchanges
Exchange.
-Record of transactions at
the Boston Stock Exchange, Feb. 13 to Feb. 19, both inclusive, compiled from official sales lists:
Boston
Stocks-
Stock
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Railroads
122
100 125
Boston & AlbanY
100 73% 73
Boston Elevated
NtalneBoston &
18
1st preferred class A stpd
17
lot preferred class 13 stpd
Prior preferred stamped_ 61
5431
130
Boston & Providence
85
Chic Jet & Un Stkyds p1100
500
East Mass St fly com--110
2534
N Y N II & Hartford_ -100
Pennsylvania RR
20
50 21
125
7535
20
17
61
132
88
51c
2934
2234
Range Since Jan. 1.
Low.
High.
125 10855 Jan 130
Feb 7655
214 73
Jan
Jan
Jan
Jan 26
119 12
Jan
12 17
Feb 24
Jan 62
Jan
170 48
Feb
Jan 132
25 130
Jan
Jan 90
27 9'
1
Jan
500 620 Feb
1,855 1 734 Jan 31% Jan
840 1755 Jan 23% Jan
Miscellaneous
2
2
American Cent Corp
234
170 750
American Founders Corp_*
155
1
1%
255 760
Amer Pneumatic Service
251 2%
251
20
2d preferred
100 13251 122 13554 15,391 107%
Amer Tel & Tel
4
3%
Amoskeag MN Co
4
•
250
86 14
18
Bigelow Sanford carpet_ _• 22
22
50
935 12%
8
Boston Personal com
Brown Co nreferred_ _100
260
7
7
6
East Gas & Fuel Assn
•
9
7
Common
75
835 10
222 58
59% 6155
4%% Prior preferred 100 61
391 60
62
67
8% cum preferred___100 64
Eastern SS Lines
7
8
Common
•
831
834 1,993
35
35
100
100 34
Preferred
15%
45 15
15
Economy Grocery Stores
514 178
Edison Mee Ilium
100 18955 187 190
7
435
Empl Group Assoc T C- •
7% TN
460 15
General Capital Corp......' 187
1755 1834
8
35
Georgian Corp Inc pI el A20
855
8
80
5
5
Gilchrist Corp
5
5
157 19% 2,702 1055
%
Gillette Safety Razor_
•
340 18
2055 2354
IIYgrade Sylvania Lamp Co 22
6 7334
Preferred
75
75
Jenkins Television
85e
200
750
55e
10 15
Kidder, Peabody pref
45
45
45
11
351
331 331
,
Libby
Jan
Jan
234 Feb
135 Jan
251 Feb
Feb
Jan 1355( Feb
Jan
434 Feb
Jan 20
Feb
1235 Feb
Jan
931 Jan
te
Jan
Jan
Jan
10
Feb
84
Jan
6954 Feb
Jan
10
Jan 3655
Feb 16%
Jan 192
Jan 11
Jan 1955
834
Feb
5%
Jan
Jan 14%
Feb 75342434
Jan
1%
Fe
Jan 45
Jan
354
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
251 Jan
Jan
Jan
Jan 53
1
Feb
Jan
9
Jan
Jan
Jan 116
Jan
Jan
Jan 11
955 Jan
Feb
735 Feb
Jan
Jan 14% Jan
Jan
Feb 19
Jan
Jan 32
Mass Utilities Assoc v t c.*
231 235
234
Mergenthaler 1
50
5055
.1notYPe-100
National Leather Co___ _10 350
I
35c
7
New England Public Serv,
7
New Eng Tel & Tel____100 11154 10834 115
Pacific Mills
9
100
934
931
Reece Buttonbole Mach_ 10
9%
9
Shawmut Assn T C
•
751
7
7%
•
Stone & Webster
11% 1335
,
Swift & Co new
• 1834 18
1835
Torrington Co
30
31
• 31
Tower Mfg
20e 200
20e
Union Twist Drill Co
1055 1034
2
United Found Corp com•
255
235
Unitea .Shoe Mach Corp_25 3834 37
3951
Preferred
32
25 31
31
134
U S Electric Power Corp__
154
Waldorf System Inc
1655 1755
• -- 1734
Waltham Watch pref
1254
12
Warren Bros Co new
434 7
•
655
Westfield Mfg
• 1555 1551 1634
1,002
131
45 50
345
60
555
50
631 102
392
751
160
854
1,730
635
1,158
935
332 17
835 30
300
100 10
829
134
4,833 3354
292 31
20
131
305 14%
200 12
331
1,488
300 15
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
13
255
40
32
134
17
1254
Mining
Calumet & Reda
25
Copper Range
25
La Salle Copper Co
25
25
Mohawk
234
North Butte
Pond Creek Pocahontas Co
25
Quincy Mining
Shannon
10
Utah Apex Mining Co_
Utah Metal & Tunnel__ _I
285
176
100
865
2,435
50
820
30
450
5,100
2%
154
35c
1131
350
6
135
50
500
31
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
3%
355
40e
1831
600
854
234
60
600
45c
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
60
43
95
28
21
Jan
Feb
Jan
Feb
Feb
234
1835
40e
231
3
355
254 2%
350
35c
1655 1834
41c
35e
6
6
2
23
,
1
50
Sc
35 60c
370
45c
BondsAmoskeag Mfg Co 68_1948
56
Brown Co 555s
1946
38
Chi Jet & Un Stkyds 59 '40
91
E MILSS St Ry ser A 4%s'48 28
24
Series B 5s
1948 24
21
Kansas City Memphis dr
Birmingham Shy In5s__ ...... 60
New Eng Tel & Tel 55 1932 10034 100%
• No par value. z En-dividend
60
38
91
28
24
60
10055
$21,000
2,000
1,000
4,000
4,500
4,000
5,000
Jan
51
Feb
38
Feb
90
1734 Jan
Jan
20
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
18% Jan
60
Feb 60
Feb
9931 Jan 100% Jan
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, Feb. 13 to Feb. 19, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
1Veek.
Par. Price. Low. High. Shares.
Abbott Laboratories com_•
Acme Steel Co
25
Adams (J I)) Mfg com_ •
Ainsworth Mfg Corp coral°
Allied Motor Ind com___•
53,1
•
Allied Prod Corp A
Amer Equities Co com_ *
Amer Pub Serv pref. _100
Amer Radio & Tel Corp..*
34
Art Metal Wks Inc com_ •
Assoc Tel & Tel
•
Class A
$8 preferred (w w).... • 65
ioo
7% preferred
Assoc Tel 11111Co com____•
3
I3ackstay Welt Co com
Bastian-Blessing Co com_•
Bendix Aviation cons-__ _•
4
13inks Mfg Co cony prefA_•
[Bums Inc conv pref
Borg-Warner Corp com.10
Brach & Sons(E J) com_ •
Brown Fence & Wire B•
1131
Bruce Co(EL)common
Buoyrus-NlonIghan A__ * 14
i0
Butler Brothers
10
Castle & Co (A NI)
Ceco Nlfg Co Inc com...,__•
155
Cent Illinois Sec Co corn__•
Convertible preferred_ •
5
28
1535
12
534
%
5
234
3155
34
2%
30%
1535
12
5%
31
5
251
33
4955
62%
7255
6
3
8
16%
331
4
1031
755
2%
1035
14
234
9%
1
1%
13
5255
390
65
80
76
100
635 2,650
3
210
8
50
18
16,200
4
1,240
455
30
11% 10,600
7%
50
2%
50
12%
1,150
14
50
255 1,050
10
650
115
400
1%
900
15
200
36
255
300
400
40
100
650
50
50
50
1,500
550
Range Since Jan. 1.
Low,
High,
27
Jan
15
Jan
Feb
11
551 Jan
31 Jan
Feb
2
Jan
27
Feb
34 Jan
2% Jan
3151 Jan
17% Jan
12
Jan
534 Jan
34 Jan
Feb
231 Jan
50
Jan
34 Jan
255 Jan
48
61
72
6
3
5434 Jan
65
Jan
76
Jan
12% Jan
3
Feb
Feb
18% Jan
5% Jan
4% Feb
1235 Jan
734 Jan
2% Jan
14
Jan
16
Jan
2% Jan
10
Feb
134 Jan
1% Jan
15
Jan
5
15%
151
4
7
2%
9
14
2
831
1
35
13
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Friday
Sales
Last Week s Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Central III P S pref
Cent Pub Ser Corp A_
•
urn cora
Cent S
Preferred
•
Prior Ilen cum pref_ _ _ _•
Cherry Burrell Corp com •
Chic C & Con RY Part ru-*
Chic Investors Corp
Common
•
Convertible pref
•
Chicago Rys part etfs 2_100
Chicago Towel Co cony pf •
Chic Yellow Cab Co Inc_ *
Cities Service Co com
•
Commonwealth Edison _100
Consumers Co
100
6% prior pref A
Cont'l Chicago Corn
Common
Preferred
Cord Corp
5
Corp Sec of Chic allot etc _s
Common
•
Crane Co
Common
25
Preferred
100
Dodge Mfg Corp pref.._ •
Elec Household Util Corp10
Empire Gas dr Fuel Co
6%% Preferred
100
Fitz Simons & Connell
•
D & D common
Foote Bros G & M Co5
Gardner-I)enver Co com_•
Gen Theatres Equip com_*
Great Lakes Aircraft A__.•
Great Lakes D & D
•
Greif Bros Coopge A com•
Grigsby Grunow Co com*
Hall Printing Co c,om __10
Hart-Carter cony pref
*
Hormel & Co(Geo) corn A*
Houdaille-Hershey Corp
Class A
•
Class 13
•
Hussman-Ligonler Co com•
Illinois Brick Co
25
Illinois Nor UM pref_100
Insull Uti l Invest Inc__ •
2d preferred
•
Investment Co of Am corn •
Iron Fireman 51fgrovte•
Jefferson Elec Co com
•
Kalamazoo Stove com
*
Katz Drug Co com
1
Kellogg Sw'bd & Sul/
Common
10
Keystone Steel & W corn_•
Ky Mil Jr cum pref.
50
Libby McNeill dr Libby-10
•
Lincoln Printing com_
7% preferred
50
Lindsay Light com
10
•
Lion Oil Ref Co com
•
Lynch Corp corn
66%
635
131
63%
2
5
28
42
935
155
1%
1555
,
31
5955
1055
5%
10635
6651
2%
655
30
43
10
I%
360
000
6,650
350
200
200
150
Range Since Jan. I.
Low.
59
154
4
25
36%
955
1%
1
151
100
100 14%
16
100
51
31
20 5954
5955
150 10
1035
5%
6% 16,650
113% 5,325 10051
1251 12%
10
1251
Jan
Jan
Jan
Feb
Feb
Feb
Feb
High.
69%
35
6
634
45
55
10
154
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
254
Feb 17%
Feb
31
Feb 66
Jan
1131
Jan
634
Feb 122
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
14%
156
,
155
255 16,850
2
1,650
19
20
554 631 27,650
2,350
155 3
1% 4,800
1
1% Feb
15% Jan
455 Feb
Feb
1
55 Feb
231 Jan
21
Jan
8% Jan
4
Jan
Jan
2
510
160
1,375
1,350
754 Jan
4751 Feb
34 Feb
435 Jan
13
Jan
Jan
64
55 Feb
8
Jan
2%
19%
534,
7% 835
4751 48%
55
34
5
655
41%
4131 4134
55
41% Feb
42
.74
15% 16
.35
34
300
1,457
14
Feb
51 Feb
16
Feb
55 Feb
11
20
100
050
2,900
30
3,500
350
150
50
11
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
15
55
1
105(
1255
1
10
454
12%
Jan
54 Feb
2% Jan
13% Jan
1255 Jan
154 Jan
II% Jan
535 Jan
15
Jan
955
355
1
434
91
2%
4
2
334
935
7%
1835
1035 1,300
1,550
31.4
1
100
431
800
20
9435
4% 27,900
3,650
8
100
2
4% 1,150
350
9%
250
1054
1955
300
8%
255
1
4
94
135
1%
15e
3%
8
7
17%
Feb
Jan
Feb
Jan
Jan
Fe
Fe
Jan
Fe
Jan
Fe
Fe
11
354
1
534
95
655
17
2
5
12
1054
21
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
231
5
3835
4
11%
30
831
255
14
2%
5
42
4%
12
33
851
2%
15
2,500
100
180
3,100
100
100
50
250
250
2
5
38
3%
10
30
8%
255
12
Jan
Fe
Jan
Jan
Feb
Jan
Feb
Feb
Jan
3
6
48
455
14
33
1035
255
15
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
5
555
3435 35
6
7
331
3
831 934
1335 1351
31
34
455 5
500
100
700
1,400
550
100
250
250
435
29
5%
3
755
13
34
4%
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
535 Jan
35
Feb
10% Jan
4% Jan
13
Jan
1455 Jan
54 Jan
Jan
6
100
51,300
900
150
50
1,250
50
50
10
2,750
100
100
100
150
250
1,200
100
5
335
3054
35
51
351
10
'ii
35
1
9
27
395
35
35
755
51
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
651
7
54
55
34
055
15%
35
50
2
12
32%
331
2
34
12
%
Jan
Jan
Jan
Jan
Jan
Jar,
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
50
150
100
800
400
350
200
40
5
1,70
355
55
35
19
1014
4,5
15
131
75
19
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
4
2
45
2034
1251
6
24
135
75
2131
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
2
2
5
1
55
70
50
30
44
45
5
55
2255
355
34
334
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
55
Jan
Fe
60
531 Jan
2% Jan
25% Jan
654 Jan
1
Jan
455 Jan
105 115
108 115
104 10535
9831 103
3434
1,800 104
15 108
6 10034
97
16
%
5,750
Feb
Feb
Feb
Feb
Feb
125
Jan
115
Feb
114
Jan
10431 Jan
34 Jan
87
9555
10035 102
136
1735 1i'31
,
j
134 1q
830 77
100 100
1
100
100 1531
I
100
50
7-4
200
8
934
200
2
100
1
1,000
1%
100
200 1255
250
155
40 63
300 1
300
234
3
10
Feb 9555
Feb 105
155
Jan
Jan
1754
2
Jan
135
Jan
8
Feb
Feb 10%
2%
Feb
Jan
1%
155
Feb
Feb
16
Jan
2
Feb 69
Jan
134
Jan
314
Feb
691
1%
1034
455
454
9%
1055
2%
33
15
McGraw Electric Co com_•
NIcQuay-Norris Mfg Co_ _•
McW'illiams Dredging Co..'
Manhatt-Dearb Corp corn •
355
Marshall Field de Co com •
Material fiery Corp corn..10 1355
•
Meadow Mfg Co com
Mere & Mfrs Sec A com_ •
Nlickelberry's Food Prod
Common
1
Middle West URI new_
•
$6 cony pref A
•
Warrants A
Warrants B
Midland United Co com__•
351
Convertible preferred-I'
Warrants
•
Miss Valley Util $7 pref •
M-Kan Pipe Line com
•
Modine Mfg corn
• 10
Monroe Chemical Co pt..* 3254
Common
•
Muncie Gear Co class A •
Common
•
Nat Flee Pow A conv
•
Nat Leather Co corn_ __10
Nat Repub Invest Trust
Corn cony Preferred..,...5
Nat Secur Inv Co con/ _ •
100
6% Preferred
Nat-Standard com
20%
Noblitt-Sparks Ind com • 1034
Nor Amer Car Corp com •
Nor Amer Lt & Pow corn..*
No & So Am Corp A coin.*
Nor States Pow Co corn 100
Northwest Bancorp com_50
Nor West UM
7% preferred
100
7% prior lien pref. _100
Parker Pen Co corn
10
Peabody Coal Co B corn__*
Perfect Circle (The) Co..-* 24
Pines Winterfront com_ •
Polymet Mfg Corp corn_ •
Process Corp common____•
4
Pub Serv of Nor 111
Common
• 108
Common
100 108
7% Preferred
100
6% preferred
100
Q it S De Vry Corp com-5
3.4
Quaker Oats Co
Common
• 95
Preferred
100
Railroad Shs Corp corn •
Rath Packing Co com_10
Raytheon Mfg Co coin...*
Reliance Int Corp A
Rollins Ros Mills con pref •
Ryerson dz Son Inc corn •
•
Sally Frocks Inc corn_
Seaboard Util Shares Corp•
Signode Steel Strap corn •
So Colo Pow Elm A com_25 13
Southern Union Gas corn _•
So'west Gas & E 17% p1100
Standard Dredge corn_
•
Convertible preferred_ _•
Storkline Fur cony pref_25
11
3-4
35
134 1%
10% 13%
1255 12%
155
155
10% 10%
49-4 455
1234 12%
6
6
4% 5
3231 37
34
3
1331
54
35
1
10
3251
331
5
53
5
1351
55
35
131
10
3235
351
3.4
55
10 ,
2.35
4
55
355
1
35
1955
1055
434
17
3%
1
35
2051
12
6
18
75
19
75
20
191 1%
44
44
47% 48
5
5
2
2
23% 2534
5
4
35
31
355 4
1
8
8
10
1031
231 251
1
1%
155
136
1255 13
154 2
65
6534
135 1%
3
3
634 634
i
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
1350
FINANCIAL CHRONICLE
Friday
Sates
Last Week's Range for
Week.
Sate
of Prices.
Stock.(Concluded) Par. Price. Low. High. Shares.
Super Maid Corp cora_ *
Swift International
15
Swift & Co
25
Telephone Bond & Shlst preferred
100
Thompson (J R) corn_ .25
20 Wacker Drive Bldg Cory
26 preferred
•
United Dry Dks Inc corn.*
United Pits & Pubs corn._*
U 8 Gypsum
20
U S Radio S. Telev com_.•
Utah Radio Prod corn__•
Util & Ind Corp corn_
•
Convertible preferred- •
Viking Pump corn
Preferred
Vortex Cup Co corn
Class A
Wahl Co(The)corn
Walgreen Co common_
•
Warchel Corp cony pref..*
Ward (Montg) & Co A_ *
Waukesha Motors com_ *
Wayne Pump cony pref..*
Common
•
Western Pow Lt & Tel el A•
100
7% Preferred
Wieboldt Stores Inn
*
Williams 011 -Mat corn.*
-0
Wisconsin Bank Erns cum 10
Yates
-Amer Mach part pf•
Zenith Radio Corp com- •
•
•
Bonds
Chic City Rys-Certifs of deposit
Chicago Rya
1st mtge 5s_ _
_1927
58 certifs of deposit_ 1927
Insull Util Inv 6s
1940
55 without warrants 1949
Pub SSub Corp 54s A1949
Range Since Jan. 1.
Low.
High.
Jan
3
25
Jab
18% Jab
24 234
19% 214
184 184
4
22
13%
22
131
3%
4731
21
50
1,700
88
834
Jan
Feb
95
1335
Jan
Jab
44 44
3434
134
1
2131 24%
104 114
1
134
2% 3
931 11
4
4
22
23
1234 134
2131 23
1
131
20
550
200
5,900
4,000
500
1,400
2,450
200
200
600
250
100
2,000
180
60
20
200
100
200
10
50
350
1,050
100
700
331
34
1
184
84
34
2
8
3
22
12
214
31
10
4
60
30
234
1
534
3434
34
3
3
131
it
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
5
Feb
Feb
Feb
Feb
Jan
Jab
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jab
Jab
Pro
Feb
Feb
Jan
Jan
Jan
424 4634 28,000
1
Jan
2
18
Feb
16% Feb
884 90
10% 13
11
1
50
6,100
3,800
42
Feb
48
464
2034
1634
50
4731
4634
15%
1634
50
Feb
Feb
Feb
Feb
Feb
ion 11%
4
6231
30
234
1
534
34%
5
3
331
131
34
4
65
30
234
1
634
34%
5
314
3%
134
1
6,000
48
4731 11.000
28 644,000
1831 7,000
EA'
2,000
3.4
14
24%
1234
1%
a
11
4
23
144
2331
1%
11%
4
73
34
44
2
7
49
5
334
4
134
1%
463,6
50
Feb
Jan
Jan
50
384 Jan
24% Jan
Feb
54
0L. 134
Friday
Sales
Lass West's Range for
Sate
of Prices.
Week.
Stocks (Conctuded) Par Price. Low, High. Shares.
Canada Malting Co
Canada Vinegars com
*
Cosgrave Export Brew- _10
Distillers Corp /*scrams.*
Dom Tar & Chemical p1100
Duilerin Pay & Crushed St
Common
•
Dominion Motors------10
English El of Canada B- *
Goodyear T & Rubb com_•
Hamilton Bridge corn....5
Honey Dew corn
•
Preferred
Humberstone Shoe com_ *
Imperial Tobacco ord-- -5
National Steel Car Corp..'
Service Stations corn A. *
Shawinigan Water & Pow.*
Stand Pay & Materls coin*
Tamblyns Ltd G pref.-100
Toronto Elevators coin_ *
United Fuel Invest pref 100
Oils
Ajax 011 & Gas Ltd
1
British American 011
Crown Dominion Oil Co *
Imperial 011 Limited
International Petroleum_ _*
McColl Frontenac 011 corn*
Prairie Cities Oil A
Supertest Petroleum ord._*
Union Natural Gas Co...'
Unlisted
Coast Copper
Kirkland Lake
Mining Corp
Noranda
Sherritt Gordon
Trek Hughes
Wright Hargreaves
5
1
5
124
15
231
334
77
38
534
234
11
1.03
104
234
10
10%
1634
231
16.40
1 .5234
4.40
1
2.75
Range Since Jan. 1.
Low.
High.
1231 1234
1534
15
24 234
334 331
49
49
35
503
100
755
10
1131
14
23-4
334
49
Jan
Jan
Feb
Feb
Feb
3
331
134
75
6
3
37
2034
8
10
54
33
234
97
11
11
3
3)4
134
78
634
3
38
21
8
10
6
33
234
97
11
11
25
45
4
25
20
10
20
40
110
100
222
11
65
20
45
15
3
3
131
70
6
3
37
2031
731
10
5
33
234
97
11
10
4
Jan
Feb
5
Feb
Feb
234 Jan
Feb
Jan 79
Feb
7
Feb
Feb
331 Feb
Feb
Jan
Feb 40
Feb 2134 Jan
814 Jan
Jan
Feb
Feb 10
7
Jan
Jan
Feb
Feb 33
3
Jan
Feb
Feb 1004 Jan
Feb
Feb 12
Jan 15
Jan
1.03
931
234
934
1034
934
2
1534
34
1.03
1031
234
10
11
934
2
1631
431
100
2,123
30
2.636
765
140
60
130
351
1.03
9%
234
931
10%
934
2
1534
331
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
24 234
.4534 .4534
1.05 1.12
16.50 16.90
.50 .5234
4.30 4.55
2.74 2.79
Feb
13
Jan
16
334 Feb
Jan
49
Feb
1.15
1034
3
104
11%
1031
2
184
5
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
231 Feb
3
Jan
180
.45 Feb
.52 Jan
55
1.15 Feb
1.00 Feb
600
3,065 15.10 Jan 17.20 Jan
.50 Feb
.64 Feb
600
5.25 Jan
2,455 4.21 Feb
2,000 2.65 Feb 3.03 Jan
* No par value.
-Record of transactions
Philadelphia Stock Exchange.
-Record of transactions at at Philadelphia Stock Exchange, Feb. 13 to Feb. 19, both
Toronto Stock Exchange.
the Toronto Stock Exchange, Feb. 12 to Feb. 19, both in- inclusive, compiled from official sales lists:
clusive, compiled from official sales lists:
bMWS
Friday
•No par value. x Ex-dividend
Stocks-
y Ex-rights.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
3
934
10
119
8
25
1434
14
32
3
7
66
534
14
7%
1531
1334
58
11
1834
6
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
10
931
Maple Leaf Milling pref100
34
-Harris cora
Massey
McIntyre Porcup Mines-5 17.50
Monarch Knitting pref_100
Moore Carp COM
2
Muirheads Cafeterias corn*
Ont Equit Life 10% pd_100
Page-Hersey Tubes COM--* 56
Photo Engravers & Elec. *
Pressed Metals corn
•
St Lawrence Corp A- ...50
Simpson's Ltd prof.
...I00
Stand Steel Cons corn__ •
Steel Co of Canada cora * 22
Preferred
25
Twin City Rap Tr corn_100
Walkers new w I
23'4
New preferred WI
114
Walkers-Good'h'm Worts.334
2)4 Jan
10
24 24
35
831 84
631 Jan
Feb
15 10
10
10
Feb
13 119
119 119
Feb
5
45
5
5
Feb
15 12
15
15
1234 1434 3,726 10% Jan
134 Feb
20
1,34
134
294 30
65 2934 Feb
24 Feb
210
234 234
320
Feb
634 64
6
39 61
Jan
63% 65%
534 531
10 534 Feb
12
12
12
Feb
150
631 Feb
64 635
15
15 15
Feb
15
124 13
90 12
Feb
55
Feb
5 55
58
10
Feb
70 10
10.4
1734 18
3,670 13.4 Jan
5
5%
431 Jan
390
3
35
Feb
3
3
6% Feb
247
634 6%
4
434
4
Feb
110
68
7134
Feb
656 64
153 157
175 153
Feb
434 434
334 Jan
25
62
11 62
65
Feb
12
12
25 12
Feb
9.85 10.25 1,360 9.35 Jan
1731 1734
630 164 Jan
1434 1534 3,626 11 Jan
187 80
Jan
8834 91
334 Feb
105
3yi 4
51
Feb
5 51
51
334 Feb
35
331 334
Feb
1
14 3,625
1
350 5.00 Feb
5.05 5.10
Feb
20 96
96
96
84 Feb
10,085
834 10
6% Feb
5
7
7
34 Feb
30
4
4
815 28.00 Feb
28.00 29.00
Feb
50 36
38
38
94 Feb
384
9% 10
9 Feb
180
9
931
Feb
47 12
12% 15
334 Feb
44 2,255
34
105 17.25 Feb
17.25 17.50
10 2734 Feb
2734 2734
Jan
9
17
934 934
134 Feb
500
2
2
Feb
7
60
9
8
217 494 Feb
5331 56
Feb
45 18
18
18
734 Feb
55
734 731
Jan
100
335 334
Feb
11 40
40
40
Jan
2
25
24
24
Feb
630 20
22
20
Feb
75 27
27
27
331 Jan
100
4
4
234 Feb
275
234 234
Feb
167 12
1134 12
2% Jan
3
331 16,510
Banks
Dominion
Imperial
189
188
189
188
14 189
8 188
Feb 194
Feb 193
Jan
Feb
210
210
1 210
Feb 210
Feb
Abitibi Pr & Paper corn_ *
100
6% preferred
*
Beatty Bros corn
100
Bell Telephone
Blue Ribbon Corp coin- _*
50
64% preferred
Brazilian T L & Pr corn _*
•
B C Packers corn
25
Burt F N Co com
*
Canada Bread corn
*
Canada Cement corn
100
Preferred
Can Steamship Lines pf 100
Can Bakeries tat pref 100
*
Can Car & Fdry corn
25
Preferred
Can Dredging & Dock corn*
Can General Elec pref._ _50
•
Canadian Oil corn
Canadian Pacific Ay_ __100
Cockshutt Plow com_____*
•
Conduits Co corn
Consolidated Bakeries_ --*
Consolidated Inds
Cons Mining & Smelting_25
100
Consumers Gas
Cosmos Imperil Mills corn •
.100
Preferred
Crow's Nest Pass Coal.100
Dome Mines Ltd
•
Dominion Stores corn
Ford Co of Canada A....'
0003year T & Rub prof 100
Gypsum Lime dc Alabast.*
Hamilton Un Thea pref 100
Hayes Wheel & Forg cols.*
Hinde & Dauche Parer_ *
Hollinger Cons0 Mines.-5
Intl Milling 1st pref----100
Intl Nickel corn
Intl Utilities A
Kelyinator of Canada corn *
Lake Shore Mines
Laura Secord Candy corn_•
*
Lobiaw Groceterlas A_
119
1434
2934
631
57
18
531
834
70
153
10.20
1734
1434
91
334
5.05
96
94
28.00
100
100 188
Loan and Trust
Toronto General Trusts 100
8
5
72
166
5
68
13
10.50
18
1531
91
5
53
4
134
5.60
96
11
4
29.10
38
104,
104
204
434
19.25
30
10
2
9
66
1834
734
33-4
5534
22
29
4
231
12
3%
•No par value.
Toronto Curb.
-Record of transactions at the Toronto
Curb, Feb. 12 to Feb. 19, both inclusive, compiled from
official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Brewing Corp
Preferred
Canada Bud Brewer corn.*
1
8
31
234
7%
1
3
8
945
83
645
Range Since Jan. 1.
Low.
31 Jan
2% Feb
7
Jan
High.
Feb
1
334 Jan
Jan
9
Stocks-
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
American Stores
*
Bankers Securities pref.- _ _
Bell Tel Co pf Pa pf...100
Budd (E 0) Mfg Co
*
Budd Wheel Co
Cambria Iron
50
Camden Fire Insurance...
Elec Storage Battery_ - -100
Fire Association
10
(I) Fishman & Sons
Horn & Hard (Phila) corn *
Horn & Hard't (N Y)com*
Insurance Co of N A_ --10
Lehigh Coal & Navigation..
Lehigh Valley
Mitten Bank Sec Corp pf_
Penn Cent L & P cum pl.*
Pennroad Corp
Pennsylvania RR
50
Phila Elec of Pa $5 pref...
Phila Elec Power pref.-.25
Phil Insulated Wire
Phila. Rapid Transit..
..50
7% preferred
50
Phila & Rd Coal & Iron_
Philadelphia Traction- -50
Railroad Shares Corp
Reading RR
Reliance Insurance
10
Scott Paper
7% A
Seaboard Utilities Corp...
Shreve El Dorado Pipe L 25
Tonopah Mining
1
Union Traction
50
Ctrs of deposit
United Gas Impr corn new *
Warner Co
•
934
11134
231
14
84
27
34
1034
334
9334
30
27
---1534
131
234
31
1674
2034
Bonds
Amer Elec & Gas 5s._2028
Erne & Peoplestr ctfs 4s '45
Goergia Pow & Lt 54(31967
Lehigh Valley annuity 13s__
Penna Pow & Lt 4303_1981
Flint'El(Pa) 1st s f 4s 1966
1st & ref 4s
1971
1st 55
1966
Phila El Pow Co 548_1972
3534
35
94 94
100% 112
2
231
331 334
38
38
1334 1431
3034 3134
8
934
34
4
112 11234
264 2731
314 34
934 104
153-4 16
234 231
63
63
334 334
2031 2234
92
9334
2934 30
27
27
434
431
15
1634
4
531
25
26
134
3331
434
40
99
131
234
34
1634
1531
1934
5
Range Since Jan. 1.
Low.
High,
500 3334 Jan 35
94 Jan 104
300
300 100% Feb 112
1,500
14 Feb
234
500
234 Feb
434
100 36
Jan 38
600 12
Jan 1434
160 26
Jan 31%
1,600
734 Jan
934
50
y, Feb
34
Jan 120
60 105
800 2634 Jan 30
1,100 2834 Jan 34
5,200
931 Feb 1431
105 1034 Jan 1734
200
24 Feb
334
Feb 68
10 63
334
3,200
2
Jan
5,600 1731 Jan 2234
180 9134 Jan 964
600 284 Jan 383-1
10 27
Feb 3034
100
334 Jan
634
400 13
Jan 18
1,680
3
Jan
531
450 24
Jan 2834
14
60
35
70
434
100
17
40
99
5
134
210
23/s
300
54
300
1634 1,600
153-4
100
21
21,500
5
100
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
1
30
3
3634
91
34
231
7-16
1434
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
534 Jan
35
Feb
331 Jan
40
Jan
99
Feb
134 Jan
3
Jan
34 Feb
1734 Jan
17%
Jan
Jan
21
Feb
534 Jan
454
83
83
$6,000 784
24
27
30,602 24
824 8234 5,000 60
106 10631
300 106
72
72
7,000 72
91
91
3,000 87
83
83
1,000 83
100 10131 41,000 100
1014 1014 2,000 100
Jan
Feb 86
Feb 29
Feb
Jan
Feb 90
Feb 10634 Feb
Feb 854 Jan
Jan 91
Feb
Jan
Feb 87
Feb 103
Jan
Jan 1023,4 Jan
* No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Feb. 13 to Feb. 19, both infrom official sales lists:
clusive, compiled
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
Appalachian Corn
•
Arundel Corp
Atlantic Coast L (Conn)50
10
Baltimore Trust Co
*
Black & Decker corn
Ches&Pot Tel of Bait pf100
•
Commercial Credit
25
Preferred
25
Preferred B
Comet Gas EL & Power.*
100
6% pref ser D_
534% prof w leer E.100
100
5% preferred
Consolidation Coal__ _ _100
*
Eastern Rolling Mill
Fidel & Guar Fire Corp.-10
50
Fidelity & Deposit
Mfrs Finance coin t 25
25
1st preferred
25
2d preferred
Maryland Casualty
Merch & Miners Transp--*
Monon W Penn P S pref_25
New Amsterdan CM Ins
Northern Central
350
26
31
3
3
116
116
10
18
17
634 6034
105
106
101
101
97
101
25c
27c
35c
26
31
3
334
11631
10
18
17
64
107
102
101
75c
434
1334
66
134
834
534
6%
20
19
19
70
4%
15
71
1%
9
6
7
2031
19
20
7034
434
70
1931
Range Since Jan. 1.
Low.
High,
50 25e
Jan 50c
5 26
Jan 264
51 31
Feb 32
210
3
Jan
3
234 Feb
182
434
87 11531 Jan 11631
931 Jan 10
5
Feb 18
105 17
Jan 20
185 17
880 594 Feb 65
60 10635 Jan nou
Jan 107
63 100
Jan 101
101 97
Sc Feb 75c
1,565
40
63
189
237
127
169
383
80
75
525
79
331
1234
66
134
834
534
20
18
19
66
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
434 Feb
15
Jan
854 Jan
Feb
9
Feb
6
Jan
84 Jan
21
Feb
19
Feb
214 Jan
68
Jan
FEB. 20 1932.]
FINANCIAL CHRONICLE
Friday
Sates
Last Week's Range for
Sate
of Price'.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Penne Water & Power_ _ *
US Fidelity & Guar new 10
West Md Dairy Inc pref. _*
Bonds
Baltimore City Bonds
45 Sewerage loan_ _1961
1955
4s Park loan
City 44 2d water_ -1954
City 3145 public impr '40
Century Park'y Corp 66'56
Congo] Gas ten 4148-1954
1939
1st 55
Danville Traction 5% _1941
United RY & E f 5&..1930
• No par value.
5034 51%
514 834
85
85
6
90
8934
8934
96
65
9714
100
15
12
65
14
1,232
5
Range Since Jan. 1.
Low.
Jan
48
5% Feb
Feb
85
90
51,500 90
8934
300 8914
8934
100 8934
96
10,000 96
6534 2,000 65
9714 3,000 9734
10034 3,000 100
15
2,000 15
12
1,000 12
High.
53% Jan
8% Jan
Jan
90
Jan 93
Jan
Feb 93
Jan
Feb 89% Feb
Feb 96
Feb
Jan
Jan 66
Feb 97% Feb
Jan 10034 Feb
Feb 15
Feb
Jan 12
Jan
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Feb. 13 to Feb. 19, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
•
Allegheny Steel
ArkansasNatGasCorp pf 10
Armstrong Cork Co
•
Blaw-Knox Co
•
Carnegie Metals Co
10
Clark (D L) candy
Crandall, McK & Bend •
Devonian 011
10
Hachmelster Lind COrP--*
Harbison Walker Ref
Independent Brewing. .50
Preferred
50
Jones & Laughlin SU pf 100
Koppers Gas & Coke p1100
Lone Star Gas
•
McCrady Rodgers pref__50
Mesta Machine
Nat Flreprocaint pref....50
50
Pittsburgh Brewing
Preferred
50
Pittsburgh Coal pref._ _100
Pittsburgh Plate Glass. 25
Plttsb Screw & Bolt Corp*
Plymouth 011 Co
5
Shamrock 011 & Gas
"
Standard Steel spring_
*
United Engine & Fdy__- *
United States Glass
25
Westinghouse Air Brake_ _*
UnlistedCoppel weld Steel
Western Pub Serv v t c*
No par value.
12
5%
8
2
13%
234
234
8%
12%
5
1
19%
16
5
Range Since Jan. 1.
Low.
High.
12
534
8
7%
1
834
5
434
13
11%
2%
214
78
59
8
12
554
8
8
2
8%
5
5
13%
11%
2%
2%
78
59
10
4%
734
714
1
8
5
434
10
10
2
2
78
56
Jan
Jan
Feb
Feb
Jan
Jan
Feb
JR11
Jan
Jan
Jan
Jan
Feb
Jan
Jan
13
534
10
8%
2
8%
5%
5
14
14
3
3
80
61
9%
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
834
505
580
10
488
3,575
50
100
220
455
15
515
30
170
15
12,927
42
12%
8
4
7%
32
18%
354
6%
1
10
18
134
1554
42
14
8%
5
7%
32
19
414
634
1%
10
1934
134
16%
25
775
25
341
10
13
705
1,007
900
2,715
20
420
20
1,04
36
12%
754
3%
6
32
1734
3%
6%
1
10
18
114
13%
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Fe
Fe
Jan
Feb
Jan
Jan
42
1934
9
5
7%
32
19
4%
7%
114
1034
23
2
1654
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
10
5
Feb
Feb
10
10
414 5
92
10
Feb
314 Jan
Jan
Jan
Jan
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Feb. 13 to Feb. 19, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Aetna Rubber corn
•
2%
City Ice & Fuel
27
Cleve-Cliffs Iron pref._ *
27
Cleve Electric 1116% pf 100
100
Cleve Railway corn.---100
41
Certificates of deposit100 41% 4154
Cleve & Sand Brew pi. _100
334
Columbus Auto Parts Pf-*
5
Dow Chemical corn
* 35
33
Preferred
100
98
3
28
27
102
41
41%
314
5
36
98
Fed Knitting Mills corn._* 22;4 22
22%
Firestone T & Rub corn.10 12% 1214 12%
Goodyear T & Rub corn_ _• 18
15% 18
Greif Bros Cooperage el A •
11% 11%
Harbauer common
5
5
5
India Tire Sr Rub com
*
5
5
Interlake Steamship cam *
20
20
Kaynee common
10
1334 14
Lamson Sessions
•
5% 5%
McKee, Arth G Sr Cool B *
30
30%
Mohawk Rubber cont._ •
2% 2%
National Carbon pref.
.100
117 117
National Refining corn.-25
8
7% 8%
Preferred
100 100
100 100
National Tile corn
•
214 2%
National Tool con)
50
1
1
1900 Corp cl A
•
2314 2314
Ohio Brass B
• 12
11% 12
Packer Corp corn
6
6
634
Richman Bros corn
30
2834 31
Selberling Rubber cont. *
4
4
Preferred
100
20
20
Sherwin-Williams corn.
.25 33
3214 33
AA pref
100 100
100 100
Range Since Jan. 1.
Low.
115
154'
285 26
29 27
125 100
20 41
100 40
75
3
25
272 29%
25 98
27 2014
400 12%
833 13
35 11%
120
5
15
25 20
65 10
100
4
130 2914
1
50
10 115
161
714
1 100
234
167
50
1
10
23
452 11
6
6
67
26
36
4
9
20
31%
1,09
80 100
High.
Jan
3
Jan
Jan 28
Feb
Jan 27
Jan
Feb 103% Jan
Jan 41
Jan
Jan 43
Jan
Jan
314 Jan
Feb
514 Jan
Jan 36
Feb
Feb 100
Jan
Jan 22%
Feb 1234
Jan 18
Feb 1334
Feb
634
Feb
5
Feb 26
Jan 15
Jan
7
Feb 30%
Jan
2%
Jan 120
Jan
8%
Feb 100
Feb
3
Feb
1
Feb 24%
Jan 13
Feb
634
Feb 31
Jan
4%
Jan 22
Feb 35
Jan 100%
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
,Jan
Jan
Jan
Jan
1351
Friday
Sates
Last Week's Range for
Range Since Jan. 1.
Sale
of Prices.
Week
Stocks (Concluded) Par. Price. Low. High. Sharer
,
Lout.
High.
Std Textile Prod A pref..*
534
534 534
10
534 Feb
534 Feb
Union Trust
25 23
2054 23
2,198 20
Feb 2534 Jan
Youngstown MT pre1.100 45
45
45
10 40
Jan 47
Feb
Bonds
City Ice Del dt Gin 65_1936
95
95
$500 95
Feb 95
Feb
*No par value.
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Feb. 13 to Feb. 19, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Amer Laund Mach com_20 1634
Amer Rolling MIII com _ _25 1214
Amer Thermos Bottle A_ •
Chi Gas dr Elec pref.-- _100 82
Cincinnati Street Hy__ .50
Cin & Sub Tel
50 65
On Union Stock Yards_ •
Crosley Radio A
"
Dow Drug common
*
434
Eagle-Picher Lead com_ 20
Egry Register A
*
1534
10
3
82
1634
64
16
334
434
434
18
1034
1234
3
8334
16 34
6534
19
4
414
414
18
786
408
200
238
31
268
47
55
80
100
25
1534
8
3
75
16
6154
16
3
434
454
18
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
17
1254
3
9034
17
67
19
4
434
5
18
Formica Insulation
•
Hobart Mfg
* _19
Kahn Participating A....40
Kroger common
• 16
Ltmkenhelmer
*
Procter & Gamble new.. 5 4154
.
Pure 0116% prof
100
Randall A_
•
U S Playing Card
10 1854
US Ptg & Litho com
•
Preferred
50 10
Whitaker Paper common.•
* No par value.
10
19
17
1434
834
4054
46
1054
1834
314
93,4
15
10
19
'17
1634
834
42
4634
11
19
334
10
15
55
10
36
154
25
2,227
14
82
210
24
477
30
10
19
16
13
754
38
45
1034
1854
334
934
15
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
12
Jan
2454 Jan
17
Jan
Feb
834 Feb
4234 Jan
4934 Jan
11
Jan
24
Jan
5
Feb
10
Jan
15
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
1634
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Feb. 13 to Feb. 19,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week
Par. Price. Low. High Shares.
Admiralty Alaska Gold-- _1
Bancamerica Blair
10
Pasin Montana A
•
Black Hawk
1
Columbia Baking lot pref_•
Corporate Trust Shares_
Detroit & Can Tunnel__ "
Eagle Bird Mines
1
El Dorado Gold
1
Fuel 011 Motors
10
Globe Television
•
Golden Cycle
10
Granada Gold
1
H Rubenstein pref
Howey Gold
1
Huron Golding C-D w I 1
.14 .14
2
154
2.15 1.50
.27
2
2
2.24
.20
3.25 3.25
1.16
2
1%
2%
234
10
1.02
954 z83'
.30
14
Range Since Jan. 1.
Low.
.16 11,000 .11
1,100
2
1%
2.90 1,700 1.50
500 .25
.27
2
200
2
2.36
500 1.95
.20
500 .10
3.50
300
314
1.26
700 1.18
234 3,400
134
2% 9,600
154
10
100 10
1.03
200 1.02
9%
300
5%
.30 1,000 .30
1
400
54
Internat'l Rustless Iron_ _1
.35 .22
.35 9,000 .19
Interstate Natural G9.8 •
9% 1015
300
734
Jenkins Television
•
54
500
34
54
Kelvinator of Canada._
2% 2;4
234
200
2%
Keystone Consolidated__ _1
.10
.10
500 .10
Kiklun Mining
•
2.30
2.50
800 1.55
Macasaa Mines
1
.33 .28
.33 22,000 .25
Macfadden pref
28
28
20 20
Mid-Cont Pub £3ery
914
934 10
800
934
Nor Amer Trust 1953-- -- ------ 2.53
2.54
200 2.25
Petroleum conversion-5
2%
254 354
600
134
Railways
•
634
5% 634 1,600
4
Reno Gold
1
.25 .25
.25 1.000 .25
Royalties Managem't A_ _C
14
34
ff
500
54
Sanabria Television
•
254
2% 234
100
2
Seaboard UM warrants.
200
34
34
si
Shamrock Oil
3,4
100
%
Shortwave & Television_ _1
1%
1% 114 9.100
Siscoe Gold
1
.54
.55 3,500 .54
Tobe Deutschmann
1 15-16
341
15,400
54
Tom Reed Gold
1
.22
.23 5,00
.22
Wellington 011 & Gas_ -1
1.70
1.70 1,00 1.70
Western Television
1
154
54 134 2,800
• No par. x Ex-dividend.
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
High.
.23
234
2.90
.30
2
2.36
.29
034
1.26
4
2%
1114
1.03
9
.30
1
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan .35
Feb 10.34
Feb
11(
Feb
2%
Jan .25
Feb 2.60
Feb .35
Jan 28
Feb 1334
Jan 2.60
Jan
3%
Jan
6%
Feb .25
Jan
54
Feb
3%
Fe
34
Feb
34
Feb
2
Feb .55
Feb
1
Feb .48
Feb 1.70
Feb
234
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Fe
Jan
Jan
Jan
San Francisco Stock Exchange.
-See page 1326.
Los Angeles Stock Exchange.
-See page 1326.
St. Louis Stock Exchange.
-See page 1326.
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. 13 1932) and ending the
present Friday (Feb. 19 1932). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is
intended to include every scomity, whether stock or bonds, ii
which any dealings occurred during the week covered.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week
Par Price. Low. High. Shares.
Week Ended Feb. 19.
Stocks
-
Indus. & Miscellaneous.
Abbott Laboratories com.•
Aero Supply Mfg el B. *
•
Allied Mills Inc
Aluminum Co common...•
100
6% preference
Aluminum Goods Mfg_
Aluminum Ltd eon)
Warrants settee B
Warrants series C
Warrants series D
Amer Austin Car corn. •*
Amor Brit Sr Conti oom_
Amer Capital 35.50 pref..*
5414
59
22
334
51
30(4 30%
100
2% 2%
200
314 4
800
53
58
10,225
59
6054
600
1014 10%
16
22
3
3%
314 3%
334 3%
34
Si
5-16
5-18
47 r51
500
1,000
237
6
6
300
800
200
Range since Jan. 1.
Low.
High.
29
1%
3%
45
57%
Jan
Jan
Feb
Feb
Feb
30%
234
434
6114
67
Feb
Feb
Jan
Jan
Jan
10%
15
114
3
214
34
Jan 10%
Feb 22
Feb
31(
Feb
3%
Feb
3%
Jan
5-16
Feb
Feb x51
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
47
si
Friday
Sales
Last Weeks. Range for
Sale
ofPrices.
Week.
Stocks (Continued) Pox. Price. Lout. High. Shares.
Amer Cigar Co com_ --100
Preferred
100
American Corporation...*
Amer Cyanamid corn B.!
Amer Dept Stores com___•
First preferred
100
American Equities own...*
Amer Founders Corp„...*
Amer Hardware Corp 25
•
Am Investors mom B
Warrants
Amer Laund Mach oom_20
Amer Mfg corn
100
Preferred
100
Amer Salamandra Corp_50
14
4%
54
234
1
34
934
Range Since Jan. 1.
Low.
133% 145
200 100
110 110
50 100
800
3434
3% 4% 15,200
a
500
14
14
34
8
8
25
714
2% 214
300
134
1
1% 8,800
54
2234 2214
100 22%
3% 3%
800
2%
34 1,300
34
16% 16%
100 1514
8
954
225
534
42% 4314
75 4234
5
5
400
54
High.
Jan 145
Jan 110
Jan
14
Feb
454
Jan
3.4
Jan
Jan
2%
Jan
154
Feb 2234
Jan
354
Feb
Si
Jan 17
Jan
934
Feb 45
Jan
5
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Friday
Sales
Last Weeks. Range for
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Amer Thread pref
5
Amer Mil & (let. clByte•
American Yvette Co corn_•
Anchor Post Fence cora_ •
Armstrong Cork corn_ _•
Associated Elea Industries
Amer den rats ord shs_SI.
Associated Rayon corn_ •
Atlas Plywood Corp
•
Atlas Utilities Corp com •
$3 preferred A
%% smuts
Automatic Vet Mach com•
Beneficial Indust Loan___'
Bickford's Ine corn
Blauner's Inc corn
•
Bliss (E WI Co corn
Blue Ridge Corp com__._•
6o6 opt cony met_ 50
Bohack (H C) prat_ _ _ _100
Bridgeport Machine corn.•
•
Brill Corp class A
Brit-Am Tobacco
Am den rcts for ord regfl
British Celanese Ltd
Amer dep rats ord bear-A m riep rots for ord reg.._
•
Bulova Watch peel
Burma Corp
Am dep rcts reg
20
Butler Bros
Low.
High.
234
Se
Jan
Jan
Jan
134 Jan
Feb
7
3
11
•
14
9
Jan
Feb
Jan
Jan
Jan
3% 34 4,900
100
1% 14
300
24 24
6% 28,900
6
3311 3311
200
2,700
111
100
%
400
93' 10
100
94 931
z9
200
z9
4
4
200
134 2
5,800
3,000
19)1 23
50
86
86
300
1,4
1,31
200
111
1%
2% Jan
Jan
1
Jan
2
44 Jan
34
13-6
2%
6%
Jan
Feb
Feb
Jan
134 Jan
• Feb
834 Feb
9% Feb
Feb.
z9
Jan
3
14 Jan
17% Jar
Feb
86
131 Feb
Jan
1
2
131
11%
10
z9
436
14
23
86
1%
Jan
Jan
Jan
500
12% Feb
1334
214
5-16
7%
3%
6
33%
9)5
1%
22%
31
131
711
13
13%
Range Since Jan. 1.
214
55
34
19
73'
13
100
2,900
600
100
100
1334 134
1% 14
715
715
200
1,000
100
135
211
1,400
100
134
21.1.
13%
9%
111
5-16
35
14
34
234
7%
700
13% 13%
11 2,300
3-16
15,700
831 11
131 9,700
5-16 5-18 1,200
10
62
62
200
331 331
100
35
35
300
731 8%
30
66
66
% 134 2,200
.
35 4.200
%
100
4
4
8
8
171 231
811 8%
84
7
4
4
45
4711
35
35
50
3,900
650
800
400
200
700
1,000
200
100
100
500
1,800
500
200
5,300
800
2,200
100
3,200
.500
600
10
200
400
250
500
2,700
100
100
200
Jan
13( Jan
Feb
2
134 Feb
24 Jan
Jan
Feb
Jar
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
13
Jan
18
2411 Jan
Jan
42
431 Feb
6 31 Jan
Jan
30
611 Feb
62
Jan
1% Jan
314 Jan
Feb
63' Feb
73.4 Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
H
111
2
1911
S'S
11%
835
14
24
15
53
5%
2
13
3-32
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
14
34
14%
14
11
66
334
35
831
66
131
35
4
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
64 Feb
6% Jan
Jan
3
Jan
38
35 Feb
12
24
811
94
4%
4711
11
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
5-16
1611
6
731
34
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
63'
13%
2035
Si
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
3
1
8%
1%
34
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
74
734
1
224
44
34
5-16
124
111
154
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
1311
1-16
7%
31
•
62
316
29
531
66
11
3
8
11
400
74
31
34
Fageol Motors Co com__10
250 15
164
15
100
Fajardo Sugar
531
900
531 6
531
•
Federated Metals
200
64
74
7
7
Fiat Amer den rcts
3
100
331 331
•
Flintkate Co corn A
Ford Motor Co Ltd
44
511 531 10,800
54
Amer der. rats ord reg41
8%
Ford Motor of Can el A.° 12% 1211 134 5,800
200 1611
20
2011
• 20
Class 13
400
34
3-16
31
com_ •
Frromost Fabrics
Foundation Co
2
214 1,000
2
24
Foreign shares class A_•
95
% 1,300
4
Fox Theatres com A
•
8
200
8
8
Garlock Pack corn
11
400
•
131
1
General Alloys Co
3
700
311
331
General Aviation Corp.....
Gen Elea Co ((It Britain)
64
74 1,800
7
74
Am dep ITU!' ord reg__£1
7
100
7
7
General Fireproofing corn *
15
54 6,600
/f
Gen Theatre Equip pret .
14% 144 1611 3,600 144
Glen Arden Coal
•
44
400
44 44
Globe Underwriters Each •
23'
311 20,500
3
Goldman-Sachs TradIng_.•
X
Gold Seal Electrical Co • 3-16
31 2,000
H
100 12
Gorham Mfg coin v t C_- *
1211 1234
11
800
111
1
1
Gotham Knitbac Mach •
100 144
•
1531 154
Graymur Corp corn
(It Atl & Pao Tea
250 135
146 150
Non vol com stock_ • 150
110 z115
115% 116
7% first preferred-100 116
100 19
20
20
Great Northern Paper.
.25
124 1335
13
Hachmelster-T.Ind Co._.
8%
8
8%
Hayden chemical Corp- _10
27
27
Horn dr Hardart common.• 27
4
4
•
HOCII (A C) Co com
264 27
Horn & Hardart Corn_ _ •
934 10%
Hydro-Elec necur coin-. 1034
34 3%
Hygrade Food Prod20% 21
_
HYgrado Sylvania Corp.._ *
2% 4%
3
Install Utility Investment_ *
3114 35
Insurance Coot No Am_10 35
234
51%
Insurance Securities_ _10
16
•
.
International Prod corn. 0
.
• 135
1
Interstate Equities e0m-•
1011 12
•
13 cony pref
334 4%
corn.. •
Irving Air Chute
85
85
Jones dr Laughlin Steel.100
431
434
Kleinert(LB)Rub_ _ _ _ •
111
1
•
Lakey Fdy & Mach
28% 304
IAnden Frary & Clark. 25
174 18
• 18
Ligcourt Realty pref
934 104
• 103'
Lehigh Coal & Nay
615 615
Lerner Stores common_ •
8
8
10
Lindsay Light corn
Louisiana Land A fitillor • 13-16 13-16
Jan
Feb.
Feb
Jan
Feb
Feb
Feb
Jan
Jan
14
124 Jan
131 Feb
1% Feb
Jan
64 Feb e12
•
200
34
31
Cable Radto & Tube v t
100 12
13
13
•
Carman & Co cony A_
700 1614
• 16% 16% 1731
Carnation Co com
25 18
18
18
CelaneseCorpofAmlstpt100
350 o22
30
28
7% prior pre(_____ _100
331
300
34 4
•
311
Centrifugal Me
5%
100
5% 54
Chain Stores Stocks Inc- •
140 164
164 1715
100 1734
Childs Co pref
54
54 6% 80,500
63'
Cities Service common- •
z4911 z5191 3,200 4434
• 51
Preferred
1
500
116
1%
135
Claude Neon Lights com_ _1
100
3
34 34
Cleveland Traction cora- •
200 1-16
16
31
Colombia Syndicate
5
100
63' 6%
Columbia Pictures corn..
3
7% 36% 7% 1,100
Com v t
Consul Automatic
1,400
1-32
1-16
34
34
Merchandialng Corn V t c•
1
600
1
1
Consol Retail Stores- - _ •
14
2% 1,000
2
•
Cont'l Chic Corp corn_
100 18
• 19% 1934 194
Cony pref
2
300
24 24
211
Conn Shares cony prof 100
100 104
114 11%
Copeland Products Inc - •
511 64 23,500
631
434
5
Cord Corp
15
131
500
1
Corporation Secur corn.._•
13'
24 1,800
2
Corroon di Reynolds corn_•
74
200
15
15
•
$6 preferred A
50 50
50
100
50
Crane Co pre(
311
4
434 2,000
4
•
Crocker 55 heeler com.__.
111
500
2
14 2
Crown Cork Inter A ___•
200 13
13
13
rown-Zellerbach Corp Pt• 13
1-16
100
%
-7,urtiti8-A) right Corp war........
•
Davenport Hosiery MillsDayton Airplane Eng corn •
•
Deere & Co common
De Forest Radio common Detroit Aircraft Corp- •
Dixon (Jos) Crucible_ _100
"
Doehler Die-Casting_
Dow Chemical com_ _ _•
Driver-Harris Co cem_10
100
Preferred
Dubiller Condenser Corp.
•
Durant Motors Inc
Edison Bros Stores com_ *
Educational Pictures
._
8% pref with wan _100
Eisler Electric common..
Elea Power Asaociates_•
•
Class A
Elea Shareboldings corn_ •
$6 pref with warrants- •
Empire Corp Corn _____ *
[VoL. 134.
FINANCIAL CHRONICLE
1352
9
634
264
111
2611
34
20
114
29
13'
11
7-16
10
33'
85
4
1
284
144
9%
z6
8
9-16
Jan 150
Feb z118
Feb 21
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
1454
84
29
4
29
104
4
21
6
35
24
14
12
431
85
44
14
3011
1811
124
74
11
14
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Cotufnued) Par. Price. Low. High. Shares.
•
Mapes Cons& MLR
Marion Steam Shovel__ *
Massey-Harris Co cora •
..6
M a via Bottling corn A.
39%
AsI,00lates.....•
2716
Mayflower
McCord Rad & Mfg B_ *
•
McGraw Elec Co
Mead Johnson & Co cm.*
Merritt Chap & Scott corn*
•
Midland Steel Prod
Minneapolis-Honeywell
100
Regulator pret
Morison Elea Supply- _ •
Mortgage Bk of Colombia
American shares
Nat American Co Inc_ •
National Aviation
Nat BancservIce Corp..
Nat
Nat Bona dr Share Corp...'
•
Nat Investors corn
Warrants
Nat Rub Machy corn-___*
Nat Screen Serv Corp....
Nat Service Cos com
Nat short Term Sec A •
Nat Sugar Relining
Nat Union Radio nom...*
Nelson (Herman) Corp__ •
*
Neptune Meter el A
Newberry (J J) Co com *
•
New Hamburg Corp
New Mexico & Aria Land..1
N Y Shipbldg fdrs shs •
Niagara Share of Md__5
-Pond
Niles-Bement
Noma Electric Corp corn_•
Nordon Corp Ltd Corn..
North & South Am Corp AS
No'west Engineering com.•
5434
70
311
2214
211
1%
211
131
14
361
311
8
334
Range Since Jan. 1.
Low.
High.
43
136
335
3.6
28%
4
5
55
24
8%
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
70
2
Feb
Feb
3
14 Feb
100
1
14
Jan
900
254 Jan
334 2,800
1% Feb
100
331
Jan
231-1 2,200 19
24 Jan
1,900
211
900 11-16 Jan
116
2
400
Feb
24
100 1516 Jan
18
11 Jan
100
115
115 Jan
2
4,300
Jan
100 20
20
300
% Jan
13,4
54 Jan
100
7
Jan
11
100 11
400 1614 Feb
17
100
6.31 Feb
63'
35 Feb
100
3-4
311
Jan
2
1.300
24 Jan
331 10,100
84 Jan
300
8%
Jan
3
500
34
iii
in Jan
100
14 Jan
111
100
511 Jan
100
6
3
1%
3%
33-4
23%
35-4
111
211
18
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
1
%
2
95
12%
3%
1811
34%
2%
14
153-4
1-16
5
46%
24
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
1
▪
24
34
154
034
19
454
3%
2
154
St
5
4631
331
Jan
Jan
Feb
Feb
Jan
2
33
17
54
1834
115
4
594
Jan
Jan
Jell
Feb
Feb
Feb
Jan
Jan
2%
6
475
183,4
14
1634
111
54
64%
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
74
1-16
111
11
15
11
%
1-16
111
35
3331
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
11
11
3
14
131
14
14
3-io
13-4
31
36
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
39%
116
311
11
2711
34
5
48
231
84
40
15-4
34
31
274
33-4
5
55
231
84
66
1
70
1
3
1
234
331
2136
211
1
2
18
1is
131
20
14
7
11
1611
611
%
295
231
8
3
1i5
134
6
300
200
100
3,100
200
100
100
2,100
200
100
200
200
200
1
1
011stocks Ltd class A
100
Outboard Motors com B..
%
31
2
•
200
2
Preferred A
300
31
Overseas Securities
11
15
600
15%
Pan American A irways_ _ •
311 634 4,200
6
Paramount Motors Corp_•
1831 19
400
•
Parke. Davis & Co
4511 1,000
38
45
Parker Rust-Proof Co__
34 35-1 8,600
3%
Pennroad Corp corn v t 13.•
131 6,000
131
131
Philip Morris Consul corn_•
1511 1531
100
25
Class A
200
11
35
Phoenix Secur Corp corn_ •
34
100
5
5
Pie Bakeries corn
200
4634 4634
7% preferred
100
2% 316 15,800
3%
Pilot Radio & Tube cl
Pitney Bowes Postage
214 231 2,000
•
Meter Co
43
43
50
Pitts & !Ake Er RR com _ 50
900
1831 1811
Pittsburgh Plate Glass. 25 1831
100
•
11
54
Polymet Mfg corn
100
1634 164
Powdrell & A lexander--...•
14 131
100
Trooper McCallum Hos- *
1,000
434 511
•
514
Prudential inc corn
100
5624 56211 6434
56 preferred
Public Utility Holding Corp
7,300
3.4
35
34
Corn without warrants.'
35 5,600
Warrants
900
1
,
1. 4 234
•
Radio Products corn
400
Reliance Internet corn A.
7) 1
300
1
14
Reliance Management corn.
400
A
15
Republic Gas
)5
14 2,000
1
Reyharn Co Inc
10
300
•Le
,
34
Reynolds Invest
13-4
300
1%'
131
•
Roosevelt Field Inc
100
•
74
71
Ross% International
100
36
36
•
Ruberold Co
364 Jan
14 Jan
34 Feb
Jan54
2434 Feb
Jan
3
434 Feb
4331 Jan
Jan
2
84 Feb
62
1
Jan
Feb
21,
233.4
131
7
11
17
64
35
3%
3'.')
811
34
34
13-4
634
an
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
25 18
Feb
18
Feb 22
18
Safety Car Heat dr Lt.100
311 Jan
514 Feb
411 534 28,900
4%
St Regis Paper Co com_10
Jan
1
300
111 Jan
111
Seaboard UN Shs corn_ .•
756 Jan
631 716 2,200 163( Jan
634
Securities Allied Corp..,.*
Jan 29
200 25
Jan
2831
28
•
Seeman Bros corn
2
14 Jan
1,600
Jan
135 195
115
1
Segal I.ock & Hardware...
114 Jan
34 Jan
131
% 134 3,500
Selected Industries corn..•
Jan e38
300 30
Feb
3616 38
$5.50 prior stock
•
Feb
700 284 Jan 39
39
37
Allot atm full pa unstpd.. 38
1
Jan
34 Jan
15 1,700
31
35
Sentry Safety Control...'
Jan
2
3
Feb
3
100
3
3
*
Seton Leather common
2
14 Feb
J to,
13.1
134
•
134 2,000
Shenandoah Corp com
Jan 10% Feb
8
94 1031
700
50 1031
6% cony pref
10 9931 Jan 100
Jan
993-4 9976
Sherwin-Wm:I Co pt AA100
Jan
1
400
11,4
131
I si Jai
silica Gel Corn cm, v t c •
Jan
9
100
Jan
9
9
9
Simmons-Board Pub pf _ •
220 11534 Feb 134
120 132
Jan
100 132
Singer NI(5/
740 394 Jan 51)
474
0
Jan
Smith (A 0) Corp corn_ __• 4611
1% Jan
700
1% Jan
1% 135
•
Southern Corp com
200
Si Jan
16 Feb
34
%
Stand Motor Constr
.
11 Feb
1,100
11
34
31 Jan
3-4
Starrett Corp corn
•
231 211
2% Jan
900
215
211 Jan
6% pref with previlege50
Jan
100
1
1
1
Jan
Stinnes (Hugo) Curl).....*
9
7
7
300
Feb
9
Feb
Stromberg-Carla Tel Mfg *
1031 12
900 10% Feb 13% Jan
• 12
Stutz Motor Car
400 20
Feb 24
Jan
Sun Investing $3 prof...* 2231 204 22%
1811 2,800 16% Feb 18% Jan
25 184 13
Swift & Co
21% 519% 2111 3,300 18
Feb 24% Jan
1
Swift International
2
2
100
2
Feb
3
Jan
Syracuse Wash Math B_•
Taggart Corp common...'
Tastyeast Inc class A-___*
Technicolor Inc corn_ ..•
Tobacco & Allied Stocks_'
Tobacco Prod( Del) new w 1
•
Tobacco Prod Export_
Todd Shipyards
Transcont Air Transp .
Trans Lux Daylight
Pict Screen common •
Tri-Cont'l Corp warrants-TrI-Utillties Corp com_ •
Triplex Safety Glass
Am dep rots ord shs- _51
Tublze Chatillon CorpC011117110n B vot tr certits
Tung Sol Lamp Wks com_•
53 cum cony pre!
Ungerleider Finance Corp•
Union Tobacco corn_
•
United-Carr Fastener_
*
United Chemicals pref..--•
United Dry Docks corn..*
United Founders corn....*
United Stores Corp v t
United Wail Paper Fac •
U S Dairy Prod class A •
•
U S Finishing com
•
U S Foil class B
U S & Internat fiecur
•
First preferred with warm
•
U 8 Lines wet
S Playing Card corn...10
Utility Equities com- •
•
Priority stock
3%
216
34
18
3
331 4
35
14
211
2
204 214
95
3.5
35
34
17
18
1
4
23,4 3,
53-5
134
34
211
;5
315
31
2231
1836
4954
2
11
1%
19
%
35
17
24
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
2,700
111 Jan
800 13-16 Jan
100
31 Jan
234
116
511
21
2,000
400
1,900
500
5,300
100
300
400
200
231
5
20
20
3-16
3
z1134
/4
174
15
1
6915
1%
331
34
20
91
1811
1%
49
415
Jan
23' 1,400
Feb
300
53-4
334 Jan
100 16
21
Jan
20%
200 1914 Feb
3-16
700
1-16 Jan
3
Jan
3
100
500 2114 Feb
1331
35 Jan
300
16
24 54,900
134 Jan
Jan
700
15
Feb
1
1
600
100 594 Jan
5931
14 Jan
356
2
24 Jan
700
4
Jan
500
%
Jan
2235 1,700 20
100
1.1 Jan
200 1834 Feb
18%
1% Jan
2% 1,200
Jan
200 42
49%
4
11
1154
2111
31
1.6
18
334
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
231 Jan
131 Feb
11 Jan
54 Feb
234
53-'
21
24
3-16
334
13%
31
234
14
60
2
4
%
30
23
24
494
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
.,an
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Fox
FEB. 20 1932.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Utility & Indust Corp nom*
•
Preferred
van Camp Packing cam...*
5
Vick Financial Corp
Wagner Electric com_--15
Waltt .3: Bond class AL *
•
widgreen Co corn
Walker(Hiram)Gooderham
•
& Worts common
Watson (Jno Warren) Co_•
•
Wayne Pump
West Md Ry let pref_100
West V a Pulp & Pap pf100
Wil-low Cafeterias com- •
Preference
•
Woolworth (F W) LtdAmer dep rats for ord abs
Range Since Jan.].
Low.
High.
355
1134
1
455
1035
11
254
9%
1
354
1034
11
103
334
11%
I%
434
1035
11
11
1,800
1,600
1,500
2,200
200
100
900
115
8
%
335
1034
1034
10
Jan
Jan
Feb
Jan
Feb
Jan
Feb
355
1131
2
4-4
1055
1135
1134
Feb
Feb
Jan
Jan
Feb
Jan
Jan
x3
251 351
51
51
255 255
2031 2255
85% 8534
234 2%
1934 20
3,400
600
100
30
25
400
125
2
54
134
20
8554
I%
1535
Jan
Jan
Feb
Feb
Feb
Jan
Feb
334
55
3
2634
8534
2%
20
Feb
Jan
Jan
Jan
Feb
Jan
Feb
734 Jan
854
Js
20
834
834
Public Utilities-Alabama Power 27 pref__•
8934
Allegheny Gas Corp
•
31
Amer Cities P & L com A 50 25
25
Common B
•
251
2
Am Com'w'th Pow nom A•
55
%
Common class B
•
55
Ames & Foreign Pow wan_
435
4
Amer Gas & Elea com-.....• 3555 3434
Amer L & Tr con)
25 2034 1934
Am Superpower Corp com •
455
354
First preferred
• 60
5934
•
$6 cum pref
35
Appalachian Gas nom---• 5-16
54
Warrants
1-16 1-16
Arkansas P & L g7 pref._ •
85
Assoc Gas & Elea nom-- •
5
Class A
454
454
43% 3934
$8 int-bear allot califs
$1,60 int bear allot etts- -----955
Warrants
55
Associated Tel & Tel A__ •
5155
Associated Teiep Util_
655
*
8955
31
25
234
%
55
451
3734
21
435
60
37
%
1-16
85
655
434
4334
1034
3-16
5235
6%
1,600
Jan 93
11 87
300
51 Feb
54
200 z21
Jan 213
255
4.200
151 Jan
1
51 Jan
900
54
34 Feb
500
4g
11,500
354 Feb
27,500 3135 Feb 3954
4,300 1734 Jan 24
451
43,000
334 Jan
120 52
Jan 60
Feb 42
300 84
17,200
55
54 Jan
600 1-16
Jan 1-16
10 7955 Jan 8734
1.000
434 Feb
654
13,300
33-4 Feb
4%
1,000 314
Jan 46
955 Feb 10%
1,300
56 Jan
3,600
1
4
250 5155 Feb 5255
100
6
Feb 1134
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Bell Telep of Can
9631 9634
25 95
100
Jan 98
Jan
Brazilian Tr Lt & Pr ort1_• 1234 1134 1254 14,100
83-4 Jan 1234 Feb
Buff Nina & East Pr pf_ _25
223.4 2234
500 2055 Jan 2256 Jan
First preferred
•
Jan
300 79
Jan 82
80
79
Cables & Wireless LtdAm dep rats B ord she El
55
31 Jan
55 Jan
1,300
31
Canadian Marconi-See M arconi Wireless Tel of Can
Cent Hud G & E nom v t 0* 16
Jan
16
16
100 15
Jan 16
Cent Pub Sere com
155 Feb
4
*
300
Jan
135
134 155
Class A
334 Jan
151 2
900
134
134 Jan
*
Cent States Elea com.....•
254 Jan
134 231 8,200
254
I% Jan
Cleve Elan Ilium coin_
29
•
Feb
30
500 2355 Jan 30
Columbia G & E 5% pref.
Feb 8735 Jan
8415 78
1,390 77
87
Commonwealth Edison 10S 110
Feb122
Jan
10655 113
1,300 101
Cornw'Ith & Sou CorpWarrants
%
56
% 22,400
35 Jan
54 Jan
Congo! G E L&P Bait corn* 63
60
2,000 59
Jan 65
65
Feb
Coot 0 & E 7% or pf_100
25 55
65
65
Jan 76
Jan
Duke Power Co
100 70
70
50 63
70
Jan 7354 Jan
Duquesne Gas corn
• 3-16 3-16
3-16 1,000
34 Jan
54 Jan
East Gas & Fuel Assoc •
100
835
7% Feb834 Jan
834 855
East states Pow corn B •
354
254 355 2,000
254 Feb354 Feb
$6 preferred B
•
18
125 1755 Jan 2235 Jan
19
East Util Assoc cony stock*
355 334
200
3
Feb534 Jan
Elea Bond & Share com__• 1034 1034 13% 824,900
934 Jan
1331 Jan
$6 cum preferred
• 6034 5751 60% 1,600 52% Jan 62
Jan
$5 cum pre(
• 54
5055 54
200 44
Jan 54
Jan
Elea Pow & Lt 2nd pfd A_•
40
40
50 40
Feb40
Feb
Warrants
455
451 534 4,400
434 Feb6
Jan
Empire 0& Fuel 7% p1100
4334 45
200 4234 Feb4654 Jan
Empire Pub Fiery corn A_•
35
34
500
35 Jan
34 Jan
European Elea class A..10
235
255 255
800
234 Feb8
Jan
Option warrants
55
400
34
55 Jan
55 Jan
150 18
Feb25
Gen 0 & E 6% met B__• ___,,._
1934 20
Jan
Gen Pub Seri/ $6 pre-..__*
50
50
20 45
Jan 50
Feb
Hamilton Gas corn v t e--1
Illinola P & L $8 pref_._• 61%
Int Hydro-El $3.50 pi_ •
Internet Super Power_ •
Internal UtIll clam A_
•
•
Class B
23-4
Warr for class B stock- 55
interstate Pow $7 pref
* 44
itailan Ruperpow cow A_•
Warrants
Long Island Light com_ *
100
7% preferred
Marconi Internat Marine
Commun Am dep rats_ _
____
Marconi Wireless Teleg Lid
Amer dep rats for ordreg
Marconi 55 trel T of Can .1
155
Mass Utll Assoc 5% pf__50
Memphis Natural Gas_ •
Middle West UM nom...*
434
Class A warrants
86 cony pref series A--• 3435
Moh & Hud Pow let pf_ •
National P & L $6 Pre--. 6655
•
Nat Pub Serf corn A
New Eng Pow Assn100
6% preferred
New Engi Tel & Tel_ _100
NY Steam Corp com__-_• 5015
N Y Teiep 634% pref_ _100 113
Niagara Bud Pow com...10
634
Class A opt warrants__ 13-16
Class B opt warrants ..
234
Nor Ind Pub Serv 7% 91100 76
Nor States Pow corn A100 81
8% cum preferred--100 82
7% pref
100
Pacific G & E 6% let pf _25 2451
•
Pa Gas & Elea class A_
•
Pa Pow & Lt $7 pref
•
Pa Water & Power
Pub Ser of Nor Ill cora...*
Railway & Lt Sec corn___' 1735
Rockland Light dr Pow...)0 103-4
Sou Calif Edison oils pf-25
25
6% preferred B
534% prei class 0__._25
Southern Nat Gas com_ *
Southern Ilmen Gee corns
Southw Bell Tel 7% pf_100 11055
So west G & E 7% pref-100
Southwest Gas UM cam_ •
Standard P & L nom el B_•
•
Preferred
swiss Amer Elea prof
Tampa Electric common_.
Union Nat Gas Of Canada•
355
United Corp warrants-3%
United El Serv Amer shs._
2%
United Gas Corp com-e
• 4454
Prof non-voting
g
Warrants
634
United Lt & Pew 00m A.-•
5 42
1st Peel
$8 cone
55
6051
2034
10
655
135
54
44
151
51
1855
9551
55
61%
20%
10
635
231
55
4655
134
51
1855
9555
555
555
134
1
20
454
455
55
3435
91
64
634
300
75
25
100
400
9,900
700
70
1,800
400
100
50
500
200
134
151 9,200
2034
825
5
1,300
22,300
5
100
55
3455
100
91
25
663-4
800
651
100
3-16
45
17
9
5
114
51
44
134
54
1751
9354
Jan
1
Jan 6131
Jan 2334
Feb 1235
Feb7
Jan
3
Jan
55
Feb5234
Jan
I%
Jan
114
Feb 1954
Jan 9854
Pan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5
Feb
534
Jan
134
%
1734
434
3%
%
3454
81
57%
6
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
155
134
23
534
7
55
5155
95
72
9
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan 5954
Feb 115
Feb 63
Jan 115
734
Jan
Jan
111.
Jan
355
Feb 8034
Feb 83
Feb 88
Jan 9435
Feb 2635
615
Jan
Jan 9934
Jan 52
Feb 120
Jan 20
Feb 1034
Jan 40
Jan 25
Jan 2254
Jan
56
Jan
1%
Jan 112
Jan 70
Feb
34
Feb 20
Feb 67
Jan 45
Jan 32
Feb
455
Feb4
Feb334
Jan
234
Feb55
Feb34
Jan
854
Jan 5334
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
54
58
730 50
10834 10834
50 10834
49 z52
1,600 47
113 113
100 110
655
651 754 22,915
%
%
3,800
Ns
234
234 1,200
234
76
76
25 76
76
81
500 70
8031 82
20 8034
9055 91
150 90
2454 2454 1,500 2434
655 63-4
534
200
98
9835
150 95
503-4 51
SOO 47
109 109
10(1 109
17
18
1,025 16
955 1055
og
400
40
40
100 40
2354 2434 1,000 23
2154 2155
100 21
5-16
5-16
51
100
1
134 151
200
11055 11055
50 11034
6954
69
30 64
55
54 2,400
34
400 z17
18
18
60
200 59
65
43
45
550 40
2634 2834
300 2234
355 355
200
354
3
33-4 6,400
8
355 33-1
256
200
231
255 13,900
13.4
42
46
2,300 :3656
51 2,300
sig
g
655 755 32,600
8
41
1,100 8954
42
1353
Friday
gilis
Last Week's Range for
Public Utilities (Conc.)
of Prices.
sale
Week.
Par. Price. Low. High. Shares.
1-1 S Elea Pow with warr_ •
.
Stock purchase warrants
Utica Gas Sr El 7% pf__100
Utll Power & Light com_.•
*
Class B v t c
100
7 Preferred
%
134
2%
1% 1%
56
34
98
98
235 235
10
1234
50
5034
5,600
100
30
8,927
400
100
Former Standard Oil
SubsidiariesBuckeye Pipe Line- -50
33
100
33
Chesebrough Mfg
25 85
300
85
83
Eureka Pipe Line
50
30
100 30
30
Bumble Oil& Refining_25 4534 45
4
634 1.900
Imperial Oil(Can) coup__•
834 8% 2,400
8%
•
855 855
Registered
100
Indiana Pipe Line
10
651 755 2,100
National Transit____12 50 1055
1,100
9
1034
N Y Transit new
354 4
10
300
Northern Pipe Line new__..
431 415 1.600
415
Ohio 0116% pref
100 x6551 z653( x65%
100
Southern Pipe Line- --10
200
934 10
South Penn 011
25 1234
931 1255 1,200
Southwest Pa Pipe Line_50
100
33
37
Standard 011 (Indiana)....25 1534 1534 1634 29,800
Standard Oil(Ky)
2,600
25 13% 1334 14
Standard 011(Neb)
17
300
1854
25
Standard Oil(0) com
25 26
800
2334 26
Swan Finch 011 pref_ -25
50
1134 1155
Other Oil Stocks
Amer Maracaibo Co
•
Ark Nat Gas Corp nom.. •
Class A
•
254
Preferred
551
100
Brit Amer 011 bear
855
Carib Syndicate
25o
Colon MCorp com
•
Columbia0& Gas v t e--•
1%
•
Cosden 011 corn
Creole Petroleum Corp...*
255
Crown Cent Petrol*
Derby 011 & Ref com_
•
Gulf 011 Corp of Penna....25 30
Indian Ter 11101101A- •
Class B
•
Intercont Petrol Corp--.5
55
Internat'l Petroleum-__ 0
93.4
Kirby Petroleum
•
Leonard 011 Develop- -25
Lone Star Gas Corp
•
8%
Magdalena Syndicate-- _1
54
Matgay MCorp
555
•
Mexico Ohio 011 Co
•
Middle States Petrol
Class A vol trust ctfs__•
%
Class B vot trust ctfe...•
55
Mo-Kansas Pipe L tom _ 5
154
Mountain Producers
_10
National Fuel Gas
• 1255
Nor European 011 corn_ •
Pacific Western 011
•
454
Pandem 011 Corp
..... •
35
Pantepee 01101 Vanes--.•
55
Plymouth 011 Co
5
634
Producers Royalty Corp •
'is
Reiter Foster Oil
*
Salt Creek Comm! OIL_b
Salt Creek Prod Asen....10
Southland Royalty Co__ •
Sunray 011 Corp
a
Tinton Oil & Land
554
•
Union 011 Associates _25
"Y" Oil & Gas Co
34
*
Mining Stock
Bunker Hill & SuIllvan_10
Carnegie Metals_--I0
Comstock Tun St Drein....1
Consol Copper Mines_ .5
Canard Mln az Smelt Ltd 25
Copper Range Co
25
Coal Mexicans 13.Initut .1
Evans Wallower Lead nom*
Golden Center Mtn's_ .5
Goldfield Consol Mines_ 10
Karla Mining Co
25c
Bollinger Consol 0 M_6
Bud Bay Min & Smelt.
.•
Lake Shore Silnes Ltd__.1
Mohawk Mining Co-- -25
New Jersey Zinc Co-- _25
NY & Honduras Rosario10
Newmont Mining Corn-10
Niplasing Mines
6
Ohio Copper
1
Pioneer Gold Mines Ltd_ 1
25
Quincy Mining
Roan Antelope Copper
American Shares
Shattuck Deno Mining_ •
So Amer Gold Jz Plat__ -5
Standard Silver Lead...A
Sylvanite Gold Mines- -1
Tack Hughes Mines
1
United Verde Extenten..150c
Wenden Copper Min__--1
Wright Hargreaves Ltd- •
Bonds
Abbotts Dairies 68__-_1942
Alabama Power Co
let dz ref its
1951
1st & ref 55
1956
let & ref 43511
1967
let & ref In
1968
Aluminum Co s f deb1541952
Aluminum Ltd deb 50_1948
Amer Aggregates deb 6s'43
With warrants
Am Commonw'h Pr Os 1940
Debenture 536e. _1953
Am Commun Pow 536e '53
Am & Cont Corp Es- _1943
Am El Pow Corp deb 13e '57
Am Gas & El deb 58..2028
Am Gas & Pow deb 68 1939
Secured deb In
1953
Am Pow & Lt deb 68_2016
AmerleanRadiator455131947
Am Rolling Mill deb Se 1948
43.4% notes_ __Nov 1933
Amer Seating cony 68.1936
Amer Solv & Chem 6%s'36
With warrants
Without warrants
Appainchlan El Pr 5s_1956
Appalachian Gas 6e_ _1945
Coca' deb 6s Her B._1945
Appalach Pow deb 6E3_2024
Arkansas Power& Lt Be 1958
Associated Elea 4%5_1953
Range Since Jan. 1.
Low.
1%
55
96
2
8%
43
High.
Jan
134 Jan
Jan
34 Jan
Jan 100
Jan
Jan
354 Jan
Jan
1334 Jan
Jan 60
Jan
.
33
Feb 35
75
Jan 85
Jan 30
23
4255 Feb 4654
734 Jan
814
8
835
Jan
655 Jan
735
654 Jan ' 1034
3
Jan
4
354 Feb
454
60
Jan 69%
Jan 10
8
954 Jan 12%
32
Jan 37
14
Jan
1634
Jan 1434
12
1551 Jan 19
2334 Feb 2854
1134 Feb 15
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
%
54
800
234 235 1,100
2.35 255 11,700
531 551
500
100
855 855
400
56
55
500
54
55
1% 155 1,300
35
51
500
2
2% 2,900
%
600
55
115 1%
200
29
32
9.400
455 455
100
415
4
300
55 3-16 1,600
9% 9% 10,500
55
45
100
1114
100
414
8
855 2,700
'Hi
55 6,500
554
43
600
2
2
100
34
2
114
434
835
55
54
134
54
154
55
155
2534
4
4
1-18
834
54
3-1e
751
1-16
354
2
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
35
234
231
554
834
55
55
134
%
254
55
255
32
434
455
%
1055
35
%
951
54
534
2
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
% 1%
%
34
1
134
214 255
1234 1334
hi
tui
434 5
34
55
55
55
654 7.
54
55
55
54
55
3.4
354
334
334 355
'le
h
555 554
1054 11%
51
31
800
400
7,300
500
1,700
100
1,000
4,700
800
1,600
1,800
600
100
1,500
400
900
400
700
1.800
h
35
1
234
II
g
455
1-16
34
634
A
55
55
354
355
54
535
1054
11
144
Feb
35
Jan
Jan
231
3
Jan
Jan 13%
Jan
54
Jan
631
55
Jan
34
Feb
7%
Feb
Jan
54
55
Jan
55
Jan
Jan
a%
355
Feb
Feb%
Feb
655
12
Jan
56
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
24
255
'is
1
6251
255
'ii
%
"is
55
455
455
254
2451
1835
25
2,900
700
200
10
100
4,500
2.500
1,100
100
2,600
700
6,700
200
400
22
31
54
34
55
2
$4
51
g
1-16
454
x45(
IA
2354
1254
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
24
255
52
114
6254
33/i
7-16
7-16
li
55
64
5
254
2534
1855
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
2755 2831
1354 1334
11
1355
51
%
354
%
3
54
3
234 2y,
500
600
2,200
300
2,900
2,800
100
22
13
954
54
1-16
254
154
Jan
Jan
Jan
Feb
Jan
Jan
Jan
2854
1354
1454
1
3-16
334
234
Jan
Feb
Jan
Jan
Jan
Jan
Feb
535
151
9-16
14
55
4
314
li
235
200
200
200
1,600
200
2,400
900
1,000
500
5
154
55
34
7-15
33.4
334
1-16
251
Feb
6
Jan
234
54
Jan
Jan
54
Jan
e55
Feb
454
Feb455
Jan
34
Jan
235
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
9635 9654
2,000
24
155
55
1
6234
23-4
3,4
h
Si
Si
54
54
451
451
434
431
2%
114
24% . 2454
17
1%
12
31
4
355
35
89
554
151
9-16
he
35
331
335
55
256
88
91
75
84
93
66
9655 Feb9655 Feb
90
8,000
91
2,000
80
79,000
84
2,000
95% 100,000
69
16.000
85
89
74
80
91
6455
Feb
Jan
Feb
Feb
Jan
Feb
95
9634
8436
91
9814
71
Jan
Jan
Jan
Jan
Jan
Jan
3555 37
2,000
s356 4
11,000
4
455 4,000
1236 14
11,000
45
45
1,000
34
22854 37 144,000
84
8054 84
90,000
2935 2815 3155 27,000
24
24
2851 44,000
77
7311 7735 259,000
823484
20,000
5431 50
5454 123,000
6355 63
64
5,000
37
37
2,000
3534
235
4
934
41
27
77
2851
24
70
80
43
55
34
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
40
11
8
19
46
37
87
4534
8754
8255
8434
5434
65
37
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
7955
84
9534
68
334
2234
8355
1034
8354
5654
18
20
8134
15
1034
8234
7934
5354
22
2251
84
1555
12
8351
84
57
3,000
6,000
85,000
9,000
54.000
15,000
73,000
121,000
Jan
15
Feb
Feb2234 Feb
20
8035 Feb 91
Jan
831 Jan 18
Jan
7)4 Jan 1854 Jan
Jan 85
80
Jan
75
Jan 84
Feb
51
Jan 57
Feb
1354
Bonds (Continued)
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sate
Price. Low. High.
Associated Gas& Electric
1938 35%
Cony deb 434s
1948 40
Cony deb 455a
1949 37
Cony deb Is
1950 3834
Debenture Is
1968 3635
6s registered
1968
1977 42
Cony deb 54s
Assoc Rayon deb 5s...1950
Assoc Simmons Hardware
63
5% gold notes_ .1933
Assoc T T deb 51, 3 A '55 7034
5
Assoc Tel Co Ltd 5E3..1965
Assoc Telep URI 5351 194
4 4234
1933 7454
6% notes
Baldwin Loco Wks 555s'33 90
Beacon Oil deb 13s-- --1936
With warrants---------9534
Bell Tel of Canada 5s 1957 884
let mtge 53 ear A 1955 8834
let mtge he stir C__1960 88
Boston Consol Gas 58.1947 9854
Boston & Maine 65_ A933
Bklyn Edison Esser E_1952 9734
Buffalo Gen Elea 53-1956
Canada Nat fly ea is 1935 100
1955
Can Nat'l 8853
Capital Admiu deb Se 1953
With warrants
Without warrants
Carolina Power & Lt Is 1956 7934
Caterpillar Tractor 58_1935 90
Cent Arizona L & P 5e 1960
Cent 111 P 8 455e F.1967 6954
let mtge Is ser 0__1965 78
1981
43.45 series H
Cent Maine Pr 53 ser D 55
Central Pow 5e ear D 1957 68
Cent Pow & Lt let 5e I95f. 7034
Cent Pub Berm brie 1949
With warrants
18
Cent States Else 5s.._ _1948 37
Deb 535s. __Sept 15 1954 38
Cent States P & I 534a '53 5834
Chic Dist Flee gen 434s '70
Chic Prieum Teal 5355 1942
Chic Rye 58 etre dep..1927
Cigar Stores Realty Hold
Deb 5 vet series A....1949 35
CM St Ry Baser B_ _--1955 63
1966 4534
Mice servwe as
1950 4835
Cony deb Is
Cities serv Gas 534e_ _1042 5334
Cities Semi Gas Plpe L 6s43 62
Cities Serv P.6 I. 5'4s. 1951 534
Cleve Elee III let 55. 1939 10035
1954
615 aeries A
1961
551 aerlea B
Commander Larabee ils '41
Comment und PrIvat
1937 44%
Bank 51.s
Commonwealth Edison Co
let 4 4s series C......1956 86
1st m 44a tier D....1957 mu
1960 87
let M 4 41;ger E
1981 7935
tat M 4e ser F
Community Pr & Lt fie 1957 61
Conn Lt & Power 7s_ _1951
Conan! Isa El Lt & P(Balt)
(
1981 88
let ref f 4s
let Az ret 5.515 ser E 1982 105
1st & ref 44a ser 0_1969
1st & ref 454s ger H_1970
Consol Gas 1101 Co
let & enll 138 ear A..1943
with warr 1943 1734
Deb 6
Conant Publishers 6501936
Consumers Power 4%51958 8835
1958 8334
Cont'l Ilk El 5s
Continental Oil 5413-1937 79
Without warrants
Cont Securities Is ser A '42
With warrants
Without warrants
Cosgrove Meals Coal fis '45
Crane Co 5s_ _--Aug 1 1940 84
Crucible Steel deb 55-.1940
41
Cuban Telephcne 73.48 19
Cudahy Pack 5e0 5(,i 1937 84
SInktria fund Ss__ 1946 97
CumbTfl Co P & L 435s'MI
Dallas Pow & Lt 53 C.1952
Dayton Pow & Lt 5.5-1941 96
Del City Gas 65 ser A.1947 96
1950 83
1st serlee B
Des Intl Bridge 6348.1952
6348 Ws of dep_ _ _ _1952
34
89Ik fund deb 75-1952
Dtzle Cult (iaa 634, 1937
With warrants..
Duke Pow 1st & ref 4555'67
East litlittlea Investing
53 with warrants...I954 2655
Edison El(Boston) 5e.1933 10054
4% notes. _Noy 1 1932
Elea Power & Lt 515-2030 55
Empire Net El Is....1962 60
Empire 011* Refg 5145 '42 4531
Ercole Marelit El Mfg
6301 with warrants. 1953
European Elm'
_1965
43
Without warrants
European M WAIL]v 7s C117 2934
Fairbanks Morse deb Se '42
Federal Water Serv 545'54 3334
Finland Residential Mtge
Bank 6s
1961
Firestone Cot Mills 5a 1948 7034
Firestone T & Ruh 5a 1942
l'irst Bohemian Glass Wks
1st I 79_____ Jan 11951
Fisk Rubber 534s....1931
16
Centficates of deposit... 1534
Fla Power 'orp 54s_ .1979 574
(
Florida Power & Lt 55.1954 77
Gary El & Gas Sager A 1934 8434
Gatineau Power let 55 1956 6735
Deb gold fie June 15 1941 5931
Del 6s ser 15 & 0.11141 5934
,
Gen Bronze Corp deb (is 40
General Cigar 68
1933 1004
Gen Cigar serial 6s.-1934
Serial 65
1935
Gen Motors Accept Corp
5% serial notes____1932
5% serial notee____1933 9955
5% aerial notes____1934
5% serial notes--1935
5% serial notes...Anil 9535
Gen Pub fiery deb 5E1_1953
Gen Pub Utll 64a A..1956
Can Refractories Is . 1033
[vol. 134.
FINANCIAL CHRONICLE
384
42
39%
41
39
35
42
37
35
35
34
36%
3434
35
838
3634
33%
6634
81%
42
7454
86
Range Sims Jan. 1.
Low.
150.000 31% Feb
Feb
22,000 84
Feb
442,000 33
242,000 53434 Feb
Feb
295,000 33
Feb
1,000 35
Feb
31,000 38
Jan
7,000 34
35% 5.000 30
72 162,000 64%
s814 1,000 288
45 163,000 42
7555 7,000 70
86
4,00
90
Jan
Feb
Jan
Feb
Jan
Feb
39
43
3934
4435
44%
35
47
4035
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
36
Feb
72
Jan
88
Jan
54
7631 Feb
Jan
90
9,00 59534 Jan 96
34,000 834 Jan 8935
Jan 8935
16,000 84
138,000 834 Jan 89
6,000 9435 Feb 100
3,000 88% Jan 94
Feb 974
82,000 97
4,000 9855 Feb 103
19,000 1434 Jan 100
Jan 8134
3,000 79
96
/95
87% 88%
88
88%
88
87
9435 98%
9255 94
97
9755
98% 100
99 100
81% 8134
Bonds (Continued)
High.
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
71
70
7934
9034
8734
70
78
71
so 9055
68
65
6934 7055
28,000
9,000
119,000
252,000
3,000
82,000
90,000
3,000
7,000
18,000
42,000
70
70
72
804
86
6735
764
67%
89
60
58%
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
78
Jan
76
Jan
85
90% Feb
904 Jan
Jan
74
Jan
85
Jan
75
Jan
92
69% Jan
7155 Jan
2135
3735
3835
59
7235
48
47
239,000
84,000
173,000
38.000
9,000
8,000
8,000
13
3035
33
4434
68
45%
4534
Jan
Jan
Jan
Jan
Feb
Feb
Feb
2751
3934
42
59
7234
5035
60
70
70
74%
83%
86%
6835
76%
70
17
34%
35
56
71
46
46
30
63
42
4434
5235
60
52%
10034
99
99
3435
40
22,000 30
35
11,000 60
65
84.000 40
47
50% 2779000 40%
64,000 01 /1
54
27,000 5231
64
5434 150,000 50%
100% 46,000 9935
10035 36 000 99
10054 10 000 99
344 2,000 25
4655 75,000
35
40,000 82
105,000 814
85,000 81%
233.000 76
35 000 55
1,000 109
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb 3714 Jan
Feb
Jan 66
Feb 4734 Jan
Feb 5234 Jan
Jan 57% Jan
Feb
Feb 64
Feb 58% Jan
Jan 10235 Jan
Jan
Feb 102
Jan
Feb 101
Feb
Jan 37
Jan
4655 Feb
Jan
Fe
93
Feb 93
Jan
Fe
93% Jan
Jan 824 Jan
Jan 6155 Feb
Feb 109
Feb
834
82
81%
7655
60
109
864
87
87
79%
6155
109
8455
10455
99
95
12,000
88
4 000
105
4,000
99
9555 11,000
274
113
75
8755
58
78
78
29% 28,000
1754 15,000
2,000
75
884 112,000
6455 495 000
7954 16,000
7855 8.000
27
IS
72
87%
52
78
41
Jan
Jan
Jan
Fe
Fe
Fe
Jai
31
Jan
2031 Jan
Feb
81
Jan
94
664 Jan
Jan
85
Jan
45
43
42
8
80
75
7634
83
97
78
92
96
9434
8834
6
6
%
43
42
8
84
76
7655
85
97
83
93
96
96
83
6
6
34
40
41
8
78
66
7655
Si
954
78
92
95
u0
803-5
534
6
35
Jan
Jan
Fe
Fe
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
46
45
8
89
76
83
8531
97
8455
99
97
5714
86
7
7
1
09
88
73% 17,000
3.000
88
2634
100
99%
s52%
60
44
49
43
2635
51
32%
5,000
5.000
3.000
30,000
3,000
1,000
14,000
30.000
5,000
2,000
5,000
51.000
4,000
1,000
1,000
5,000
1234 Jan
,
Feb
88
94,000 5.234
30
100% 61,000 9855
8
9955 10,000 9
563: 380,000 504
62% 29,000 60
4554 76,000 44
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
7335 Feb
Feb
88
Feb
Jan 30
Jan 100% Jan
Jan 99% Jan
Jan
Feb 64
Feb 6555 Jan
Jan
Feb 48
50
6,000
45
Jan
50
Feb
45%
31%
56
83735
44,000
88,000
17.000
96,000
53
26
60
26
Jan
Jan
Jan
Feb
4855
85
6734
42
Jan
Jan
Jan
Jan
3535 3855 38.000
69% 7055 24,000
6.000
71
71
44
40
1455 17
1555
9
5655 57%
74% 78
80% 8455
6655 68
5834 60
5735 5954
30% 32
10035 1004
9935 994
99
99
9935
99
9735
96
9534
6835
27%
60
Jan 894
82
trifi%
0435 Fe
Fe 100
99
9954
Fe
95
99%
9955
9755
96
9535
6835
30
60
Jan
26
Jan
62
1034 Feb
3835 Feb
Jan
71
754 Jan
20,000 40
16,000 11.4
9
42,000
6.000 61
131,000 6995
52,000 72
160,000 6235
39,000 64
18.000 MI
7,000 3034
8,000 10035
2,000 9834
1,000 98
Jan
Feb 60
Feb
17
Jan
Feb 1555 Feb
Feb
Jan 59
Feb
Jan 78
Jan 8455 Feb
Jan
Jan 69
Jan
Jan 60
Jan
Jan 60
Jan
Feb 40
Feb 10035 Feb
Jan 9954 Feb
Feb
Jan 99
99%
98
9634
94%
933'
6634
27
541
Feb 10055 Jan
Jan 9955 Feb
Jan 9755 Feb
Jan 984 Jan
Jan 954 Feb
Jan 6855 Feb
Feb 4111 Jan
Jan
Feb 70
5,000
15,000
12,000
5,000
11.000
2,000
30,000
2 000
t'riday
Saks
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
Can Wet Wks Corp Is 1943
Gen Wat Works Gas & Elea
Cony deb Os B__ _1944
Georgia Power ref 55..1967
Georgia Pow & Lt 55-.1978
1953
Gesturel deb Os
VI ithout warrants
Gillette Safety Razor 5e '40
1935
Glidden Co 555s
Gobel (Adolpf 6'4s A 1936
With warrants
Grand (F W) Properties
Cony deb 8s.Dee 151048
Grand Trunk fly 5a a 1936
Grand Trunk West 48.1950
Great North Pow 55-1935
Gt West Power let Is 1946
Green Net Power as_ _1948
Guardian Investors 5s 1948
with warrants
Gulf 011 of Pa Is
1937
Sinking fund deb 58 1947
10156
Gulf 8tates Util 5s
1st & ref 494a ser B_196 I
Hamburg P3.6 Und
Hanna(M Ai deb Os. _1934
Hood Rub 534% notes 1936
Houston Gulf Gas 65.1943
Deb 63,s. _A or I 1943
,
Hous L& P lot 435s D 1978
let lien & ref 4 %a F 1981 •
Hungarian Italian Bank
1963
7 148 series A C,
HYdraulle Pow 5s-.. _1951
Hygrade Food Oscar A '49
1947
Idaho Power Se
Iii Nor Utilltiee 5s. _1957
III Pow & L let 6s ear A '53
let & ref Ste ser 8.1954
1st & ref as ser C._ _1956
S f deb 6.a..May 1957
Inden 011 & Gao 110_ 1939
Indiana Elea Corp 63_ _1947
1st mtge 5s series 0_1951
Indiana Hydro El Sys5s'58
Ind & Mich Elea 5s_-_1957
198:
Indiana service his
1950
lot & ref be
Ind'polh/ PA I. fis ser A '57
Indianapolis \Vat 4345 1940
Inland Pow & Lt 6s C_1957
Insult (MI Invest 68..19411
00 ith warrants
Deb Is series A _1949
Intercontinents Power
6.4 with warrants_ -1948
Internal Pi AV Sec 6 e Is '54
Secured 6 3.s tier C..1965
Secured 78 ser D._.1936
Stamped
1957
75 sertm E
Secured is ser F._ _11/52
International Salt 5s.-1951
Internal Seeurities be 1947
Interstate Power 5s...1957
Debenture Be
1952
Interstate P S Is D 1968
let & ref 4.,s F. .195x
Interstate Telep 53 A.1961
loved CO of A tiler 58 1947
With warrants
A% Knout warrants..
Iowa-Nab I. & P 58 An57
&series B
1961
Iowa Po. .5 1.1 4. 5..[One
Iowa Public Serv 55-1957
(sum/ I I yi
Eine 78 I.t62
leotta Fraschltil 7s 1942
With warrants
'Mout warrants....
Italian Superpower of Del
113
Ilene fie without war '
Jacksonville Gas 53- -.1942
Jer CPA1 1st Is II. 1947
.1(1111
lat 4 a eerIep
Jones & Laughltn St 5s 1939
Kansas City Gas 63.-1942
Kansas Power 55 A....1947
Kansa. l'r A 1.1 fla A 1955
,
55series B
1957
Kentucky tf til 1st 5a_ Mel
1st nage 5.5a ear F 1955
Ito nitge be ser 1_1969
KIniberly ('lark
1943
Eoiniere (1 & ('dab is 1947
Sink fund deb 5/es 1950
Kresge (13 SI tel 5s.....1948
Ctrs of deposit.
Larutan Gam Corp 03.4a '35
Lehigh 1- ow Stout 6s. _2026
Lexington URI 5s. _1052
Libby MeN & Libby It. 42
Lone Star Gas deli he .1942
Long island Ltg fie
II14o
Los Angeles G & E 59_1961
Lowman. Pow & It be, 11457
anitobe Power 5-a info
Mansfield Min & Smelting
7s with warrants--.1941
Maw. (ins
..1946
Sink fund den 55. .1955
Mass t 3411 Acme 55_ _1949
McCord Rad & Mfgtie with warrants...1943
Melbourne Elec 754s 1946
Middle State,Pet 6481945
Middle best U Wince
Cony 5% mites__ 1932
Cony 5% notes.....1933
.
Cony 5% notes,. __I934
Cons 5% not es_ _ _1935
Milw Ow Light 4 e_ .1967
Minoan nap IA 4 L91.11150
Minnesota P.6 L 53-.1955
beinuappi Power he 106
Mips Power A Light Se 57
Miss River Fuel
(is with warrants_ 1944
Without warrants
Mbie itiv Power let 5a 1951
Monon 55 cat Penn Pub Fier
let lien di ref 5/55 11 '53
Montreal I. II & P Con
let er ref Is ser A. 1951
let & ref 55 ser B....1970
Morris Plan Shares 58_1947
Munson S Lines 6351.1937
55 ith warrants
Narragansett Elise 56 A '57
1978
Nat'l Flee Power
2026
Nat Pow & Lt lie A
Deb 55 series B..._2030
34
Range Since Jan. 1.
Low.
High.
3355
32
29,000
25%
Jan
35
Jan
85
61
1555 1755 11,000
81% 85 147,000
61
61
1,000
1135
80
60
Jan
Jan
Jan
17%
90
65
Feb
Jan
Jan
874
4235 4255 3,000
8555 874 59,000
75
75
4,000
38
7734
71
Jan
Jan
Jan
Feb
47
8755 Feb
Jan
78
6355
6235 6354 15,000
60% Feb
18
18
94
60
9715
9135
83
18
94
60
99
94
83
25
944
9435
7655
25
9455
94
76
68
3855
89
36
39
40
81
80
25%
9534
96%
7635
6855
40
92
373.1
42
40
82
84
90
8854
35%
40
9934
43
8855
8855
84
7855
74
6235
76
74
644
70
9355
55
574
8755
,
8855
3554
4035 7,000
9934 6,000
4435 4,000
91
13,000
89
4,000
87% 108,000
63,000
80
7755 72.000
56,000
65
48,000
79
3,000
75
69
43,000
70
1,000
9355 1,000
17,000
60
5854 2,000
9154 55.000
8854 1,000
35% 5,000
2114
18
20% 28% 464,000
26,000
16
20
36
41
83
43
86%
7935
7535
65
79
69
34
92%
66
90
92
70
75
64
71
4936 4734
6435 6354
4834 847%
70
6955
63
65
66
75
65
164
77
76
78
75
5454
5
94
71
9134
92
76
66
73
4955
65
49%
71
6555
65
1,000
1,000
1,000
7,000
5,000
2.000
1731
87
55
97%
91%
83
4,000
67
$64
1,000
77
1.000
78
3,000
7855 4.000
7555 3,000
56
/6,000
Jan
25%
9555
9655
84
75
4435
92
40
51
50
84
84
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
32
9655
43
884
85
8235
77
7255
59%
64
70
55
70
92
47
56
82
8835
32
Jan 4595
Feb 9934
Feb 4934
Feb 96%
Jan 89
Feb 913(
Feb 88
Jan 83
Jan 68
Jan 79
Jan 75
Jan 569
Jan 71
Jan 97
Jan 60
Feb 80
Jan 06
Feb 8835
Jan 36.%
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
15
13
Feb
Feb
38%
27
Jan
Jan
2%
90
63%
8031
78
70
62.4
6231
4234
62
47
64
61
60
Jan
Jan
Jan
Jai
Jan
Feb
Jan
Jan
Jall
Jan
Jan
Jai
Feb
Jan
6
98
78
117
97
6867
Jan
Jan
Jan
Feb
Feb
6,000 25
43,000 92%
116,000 9235
3,000 73
6,000 68
9,000 530
9,000 88
14,000 35
14,000 36
2,000 37
10,000 78
9,000 7734
8,000
18,000
26,000
32,000
3.000
38,000
25,000
3,000
87,000
83,000
49,000
18,000
14.000
1.000
654
Feb 29
Jan
Jan
Jan 100
Jan
Feb 63
Jan
Feb 99
Feb 9655 Jan
Feb 8455 Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
67561
3
Feb
J aat
Jan
Jan
5175
75% Jan
Jan
ja
65
7
3
Feb
Jan 67
60
Jan
Fel z112
69
Jan
72% Jan 80
Jan
72
Fat,
34
78
J an
jjr nn
Jan 891)
7
h2
w
75
49
Jan
Feb
Feb
46
42
47
48
6,000
9.000
3931
384
374
65
9334
8255
37
00
90
80%
9854
9355
80
8735
75
7254
88
724
83
7255
78
91
88
3555
73
66
724
84
90
9135
8335
4735
16,000
38
66
7,000
9355 12,000
8355 175,000
99% 29,000
9354 5,000
80
1,000
8735 1,000
75
3,000
7755 22,000
88
5,000
73
3,000
8455 7,000
754 35,000
7834 17,000
92
11.000
8834 3,000
3534 4,000
7735 69,000
69% 2,000
72% 2,000
8835 9,000
91% 4,000
91% 1,000
89% 41.000
54
32.000
3535
56
8835
774
98
874
80
87
75
7255
53
7255
81
64
704
90
88
32
70
66
704
77
9435
8335
29
9155
82
83
30
2,000
944 36,000
83% 46,000
83
1,000
Feb
29
804 Jan
Feb
82
Jan
82
Jan
33
97% Jan
Jan
89
Jan
90
25
65
25
65
35
25
65
35
25
60
30
Feb
Feb
Jan
Jan
28
7834 Jan
Feb
35
85
4135
42
37 34
89
66%
84
61
66
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jau
Jan
894
69
65
60
94
7834
86
72
774
Jan
Jan
Feb
81
Jan
80
Feb
9834 Jan
7755
88
7554
7855
92
8854
3555
7755
69%
8835
914
894
53
80
82
550
57
45
49
46% 42
89
89
764 73
8435
67
75
77
83
57
49
48
89
7651
86
72
77
1,000
1,000
2,000
117,000
48.000
83,000
161,000
2,000
6,000
6,000
5,000
33,000
Jan
Jan
47
48
47
48
Jan 424
Jan 66
Jai
5r
116-'
a l
Jai
Jan 9955
Jan 596
Feb 90
95
Jai
Feb
Feb
Jai
Feb
888%
84
242
Jai
Jet '75%
Jan
DIfli
Feb 95
Feb 93
Fell 42
Feb 82
Feb
Jai
77
8
Feb 8455
ss Feb 99
600134
9134 Feb 94
7935 Jan
Jan
40
Jan
Feb
Jan
.1an
Jan
Jan
Jan
Jan
jaaaen
jFan
j
J
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jjan
Janan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
6,000
1,000
23,000
80
73
90
6531 68
6
94
3655
77
664
81
80
92
14,000
6534 Feb
77%
824 84,35 30,000
82
8334 32,000
4955 5155 6,000
92
823( Feb
81% Feb
4935 Feb
h Jan
85
Jan
5234 Jan
6
Jan
93
Jan
2834 Feb
734 Feb
6255 Feb
14
974
464
83
72
80
80
91
6
93
2955
7335
64%
6
94
37%
77%
6734
1,000
54,000
13,000
65,000
47,000
Jan
Jan
Jan
Jan
Jan
Jan
FEB. 20 1932.]
Bonds (Continued)
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sage
of Prices.
;Week.
Prtce. Low. High.
Range Since Jan. 1.
Low.
High.
Nat Public Service 58_1978 38% 32% 41 255,000 29%
75
58,000 69
Nat Tea 5% notes_ _ -.A 935 75
75
Nebraska Power 448_1981 89% 89
89% 5,000 88
Deb 60 aeries A _ ___2022
90
2,000 88
90
Nesiner Ilros Rlty Os._1948
25
3.000 25
26%
Nevada-Calif Elec 68_1956 74
7234 74% 58,000 70%
N Gas & El Assn 55_1947 62
:60% 62% 97,000 661
4
1948 61% 59% 62% 95.000 5934
Cony deb 5,8
Cony deb bs
1950 61% 059% 62% 127,000 57%
New Eng Pow Assn 58_1948 59% 59
61% 130,000 58
1954 65
Deb 5056
63% 65% 116.000 61
New On P Serv 4%e._1935 72% 7155 73% 21,000 7014
Y Edison 58 ser C._1951 0755 97
9835 283,000 97
N Y & Foreign Inv 555s '48
60
60
8,000 z42
NY P& LCorp let 40,8'67 87
84% 00 157,000 81%
Niagara Falls Pow 68_1950 103
102% 103
33,000 1014
Nippon El Pow 6146_1953 57% 52% 5755 54,000 45
Nor Amer L& P 58_ _ _1935
67
6855 3,000 67
5s
1936 71
71
71
5,000 65
194g
Nor Cont UM 5%s
38
3955 7.000 35%
Nor Ind P S 588er D1069
83
83
2,000 83
415s series E
1970
75
75% 10,000 75
Nor Ohio Pr & Lt %a 1951 93
88% 03
15,000 88
Nor Ohio Tr & Lt 58..1956
81% 83
13,000 79
No States Pr 5%% notes'40
82% 84
15,000 82%
Refunding 414s____1961 84% 83% 84% 139,000 81%
No'western Pow 68 A_11160 38
36
38
3.000 35
Ohio Edison let 5s__1960 93% 88% 93% 64,000 88%
Ohio Power let 58 13....1952 92
91
92
15.000 90
1st & ref 4148 ser D_1950 83% son 84
86 000 7954
Ohio Pub Serv 5s D_ ..1934 78
78
85
3,000 78
Okla Gas & Fier 6a_ ..1950 80% 80
82
38.000 76%
08wego Falls Corp 6s_1941 55
53
2,000 49
55
Feb 45
Jan
Jan 75
Feb
Feb 92% Jan
Feb 94
Jan
Feb 31% Jan
Feb 77
Jan
Jan 6754 Jan
Feb 68
Jan
Jan 6414 Jan
Feb 67% Jan
Jan
Jan
70
Jan
7705 Jan
Jan 98% Feb
Jan 60
Feb
Jan 90
Jan
Jan 104% Jan
Feb 57% Feb
Feb 68% Feb
Jan 71
Feb
Jan 39% Feb
Feb 88
Jan
Feb 81% Jan
Feb 93
Jan
Jan 85
Jan
Feb 90
Jan
Jan 88
Jan
Jan 38
Jan
Jan 95
Jan
Feb 96
Jan
Feb 87% Jan
Feb 88% Jan
Jan 8795 Jan
Jan 55
Feb
Pao Gas & El let 4%8.1957
1st 6s series 11
1941
lot & ref 5%a C____1952
1st & ref 404s F__1960
Pac Invest deb 58____1948
Par pow & Light 58_1955
Paclitc Western Oil 6%8'43
With warrants
Penn Cent L& P 4%5_1977
58
1979
Penn-Ohio Edison 68 A '50
Deb 5"e aerial B_ _1959
Penn-Ohio P & 1, 515a A '54
Penn Her let & ref 4f3 1971
Penn Telep 58 series C.1960
Pa Water Service 58-1967
Peoties G 1.1k I oke 4e 'Si
Peoples Lt & Pow 5s_ _1979
Phila Elec Pow 58._1972
Phila. Rapid Transit 68 1962
Phila Suburban Counties
Gas & El let 4%8..1957
Piedmont Hydro-El Co
1st & ref 6%s cl A _1960
Piedmont & Nor Ry bs 1954
Pittsburgh Coal deb fla 1949
Potomac Edison 5s E_1956
Pow Corp (Cat)5.153 13 59
Power Corp of N V 535e '47
Procter dr Gamble 4%8 '47
Prussian Elec deb 6a_.1954
Pub Ser NJ
etfa Peru
,
Pub Seri of Nor Illinois
lot & ref 4 555 ser E_1980
lot & ref 4358 ser 1_1981
,
Pub Sart lOkial ba D.1957
Puget Sound P & L 5148'49
let & ref 5ir err C...1950
1st & ref 4
ser D.1950
Radlo-Kelth-Orpheum65 full paid
1941
Remington Arms 5 4a 1933
,
Republic Gas(is June 15 '45
Rochester Cent Pow 581953
Ruhr Gas Corp 6%s. _1953
Ruhr Housing Corp 6%8'58
Jan 8914 Jan
Jan 105% Jan
Jan 10135 Jan
Jan 89% Jan
Jan 61
Feb
Jan 79% Feb
Safe Harbor Wet Pr 4.4819
St I. Gas .5 Coke fis_ _1947
Salmon River Pow 53_1952
San Antonio Pub Ser 68 68
Sauda Falls lot 58......1956
Saxon Pub Works 55. _1932
Schulte Real Estate 68 1935
N Munn warrants
(NW)Co 535s_1943
Scrim)
Serve! Inc 55
1948
Shawinigan W & P 43,8 67
lat & coll 4 %5 tier B.1968
let 58 series C
1970
Bit 4 1.. e series D_ 1970
Sheffield Steel 5 56s_ _ _1048
Sheridan Wyo Coal 68 1947
Silica Gel Corp 655s 1932
with warrants
Snider Parking Cs.. 1932
Sou Carolina Power 58 1957
Southeast P & I. 65...20'25
tVithout warrants
Sou Calif Edition 56_1951
1952
Refunding ba
Refunding 68 June 1 1954
Gen & ref .5s
1939
Sou Calif Gas Corp 58_1937
Sou Cal Gas Co 4058..1961
1935
6341
Southern Natural Gee Os 44
With privilege
Without privilege
Southwest (1 E bs A.1957
So west Lt & Pow 65. _1957
(lowest Nat Gart 65._ 1945
So'west Pow & Lt 69..2022
Staley (A E) Mfg 68..1942
Stand Gail & Elec 6g_ _1035
1035
Cony es
Debenture 13a
1951
Debenture 13s Dec 11066
Stand Invest 5%a_ _1939
10-year deb 50.....1937
Stand Pow & Lt(W.__ _1957
1937
Debenture 55
Stand Telephone 53is 1943
Stinnes(Hugo) Corp
78 Oct I '36 without wall
78 without warr____1946
1939
Sun 011 deb 5%5
1934
5% notes
Pow of No 1114%8'68
Super
1970
let M 4%s
Swift &Co 1st NI f 56.1944
1940
6% notes
Tenn Elee Pow lot 58_1956
Serv 5s_ _1070
Tenn Pub
Tern? Hydro-Flee 604a 53
Texas Cities Gas 58_ .1948
Texas ElectrIc Serv 68_1960
1945
Texas Gas FBI Cs
855.1
101%
93% 9714
86% 8555
60
79% 77%
8654
103
98%
8654
61
20,000 8514
40.000 10155
45.000 9731
37,000 85
16,000 56
80,000 72
54
72%
81%
7455
72
75
95
92
68
93
65
65
76
4
4
101
103
60% 60
57
74%
8114
76
75
95%
70
93
70
764
4
103%
63
52,000 8514 Jan 57%
65 000 72% Feb 79%
2,000 78
Feb 86
6,000 74% Feb 83%
14,000 71% Feb 76%
31,000 90
Feb 96%
10,000 68
Feb 75
5,000 92
Jan 94%
2,000 60
Jan 70
10,000 75% Feb e79%
0,000
6
334 Jan
62,000 99% Jan 103%
5,000 55
Jan 68%
57
74
81%
94
28%
9434
56
61
60
6055
80
8035
84% 83% 84%
53% 51
53%
65
6254 05
97% 97%
29% 28
31
101% 102%
77%
77
76%
77
74
69%
7514
76
76
76
70
67
77%
7755
77
7715
74
69%
5,000
94
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
96%
Jan
22,000 851% Jan 61
2,000 60
Feb 60%
2,000 78
Jan 90
4,000 82
Jan 89
14,000 50
Jan 5354
8,000 60% Feb 68
17,000 1)(3% Feb 100
58,000 1944 Jan 31
11,000 100% Feb 10235
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
61,000
132.000
13,000
48,000
30,000
50,000
7514
7555
74
7114
67
66
Feb
Feb
Feb
Feb
Feb
Feb
84
8215
79%
8011
76
71
Jan
Jan
Jan
Jan
Jan
Jan
15
35
3054
20
8954
18
75
36%
65
72%
80%
71%
9914
76
13
3234
30%
25
105
80
15
35
c34
27
8934
18
95
72
9834
3534
90
76,000
1815 6.000
95
2,000
75
28,000
99% 2.000
42 106,000
89%
18
95
70
88
254
Feb e9235 Jan
Jan 23
Jan
Feb 95
Feb
Jan 77
Jan
Jan 99% Feb
Jan 44
Feb
4134
65
72
72%
71
8035
7034
55
30%
42
6,000
66
7,000
75
6,000
74
13,000
74
4,000
83
82.000
73
37,000
2.000
.55
30% 1,000
40
6334
65
6735
71
74
68
55
2855
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
34
33
64
102
34
33
64
1,000
4.000
1,000
30%
24
50
Jan
Jan
Jan
40
38
67
Jan
.Iso
Jan
6,000
28,000
23,000
23,000
18,000
25,000
99% Feb 106
65
Jan 80
11% Feb 25
32
Jan 40
20
Jan 35
21% Jan 27
42
68
75
e74
e75
e43%
e74%
70
33
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
77
96
95%
96%
99%
86%
80%
7334
94%
94
93
98%
85%
77
373
77
96
95%
9634
9914
86%
80%
7455
170,000
47.000
24,000
33.000
3,000
8,000
102.000
5.000
704
94
93%
113
98%
83
75%
68
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
82%
98%
98%
98%
99%
88
81%
78
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
33%
28
29
7314
64
23
70%
6754
70
712%
63
63
54
54%
61
54%
48%
33%
32
76%
66
25
73%
67%
75
75
66
65
55%
55
65%
54%
48%
47,000
7,000
61,000
5,000
19,000
26.000
17.000
95.000
53,000
53,000
24.000
27.000
9,000
89,000
1,000
2,000
26
27
70
62%
19
65
65
68
68
6034
60%
52
53
60
53
48
Feb
Jan
Feb
Jar
Jan
Feb
Jan
Fe
Feb
Feb
Fe
Jan
Jan
Fe
Jan
Jan
83%
33
70%
72
25
81
70
7655
78
73
71
5515
55
684
54%
.
51
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
28%
24%
00
88%
69
67
975i
88%
89
77
s5515
36%
79%
23%
30
27%
91%
88%
71
68%
99
9054
89
78%
58%
44
83
24
29,000
118,000
5,000
1,000
62,000
51,000
24,000
43,000
1,000
8,00
21,00
10.000
54,000
11.000
25%
22
86
86
68
67
97
84
83
71%
62
36
76%
16
Jan e30
Jan 29%
Jo
93
Feb c89
Fe
74
Feb 72
Fe
100
Jan 904
Jan 90
Jan 7934
Jan 61
Feb 45
Jan 8435
Jan 24
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
66
25
73%
6714
74%
75
65%
65
64
54%
28%
25%
69%
68
0014
56
29
Honda (Concluded)
Texas Power & Lt 58._1956
Thermoid Co (Is
1934
With warrants
Tobacco Prod 6%5_2022
Tn Utilities Corp dab So '79
Ulen Co deb 6s
1944
Union Amer Invest 5s_1948
With warrants
Union Gulf Corp 58 Jul 150
United Elec Service 78_1956
Without warrants
United Ind Corp 6-45.1941
United Lt & Pow 68_ _1975
1st 5355
Apr 1 1959
Deb g 648
1974
Un Lt & Rya 68 Fier A _1952
lot series as
1932
Deb 5%s
1952
United Pub Rem 6s.. 1942
,
Ull Rye of Havana 755s '36
U S Rubber3
-year 6% notes____1933
Serial 61 4% notes __1932
Serial 64% notes__1933
Serial 6 -4% notert_ _1937
(1158 serial notes
_1938
Serial 634% notes...1939
Serial 63.4% noteg_1940
Utah Pow & It 4%8..1944
Valspar Corp deb 65.-1940
Valvoline 011 7s......1937
Va Public Serv 505a A _1946
let ref 58 series 13._.1950
Deb fis
_Feb 1 1946
Waldorf-Astoria Corp
1st 7is with warn_ ___1954
Ward Baking Co (is_._1937
Wash Water Power 58_1960
West Penn Elea 5.g_ .2030
West Feign Pow 4E1 t!,.1961
West Texas 17tH 58 A.1957
Western Newspaper Union
Cony deb (is
1044
Ng Is Pow & I,t 55 E_ _ _1956
1st & ref 5s ger F__1958
Yadkin River Pow 53_1941
1355
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week,
Price, Low. High.
84
88
32
71
93%
27%
55
81
84%
9635
61
63%
78%
1155
7734
69
8
92%
6555
90
65
25
088
Range Since Jan. 1.
Low.
fligh.
31,000
814 Feb
90
s3435 36% 23,000
85% 88 580,000
2
2% 7,000
28% 32% 61,000
29
Jan
7334 Jan
1% Jan
20
Jan
40
Jan
88
Feb
z355 Jan
3234 Feb
Jan
71
70
19,000
02% 9355 75,000
70
91
Jan
Jan
71
Feb
9414 Jan
61%
27
5155
78
5854
84%
0554
56
15
31
61%
29
5535
82
58
85%
96%
61%
18
31
1,000
32,000
30,000
14,000
14,000
15,000
36,000
60,000
15.000
2,000
53
22
50
78
56
82
92
653(
1455
31
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
6114
32
66
85
66
86%
96%
68%
29
31
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
63
64
99% 99%
72% 79%
3811 40
32
34
34% 38
32
36%
75% 78%
1135 1155
74
74
74% 78
6734 z7135
6754 70
24.000
2,000
3,000
8.000
13,000
8,000
17,000
7.000
2.000
1.000
31,000
33,000
17,000
5934
96
66
3515
32
3414
32
75
5
70%
694
62%
Jan 69%
Jan 100
Jan 79%
Feb 40
Feb 3
8%
Feb 39
Feb 40
Feb 83
11%
Jan
Jan 75
Jan 78
Jan z71%
Jan 70%
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
2034
9055
97%
6554
90
(15
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
294 Jan
89
Jan
91
Jan
93
Jan
27,000
20,000
18,000
16.00
3,00
22
Jan
21
Jan
28% Jan
29% Jan
Feb
10
36
Jan
34
Jan
42
Jan
43% Jan
15% Jan
14.0049.00
3.005,00
19
Jan
26% Jan
Jan
53
Feb
45
36% Feb
4014 Feb
69% Jan
Fe
45
7,00
87.00
49,00
10,00
87
21%
19
23%
Jan
Jan
Jan
Jan
44% Jan
35% Jan
30% Jan
Jan
31
8
8355
02
62%
90
62
11%
83%
9214
65%
90
65
23
83
82
88
25
22,000
84
4.000
8214
7,000
88
1,000
Foreign Go,ernmen t
And Municipalities
Agile 9-f tee Ilk rGolombia)
20
-year a f 76
29
1946 29
32
20-yr f 78._ _Jan 15 1947 30% 28% 31%
Buenos Aires(Prov) 7%8'47
36
33
Ext 7s. _
.A pr 1952 35
34
35
Cauca Valley (Col) 78_1948
10
10
Cut 13k of German State &
Prov Bank(' ris A_ 1952
30%
34
(Is series B
1951 38% 37
4014
Danish Munic
67% 6814
5s
45
1953
45
Danzig Port & W'waysEsti 6%a
37
1952 37
38
German Cons Muni° 78 '47 2954
Secured (Is
1947 26% 29
2 31 21%
6
34
9
Hanover (Prov)6 %a .1949
2714 29
Indlia Nf tge Ilk (Finland)
let mtgo coils? 754_1944
64
62
Lima (Cityi Peru 615s 1953
335
3% 4
Maranhao (State) 75..1958
8
8
10
Medellin 78, series E.
.1951
17
1734
18
NI endoza (Prov) Argentine
External aVg 7%s_ _1951
31% 32
Mortgage Bank of Bogota
7s issue of 1927____I947 30
30
37
Mtge Bk of Chile 65_1931
16
1435 16
Netherlands (Kingd) Co 72 104% 104% 104%
Parana (State) 75
195g
7
7
8%
Rio de Janeiro 6
loan 1434
1414 1414
Russian Govt 6%s etfs 1919
14
%
Saarbrucken 75
1935 95
95
95
Saar Basin (Countles17s '35 91
83
91
Santa Fe 78
1945
34
34
Santlago (Chile) 78_ _1949
13
13
se
103,000
8
1,000 80
15.000 92
17,000 z55%
1,000 85
97,000 57%
21%
824
80%
88
Jan
3.00 864
305 Feb
2,000
g
Feb
13,00
Jan
17
4,00
64
7
10
18
Fe
Jar
Feb
Jan
26,000
32
Fe
2514
Jan
19.000 2034 Jan
37
29,00
1114 Jan
16
7,000 s10214 Jan 004%
8.00
7
Jar
11%
5 00
1014 Jan eta
10,00
1
94 Jar
2,00
95
Jan 95
6,000 83
Jar
91
1,00
Jan 35
30
1,00
13
Jan
10
Jan
Fe
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
No par value. I Correction. n Sold under the rule o Sold for cash. s He
rerhu.delivery. t Ex-righ and bonus. re When Issued.
f red
No-rights
Ex-dividend. y Exige See alphabetical list below for ''Under the Rule" sales affecting the range for
the year.
Bulova Watch pref., Feb. 2, 10 at 1234.
Cities Service, pref. B. Jan. 11, 10 at 5.
Montreal I. 11 & Power Con. bit 58 1951. Jan. 8.58.000 at 83.
Netherlands As 1072. Jan 6. $10,000 at 10a
Peoples Gag Lt. & Coke 46. 1991. Feb. 4.51.000 at 8034.
Rio de Janeiro 6 1 7 5 1969, Jan. 18, $12.000 at 164.
Russian Govt. 53413 Ws., 1921. Feb. 4. $1,000 at 1%.
Safe Harbor Water Power Corp. 434s. 1979, Jan 25. $1.000 at 93.
Selected Industries $5 60 prior stock Jan. 21, 60 st 40
Shawinigan Water & Power 4%s, 1967, Feb. 10. $4,000 at 76.
Shawinigan Water & Power 5.3, series C, 1970. Feb. 10. 55.000 at 85%.
Shawinigan Water & Power 4%5, series D, 1970. Feb. 10. $6.000 at 75.
Shawinigan Water & Power 434s, ger. B. 1968, Jan. 22, $2,000 at 7534.
Stinnes (H.) deb is 1936. Jan. 25. $1.000 at 314.
Sun 011 5% notes, 1934. Feb. 9, $1.000 at 8934.
Sylvanite (bold Mines. Jan, 27. 100 at 4.
Welch Grape Juice corn.. Jan 27. 25 at 3
7%•
See alphabetical list below for "Deferred Delivery" gales affecting the rang
for the year
Acetol Prod cony A, Jan. C. 100 at 6.
Associated Gas & Elec. deb. 5s, 1950. Feb. 10. $3.000 at 34 34•
Associated Telephone Co., Ltd. 5s, 1966, Feb. 18, $1,000 at 8114.
Beacon 011 deb 6s, 1936, with warrants, Jan. 2, $9,000 at 94.
Cities Service ()as deb 5145. 1942, Jan. 6,81,000 at 51.
Eastern Utilities Investing 641 1954 with warrants. Jan. 4. $2.000 at 23.
General Industrial Aieohol 6%s, 1944, Jan. 29, 35.000 at 1434.
Guantanamo & western Ry it fis 1958, Jan. 13. 51.000 at 17
Hamburg Elevated '
1 ndenzround & Street Ry. 505s 1938. Jan 2. 51.000 at 29,
,
Indiana Electric let mtge Se 1951 series C, Jan. 15. 91.000 at 76.
tndustrlat TkInrtesee hank of Finland 7. 1944 Jan 2 $1 alio at 60.
Investment CO. of America deb. 68, 1947, Feb. 13, 51,000 at 64.
Kaa,,,s8 t•vty r
let 11 65 i 542. Jan 16. $5.000 at 9734.
Lerner Stores Corp., com., Feb. 9. 300 at 531.
Netherlands as 1972 Jan 4 510.000 at 102.
New Bradford 011, Feb. 8. 500 at %.
V el enrehrn InvesrIng den F.,e 1948 with warrants Jan IR. $1.000 at
4134.
Pacific Western 011g. f. 634s with wan., 1943, Jan. 4, 911.000 at 51.
Piedmont 11 griro
ref 6 5 1960. Jan. 7,52.0(k) at 61.
,
Pittsburgh Steel 6s, 1945, Feb. 6. $1,000 at 76.
Southwest Dairy Produeta den 6.- 5 1038. Jan 20. 51.000 at 7,
TM-Utilities Corp. deb 50. 1979. Feb. 1. $2.000 at 305.
Van Swermeen Corp. Cs, W. W.. 1935. Jan. 30. $5.000 at 45.
Virginia Public Service 5s It, 1050, Feb. 17, $1,000 at 71 04.
West Penn Electric dell 5* 7030 Jan 4 Si MO so 671
[Vol,. 134.
FINANCIAL CHRONICLE
1356
Quotations for Unlisted Securities
Investment Trusts (Concluded).
Public Utility Bonds.
Bid
4
An Com'th P 53is'53_M&N
Amer S PS 5s 1948 _NUN 5112
Appalach Pow 5s 1941_J&D 93
.1
Appalach P deb 8s 2024..J&J 813
Atlanta 0 L be 1947J&1) 93
Ask
912
53
04
84
Broad My P 50 1954._M&S
Cen G & E 514s l933 FAA
1st lien coil tr 530'48 MA)
1st lien coil to 6$'46 M&S
Con Ohio L dr P53'50 _A&O
Derby G & E bs 1918_F&A
Fed
S let 6s 1947_ __MD
Federated ULU 5315'57 M&S
Gen Pub Utll 63.4s'56&A&0
Houston Gas dr Fuel 5s_1952
8312
4
293
37
43
68
4
863
3212
45
2712
2612
67
3214
4012
1512
7212
69
3812
4812
3012
30
III Wat Ser. 1st 5s 1952 _J&J
Interstate PS 43.4s '58 M&S
Iowa So Util 534s 1950 _J&J
Jamaica W S 534s 1955.J&J
Lexington Util 5s 1952_F&A
Louis G & E 43.4s 1961 _ F&A
Adr0
Deb 5 t 6s 1937
Louis Light let 55 1953_A&O
63
8212
4
713
88
70
8712
9414
9212
70
6412
76
9212
77
9112
99
98
New On P S (is 1949__J&D
60
64
Newp N & Ham 5s '44_J&J
NY Wat Ser 55 1951 _M&N
N Y & Wes L 4s 2004.._J&J
N Am L&Psf deb53.4s'56J&J
Bid
7712
4
673
77
4812
Ask
85
7112
80
51
Okla 0 & E 58 1940___M&S
Old Dom Pow 5s_klay 15'51
Parr Shoals P 55 1952 _A&O
Peoples L & P 534s 1941 J&J
042 MAN
,
Pow Corp NY 63
Pow Sec coil tr 6s '49_ _F&A
Queens G & E 434s'58 _M&S
Roanoke W W5s 1950__J&J
Sierra & 5 F 55 1949___J&J
Tide Wet Pow be '79__F&A
85
68
9212
42
8
917
8712
85
6012
77
6312
88
72
95
45
2
6218112
66
United L & Sty 6s '73J&J
United Wet Gas & E is 1941
Virginia Pow bs 1942J&0
49
81
00
53
89
9312
Wash Sty & E 45 1951_J&D
Western P S 5Sis 1960 _ F&A
Wheeling Elec be '41 _IVI&N
Wichita Sty & L 55 1932
Wise Elec Pow is '54 _ _ F&A
Wise Minn LAP 55 '44 MAN
Wise Pow & Lt 55 '56 _M&N
Public Utility Stocks.
Par
Alabama Power $7 pret__100
Arizona Power 7% prof __100
•
Ark Pow & Lt $7 pref
Assoc Gas & El orig wet-•
•
36.50 preferred
•
$7 preferred
Atlantic City Elec $6 pret_•
Bangor Hydro-El 7% pf_100
Binghamton L H & P $6 Pt-•
Birmingham Mee 7% pret_•
Broad River Pow 7% 0_100
Buff Niag dr E pr pref____25
Carolina Pow & Lt 57 met•
Cent Ark Pub Fiery pref_100
Cent Maine Pow 6% pf _100
100
7% preferred
Cent Pow AC Lt 7% pref _100
Cent Pub Sere Corp $7 pt_•
Cleve El Ilium 6% pret _ _100
Col Sty P & L 6% 1st pt_ 100
63..)% preferred B._ 100
Consol Traction N J__100
Consumers Pow 5% pref__•
100
6% preferred
100
6.60% preferred
Cont'l Gas & Elec 7% p1..100
Dallas Pow dr Lt 7% pref 100
Dayton Pow dr Lt6% p1.100
Derby Gas & Elec 57 pret...•
Detroit Canada Tunnel---•
Erie Railways
100
Preferred
100
Essex-Hudson Gas
Foreign Lt & Pow units____
Gas & Elec of Bergen_ - _100
Gen Gas & El part ctfs
Hudson County Gas____100
Idaho Power 6% pref
100
7% preferred
Illinois Pow dr Lt 6% pf_100
Inland Pow & Lt 7% pf_100
Interstate Power $7 Pref--•
Jamaica Water Supp pf_50
Jersey Cent Paz L 7%, p1100
Kansas Clty Pub Service...
•
Preferred
Kansas Gas & El 7% pf_100
Kentucky Sec Corp com _100
100
6% preferred
Kings County Ltg 7% p6100
pfd....100
Long Island Lt
100
Preferred A
Los Ang Gas & El6% p1.100
Par
Memphis Pr & Lt $7 pref __•
Metro Edison 57 pref
$6 preferred C
Mississippi P & L $6 pret._.
Miss River Power pref__100
Mo Public Serv 7% pref_ 100
Mountain States Power _ .._*
100
7% preferred
105 115 Nassau dr Suffolk Ltg pref _
Nat Pub Serv 7% pf A 100
75
80 85 Nebraska Pow 7% pref _100
38 Newark Consol Gee_ ...100
33
2214 23 New Jersey Pow & Lt $6 Pr•
New Orleans P S 7% p1.100
81
NY & Queens St LAP pf100
76
90 Nor States Pow (Del) corn A
84 88
Preferred
93
96
•
74
77 Ohio Edison $6 prof
•
$7 preferred
16
12
97 102 Ohio Pub Serv 13% Prof---100
7% preferred
83
81
Okla Gas & El 7% pref. _100
83
22
30 Pac Gas & El 51.50 pret__85
86 Pac Northwest Pub Serv___
82
93
Prior preferred
90
6% preferred
96 100
60 65 Pac Pow & Lt 7% pret_100
Pa Pow & Lt 7% pref
10313 108 Phi% Co $5 pref
9312 96 Piedmont Northern Ry_100
67 Pub Sere Coot Col 7% p1100
84
12
8
3 Puget Sound Pow & Lt pr pt.
2 Rochester G dr E 7% pf B100
100
30
6% preferred C
140 145 Sioux City G & E 7% 0_100
45 Somerset Un Md Lt___ _100
38
90 95 South Calif El $1.50 pref.25
25
20
$1.75 preferred
25
140 145 So Colo Pow corn A
100
83
7% preferred
9712 South Jersey Gas & Elec_100
96
59 62 Tenn Elec Pow 6% pref _100
100
7% preferred
11
47 Texas Pow & Lt 7% pfd_100
45
4712 50 Toledo Edison pref A _ _ _100
90 United GA E (Conn) P1-100
88
58 United G & E(N
pf _ _100
18
6 United Public Service prof.
3
•
96 Utah Pow & Lt 7 pret
92
275 350 Utica Gas & El 7% pref _100
- URI Pow & Lt 7% pret__100
55
100
95 01 Virginian Sty corn
100
8412 86 Wash Sty dr Elec com
100
95 99
5% Preferred
98 Western Power 7% pref _100
91
92
54
16" 85
20 26
40
35
55
50
98 101
88
Investment Trusts.
A B C Trust Shares ser D......
18 478
Series E
10
Amer Brit & Cont $6 pref..' d 5
7
338 3 8
Amer Composite Tr Shares..
Amer Founders Corp
preferred
Convertible
12
6% Preferred
818 1318
7% preferred
1-40ths
1-70ths
_
Warrants
Amer dr General Sec corn A. .2312
Sc.
Common Is
z30
$3 preferred
3134 24
Amer Insuranstocics Corp..•
312 4
Assoc Standard 011 Shares._
Atl & Pac [Merl Corp units 1714
11
1
5,
Common with warrants
17
Preferred with warrants
20
Atlantic Securities Corp pf_• 15
Warrants
134
Bancamerica-Blairleorp
19
Bankers Nat Invest'g Corp • 15
312 4'2
Bansicilla Corp
212
_
Basic Industry Shares _ _ _.•
112 2
•
British Type Invest
14
11
Central Nat Corp class A___
3
1
Class 13
1832 20
Century Trust Shares
12 114
Chain & Gen'l Equities Inc •
4
2
Chartered Investors corn_
50
45
Preferred
14 1
Corp A
Chelsea Exchange
14
Class B
2.35 ___
Corporate Trust Shares... 2.25 2.40
Series AA
2.25 2.40
Accumulative series
Crum & Foster Inc Shares
17
10 15
Common B
80
100 75
Preferred
18
15
B__
Crum ds Foster Inc corn
85
81
8% Preferred
418
:PS
Cumulative Trust Shares
3.20
Deposited Bk Shs ser N Y
2
21
DepooBksbsNYserA
332 37
Depoeited Insur Silo A
No par value. a Last reported
•
Diversified Trustee no AB
Equity Corp corn stamped _
Equity Trust Shares A
Five-year Fixed Tr Shares...
•
Fixed Trust Shares A
Fundamental Tr Shares A.
SharesII
•
Granger Trading Corp_
Gude-Winmill Trad Corp_ _•
Huron Holding Corp
Incorporated Investors_ - -•
Incorp Investors Equities..
Int Sec Corp of Am corn A...
Common B
83.4% preferred
6% Preferred
Independence Trust Shares_
Investment Trust of N Y.__
Investors Trustee Shares
Leaders of Industry A
13
Low Prices Shares
72
Par
Public Service Trust Shares
Representative Trust Si,ares
Second Internet Sec Corp A
Common B
6% Preferred
Securities Corp Gen $R pref
Selected American Shares....
Selected Cumulative Shs
Selected Income Shares_ _ _ _
Selected Man Trustees Ms_
Shawmut Bank Inv Trust.'
•
Spencer Trask Fund
Standard All Amer Corp.....
Standard Amer Trust Shares
Standard Collat. Trust Shs__
State Street Inc Corp
Super Corp of Am Tr Shs A
Is
Par Bid Ask
Bid Ask
8
33
358 418 Trustee Standard 011 Ohs A
338
812
8
Is
312
Trusteed Amer Bank Shares
13;
3
5c
Series A
412 5
12 Trusteed N Y City Tlk Shs_
8
234 514
85 20th Century Fixed Tr Ohs_
958 1118
216 2.85 Two-year Trust Shares...-8
8 67 United Fixed Shares
63
234 314
4c
312 4 Unit Founders Corp 1-70ths
2c
7
4.30 United Bank Trust
3.90
63g
312 United Ins Trust
2
Sr
1334 1412 U S & Brit Internet class A_
3
4.20 4.70
Preferred
4
1734 193
3.55 3.55 U S Elec Lt & Pow Shares A
412 5[4
33g 418
,
278 3 4
44
46 Universal Trust Shares
4
s 33
33
Bonds.
3
8 34
33
4
534 6, rot Occur Trust of Amer
1933
8 578
52
Secured gold 65
1943
Secured gold 65
s
4 33
3,
2.20 2.40
1933
Secured gold is
1943
2.15 2.35
Secured gold is
Trust Shares of America
80
7212 Trustee Stand Investment C
94
77
94
Industrial Stocks.
.
851
5412 Adams Millis $7 pref.....* 75
84 Lawrence Port! Cem 34.100 12
•
15
100 4... 28 Liberty Baking corn
Aeolian Co 57 pref
212 5
100
4
Preferred
Aeolian Weber P&P corn 1004 I
12
7
8 Locomotive Firebox Co....'
100
Preferred
Alpha Portl Cement p1.100 80 90
7
4
100 60 65 Mactadden Publict'ns com.5
American Book $7
98 101
29
• 26
312
2
$6 preferred
Amer Canadian Properties_.
80
58
Merck Corp 58 pref...100 53
...100 100
American Cigar pref.
74
72
10
5
75 Amer Hard Rubber $4 100 d 23 25 National Casket $4
70
40
• 40
25
8312 American Hardware
80
96
• 92
$7 preferred
30
• 20
American Meter new
55 65
35
National Licorice corn_ _100
7
2
35
45 National Paper & Type Co_
Babcock & Wilcox 4% _ _100 41
70
40
13 New Haven Clock pref_ _100 30
9
13aker (J T)Chemical corn..
85
95
3 New Jersey Worsted prof..... 28
1
(J)&Sonal.20com
Bancroft
40
34
05
40 Northwestern Yeast_ _ _100 98
100 30
7% Preferred
103 106
45
Bliss (E W) $4 1st pref _50
99
91
13
10
9
Ohio Leather
10
2c1 pref B
82
72
80
76
1st preferred
Bohn Refrigerator 8% pf 100 63
6612 71
86
76
2d preferred
66• 26
Bon Aml Co Il corn
108
70
100 60
1
Okonite Co 37 pref
Bowman-BlItmore Hotels__
7512 79
6
3
6 Petroleum Derivatives
100
1st preferred
95
90
38
3 Publication Corp $3.20 com• 33
100
2d preferred
100 95
_
37 1st preferred
Brunsw-Balke-Col era_ ___• 24
8812
87
25'
Bunker Hill & Soil corn. _10 23
94
60
45 RemIng'n Arms 57 1st pf 100
60 •ff" Burden Iron pref
10
1212
Riverside Silk Mills
7312
71
10
6 Roekwood & Co
_
Canadian Celanese corn _
92
88
52
100 45
47
$8 preferred
100 43
Preferred
2412 26
4
19 Rolls-Royce of America.....
Carnation Co $1.50 corn....• 17
32
3
100
Preferred
100 100
Preferred
30
312 6
Rosy Theatres unit
Chestnut Smith corn
Io 33
114
15
Common
Preferred
80 85
25
4 512
3,
Preferred A
100 15
Childs Co $7 prof
97 99
6
4
5 Rubel Corp corn
2
..101
Clinchfield Coal Corp_
55
20
16
Preferred
100 d 50 60
Preferred
20 30
38
100 34
Ruberold Co $4
12 1
d
Color Pictures Inc
78
72
1l
53
Columbia Baking corn.....' d
58
53
24
3 Safety Car Heat & Ltg..100 19
•d I
1st preferred
72
14 1 Scovill Manufacturing_ _ _25 1812 20
2d preferred
d
60
6
14 Shippers Car Line
9
Colts Pat Fire Arms Mfg 25
81
78
Congoleum-Nalrn 57 pf _100 98 101 Singer Manufacturing_ _100 127 135
79
72
4
48
3
2 Solid Carbonic Ltd
_
2712 Crosse & Blackwell corn _ _
26
12 2
- 45 Splltdorf Beth Elec
2414 2512 Crowell Pub Co $3 com new
40
100 30
100 105 Standard Screw Co
$7 preferred
1212 18
1
Standard Textile Prod_ _100
90
14
54
100
De Forest Phonotilm Corp_
Class A
14
140 145
10
100
10
6
Class B
Dictaphone Corp corn__ •
83
81
15
• 10
80 88 Stetson (J B) Co corn
$8 preferred
1(50
93
90
20
25 15
Dixon (Jos) Crucible 54.100 55
65
$2 preferred
98 100
13
8
9012 Doehler Die Cast 7% p1_50
88
10
10 Taylor Mill Corp $1.00com•
$7 preferred
62 67
5
21 Taylor Wharton Ir& Strom'
Douglas Shoe $7 prof.....100 17
75
11
100
Draper Corp $4
100 19
22
Preferred
3,2 512 Driver Harris
15
$7 pret
100 57 65 Tenn Products Corp pref 50
81
79
43
Dry-Ice Holding Corp
30 Tubize Chatillon $7 pf B 100 38
9712 100
50
55
212 512
6 Unexcelled Mfg Co 70c_ _10
Eisemann Magneto corn.....
60
45
30
-)
75 United Business Pub$7pf100
$7 preferred
f
300 385
65
United Publishers $7 p6.100
90
85
17
Franklin Sty Supply $4_ _ __• 10 20 U 8 Finishing $7 pref
100
89
1,
Fuel 011 Motors Corp corn...
2
,
22
5
Walker Dishwasher com___.
4
Gen Fireproofing $7 pf _100 75 85 Welch Grape Juice com___•
Craton & Knight corn
66
•
3 W$7 ref rdr d ap
,
'2.
vappele rep
91
12
5
$7 preferred
100
$1.00 colon 1312 16
4
73
Great Northern Paper $3_25 21
23
612
56 preferred
100 85 88
2.75 3 05
White Rock Min Spring
22
17 1st preferred
4 514 Herring-Hall-Mary Safe_100 14
43
100 96 100
18
Howe Scale
6
3
$20 2d preferred
115
Preferred
21
100 18
2.65
Willcox & Gibbs $2.50 corn. 20 30
4
Woodward Iron
100
Industrial Accept corn
•
5 Worcester Salt $5
100 83 87
,
34
$7 preferred
160 _
2912 33 Yourngter(jreScl) Co com
pe
I00 87
4
73
6
Internet Textbook
100
4
100 99
4
6,
4 414
33
8
8 43
37
Telephone and Telegraph Stocks.
5
67
Am Dist Tel of N J 54____• 53
New York Mutual Tel_ _100 d 11
18
25
100 97 100 Northw Bell Tel pf 8 S4%100 104 106
7% preferred
1
98 Pac dr All ['clog US 1%..25
4 Bell Tel(Can)8% pref.. _100 95
1818 193
12
4 212 Bell Tel of Pa 634% peel 100 109 112 Peninsular feleph $1.40-. 14
13
20
CM & Sub Bell Telep____50 64 67
7% preferred A
50.
100 84 87
Cuban Telephone 8%
d 70
Porto Rico Telephone
d 65
d 48
53 Roch Telco 56.50 1st pt_100 99 101
7% preferred
614 11,
4
Empire & Bay State fel _100 d 40
50 So&Ati leleg$1.25
12
18
6
25 13
35 So & N E Telephone 8%_100 124 127
2.35 2.55 Franklin Teleg 52.50___1130 d 25
57 S W Bell Tel 7% prof__ 100 10912 11112
8 Int Ocean Teleg 6%.....l00 d 50
8 47
43
110
Lincoln Tel & Tel 8%
TM-States Tel & Tel $6---* 4100
4
73
Mountain States Tel & Tel_ 113 118
--$.60 preferred
81
912
,
32
10
; New England Tel dr Tel _100 112 115 Wisconsin 1 den 7% pref 100 41.07 110
3
5g --1
2
,
2 8 315
7
,2 3 s
3
Chain Store Stocks.
75
68
92
74
92
8212
8212
8
23
Major Corp Shares
• 1738
Mass Investors Trust
378
Mutual Invest Trust cl A__
Mutual Management corn.'....
2.6L
Nat industries Shares A..___ 6
National Trust Shares
312
Nation Wide Securities Co4
N Y Bank Trust Shares__ _
2.60
No Amer Trust Shares
2.40
Series 1955
2.40
Series 1958
3
4
193
8
47
3
2
_
6r;
s
33
412
2:66
2 60
4
30
3
82_ 9
Bohack (II C) Inc cora____• _.7
100
7% 1st preferred
Butler (James) common......
2
100
20
Preferred
Diamond Shoe pref with war 1E' 52
Edison Bros Stores pref_100
Fan Farmer Candy Sh pf_.• 24
28
18
Fishman (II M)Stores corn.
•
Preferred
-16 10
9
at Atl & Paz Tea pref__100 1 - - 19
Kobacher Stores pret-100 --__ 40
gs, 1012
55
60
Northern Securities
Kress(OH)6% pref
_ 50
912 Lerner5tores6i.4% pref w w
6
011 Shares Inc units
100
140
3
1
Lord & Taylor
Old Colony Inv Trust corn.._
100
95
15
1st preferred 8%
Old Colony Trust Assoc Sh • 13
04
10
5
See preferred 8% - - - 100
Petrol & Tmd'g Corp cl A 25
market. d New Stock. z Ex-dividend. y Es-rights.
Melville Shoe Corp
1st pref 6% with warr_100 63
_
5.1etropol Chain pref____100
Miller (I) & Sons peer...100
33
Mock Juds& Voehringerpt100 Murphy (S C) 8% pret_100
Nat Shirt Shops corn
2
•
Preferred 8%
100
78
Newberry (J) Co 7% pf_10
N Y Merchandise 1st pf_100 65
76
412
15
43
90
5
45
83
---
•
7
piggly_wiggly Corp
Reeves (Daniel) pref____100 97
Rogers Peet Co corn. .104)440
Schiff Co pref
100 55
_
Silver (Isaac) & Bros pf_100
U 8 Stores 1st prof
100 25
68
fib
45
35
--
_
FEB. 20 1932.]
1357 f-,‘
FINANCIAL CHRONICLE
Quotations for Unlisted Securities-Concluded-Page 2
Insurance Companies.
Sugar Stocks.
Fajardo Sugar
Haytlan Corp Amer
Savannah Sugar corn
7% preferred
Par
100
Bid
1412
-• 45
100 80
Par Bid Ask
Ask
1
20 Sugar Estates Oriente p1100 ____
112 United Porto Rican corn__ ____ 5
Preferred_._10
55
88
New York Bank Stocks.
100 30
Bank of Yorktown
20 39
Chase
Chatham-Ph Nat Bk A Tr20 _ _
-20 5334
City (National)
_
100
Columbus Bank
Comml Nat Bank & Tr 100 160
100 1380
Fifth Avenue
First National of N Y 100 1700
100
Flatbush National
100 ____
Grace National 13ank
25
Ilarbor State Bank
Harriman Nat Ilk & Tr.100 1370
10C
Industrial Bank
Kingsboro Nat Bank_ _ _100 ____
25
Lafayette National
40
41
___
55 4
3
150
168
1480
1800
70
500
55
1470
85
10
2
Liberty Nat Bank & Tr_ _25
Manhattan Company__ _20 37
100
Merchants_
60 40
Nat Bronx Bank
15
National Exchange
3
Nat Safety Bank & Tr.-_25
100
Penn Exchange
9
New
_
100
Peoples National
Public Nat Bank & Tr_ __25 27
Stern? g Nat Bank & Tr__25 13
29
Textile Bank
100
Trade Bank
___
Washington Nat Bank
100Yorkville (Nat Bank of)_100 30
4
39
70
47
20
6
14
200
29
16
32
75
15
40
Trust Companies.
Bence Comm Italians Tr 100
20
Bank of Sicily Trust
Bank of New York At Tr_100
10
Bankers
20
Bronx County
100
Brooklyr
20
Central Hanover
Chemical Bank dr Trust_ _10
100
Clinton Trust
Cont Ilk & Trust New___10
Corn Exch Bk dr. Trust_ __20
25
County
20
Empire
185 195
22
19
340 360
63
61
18
13
235 245
143 147
4
343 363
4
60
35
153 173
4
4
62 65
24
22
2412 2612
100 230 255
Fulton
100 304 309
Guaranty
49
100 40
Hibernia Trust
21
10 20
Irving 'I rust
100 2275 2375
Kings County
..100 95 105
Lawyers 1 We di Guar.
8
_25 3172 337
Manufacturers (new)
5
3
Mercantile Bank A Tr w
86
I..- 83
25
New York
63
Title Guarantee & Trust_20 60
75
100
frust Co of N A
9
7
25
Underwriters Trust
100 1500 1600
United States
Chicago Bank Stocks.
100 93
Central Republic
13
Chic Ilk of Commerce
Continental III Ilk & Tr_100 140
100 254
Fifth National
97
15
142
260
Harris Trust & Savings_100
100
Northern Trust Co
Peoples Tr A Say Bank _100
Strauss Nat Bank & Tr_100
300
325
100
135
310
330
110
145
Par
Aetna Casualty & Surety_10
10
Aetna Fire
10
Aetna Life
25
Agricultural
10
American Alliance
American Colony
American Constitution
American Equitable (new)
American Home
5
American of Newark
American Re-Insurance. __ _
10
American Reserve
25
American Surety
Automobile
10
Baltimore Amer Insurance 5
25
Bankers & Shippers
100
Boston
Bronx Fire
25
Brooklyn Fire Insurance_ .5
Carolina
10
Chicago Fire & Marine...10
100
City.of New York
10
Colonial States Fire
Columbia National Life_100
Connecticut General Life_ 10
Consolidated Indemnity _ _
10
Constitution
10
Continental Casualty
Cosmopolitan Insurance 10
New
5
Fagle
5
Excess Insurance
10
Federal Insurance
Fidellty A Deposit of Sld _50
20
Firemen's
6
Franklin Fire
General Alliance
10
Germanic Insurance
Glens Falls Fire
10
Globe & Republic
Globe & Rutgers Fire...100
10
Great American
Great Amer Indemnity_10
10
Halifax Insurance
60
Hamilton Fire
10
Hanover
10
Harmonla
10
Hartford Fire
Haar St'm Boiler Ine&Irs 10
1
Home
Home Fire Security
10
Homestead
Hudson Insurance
10
Importers & Exp of N Y-25
5
Independence
Independence IndemnIty_10
New
Ask
Bid
.
42
37
291 3112
.
2512 2712
65
55
12
15
8
10
11
6
15
12
9
6
1114 1214
31
26
1212 1512
21
18
20
16
314 414
65
330 370
17
15
_.
125 150
- 8
5
130 100
53
48
3
1
4
6
15
17
2
4
8
11
812 1012
33
4 53
4
40
_ -76
71
113 123
4
4
18
16
10
6
37
35
10
7
240 270
141 1614
.
12
9
1214 1414
_ 115
2014 2214
141 4 1614
3714 3914
42_
1912 2 -12
-1
214 314
103 1234
4
20
15
18
14
Vs
4
33
8
6
Par
Kansas City Life
100
Knickerbocker corn5
Knickerbocker (new)
Lincoln Fire (new)
10
Lloyds Casualty
10
Voting trust centre_ -- _10
Majestic Fire
10
Maryland Casualty
25
Mass Bonding dr Ins
25
Merchants Fire Assur comb0
Merch & Mfrs Fire Newark 5
MLesouri State Life
10
Morris Plan Insurance
10
National Casualty
10
National Fire
National Liberty
5
5
National Union Fire
New Amsterdam Casual _10
10
New Brunswick
10
New England Fire
New Hampshire Fire_ _ _ _10
20
New Jersey
5
New York Fire corn
New
10
North River
New
25
Northern
Northwestern National.. _ _
Pacific Fire
25
Peoples National Fire
5
Phoenix
10
Preferred Accident
20
Providence-WashIngton _ _10
Public Fire
5
Public Indemnity (formerly
Hudson Casualty)
Reliance lnsur of Phila
Republic (Texas)
10
10
Rhode Island
25
Rochester American
St l'aul Fire & Marine_ 25
Seaboard Fire & Marine _
Security New Haven _ _ _ _10
Springfield Fire & Marine 25
50
Standard Accident
25
Stuyvesant
100
Sun Life Assurance
Transportation Indemn'y 10
Transportation Insurance 10
100
Travelers Fire
25
US Casualty
US Fidelity & Guar Co 10
10
U S Fire
U S Merch & Shippers_ _100
10
Victory
10
Westchester Fire
Bid
600
Ask
700
53o
75
4
1 12
83
8
93
4
212
112
212
114 414
612 1012
30
40
_
18
414 -6-14
67
8 77a
912
3512
414
27
19
14
12
38
20
7
912
35
80
60
1112
371.
51.
i
37
21
16
18
43
25
10
1112
45
90
70
4712 491.,
2
1712 22130
28
4
2
2
1
4
2
15
10
9
4
35
25
108 118
6
4
23
21
70
60
75 125
19
14
400 500
214 414
___
0
480 53
17
12
53
4 834
23
19
135 175
4
2
23
21
Industrial and Railroad Bonds.
Adams Express 48 '47 IAD
American Meter 68 1946_ d
Amer Tobacco 48 1951 FAA
Am Type Fdre 68 1937 MAN
Debenture 6s 1939_1VIAN
Am Wire Fab 78 '42__M&S
Bear Mountain-Hudson
River Ridge 713 1953 A &O
Biltmore Comm 7s '34 INAS
Chicago Stock Yds be 1961
Consol Coal 4)4* 1934 MAN
Coned Mach Tool 78 1942
Comm) Tobacco 4s 1951___
continental Sugar 75 1938_
Equit Office Bldg be 1952_
Fisk Tire Fabric 61.4s 1928
Haytian Corp 881938
Hoboken Ferry 58 '46 MAN
Internal Salt 55 1951.A&O
Journal of Comm 6)4* 1937
Kane City Pub Serv 68 1051
60
64
__
94
8512 90
___
98
___
90
4112 50
Loew's New Brd Prop(is 1945
JAI) 6814
Merchants Refrig 68 1937__
b412
Middle States Oil 7% notes
7
N 0 Gr No RR 58 55 FAA 24
4
NY & Hob Ferry 55'46 JAI) 623
N Y Shipbldg 5e 1946 MAN 85
85 Pledmont & No Ry 58'54J&J 68
77
55 Pierce Butler & P 6 he '42 1312
45
70... Realty ASSOC Sec 68 '37 JAJ 40
36
40
4012 Securities Co of N Y 4s__ _
15
1712 61 Broadway 5;4s '50 A&O 55
85... So Indiana Ity 48 1951 FAA 40
7 Stand Text Pr 6)48 '42M&S 20
3
68 Struthers Wells Titusville64
4612
Ohs 1943_
1312 27
Tol Term RR 4)4s '575f&N 70
11
8
114
7212 US Steel bs 1951
66
76 Ward Baking 68 '37 JAI) 15 82
71
55 Witherbee Sherman 6s 1944 13
57
32
3312 Woodward Iron be 1952J&J 5312
-9
8
15
2614
_ __
_ _
62
17
50
50
61
45
25
61
80
85
17
67
Realty, Surety and Mortgage Companies.
Bond A Mortgage Guar__20 493 523
4
4
Empire Title & Guar____100 ____ 95
Franklin Surety
Guaranty Title &
__ 180
Home Title Insurance__ __25 19
Mortgage.24
International Germanic Ltd
20
Lawyers Mortgage
National Title Guaranty 100
State Title Mtge (new)__100
15
1912
712
30
20
2112
13
40
Aeronautical Stocks.
Alexander Indus 8% pref___ ____
American Airports
__ _ .
Corn_Ill
Aviation Sec of New EngI__
Central Airport
d 2
Cessna Aircraft corn
___
Curtiss Reid Aircraft com
____
Federal Aviation
General Aviation let wet_ 23
40
1
414
5
112
2
Kinner Airplane A Slot new
11 Lit
Maddux Air Lines
6
Sky Specialties
5
2
Southern Air Transport.... d 2
5
Swallow Airplane
4._.2
Warner Aircraft Engine.-- 3
4
114
Whittelsey Manufacturing
--- _
12
Quotations for Other Over-the-Counter Securities
Short Term Securities.
Ask
Bid
Allis-Chal Slfg be May 1937 86
863
4
951 4
Alum Cool Amer 58 May'52 95
Amer Metal 510 1934 A&O 62 65
Amer Rad deb 4 348 May '47 83 85
Am Roll Mill deb 58 Jan '48 52
53
434% notes 1933_ __MAN 62 64
94
Amer Thread 610'38_M&N 92
1934A&0 88
90
Amer Wat Wks be
90
Bell Tel of Can 68 A Mar '55 88
_
__
Baldwin Loco 51.4s '33 MIAS
83
Cud Pkg deb 5)4* Oct 1937 --- 84
Edison Eiec III Boston4% notes Nov 1 '32 MAN 9514 993
4
5% notes Jan 15'33__J&J 10014 10012
Gulf 011 Corp of Pa_Dec 1937 95
Debenture 58._
9512
Debenture bs__Feb 1947 94
95
Railroad Equipments.
Bid Ask
General Motors Accept8
6% ser notes_ _ _Mar 1032 100 1003
5% ser notes_ _Mar 1933 9914 9912
5% ser notes___Mar 1934 9712 118
5% ser notes_ _Mar 1935 95
96
5% ser notes_ __Mar 1936 95
9534
Koppers Gas & CokeDebentures 55..June 1947 73
75
Slag Pet 4)4* Feb 1530-35 95 100
Mass Gas Cos 5)45 Jan 1946 93
95
Proc & Gamb 4 he July 1047 07
98
Swift & Co5% notes 1940
SIAS 88
89
Union 011 58 1935
F&A 9312 99
United Drug bs 1032_ _A&O 9912 100
Debenture be 1933_ _A&O 98
09
Water Bonds.
Alton Water Es 1966__A&O
Ark Witt hot 6s A 1956 A&O
Ashtabula W W 68 1958A&O
Atlantic Co Wat be '58MAS
Birm W W 1st 6 hitA'54A&O
hat m be 1954 ear 11_J&D
181 58 1957 ser C____F&A
Butler Water 55 1957_A&O
City W (Chat) as B '54 J&D
1st be 1957 ser C__MAN
Commonwealth WaterFAA
let 581956 B
Isles bs 1957 ser C_F&A
Davenport W bs 1961_J&J
E El L & Int W 55 '42 RIO
1st m 6s 1942 ser B_J&J
let be 1960 Ber D_F&A
80
85
80
80
90
85
85
82
85
85
85
85
85
80
90
78
90
90
85
85
9.5
95
95
86
90
90
92
92
00
85
95
83
Hunt'ton NV let 65 '54 M&S
let m 5s 1954 ser 13_1VI&S
Joplin W W 58 57 eer A MAS
Kokomo W W be 1958 JAB
Mourn Con W Ist 5s'56J&D
Monon Val W 5148 '50 J&J
Itichm'd W W let 55'57MAN
St Joseph Wat 58 1941 A&O
South Pitts Water CoFAA
1st be 1955
1st A ref be '60 ser A J&J
let & ref 58 '60 ser B Jea
Terre Elle W W fla'49AJ&D
1st m be 1956 ser B_J&D
Texarkana W 1st 65'58F&A
Wichita Wat let 6s '49 MAS
1st m bs '56 ser B F&A
1st m bs 1960 ser C_MAN
95
85
80
80
80
84
85
90
92
PO
90
95
92
80
95
90
90
100
95
85
85
90
90
90
92
95
__
___
___
07
85
___
___
___
Atlantic Coast Line 68
Equipment 6)48
Baltimore & 01110 68
Equipment 430 & 58...._
Buff Roch & Pitts equip 68
Canadian Pacific 4)4* &Gs
Central RR of N J(1(4
Chesapeake & Ohio Bs__
Equipment 6)4s
Equipment 5
Chicago A North West 65..
Equipment Cis
Chic RI & Pac 43-49 & 58
Equipment Os
Colorado A Southern 6s
Delaware & Hudson 65_ _
Erie 4 34s & 5s
Equipment 65
Great Northern 65
Equipment 5s
Hocking Valley be
Equipment 68
Illinois Central 43-4s A 58.__
Equipment 68
Equipment 78 & 6 he._ _ Kanawha & Michigan Os...
Ask
5.50
5.50
6.50
5.50
6.50
6.00
5.60
5.50
5.50
5.50
6.50
6.00
5.50
5.75
5.75
5.50
6.00
6.00
5.50
5.50
6.50
5.75
6.00
6.00
6.00
5.50
Kansas City Southern 5 hs
Louisville & Nashvtlie 6s __ _
Equipment 6348
Michigan Central Ss
Equipment 68
Minn 8th'& SS M 434s & bs
Equipment 6)45 & 78....
Missouri Pacific 63-45
Equipment 6s
Mobile & Ohio 55
New York Central 4%s & 58
Equipment 68
Euuipmert is
Norfolk & Western 4)4*....
Northern Pacific 7s
Pacific Fruit Express 7s
Pennsylvania RR equip bs
Pittsburgh & Lake Erie 6345
Reading Co 4 hs & 5e
St Louts & San Fran 58.- - Seaboard Air Line b hs & Gs
Southern Pacific Co 4 he_ __
Equipment 78
Southern lty 4 he & Es--Eoulpmert Os
Toledo A Ohlo Central (is_ Union Pacific 78
Bid
6.75
6.25
6.25
Ask
6.00
5.50
5.60
550
7.00
7.00
7.00
700
6.75
5.75
5.75
6.75
550
6.00
6.25
6.60
6.25
5.60
6.75
7.60
6.00
6.25
6.50
6.60
6.50
6.25
500
6.25
6.25
6.25
6.25
6.00
5.25
5.25
5.25
5.00
5.50
5.50
5.00
5.50
5.00
6.90
6.50
5.25
5.50
5.50
5.50
6.50
5.50
Investment Trust Stocks and Bonds.
American A Continental__
13
4 244 Nor American Trust Shares_
Bankers Nat Invest COM A__
15
19 Old Colony Inv Tr 41.4% bds
Beneficial Indus Loan pret _ 34
40 Shawmut Association con.
Colonial Investors
_ ____ ___ Shawmut Bank Invest Trust
Continental Metrop Corp A _ -- _ 2.50
Shares_4)4s
1942
Continental Secur Corp- •
1952
58
Preferred
1952
13s
Industrial & Pow See
13
1412 Standard Oil Trust Shares A
Invest Fund of NJ
41s 412
Class B
Mohawk Invest
303 32
4
• No par value. a And dividend. d Last reported market. a Ex-dividend. y Ex-rights.
Bid
6.25
8.25
6.50
6.50
6.50
7.00
6.25
6.00
6.00
6.00
6.50
6.75
6.50
6.75
6.75
6 50
6.75
6.75
6.00
6.00
6.00
6.50
7.00
7.00
7.00
6.50
2.55 2.62
_--7
71
--
50
50
3'2 1
58
312 35
8
Abut*, J> uartertp anb JEW
Current Camino
part?.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, quarterly or half-yearly, that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to hand the present week.
It includes also some of those given in the issue of Feb. 13. 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, Feb. 11, embracing every monthly, semi-annual and quarterly report whichwas
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 February number of the
"Monthly Earnings Record" was issued.
We mean to continue giving this current index in the "Cnronicle" each week, furnishing a reference to
every teturn 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 supplemntary index in the
"Chronicle" will furnished an invaluable addition. The "Chronicle" index in conjunction with the "Monthly
Earnings Record" will enable any one at a glance to find the very latest figures of current earnings and income,
furnishing a cumulative record brought down to date each and every week—an absolutely unique service. A
further valuable feature is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings
Record," there is a reference line showing by date and page number the issue of the "Chronicle" where the
latest complete annual report of the company was published.
Issue of Chronicle
Name of Company—
When Published. Page
Air Reduction Co
Feb. 13..1185
Alaska Juneau Gold Mining Co
Feb. 13_1185
Allen Industries, Inc
Feb. 20__1372
Allegheny Steel Co
Feb. 13..1197
Feb. 20_ _1372
Alliance Investment Corp
Feb. 20__1364
Alton RR
Feb. 20_ _1359
Alton & Southern
Feb. 20..1373
American Bakeries Corp
Feb. 20..1373
American Bank Note Co
American Brake Shoe & Foundry Co Feb. 13._I197
Feb. 20._1373
American Can Co
Feb. 20 1373
American Capital Corp
Feb. 13_1197
American Express Co
Feb. 13..1197
American Seating Co
Feb. 13__1197
American Snuff Co
Feb. 13_1198
American Steel Foundries
Feb. 20_1375
American Surety Co. of N. Y
American Woolen Co., Inc
Feb. 20._1375
Arrow-tont & Hegeman I lectric Co.Feb. 13_1198
Atchison Topeka & Sante Fe Ity_ _ _ _Feb. 20..1364
Atlanta Birmingham & Coast RR....Feb. 20..1365
Feb. 13..1193
Atlantic City Sewerage Co
Feb. 20_1365
Atlantic Coast Line RR. Co
Feb. 20..1376
Atlantic Ice mfg. Co
Feb. 20..1376
Baldwin Co
Baldwin Locomotive Works
Feb. 20..1363
Baltimore & Ohio RR
Feb. 20_1365
Baltimore Tube Co., Inc
Feb. 20..1376
Bangor Hydro-Electric Co
Feb. 20..1360
Bastian-Blessing Co
Feb. 20..1376
Bell l'elephone Co. of Pa
Feb. 13..1193
Benson Sr Hedges
Feb. 20_1376
Best & Co
Feb. 13_1198
Birmingham Electric Co
Feb. 20_1360
(Sidney) Blumenthal & Co., Inc_ _ _ _Feb. 20..1376
Boston Elevated Ry
Feb. 20_1369
Boston & Maine RH.
Feb. 13..1181
Brill° mfg. Co
Feb. 13_1185
British Columbia Power Corp.,Ltd Feb. 13_1195
Brooklyn & Queens Transit System_Feb. 20_1360
Brooklyn Manhattan Tran it SystemFeb. 20_1360
Buffalo & Susquehanna RR. Coro_Feb. 13_1185
Butte Copper & Zinc Co
Feb. 13_1199
Calumet & }feria Consol. Copper Co.Feb. 13_1185
Can. Nat. Lines in New England
Feb. 13_1185
Carolina Power & Light Co
Feb. 20_1360
Central of Georgia Ry
Feb. 20..1365
Central National Corp
Feb. 20_1377
Central RR. Co. of N. J
Feb. 13..1191
Central Vermont Ry.,Inc
Feb. 20_1359
Century Shares Trust
Feb. 13..1199
Chesapeake & Ohio Ry
Feb. 20_1365
Chicago Burlington & Quincy RR_ _Feb. 20_1365
Chicago & Eastern Illinois Ry
Feb. 13_1191
Chicago Electric mfg. Co
Feb. 20_1377
Chicago Great Western RR
Feb. 20_1366
Chicago Indianapolis & Louisville. _ Feb. 13_1191
Chic. St. Paul Minn. & Omaha Ry_ _Feb. 20_1365
Feb. 13_1189
Childs Co
Feb. 20_1364
Chrysler Corp
Feb. 20_1360
Cities Service Co
Feb.
Clarion Riser rower Co
Feb. 20..1366
Colorado & Southern Ry
Feb. 20..1360
Columbia Gas & Electric Corp
Feb. 20__1378
Commercial Discount Corp
Feb. 13..1187
Commercial inxestment Trust
Feb. 13 _1193
Commonwealth Edison Co
Feb. 20_ _1360
Community Power & Light Co
Feb. 20_ _1359
Conemaugh & Black Lick
Feb. 20 _1378
Congoieum Nairn, Inc
Connecticut Power Co
Feb. 13..1193
Feb. 20_1359
Consolidated Laundries Corp
Feb. 13..1200
Consutm•rs Co
Feb. 20__1378
Continental Can Co
Feb. 13...1200
Continental Securities Corp
Feb. 13_1200
Continental Steel Corp
Feb. 13 _1201
Counselors Securities Trust
Feb. 13_1200
Cream of Wheat Corp
Feb. 13.1201
Credit Utility Banking Corp
Feb. 20_ _1360
Cushman's Sons, Inc
Feb. 20...1360
Dallas Power & Light Co
Feb. 20 _1366
Delaware & Hudson RR.Corp
Feb. 13_1201
Del. Lack. & Western Coal Co
Issue of Chronicle
Name of Company—
When Published. Page
Detroit & Canada Tunnel Co
Feb. 13..1201
Detroit Edison Co
Feb. 20_1361
Feb. 20_ _1360
Detroit Street Rys
Detroit Toledo & Ironton RR
Feb. 13. 1191
Diamond State Telephone Co
Feb. 20_ _1370
(W. S.) Dickey Clay Mfg. Co
Feb. 13_1201
Drug, Inc
Feb. 20_ _1379
Durham Hosiery Mills. Inc
Feb. 13..1202
East Kootenay l'ower Co
Feb. 13. 1186
Elgin Joliet & Eastern Ry
Feb. 20_ _1366
Equitable Office Building Corp
Feb. 13..1186
Eureka Pipe Line Co
Feb. 20_ _1380
Eureka Vacuum Cleaner Co
Feb. 20_ _1380
Exeter Oil Co., Ltd
Feb. 20..1380
Federated Capital Corp
Feb. 13..1202
Federated Metals Corp
Feb. 20_ _1380
Fidelity & Guaranty Fire Corp
Feb. 20..1380
Finance Co. of America at Halt
Feb. 20_ _1381
First National Stores, Inc
Feb. 20..1361
Fonda Johnstown & Gloversville IIR.Feb. 20_ _1359
Foreign Power Securities Corp.. Ltd Feb. 13_ 1194
Formica Insulation Co
Feb. 20_ _1381
Fostoria Pressed Steel Corp
Feb. 13..1203
Galland Mercantile Laundry Co_ _Feb 13_ .1203
General Printing Ink Corp
Feb. 20_ _1382
General Steel Castings Corp
Feb. 13._1203
Giant Portland Cement Co
Feb. 20_ _1382
Glen Alden Coal Co
Feb. 13 1204
Globe-Wernicke Co
Feb. 13..1186
(Adolf) Gobel, Inc
Feb. 20__1361
Goodyear Tire & Rubber Co
Feb. 13_1204
Gotham Silk Hosiery Co., Inc
Feb. 13..1204
Gould Coupler Co
Feb. 13...1186
Great Northern Ry
Feb. 20_ _1366
Green Bay at Western RR. Co
Feb. 20 _1366
Guardian Investors Corp
Feb. 13 1205
Gulf Mobile & Northern RR
Feb. 20__1366
Hamilton Brown Shoe Co
Feb. 20..1382
Hartford Electric Light Co
Feb. 13_1194
(George %V.) Ilelme Co Inc
Feb. 13...1205
Heywood Wakefield Co
Feb. 13. 1205
Houston Lighting & Power Co
Feb. 20 _1361
Idaho Power Co
Feb. 20..1361
Illinois Bell Telephone Co
Feb. 13..1186
Feb. 13..1206
Indian Motocycle Co
Feb. 20._1359
Indiana Harbor Belt RR
Feb. 13 _1194
Indianapolis Water Co
Feb. 20__1383
Industrial Rayon Corp
Feb. 13..1206
Insuranshares Corp. of Del
International-Great Northern RR_ _Feb. 20..1366
Feb. 13 .1194
International Ry. Co.(Buffalo)
Feb. 20..1383
Investment Corp. of Phila
Feb. 20_ _1361
Iowa Public Service Co
Feb. 13..1206
Jewel Tea Co
Feb. 20_ _1359
Kansas City Southern Ry. Co
Kroger Grocery & Baking Corp_ _Feb. 20..1363
Feb. 13..1194
Laclede Gas I.ight Co
Lawrence Portland Cement Co_ _Feb. 20..1384
Feb. 20..1384
Lehigh Coal & Navigation Co
Feb. 13 1191
Lehigh & Hudson River ity
Lehigh & New England Ry
Feb. 13..1191
Lima locomotive Works. Inc
Feb. 13 .1207
Lehigh Navigation Coal Co
Feb. 20..1384
Lindsay Light Co
Feb. 13 1207
Feb. 20..I361
Louisiana Power & Light Co
Louisville & Nashville RR
Feb. 20 1367
(Arthur G.) McKee & Co
Feb. 13_1207
Maine Central RR
Feb. 13_1192
(II. R.) Mallinson & Co
Feb. 20..i384
Manchester Electric Co
Feb. 13. 1195
Manufacturers' Finance Co
Feb. 20_ _1385
Slopes Consolidated Mfg. Co
Feb. 13_ _1207
Massachusetts Investors Trust
Fr b. 20_1385
Mathieson Alkali Works
Feb 13..l207
Memphis Power & Light Co
Feb. 20...1361
Michigan Bell Telephone Co
Feb. 20__1370
Minneapolis & St. Louis RR
Feb. 20_ _1367
Mississippi Power & Light Co
Feb. 20..1361
Missouri.Kansas-Texas Lines
Feb. 20..1367
Missouri Pacific RR
Feb. 20..1367
Mohawk Carpet Mills
Feb. 20 _1385
Mohawk Investment Corp
Feb. 13-1208
Issue of Chronicle
Name of Company—
y—
When Published. Page.
Montour RR
Feb. 20..1359
Mount Royal Hotel Co., Ltd
Feb. 20_1386
(F. E.) Myers & Bro., Inc
Feb. 20..1361
Nashville Chatt. & St. Louis Ry_ _Feb. 20_1367
National Distillers Products Corp__ Feb. 13_1208
National Republic Investment TrustFeb. 20_ _1386
National Transit Co
Feb. 20__1386
Nevada Consolidated Copper Co
Feb. 20...1361
New Haven Water Co
Feb. 13..1195
New Jersey Bell Telephone Co___ _Feb. 20..1370
New Niquero Sugar Co
Feb. 13..1209
New Orleans Public Service Inc
Feb. 20_ _1361
New York Auction Co., Inc
Feb. 20__1387
New York Central RR
Feb. 20__1359
New York Chicago & St. Louis RR_ Feb. 20__1367
Norfolk & Western Ry
Feb. 20__1368
North American Co
Feb. 20_ _1361
North American Investment Corp
Feb. 13_1209
Pacific Telephone & Telegraph Co_Feb 13..1186
Pacific Investing Corp
Feb. 20..1387
Paraffine Cos.,Inc
Feb. 20_ _1362
l'ennsylvania Dixie Cement Corp
Feb. 13_1210
Pennsylvania Power & Light Co....Feb. 20__1362
Pennsylvania RR
Feb. 20__1368
Peoples Gas Light & Coke Co
Feb. 13..1188
Pere Marquette Ry
Feb. 20..I368
Pittsburgh & Lake Erie RR
Feb. 20__1359
Powdrell & Alexander, Inc
Feb. 20__1388
Public Service Corp. of New Jersey_Feb. 20_1362
Public Utility Holding Corp. of Am Feb 13 1187
Reading Co
Feb. 20..I368
Feb. 13..1195
Rio C;rande Valley Gas Co
Riverside & Dan River Cotton Mills_Feb. 20..1389
Feb. 20__1389
Riverside Silk Mills, Ltd
Feb 13_1210
Rory Theatres Corp
Feb. 20__1389
Royal Weaving Co
Feb. 20__1359
Rutland RR
Feb. 20__1389
St. Joseph Lead Co
Feb. 11..1192
St. Louis-San Francisco Ry
St. Louis-Southwestern Ry. Lines Feb. 20_ _1368
Sierra Pacific Elec. Co., Reno, Nev._ Feb. 13..1187
Feb. 20__1362
Sioux City Gas & Electric Co
Feb. 20__1362
Southern Bell Tel. & Tel. Co
.Feb. 13_ .1186
Southern Canada Power Co., Ltd.
Southern Canada Power Co., Ltd Feb. 20..1362
Feb. 20__1389
Southern Pipe Line Co
Feb. 20__1368
Southern Railway Co
Feb. 20..1362
Southeast o'n Express Co
South West Pennsylvania Pipe LinesFeb. 20..1390
Stamford Gas & Electric Co
Feb. 13..1196
Standard Brands, Inc
Feb. 20_ _1362
Standard Cap & Seal Corp
Feb. 20__1390
State Street Investment Corp
Feb. 13..1211
(John IL) Stetson Co
Feb. 13..1212
Superheater Co
Feb 13_1212
Superior Steel Corp
Feb. 20__1362
Sutherland Paper Co
Feb. 13..1212
Symington Co
Feb. 13_1187
Tampa Electric Co
Feb. 13_1196
Telautograph Co
Feb. 13..1212
Texas & Pacific Ry
Feb. 13..1192
Thatcher mfg. Co„.
Feb. 113_1212
Texas Gulf Sulphur Co
Feb. 20__1391
Thompson-Starrett Co., Inc
Feb. 20__1362
Toledo Edison Co
Feb. 20__1371
oledo Peoria & Western
3 9
6
5
20 13 8
2
0
Toronto Hamilton & Buffalo Ry
RRFeb.eb
FFeb..
Transamerica Corp
Feb. 13..1189
Trunz l'ork Stores
Feb. 13_1212
Twin City Rapid Transit Co
Feb. 20__1372
Underwood Elliott Fisher Co
Feb. 20__1362
Ungerleider Financial Corp
Feb. 20__1391
Union Storage Co
Feb. 20__1391
Union Tobacco Co
Feb. 20__1391
United Electric Coal
U. S. & British Internat. Co., Ltd_Fe b.. 13:J26
32
13
CosFeb.Feb 2
0
United States Foil Co
Feb. 20..1392
U. S. Hoffman Machinery Corp
Feb. 13..1213
Viking Pump Co
Feb. 20__1392
Varner Co
Feb. 13__1214
Western Reserve Investing Co
3 A 187
:
3
Westvaco Chlorine Products Corp. F
.Feb.
Yellow 8r Checker Cab Co.(Consol.)_Feb. 13_1214
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 & St Louis
2d
2d
1st
lot
Period
Covered.
wk of Feb
wk of Feb
wit of Feb
wk of Feb
Current
Year.
$
2,657,691
2,072,000
17,500
144,099
Previous Inc. 1+1 or
Year.
Dec. (-1
$
$
3,303,797 —646,106
2,617,000 —545,000
—6,400
23,900
—48,954
193,053
Name—.
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland
Period
Covered.
1st eric of Feb
1st wk of Feb
2d wit of Feb
lot wk of Feb
Current
Year.
$
149,104
1,966,144
275,000
244,300
Precious Inc.(+) or
Dec.(-1•
Year.
$
$
—59,237
208,341
2,649,302 —683,159
—92,887
367,887
—45,535
289.839
FEB. 20 1932.]
FINANCIAL CHRONICLE
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.
(Icon Earning .
Month.
1931.
January
February
March
April
May
JuneJul/
$11119.4t
September
October
November
December
Length 01 IOW.
Inc.(+)or
1930.
$
385.416.905
336.137.679
375,588 834
389,10o.310
368,485.871
369.212.042
377,938.882
384,010,959
349.821.538
11412 647 702
304.896.868
288.239.790
8
450,731.213
427,465,389
452,281.688
450,587,319
482.577,503
444,274.591
458.088,890
485.782.820
466,895.312
482,784.802
398,272.517
377.499.123
Dec,(-).
8
-85.314,308
-91.327.690
-78.872.852
-81.461,009
-94.091.832
-75,062.879
-80.150.008
-101,751,861
-117.073,774
-120.138.900
-93,375.849
-89.259.333
1931.
Miles.
242.857
242.660
242.368
242.632
242.716
242.968
242.819
243,024
242,816
242,745
242,734
242.639
1930.
Mites.
242.332
242.728
242.421
242.574
242.642
242.494
234.105
242.632
242.593
242 174
242.636
242.319
1359
Indiana Harbor Belt RR.
Period End.Dec.31- 1931-3 Mos.-1930.
Railway oper. revenues_ 82.221.336 $2,654,987 1931-12 Mos.-19.30.
Railway oper. expenses_ 1,482,398 1.906,257 $9,214,027 $10,856.068
6.464.897 7,467,978
Railway tax accruals _ _ _
151,649
125,403
546,826
550,329
Uncollectible ry. rev_ __
23
137
714
973
Equip. &joint fad!,rents
224,235
162,466
675,036
488.907
Net ry. oper. income_ 8363,029
$460.723 $1,526,552 $2,347,880
Misc. & non-oper. inc__
15,319
21,008
78.885
162,063
Gross income
8378,348
8481,731 81.605,418 82,509,943
Deduct,from gross inc
128,707
136,752
536,753
519.958
Net income
$249,641
8344.979 $1,068,664 $1,989,985
laPLast complete annual report in Financial Chronicle July 11 '31, p. 230
Kansas City Southern Ry. Co.
(Texarkana and Fort Smith Ry.)
Month of January1932.
1931.
1930.
1929.
Railway oper. revenues_ $950,837 81,276.995 81.566.335 $1,793,801
Railway oper. expenses_
662,325
863,686
1,107.117 1,190,125
Not rev.from ry.oper_ $288,512
$413,308
8459,217
$603,675
Railway tax accruals__ _
Net Bossing+.
97,138
97,532
Inc.(+10? Dec.(-).
129,166
134.250
Month.
UncollectIble ry. revs- _ _
230
153
265
259
1931.
1930.
Amount.
Per Cent.
Railway oper.income.. $191,145
$315,623
$329,'785
$469,165
12 Mos.End.Dec.311931.
1930.
1929.
1928.
January
71.952.904
94.838,076
-22.8 43,171
,
--24.13 Railway open revenues414,073,410 $19,096,693 $21,978,221 $21,423,896
February
84.618.841
97.522.782
-32.904.121
33.78 Railway oper. expenses_ 9,546,397 13,120.199 14,2/5,415 14,089,021
Math
84,648,242
101,541.509
-18.893.267
- 86
16
April
Net rev,from ry.op-- $4,527,014 35,976,494 $7,702,806 $7,334,875
79.144.853
103.030.623
-_82.885.970
23.21
Ma,
81.038.584
111,359.322
--30.320.738
1,170,082 1.446,457
-27.23 Railway tax accruals-- 1,187,937
1,259,496
June
89.687.807
110.284.813
2,482
--80.687.220
3.494
18.70 Uncollectible ry. revs- _ _
11,805
4,408
July
96.965.387
125.430.843
-28.465.4545
-22.73
August
Railway oper.income_ 83,336,595 $4.802,917 86,244.543 $6.070.970
95.118,329
139.181.475
-44.043.148
31.84
September
92,217,888
147.379.100
--55,161.214
-37.41
tarLast complete annual report in Financial Chronicle May 9 '31 p. 3556
October
101,919.028
157.141.555
..•456.222.527
35.14
November
66.850.734
99.557.310
-32.706.576
32.135
December
47,141.248
79.982,841
-32,841.593
41.08
New York Central RR.
(Including all leased lines.)
Period End. Dec. 31- 1931-3 Mos.-1930.
1931-12 Mos.-1930.
Net Earnings Monthly to Latest Dates.
Railway oper. revenues_$85,860,543$110.484,953$382,190,1828478.918,347
Railway oper. exps
71,217,459 89,371,488 307,065.680 376,729,417
Alton & Southern RRJanuary1932.
1931.
1930.
1929.
Net rev,from ry. oper$14,643,083 $21,113,465 $75,124,502$102.188,929
Gross from railway- - $78,510
888,366
Railway tax accruals..- 7,503.710 7,382,634 32,215,328 34.009,020
Net from railway......
26,687
27,273
Uncoil, railway rev
20,497
15,470
Net after rents
102,942
125,750
15.863
17,847
Equip. & it. facil. rents_ 3,691,028 3,119,578 14,730,652 10,818,631
Central VermontNet railway oper. Inc_ $3,427,846 $10,595,782 $28.075,578 07,235,527
January
1932.
1931.
1930.
1929.
Gross from railway__ _ $428.613
$542,513
$596,398
8614,656 Misc. & non-oper. inc-- 10,249,696 8.539,892 35,816,293 39.763.105
Net from railway_ _ _ _
7.206
50,860
71,419
109,564
Gross income
Net after rents
813.677.542 319,135,674 $63,891,871 896.998,633
def9,478
49,860
79,860
100,055 Deduct,from gross inc..
15,990,104 15,080,340 61.461.770 61,016,841
Conemaugh & Black LickJanuaryNet income
1932.
1931.
def$2,312,561 84.055.334 82,430,101 835,981,791
1930.
1929.
Gross from railway__ _
$38,509
863.835
8123,809
8147,866 Dividends
19,970,305 39.940,594
Net from railway_
det6,086
def9,109
5.895
17,605 Earns, per sh. on 4,992,Net after rents
def5,270
597 shs. cap. stk
def7.009
Nil
7.618
11,884
$0.81
30.49
$7.21
rarLast complete annual report in Financial Chronicle July 11 '31, p. 360
MontourJanuary
1932.
1931.
1930.
1929.
Gross from railway__ _ 8119,394
3195,841
8193,083
8165,236
Pittsburgh 8c Lake Erie RR.
Net from railway_ _
29,502
71,710
55.326
59,795
Net after rents
Period
44.738
80,772
1931-12 Mos.-1930.
64,692
67.701 Railway End. Dec. 31- 1931-3 Mos.-1930.
oper. revenues_ $3,927,465 $5,705.418 817,836.548 827,341.197
Railway operating exps_ 3,490.548 4.546.689 15,518,774 21,530.951
Other Monthly Steam Railroad Reports.
-In the folNet rev,from ry. oper.
lowing we show the monthly reports of STEAM railroad Railway tax accruals_ _ _ 8436,917 $1,158,729 82.317,773 $5,810.246
280,986 1,138,723 1,693,586
companies received this week as issued by the companies Uncoil, railway revenues 193,044
46
12
424
238
themselves, where they embrace more facts than are re- Equip. & it. facil. rents Cr 452,334
738,461
2,097,686 3.256,697
quired in the reports to the Inter-State Commerce ComNot ry. oper. Inc
8696,160 81,616,191 $3,276,313 87,373,119
469,443
mission, such as fixed charges, &c., or where they differ in Misc. & non-oper. inc
344.784
1.184,731
1,280.642
some other respect from the reports to the Commission.
Gross income
$1.165,603 $1,960,975 $4,461,044 $8.653.761
Deduct,from gross Inc
291,586
579.969
1.388,357 2.143,562
Central Vermont Ry., Inc.
Net income
3874,017 31,381.006 $3,072,686 $6,510,198
Earns. per sh. on 863,654
.
Month of January
1932.
1931.
1930.
1929.
she, cap.
81.01
Railway oper.Income_ _ _ def$10,135
$31,555
$1.60
$3.55
868,701
$7.54
3100,403 Dividends stir4(Par 350)
Non-operating income.41,545
55,756
8,636,500 8.636.500
74,277
28,325
12D'East complete annual report in Financial Chronicle June 8 '81, p.
4228
Gross income
$31,409
887,311
8142,978
$128,729
Deduct.from gross inc
135,469
131,312
85.468
56,502
Rutland Railroad Co.
Netincome
def$104,059 def$44,001
$57,509
372.227
Period End. Dec. 31- 1931-3 Mos.-1930.
Ratio of ry oper. exps.
Railway oper. revenues_ $1,062,525 $1,225,280 1931-12 Mos.-1930.
to revenues
$4,541,812 $5.286,186
98.32%
90.63%
85.86%
81.23% Railway oper. expenses_
963,404
Ratio of oper. exps.
1,065,064 4,076.185 4.484,491
taxes to revenue
102.32
94.12
88.535'
83.8111
8 Net rev,from ry.oper. $99,121 3160,216 8465,627 $801,694
Miles of road operated- _
480
Railway tax accruals......
76,082
66,069
12 Mos.End.Dec.31268,424
1931.
274,297
1930.
1929.
1928.
Uncoil, railway revenues
4
Railway oper. income
126
77
$616,327 $1,092,578 81.581,132
445
$992,581 Equip. & it. fad]. rents_
Cr16,091
Non-oper. Income
24,657
57,116
522,310
79,188
695,023
364,016
186,329
Not ry.
$39,125
Gross income
$118,677
8254,242
81,138,637 $1,787,601 81,945,148 $1,178,910 Misc.& oper. income_
$606.140
non-oper.inc___
21,675
Deduct.from gross inc-- 1,605,48.3
25,483
94,029
108,600
1.542,117
715,481
642.744
Gross income
860,801
Net income
$144,161
$348,271
$714,740
-8466,847
8245,483 $1,229,666
$536,166 Deduct.from gross inc_ _
exps.
113,071
Ratio of ry. oper.
109,752
449,399
440,219
to revenues
87.87%
83.11%
78.36%
84.67%
Net income
Ratio of oper. expo. &
def$52,270
$34,409 def$101,127
$274,521
Preferred dividends_
taxes to revenues
90.55%
358,500
358 500
85.60%
80.51%
87.10% Earns. per sh. on pf stk_
Miles of road operated....
Nil
$0.38
Nil
457
460
417
404
arLast complete annual report in Financial Chronicle June 6 '31, p. 4227
('Last complete annual report in Financial Chronicle May 2 '31, p.
.
3331
Fonda Johnstown & Gloversville RR. Co.
Toronto Hamilton & Buffalo Ry.
Month of December
Operating revenues
Operating expenses
1931.
$60,796
57,273
1930.
$91.906
67.727
1929.
$95,637
65,196
1928.
$89,769
67,772
Net revenue from oper.
Tax accruals
Operating income_ _ _ _
Other income
83,522
--1,144
1.24.178
4,840
830.441
8,384
$21.997
6,146
84,667
2,858
$19,338
3.890
$38.825
6,998
828,143
$7,525
-57,838
$23.228
14.407
$45.823
32,028
837,855
33,245
Gross income
Deduct.from gross Inc_ _
$65.364
Net income
12 Mos.End.Dec.31
Operating revenues
$S00,339
680,085
Operating expenses
Net revenue from °per
Tax accruals
Operating income_ ___
Other income
$120,253
48,355
Gross income
Deduct. from gross Inc..
$130,673
257.549
871,898
58.774
9,712
$8,821
$13,795
84,610
$922,123 31.025,933 81,036,155
744,265
760,871
749,352
$177,858
$265,061
$286.803
57,640
70,775
75,963
8120,218
$194,285
$210,839
87,152
122,767
101,705
$207,370
355,957
$317,053
381,130
$312,545
382.786
-$128,876 -4148.586 -$64,077 -470,240
Net income
tarLast complete annual report in Financial Chronicle June 20'31, p. 4581
Period End. Dec. 31- 1931-3 Mos.-1930.
1931-12 Mos.-1930.
Railway oper. revenues_ $466,074
$697.692 82.294,759 $3.266,915
Railway oper. expenses_
434,577
527,388
1,784,809 2,255,404
Net rev,from ry.oper.
$31,496
S170.304
8509,949 81,011,510
Railway tax accruals_ _ _
15,581
23,214
112,628
110,606
Uncollect. ry. revenues_
9
36
271
200
Equip. & it, fad'. rents_
Cr3,963
Cr8,920
Cr4,029
Dr5,663
Net railway oper. Inc_
$19,877
$155,974
$4-01,079
3895,039
Misc.& non-oper.inc___
51,609
34,887
427,168
178,186
Gross income
$71,486
8190,862
3828,247 $1,073,225
Deduct,from gross inc....
57,403
55,327
224,243
222,482
Net income
814.083
3135,534
3604,004
8850.743
INDUSTRIAL AND MISCELLANEOUS COS.
Consolidated Laundries Corp.
(Including Subsidiaries)
Period End. Dec. 31- 1931-3 Mos.-1930,
1931-12 Mos.-1930.
Net profit after all chgs.
& taxes
8166.212
$233,762
$689,375
$771,546
rD"Last complete annual report in Financial Chronicle Feb.
20'32, p. 137
[vol.. 134.
FINANCIAL CHRONICLE
1360
Columbia Gas & Electric Corp.
(And Subsidiary Companies.)
-Month ofDecember- -12 Mos.End. Dec.311930.
1931.
1931-12 Mos.-1930.
Period End. Dec.31- 1931-3 Mos.-1930.
1930.
1931.
$206,237 $2,259,835 $2,230,382 Gross revenues
$21,489,201 124.777,944 $89,404,033 396.129,808
Gross earnings
$192,593
1,010,258 Operating expenses
984,885
11,299,143 11,992,555 44.960,971 48,022,351
65,448
64,132
Oper. expenses & taxes
Prov. for renewals, replacements & deplet- 1,774,329 2,246,319 7,258,509 8.138.473
$140,789 $1,274,950 $1,220,124
Gross income
$128,461
232,099 Taxes
295,578
1,192,955 7,252,338 7,607,419
840.191
19,871
Interest, &c
24,519
$988,025
$979,372
$120,918
Net operating rev_ _- 37,575,538 $9,346.115 $29,932,215 $32.361.565
Net income
$103.942
170.280
284,449 Other income
289,932
55,317
299,499
153,345
• Preferred stock dividend
130,398
135,176
Depredation
$7.728,883 $9,401,432 $30,222,147 332,531,845
Gross corp. income_
$573.178 Int. on securs. of subs,
$544,697
Balance
425,728
728,852 2,868,967 2,908,402
433,122
718,145
in hands of public,&c_
Common stock dividend
Pref. dive. of subs, to
$147,450
$111.575
public & earnings apBalance
plicable to min. corn.
1:20*Last complete annual report in Financial Chronicle Feb. 20 '92, p. 1869
641,282 2.561,186 2,566,088
640,163
stocks
Bangor Hydro-Electric Co.
Birmingham Electric Co.
(National Power & Light Co. Subsidiary)
-Month ofDecember- -12 Mos.End.Dec.311930.
1931.
1930.
1931.
$707,745 $7,343.181 $8,240,160
$623.720
revenues
Operating
5.060,065 5.701,428
474,561
418.838
Oper.exps., incl. taxesNet rev. frmi oper-- _
Other income
$204,882
1,469
$233.184 $2,283,116 32,538,732
386,207
158,172
32,327
Gross corporate inc- Int, on long-term debt
Other int. & deductions_
$206,351
45,750
10,961
$265,511 $2,441.288 $2,924,939
916,822
679,370
75,901
79,068
167,172
8,882
1149,640
Balance *
Dividends on preferred stock
$180,728 $1,594.746 $1,929,049
410,209
430,804
Balance
Retirement (depreciation) reserve appropriation_
$1,163,942 31,518,840
360,000
285,000
1878.942 $1,158,840
Balance
* Before dividends and retirement (depreciation) reserve appropriation.
Brooklyn-Manhattan Transit System.
(Including Brooklyn & Queens Transit System.)
--Month of January- -7Mos.Ended Jan.311931.x
1932.
1931.x
193 .
Total operating revenues $4,886,725 34,852,706 134.007.835 $34.299,499
Total operating expenses 3,028,586 3.131.718 21.713,311 22.249.389
Bal. applic. to Columbia Gas & El. Corp- $6,370,576 $8,031,298 $24,791.995 $27,057,355
Inc. of other subs. applic.
393,793
871,273
175,623
99,057
to C. G.& E.Corp--Total earns, of subs.
applic. to C.G.& E.
Corp
$6,469,633 38,206.921 $25,663.268 327.451,148
Net rev. of 0. G. & E.
Corp. (incl. dive. on
pref. stock of Columbia Oil & Gasoline
2.606.986
544,821
2,569,971
1,064,812
Corp.)
Combined earns. appl.
to fixed charges of
$7,534,444 $8,751,742 $28,233,239 $30,058,133
C. G.& E. Corp
Int. charges, &c., of C.
1,038.616 5,901.350 3.559.379
1,542,257
G.& E.Corp
Bal. applic. to capital
stocks of0.0.& E.
Corp
35.992,188 $7,713,126 $22,331.888 $26,498,754
5.880,374 5,879,991
Preferred dividends paid
21,763,058 21,744.253
Co
Common dividends paid
$5,311.544 $1.125,490
Balance, deficit
11,609,985% 11684.220X
Common shares outstanding Dec.31-----$1.42
_
$1.76
Earnings per share on com,shares
outstandini_r'ff"Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1609
Community Power & Light Co.
Net rev,from operat'n $1,858,139 $1,720.988 $12,294,524 $12,050,110
343.612 2,329.642 2,333,393
353,236
Taxes on open properties
(And Controlled Companies.)
$9,716,717
-Month of December- 12 Mos. End. Dec 31
Operating income_ ___ $1,504,903 $1,377,376 $9,964,882
5130.
1931.
480,424
1930.
1931.
475.674
72,298
62,458
Net non-oper. income_
3349,636 34.435,674 $4.974,918
Consol. gross revenue__ - $338,139
2,788,883
2,558,731
216,971
200.811
$1,567.361 $1,449.674 $10.440,556 310,197.141 Oper.exps.,incl. taxes__
Gross income
5,407,267
775,645 5.611.207
804,482
Total income deductions
Bal. avail, for int.,
amort.,deprec.. Fed.
*3762,879 *3674,029 *$4,829,349 *34,789,874
Net income
inc. taxes, diva. &
'Of which sums there
3132.665 $1,876,942 $2.186,054
3137,327
surplus
accrues to minority interests of the B. & Q.
600,553
661.575
85,064
108.328
T. Corp
Dallas Power & Light Co.
x Excludes figures of Brooklyn Bus Corp. (temporary operation).
(Electric Power & Light Corp. Subsidiary)
arLast complete annual report in Financial Chronicle Sept.511, p. 161
-Month of December- -12 Mos. End. Dec. 311930.
1931.
1930.
1931.
Brooklyn & Queens Transit System.
$472,689 $5.398,925 $5,352,129
Operating revenues
-Month of January- -7 Mos. Ended jan.31- Oper. exps., incl. taxes.. $471.776
223,289 2,469,089 2,581.660
205,959
1931.*
1932.
1931.•
1932.
Total operating revenues $2,026,744 $1,849,644 $13,846.246 $13,144,850
$249,400 $2,929,836 $2,770,469
Net rev, from oper_ -- $265,817
1,432,343 10,510,515 10,240.311 Other income
Total operating expenses 1,492,151
20,298
336
14,972
191
8417,301 $3,335,731 32.904.539
Net rev,from oper'ns_ $534,593
$249,736 $2,944,808 12.790.767
Gross corp. income_ _ _ $266,008
745,196
844,253
108,892
131.974
Taxes on epee. properties
697.500
58,125
697,500
58,125
Int. on long term debt
37,684
3.092
3,155
47,597
$308.409 $2,491,478 $2,159,343 Other int. dr deductions_
Operating income_ ___ $402,619
117,971
100,754
14,952
16,122
Net non-oper. income__
3188.519 $2,199,711 $2,055.583
$204,728
Balance a
stock
328.306
443,238
3323,361 32.609.449 12,260,097 Dividends on preferred
$418,741
Gross income
871,077
1,010,653
126,006
147,599
Total income deductions
$1,756,473 $1,727.277
Balance b
a Before transfers to accident, maintenance and depreciation and surplus
$197,355 31,598,796 31,389,020
$271,142
Net income
reserves in accordance with franchise provisions and before dividends.
* Excludes figures of Brooklyn Bus Corp. (temporary operation).
b Before transfers aggregating $882,729 made during the 12 months ended
Sept. 6 '31, p. 1610 Dec. 31 1931, to accident, maintenance and depreciation, and surplus
1V-Last complete annual report in Financial Chronicle
reserves in accordance with franchise provisions.
Carolina Power & Light Co.
Detroit Street Rys.
(National Power & Light Co. Subsidiary)
-Month ofDecember--12 Mos.End.Dec.311930.
1931.
1930.
1931.
3686,046 39,796,345 $8,904,205
$816,611
Operating revenues
322.099 4,946,400 3,961,551
449,215
Oper. exps., incl. taxes..
$363,947 $4.849,945 $4,942,654
$367,396
• Net revs, from oper
200,777
214,475
17.244
14.668
Rent for leased property
$346,703 34,635,470 $44,741,877
$352,728
Balance
798.504
122,999
14,137
6,299
Other income
$3360,840 44,758,469 $5,540,381
Gross corporate inc_ - $3359,027
2,326,036 2,341,115
193,541
193,906
Int. on long-term debt
65.454
47,253
5,599
Cr4,022
Other int. & deductions_
Net operating revenue__
Taxes assignable to oper.
$231.527'
69.373
$194.309 $2,288,759 $3,090,729
774.700
808,279
65,228
$161.700 $2,385,180 $33,133,812
1.260.350 1,258,345
Operating income_ Non-operating income__
3162,15.3
11,597
3129,080 $1,480,480 $2,316,028
148,964
35,438
113,151
1 1.124,830 $1,875,467
Balance
960,000
960.000
Retirement (depreciation) reserve appropriation$915,467
$164,830
Balance
•Before dividends and retirement (depreciation) reserve appropriation.
riffLast complete annual report in Financial Chronicle June 13'81, p. 4407
Gross income
Deductions
Interest on funded debt:
• Construction bonds
Purchase bonds
Add'ns & bett'ts bds_
Equip. Sr exten. bonds
Replace. & impt. bds_
Purchase contract
Bond anticipa'n notes
Loan (City of Det.).-
$173,751
$164,518 $1.593,631
•$84.649
10,117
15,249
19,542
26.753
Total interest
Other deductions
$161,297
9,080
Total deductions
$170,378
$169,143
Balance *
Dividends on preferred stock
Cities Service Co.
-12 Mos. Ended Jan. 31
-Month of January
1931.
1932.
1931.
1932.
Greta earnings
$37,138,438 $59,145,893 $3,726,499 33,730,423
228,732
189,566
2,592,069
Expenses
2.208.279
Net earnings
$34,930,159 $56,553.823 $3,536,933 $3,501,691
1.017,409
1,000,548
12,108,250 9,748.842
Int. & disct. on debs
$46,804,981 32,536,385 $2,484.282
Net to stocks and res_$22,821,908
613,464
613.465
Divs. pref. stock
7,361,582 7.361,545
NW
$39,443,436 $1,922,919 $1,870,818
Net to corn, stk. & res.315,460.326
6.36
3.10
Number of times preferred dividends
Net to common stock and reserves on average num$1.31
$0.46
ber shares of common stock outstanding
2955
rarLast complete annual report in Financial Chronicle April 18 '31, P.
and May 9 'Si, p. 3614.
Cushman's Sons, Inc.
'Period-13 Weeks Ended- -Year End. 27 '30.
r•
Jan.2 '32. Dec. 27 '30. Jan. 2'32. Dec.
Net profit after deprec.,
$543,365 $1,193,847 31,466.838
Interest & Fed. taxes_ $391,267
-Month of January- -12 Mos.End. Jan.311932.
Operorrng Revenues1931.
1931.
1932.
Railway oper. revenues. $1,048,033 $1,264,215 $13.463.194 $16,719,558
315,450
Coach oper. revenues- _ _
286,441
3,013.834 3,789,771
Total oper. revenues_ $1,363,483 $1,550,656 $16,477,028 $20,509,329
Operating Expenses
Railway oper. expenses. $855,322 $1,087,547 $11,376,779 $13,915,138
Coach oper. expenses _ _
276,633
268.799 2,811,489 3.503,462
Total oper. expenses_ _ $1,131,955 11.356,347 $14,188,268 $17,418,600
24,985
Net income
$3,372
Disposition of Net Income
Sinking funds:
Construction bonds_ _
$44,139
Purchase bonds
11,295
Add'ns & bett'ts bds_
13,589
Equip. & exten. bonds
15,797
Replace. & impt. bds_
14,863
Purchase contract_
Bond anticipa'n notes_
11,678
Loan (City of Det.)
Total sinking funds_
Residue (deficit)
Total
1111,363
107,990
13.372
366.745
10,597
16,860
20,213
19.110
1783.779
120.985
185,336
232,325
202,596
205,462
24,985
$2.462,993
$785,875
128,638
191,802
150,739
235,398
•
7.500
$132,527 $1,755,471 $1,497,953
244,238
170,279
19,231
$151,759 $1.925,751 $41,742,191
$12,759 def$332,119
3720,801
$504,336
133.000
160,000
186,000
132,328
957.434
11.678
$519,709
133.000
160,000
133,512
$44,139'
11,295
13,589
15.797
151,816
1,787,518
166.666
1236,638 32,084.778 52,900.406
2.179,605
223,878 2.416,897
$720.801
def$332.119
312.759
FEB. 20 1932.]
FINANCIAL CHRONICLE
(The) Detroit Edison Co.
(And Subsidiary Utility Companies)
1931.
1932.
12 Months Ended Jan. 31electric revenue
$48,295,263 *19,911,251
Total
2013,945 2,549.200
Steam revenue
457,099
.
480.953
Gas revenue
Miscellaneous revenue
Dr4,057
Dr12,318
Total operating revenue
Non-operating revenue
$48,766,103 $52,905,233
48,824
77,773
Total revenue
Operating & non-operating expenses
Interest on funded & unfunded debt
Amortization ofdebt discount & expense
Miscellaneous deductions
$48,814,927 $52,983,006
31,539.183 36,113,814
5,766,570 5,662,484
312.121
192,094
38,542
39,802
Net income
411,277,278 .10,856,046
rirLast complete annual report in Financial Chronicle Jan. 28 '32, p. 668
First National Stores, Inc.
Period End. Dec. 31- 1931-3 Mos.-1930.
1931-9 Mos.-1930.
Oper tting profit
$1,595.691 $1,442.104 $4,826,946 $4.383,667
Depreciation
222,170
206.451
591.462
665,624
Federal taxes
173,670
459,623
531.823
154,679
Net profit
$1.199,850 $1,080,973 $3,629,500 $3,332,583
Shares com, stock outstanding (no par)---813.788
820,699
819,800
813,786
Earnings per share
$1.37
43.74
$1.21
$4.13
py'Last complete annual report in Financial Chronicle June 6 '31, p. 4250
(Adolf) Gobel, Inc.
(And Subsidiaries)
12 Weeks EndedJan. 23 '32. Jan. 24 '31.
Net loss after depreciation, interest, divs., &c__
419,086
$164,612
13"Last complete annual report in Financial Chronicle Dec. 26 '31, p. 4336
Houston Lighting & Power Co.
(National Power & Light Co. Subsidiary)
-Month ofDecember- -12 Mos.End.Dec.311931.
1931.
1930.
1930.
Operating revenues
$714,479 $8,567,692 $8,789,687
$743.630
Oper. exps., incl. taxes..
384,106
365,670 3,957,734 4,593,788
1361
Iowa Public Service Co.
(Controlled by American Electric Power Corp.)
-Month of January- -12 Mos.End. Jan.311932.
1931.
1932.
1931.
Gross earnings
2381,507
$427,816 $4,33..121 $4,528,166
,
Oper. expenses and taxes
197,573
230,295 2,376,020 2.714,261
Net e trnings
Bond interest
Other deductions
$183.934
1197,521
Balance
First preferred dividends
$1,958,101 81.813,905
845,161
805,567
64,660
55,424
$1,048,280
250,471
$952,914
224,354
Balance (4efore provision for retirement res've)
$797,809
$728.560
tgrLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2761
(F. E.) Myers & Bro. Co.
Quarter Ended Jan. 31Manufactu,ing profit
Expenses
1932.
$298.503
164,484
1931.
$482,309
204.414
Operating profit
Other income
8134.019
15,359
$277,895
14,189
Total income
Depreciation, &c
Federal taxes
$149,378
40.038
15,350
$292,084
32.745
33,000
$93,990
22,500
100.000
$226.339
22,500
100,000
Net profit
Preferred dividends
Common dividends
Deficit
$28,510 sur$103,839
Earns, per sh. on 200,000 shs. corn.stock (no par).
$0.35
$1.02
170 1-asi complete annual report in Financial Chronicle Dec. 5 '31, p. 3799
Mississippi Power & Light Co.
(Electric Power & Light Corp. Subsidiary).
-Month of December--12Mos.End.De 31 c.
1931.
1930.
1931.
1930.
Operating revenues
$448,707
$444,644 $1,999.534 85.066.892
Oper.exps.,incl.taxes._
271,455
276,012 3,122.803 3,325,935
Net rev,from oper_Other income
$177,252
8.244
$168,632 $1,876,731 $1,740.957
22,516
132,952
228,068
Gross corp. income...... $185,496
8191.148 62,009,68:3 $1,969,025
$348,809 $4,609,958 $4,195,899 Int. on long term debt
68.163
68.560
818.122
602,933
52,434 Other int. dz deductions_
38,963
3,046
12,456
147,423
18,976
347,054
Gross corporate inc_ - $362,502
$351,855 $4,648,921 $4,248,333
Balance _ x
$104,480
$104,009 $1,044,138 $1,019,038
Int, on long-term debt_ 108,12.5
1,022,927 Dividends on preferred stock
1,164,871
86,679
293,485
405,327
Other int. & deductions_
7,226
85,111
8,996
96,681
Balance
3638,811
8725,553
Balance
$247.151
$256,180 $3,387,369 $3,140,295 Dividends on 2nd preferred stock
210,000
210,000
Dividends on preferred stock
328,833
330,000
Balance
$515,553
$428,811
Balance
$3,057,369 $2,811,462 Retirement (deprec.) reserve appropriation
152.282
130,962
Retirement (depreciation) reserve appropriation_
1,334,005
1.277.704
Balance
$363,271
$297,849
Balance
$1,723,364 $1,533.758
x Before dividends and retirement (deprec.) reserve appropriation.
larl.ast complete annual report in Financial Chronicle June 13'31, p. 4409
Net rev, from oper_ - _
Other income
$359,524
2,978
Nevada Consolidated Copper Co.
Idaho Power Co.
(And Subsidiaries)
(Electric Power & Light Corp. Subsidiary)
Period End.Dec.31- 1931-3 Mos.-1930.
1931-12 Mos.-1930.
-Month of December- -12 Mos. End. Dec. 31- Oper. loss (cop. prod.)_ _ *713.058
$630,494 82,698.770 41.749.697
Val.of precious metals_ _
183,2251 1.366,3531
143,943
647,344
1931.
1930.
1931.
1930.
Miscell. revs. & income.
Operating revenues
187.430
$333,596
300,0281
2346,720 $4,344,870 $4,153,121
J 1,316.589
exps., incl. taxes_
186.418
179,090
2,108,378 1,984.526
Total oper. loss
$384,685
5167.240 b1,332,417 43,713,630
Net rev, from oper_
$147,178
441.562
1.792,578
$167.630 $2,236,492 $2,168,595 Depreciation
Other income
25,837
8,584
96,298
84,773
Net deficit before deplet'n & Fed. taxes 2384.685
Gross corp. income.._ _ $173,015
$176.214 52,332.790 $2,253.368
2608,802 21,332,417 41,921,052
x Profit.
Int. on long term debt_ _
54.167
54.167
650,000
650.000
Other int. and deductions
larLast complete annual report tn Financial Chronicle April 11 '31, p.2786
6,953
6,934
69,508
72,021
Balance a
$111,895
2115,113 $1,613,282 $1,531,347
New Orleans Public Service Inc.
Dividends on preferred stock
407,052
385,518
(Electric Power & Light Corp. Subsidiary).
Balance
- Month of December--12 Mos.End. Dec. 31 $1,206,230 21,145,829
Retirement (deprec.) reserve appropriation
300,000
1931.
230,000
1930.
1931.
1930.
Operating revenues
$1,442.024 $1,596,687 817.357.426 217,648.557
Balance
890,437
$915,829 Oper.exps..incl. taxes
$906,230
980.958 11,006.959 11.362.420
a Before dividends and retirement (depreciation) reserve appropriation.
Net revs, from oper$551,587
2615.729 46,350,467 $6,284,137'
Other income
2,866
2,808
24.160
23,825.
Louisiana Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month of December- -12 Mos. End. Dec. 311931.
1930.
1931.
1930.
Operating revenues
$459,739
$515,793 86,151,524 $6,113,273
Oper. exps., incl. taxes_
245.368
267,893 3,075,077 3,220,489
Net revs, from oper_ _ $214,371
8247.900 $3,076,447 $2,892,784
Other income
11,073
23,514
65,815
98,661
Gross corp. income_ _ _ $225,444
$271,414 $3,142,262 $2,991,445
Int. on long term debt_ _
73.057
60,417
843,477
665,555
Other int. & deductions_
3,649
23,631
52,383
138,843
Balance a
$148,738
Dividends on preferred stock
Balance
Dividends on 2nd preferred stock
$187,366 $2,246,402 $2,187,047
357,366
345,000
$1,889,036 $1,842,047
180,000
195,000
Balance
Retirement (deprec.) reserve appropriation_ _ _ $1,709,036 $1,647.047
348,564
452.554
Balance
$1,360,472 $1,194,493
a Before dividends and retirement (depreciation) reserve appropriation.
Gross corp. income...._
Int. on long term debt
Other int. & deductions..
$554,453
235,053
13,417
$618.537 86.374.627 26.307,962
236,036 2,826.440 2,836,038
22,301
221,327
326,769
Balance x
$305,983
Dividends on preferred stock
$360,200 $3,326.860 83,145.155
554,243
554,243
Balance
Retirement (deprec.) reserve appropriation
82.772.617 $2,590,912
2,040.000
1,980,000
Balance
3732.617
$610.912
x Before dividends and retirement (deprec.) reserve appropriation.
North American Co.
(And Subsidiaries)
Preliminary Consolidated Income Statement (Including Subsidiaries).
y1930.
y1931.
1929.
1928.
12 Mos.End. Dec.31$
Gross117,921,860 133,751,380 147,779,869 135,551,8991
Op.exrrn gt.& taxes.- 62,792,738 69,838.439 76,451,594 71,152,647
nIn
Netincome
Other income
55.129,122 63,912,941 71,328,275 64,399,252
x8,077.480 x7,461,528 4,553,757 4,290,936
Totalincome
63,206,802 71,374,469 75,882,032 68,690,188
Interest charges
15,411,757 16,975,758 18,630,754 18.243,809
Prof. diva, ofsubs
8,452,411
9.437,285 10,463,963 9,961,982
Minority interests
1,563,304 1,864,133 2,360,812 1,807,180
(National Power & Light Co. Subsidiary)
Res. for depreciation--- 13.506,180 14,274,173 15,619.678 14,274,664
-Month ofDecember- -12 Mos.End.Dec.311931.
1930.
1931.
Net income
1930.
Operating revenues
$607,456
8680.139 $6,904,791 $6,821,058 Preferred dividends....-- 24,272,950 28,823,120 28,806,824 24,402.753
1,820,034
1,820.034
1,820,034 1,820,032
oper.exps.,incl.taxes
340,582
395,394 4.008,002 4,013,347 Common dividends
8,133,290
5.947,487 5.353,019 4,806.550
Net revs, from oper-8268.874
$284.745 $2,896,789 $2,807,711
Total surplus after all
Other income
3,107
15,939
121,617
256.838
diva. and reserve- __ 14.319.628 21,055.598 21,633,771 17.778,172
Shs.of com.outst.(nopar)
Gross corporate inc- _ _ 3269,981
8300,684 $3.018.406 83,064.549 Earns, per sh. on corn...... 6,825,417 6,185.384 5,603.839 5.011.960
$3.29
$4.82
24.36
s4.50
61,448
Int.on long-term debt- _
63,285
737.376
740.690
Includes stock dividends received from
13.386
Other int. & deductions_
7,451
139.105
81,415 taken up, where retained, at amount charged innon-subsidiary companies
respect thereof to surplus
$1,310,034; 1930.$1,188,789; 1929, $509.582, and
$195,147
Balance *
$229,948 $2,141,925 $2,242,444 of issuing company: 1931, sale:
where sold, at proceeds of
1931, $34,010; 1930, $74,921,
Dividends on preferred stock
395,549
355,188 y Excludes gross earnings, operating expenses and all 1929, $32.466.
other details of
Income accounts of former California subsidiaries for entire 12 months
Balance
$1.746,376 $1,887.256 ended Dec. 31 1931 and for six months
and 18 days ended Dec. 31 1930.
Retirement (depreciation) reserve appropriation687,365
647,340 and includes in other net income the proportion
applicable to these rethe
Balance
81,059.011 $1.239,916 spective periods of dividends onfor common stock of Pacific Gas & Electric
Co. received in consideration
the North American interests in such
* Before dividends and retirement (depreciation) reserve appropriation. subsidiaries.
VirLast complete annual report in Financial Chronicle July 25 '31, p. 641
12ErLast complete annual report in Financial Chronicle Mar. 14'31, p. 2012
Memphis Power & Light Co.
1362
[VOL. 134.
FINANCIAL CHRONICLE
Paraffine Cos., Inc.
&Mos.Ended Dec.311930.
1931.
Net profit after deprec., Fed. taxes, &c
$529,752 $1,005,632
485,027
Shares common stock outstanding
485,031
Earns. per share
$2.07
$1.09
10
-Last complete annual report in Financial Chronicle Aug. 22 '31, p. 1300
Pennsylvania Power & Light Co.
(Lehigh Power Securities Corp. Subsidiary)
-Month of December- -12 Mos. End. Dec. 311930.
1931.
1930.
1931.
Operating revenues
$3,100,122 $2,845,514 $34,982,510 $31,006,433
1,320,746 16,969,654 15,299,661
Oper. exps., incl. taxes_ 1,415,550
Net rev,from oper_... $1,684,572 $1,524,768 $18,012,856 $15,706,772
625,364
501,722
245,834
132,006
Other income
Southern Canada Power Co., Ltd.
Gross earnings
Operating expenses
Net earnings
$131,074
3520,338
$130.655
$509,167
tZr'Last complete annual report in Financial Chronicle Dec. 5 '31, p. 3790
Thompson-Starrett Co., Inc.
-----,3 Mos. End.-- ------9 Ades. End.PeriodJan. 28'32. Jan. 29'31. Jan. 28'32. Jan. 29'31.
Net profit after charges
& taxes
$66,439
5403,692
$405,525 51,231,016
She. corn.stk.outstand'g
584,945
600,000
600,000
584,945
Earnings per share
Nil
$0.47
$1.44
$0.09
tarLast complete annual report in Financial Chronicle June 13'31, p. 4431
Gross corporate income $1,816,578 $1,770,602 $18,514,578 $16,332,136
6,154,186 5,177,176
E05,486
Int. on long-term debt
504,575
297,217
350,364
38.625
Other Int. & deductions
17,309
$1.294,694 $1,226,491 $12,010,028 $10,857,743
Balance *
3.732,359 3,490,788
Dividends on preferred stock
Balance
Retirement (deprec.) reserve appropriation
$8,277,669 $7,366,955
1,500,000
1.500,000
-Month of January- -4 Mos. End. Jan, 311932.
1931.
1931.
1932.
$832,978
8197,960
$212,593
$798,532
66,886
312,640
81,938
289,365
Underwood Elliott Fisher Co.
3 Mos. End. Dec. 31Operating profit
Other income
(And Subsidiaries)
1931.
1930.
$500,250 $1,361,601
18,189
60,441
1929.
x1928.
$2,878,632 $2,039,158
123,007
254,848
Total income
Depreciation
Federal taxes
$518,439 $1,422.042 $3,001,639 82.294,006
165,884
179.274
145.843
206.984
0'52,794
36,979
203.951
247,029
$6,777,669 $5.866,955
Balance
$405,349 $1,205,789 $2,651,845 $1,839,993
Net income
* Before dividends and retirement (depreciation) reserve appropriation.
674,648
696,835
696,835
660,515
This is a statement of earnings (from dates of acquisition only) of proper- Shs. coin, stock outst'd$0.53
$1.66
$3.72
$2.65
ties owned and operated by the Pennsylvania Power & Light Co. and does Earnings per share
x Revised to include equity in net income of non-consolidated, affiliated
not include any operating earnings of controlled companies, Income
received from controlled companies is included in other income of Penn- and subsidiary companies.
10 Last complete annual report in Financial Chronicle Feb. 20 '32, p. 1391
sylvania Power & Light Co.
Public Service Corp. of New Jersey.
-Month of January- -12 Mos. End. Jan.311931.
1932.
1931.
1932.
Gross earnings
$12,209,688 $12,911,833 8136557,309 8138542,497
Oper. exp., maint.,taxes
8,299,993 91,031,990 94,605,098
7,470,211
and depreciation
Net income from oper. $4,739,477 $4,611.840 $45,525,319 $43,937,399
2,776,192
1,129,995
49,878
48,993
Other net income
Total
Income deductions
$4,788,470 $4.661,718 $46,655,315 :46,713,591
1,343,472 15,924,238 16,095,247
1,279,900
Bal.for diva.& surplus 3.508,570 $3,318,245 $30,731,077 $30,618,343
r 'Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1636
Sioux City Gas & Electric Co.
(Controlled by American Electric Power Corp.
-Month of January- -12 Mos. End. Jan. 311932.
1931.
1932.
1931.
8288.451
$302,932 $3,358,847 $3,393,094
Gross earnings
1,608,161
140,969
148,057
1,571.903
Oper. expenses and taxes
Net earnings
Bond interest
Other deductions
8147,482
1154,875 51,786.944 81,784,933
530,860
532,647
24,994
36,858
FINANCIAL REPORTS
Standard Brands, Inc.
-Year Ended Dec. 31 1931.)
(Annual Report
The annual report for the fiscal year ended Dec. 31 1931
is given in the advertising pages of this issue. The report
includes the remarks of President Joseph Wilshire, together
with the income account and balance sheet as of Dee.31 1931.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
111931.
c1930.
d1929.
Gross profit after deducting mfg, and
$47,915.906 $48,138,199 844,184,473
other costs of goods sold)
30,069,685 30,581,437 25,431,229
Selling, administrative & gen. exps
a Net profit from operations
Other income credits
$17,846,221 $17,556,762 $18,753,245
973,101
1,417,434
2,206,193
Gross income
Income charges
818,819,322 818,974.196 820,959.438
e540,468
356,385
471,456
Net income before charging Federal
and foreign income taxes
$18,278,854 $18,617,811 $20,487,982
2,168,592
2,139,206
$1,231,090 $1,215,428 Federal and foreign income taxes...... 2,081,522
Amt. applic. to minor. int. in pref.8;
338,709
338,709
common stocks ofsub. company..._
30,320
46,965
4,386
1,624,692
$876,719 Extraordinary charges
Balance*
5892.381
Net inc. applic. to parent company $14,542,320 816,402,254 $18,344,391
* Before provision for retirement reserve.
WLast complete annual report in Financial Chronicle May 2 '31, p. 3383 Profit and loss credits:
Surplus arising through acquisition
of stocks ofsub.co. during year.. _
6.412
260,6751 1,113.278
Southern Bell Telephone & Telegraph Co., Inc.
Miscellaneous
30,502
169,394J
-Month of January--- 12 Mos,End. Dec. 31 - Adj. of prop. val. & related deprec.
res've applic, to prior years (net).. _
194.250
1932.
1931.
1931.
1930.
Telep. oper. revenues__ $4,656,373 $5,067,873 $59.151,889 862,088.567
$14,773,483 $16,832,323 $19,457,669
Total surplus
Telep. oper. expenses_ _ _ 3,065,220 3,300,732 37,808,131 40.717,585 Profit and loss charges:
64,940
65.6951
Provision for gen. insur. reserve_ _ _
565,347
140,089
85,214j
Net telep. oper. rev__ $1.591,153 $1,767.141 821,343.758 $21,370,982
Miscellaneous
55.000
50,000
510,000
Uncoil. oper. revenues-.
505.000 Prem. on pref. stock purch.& retired_ 1,025,450
481,050
519,500 6,006,205 5.980.328 Write-down of U. S. and Can. Govt.
Taxes assign. to oper_ _ _
579.804
and other securities
Operating income_ --- $1,055,103 $1,197,641 $14.827,553 $14,885,654
Surplus for year before dividends_ _$12,963,200 $16,681,414 118,892,321
25,729,886 28.083,325
WLast complete annual report in Financial Chronicle Mar. 7 '31, p. 1800 Surplus Jan, 1
Not
comSurplus before charging dividends_538,693.086 144,764,739
Southeastern Express Co.
858,298
1.021,589
parable
Preferred dividends
15,173,041 18,013,264
-Month of November- 11 Mos, Ended Nov. 30 Common dividends
1931.
1930.
1930.
1931.
822,661,748 126.729,886 $28,083,325
Surplus Dec.31 1930
Revenues
She. common stock outst'g (no par)... 12.644,313 12,644,002 12,630,107
$538,625 85,166,892 86,207,064 Earnings per share
$423,703
$1.22
$1.08
Express
$1.37
875
87
6
312
Miscellaneous
a After charging depreciation of $2,625,425 in 1931, $2.773,863 in 1930
and $796,412 in 1929. b Includes operations of Brazilian subsidiary com$538,631 85.167,767 86,207,152
Charges for transport'n_ $424,016
months ended
1,961,301
2,691,975 pany for the fourPowder Co. for Nov. 30 1931; of the English subsidiaries
229.383
145.983
Express privileges-Dr..
the 11 months ended Nov. 30 1931, and
of Royal Baking
of the German and South African subsidiaries of Royal Baking Powder
$309,247 83,206,466 $3,515,177 Co. for the year ended Oct. 31 1931. c Includes operations of the German
Revenuefrom transp'n $278,032
103,198
90,665
8,918
7.823
Oper. other than transp_
and South African subsidiaries of Royal Baking Powder Co. for the year
ended Oct. 31 1930. d Includes Standard Brands, Inc., and subsidiaries
$318,165 $3,297,131 $3,618,375 and predecessor companies. e Includes all realized foreign exchange
Total oper.revenues_ - $285,856
Expenses
8157.982 losses, 8207,647.
$155,619
814,018
514,189
Maintenance
86,531
85,617
7.755
CONSOLIDATED BALANCE SHEET DEC. 31.
7.926
Traffic
3,003.037 Includes German and South African subsidiaries of Royal Baking Powder
2,693,953
262.775
229,981
Transportation
244,223
229,525
19,804
20.366
General
Co. as of Oct. 31 for both years, and Brazilian subsidiary of company
and English subsidiaries of Royal Baking Powder Co. as of Nov.30'31.1
$304,353 $3,164,715 83,491,775
$272.464
Operating expenses
1931.
1930.
1931.
126,600
1930.
132,416
13,812
13,392
Net oper. revenue
Liabilities
Assets
1,558
1,364
151
152
Uncoil,rev,from transp.
10,305,311 15,051,392 Accounts payable. 1,425.869 1,899,263
92,000 Cash
80,000
9,000
8.000
Express taxes
Accrued payrolls,
Bankers' accent's_ 1,649,841
998,472
taxes & expenses 499,685
609,938
$33,042 U.S. Treas. bills
851,051
84,660
85,240
Operating income_ -_British Treas, bills x51,130
Accrued Federal dc
U. S. & Canadian
foreign income
Govt. bonds_ _ _x3,960,587 15,404,364
taxes
Superior Steel Corp.
2,093,851 2,184,329
State dr mun. bds_x2,763,683 14,626,140 Reserves
601,410 1,183.984
1931-12 Mos.-1930.
Period End.Dec.31- 1931-3 Mos.-1930.
Other mktble. bds. 1328,587 y380,210 Gen. Mann:* fund
,Net sales
*636,634 *1.030,862 *3,214,536 84,460,171 Accrued int. reel(' 135,707
260,468 account-Avpro1,070,352 3,473,444 4,568,452 Notes & collateral
691,923
Costs & expenses
priated surp. set
loans receivable_ 285,348
613,463
aside to meet
$108,281
*258,908
839,490
Operating loss
855.289
contingencies- _ _ 1,365,810 1.508,507
96,329 Acc'M reeeivable_d5,043,517 5,438,026
76,646
36,734
24,826
Other income
Inventories
12,995,739 15,152,687 Minor, int. In sub.
company
551,316
501,743
$11,952 Stks. & bds. (Incl.
$182,262
430,463
$2,756
Loss
co.'s corn, stock)
Preferred stock--.69.675.700 14.773,000
346.972
310,110
80,560
77.546
depr., tax,&c- at Cad
939,995
806,991 Common stock_ _ c25,288,626 25,288,004
623,500 Surplus
22,661,748 25,729.886
$358,924 Real estate mtges_ 609,000
$492,372
1111,023
880,302
Net loss
Board of Trade
x Includes inventory and other adjustments.
memberships.._
19,190
19,190
Lite insur. policies
37,957
44,012
United Electric Coal Cos.
Total gen, ins. Id. 1,365,810 1,508,507
Land, bldgs., ma1931-6 Mos.-1930.
Period End. Jan.31- 1931-3 Mos.-1930.
chinery dr equip.,
$511,049
$439,351
$234.316
$293.775
Gross profit
incl. deity. eq._ 821,879,748 23,137,121
Royalties, dePreC. and
112.244
217,868
216,147 Deferred charges
744,800
662,157
121.010
depletion
163,489 Trade marks. vats.
117,294
73,238
58,000
Int.,Fed.tax.Ste
and good-will._
1
1
1175,887
$59,715
$48,834
$114,764
Net profit
64,114,421 73,728,228
Total
Total
'
64,114.421 73,728,228
She. corn. stk. outstand.
271,000
306,000
271,000
a After reserve for depreciation of $26,522,893. b Represented by
306 000
(no par)
$0.57
$0.21 96,757 shares of no par value. c Represented by 12.644,313 no par shares.
$0.18
$6.37
Earnings per share
-V.134. p. 1211.
At cost.
. r4
-Last complete annual report in Financial Chronicle Oct. 3 '31, p. 2279 d After reserves of$521,216. x At market. y
Balance
Preferred dividends
FEB. 20 1932.]
FINANCIAL CHRONICLE
Baldwin Locomotive Works.
(21st Annual Report-Year Ended Dec. 31 1931.)
George H. Houston, President, says in part:
Operations were carried on during the year at lower volume than for
many years past, consolidated sales having totaled for the year $20,436,343
as compared with 149,872,456 for the year before. Sales of locomotive
products amounted to $6,197,036 as compared with $31.026,055 for the
year before. It will be noted that the volume of locomotive business has
been reduced in much greater proportion than that of company's other
products. This is due to the sharply reduced buying power of the railroads
and no substantial improvement in locomotive sales can be expected until
the general condition of the railroads has been improved. Company
entered 1932 with about the same volume of unfilled orders it had at the
beginning of 1931, but with a larger proportion of locomotive orders.
Operations for the year resulted in a loss of $4,122,759 after providing
for depreciation reserves of $1,800,190, and interest charges of $1,140,599.
The subsidiary companies as a whole made a small profit so that this entire
loss resulted from the operation of the locomotive business. All inventories
of raw materials and work in process have been marked down to the lower
of cost or market, and provision has been made for the elimination of
obsolete inventory. Operating expenses have been greatly reduced without
sacrifice of ability to handle business. Manufacturing facilities are in
good condition and ready to produce.
During the year company purchased from Cramp Morris Industrials, Inc.,
.all of the capital stock of the following companies: Federal Steel Foundry
Co. with a steel foundry located in Chester, Pa.; the I. P. Morris & De la
Vergne, Inc., engaged in the manufacture of hydraulic turbines. Diesel
engines and refrigeration equipment with a plant located in Philadelphia;
the Cramp Brass & Iron Foundries Co. engaged in the manufacture of brass
and iron castings with foundries located in Philadelphia; and the PeIten
Water Wheel Co. engaged in the manufacture of hydraulic turbines and
similar equipment with a plant located in San Francisco. These enterprises
were acquired for the purpose of adding to the volume of company's products outside of the locomotive business.
Tho Federal Steel Foundry business has been acquired from this company by the Standard Steel Works Co., which has thus procured an increased volume of steel casting products of desirable character, including
ship castings and parts for hydraulic turbines.
All of the capital stock of!. P. Morris & De la Vergne, Inc., and of The
Pelten Water Wheel Co. was acquired from this company by BaldwinSouthwark Corp. in exchange for 58,250 shares of its own common capital
stock, of which there are now outstanding 112,000 shares, all of which is
owned by this company. The equipment and business of I. P. Morris
& De la Vergne, Inc., have been removed to Eddystone and consolidated
with Baldwin-Southwark operations. The Pelton Water Wheel Co. will
be continued in San Francisco as an operating subsidiary of BaldwinSouthwark Corp.
The acquisition of these properties will give Baldwin-Southwark Corp.
a number of new products of value to its future development. The consolidation of operations has resulted in substantial economies.
The equipment and business of Cramp Brass & Iron Foundries Co.
have been removed to Eddystone and consolidated with the iron and brass
foundry business of this company, all of which has been organized as a
separate division to carry on a general foundry business in iron, brass and
bronze castings of the highest grade.
Company acquired in 1929 an investment in the George D. Whitcomb
Co., consisting of all of its class A preferred stock and a minority interest
in its common stock. This company became involved in financial
difficulties and it was necessary, for the protection of your company s
interests, to acquire ownership of the entire property, subsequent in this
property was reduced to its estimated net worth, the resulting loss being
charged to surplus.
It has been considered advisable to increase the reserve for losses from
bad debts, &c., by the sum of$1,400,000 which has been taken from surplus.
The Midvale Co. owned at Dec. 31 marketable securities carried at a
cost of $2,367,135 and having a market value of $1,737,322. Provision
has been made from the existing reserves of The Midvale
tion of a special reserve of $375.000 to offset losses that Co. for the creamay be
In these investments. They are carried into the consolidated realized
balance
sheet of your company at a net value of $1,992.135.
CONSOLIDATED INCOME STATEMENT, YEARS ENDED DEC. 31.
1931.
1930.
1929.
Sales
$20,436,343 $49,872,456 $42,796,588
Cost of sales. incl. selling, adminis.,
and general expense
21,581,420 43,607,422 38,939,183
Provision for depreciation
1,800,190
1,779 456
1,710,000
Operating profit
loss$2,945,267 $4,485,577 $2,147,405
Other income-Dividends
78,638
65,854
176,512
Interest and miscellaneous
740,537
1,007,917
1,664,362
Deferred profits realized
282,215
Total income
loss$2,126,092 $5,559,348 $4,270,494
Interest
1,140,599
1,165,188
792,706
Miscellaneous expenses
494,650
390,704
445,372
Provision for Federal income tax_ _ _ _
60,000
325,059
90,500
Net profit
loss$3,821.341 $3,678,396 $2,941,920
Equity of minority stockholders in net
profit of Midvale Co
301,418
641,772
641,457
Net profit accrued to the Baldwin
Locomotive Works
loss$4,122,759 $3,036,624 $2,300,462
Previous surplus
23,706,152 23,431,001 15,167,451
Sundry additions, less deductions_
70,039
Increase of capital surp. thru acquis.
of Southwark Fdy. & Mach. Co_ _
893,160
Can.surp. thru equity in Midvale Co_
5,328.348
Refund of Federal taxes
1.628,107
Total surplus
$19,583,393 $26,537,664 $25,317,528
Dividends on preferred stock
700,000
1,400,000
x
Dividends on common stock
1,431,513
Reserve for contingencies
1,40,000
Other deductions
153,758
286,527
Addit'l res. for losses from bad debts_ 1,400,000
Surplus at Dec. 31
a$17,329,635 $23,706,152 $23,431,001
Earnings per share on 843,000 shares
common stock (no par)
Nil
$1.94
8183
a Consisting of earned surplus of $10,398,209, and capital surplus of
$6,931,425. x Dividends amounting to $1,400,000 on the preferred stock
and $1,437,629 on the common were paid from reserves.
CONSOLIDATED BALANCE SHEET DEC. 31.
1931.
1930.
1931.
1930.
Assets
Liabilities
Property, plant &
1st mtge. 5% bds_10,000,000 10.000,000
equipment. __ _n53.834,967 52,880,260 554% gold notes-12,000,000 12,000,000
let mottgage bond
Acc'ts payable__ __ 1,020,547 1,034,005
sinking fund_ _ 6,312,196 5,898,034 Accrued accounts- 801,510 1,184,885
,on.Steel Castings
Employees savings
Corp. corn. stk. 5,000.000 5,000,000
accounts
299,277
869,187
Notes & stock of
Res. for conting. &
Bald. Lo. Wks__ 1,801,473 1,768,938
bad debts, misc.
Other investments 574,831 1.009,527
res.& def'd cred. 624,550 3,370,738
Notes & other nonEquity of minority
current credit instockholders In
struments & accapital stock and
counts receivable 1,547,055 b5,045,563 surplus of MidCash in banks and
vale Co
6,323,858 6,911,945
8,206,989 12.703,575 7% pref.stock_ -20,000.000 20,000,000
on hand
750,000 Common stock (no
U.S. Treas. secur_ 1,000,000
Sundry securities_ 643,648 1,058,261
par)
c21,075,000 21,075,000
Surplus
17,329,634 23,706,151
Notes & 0th. credit
instruments re3.659.191
968,757
ceiv. (ourreno
Acele receivable,
4.380,123
due in 19316,524,982 8,234,677
Inventories
charges._ 369.241
453.995
Deterred
89,274,376 100151,710
Total
89,274.376 100151.710
Total.........
a After deducting depreciation of $20,780,472. b Including foreign
government railway notes of $2,338 188. c Represented by 843,000 no
-V. 134. p. 1198.
Par shares.
1363
Kroger Grocery & Baking Co., Cincinnati, Ohio.
(Annual Report
-Year Ended Jan. 2 1932.)
A digest of the report for the year 1931 follows:
Company reports net income of $2,731,128 for year ended
Jan. 2 1932,
equal to $1.46 a share on the 1,813,486 shares of common
ing, after deducting preferred dividends. This comparesstock outstandwith
ings for 1930 of $2,168,247, or $1.15 a share on the same number net earnof shares.
Sales for 1931 totaled $244.371,147, against $267,094,345
decline of 7%, which includes allowance for four less days of for 1930. a
1931. Sales decline compared with a drop of 17% in retailoperation in
food prices
during the period.
Average number of Kroger stores in operation during 1931 was
compared with 5,302 in 1930, an average decrease of 6%, while 4,980 as
sales per store per week in 1931 were $941 against $954 in 1930, aaverage
decline
of only 1%.
In his remarks to stockholders, Albert H. Morrill, President, says
sales: "It is instructive to note that while our sales per store per week of
for
1931 declined an average of 813 as compared with 1930, the commodity
price decline in 1931 amounted to $162 per store per week. Evidently
there were more customers coming into and more merchandise going
out
of our stores in 1931 than in 1930.
"Analysis of our sales figures shows the decline was due to three major
causes: The general retail food price decline of 17%; the severity of the depression in five large industrial centres where we do about one third of our
total business, and an unprecedented crop and consequent low prices in
the territory we serve of fruits and vegetables, which in the past have constituted a large percentage of our sales. Shareholders cm judge from these
facts what sales and earnings of the company will be when industrial conditions improve."
The consolidated balance sheet as of Jan. 2 1932 shows current assets
$26,474,277, against current liabilities of $6,195,970, a ratio of 4.2 to of
1.
This compares with a ratio of 3.1 to 1 in the preceding year. Cash and
U. S. Government securities totaling $7,884,339 were more than current
liabilities and represent an increase of $1,296.584 over the figure reported
for 1930. Inventories of $16,443,597 show a decline of $3,494,074 from
those reported last year. Net working capital of $20,278.307 compares
with $19,583,517 in 1930. Total assets amount to $58,260,143. During
the year the company refunded on employees' stock subscription deposits
$700,726; reduced funded debt of subsidiaries by $135,500; redeemed preferred stock of subsidiaries to the extent of $73,850, making a total of $910.076 taken out of cash for these purposes. As of Jan. 2 1932 Kroger had
no loans whereas on Jan. 3 1931 the company owed banks $100,000 and
affiliated companies $800,000. The company reports that higher depre
elation rates adopted during 1930 have been maintained during 1931.
Piggly Wiggly Corp., 99% of whose outstanding stock is owned by
Kroger, had in operation on Dec. 31 1931 2,558 licensed stores as compared
with 2,767 on Dec. 311930. This decline in the number of stores is due,
In a degree, to the combining of smaller stores into larger units by some of
the operators, and by the merger of two of the largest operators, which
resulted in closing a number of stores because of duplications.
"During the past year 33 new contracts were signed with established and
experienced operators requiring the opening of 1,261 new stores during a
period of years. There has noon a modernization of store layouts during the past year. Wesco Foods Co.,a produce buying operation, is making satisfactory progress. Institutional Business Corp. has recently been
organized for the purpose of securing outlets for merchandise, particularly
those of Kroger's own manufacture, by selling to institutions that consume
large quantities of food products.
The outstanding accomplishments of the Kroger Food Foundation
since its establishment have been the preparation of tested recipes, now
appearing on an entirely new set of modernized labels of foods or Kroger
manufacture; the preparation of practical cost budgets, with menus for
every meal, over 10,000,000 of which have been distributed thr mgh stores
and 21,647 delivered by mail to housewives and institutions which have
requested copies; the establishment of a creed formula in accordance with
which an unusual loaf is being produced; and research, in co operation with
Frigidaire Corp., on meat refrigeration methods. The results of this
research have not yet been put into actual operation, but there is indicated
N great improvement in the methods of the preservation of melts in stores."
CONSOLIDATED INCOME ACCOUNT.
Years Ended- -Calendar Years
Jan. 2 '32. Jan. 3 '31.
1928.
1929.
Period$
Sales
244,371.147 267,094,345 286,611,215 207.372,551
Cost of sales
187,021,394 208,198,837 241,730.872 173,737,555
Gross profit
57,349,753 58,895,508 44.880,342 33,634,996
Interest
51,816
116.873
112,428
Discount on purchases_ _
1.610,825
1,183,434
Accr. earns,of affil. co
575,457
662,667
821,793
Gross income
57,977,026 59,558,175 47.429,834 34,930,857
Store expense
49,737,478 52,306,000 37,640.733 26,234,017
Depreciation
3.148,208 3.192,820
1,860,260
1,273,181
Administrative expenses 2,064,342
1,604,925
1,313,135 1,152,454
Interest
60.183
58.653
218,779
Federal income taxes_ - 295,870
226,000
637,955
728,839
Net profit
2,731,128
2,168,247
5.919,097
5,323,586
Previous surplus
15,086,187 x14,980,524 x15,859,170 x13,063.111
Fed.inc tax prior periods
.
215,218
Unexpended surp.appro.
for stock dividend15,773
Total surplus
17,817,315
1st pref. 6% dividends_
4,884
2d pref. 7% dividends
4,347
Divs,on pref.stk.ofsubs. 1,882,237
Corn.cash dividends- --Com.-stock dividend- Adjust, in val. of invest.
in stock of affil. co-- 300,000
Cost of good will & business acquired, writ
ten off
Sundry other adjustm'ts•
71,140
Disburs. incident to pay.
to stockholders of cash
Res.for rent losses, &c_
17,379,762 21,778,267 18.386,696
4,884
4,884
4,884
4,347
4,410
4,571
82,449
1,872,935 f
11.693,007
1,127,953
405,194
262,567
970,843
113,550
787,262
163,164
Cr.14,924
97,859
200,000
Earned surplus
15,554,106 15,086.187 17,667.052 17,001,645
Shs. cam.stk. outstand_ 1,813,486
1,813,486
1,725,726
1,534 618
Earnings per share
$1.46
81.15
83.34
$3.46
x As adjusted.
•
COMPARATIVE CONSOLIDATED BALANCE SHEET.
Jan. 2'32. Jan. 3 '31.
Jan. 2'32. Jan. 3'31.
Asada$
Liabilities$
$
Cash
5,524,652 6,587,758 Accounts payable_ 4,744.918 6,260.123
Marketable secure. 2,359,687
Notes payable__
937,488
Accounts dic notes
Accrued expenses_ 1,103,115 1.016,514
ree., customers_ 584,567
777,961 Dividends declared
Offic. & employees
92.271
106,510
1,087
1,943
Claims & advances 467.627
328,432 Provision for FedInventories
16,443,597 19,937,872
eral taxes
327,742
242,697
Inv. and advances
Reserve for insurin other cos_ _ 7,993,789 7,951,827
ance, &c
837,679
634,038
Com,stock held tor
Receipts from emsale to employees 267,546
ploy's on subscr.
251,720
Land, buildings,
for corn. stock- 719,834
19.107
equipment,&c._22,914,685 23,313,235 Funded debt of
Def. claims rec... _ 122,689
subsidiaries_ _ _ 543,000
678,500
Cash sullen. value
Preferred stock of
life insurance_ __
26,274
23,297 subsidiaries_
927.650 1,001,500
Prepaid insurance,
let preferred stock
81,400
81,400
rents. taxes, &c_ 711,754
754,768 2d preferred stock_
62,100
62,100
Deferred charges__ 487,156
501,664 Common stock...232,983,276 32,983,276
Accrued 'mounts
Paid-1n surplus_ _ _ 1,094,962 1,094,962
263,847
rec. not die,_
245,719 Earned surplus_ _ -15,554,108 15,086.187
•--58,260,143 60,780,560
Total
Total
58,260.143 60.780.560
a Represented by 1,813,486 no par shares.
-V. 134, p. 1206.
f
1364
[Vol,. 134.
FINANCIAL CHRONICLE
Chrysler Corporation.
(Annual Report-Year Ended Dec. 31 1931.)
Walter P. Chrysler, Chairman of the Board, says in part:
Sales of passenger and commercial cars and other products of the corporation in 1931 totaled 272,118 units to the value of $183.805,105, as
in
compared with 269,899 units to the value of $207,789,338 sold the1930.
conThe results for the year were accomplished notwithstanding
tinuance during 1931 of adverse business conditions more pronounced even
than in 1930 in their effect on retail purchases of automobiles as well as
other manufactured products and commodities in general.retail than in
In 1931. not only were more Chrysler Corp. cars sold at on a smaller
its profit
the preceding year, but the corporation increased relative position in the
its
dollar volume of business, and also improved of the corporation's cars at
industry to a very substantial degree. Sales sales by members of the
retail in 1931 constituted 10.6% of all such as compared with 14.3%
National Automobile Chamber of Commerce,
sold at retail in
in 1930. The total number of automobiles of all makes
in 1930.
the United States in 1931 was 27.3% less than relation to dollar gales reyears in
Comparison of unit sales for the two lower-priced cars bear to the total
flects the larger percentage which the
entrance
number and the importance of the corporation's more aggressive Floating
of the
into the lower-priced field, undertaken with the introduction corporation's
last July. Obviously,fuller realization of the more normal
Power Plymouth
of
possibilities in this direction depends upon the restoration
strength,
business. The results thus far indicate the company's unusual
potential, in this volume market.
actual and
the year to the corporation's conIncreased effect was given during
which, with
tinuing policy of economy in every phase of its operations, rearrangeefficiencies in manufacturing resulting from improved methods,
and the closest scrutiny of
ment and consolidation of operating facilities year to make a material relast
all expenditures. enabled the corporation selling advertising, service and
duction in administrative, engineering,
general expenses. These items in 1931 amounted to $20,944,952, as comor 11.7%•
pared with $23.729,032 in 1930, a reduction of $2,784,080, against income
A non-recurring charge of $642,946 has also been made
to reflect the lower foreign exchange rates prevailing as of Dec. 31 1931.
As in previous years and in accordance with the corporation's consistent
practice, all expenses incident to the creation of new models were charged
against current operations.
The balance sheet as of Dec. 311931. shows a substantial improvement
in the corporation's financial condition as compared with that of the previous
year-end.
Cash and marketable securities amounted to $50,232,836 at the close
of the year, an increase for the year of $8,588,434, while current liabilities
amounted to $11,327,696, practically the same as at the end of 1930.
Total cash and marketable securities were not far short of enough to cover
all liabilities, including the remaining amount of the Dodge Brothers deberr
tures outstanding. Marketable securities are all short-term notes or
bankers' acceptances, with one minor exception of approximately $100,000
and mature within the year 1932. While their indicated market value as
of Dec.311931. was less than cost by $103,562,largely occasioned by quoted
prices of short-term United States Treasury certificates, this indicated
loss will disappear during the year as these holdirufs are retired. Cash
accounts do not include deposits in closed banks, which are not carried as
current assets and for which adequate provisions have been made against
anticipated loss. The gross amount of the corporation's deposits in closed
banks was $237.455, of which $37,454 has already been collected.
Net current assets as of Dec. 31 1931, were $64,992,414, an Increase of
$2,418,152 over net current assets at the close of the preceding year. This
Increase, occurring in a year in which the corporation purchased $3,171,500
of Dodge Brothers debentures, and in which dividend disbursements exceeded net income, is striking evidence of the soundness and conservatism
of the financial and accounting policies which have been followed since
the corporation was established. All the net assets (except permanent
assets) of the corporation's foreign subsidiaries are valued on the basis
of exchange rates prevailing as of Dec. 31 1931. The depreciated book
values of plant assets and operating facilities declined $8,659,296 during
the year, due to the fact that charges for depreciation and amortization
greatly exceeded expenditures on new facilities. Depreciation and amortias comzation charges against income for 1931 aggregated $14,296,852, to lower
pared with $15,292,893 for 1930, the decrease being largely due
tool costa. The corporation's policies with respect to depreciation and
amortization are unchanged from the preceding year and continue to refleet the maximum amounts allowable under Internal Revenue Department regulations.
As the stockholders were previously advised, in view of the fact that
the Chrysler Management Trust, which comprises about 80 of the ranking
executives in the corporation's employ (other than the Chairman), had
purchased an initial block of stock from the corporation at a price much
above prices now prevailing, the corporation sold at cost to the Chrysler
Management Trust, on a deferred payment plan, a block of its shares which
the corporation purchased in the open market for that purpose. These
proceedings are in accordance with authority granted by the stockholders
at the last annual meeting, and the present amount of the corporation's
transactions with the Trust is reflected in the balance sheet. In addition
to the stock purchased for the Trust, the various employees savings funds
and profit-sharing groups acquired, as usual, common stock of the corporation on the market. The corporation itself acquired an additional 10,952
shares at an average price not in excess of current market prices, which stock
Is held in the treasury. It is the corporation's policy to treat all shares
of its own stock owned as a reduction of the outstanding shares and capital
stock liability, and not to carry them as an asset on the company's books.
The amount of the 6% gold debentures of Dodge Brothers outstanding
Dec. 31 1931 was $44,411,500. The maximum sinking fund requirements
under this issue are $500,000 semi-annually until the due date on May 1
1940. Interest charges on the present amount outstanding are $2,664,690.
Earnings for the year before interest, income taxes and provision for foreign
exchange fluctuations were 1.8 times such interest requirement, and in addition, the excess of depreciation charges above expenditures for new plant
assets provided available cash greatly in excess of the total requirements
under this issue.
From the standpoint of the corporation's products, the outstanding
event of the year was the perfection and introduction of an entirely new
engineering principle, floating power engine mounting, the result of years
of research and experimentation in the Chrysler engineering research
laboratories. Applied first to the four-cylinder Plymouth, completely
eliminating the vibration heretofore regarded as inevitable in four-cylinder
automobiles, it had the effect not only of greatly increasing the corpora-price field, but also of materially aiding the
tion's business in the lowest
sales of its other lines. The development of this new engineering principle
has been recognized as the most important advance in automobile construction in recent years. This principle has now been applied to all of the
corporation's passenger automobiles, and it is intresting to record that at
the automobile shows held since the first of this year, floating power engine
mounting installed in all Plymouth, Chrysler, Dodge and De Soto cars
has been accorded unusual interest and recognition on the part of the public.
As a matter offact, this method of engine mounting,combined with Chrysler
Corp.'s application of free wheeling and the automatic clutch, has enabled
It to attain smoothness of operation and simplicity of driving that are
unmatched in any other automobiles on the market.
CONSOLIDATED INCOME ACCOUNT YEARS ENDED DEC. 31.
x1928.
1929.
1930.
1931.
$
Sales of autos and parts_ .83,805,105 207,789,338 375,033,455 315,304,817
y159,439,360 183,138,644 316,249,777 254,303.906
Cost ofsales
Gross profit
Other income
24,365.745 24,650,693 58,783,678 61,000,911
2,586,998
3,650,407
2,453,853
. 1,952,816
26,318,562 27,104,547 62,434,085 63,587,909
Total income
Admin., selling, adv. &
20,944,952 23,729,032 34,576,364 26,833.560
general expenses
1.623,591
3,517,532
Int. paid & accrued
3.143,314 :3,099,693
Prov.forest. U.S., Can4,138,963
2,438,021
118,414
41,667
Sze., taxes
ada,
Prey. to reduce carrying
642,946
val. of net assets
234,155 21,902,168 30,991,795
Net income for year- - 1,468,935
Balance Jan,1
45,960.501 56,791.614 48,225,210 28.980,722
Total
47,429,436 57,025.769 70,127,378 59.972,517
1,041.995
Div.on pref.stock
Div,on common stock.. _ 4,412,240 11,065,268 13,335,764 10,705.312
Surplus, Dec.31
43.017,196 45,960.501 56,791.614 48,225,210
Shares corn, stock out
4,414.645 4,431.465 4,407.475
standing (no par)---- 4,404,365
$4.94
$0.05
$6.80
$0.33
Earned per share
x Includes earnings of Dodge properties from July 31 1928. y Depreamortization have been charged to cost of sales and expenses
ciation and
in amount of $14,296,852.
CONSOLIDATED BALANCE SHEET DEC.31.
1930.
1930.
1931.
1931.
Assets-$
23,200,862 32,145,410 Accts. payable_ 9.538,988
9,298,808
Cash
Marketable see_ 27,031,974 9,498,992 Accrued Ins.,Int.,
taxes, dm_ _
905,376
Car shipmts.B-L
733,636
1,983,957 2,284,371 Distributors' &
drafts
820,928 1,561,819
dealers' dep_Notes receivable
927,678 1,121,847
128,700
Accts. receivable 1.178.096 2.482,990 Income taxes_ __
127,414
Inventories-net 22,104,294 26,055,412 6% gold deb. of
Dodge Bros__ 44,411,500 47,583,000
108.229
640
Sink, fund cash_
Res.for cooling.,
Real estate not
dre
8,730,782 5,870,929
used in °per_ _ 4,341,861 4,352,741
Capital stock b73,122,488 73,282,830
Inv., land contr.
1,125,865 Surplus approp.
& misc. accts_ 1,638.141
on acct. of reAdv. to Chrysler
porch. of cap.
Management
3.338,316 3.197,974
3.873,888 3,080,000 stock
Trust
Perman't assets_a85,513.327 74,172,623 Unapprop. surpl 39,678,880 42,762,528
Good-will
25,000,000 25,000,000
Prepaid !usu.,
2,121,896 2,265,541
taxes, &e
178,809.882 184,131,992
Total
a After depreciation of $59,444,314
(no par).
-V. 134, p. 853.
Total
178,809,662 184,131,992
b Represented by 4,404,365 shares
Oenerat Corporate anb 3nbeotinent jaebni.
STEAM RAILROADS.
-Earnings, July 19 to Dec. 311931.Alton RR.
Railway operating
,310
-The advisory council of the Associa- Railway operrting revenues$7,926 6,406,097
expenses
Rail Men Prepare to Cut Expenses.
to act on
tion of Railway Executives took steps at a meetingby the I. the sugges- Railway tax accruals
601,191
Com- Uncollected railway revenues
-S. C.
tions for reductions in railway expenditures made surcharges put into
27
mission in its decision authorizing the freight rate
19, p. 27.
Railway
-N. Y."Times," Feb.
$918,995
effect in January.
and Equipmentoperating income
-The Pennsylvania,, Reading
rents
Ask Rail Rate Cuts in Fight on Trucks.
347.014
-S. C. Commission Joint facility rents
Central of New Jersey railroads have applied to the I.
368,561
City and
for permission further to lower freight rates between Jersey the rates
Not railway operating income
Philadelphia to meet motor truck competition. • Reductions in of traffic
$203,420
but they failed to bring the amount
Other income
were made in November,
57,317
-N. Y.':Times." Feb. 14, p. 9, Sec. II.
expected.
13.-(a) Gross and net earnTotal income
Matters Covered in the "Chronicle of Feb. of December, p. 1087; (b) In$260,737
railroads for the month
Rent for leased roads
ings of United States
110,662
structions issued by Reconstruction Finance Corporation regarding appli- Total interest accrued
737.320
on railcations for loans in behalf of railroads, p. 1137; (c) Grenville Clarkof tem- Other deductions
8.648
Reconstruction Finance Corporation
road situation-Aid from
-S. C. Complan
Net deficit
porary and emergency character-Sees constructive p. in I. Railroads
$595,893
1144: (d)
decision of last October in 15% rate case,
mission's
-V. 133, p. 3460.
earned 1.98% on their investment in 1931, p. 1146.
-Class 1 railroads on Jan. 31 had 741,864 surplus
Surplus Freight Cars.
Atchison Topeka & Santa Fe Ry.-Preliminary Earns.
good repair and immediately available for service, the car
reight cars in
1931.
1928.
1930.
1929,
service division of the American Railway Association announced. This
Calendar Years$
$
$
$
was an increase of 939 cars compared witn Jan. 14, at which time there Railway oper. revenues_181,181,261 226,421,045 267,189,178 247,632,847
freight cars. Surplus coal cars on Jan. 31 totaled Railway oper. expenses_132,812.924
were 740,925 surplus
159,920.623 175,243,236 171,992,255
283,440, an increase of 11,702 cars above the previous period, while surplus Railway tax accruals-_ 15,038,206 18,280,551 20,340.961 17,772.346
box cars totaled 380,777, a decrease of 10,871 compared with Jan. 14. Uncoil, railway revenues
50,126
53,320
40,593
54,556
above
Reports also showed 31,549 surplus stock cars, an increase of 331totaled
Railway oper.Income4433,276,811 $48.179.278 $71,550,425 $57,818.114
the number reported on Jan. 14, while surplus refrigerator cars
1,720,879
-Dr.,,
Equipment rents
990,617
2,504,120 2,311.608
for the same period.
15,939, an increase of 184
764,703
Joint facillty rents
-Dr836,920
586.486
798,691
-Transfers Erie, Pere Marquette and
Net ry. oper. income $31,449,274 $44.87(3,466 $68,652,331 4,55.332,525
Alleghany Corp.
- 5,084,637
5,716,570 5,827.914 6,224,258
Nickel Plate Stocks to Chesapeake & Ohio Ry.-See latter Other income
Total income
$36,533,911 $50,593,036 $74,480,245 $61,556,783
-V.134, p. 1019.
company below.
10,165
Rent for leased roads.-9,178
8,910
8,546
11.347,987
Arkansas Valley Interurban Ry.-Proposed Construc- Total interest accrued 13,099,680 12,983.230 13,033,375
268.198
Other deductions
400,888
252,097
323,994
Net income
tion Approved.
$23,101.691 $37,348,802 $61,036,804 $49,930,433
6.208,640 6,208.640 6,208,640 6.208,640
-S. C. Commission on Feb. 4 Issued a certificate authorizing the Preferred dividendsThe I.
and operate an extension of its line of railroad in Common dividends21,841,865 24,171,761 24,162,930 24,162,667
company to construct
Ran.
the City of Hutchinson, Reno County.& Northern By, for authority to
Income balance
df.$4,948,814 $6.968,401 $30,665,234 $19,559,126
The application a the Hutchinson its line in the same city, such ex2,416,293
2,421,669 2,416,29:3
construct and operate an extension of in length, including the re-location Shs.com.outst.(par $100) 2,427,595
$18.09
$22.69
Earns.per share on corn$12.86
$6.95
tension to be approximately 3.1 miles
-V. 134, p. 1191.
denied.
of an existing track, was
FEB. 20 1932.]
1365
FINANCIAL CHRONICLE
167,300
- 215,000 shares of Erie RR.common stock and$13.25 a shares of New York
-Prelim. Report.
Atlanta Birmingham & Coast RR.
share, from the AlChicago & St. Louis common stock, both at
1928.
1929.
legheny Corp. The purchase was, it is stated, made by Chesapeake &
1930.
1931.
Calendar Years$3,327,527 $4,098.580 $4,719.692 $4.798,169 Ohio Ry. through issuance of $3,950,000 in 6% notes dated Feb. 1 1932
Railway oper. revenues4,354,938 4,644,372 4.614.989 and maturing Jan. 31 1934. In connection with the purchase the "Wall
Railway oper. expenses- 3,893,500
199,625 Street Journal" further states:
183.864
190,559
185,442
Railway tax accruals--1,205
1,137
At the close of 1930 Chesapeake & Ohio held 266,200 shares of Pere
1,004
revenues
1,798
Uncoil, railway
Marquette common and the purchase of additional shares brings its hold$17,651 ings of this stock to 312,400 of the 450.460 common shares outstanding.
$109,680
$447,920
Railway oper. deficit_ $753,213
163.368
157,177
Virginia Transportation Corp., wholly owned investment affiliate of
204.584
190,841
Equipment rents
14,696 the Chesapeake & Ohio, owned 660,300 shares of Erie common at the close
15,592
12,638
9,204
Joint facility rents
of 1930. With its option on 215,000 shares, Chesapeake & Ohio and Vir$195,715 ginia Transportation between them control 875.300 shares of Erie com$282,449
$665,142
Net ry. oPer• income- $953,258
59,874 mon of the 1,511,167 shares outstanding, or roughly 58% of the total.
63,633
73,079
52,011
Other income
Its option on the Nickel Plate common gives it control of roughly 49%
$135,841 of the 337,104 Nickel Plate common shares outstanding.
$218.816
$592,063
$901,247
Total income
150
120
Furtherance of the 0. & 0.'s interest in the Pere Marquette has been
Rent for leased roads
2,059 sanctioned in the past by the I.
-S. C. Commission, through granting the
1,164
1,594
1,095
Total interest accrued_ 578 road permission to pay up to approximately $133 a share for the stock.
5,890
4,887
4,365
Other deductions
The O.& 0.'s option on the Nickel Plate and the Erie obviously is a move
$138,627 toward furthering its plans for consolidation under the four-party plan.
$225,990
$598,544
Net deficit
$906,707
The position of the C. & 0, as holder of an option on the Nickel Plate
-V.132,P.3519.
common stock obviously strengthens the Nickel Plate picture. C.& 0.now
-Preliminary Report.
Atlantic Coast Line RR.
Is very definitely interested in protecting its new investment in the Nickel
Plate. It already was heavily interested in the Erie, through the Virginia
1928.
1929.
1930.
1931.
Railway oper. revenues-554,088.005 $63,019,957 $72,371,894 $71,393,174 Transportation Co.
The effect of the transaction on Allegheny Corp. is to reduce the comRailway oper. expenses.. 43,188,471 49,685,460 53,431,589 55,966,059
to
5,800,000 pany's funded obligations, in addition to its collateral trust bonds, In
5,525,000 6,240,000
Railway tax accruals-- 4,775.000
40.666 under $2,000,000, as compared with $17,300,000 at the end of 1930.
45,793
29,851
13,127
Tincollec, railway revs_pledged
early February, when the Allegheny Corp. shifted the collateralMissouri
substituting
Railway over.income_ $6,111,407 $7,779,646 $12,654,512 $9,586,449 beneath the corporation's collateral trust bonds,the Erie, Nickel Plate
Equipment rents
Dr.1,395,248 Dr.557,377 Cr.164,449 Cr.280,467 Pacific securities and Chesapeake Corp. stock forbeen reduced to slightly
28,448 and Pere Marquette stock, its notes payable had
55,245
19,035
31.950
Joint fad. rents-Crbelow $6,000,000. The C. & 0.'s purchase of the Pere Marquette, and
and the Erie stocks, has
Net ry. oper. income. $4,748,109 $7,241,304 $12,874,206 $9,895,364 the amount paid for its option on the Nickel Plate
6,049,924 reduced the Allegheny Corp.'s loan to a relatively small amount. The
6,674,291
6,617,810
4,712,984
Other income
been converted into a fourloan, as was announced early in February, has
collateral loan.
$9.461,093 $13,859,114 $19,548,497 $15,945,288 year obligation of the corporation, instead of day-to-day
Total income
Notes were payable to bearer and comprised seven distinct issues, inDivs. paid from non-oper
2,470,281 chiding one note for $1,000,000, five for $500,000 each and another for
2,470,281
2,470,281
income
$450,000.
They were disposed of at face value for cash plus accrued interest, which
$9,461,093 $11,388.832 $17,078,218 $13,475,007
Balance
82,476 amounted to $3,950,658.
82,576
82,576
82,576
Rent for leased roads
6,870,763
The purposes of the note issue and details 88 to the disposition of the
6,761,011
6,743,155
Total interest accrued-- 6,738,187
548,442 proceeds include the purchase of the 46,200 shares of Pere Marquette
783,404
778,790
619,473
Other deductions
common for $508.200 and "deposit made to secure a four-year option to
RR. Co. common stock
42.020,857 33,784,310 $9,451,226 $5,973,326 purchase, at $13.25 a share, 215,000 shares of Erie Louis RR. Co. common
Net income
9,835 and 167,300 shares of the New York Chicago & St.
9,835
9,835
9,835
Preferred dividends
5,763,989 stock in amount of $3,440,700." A balance remaining of $1,758.33 was
5,763.989
5,763,989
4,528,849
Common dividends
placed in the Chesapeake & Ohio treasury.
$199,500
The move is mutually beneficial, since the option on the Erie and Nickel
Income balance- -- -def$2,517,827df$1,989,504 43,677,412
823,427 Plate stocks is preliminary to consummation of the projected Chesapeake
823,427
823,427
823 427
Shs. com. out.(par $100)
$10.24 & Ohio-Nickel Plate system alignment and the proceeds accrue imme$14.46
$7.58
0.44
Earns, per sh. on corn_
diately to the Allegheny Corp.
-V. 134, p. 1191.
Preliminary Earnings for Calendar Years.
1929.
-Preliminary Report.1930.
& Ohio RR.
Baltimore
1931.
1928.
1929.
.
.
$119.552,170 $137173.037 5150667,975
Railway operating revenues
74,497,861 86.921.032 98,117.587
Years
Calendar
Railway operating expenses
9,624,880 10,298,825 10.137,487
Railway oper. revenues.158,474,627 206,660,435 245,418,776 236,818,680 Railway tax accruals
10.093
9.158
11,974
Railway oper. expenses-119,944,440 153,142,375 180,570,035 172,550.867 Uncoil, railway revenues
i165,798 11,638,718
,
10,326.669 11,
Railway tax accruals_ 8,893,647
318,605
ór33,099
28,766
$35,417,455 $39,944,023 $42,402,808
Uncoil, railway revenues ór26,370
Railway operating income
1,856,350
2,326,997
1,703,010 2,622,754
2,059,983
1,981,352
1.109,773
Equipment rents
1,066,423 Equipment rents--Cr
1,108.489
1,404.936
854,028
1,131,474
1,450.707
1,197.285
Joint facility rents
-Dr
Joint facility rents
Net ry. oper. income- 26,230,851 40,248,613 49,i84,110 49,387,716
Net railway operating income--- $35,329,943 $40,515,559 $43,917,073
7.378,324
4,440,958 2,928,821
9,118,957 11,243,924 8,427,835
Other income
2.268,722
Other income
35,349.808 51,492,537 57,611,945 56.766.041
Total income
$44,956.519 $46,845.995
$37.598,665
Total income
595,763
172.713
594,610
593,472
470,054
Rent for leased roada
69,901
53.226
for leased roads
29,496.730 28,281,917 27,121,832 26,120,630 Rent interest accrued
Total interest accrued
10.721.065 10,598.011 10,031,938
948,716 Total
144,524
1.127.593
1,193,379
1,580,046
Other deductions
155,665
127,890
Other deductions
3.802.978 21,423,770 28,767,908 29,100,931
Net income
$34,132,940 $36,496,819
2,354,528
.528
- -- 2,354,528
2,354,5282,354
Preferred dividends$26.696,484
Net income
17,940.687 15,367,783 12,911,275 -V. 184. p. 672.
Common
df.11,421,891 1,128,555 11,045,596 13.835,128
Income, balance
dividends.
of Georgia Ry.-Preliminary Report.- 1928.
outstanding
Central
Com.shares
2.151,879
2,562.954
1929.
2,562,954
2,563,021
1931,
1930.
(par $100)
Calendar Years$12.41 Railway oper. revenues_$17,076,488 $21.082,429 $25,033,991 825,132,966
$10.31
$7.44
$0.55
Earnings per share
Railway oper. expenses_ 13.981,681 16,123.140 19,134,802 19,208.786
Resumed on Railroad Merger.
Hearings
5:m7
1,512 57
0 95
1,535:3064
Railway
, ,
Hearings on the plans of Eastern Trunk Line roads to divide the rail Uncoil. railway revs_ -__-_- ' 6:776
8,163
properties in eastern territory into four major competitive systems, to be
Railway oper.income_ $1,745,957 $3,628,263 $4,359,728 $4,405,520
Chesapeake & Ohio, the New York
built around the Pennsylvania, the
-S. C. Equipment rents
Dr14.975 Cr191,383 Cr275,237 Cr164.427
Central, and the Baltimore & Ohio roads, reopened before the I.
120,123
126,508
150.835
Joint facility rents __Dr.
149.419
Commission Feb. 15.-V. 134, p. 672.
Net ry. oper.
- Other income income_ $1,581,563 $3.668.811 $4,508,457 $4,449,824
926.476
-Common Dividend Reduced.
909,285
Bangor & Aroostook RR.
1,344,079
1,424,227
Total income
The directors on Feb. 16 declared a quarterly dividend of
$3,005,790 $5,012,890 $5,417,742 $5,376,300
343.719
344,502
343,791
Rent
roads_ _ _
343,603
500. per share on the outstanding $7,089,600 common Totalfor leasedaccrued- 3,036,849 3,041,540 3,072,406 3.080,784
Feb. Other interest
239,605
242.798
219.795
stock, par $50, payable April 1 to holders of record
217.075
deductions
def$591,737 $1,407,764 $1.758,044 $1.712,191
Net income
29, thus placing this issue on a $2 annual basis, as com(334%)700,000(7)1.400.000 (7)1,400.000 (7)1.400.000
last Dividends
pared with $3.50 per share previously paid. The
$312,191
5358.044
$7.764
balance
def$1,291.737
distribution at the latter rate (87c. per share) was made Incomeper sh.on 200,000
Earns.
$8.58
$8.79
$7.03
Nil
on Jan. 1 1932. Record of distributions made on the
shs.stock (par $100)__
-V. 134, p. 134.
common stock follows:
kept.
28-31.
-Preliminary
07-12. 13.14. 15-16. 17. 18- 22. 23. 24. 25-26. 27.
Chicago Burlington & Quincy RR.
1928.
1929,
Com. % 4 yrly. 3 3% 3 yrly. 5 4 yrly. 4% 5% 6 yrly. 6% 7 yrly.
1930.
1931,
Calendar Years-V.134.
Paid or declared on common in 1932: Jan. 1,87c.; Apr. 1.50c.
$
$
$
p. 672.
Railway oper. revenues-111.218,959 141,379,422 162,409,925 162,811,409
-Assumption of Receivers' Railway oper. expenses_ 77,465,969 98,877,813 111,565,542 114,191,159
Burlington-Rock Island RR.
Railway tax accruals.._ 9,955,502 11.191,876 12,025,393 11,192,210
33,783
26.563
30,200
Certificates.
23.739
Uncoil, railway revenues
-S. C. Commission on Feb. 5 authorized the company to join with
I.
The
Railway oper.income_ 23,773,749 31,279,532 38,792,426 37,474.257,
Its receiver in extending to July 1 1935 the maturity dates of $1,492,469
2,467,282.
1,267.146
1,087,321
987,165
of outstanding Trinity & Brazos Valley Ry. receiver's certificates, and to Equipment rents _Dr_ 2,279,666
2,094,609
2,167.317
2,236,146
Joint facility rents_Dr-assume obligation and liability in respect of the certificates as extended.
There are now outstanding Trinity & Brazos Valley Ry. receiver's
Net ry, oper. income_ 20,506,918 27,956,064 35,357,963 32,912,367
certificates to the amount of $1,492,469 as follows:
3,712,492 3,037,726
2,299,074 3,525,099
Amount of Other income
Amount of
Issue.
Issue,
Series
Series
22,805,992 31,481,163 39,070,455 35,950.093
Totalincome
$90,000
2d
$10,000
A
202.384
219,027
224,591
170,582
Rent
400,000 Totalfor leased roads__ 3d
50,000
A
int. accrued
9,127,409 9,131,442 9.129,6I9 9,324,212
93,107
4th
50,000
A
145,245
14o,271
145,271
Other deductions
188,266
100,000
5th
100,000
A
599,362
6th
Net income
13,319,735 21,979,859 29,576.538 26,278.252
All the certificates bear interest at the rate of 6% per annum.
Dividends
17,083,870 e17,083,870 17,083,850 17.083,820
It is shown that the carrier has not funds to pay the certificates, should
payment be demanded, and that the holders thereof have consented to an
Income balance_ - - -def$3,764,135 $4,895,989 $12,492,688 $9,194,432
extension of the maturity dates to July 1 1935. It is stated that the Earns, per sh. on capital
$15.38
proposed extension will remove the possibility of proceedings by the holders
stock (par
$100).
z In addition an extra div. of 5% ($8,541,935) was charged to surplus
to enforce payment of the certificates on the maturity dates specified, and
that by the proposed extension the carrier will be enabled to make pro- in 1930.-V. 134, p. 1191.
vision for the payment or funding of the certificates at the same time that
Chicago St. Paul Minneapolis & Omaha Ry.-Earns.
it makes similar provision with respect to its 1st mtge. bonds which mature
1928.
1929.
1930.
1931.
Calendar Yearson that date. It is represented that the proposed assumption of obligation
$18,586,905 $24,436,288 $27.218,998 827,063,052
and liability will not Materially alter the position of the carrier with re- Gross
spect to the certificates since, under the Court's order of April 26 1930, Expenses, taxes, &c_--- 17,535,602 21,795,403 23,411.851 24,383,701
the carrier must make payment of the certificates as a condition precedent
Operating Income__- $1,051,303 $2,640,885 $3,807,147 $2,679,351
to retaining title to the properties surrendered to it by the receiver.
821,536
838,414
980,891
927,331
Equipment rents,
V. 133, p. 794.
Canadian National Ry.-Cut in Directors' Fees.
Net oper. income-- $123,972 $1,659,994 $2,968,733 $1,857,815
187,858
197,167
166,730
131,164
The directors on Feb. 16 voted in favor of a 10% reduction in their Other income
-V. 134. P. 1191.
fees.
$255,136 $1,826,724 $3,165,900 $2,045,672
Gross income
Chesapeake & Ohio Ry.-Buys Alleghany Corp. Holdings Interest, &c
2.640,268•
3.012,955
2,889.264
2,996,577
of Pere Marquette-Gets Option on Erie, Nickel Plate. By. comhas purchased 46,200 shares of Pere Marquette
The company
option to purchase
mon stock at $11 a share and has secured a four-year
Balance, deficit
--V. 133, p. 4154.
$2,741,441
$1,186,231 sur$276,636
$594,595
1366
-
FINANCIAL CHRONICLE
Chicago Great Western RR.
-Preliminary Report.
-
1931.
1929.
1930.
1928.
Calendar Years$
$
$
$
Railway oper. revenues-$20,107.787 $22,830,321 $25,82a,337 $24,871,023
Railway oper. expenses- 14,183.465 16,580,399 19,867,072 19,426,531
Railway tax accruals_ _
931,940
1,099.203
1,085,000
1,076,255
Uncoil, railway revenues
3,271
2,268
4,747
3.847
Railway oper. income $4,987,635 $5,162,653 $4,855,790 $4,364,400
Equipment rents
1.168.985
1,358.679
1,485,240
974,562
Joint facility rents
885.271
931,301
879.444
950,796
Net ry. oper. income_ $2,571,094 $2,853,179 $2,801,534 $2,510,394
Other income
240,224
260.801
225,965
195.311
Total income
$2,766.405 $3,079,144 $3,062,336 $2,750,618
Rent for leased roads__ _
78,540
77.690
77,724
77,692
Total interest accrued
1,721,597
1,708,493
1,647,105
1,739,850
Other deductions
42,667
40,273
45,109
47,979
Net income
Preferred dividends_ _ _ _
$900,884 $1,309,205 $1,235,880
942,216
461,346
Income, balance
def.$41,332
Earn. per sh, on pref_ _ _
$1.91
-V. 134, p. 502, 322.
$847,859 $1,235,880
$2.62
$2.84
$907,811
$907,811
$1.93
Chicago Milwaukee, St. Paul & Pacific RR.
-To
Spend $5,500,000 for Improvements in 1932.
The improvement budget for 1932 will involve $5,500,000. The rail
Program will take $1,938,000; ballast. $681,000; bridges, $860,000; grade
separations, $923.000. including $500,000 for jobs in Milwaukee and Evanston, Ill.; track elevation, $280,000, and miscellaneous improvements.
$870.000.-V. 134. p. 1019, 841.
[voL. 134.
Great Northern Ry.-Preliminary Report.
-
Calendar Years1931.
1930.
1929.
1928.
Railway oper. revenues377,087,455$104.996.076$125,932,808$126.737,091
Railway oper. expenses- 55,285.954 72,565,878 82.862,910 83,235,116
Railway tax accruals_ _ - 7,179.028 8,712,598 9,201,154 10,297,997
Uncollect. railway revs_
9,894
9,845
17.181
13.916
Railway oper. income $14,612,579 $23,707,755 $333,851.563 $33,190.062
Equip,rents
-net debit_ 1,454.238
1,347.804
991,449
1,517.997
Jt.facil.rents
488,921
-net debit
447,443
402,591
377.996
Net ry. oper. income412,669,420 $21,912,508 $332,457,523 $331,294.069
Other income
12,110,636 15.528,318 12,026,227 13,032,123
Total income
$24,780,056 $37,440.826 $444,483,750
Int. & miscell. deduct'ns 19,454,150 19,419,072 18,829,906 $44,326,192
19,173.414
Balance avail for diva. $5,325,906 $18,021,754 $25,653.844 $25,152,778
Dividends
*9.957,536 12,449,647 • 12.450,225 12,449,205
Balance, surplus_ _ _def$4,631,630 $5,572,107 $13,203.619 $12,703,573
Shs. of cap. stock outstanding (par $100)_ - 2,489,385 2,489,385 2,489,795 2,490,047
Earns. per sh.on cap.stk.
2.14
7.25
10 31
$10.11
*Estimated.
-V. 134. P. 841.
Green Bay & Western RR.
-Earnings.
-
Calendar YearsGross earnings
Operating expenses
1931.
1930.
1929.
1928.
$1.416,363 $1,769,231 $1,993,633 $1.797.564
1,165,008
1,309.698
1,465,034
1.333,317
$251,355
$4159.532
$531.599
$464.247
87,141
96,219
96.156
,
87850
$338,497
$555.751
$627.755
$552,097
115,714
185.260
192.543
172.819
$222,783
$370,491
$435,212
$379,278
30,000
30,000
30.000
30,000
125,000
125,000
125.000
125.000
70,000
70,000
70,000
Net revenue
Other income
Total income
Tax rents, Am
(Exemaing subsidiary lines).
Net income
- Calendar Years1931,
1928.
1929.
1930.
Deb. A dividends
Railway oper. revenues_ $8.039.603 $10,302,742 $12,230,275 $12,303,314 Common dividends
Railway oper. expenses_ 6,266,559
9,208,703 Deb. B dividends
9,234,64i
7,837,957
Railway tax accruals_ _ _
821,549
891,131 Res. for additions and
814,989
906.967
Uncoil, railway revenues
1,721
3,339
2,266
2,786
betterments
42,300
125,000
200.000
150.000
Railway oper.income_ $949,774 $1,647,536 $2,085.882 $2,200.141
Balance, surplus
$20,491
$25,483
$10,212
$ 4,278
Equipment rents
Dr174.368
170,704
146,616 Prof. and loss surplus_ -217.648
410,102
386,793
369,919
359,913
Joint facility rents
Dr60,999
92,468
96,088
93,616
Comparative Balance Shed Dec. 31.
Net ry. open income_ $714.407 $1,384,364 $1,774,617 $1,957,437
1931.
1931.
1930.
1930.
Assets
Other income
2,927,747 3,275,222
-$
Liabilities3,810.113
4,847,227
$
$
$
Investments in:
Capital stock
2,500.000 2,500,000
Road
Total income
10,135,828 10,083.512 Fund, debt unmet. 7,600.000 7,600.000
$3.642,154 $4,659,586 $5,584,731 $6,804.663
Equipment
1,680,122 1,695,948 Due to railroads__
Rent for leased roads_ _ _
1,299
29.211
112.948
112,949
4,480
7,626
Total interest accrued-- 2.257,125
21.911 Audited accts. and
20,398
2,125,219
1,874,079 Miscell, phy. prop.
2,019,733
59,902
Other deductions
wages payable__
40,722
29,220
29.736 Investm'ts in ann.
87,962
130,443
companies
265,413
265,414 Miscell. accts. pay.
5,244
6,116
234,871
209,321 Mat, payments on
Net income
31.323,828 32.464,433 $3,422,827 $4,787,897 Cash
35,341
Preferred dividends_ _ _ _
679,892
49,393
deb's. unclaimed
680,000
679,892
7,611
680,000 Special deposits..,.,
8,281
6,019
• Common dividends
6,578 Other current Ilab.
930,000
929,679
930,000 Due from railroads
1,632
1,752
Due from agents_ _
9,861
14,318 Sundry def. Ilab__
14,198
16,198
MIscell. accts. rec.,
balance
22,430
Income
33,529 Tax liability
$643.936
$854,862 $1,812,827 $3,177.897
7.482
27,451
Materials & sup- _ 353,398
-V. 133, p. 3962.
399,187 Accrued deprec_
563,605
528,420
Other cur. assets.,.,
989
154 0th. unacil. credits
13,861
4,356
Working fund adv.
154
Consolidated Railroads of Cuba.
154 Additions to prop.
-Preferred Dividend Prel.-under cons_
72,198
54,393
through Inc. and
Reduced.
0th. urinal. debits
1,093
33,263 surplus
1,386,288 1,363,404
The directors on Feo. 18 declared a dividend of ji of 1% on the 6% cum.
Approp. nut. not
pref. stock, par $100, payable April 1 to holders ofrecord March 10. Prespecifically thy_
80,651
61,235
viously, regular quarterly payments of 1 % each were made on this issue.
Dividends & other
payments
A statement issued by the company declared the above action was taken
155,000
225.000
Profit and loss__ _ 410,102
because, while its subsidiary companies are fully covering their bond inter.
386,793
est and fixed charges, it is felt the parent company should be in a position,
Total
12,838,118 12,867,076
Total
until the economic situation in Cuba improves, to assist with its current
12,838,118 12.867,076
and reserve funds any possible contingency which might face its subsidiaries. -V.134, p. 1019.
The Cuba RR. Co. declared the regular quarterly dividend of $1.50 per
share on the pref. stock, payable May 2 to holders of record April 15.
Gulf Mobile & Northern RR.
-Preliminary Report.
133. P. 3461.
Calendar Years1931.
1930.
1920
Railway oper. revenues- $4,094,743 $5,897,615 $7,631,222 $7,510,349
Delaware & Hudson RR. Corp.
-Preliminary Report.
- Railway oper. expenses_ 3,364,400 4,566,791 5,240,214 5,400,359
Year Ended Apr. 1 '30. Railway tax accruals__ _
298,173
325,207
512.9..0
368,838
PeriodDec. 31 '31.10 Dec.31'30. Uncoil. railway revenues
620
649
1.662
1,509
Railway operating revenues
$30,672,041 $28,470,303
Railway operating expenses
Railway oper. Income_ $431,521 $1,004,998 $1,876,396 $1.739.644
25,710,733 22,813,924
Railway tax accruals
Dr94,840
206,608
781,970
288,177
• 289,860
1,072,000 Equipment rents
Uncollectible railway revenues
158,270
Dr170,1378
167.271
3,733
149,452
1.566 Joint facility rents
- Colorado & Southern Ry.-Preliminary Report.-
Net ry. oper. income_
Other income
$166,003
128,311
$631,119 $1,429,949 $1,300,332
42,115
101,761
284,361
Total income
Rent for leased roads.,.,Total interest accrued.,.,
Otherdeductions
$294,314
$4,279.682 $4,718,524
302,218
190.186
$732,879 $1,472,064 $1.584,694
237,550
459,080
390.139.
380,649
12,299
9.974
9,968
$4,581,900 $4,908,710
1804,574
1,410,440
2.548.544
1.967,513
219,994
66,530
Net income
Preferred dividends_
Railway operating income
Equipment rents-Cr
-Dr
Joint facility rents
$4,175,605 $4,582,813
278,625
284,691
174,548
148,980
Net railway operating income
Other income
Total income
Rent for leased roads
Total interest accrued
Other deductions
Net income
Earns, per share on 515,740 shs. capital stock__ _ _
Elgin Joliet & Eastern Ry.-Preliminary Report.
1928.
1929.
1930.
Calendar Years1931.
Railway oper. revenues _313,342,164 $21,807.616 $26,412.441 $24,602,240
Railway oper. expenses_ 11,323,072 15,573,475 17,096,232 16,820,060
2,164,184
1.484,972
Railway tax accruals_ _ - 1,304,831
1,357.450
Uncoil, railway revenues
1,666
566
186
28.5
Railway oper. income.
Equip.& jt. facil. rents-
$713,975 $44,876,505 $7.830,669 $5,616,329
1,885,370
1.861,440 2.378,407
722,386
Net ry. oper. income_
Other income
def$8,411 $3,015,064 $5,452,263 $3,730,959
409.264
310.264
211,952
380.787
Total income
Rent for leased roads-Total interest accrued_ _
Other deductions
$203,541 $3,325,329 $5,861,527 $4,111,746
932,665
2,239,596
1.293,422 4,174,061
622,245
658,175
644.725
631,275
274.536 Cr257,362
17,099
82,078
Income balance_ _ _ _def$1,225,905 $1,057,994
Earns. per sh.on 100.000
$16.57
shs.cap stk.(par$100)
Nil
-V. 132. p. 2574.
Fulton Chain Ry.-Abandonment.-
$960,663 $1,196,875
600,000
600.000
$360,663
$596,875
$9.60
$11.96
The I.
-S. C. Commission on Feb. 4 issued a certificate authorizing the
company (1) to abandon, as to inter-State and foreign commerce, its
entire line of railroad extending from Thendara easterly to Old Forge,
a distance of 2.21 miles, all in Herkimer County, N. Y.; and (2) abandonment by the New York Central RR. of operation of the line.
-V. 123.
p. 3178,
5227,071
Nil
$261,500 $1,071,399
684,936
684.936
$956,526
684.936
$423,436 sur$386.463
Nil
$3.51
$271,590
$2.47
Indiana Harbor Belt RR.
-Earnings.
-
Wage Issue to be Fought Out.
def$1,625,905 $1,657,994
600,000
400,000
def$227,071
Balance,deficit
$8,788 $1,464,224 Earns. per sh.on corn__ $0.02
$2.84 -V. 133. p. 3627.
Albany press dispatches Feb. 16 state that representatives of the Big Four
have announced that they were planning a fight against the company's
Proposals for a monthly payment offlat sums to some department employes.
The Brotherhood representatives said they intended to ask the United States
Board of Mediation to send a mediator to Albany. Failing an agreement
through the mediator, the brotherhoods will carry their fight to the Federal
courts, their representatives said -V. 134, p. 1019.
Net income
Dividends
521,385
For income statement for 3 and 12 months ended Dec. 31 see "Earnings
Department" on a preceding page.
-V. 133. p. 3963.
International-Great Northern RR.
-Prelim. Report.
-
Calendar Years
Railway operating revenues
Railway operating expenses
Railway tax accruals
Uncollectible railway revenues
Railway operating income
Equipment rents ur
Joint facility rents Dr
Net railway operating income
Other income
Total income
Total interest accrued
Other deductions
Net deficit_ _ _
___V. 134. p. 1191.
1931.
1930.
1929.
$17,843,909 815.072,346 $18,244,984
13,155.813 12,854,737 14.249,272
498,868
520,134
512,080
6,590
10,887
9,916
$44,182,638 $1,686,586 $3,473,715
1,684,641
867,867
1,106,647
89,882
91.391
100,550
$2,408,115
$727.327 $2,266,517
145,186
410,412
117,891
$2,553,301 $1,137,739 $2,384,408
2,933.535 2,887,455 2,793,252
9,849
12,839
15,531
8390.083 31.762,555
$424,375
Long Island RR.
-Trackage Use of Pennsylvania Station.
The L-S. C. Commission on Feb. 8 issued a certificate
continued operation by the company, under trackage authorizing the
railroad of the Pennsylvania Tunnel & Terminal RR. rights, over the
Ave., in Sunnyside yard, and the Pennsylvania Station,between Harold
New York City
including the joint use of said yard, station, and
appurtenant facilities.
The decision is something of a compromise and makes a
the rental basis originally proposed by the two carriers heavy cut into
to succeed the
contract which expired in 1923 and has been the subject of contention
ever since.
The commuters protested insistently to the I.
Commission that
increased charges against the Long Island were -S. C.
vehicle for
increasing commutation fares to those who live designed as a
on Long Island. Many
changes have been made in various proceedings before the Commission
which exercises jurisdiction in the case though the State Transit Commission denied such jurisdiction. The Commission, the State and the
commuters fought any increase.
The conditions of approval set out are as follows:
In ascertaining currently the rental payable additions and betterments
to the Pennsylvania Station building and service plant made subsequent
to July 1 1928 shall be excluded: the terms of the aforesaid agreement
shall be five years with provisions of its extension from year to year unless
terminated by at least six months' notice by either party to the other;
the rate of interest to be applied on the investment cost of all jointly used
property and facilities, according to the provisions of said agreement
which are not otherwise affected by the changes herein prescribed, shall
be 5% per annum and the joint accounts of the parties shall be credited
currently with all revenues from rents, privileges and concessions within
zones 2 and 3.
"It is ordered, that if within 60 days from the date hereof the Long Island
RR. and the Pennsylvania RR. shall jointly file with this Commission
wr tten notice of the acceptance by them of the foregoing conditions, this
certificate shall take effect and be in force from and after 30 days from
the filing of said acceptance."
The proposed agreement between the carriers submitted in November
1928 and disapproved by the Commission as not just and reasonable would
have increased the Long Island rental by approximately $1,500,000.
On the present basis the Long Island would pay a rental of $2,913,197
for the year 1930. On the proposed basis of the Commission's order the
3 930225.
amount would be $,,
In its report the Commission said:
, "In an effort to meet our criticisms the applicants prepared and subMitted the modified agreement of Dec. 23 1930. The station building
and its service are therein omitted from the facilities for which the Long
Island is to pay rental insofar as interest on investment and taxes are
concerned. The operating cost of these facilities, however, would be
shared, the Long Island paying 1-5th of such cost monthly. To support
the fairness of this proportion the applicants introduced statements showing
a distribution of the time of station employees of all classes.
"No credit to the Long Island is proposed to be allowed for privileges,
rents and concessions in the station on the theory that such an allowance
would be unwarranted when the Long Island is not required to boar any
part of the interest and taxes on the building. In 1930 the gross revenues
to the Pennsylvania from concessions in the station and zone 1 exceeded
S1,000,000. of which approximately 1-3rd was from concessions in the Long
Island Concourse.
"With respect to the track level facilities in all zones and the power
and distribution system the latest agreement provides that the Long
Island shall pay a wheelage proportion of the interest at 5.75% per annum
on the investments as of July 1 1928, together with the same proportion
of operating expenses, maintenance and taxes."
Whitestone Branch Discontinued.
Effective midnight, Feb. 15, the company discontinued service on its
-V. 134, p. 1020.
Whitestone branch.
Louisville & Nashville RR.-Preliminaru Report.
1928.
1929.
1930.
1931.
Calendar Years457
Railway oper. revenues-$87,019,791$112,440,985$133,328,45n135,638,
Railway oper. expenses_ 72,384,608 92,493,837 105,672,237 106,231,041
7,612.563 7,605,176
6,233,951
_ _ 5,485,518
Railway tax accruals_
20,214
23.811
16,422
20,599
Uncollec. railway revs__
793,069
1,345,657
1,095,521
Equipmentrents-Cr_ _ _ 1,052,536
370,042
490,749
785,382
-Dr _
662.278
Joint facility rents
Net ry. oper. income_ $9,519,324 $14,006,913 $20,874,749 $22,205,053
3.251,675
4,024,730
3,722,859
2.369,142
Other income
$11,888,466 $17,729,772 $24,899,480 $25,456,728
Total income
Total interest accrued
10,450,330 10,556.913 10,701,249 10,763.746
369.761
475,464
566,777
Other deductions
398,190
Net income
Dividends
1367
FINANCIAL CHRONICLE
FEB. 20 1932.]
$1,039,946 $6.606,082 $13,722,787 $14,323,219
8,190,000
8.190,000
8,190,000
5.285,000
Income balance_ __ _def$6,304.946defS1583,918 $5,532,767 $8,133,219
$12.24
Earns, per sh. on cap.stk.
$11.73
$5.65
$0.88
.
V•
- 134 p. 1192.
-The
-Defers Preferred Dividend.
Maine Central RR.
directors on Feb. 18 voted to defer the quarterly dividend of
I% due March 1 on the $3,000,000 5% cum. non-voting
pref. stock, par $100. The last regular quarterly payment on
this issue was made on Dec. 1 1931.-V. 134, p. 1192.
Maryland & Delaware Coast Ry.-Foreclosure
Official Cites Bankers' Refusal to Co-operate with Reconstruction Board-Bankers Insist on $11,700,000 Liquidation
The New York "Times," Feb. 17 had the following:
Unwillingness of J. P. Morgan & Co. to co-operate with the Reconstruction Finance Corp. in a plan enabling the Missouri Pacific RR. to liquidate
its indebtedness was cited in correspondence between an official of the road
-S. C. Commission, made public by that body Feb. 16.
and the I.
The correspondence was in connection with an application by the road
to the corporation for a loan of $23,250,000. Among other amounts
covered in the application, one was for the liquidation of $11,700,000 which
had been called for payment on April 1 by J. P. Morgan & Co.
The Commission authorized an immediate loan of $1.500.000, but before
further action was taken it was suggested that the road's representatives
ascertain whether or not the bankers would carry half of the inedlytedness
for as long a time as the Reconstruction Finance Corp. would carry the
other half.
The reply of the bankons was that they were unwilling, and that the loan
must be repaid on April 1, according to a letter from William Wyer, Secretary aod Treasurer of the road. It was addressed to Director Sweet of the
Commission's Bureau of Finance and read:
"Referring to this company's application to Reconstruction Finance
Corp. for loans aggregating $23,250,000, and particularly to that portion
of the application requested for the purpose of paying off bank loans amounting to $11,700,000 and to Mr. Haley's suggestion that we ascertain the
reaction of the holders of these bank loans to a proposition whereby the
Reconstruction Finance Corp. would pay off half of these bank loans on
the understanding that the bankers would agree to carry the remainder for
as long a time as Reconstruction Finance Corp. carried their half of this
accommodation:
"As I advised Mr. Haley tind Mr. Howard yesterday. J. P. Morgan &
Co. the bankers, who hold these notes have indicated that they are unwilling to agree to such a proposition and believe that the n.ites should be
paid on April 1 1932, as of which date they have been called."
Both Mr. Haley and Mr. Howard are memoers of the Commission's
Bureau of Finance.
The Commission, meanwhile, has taken into consideration the request
for the additional amounts.
It was alf13 brought out that the Missouri Pacific, a Van Sweringen
holding, had filed an application with the Railroad Credit Corp. for a loan
of $6,800,000 with which to meet its fixed interest charges.
The application set forth that efforts to borrow the money other than
from the corporation had failed and that the Allegheny Corp. which controls
51% of the railroad's stock, was without funds available for such purposes.
To Lay 35 Miles of New Rail on Texas Properties.
Authority has been granted for laying 35 miles of new rail on Texas
properties of the Missouri Pacific Lines at a cost of approximately $400.000.
according to announcement by President L. W. Baldwin. Materials
for the improvements now are being assembled and the work will be rushed
to completion as quickly as possible, Mr. Baldwin said.
The largest portion of the project, 25 miles, is on the south end of the
line between Houston and Brownsville. Another eight miles is on the
north end of the International-Great Northern, while the remaining two
miles is located on the San Antonio Uvalde & Gulf.
Preliminary Earnings for Calendar Years,
1928.
1929.
1930.
1931.
Railway oper. revenues-$95,268,193 S120187,689 $139807,914 $131576.525
89,009,547 102,903,441 99,091,201
Railway oper. menses_ 70,540.153
5.813.251
5,428.990 6,250,444
Railway tax accruals-- 3,748.471
38,108
38,430
33.664
22.674
Uncoil. railway revenues
Railway open income_$20,9a6,895 $25,715,488 $30,615,599 $26,633.967
3,828.348
4,650,354
3,495,698
2,733,091
-Dr
Equip. rents
1,458,083
1.411,060
1,429,754
-Dr.. 1,414,346
Joint facility rents
Net ry. oper. income316,809,458 $20.790,036 $24,554,185 $21,347,536
5.447,205 4,037,602
4,952,459
5,239,065
Other income
$22,048,523 $25,742,495 $30,001,390 $25,385,139
Total income
163,845
132.890
127.571
127.217
Rent for leased roads_ -20,360,955 18,778,773 17.506,388 15,595,750
Total interest accrued
112.851
144,350
122,538
164.597
Other deductions
Net income
Div.approp's, prof
$1.395,754 $8,713,611 $12,217,763 $9,512,691
1,950,038
3,545,546 4,609,196
2.659,159
Balance, surplus_ - _ -df$1.263,405 $3,168.065 $7,608.567 $7,562,652
828.395
828.395
828,395
828.395
Shs.ann.out.(par $100)
$7.15
Nil
Earns, per sh. con. cam_
$10.46
$3.82
The Pennsylvania Co. for Insurances an Lives & Granting Annuities, -V. 134, p. 1020.
at the main office of the company
Philadelphia, will sell at public auction
Nashville Chattanooga & St. Louis Ry.-Prelim. Earns.
-V.133.
at Denton, Md.,on March 21 the entire property of the company.
Calendar Years1929.
1928.
1931.
1930. •
P. 795.
Railway oper. revenues-$15,140,254 $19,317,453 $23,203,724 $23,335,033
Railway oper. expenses.. 13,580,865 16,343,711 17,397,378 18,127.193
-Preliminary Report.
Minneapolis 8c St. Louis RR.
978,923
Railway tax accruals- -1.081.000
590,550
767.537
1928.
1929.
1930.
1931.
Calendar Years2,139
1.058
4.993
2,383
Total oper. revenue_ _ _ _$10,294,963 $12,725,671 $14,700,506 $14,450,531 Uncoil, railway revenues
Railway open expenses_ 9,297,810 10,827.661 11,831.007 12,381,983
Railway oper.income_ $966,456 $2,201.212 $4.724.288 $4,226,778
789,788
791,852
751,538
534,619
Railway tax accruals__ _
167,332
258,708
-Dr._
373,893
461,532
3.833 Equipment rents
2.222
4,763
Uncollect. railway revs_
3,187
264.826
288.845
284.969
317.291
643.179 Joint facility rents-Cr_
95.371
485,337
-net
271,750
(Dr.)
Hire of equip.
109.470
113,038
109.677
75,891
..it. tacit. rent-net(Dr.)
Net ry. oper. income.. $822,215 $2,112,288 $4,845,801 $4,232,896
420.006
469.150
439,382
355.995
$522.276 Other income
Net ry. oper. income_ $111,706
$546,695 $1,867,015
136,663
150,932
141,191
Non-operating income__
97,772
$1,178,210 $2,551,670 $5.265,807 $4,702.046
Total income
806,506
806,506
806,506
806,506
$658,939 Rent for leased roads_-Gross income
$687,886 $2,017,948
$209,478
849,442
762,829
748,904
734,257
Interest on funded debt _1 3,034,548 f2,050,182
2,467,725 2.005,738 Total interest accrued....
72,522
73,428
74,122
56.872
160,046 Other deductions
158.629
1 130,201
Int, on unfunded debt_ J
213.563
Miscell. income charges_
339.685
138,161
198,364
$922,136 $3.623,948 $2,972,668
df.$419,425
Net income
Net deficit
$1,690,844
$948,091 $1,720,408 Common dividends_ - - - 1.023,892 x1,359,911
$2,963,231
1,120,000
1,120.000
-V. 133. p. 3461.
Balance,surplus..- - -df.$1,443.317 df.$437.775 $2,503,948 $1.852,668
- Shs, cap. stk. outstandMissouri-Kansas-Texas RR. Lines.
-Prelim. Report.
1930.
Calendar Years1929.
1928.
1931.
160,000
160,000
256.000
256,000
ing ($100 par)
$22.64
$18.58
Railway oper. revenues_$34,172,963 $45,948,859 $56,024,439 $56,549,118 Earnings per shire
$3.60
Nil
Railway oper. expenses- 24,419,125 30,225,003 37,456,340 38,933.816
issued Feb. 15
x Does not include stock dividend of 60% ($9,600,800)
3,074,029
3,289,858
2,356,929
Railway tax accruals_ _ - 2,446,507
1930.-V. 134, p. 502.
17,103
17,358
Uncoil, railway revenues
21,044
13.551
Railway oper.income_ $7,288,287 $13,353,376 $15,261.129 $14,523,915
Equipment rents
1,694,031
2,099,230
1,843,080
2,070,238
625,412
Joint facility rents
595,807
703.654
633,060
Net ry. oper.income
Other income
$4,939453 $10,650,081 $12,566,092 $12,204,471
938,765
1,074,967
1,358,882
603,223
Total income
$5,542,776 $12,008,963 $13,641,059 $13,143,238
7,699
4,668
Rent for leased roads _
5,623,791
4,914,775 5,099,118
Total interest accrued-.. 4.901.502
11,032
15,483
11,641
Other deductions
12,992
Net income
Preferred dividends__ _ _
Common dividends
$628,282 $7,082,547 $8,526,240 $7,496,263
4,402,894 3,763,870
4,644,643
3,501,944
2,427,426
Income balance_ _- -def$2,873.662
Shares corn. stock outstanding (no par)- -808,934
Nil
Earnings per share
$10,479 $4,123,348 $3,732,393
808 819
$3.01
808,701
$5.09
808.495
$4.61
Economies to Help Future Earnings-Road in No Need of
Financing.
M. II. Cahill, Chairman, is quoted as follows: "With traffic this year
make a far
equal to that of 1931, earnings of the M-K-T. Lines would last half more
of 1931
favoraole showing than last year. Rigid economies in the
enabled our road to earn its fixed charges and it is in no need of financing."
-V. 134. P. 842.
-L-S. C. Commission Sanctions
Missouri Pacific RR.
$1,500,000 Loan from Reconstruction Finance Corporation.
See under "Current Events" on a preceding page.
-Earnings.
New York Central RR.
For income statement for 3 and 12 months ended Dec. 31 see "Earn-V. 134. p. 1192.
ings Department" on a preceding page.
-Prelim. Report.
New York Chicago & St. Louis RR.
1929.
1928.
1930.
1931.
Calendar YearsRailway oper. revenues.$38,551,359 $46,533,186 $56,385,456 $52,876,520
Railway oper. expenses_ 28,317,786 35,111.798 39,896,885 37,866,536
2,981,124
2,567,618
3,055.400
Railway tax accruals_ -- 2,476,821
5,025
8.305
11.974
6,514
Uncoil, railway revenue..
Railway oper. income $5.750,237 $8,841,795 $13,428,146 $12,020,555
2,317,997
2,707,462
2,714,068
2,703,983
Equip. rents Dr
145.661
248.685
478,975
Joint facility rents
-Dr..
504,156
Net ry. oper. income- $2,542,098 $5,648,754 $10,471,999 $9,556,897
3,215.835 2.760,608
Other income
5,082,997 6.675.247
Total income
$7,625,095 $12,324,000 $13,687,833 $12.317.505
3.904
1.458
258.331
Rent for leased roads_ -211,111
5,780,432
Total interest accrued.... 7,543,316 7.605.918 6.090,685
203.201
156,902
63,006
81.081
Other deductions
df.$210,413 $4,396,744 $7,390,042 $6.378,710
Net income
2.022,421
1,971,969
2,163,087
Preferred dividends__ -- 1,081,545
2.162.872
2,112,076
2,022,541
1.012,231
Common dividends
Income bal. transferred
to profit and loss_df.$2,304,189
Shares of common out319,544
standing (par $100)....
Nil
Earns, per sh,on corn_ _ _
-V. 133, P. 3963•
$211,116 $3,204,749 $2,294.665
337.104
$6.62
337,087
$15.50
337,061
$12.65
1368
FINANCIAL CHRONICLE
[VoL. 134.
New Orleans Texas & Mexico Ry.-Excess Earnings.
-
Holders of about $32,000,000 of underlying
under the plan approved by Judge Way,are divisional mortgage bonds.
Feb. 1
1935, and also agree not to file foreclosure to forego interest untilcertain
proceedings except in
eventualities stipulated in the plan.
The $15.000,000 refunding program will retire approximately 54,000,000
of receivers' certificates due on May 1, and equipment
trust obligations for
1932. 1933 and 1934 amounting to approximately
Norfolk & Western Ry. Co.
Judge Way's order paves the way for Legh R. $10,000,000. Ethelbert
-Preliminary Earnings.
Powell Jr. and
W.Smith,the receivers, to meet still other obligations
Calendar Yearsof the road amounting
1931.
1930,
1929.
1928.
to approximately $1,000,000.
Railway oper. revenues_ $79.854,748
Under the plan approved by the court outstanding
Railway oper. expenses- 50,594,814 S100530.458 $117631.751 $106947,111 trust
Seaboard equipment
59,675,725 66,051,247 66,521,695
certificates, both prior and subordinate lien, maturing between Oct.15
Railway tax accruals_ _ - 8,150.000 9,850,000 10,300,000 9,200,000
1931,and Feb. 1 1935, are to be exchanged for a
Uncoil, railway revenues
receivers'certificate matur5,308
5,437
34,158
7,271 ing Feb. 1 1935. The holders of the 43i% and
5%
receive 534 % interest on the new obligation and the equipment trusts will
.
Railway oper.Income421,104,626 $30,999,296 $41,246,346
rate of the 5% and 6%
-V.134. p. 1192.
Equipment rents-Cr___ 1,909,864 2,590.238 2,972,902 $31,218,145 trusts will remain unchanged.
3.018,143
Joint facility rents
Dr.36.984 Cr.51,325 Dr.11,052 Dr.32,230
St. Louis Southwestern Ry.(Lines)
.-Prelim. Report.
Calendar Years1931.
Net ry. oper.income_ 422.977,506 $33,640.859 $44,208,196 $34,204,056
1930,
1929.
1928.
Railway
Other income
3,125,280 3,578,032 2,935,716
1,901,826 Railway oper. revenues-$17,950,372 $21,881,362 $25.929,565 $25,575.7
65
oper. expenses- 12,659.230 16.944.380
20,114,769
Total income
$26,102.786 $37,218.890 $47,143,912 $36,105,884 Railway tax accruals-.... 1,063.385 1,071,846 1,171,373 19,330.633
1,239,500
Uncoil, railway revenues
Rent for leased roads
6.865
100,453
2,749
99,901
100.380
99,840
5,091
3.312
Total interest accrued_ _ 4,524,292 4.955,871 4,958,320 4,980,421
Railway open
Other deductions
151,857
346,349
298.749
298,576 Equipment rentsincome- $4,220,892 $3,862,387 $4,638,332 $5,002,320
1,211.720 1,250,322
727,919
581,327
401,826
Net income
$21,326,184 $31,816,765 $41,786,461 $30,727,043 Joint facility rents
392,738
374,221
327,530
Common dividends
16,877,796 16.877,796 16,874,536 14,020,370
Net ry. open income._ $2,607,346 $2,219,328
Preferred dividends..--919,692
919,692
919.692
$3,536,192 $4,093,436
919,692 Other income
125,577
183.197
203,040
319,845
Balance
$3,528,696 $14,019,277 $23,992.233 $15,786,981
Total income
$2,732,923 $2.402,525
Com,shares outstanding
Total interest accrued-- 3,002,779 2,825,858 $3.739,232 $4,413.308
(par $100)
1,406,508 1,406,843
2,609,209 2.623,087
1,406,483 1,402,883 Other deductions
22,061
Earns. Tier share on corn22,146
$14.51
$21.97
25,179
$29.05
$21.24
30,859
-V. 134, p. 323.
Net income
def$291,917 def$445,481 $1,104,843 $1,759,362
Preferred dividends_
746,010
Pennsylvania RR.
994,682
-Preliminary Report.
994.682
1931.
Balance
:1930.
def$291,917df$1,191,491
1929.
1928.
$11 0,161
$764,680
Calendar Years-V. 134, p. 1192.
$
$
$
$
Railway oper. revenues.448,090,279 570,465,360 682,702,931
Railway open expenses.352,865,931 427,183,181 493,150,592 650,567,316
Southern Pacific Co.
-To Omit April 1 Distribution
480,171,634
Railway tax accruals-- 29,969,737 35,661,756
40,518,596 37.
846,357 Further Consideration Will Be Taken in May.
-The directors
Uncoil.ry.revenues_ -- _
87,880
147,256
88,726
88,002 on Feb. 17 decided
to omit the quarterly dividend ordinarily
Railway oper.income_ 65.166,731 107,473,167 148,945,017-132,461,323 payable April 1 on the outstanding
$372,381,806 capital
Equipment rents Dr.._ _ 12,612,332 13,340,018
Joint facility rents Dr..- 1.498.593 1,951,592 14,116,524 14,047,210 stock, par $100. On Jan. 2 last a distribution of $1 per
1,688,867
1,116,427
share was made as compared with quarterly payments of
Netry. oper.income... 51,055,806 92,181,557 133,139,626 117,297,686
Other income
48.036.336 55,266,677 48,791,500 44.535,658 $1.50 per share from Oct. 1 1907 to and incl. Oct. 1 1931.
The following statement was issued following the meeting
Totalincome
99,092,142 147.448,234 181.931.126 161.833.345
Rent for leased roads.. _ - 48,854,937 49.791,721 50,442,830 48.585,352 of the board:
At the regular meeting of the board of directors held on Feo. 17 no action
Total interest accrued... 28,271.970 27,257,762 28.654.082 29,266,268
Other deductions
2.023,736 1,588.933 1.455,696 1,474,111 was taken upon the quarterly dividend usually payable on April 1 of each
year. It was decided in view of the continued decline in the revenues of
Netincome
19,941.499 68,809,817 101.378,518 82.507,613 the company resulting from the reduction in the volume of freight and
Dividend
36,161,805 52,030,987 46,835,965 38.171.621 passenger traffic to postpone consideration of further dividend declaration
until the regular meeting of the board in May, by which time it is hoped
Income balance ---def16,220,306 16,778,831 54,542,553 44.335,992 that a better understanding of the trend of traffic for the remainder of the
Shares capital stock_ _ _ _ 13,162,699 13.038,711 11,495,128 11,233,479 year can be reached.
-V. 134, p. 842, 673.
Earns. per share
$1.51
$5.28
$8.82
$7.35
a Includes West Jersey & Seashore RR. earnings for last six months.
Southern Ry.-Bonds Authorized.-Prelim. Earns.
-V. 134. p. 1192.
The I.
-S. C. Commission on Feb. 6 authorized the
not exceeding $42,769,000 of develop. & gen. mtge. 40company to issue
7 gold bonds, the
Pere Marquette Ry.-Preliminary Report.
bonds or any part thereof to be pledged and repledged from
Calendar Yearsto and incl. Dec. 31 1933 as collateral security for any note ortime to time
1931.
1930.
notes which
1929.
Railway operating revenues
$27,344,681 $37,216,378 $48,468,439 the applicant may issue within the limitations of Section 20a (9) of the
Railway operating expenses
23,132,174 29,030.270 34,34b,301 Inter-State Commerce Act.
Railway tax accruals
The report of the Commission says in part:
1,745,196 1,942,719 2,962,195
The applicant filed a statement showing its cash on hand on Jan. 1 1932
Uncoil, railway revenues
7,140
10,805
10,534
Equipment rents
538,034
971.033
1,124,369 and a forecast of its cash receipts and disbursements from Jan. 1 to July 1
Joint facility rents
1932. The statement
637,573
720,386
752,624 after the reservation indicates that for the period given the cash resources,
of necessary working capital, will fail to cover the
Net railway operating income
$1,284,564 $4,541,164 $9,273,417 disbursements by $5,555,140. It is stated in substance that the deficiency
Other income
may exceed this amount, and that, while no attempt has been made to
606.826
560,752
877,372 forecast
requirements after July 1 1932, they will probably continue to
Total income
$1,891.390 $5.101,916 $10,150,786 exceed resources. To meet its cash requirements as the need arises, the
Rent for leased roads
98,878
92,165
85,282 applicant proposes to issue short-term notes under Section 20a (9) of the Act.
Total interest accrued
The applicant desires authority to pledge, as collateral security for the
3,596,037 2,932.399 2,563,963
Other deductions
59,556
62,336
28,262 short-term notes which it proposes to issue, the whole or any part of $42,769,000 of its develop. & gen. mtge. 4% gold bonds, which are now in
Net income
def$1,863,081 $2,015,016 $7,473,279 its treasury. Of these bonds, $10.675,000 was drawn down prior to
Preferred dividends
886,088
1,181,450 1,181,450 the effective date of Section 20a, and the remaining $32,094,000 was drawn
Common dividends
675,690 3,603,680 3,603,680 down subsequent thereto.
At the present time these bonds are quoted at approximately 50, but the
Balance
def$3,424,859df$2,770.114sur$2688,149 quotations within the past few weeks have been as low as 27. In view of
this. it is necessary for the applicant to have available for pledge a greater
principal amount of bonds than would ordinarily be required.
Pittsburgh & Lake Erie RR.
-Earnings.
-Preliminary Earnings for Calendar Years.
For income statement for 3 and 12 months ended Dec. 31 see "Earn1931.
1930.
1929.
ings Department" on a preceding Page.
1928.
-V. 133, p. 3462.
$
Ry. operating revenues.. 97,715,111 118,868,608 143,183,948 144,116,452
-Preliminary Earnings.
Reading Co.
Ry. operating expenses- 79,783,959 89.162,916 102,701,568 101.887,718
Railway tax accruals_ _ _ 7.311.318 8,383.821
Calendar Years.1930.
1931.
1929.
1928.
9,320.686 9.579,113
Ry. operaang revenues_$70,614,089 $86,922,614 $97,196.955 $96,454,889 Uncoil. ry. revenues_ - 20,340
11,518
28.577
19,267
Ry. operating expenses.. 59,025,460 72,160,861 75.929,796 74.199 435
Ry. operating income-$10,599,494 $21,310,353 $31.133,117 532,630,354
Railway tax accruals _ 2,286,225 2,292,960 4,439,921 4,837.406
Uncoil.ry.revenues--4,711
14.205 Equipment rents
1,260,785
2,928
1,580
624,311
107,159
832,987
Joint facility rents
1,057,603
977,879
994,981
954,812
By.operating income_ $9,300,824 $12,464.082 $16,824,310 $17,403.843
Net ry. oper. income.. $8.281,106 $19,708,163 $30,030,977 $30,842,555
Equipment rents
Cr8,526 Cr235,639 Cr223,823
Dr506,013
Other income
136,572
3,547,690 7,236,159 5,785,191
Joint facility rents, Cr
109,260
171,899
199.892
6,382,900
Total income
$11,828.796 526,944.322 $35,816,168 $37.225.455
Netry.oper.income- $8.994,703 $12,644,507 $17.196,521 $17,736,926
Rent for leased roads_
2,730,099 2,601,920 2,698,169 2,890,670
Otherincome
3,858,434 4,921,498 6,953,343 6,552,709
Total interest accrued
14.538,126 14,811,320 14,588,025 14,656,796
170.384
Total income
404.569
$12.853,137 $17,566,005 $24.149,865 $24,289,635 Other deductions
401,186
410,856
Rentfor leased roads_ -- 3.271,861 3,287.831 3,337.245 3,260,966
Net income
def$5,609,813 $9.126,513 $18.128,788 519,267,133
Total interest accrued... 5,601,435 5,177,595 4,713.075 4,905,541
Shs. corn.stk. (par $100) 1,298,197
1,298,200 1,298.200 1,298 167
Other deductions
637,308
590,803
637,952
664.913
Earnings per share
Nil
$4.72
$11.65
$12.53
Net income
$3,314,928 $8.462,627 $15,508,741 $15,485.820 -V. 134. p. 673.
Common dividends
4,899,237 5,599,128 5.599,128 5,599.128
Toledo Peoria & Western RR.
-Preliminary Report.
Preferred dividends..
- 2,798,474 2,798,474 2,798,474 2.798,474
Calendar Years1931.
1930.
1929.
1928.
Railway oper. revenues_ $1,612,972
Balance,surplus... _df$4,382,783
$65,025 $7,111,139 $7.088,218 Railway oper. expense__ 1,322,132 $1,992,631 82,273.630 $2,179,189
Shs.COM.outst.(par 150) 1,400.000
1.496,861
1,691,104 1,643,700
1,399,782 1,399,782 1,399,782 Railway tax accruals,&c.
51,441
66,291
82,292
Earn.per share ofcorn_
63,388
$9.06
$9.08
$4.05
$0.37
-V. 134. P. 1192.
Railway oper.income.. $239,399
$429,478
$500,235
$472,101
Equipment rents-Dr
116,256
Rutland Railroad Co.
142,380
171,500
177,088
-Earnings.21,151
24,808
30,959
For income statement for 3 and 12 months ended Dec. 31 see "Earn- Joint facility rents-Cr_ _
13,734
ings Department" on a preceding page.
-V. 133. P. 3462.
Net ry. oper. income.. $144,294
$311,906
$359,695
$308,748
St. Louis-San Francisco Ry.-Seeks Aidfrom Credit Pool. Other income
14,379
16,150
15.561
9,965
The company has applied to the Reconstruction Finance Corp. and the
Total income
$158,673
$328,057
$375,256
$318,713
Railroad Credit Corp. for two loans totaling $13,700,000, E. N. Brown,
90,738
97.224
92,234
73,082
Chairman of the board of the Frisco, has announced. The larger portion Total interest accrued
504
3,563
of the total has been sought from the Reconstruction Finance Corp. al- Other deductions
1,730
3,048
though the exact amount of each application has not been made known.
Balance, surplus
$67,431
3281,293
$227,269
$242,582
The purpose of the loans, whose receipt would be spread out over the
entire year, is to meet equipment trust payments and for other corporate -V. 132, P. 4405.
Purposes. An equipment trust maturity of $539,000 falls due on April 1.
Toronto Hamilton & Buffalo Ry.-Earnings.-V. 134, p. 1192.
For income statement for 3 and 12 months ended Dec. 31 see "EarnSeaboard Air Line Ry.-To Issue Receivers' Notes
ings Department" on a preceding Page.
-V. 133, p. 3462.
The I. C. Commission has
-S.
income of the Gulf Coast Lines issued a tentative report covering the excess
over the years 1920 to 1923 inclusive. The
report found that for the last four months of 1920 the Gulf Coast
Lines had
$153.645 excess income, none in 1921. $381,860 in 1922 and $1,252,256 in
1930, of which one-half is payable to the Government.
-V.134, p. 1192.
Court Orders Refunding of Equipment Trust Certificates.
-
An order approving an application of the receivers to issue $15,000,000
receivers'
In
certificates in a refunding more designed to take care of the
road's obligations for the next three years has been entered by Judge
Luther B. Way in U. S. District Court at Richmond. Va. Under the new
Plan interest will be paid only on the receivers' certificates.
Ulster & Delaware RR.
-Interim Distribution to Bondholders.
The committees representing the first consolidated mortgage 5% bonds
and the first refunding gold mortgage 4% 50
-year bonds of the company
are notifying bondholders that an interim distribution of the funds in their
FHB. 201932.]
FINANCIAL CHRONICLE
bands resulting from the sale of the properties of the Ulster & Delaware
to the New York Central is available. This interim distribution amounts
to $570 in respect of each $1,000 principal amount of consolidated minds
represented oy certificates of deposit and $360 in respect of each $1,000
principal amount ofrefunding bonds represented by certificates of deposit.
Payment of the interim distrioution Will be made on and after Feb. 18
1932 to holders of certificates of deposit for the consolidated bonds by
Central Hanover Bank & Trust Co., depositary, 70 aroadway, N. Y. City,
and to holders of certificates of deposit for the refunding bonds by Guaranty Trust Co. of New York, depositary, at its principal office. 140 Broadway, N. Y. City, in each case upon presentation of the respective certificates of deposit for notation thereon of the payment made.
-V.134, p. 1192,
673.
1369
Boston Elevated Ry.-Earnings.Calendar Years1931.
1930.
1929.
1928.
Total revenue
$29,855,107 $32,510,721 $34,096,623 $34,843.148
Operating expenses
Way & struc.(maint.)_ _ 2,330,941
2,351,922
2,336,088
2,663,665
Removal of snow & ice_
61,942
55.377
76.930
57,279
Equipment (maint.)
2,650.037
2,769.131
2,819.257
2,963,457
Power (operating)
1,388.403
1,580,540
1,776,760
1,783,480
Power (maintenance)
293,398
350,633
250.694
297,725
Transportation (oper.)- 10,143,076 10.735,975 10,892,280 11,167,506
Traffic (operating)
22,744
58,007
22,253
General and miscel
2,731,238
2,787,048 2.972,430 3,262:626
Depreciation
2.628,969 2.839,342
2,878,055
2.671,142
Total
$22,250,748 $23,527,975 *24,024.747 *24,900,189
Operating ratio
74.53%
72.37%
70.46%
71.46%
•
Wabash Ry.-I
:S. C. Commission Sanctions $7,173,800
Loan from Reconstruction Finance Corporation.-See under
.
"Current Events" on a preceding page.
-The National
Brooklyn Edison Co.
-Bonds Sold.
Receivers Authorized to Issue $7,173,800 Certificates of Co. on Feb. 18 offered at 97 and int., yielding about City
54%
Indebtedness.
$25,000,000 gen. mtge. gold bonds, series E 5%. The issue
The receivers have been authorized by Federal Judge Davis to issue
was oversubscribed the day of offering.
certificates of indebtedness not to exceed $7,173,800 of a total issue of
$8,750000, to be used for payment on account of principal and interest
Dated Jan. 1 1932;-due Jan. 1 1952. Interest payable J. & J. 1 at City
of equipment trust obligations and various debts of the company. Cer- Bank Farmers Trust Co., New York. Denoms.c* $500 and 81.000 and r
tificates will be dated Feb. 1, to be payable Feb. 1 1933, and bear 6% in- $1,000, $5,000 and $10,000. Red., all or part, on any int. date prior to
terest, payable semi-annually.
maturity, upon 30 days' notice, at 105, to and incl. Jan. 1 1936; at 104
• The petition was filed by Nat. S. Brown, general counsel to the re- thereafter to and incl. Jan. 1 1940; at 103 thereafter to and incl. Jan. 1
ceivers, and stated in part:
1944; at 102 thereafter to and incl. Jan. 1 1948, and thereafter at 101,
• "It is proposed to extend credit up to $7,173,800, of which $2,173,800 plus interest. Central Hanover Bank & Trust Co., New York, trustee.
will pay principal and interest on equipment trust obligations now in arrears
Listing.
-Application will be made to list these bonds on the New York
or maturing prior to June 1 1932, and $5,000.000 will pay debts of Wabash Stock Exchange.
accrued within six months prior to Dec. 1 1931, which are of a character
Issuance.
-Authorized by the Public Service Commission of the State
ordinarily treated as preferential in railroad receivership proceedings." of New York.
-V. 134, p. 1020, 844.
Legal Investment for savings banks in New York, Mass.. Penn., New Jer•
sey. Conn., Maine, New Hampshire. Vermont, Rhode Island, Minn.,
Wheeling & Lake Erie Ry.-Would Cut Passenger Service. Mich., Calif. and Wash.
The company has petitioned the Ohio Utilities Commission for authority
Data from Letter of John C. Parker, President of the Company.
to abandon all its intrastate passenger service in Ohio. The road declared
Business.
-Company does all the electric light and power business in the
that passenger service had fallen far below the necessary requirements for Borough of Brooklyn, N. Y., serving a population in excess of 2,500,000.
petition states, the company
maintaining adequate service. In 1902, the
Company was incorp. in 189111 and is one of the oldest of its kind in the
carried 1,209,213 passengers, while in 1930 there were only 70,563.- world. The business has had a remarkable growth, the total sales having
V. 134, p. 1021.
increased from 381,232,300 kwh. in 1922 to 1,091,850,951 kwh. in 1931.
The total number of connected meters increased from 278.214 at the end
of 1922 to 839,632 at Dec. 31 1931.
The company operates under franchises which, in the opinion of its counPUBLIC UTILITIES.
sel, are without time limit and are free from burdensome restrictions.
PUBLIC UTILITY INDEX.
Security.
-Bonds ($55,500,000 outstanding, including this issue) are
Matters Covered in the Chronicle of Feb. 13.-(a) Production of electricity secured by a direct mortgage on all property and franchises of the comIn the United States during the week ended Feb. 6 1932 declined 5.4% as pany, now owned or hereafter acquired, subject to 811,951.000 prior liens
compared with corresponding period in 1931. p. 1096.
of closed underlying mortgages.
-The operating properties of the company, exclusive of working
Equity.
-New Director
- capital and miscellaneous assets, represent an investment of about 8217.American Telephone & Telegraph Co.
000,000, against which there will be presently outstanding only $67.451,000.
Regular Quarterly Dividend Declared.
W. Cameron Forbes has been elected a director, sucronding Jeremiah principal amount, of bonds.
Dividends on the stock of the company, over 99% of which is now owned
Smith Jr., resigned.
Co. of New York, have been paid without interThe directors on Feb. 17 declared the usual quarterly dividend of 234% by the Consolidated Gas years, the rate since 1904 having been 8% per
of record Mar. 12. ruption for the past 31
on the capital stock, par $100, payable April 15 to holders
annum.
-V. 134, p. 1193.
Earnings for Calendar Years.
Net Earnings
-Output Falls Off.
Associated Gas & Electric Corp.
Interest on
After AU
Gross Earnings
For the week ended Feb. 13 1932, the Associated System reports electric
Including Expenses, Taxes and Funded and
output, excluding sales to other utilities, of 51,176.965 units (kwh.), a
Other Income. Retirement Expense. Unfunded Debt.•
decrease of 6.0% under the corresponding week of 1931. Residential sales
* 2.123.755
$6,229,163
819,326.489
ofelectricity continue to show a smallincrease, but this increase is more than 1922
1,955,926
7.670,329
23,422,312
1923
offset by the decreased use of power this year by industrial customers.
2,133,037
9,192,048
26.030,840
1924
Gas output for this week totaled 340,692,000 cubic feet, a decrease of
2.475,413
9,880,295
29,887.300
12.9% under the same week of last year. The decreases in gas output 1925
2,485,941
11,583.867
•
34,223,327
are due to a large extent to the warmer weather and to general industrial 1926
2,528,717
12,565,095
37,198.758
1927
curtailment.
2,496,295
14,659,002
40,360,455
1928
2,529.760
Gains 29,150. New Line Customers.
16,464,028
43.283.063
1929
2.863,889
Extension of electric lines and gas mains and the wiring and piping of old 1930
17,554,221
45,983,313
2,781.392
and new houses on existing lines added 29,150 new customers to the number 1931
17,182.175
48,246,610
served by the Associated System, it is revealed in the 1931 report of the
* Including amortization of debt discount and expense.
System's new business department. Of these new customers, 23,711 use
For the year 1931. net earnings, after all operating expenses, taxes and
electricity, 5,439 gas. The total of System customers at Nov. 30 1931 $4.551.408 of retirement expense, were $17,182,175, compared with $3.was 1,443,706.
381.560 annual interest charges on the aggregate funded debt outstanding,
Activities of the new business department during the year secured an Including this issue.
additional estimated annual revenue of $5,839,326 for the System in sales
Property -Company Owns and operates 3 power stations, with a comof electricity and gas. New electric sales of $4,910,705 are derived from the bined generating capacity of 799.500 kw.,including the 160.000 kw.capacity
following sources: use of domestic appliances, better lighting and new unit which was completed and put in service In January 1932, at the Hudson
customers, $1,625,659: industrial heat, light and power, $1,672,545; com- Avenue Station. An additional unit of 160,000 kw. capacity is being inmercial heat, light and power, $1.436,043; street lighting, $176,458. Gas stalled for operation in the spring of 1932. This will be the 8th unit at this
salts of $928,621 come from use of new domestic appliances and new cus- plant, and will mark its completion with a total capacity of 770,000 kw.
tomers, $446,936; industrial use, $86,462; house heating. $190,691; com- A strategically located plot of ground is owned, to be used as the future
mercial, $204,532. The increases in revenues during 1931 as a result of site of a fourth power plant. Company owns a parcel of land on the
these sales were offset to a large extent, however, by decreases in Industrial water front of Staten Island, which is used for coal storage purposes,
consumption due to widespread curtailment of manufacturing activities. being fully equipped with modern devices for handling and storing coal.
The sales of appliances, including refrigerators, water heaters and ranges
Twenty-two sub-stations of the company are interconnected with its
was $6,169,515.-V. 134, p. 1193, 1021.
generating plants and with the system of the New York Edison Co. and
the United Electric Light & Power Co., thus assuring continuity of service
-Earnings.
Bangor Hydro-Electric Co.
of the highest standard. The electric distribution system of the com1928.
Calendar Years1931.
1930.
1929.
pany includes over 20.100 miles of mains and feeders, of which more than
K.w.h.generat.& distrib 106550.576 93.481,043 83,987.596 78,297,925 65% are in underground conduits. All of the properties are well con$2,259,835 $2,230,382 $2,086,393 $1,981,197 structed and are maintained and operated at the highest standard of effiGross earnings
720,840
705,658 ciency.
745,885
761,133
Operating expenses
202.900
239,000
249,125
224.600
Taxes
Present Financing -Proceeds will be used to reimburse the company
257,842 in part for large capital expenditures. Upon the application of such proInterest
295,578
232,099
212,017
Depreciation
135,176
130,397
127,038
123.562 ceeds, the company will not have any floating indebtedness other than that
incident to current operations.
8691,235
Net profit
$844,196
$857,628
$801,898
Capitalization Upon the Completion of This Financing.
284,449
270,093
Preferred dividends_ _ _ _
299,500
253,036
*125.000.000
425.729
Common dividends
433.122
390.332
237.889 Capital stock, 1,250.000 shares ($100 par)
30.500,000
Gen. mtge. bonds: Series A, 5%, due Jan. 1 1949
Balance, surplus
*147.450
$141,473
$200.310
$111,574
25,000,000
Series E, 5%', due Jan. 1 1952 (this issue)
Consolidated Comparative Balance Sheet Dec. 31.
Edison Electric Ilium. Co.of Brooklyn, 1st Consol. mtge.4s 39 4,275.000
Kings County Electric Light & Power Co.. 1st mtge. 58 1937.. 2,500,000
1931.
1931.
1930.
1930.
Kings County Electric Light & Power Co., purchase money
Liabilities$
Assets$
$
5.176.000
mtge.6s 1997
Plant & property _16,996,032 15,564,563 7% pref. stock._ 2,498.200 2,498,500
38,076
Investments
41,767 6% pref.stock__ 2.163,900 1,980.800 -V. 134, D. 1021.
280.910
Cash
332,683 Common stock__ 5,425,500 5,379,800
-Omits Class A Dividend.
21,804
Notes receivable
11.209 Funded debt
5,916,000 4,690,000 'Central Public Service Corp.
Accts. receivable__ 378,013
438,961 Accts.& wages Pay
26,501
The directors have voted to omit the quarterly dividend ordinarily
12 433
.
Material & suppl-- 267,602
289,943 Dividends payable
75,904
73,003 payable about March 15 on the class A stock, no par value. In each of the
Other curr. assets.
43,997
47,016 Accrued interest
56,213
56,039 two preceding quarters a distribution of 144% in stock was made on this
Unadjusted debits
82,274
90,746 Accrued taxes
9,261
64.918 Issue, as against 24% in stock previously.
-V. 134, p. 324.
Other curr. liab
32,399
31,886
Chicago Surface Lines.
-Obituary.
Unadjust. credits_ 757.146
782,219
Surplus
1,161,752 1,233,222
President Henry A.Blair died on Feb. 15 at Chicago,111.-V. 132, p. 3712
•
Total
18,108,708 16,816,888
-V.132. p. 1615.
Total
18,108,708 16,816.888
Bell Telephone Co. of Pa.
-Balance Sheet Dec. 31.-
1931.
1930.
Assets$
$
Telephone plant
& equipment _ 314,033,408 302,740,011
639,600
680,300
Invest.securities
953,999
611,649
Miscell.invest__
63,515
39,015
Marketable secs.
Cash & deposits 1,371,443 1,383,052
602,671
10,972
Bills receivable_
Accts.receivable 6,185,508 5,920,019
Mat'l de supplies 1,263,205 1,663.988
2,971
824
Accr.I.not due
954,414 1,125,276
Sink.fund assets
Prepayments _ _ _ 1,024,340 1,129,902
Unamort. debt
dim.& exP--- 2,505,528 2,633,619
Other def. debits 1,103,660 1,015,588
330,718,315 318,940,163
Total
-V.134, P. 1193
.
Net earnings for the month of January 1932 showed an increase over
the same period last year, it is announced. Gains were also shown in net
to stocks and reserves and net to common stock and reserves. (See "Earnings Department" on a preceding page.)
Public utility properties of the company report a continued increase in
the domestic consumption of electricity and at the end of January there
were indications of a revival of industrial activity in some of the larger
towns served by the company.
In January the oil producing properties of the company continued their
policy of holding new developments to a minimum. Cities Service Co.
subsidiaries have the greatest potential production of crude oil in their
history.
A contract was closed during January under which the Orange State
Oil Co. will have the exclusive sale of Cities Service petroleum products
In the State of Florida. This company operates 104 tank and service
stations located from Key West to Palm Beach, with terminal and storage
facilities in Miami Harbor. Gasoline and oil products will be supplied
from refineries of Cities Service Co. subsidiaries.
The latest compilation of the 521,686 Cities Service common stock330,718,315 318,940.163 holders shows that owners reside in every State in the Union and in more
than 50 foreign countries.
1931
1930.
Liabilities$
$
Common stock _110,000,000 90,000,000
Preferred stock_ 20,000,000 20,000,000
Prems. on cap.
95,237
95.237
stock
Funded debt_115,506,320 127,513,844
Accts. Payable_ 3.783,343 4,275,551
Subscrlb. dep.- 1,204,763 1,190,891
Accr. habil. not
due
6,087,801
5,556,818
0th. det. credits
77,783
70,593
Rmerve for accr.
depreciation _ 50,171,735 47,038,721
Res.for amort.ot
358,300
352,615
Intangible cap
Corporate surp_ 23,433,035 22,845.894
Total
Cities Service Co.
-January Earnings Show Gain Over
Last Year
-Common Stockholders Increase-Regular Dividends.
1370
FINANCIAL CHRONICLE
Regular monthly dividends on preferred, preference BB, preference B
and common stocks were announced, all payable April 1 to holders of
record March 15.-V. 134, p. 674.
Columbia Gas & Electric Corp.
-Earnings.
-
For income statement for three and 12 months ended Dec. 31 see "Earnings Department" on a preceding page.
-V. 134. p. 845.
Consumers Gas Co. of Toronto.
-7'o Issue Stock.
-
The company on Feb. 17 announced an additional issue of $1,250,000
capital stock, bringing the total issued to $14.500,000 out of 825,000,000
authorized under its charter. The stock will be sold by tender. The
purpose is to retire bank loans incurred in the last two years on account
of capital expenditures.
-V. 133, p. 3787.
Detroit Edison Co.
-Earnings.
-
For income statement for 12 months ended Jan. 31 see "Earnings Department on a preceding page.
-V. 134. p. 1022.
Diamond State Telephone Co.
-Earnings.
Calendar Years1929.
1928.
1931.
1930.
Telephone oper. revenue $1,994,227 $1,978,539 61,850,305 $1,656,241
Telephone open expenses 1,268.718
1,303,035
1,315,352
1,135,268
Uncoil. oper. revenues__
11.929
6,236
11,095
8,954
Taxes assignable to oper.
150,005
134,394
122,621
132,600
Total oper. income__ _
Net non-oper. income_ _
$564.409
3,632
$529,182
9,782
$406,096
40.869
$379,419
13,390
Total gross income_ _ _
Rent & miscellaneous_ _ _
Interest
$568,040
54,699
38,689
$538,964
40,156
130,310
$446.965
35.808
114,057
$392,809
34,383
13,523
Net income
Preferred dividends- - Corn. dividends (8%).-Other approp. ofincome.
$474,653
32,500
400,000
$368,498
32,500
260,000
5,000
$297.099
32,500
200,000
$344,903
32,500
200,000
1,748
Vorm 134.
Earnings of Iowa Southern Utilities Co.(Del.) and Subs.for 12 Months EndeW
Dec. 31 1931.
Gross income
.4.738,833
Operating expenses,incl. maintenance & local taxes
2,502,351
Net available for interest, depreciation, &c
$2,236,482
Annual int, require, on mtge.debt* (Incl.8% hit. on 61,405,000
Burlington Ry. Light bonds)
879,073
Balance
$1,357,408
* Includes annuli interest requirements of $138,000 on mortgage debt
of subsidiaries outstanding with public.
-V. 139, P. 3878.
Indiana Electric Corp.-Merfrer-Gonsurrtmaterf.--
he merger of this gsrporation into the Public Service Co. of Indiana
has been consummated trbrannounceth
The Indiana Electric Corp. on Jan. 1 1931 acquired the properties of
eight companies serving the same general territory in central and. western
Indiana. Now it in turn is merged into the Public Service Co. of Indiana,
formerly the Interstate Public Service Co., which serves a large section of
central and southern Indiana.
Combined annual operating revenue of the two companies during 1931
amounted to approximately $15,000,000.
To effect the merger, pref. and common stocks of the Indiana Electric
Corp. were exchanged for common stock of the Public Service Co. of Indiana. The Central Indiana Power Co., a holding company
the Midland United Co., which owned the pref. and common subsidiary of
stocks of the
Indiana Electric Corp., thus becomes a substantial common stockholder
of the Public Service Co. of Indiana.
As a result of the merger, the Public Service Co. of Indiana will now serve
275 communities in central and southern Indiana, including Terre Haute.
New Albany, Jeffersonville, Vincennes, New Castle, Columbus, Franklin,
Shelbyville, Connersville, Lafayette, Bedford, Bloomington, French Lick
and West Baden with electricity or gas or both.
-V. 134, p. 325.
Laclede Gas Light Co.
-Dividend Rate Decreased.-
The directors have declared a quarterly dividend of 134% on the common
stock, par $100, payable Mar. 15 to holders of record Mar. 1. During
Bal. for corp. surplus_
$42,153
$70,998
$110,655 the years 1928, 1929 and 1930, the company made quarterly distributions
$64,599
of 2%% on this issue, while during 1931 four quarterly dividends of 2%
Comparative Balance Sheet Dec. 31.
were paid.
Assets1931.
1930.
LtwAltties1931.
1930.
This company is planning to acquire the Missouri Industrial Gas Co.
Land dr buildings- 8628,224 8618,856 Common stock-- -85,000,000 84,000,000
Telephone plant &
from which it will obtain natural gas. Both companies are controlled by
Prefered stock_ ___ 500,000
500,000
equipment
7,168,116 7,024,610 Prem.on cap.stock
1,764
1,764 the Utilities Power & Light Corp.
General equipment 141,925
At the annual meeting of the Laclede company a proposal to reduce the
144,725 Adv. from system
Other investments 180,369
180,369 corporation- - -- 455,000 1,495,000 number of directors to 10 from 12 was approved. E. 1'. Gosling_ was
Cash and deposit.
32,046
45,300 Notes
160,900
139,436 elected to the board, succeeding George B. Evans, retired. W. S. Dodd
Accounts receiv_ _ _ 199,199
253,089 Accounts payable_ 132,374
-V. 134.
123,865 and W. 11. Witten also retired, the vacancies not being filled.
Materials & suppl_
p. 1194.
55,046
88,161 Subscribers' depAr
Prepayments
15,483
14,356
service billed In
Michigan Bell Telephone Co.
Other def. debits._
2,284
-Earnings.2,324
advance_ _ _ ____
78,680
76,963
Accrued liabilities
Calendar Years1931.
1930.
1929.
1928.
not due
92,629
80,150 Telephone oper. revenue$38.831.493 $41,502,997 $41,802,593 $37,041,824
Def. credit items
13,326
14,318 Telephone oper.expenses 27,968,182 30,679,662 28,930.849 25,221,612
Reserve for accr'd
depreciation_ _ _ _ 952,163
Net tel. oper. rev_ _ _ _$10,86'3,312 $10,923,335 $12,871,744 $11,820,312
055,865
Reserve for amortiUncollectible oper. rev__
544,000
535,166
222,083
221,212
zation of intangiTaxes
3,672,267
4,104,311
3,840,598 3,725,114
ble capital
20,195
20,900
Surplus
1,015,662
Operating income.... $6,647,045 $6,283,858 88,809,063 $7,873,980
964,430
Net non-oper. revenues_
270,802
368,010
252,224
337,006
$8,422,692 88,372,691
Total
Total
88,422,692 $8,372,691
Total gross income- -- $6,917,846 $6,651,868 $9,061,287 68,210,991
-v.133. P. 2927.
Rent & misc. deduc'ns
371,617
621,969
586,331
318,824
Dominion Gas & Electric Co.
Interest deductions
-New Directors.
2,616,210
2.472.217
1.503.461
2,462,246
H. W. Briggs, Herbert L. Nichols, Ralph P. Buell and E. A. Harden
Net income
8,1,910,019 63,557,683 $6,012,710 86.388,706
have been elected directors. Mr. Briggs and Mr. Nichols are two of the Dividends
4,400,000
5,000,000 6,800,000 6.800.000
receivers for American Commonwealths Power Corp. Mr. Buell is a
Balance, deficit
$469,981 61,442,318
$411,294
member of the law firm of Graham, McMahon, Buell and Knox, while
$787,290
Shares of capital stock
Mr. Harden is associated with G. E. Barrett Ss Co.
outstanding (par $100) 1,100.000
1,100,000
850.00G •
Frank T. Hulswit, President of American Commonwealths Power Corp.
850.000
Earns, per sh.on cap.stk.
63.57
$3.23
$7.51
David A. Belden and Albert Vermeer resigned from the directorate.
$7.07
In addition to the four new directors elected to the board Gas & Electric
Comparative Balance Sheet Dec. 31.
Co., Ltd. yesterday, there are seven others, viz.: E. G. Diefenbach,
1931.
1930.
1030.
1931.
President a G. E. Barrett & Co.; L. A. Eddy Jr. of American Utilities &
Assets$
Liatilitles'
General Corp. E. W. Niver, of Halsey, Stuart & Co.; Alva F. Traver, Land &bldgs_ _ _ 22,718,064 22,684,655
stock...110,000,000 110,000,000'
'
Fred W.Seymour, P. M. Chandler. and 0. J. Yorath.-V. 133. p. 953.
Telephone plant
Bonds
1,438,800 1,448,300
& equipment _153,891,780 151,619,355 Land contracts76,507
58,175
Drydock East Broadway & Battery RR.
-Extension of Gen'l equipment 3,163,322 3,510,161 Advs. from sysInvest.securities
522,663 tem corps_ _
510,723
39,940,000 38,790,000
Time for Deposits of Bonds.
M
Invest_ _
537,464
394,985 Notes
3,139,205 2,540,038
The committee for gen. mtge. bonds states: "More than a majority of Cash & deposits.
73(1,526
642,296 Accts. payable_ 1,832,195 2,142,029
the bonds having been deposited, notice is hereby given that March 16 Marketable secs.
21,
25,161 Subscr's' dopes.
1932 has been fixed by the bondholders' protective committee as the final Bills receivable_
239,138 & service billed
262,980
--V. 133, p. 3787.
date for the deposit a bonds."
Accts.receivable 3,965.770 4,151,169 in advance...
863,245 1,228,786
Mat'is & suppl's
594,017
674,026 Accr'd liabilities
--Engineers Public Service Co.
----Reduces Dividend.
not due
-The Accr'd income,
4,078,898 4,284,378
not due
13,481
11,303 Def'd creditems
226,709
483,786
directors on Feb. 18 declared a dividend of 35 cents per share Sink. Id. assets_
3.538 Res've for accr'd
8.080
on the common stock, payable April 1 to holders of record Prepayments_ __ 280.552
331,074
depreciation - 23,264,986 21,282,222
0th. def'd debits
86,064 Res've for amort
249,923
March 17. Distributions of 40 cents each were made on this
of 1ntang. cap.
60.073
48,997
issue on Jan. 2 last and on Oct. 1 1931 and one of 50 cents
Corp. surplus- - 2,053,608 2,570,445
per share on July 1 1931, while from July 1 1930 to and
incl. April 1 1931 quarterly payments of 60 cents per share
were made.
-V. 134, p. 845, 325.
-Class B Stock to Be Sold.
Federal Water Service Corp.
-
Total
186,953,895 184,805,589
-V. 133, p. 287.
Total
186,953,895 184,895,581)
iddlesex Water Co., Elizabeth, N. J.
-Smaller Div.
-
The directors have declared a quarterly dividend of 75c. per share on the
The class B shares of the corporation will be sold at auction by Adrian common stock, payable March 1 to holders of record Feb. 20. Previously H. Muller & Son at noon Feb. 25, along with other collateral securing loans the company made regular quarterly payments of $1 per share on this issue.
advanced to the Tr -Utilities Corp. by the Chase National Bank and Central -V. 126, p. 412.
Hanover Bank & Trust Co.
Midland United Co., Chicago, 111.
-Notes Extended.
The elate is necessary, It is said, to the working out of the Tr -Utilities
The $1,100,000 5% 6-year gold notes of American Public Utilities Co.
plan of reorganization, and it is expected that bids will be made by interdue Feb. 1 1932 are being renewed for one year. There is only one holder.
ested parties wishing the reorganization to be effected.
Class B shares to be offered will total 342.435 for the account of Central -V. 134, p. 326.
Hanover along with $1.800,000 of 6% convertible debentures of the SouthNew York Edison Co.
-New Members of Executive
ern Natural Gas Corp.,a promissory note by thesame company for 6430,000
defaulted on Aug. 29 1931, secured by voting trust certificates for 500 Committee, &c.
common shares of the Georgia Natural Gas Corp.; a promissory note of the
Charles E. Mitchell, Chairman of the board of the National City Bank,
Oklahoma Natural Gas Corp. for $1,800,000, due on May 31 1932; a and George Whitney of J. P. Morgan & Co., have been
second promissory note by the same company for 8350.000, also due on tive committee of the New York Edison Co. R. H. added to the execuTatscott,
May 31; and two further promissory notes by the same company for an engineer of New York Edison Co. and Arthur H. Kehoe. electricalelectrical
engineer
aggregate of $965,000, upon which interest has been paid to Feb. 11932.
of United Electric Light & Power Co., who were elected Vice Presidents of
There will be offered at 12:30 p.m. on
company
made ;ice Presidents of the
shares of Federal Water Service Corp. and the same day 200,015 class B the UnitedEdison Co.last week, have been Edward
W. H. T. Jones and
$2,000,000 aggregate principal New York
J. Tierney have been
amount of 6% convertible sinking fund gold debentures
Natural Gas Corp. for account of the Chase National of the Southern named Assistant Treasurers, while Edward T. Roche has been made AssistBank.
-V. 134. ant Secretary -V. 134, p. 1195.
p. 845.
Iowa Southern Utilities Co. (De1.1.-Seeks Extension
First Mortgage of Burlington By. & Light Co. 5% Bonds. of
-
-Earnings.
North American Co.
For Income statement for 12 months ended Dec. 31 see "Earnings De-V. 131, p. 676.
partment" on a preceding page.
Holders of the 1st mtge. 5% sinking fund gold
New Jersey Bell Telephone Co.
-Earnings.
have been requested to deposit their bonds under bonds due March 13932
an agreement calling for
Calendar Years1931.
1930.
1929.
1928.
an extension to Oct. 1 1933 with an increase in the interest
rate from 5% Operating revenues
$49,519,852 $49.870,453 $48,907,496 $44,287,929
to 8%.
Operating expenses
33,464,722 34,533,758 33,558.998 30,416,369
Bonds should be deposited promptly with the Chase National
Bank of
the City of New York, 11 Broad St.. N. Y. City. Such
Net oper. revenues.--$16,055,130 $15,336,695 815,348,497 $13,871,560
turned with a statement affixed thereto as set forth in thebonds will be reextension agree- Unconect. oper. revs
337,177
367.779
298,152
209,758
ment together with coupons for the increased rate of interest.
4,465,589 3,963,870
4,098,777
The extended bonds will be an underlying issue of Iowa Southern Utili- Taxes assignable to oper. 4.651,977
ties Co. of Del., which supplies electric light and power to 125 cities and
Operating income_ -- -$11,065,976 $10,503,328 $11,086,475 $9,563,025
towns in the State of Iowa. The property securing the principal of these
284,987
303.166
172,556
238,187
bonds is in excellent condition, it is stated, and despite the severe business Net non-oper.income__ _
depression earnings are more than sufficient to pay all operating charges,
Gross income
811.369.142 $10,741,515 $11,259,030 $9,848,011
the interest on these bonds and all other indebtedness of the company and Rent
8c miscall. deduct732,187
683,275
760.631
767,771
leave a substantial surplus above such requirements.
1,683.558
2,144,354
2,061,850
1,237,671
The March 1 1932 coupon attached to bonds should be detached and Interest
presented in the usual manner for payment.
Balance, net income.- $8,464,157 $7,911,893 $9,338,084 $7,432,266
Both W.C. Langley & Co. and White, Weld & Co. state that they have
6,431.616
8,831,610 8,031,616 8.031,616
given the question of the advisability of this extension careful consideration Dividends paid
and recommend that bonds be presented for extension.
Balance for corp.surp.def$367,459 def$119,723 $1.306,468 81.000,650
FEB. 20 1932.]
FINANCIAL CHRONICLE
1371
Data from Letter of Julian C. Smith, V.-Pres., Montreal, Feb. 10.
Comparative Balance Sheet Dec. 31.
Business.
-Company incorp. Jan. 15 1898 by special charter of the
1931.
1930.
1931.
1930.
Province of Quebec. Is now one of the largest and most successful pro$
Fixed capital___198,216,326 185,510,983 LiabilitiesCommon stock. 120,395,200 100,395,200 ducers of hydro-electric power in the world. It owns, or controls through
Other permanent
172,798
172,261 Long-term debt_ 32.548,120 42.646,553 stock ownership or through contracts with affiliated companies, water
investments__
powers and hydro-electric power in the Province of Quebec aggregating
Cash & deposits 1,842,602 1,446,016 Bills payable.__ 2,400,000
Accts. payable_ 1,751,104 1,968,477 over 2,000,000 h.p. in capacity. Of this 858,750 h.p. is developed and in
Marketable seuse and 160,000 h.p. is in course of development.
2,687
Subscr. dep. &
curities
The company owns 1,602 miles of high-tension transmission lines, in.
1,135 service billed
Bills receivable_ 2,406,095
in advance... 1,300,270 1,210,696 cluding lines to Montreal and the city of Quebec. In addition 2,416 miles
Accts. receivable 4,252,562 4,552,106
of distribution lines are owned or controlled. Electricity is furnished to
648,572
834,705 Accrued liabiliMaterials & sup.
ties not due__ 1,502,608 1,457,374 427 communities, comprising substantially all the larger cities and manuAccrued income
102,465 facturing districts in the Province of Quebec, covering a territory of ap59,707
10.074 Def, credit items
52,600
not due
Fixed cap. res__ 38,009,581 34,715,699 proximately 100 miles south, west and east from Shawinigan Falls, including
Deferred debit
Montreal (85 miles), Quebec (75 miles), Three Rivers (20 miles) and the
575,475
713,364 Corporate Burp.
Items
unapprop____ 10,203,128 10,744,180 district around Thetford (about 100 miles). The territory within which the
properties are situated lies on both shores of the St. Lawrence River between
208,169,717 193,240,644
208,169,717 193,240,644 Itiviere du Loup, 125 miles east of the city of Quebec, and the Lake of the
Total
Total
Two Mountains,40 miles west of Montreal, and extends south to the inter-V. 133, P. 3789.
national boundary. Total population of territory served is approximately
-Bonds Approved.
New Jersey Power & Light Co.
2,400,000.
The company s plants are of modern fireproof construction, buildings
The New Jersey Board of Public Utility Commissioners on Feb. 17
approved the application of the company for authority to issue 8848,000 being of stone, brick, concrete and steel on solid rock foundations, and the
mtge. bonds to defray past construction costs. The bonds will be either properties and equipment generally are of the latest and most approved
let
In the form of its 4;4% series, due in 1960, or a series to be created to bear type of electrical construction. The transmission lines are chiefly of
modern, steel-tower construction and in large part on the company's
-V. 133, p. 3630.
4% interest and maturing in 30 years.
private rights-of
-way.
Ohio Associated Telephone Co.
-Co-Agent.
-Proceeds will be employed in connection with the new hydroPurpose.
The Bankers Trust Co. has been appointed co-agent with the Central electric power development at Rapide Blanc on the St. Maurice River,
Republic Bank & Trust CO., Chicago. Ill., for the payment of 1st mtge. which will have an initial capacity of 160.000 h.p. and an ultimate capacity
,
of 210,000 h.p., and for other corporate purposes.
-V. 134, p. 1023.
8% bond coupons.
Deprec. & Inc. Int. Chas.
Net Earnings
(Including
Pacific Gas & Electric Co.
-Offers Preferred Stock.
(Before Taxes) Int. Charged
The company is offering to its customers 6% 1st pref. stock at par
Gross
Applicable to
to
Capital
Earnings for
($25 per share), Payable at purchaser's option either in full or on the parInt. Charges.
Calendar Years. Earnings.
Account).
Balance.
tial payment plan.
84.417,067
$7.660,207
$1,459.744
$2,957,323
The company announces that over the counter sales of its 6% 1st pref. 1926
4,932,276
9.362,828
1,637,493
3,294,783
stock are proceeding at the rate of substantially 81,000,000 per week. 1927
7,098.523
11,562,331
2,250,000
4,848.523
Total sties from Jan. 28 to and including Feb. 16 amounted to $2,312,775. 1928
8,765,733
13,475,863
2,857,754
5.907,979
Total number of subscriptions was 3,100 received from ill sections of the 1929
10.021,477
14,954,074
3,450,807
6,570,670
company's territory and averaged $746 per purchaser. About three-fourths 1930
*8.660,113
13,693.194
3,909,675
4.750.438of the stock is Doing paid for in full and about one-fourth is being bought 1931
interest payable in the United States.
*After providing for exchange on
on the installment basis. Since inauguration of customer ownership in
Net earnings for the 12 months ended Dec. 31 1931, as above, were
1914, the company has sold total of $73,289,000 of its pref. stock over its
$8,660,113, or more than twice the annual interest on all bonds and notes
own counters.
-V. 134, p. 847, 676.
to be presently outstanding with the public upon completion of present
financing.
-Sale of Collateral.
Peoples Light & Power Corp.
first units of the Rapide Blanc power development
It is
On Feb. 29 the following securities will be offeredlor sale at public will be expected that the in 1932 or early in 1933, and that the sale of power
in operation
auction at the auction block of Adrian H. Muller & Son, in the Exchange from these units, as late
primary or secondary power, will substantially increase
Salesroom, 18 Vesey St., N Y , to the highest bi Vier,to wit:35,000 shs of the company's revenue.
com stock (no par value); 4.100 she. of $6 cum. pref. stock (no par value)
to operating expenses for all maintenance
In addition
of Eastern Minnesota Power Corp.- The stock will be offered for sale and renewals,to sufficient charges
the company has provided for depreciation by setting aside,
pursuant to a certain agreement of pledge made by Peoples Light & Power out of earnings, reserve funds of $2,581,536 and a "depreciation and reCorp., as pledger, to Chatham Phenix National Bank & Trust Co., as
a total up to Dec. 31 1931 of $11.540.608.
pledgee, set forth in a certain promissory note made by Peoples Light it newal reserve" of $8,979,072,
-Notes will be secured by pledge with the trustee of $8,000,000
Security.
Power Corp. dated Oct. 5 1931.-V. 134, p. 506.
1st mtge. & coll, trust s. f. gold bonds, series "E,"5% due Feb. 1 1972.
-Company's principal hydroHydro-Electric Plants and Water Powers.
-1931 Output Higher.
Power Corp. of Canada, Ltd.
electric power stations are on the St. Maurice River, which flows into the
Power output of companies comprising the Power Corp. group showed an St. Lawrence River about 85 miles northeast of Montreal, midway between
Increase of 71,042,374 kwh.for 1931 over the output for 1930. This amount that city and the city of Quebec. The St. Maurice River, with its sources
represented an increase of 4.2%, and was largely accounted for oy the in the height of land between Hudson Bay and the St. Lawrence River,
inclusion for seven months of the year of the output from the Seven Sisters drains an area of approximately 18,000 square miles.
plant of Northwestern Power Co. Apart from the latter company's output
At Shawinigan Falls the company owns 1,300 acres of land, including all
of 50,235,200 kwh. the total increase noted for the year was 20,807,174 water rights controlling one of the greatest natural water powers in existence.
kwh., equal to over 1% which is significant in view of the general business the river at this point having a fall of over 150 feet. Here are operated
conditions experienced throughout the year. The largest increase reported two stations with present capacities of 58,500 h.p. and 219,500 h.p., reby individual companies was the tali of 418.226.810 kwh. by Canada spectively, and in addition 55,000 hydraulic h.p. is sold to the local manuNorthern Power Corp., which represents an increase of 14% over its total facturing plants, making a total of 333,000 developed h.p. at Shawinigan
output for 1930.
Falls. The La Gabelle plant of the company, having an installed capacity
Comparative totals for the two years are as follows:
of 162,000 h.p., is located on the St. Maurice River, about seven miles down
1930.
stream from Shawinigan Falls, The Grand'Mere plant of the company,
161,001,.600 170,128.882 located about seven miles up stream from Shawinigan Falls, has a capacity
Southern Canada
418,226.810 367,148,780 of 189,000 h.p.
Canada Northern
80,295,900
72,306,500
East Kootenay
A large storage dam on the Mattawin River impounding 33.000,000,000
492,612,852 471,111,271 cubic feet of water was completed by the Quebec Government in 1930,
British Columbia Power
8,945,824
8,836,679 which with the Gouin dam at La Loutre greatly improves
Northern British Columbia
the regulation
179,508,200 177,590,100 of the St. Maurice River and its tributaries.
Winnipeg Electric
38...,775,000 420,938,000
,
Manitoba Power
Construction of the initial installation of 160.000 h.p. at Rapide Blanc
50,235.200
Northwestern Power (seven months)
on the Upper St. Maurice River was commenced in 1930, and the station
is expected to go into operation late
1,767,671,986 1,626,629,612 the company has available for future in 1932 or early in 1933. In addition,
Total
development on the Upper St. Maurice
-V. 124, p. 848.
River and at various other points within its zone of operations undeveloped
- power estimated at over 1,000,000 h.p.
-Merger Consummated.
Public Service Co. of Indiana.
Controlled and Affiliated Companies.
-Subsidiary companies controlled
-V. 134. p. 506, 328.
See Indiana Electric Corp. above.
by stock ownership serve the city of Quebec and surrounding districts with
electric light and power, street railway transportation and gas own the
-Dividend Action Deferred.
street railway in the city of Three Rivers and furnish electric light and
Quebec Power Co.
The directors on Feb. 18 deferred action on the quarterly dividend usually power to the district lying west of Montreal between the St. Lawrence
payable about April 15 on the 553,198 outstanding shares of common stock, River and the international boundary, in which district is located the city
no par value. A quarterly distribution of 50 cents per share was made on of Valleyfield, a large manufacturing centre.
The company owns the entire capital stock of Shawinigan Chemicals,
Jan. 15 last, as compared with quarterly payments of 62M cents per share
Ltd.. a large manufacturer of chemicals, located at Shawinigan Falls and
from Oct. 15 1929 to and incl. Oct. 15 1931.-V. 134, p. 137.
using power supplied by the company;and of the Shawinigan Falls Terminal
Ry., which connects the manufacturing plants and railroad serving ShaRCA Communications, Inc.
-New Office.
The corporation on Feb. 15 announced the opening of its own office in winigan Falls.
The company holds a substantial stock interest in the Duke-Price Power
Medellin, Colombia. A pick-up and delivery service will augment the
facilities of the new radio station which will henceforth provide this im- Co., Ltd., which has a development at Ile Maligne on the Saguenay River
portant coffee centre with fast radiotelegraph service to the rest of the of 495,000 h.p. Company has a long-term contract with the Duke-Price
Power Co., Ltd.. for 100.000 h.p. and has built a transmission line from
-V.132, p. 1023.
world.
Ile Malign° to Quebec,a distance of 140 miles,for the transmission of power
to the districts served by the company.
Roxburgh Chestnut Hill & Norristown Ry.A majority of the voting stock of United Securities, Ltd. is owned in equal
In connection with the sale of the road we have been advised as follows: Darts by the company and Montreal Light, Heat & Power Consolidated.
"Proceedings were instituted by the trustee to foreclose the mortgage.
tiad Securities. Ltd., owns a majority of the issued shares of Canadian
t
The court entered a decree directing the sale of the mortgaged property, Light & Power Co., with a development of 20,000 h.p. at St. Timothee,
which was sold by the trustee on Nov. 28 1931 to G. A. Aronson of Brook- near Montreal, and a majority of the issued shares of Montreal Tramways
lyn, N. Y., for the Rum of $15,000. The sale was confirmed by the court Co.. operating street railway service in the city of Montreal.
and settlement made by the purchaser. Out of the proceeds of the sale,
In 1931 the company acquired a half interest in the St Maurice Power
the trustee has in its hands funds to pay the sum of $42.5256 to the holder Corp., Ltd., which owns a water power site of 175,000 h.p. located on the
-V. 133, p. 3257.
of each $1,000 bond."
-V. 134, p. 1196.
St. Maurice River at La Tupe, Quebec.
Shawinigan Water & Power Co.
-Notes Offered.
Aldred & Co., Ltd.; Wood, Gundy & Co., Ltd.; the Royal
Bank of Canada; Banque Canadienne Nationale, and
Harris, Forbes & Co., Ltd. are offering at 97% and int.,
yielding over 634%, $6,000,1)00 5
-year 6% secured notes.
-Dividend Outlook, &c.
Tampa Electric Co.
President Peter 0. Knight, at the recent annual meeting of stockholders,
said in part:
"The company will be able to continue the payment of the $2 per share
cash dividends through the coming year.
"I have never sold one share of stock of the Tampa Electric Co. and am
buying as and when I can."
-V. 134. P. 1196.
Other bankers making offering: Nesbitt, Thomson & Co., Ltd.; the
Canadian Bank of Commerce; Dominion Securities Corp. Ltd.; Hanson
Toledo Edison Co.
-Earnings.
Bros., Inc.; Royal Securities Corp. Ltd.; Societe de Placements du Canada;
Calendar Years1931.
1929.
L. G. Beaubien & Co., Ltd.; National City Co., Ltd.; R. A. Daly & Co.,
1930.
Ltd.; F. W. Kerr & Co.,
McLeod. Young, Weir & Co., Ltd.' W. C. Gross earnings
$10,072,332 $10,902,592 $11,316,044
Ltd...
PitfiCo..eld & Co. Ltd.; Geoffrion & Rainville; Hannaford, Birks & Co., Ltd.; Oper. expenses & maint_ 4,757,914
5,123,889
5,222,415
Collier, Norris & Henderson, Ltd.; Bell Gouinlock & Co., Ltd.; Pry, Mills, Federal taxes
469,687
521,541
498,796
Spence & Co., Ltd.; Williams, Partridge & Co., Ltd.; Mead & Co., Ltd.,
Net operating income. $4,844,731 $5,257,162 $5,594,833
and Eastern Securities Co.. Ltd.
Dated Feb. 11932; due Feb. 1 1937. Int. Feb. & Aug. Denom. $1,000 Other income
590,992
85.247
41,595
and $500 c*. Principal and int. payable in lawful money of Canada at the
Total income
principal offices of Royal Bank of Canada in Montreal and Toronto. Call$5,435,724 $5,298,757 $5,680,080
1,172,408
1,081,615
1,379,568
able on 30 days' notice as a whole at any time, or in part on any int. date, Interest
at 102;i and int. on or before Feb. 1 1933, premium thereafter decreasing
Net income
$4,056,155 $4,217,142 $4,507,672
% each year prior to maturity. Montreal Trust Co., trustee.
746.710
898,782
771,667
Legal investment for life insurance companies under the Insurance Act Preferred dividends_ _ _ _
Common dividends
1,110,000
1,110,000 1,110.000
of Canada.
Capitalization Outstanding (Upon Completion of Present Financing).
Balance, surplus
$2,047,373 $2,335,475 $2.650,962
f. gold bonds
12,621,816 10,930,880 8,745.176
1st mtge. & coll, trust s.(this issue) (auth. $200,000,000)- -*$84,344,000 Previous surplus
6,000,000
5
-year 6% secured notes
2,178,250 abs.
stock, one class (no par value)
Total surplus
Capital
$14,669.189 $13,266,355 $11,396,138
Cr.85,788 Dr.44,539 0%134,742
*Note.-Thla figure does not include $15,000,000 of bonds issued against Adjustments
600,000
600,000
600,000
capital expenditures heretofore made and held in the company's treasury, Res.for replacements_ _ _
$8,000,000 of which are to be pledged with the trustee as security for this
Profit & loss surplus_ _$14,154,978 $12,621,816 $10,930,880
issue.
1928.
$10.625.575
5,356,997
472,391
$4,796,187
68,689
$4,864,876
1,263,269
$3,601,607
695,70'3
971.250
$1,934,654
6,994.579
$8,929,233
Cr.415.943
600,000
$8,745,176
1372
[VOL. 134.
FINANCIAL CHRONICLE
Previously regular quarterly cash distributions of 3234c. per share, or,
Comparative Balance Sheet Dec. 31.
at the option of the holder, 1-40th of a share of class A common stock, were
1931.
1931.
1930.
1930.
-V. 133. p. 3259.
made on this issue.
Assets$
Plant & invest_ ___64,785,369 58,741,737 7% cum. series A_ 4,556,300 4,594,200
Disc. on pref.stock 843,135
652,924 Cum.6% series___ 4,883,700 4,683,700
INDUSTRIAL AND MISCELLANEOUS.
Sinking funds_ ___ 278,834
26,826 5% cum. series--- 6,896,400 4,863,700
Stores & suPPlies-- 651,774
847,148 Common stock__ _13,875,000 13,875,000
Copper Price Up One
-Because of the increase in export
Prep'd insur.rentls
30,978
37,249 Total funded debt-26,468,300 26,477,500 sales, custom smelters,-Quarter Cent.
advanced their foreign price
cent a pound to
Accts. receivable__ 2,349,642 2,508,196 Notes payable_ ___ 350,000
265,000 6%
cents a pound. cif., European base ports, while the domestic price
Due from subscr.
648
707
Accts.pay.affil. cos
the same amount to
to pref. stock__
345,008 was advanced"Times." Feb. 14._p. 83i cents for deliveries to the end of
278,518
24,375
70.104 Accts. payable_ _ _
14, sec. II.
45,000 June. N. Y.
Cash & deposits__ x449,739
21,873
388,255 Accts. pay.not curr
Printers Ballot on Five-Day
eek.-A
members of
Accts. rec. from
Int. dr taxes ma_ 1,621,845 1,706,471 Typographical Union No. 6 employed in proposal that the demand the
newspaper offices
parent company 5,835,789 8,096.983 Replace reserve__ 4,567,239 4,151,995 five-day week and the 6
-hour day led the list of six propositions voted upon
78,873
Comm. ind. guar_
1 Other reserves_ ___ 172,477
1
295,233 at a referendum of the union, it was announced Feb. 11. N. Y."Times,"
Del. charged
2,573,593 2,636,722 Other liabilities___ 173,891
14,154,978 12,621,816 Feb. 12, p. 26.
Surplus
Book Publishers Back Pay-Cut Plea --The movement begun by the New
Printers Association for a wage reduction in the book
77,821,231 74,004,146 York Employing plants has gained
Total
Total
77,821,231 74,004,148
and job printing
support from the board of directors of
X Including $199,025 in closed banks.
-V. 134, P. 328.
the National Association of Book Publishers. The book publishers informed
winters in a letter
they would
-To Issue $3 the employingthe"open shop." thatY."Times.'hack them if they decided
Telephone Bond & Share Co. (Del.).
to inaugurate
N.
Feb. 15,p. 18.
20,000 Go on Strike in Dress Industry.
-20,000 dressmakers answer call
Preferred Stock.
of International Ladies Garment Workers Union Feb. 16. N. Y."Times,'
Authorization of an issue of 100,000 shares of new $3 let pref. stock will Feb. 17. p. 28.
be voted on by the stockholders on Feb. 25. They will also vote on a proposal
Miners Get Another Pay Cut.
-About 10,000 miners in Raleigh, Fayette
to change the present $7 1st pref. stock to 7% 1st pref. stock and to in- and Boone Counties of West Virginia had their pay cut the second time
crease the authorized amount by 55,000 shares. The new $3 pref. stock this year,receiving a 10% reduction, effective immediately. Boston"News
'
present let pref. stock. The stockholders will Bureau. Feb. 17,
will rank equally with the
P. 3.
vote also on a proposal to give to the class B stock authority to increase or
St. Louis Builders Seek Wage Cut.
-In order to compete successfully with
-V. 133, p. 3968.
decrease the amount of pref. stocks.
open shop labor and with contractors in other cities where pay cuts have
been accepted by employees, the Associated Business Interests of St. Louis
-Earnings.
Twin City Rapid Transit Co.
has submitted to the Building Trades Council a formal request for a reduc1929.
1928.
1930.
1931.
Calendar Yearstion of33 1-3% in wages of building trade employees in that district. "Wall
Rev, from transport'n--$10,515,314 $12,210,248 $13,373,735 $12,886,932 Street Journal," Feb. 15._p. 15.
114,074
115,807
114,241
118,420
Other revenue
Matters Covered in the"Chronicle" ofFeb. 13.-(a) Building Trades Unions
in Elmira, N. Y. take voluntary wage cuts, p. 1096; (b) Hartford, Conn.
Total oper. revenue--310,631,121 $12,324,322 $13,487,976 $13,005,353 employers cut builders' wages 25%-Act after union refuses to agree to
1,215,987
1.076.717
955,671
1,285,073 voluntary reduction, p. 1096; (c) Building Trades Council in Pittsburgh
Way and structures---_
977,905
1,113,743
868,131
1,070,227 declines to accept 25% reduction-Carpenters Union to accept less pay,
Equipment
1.087,192
1,122,082
1,107,720
982,316
Power
Minnesota building employers to cut wages 15%, p. 1096:
P.
4,380,316
4,029,683
4,364,027 (a)1096; (d)Trades Employees Association in New York accept new scale
Conducting transport'n_ 3,671,442
Building
40,942
54,557
43,608
54,289 cutting wages 25 to 30%-Association embracing thirty groups, to enforce
Traffic
931,214
838,608
978,306
1,097,400 slash May 1-Unions asked 9% drop-Rates called advance over present
Motor bus expenses_ __ _
934,497
1,031.117
1,076,390
1,097,218 "bootleg" wages
General and miscall_ _ _ _
-Rejection of proposed cut by union, p. 1096; (f) Strike
settled at Grace Line Pier-Longshoremen return to work when company
Total oper. expenses__ $8,410,097 $9,195,298 $9,930,434 $9,950,552 restores regular pay rate
-No agreement signed-Union altered working
3,129,024
3,557,542
revenue__ 2,221,024
3,054.801 conditions prior to walkout. p. 1101.
Net operating
721,853
1,201.923
875,167
1,098,849
Taxes
(g) Golden jubilee of New York Coffee & Sugar Exchange to be celebrated
March 7, p. 1101; (b) U. S. Circuit Court at San Francisco voids Doheny
Operating income___- $1,499,171 $2,253,857 $2,355,619 $1,955,952 oil leases
-Links $12,000,000 Kern County deal with bribery
138,024
121,977
99.281 Secretary Fall, p. 1104; (I) Domestic Copper price cut to 6 cents of former
138,465
Non-operating income_ -New low
figure-Export price reduced to 634 cents, p. 1105; (j) Total short interest
$1,637,195 32,392,322 $2.477,596 $2,055,234 on New York Stock Exchange during January; p. 1122; (k) Market value
Gross income
1,207,610
1,208,415
1,205.861 of bonds listed on New York Stock Exchange-Figures for Feb. 1 1932,
Interest on funded debt_ 1,185,280
14.107
56,786
15,782 p. 1122; (1) Market value of listed shares on New York Stock Exchange
24,153
Miscellaneous
Feb. 1 $26.377.647,814, compared with $26,693,836,532 Jan. 1-Classifica3395,129 $1,159,754 $1,255,879
$833,589 tion of listed stocks, p. 1123.
Net income
210,000
210,000
210,000
210,000
Pref. dividends (7%)_.._
880.000
880,000
440,000
Common dividends
Allen Industries, Inc.
-Earnings.
-
34
$165,879
$185,129
$69,754
Balance, surplus
Shares of common out220,000
220.000
220,000
standing (par $100)
$4.75
$0.84
$4.32
Earns, per share on corn.
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
Liabilities
$
Assets
Road & equipm1_61,240,106 60,895.715 Common stock_ -_22,000,000
Preferred stock___ 3,000,000
Trust fund for seFunded debt uncured div. notes
amortized
22,000,000
440,000
and scrip ctfs_ _ 880,000
5,771 Secured div. notes
5,771
prop_
Misc. phys.
and scrip Ws_ _ 880,000
Other investments 329,632 1,957,931
Audited accts. and
Deposits in lieu of
12,377
wages payable_ _ 166,353
12,377
mtgd. prop. sold
2,323
402,282 Mlscell. accts. pay.
1,849,771
Cash
26,127 Accrued interest
23,038
Loans dr notes rec_
192,947
22,778 (not due)
57,612
Int. dc diva. receiv.
59,706 Divs, pay. under
85,954
Misc,accts. reedy.
814,784
trust indenture_
706,210
Material & imp
Tax liability
647,600
Injuries and dam107,265 Reserve for injuries
ages reserve fund 107,265
and damages....271,862
Rent and insurance
58,197 Res, for depreen_15,629,641
43,594
paid in advance_
Unadjusted credits 156,816
Disc, and exp. on
1,871,140
fund. di. amort. 1,477.351 1,545,565 Profit and loss
Total
86,818,681 66,348,497
Total
$183,589
220,000
$2.83
1930.
22,000,000
3,000,000
22,049,000
440,000
47,210
6,136
188,307
440,000
811,384
281,512
15,213,723
157,261
1,713,985
66,818,681 66,348,497
Management and Proxy ComAgreement Among
Bankers,
mittee-Plans for 1932 Proxy Contest Dropped.
Following a meeting of the proxy committee, a statement was issued
by Chairman Mark Wolff, Public Utility expert of 261 Broadway, New
York City, endorsing the recent policies of the management, as contained
in a joint circular letter addressed to stockholders of the company by eight
-Central Republic Co.; Chase Harris Forbes
promLient banking houses
Corp.; H. M.Byllesby & Co.; Halsey, Stuart & Co.; Hayden, Stone & Co.;
A. E. Ames & Co.; First Securities Corp. of St. Paul and Minnesota Loan
3c Trust Co. This committee closely contested the last election of directors,
held in Jersey City, N. J. in February 1931. There will not be a similar
contest at the Feb. 23 1932%meeting because of the adoption by the manageMent of most of the measures advocated by the minority at the 1931 meeting.
In a letter to Twin City stockholders, Mr. Wolff commented on the joint
Circular of the eight banking houses as follows:
"Having made an analysis of the bankers' communication to stockholders, I find that the budget and program of the company for 1932 and
thereafter as regards economies in one-man cars, management, salaries,
with the
car shops and cost of power, are in substantial agreementmeeting. proThe
gressive poleies advocated by our committee at the last
annual savings which have apparently gone into effect on Jan. 1 1932, are
as follows:
$150,000
One-man cars
250,000
Reduction in trainmen's wages
125.000
Savings in power plant costs
$525,000
Total ofabove 1932savings
The above are exclusive of reduction in management salaries which have
been more than cut in half and, likewise, do not include reduction in all
other salaries above $100 per month. Without considering these additional
items, the $525,000 of annual economies are alone the equivalent of about
234 times annual dividend requirement on the 30,000 shares of the company's $7 preferred stock and $2.39 per annum on the 220,000 shares of
common stock. Had the recommendations of our committee been adopted
sooner, the stockholders would have had the benefit of these economies
higher net
In 1931, with resultantearnings on profits.
the preferred and common stock is, of
"The additional net
the basis that all other conditions will be equal with 1931, which
course, on
was the worst year in the company's history. In some well-informed
quarters, it is believed that, with the approach of the irreducible minimum.
the downward trend of street railway traffic may soon be arrested and
even reversed by increases. When the turn does come, the recovery in
street railway traffic should be very rapid indeed. There are a number
of good reasons why the company should receive more than an average
share of such increased business.
Associated on the proxy committee, of which Mr. Wolff is Chairman,
are A. W. Renz, ex-President of Midtown Bank, who is Vice-Chairman;
Louis Kupfer, Vice-President of Kupfer Bros Co.; Victor G.Gough,C.P.A.;
William G. Bromley, Public Relations Counsel; Clarence McMillan
-V. 134, p. 676,
Counsel, and Wm. A. Dittmer, Ph.D., who is Secretary.
-Omits Dividend.
Western Continental Utilities, Inc.
The directors have voted to omit the quarterly dividend usually payable
about March 1 on the class A common stock, no par value.
Calendar Years1930.
1931.
1929.
1928.
Net prof. after all chargesloss$74,939
$202,874
$96,797
$189,568
Earns, per share on 66,000
Nil
$0.74
shs.com.stock (no par)
$2.29
$2.03
Balance Sheet December 31.
Liabilities1931.
1930.
1931.
Assets-.
1930.
Cash
$26,386
$92,635 Accounts payable- $53.898
$16.196
Accts. receivable
49,155
25,497 Notes payable_ --_
50,000
101,352 Accrued expenses103,087
Inventory
2,994
7,856
48,302 Federal income tax
Other assets
51,437
13,757
790,359 Long term indebt'd 135,811
Permanent
797,955
151.159
Deferred charges
19,040
15.289 Reserves
21,186
16,545
Capital & surplus_ x783,171
887,923
Total
Total
$1,047,060 $1,073,435
$1.047.060 $1,073,435
x Represented by 13.683 shares preferred stock and 66,000 shares corn.
stock.
-V. 133, p. 3968.
-Earnings.
Alliance Investment Corp.
1931.
Years Ended Dec. 31$172,584
Dividends (excluding stock divs.)____
1
30,969(
Interest on bonds
Interest on call loans & bank balancesj
1930.
$223,098
25.824
11,586
1929.
$209,948
28,462
30,111
Total
$203,554
$260,510
$268,522
Interest on debentures
121,978
128,278
1
Interest on bank loans
92,3181
14,410
Bond discount and expense
12,149
12,072
Miscellaneous expense
11,367
17,434
10,562
Reserve for taxes, &c
1,487
1,200
13.000
Operating income
$98,382
$107,747
$90,200
1
Profit on securities sold
See
1 loss17,852
224,589
Profit from retire, of debentures
i below 1
179,289
Total income
$98,382
$269,184
$314,789
Preferred stock dividends
30,000
60,000
60,000
Common stock dividends
112,089
143.964
Net profits
$68,382
$97.095
$110,824
Surplus Account Jan. 1 1931 to Dec. 31 1931.
Earned surplus and undivided profits Jan. 1 1931
Capital surplus arising through reduct. In stated value of corn. $730,927
stock from $882,437 to $375,074
1,507,363
Net income (as above)
98,382
Profit on debentures retired during year
129,660
Proceeds from sale of unconv. com,stock scrip certificates
489
Total surplus
Reserve for Federal income taxes
Unamort. deb. discount and expense applicable to debs. retired ....32,464 0102
120 883
2,
83
Preferred dividends paid
30,000
'
Net loss on securities sold
359,666
Total earned and capitalsurplus
$1,932,823
.
Balance Sheet Dec 31.
Assets1931.
1930.
Liabilities1930.
Cash in banks_ __ $100,296
$37 362 A ccr :t. odive .: 192,5
:
unela a ed n dshs
.m
$48,937
3 31
3 .12
Cash for deb int32,512
593'
704
Ctfs of deposit_ ___
200.000 Unconv. com.stk.
482
A ccr.int.on Inv__
11,257
7,801 Res. for Federal
Invests, at cost_ _64,402,967 5,106,084
taxes, &c
5,000
25,000
Bond disc. &exp..
87,580
218,614 Reserve for dive.
Furniture dc fist.
against exercise
less for deprec_ _
5,534
5,878
ot s ants perch.
Warrtock
1,534
1.891
5% gold debens
1,272,500 1,954,500
Pref.stk.(par $100) 1,000,000 1,000,000
Common stocks_ _a 375,074 1,882,437
rjndivi ed pronts
Earneddsurpius _11,932,823{ 279,288
451,638
Total
$4,640,147 $5,624,677
Total
a Represented by 187,537 no par shares. There are4,64o 37,780sh e:
°
4
S a1s0 3 8 $5,62iar
reserved against exercise of common stock purchase warrants at $25 Per
share to Jan. 2 1932. at $30 per share to Jan. 2 1934; at $35 per share to
Jan. 2 1936; at $40 per share to Jan. 2 1938. Of these warrants, 12,780
are attached to the 5% gold debentures. b Investments by groups are as
follows
-Stocks:
Industrial, $617.700; Railroad, $1,013,629; Public
Utility, $712,890; Insurance, $507,490; Bank and Trust Company.3428,627:
Chain Store, $152,000; Miscellaneous, $392,365; Bonds, $578,263. The
market value of securities owned Dec. 31 was $1,551,334.
The report contains a list of the companies in which company has an investment of 55,000 or more Dec. 31 1931.-V. 132, p. 496.
1373
FINANCIAL CHRONICLE
FEB. 20 1932.]
-Div. Action Def.Addressograph-Multigraph Corp.
has
Action on the quarterly dividend on the no par value common stock
been postponed until March 16, due to the lack of a quorum. Distributions
made on this issue on Jan, 10 1932 and on Oct. 10
of 25 cents each were
-V.133, p.3095.
as against 35 cents per share previously each quarter.
-Special Dividend.
'Ainsworth Mfg. Co.
The directors have declared a special dividend of 50 cents per share on
the common stock, par $10, payable March 15 to holders of record March 1.
Dec. 1 1930.
The last payment made on this issue was 25 cents per share on distributions
Prior to the latter date, the company made regular quarterly
per share.
-V. 133. P. 2930.
of 623.i cents
-Reduces Dividend.
---Aluminum Goods Mfg. Co.
-
The directors have declared a quarterly dividend of 15c. per share on the
common stock, no par value, payable April 1 to holders of record March 21.
This compares with quarterly distributions of 30c. per share made on this
issue from Jan. 1 1929 to and incl. Jan. 1 1932.-V. 133. p. 644.
-Earnings.
American Bakeries Corp.(& Subs.).
Dec. 26 '31. Dec. 27 '30.
Years Ended$622,122
$312,849
Net income after all charges,incl. depree.& taxes__
40,526
40,068
Dividend paid by subsid. co. on pref. stock
$272,781
$581,595
139,839
175,486
179
145,964
175,485
100
5,256
3,143
Dec.$42,723
820,129
$251,647
568,483
Net income accruing to parent company
Dividends paid by parent company:
Preferred stock
Class A stock
Premium on pref. stock of subsidiary retired
State of Georgia income tax-1929
Obsolete equipment dismantled
Increase in surplus for year
Previous surplus
$777,407
Total surplus
Nil
Earns, per share on 90,000 shs. cl. B stock (no par)
Consolidated Balance Sheet.
Dec.26'31.
Dec. 2631. Dec. 2730. LtabtlilesAssets2419,606 $390,190 Accts. payable and
Cash
tweed liabilities_ $93,048
153,058
U. S. Treas. ctfs
Provision for Fed'I
Customers' accts.
56,776
taxes
a108,024
174,406
receivable
13,839 7% cum. pref. stk.
Sundry. accts' rec_ b19,756
of aubsid.co__ .._ 574,800
1,745
Accrued int. rec_
254,772 7% cum. pref.stk. 2,100.200
Inventories
226,027
11,320 Class A stock_ _ _ 42,582,510
22,010
Prepaid expenses_ _
e270,000
173.506 Class B stock__
Invests. (at cost) _ 363,644
777,407
Plant & equipm't_c3,164,044 3,258.338 Surplus
2,131,630 2,128,163
Goodwill
$820,129
$2.89
Dec.2730
$127,215
79,472
579,800
2,100,200
2,582,510
270,000
820,129
-Earnings.
American Capital Corp.
Income Account for Slated Periods.
Years Ended Dec. 31
May 5'28 to.
1931.
1930.
1929. Dec. 31 '28.
$439,006
$557,623
4.800,405
$488.591
1.251,222
822.554
PeriodsInterest and dividends__
Profit from sales of sees_
Total income
Investment research fees
and expenses
Fees of transfer agents,
trustees, &c
Gen. exps., incl.salaries_
Federal income tax
Loss from sales of secs
$439,006
$557.623 $2,051,627
44,217
66,056
21,654
71,212
24,789
88,935
26,451
75,669
197,007
1,335,204
251,579
$1.311.144
54,276
15,050
134,943
$126.264 $1,698,224 $1,161,151
loss$1,033,282
Net loss
297,822
329,997
232,236
Prior pref. dividends_ _ _
181.043
352.575
360,000
232,612
Pref. dividends
196.500
199,422
99,999
Class A corn. diva
$624,132 sur$808,805 sur$783,608
$1,498,130
Deficit
-During the first year of its operations the Company charged $120,Note.
000 (representing general and organization expenses, &c.) to a specie
reserve /account, and this item therefore is not included in the above statement.
Balance Sheet Dec. 31.
1931.
19 3,55o
1
8 .
0
1930.
19331.
Lfabt Wks$
Assets284,101 2,513,497 Dividends Payable
Cash
9,486
12,856
Invest, securities el1,421,688 12.723,319 Accr. exps.8; taxes
Prior pref. stock22,878,500 5,177,500
Investment in Pat.
Preferred stock __ _ b1,024,500 5,014,000
Investing Corp.
385,612 Class A com,stock c110,472
110,472
524,610
(at cost)
49,447 Class B com,stock d632,662
29,967
631,606
Divs. receivable_
7,081 Paid in surplus_ _ _17,614.147 3,680,690
9,400
Accrued interest_
Profit & loss aurpj
1 968,2_
Total
12,269,766 15,678,956
12,269,766 15,678,956
Total
Represented by 102,450 no
a Represented by 30,300 no par shares.
Par shares. c Represented by 110.472 no par share. d Represented by
par shares. c Represented by 110,472 no par shares. d Represented by
632,662 no par shares. e Market value $4,137,394.
.-There were outstanding at Dec. 31 1931, warrants entitling the
Note
holders to purchase 382,500 shares of class B common stock on or before
June 30 1940, at $10 a share. The company is also under contract to issue
before May 1 1933, similar warrants for the purchase of 157,500 shares at
b
-V.133. P. 4162.
.
0 lls hare
$1A a gt ofsecurities owned is given in the report.
-New Officer.
American Car & Foundry Motors Co.
Frank Jay, formerly A. C. F. bus representative in New England terri$6,454.741 $6,559,326 tory, has been elected Vice-President,succeeding W.L. Stancliffe, resigned.
Total
Total
$6,454.741 $6,559,326
After reserve of $12,750. c After reserve -V. 133, p. 4333.
a After reserve of
for depreciation of $1,234,605. d Represented by 58,500 no par shares.
-Dividend Reduced.
American Laundry Machinery Co.
-V. 132, p. 658.
•Represented by 90,000 no par shares.
The directors have declared a dividend of 30 cents per share on the
capital stock, payable March 1 to holders of record Feb. 19. In June
-Earnings.
Note Co.
American Bank
September and December 1931, distributions of 50 cents each were made as
1928.
1929.
1930.
1931.
Calendar Yearsagainst 75 cents per share on March 2 1931 and $1 per share previously
$391,839 $2,730,736 $4,169,795 $3,365,981 each quarter.
x Net profits
348,392
368,563
372,985
314,306
Depreciation
$10,000. b
Balance
Miscellaneous income---
$77.533 $2,357.752 $3,801.232 $3,017,589
232,247
254.211
212.771
194,155
Total
Miscell. interest and sundry deductions
Pension fund
Profit-sharing plan
Prof. stock dividends of
foreign subsid. co's
$271.688 $2,570,513
54,055.443
$3.249,836
25,819
60,000
3,665
60,000
2233,029
5,341
100,000
2540.310
3,751
50,000
2399,562
31.320
30,207
29.200
29,149
Net income
Prof. dividends (6%)_ _
Common dividends (42)_
Stock dividend
Exch.losses & reserves.._
$154,548 $2,243,622 $3,380,591 $2,767,373
269,739
269,739
269,739
269,739
1,305,546 (3)1,958.077(3)1,780,290(3)1,780,261
(10%)593430
274,186
Balance, surplus_ __def41,694,922
7,770,231
Previous surplus
$15,806
7,754.424
$737,132
7,017.292
$717,373
6,299.919
Profit & loss surplus-- $5,075,309 $7,770,231 :47,754,425 $7,017,292
Shares of common out593,430
651,856
652,773
652,773
standing (par $10)_ - $4.21
$4.81
Nil
Earns. per share on °Gm$3.07
after deducting
x Profits of the manufacturing and commercial business,
repairs and provisions for bad debts, and for all taxes accrued, including
income taxes, but bef re providing for special compen.ation or for depreciation. z Special cmnpensati m of 20% of combined net profits of American Bank Note Co. and subsidiaries in excess of 7% of the consolidated
capital and surplus accounts.
-V. 133. p. 3792.
American Can Co.
-Earnings.Calendar Years1928.
1929.
1931.
1930.
Net earnings
$19,729,580 $27,883,941 $27,599,803 $24,863,326
Depreciation
2,000,000
2,000,000
2.000,000
2,000,000
Reserve for Fed. taxes
3,000,000
2,875,000
2,200,000
3,000,000
Net income
$15,529,580 $22,883,941 $22.724,803 $19,863,326
Prof. dividends (7%)
2,886,331
2,886,331
2,886,331
2,886,331
Common dividends
8,040,493
12,369,990 12,369.990 10,514,492
Rate
($5.00)
($3.25)
($4.25)
($5.00)
Balance, surplus
725
$23,9 $7,627,620 $9,323,980 $8,936,501
Previous surplus
69,739,471 62.111,851 52,787,870 43.851,369
Profit and loss
$70.012,740 $69,739,470 $62,111,851 $52,787,870
Shares common stock
outstanding(par $25)- 2,473,998
2,473,998
2,473,998
2,473,998
Earned per share
$5.11
$8.02
$6.86
$8.08
H. W. Phelps, President, says in part:
The inventory has been carefully taken and is somewhat larger than that
of a year ago. Accounts and bills payable are all current and there are
no loans outstanding.
Expenditures for new construction were considerably less than those of
1930 and amounted to $7,461,694. The addition to the Englewood factory
in Chicago, the new factory at Terre Haute, Ind., the new dock and warehouse at Seattle, and the addition to the factory at Honolulu, Hawaii, all
of which were carried over from 1930, have been completed and paid for,
Company has not undertaken any major improvements during 1931, and
has none in contemplation for 1932. The expenditures for new construction
in 1932 will be confined to equipment for current needs and will, therefore,
be very much less than in several years last past.
Company's sales were less than in 1930, but satisfactory in view of prevailing business conditions.
With conditions that will allow the customers of company to satisfy the
law of supply and demand in their industry, company should do a substantial business in 1932.
Balance Sheet Dec. 31.
1930.
1931.
1930.
1931.
Liabilities-Ands
Preferred stock. 41,233,300 41,233.300
Plants, real est..
Common stook- 61,849,950 61,849,950
&e., incl. new
construction.. 142,202.041 136,843,848 Aects.&bilis pay. 4,764,785 7.187,797
investmls 4,032,224 4,405,656 Res. for employOther
annuity fund. 2,540,813 2,140.126
Investments for
Rea. for Fed. tax 2,200,000 3,000,000
employees' an721,583
721,593
2,441.022 2,090,547 Prof. divs. pay.
nuity fund2.473,998 2,473,998
Cash ---------- 6.309,522 16,286,885 Corn, diva. pay- x9,611,828 10,076,136
bills rec. 18.655,571 18,130,442 Conting. funds_
Accts.&
70.012,730 69,739,471
Mans and prod. 21,768,606 20.664,982 Surplus
195,408,986 198.422,360
Total
195.408.986 198.422,360
Total
Fed,tax res., $209,626;inventory
x Consists of insurance res., $5,000,000;
$970,930.-V. 133, p. 2270.
res., $3,431,271; miscellaneous res.,
To Reduce Capitalization.
Secretary Taylor Stanley, Feb. 2, in a letter to the stockholders. said:
At the stockholders' meeting held Feb. 11 1930 authority was granted to
the board of directors to purchase up to 30,000 shares of the capital stock
at the market price on the open market. In accordance with this authority
we have accumulated and have in the treasury 24,864 shares at Dec. 31
1931. The stockholders have heretofore released,for two one-year periods,
their pre-emptive rights to shares purchased under such authority.
At the coming annual meeting to be held Feb. 23 1932 the shareholders
will be asked to release said shares and any additional that the board may
purchase under the aforesaid authorization from the pre-emptive rights of
the shareholders for a period of one year additional, viz., one year from
the date of said meeting.
Cash on Dec. 31 1931 amounted to approximately $696,000 and invest,ment in U. S. Government securities to $1,347,906. Since Jan. 1 1932 we
have invested an additional $200,000 in U. S. Government securities.
It may be advisable for the company to acquire stock in excess of the
30,000 shares authorized under the resolution of Feb. 11 1930. Therefore,
the board of directors will ask for permission of stockholders to purchase
at its discretion up to 20.000 additional shares.
The judgment of the board of directors on this point depends upon the
amount of liquid assets required to provide working capital when business
revives. Any future purchases of capital stock would be made from the
collections of receivables.
-V. 134, p. 1026.
•
American Lime & Stone Co.
-Tenders.
The Bankers Trust Co., trustee, will until Feb. 25 receive bids for the
sale to it of 1st mtge. sinking fund gold bonds dated April 1 1932 to an
amount sufficient to absorb $42,201 at prices not exceeding 105.-V. 133,
p. 1128.
-New President.
American Refrigerator Transit Co.
D, 0. Ouellet, general superintendent of transportation of the Missouri
Pacific RR., has been elected President and General Manager of the
American Refrigerator Transit Co. to succeed the late H. B. Kamer.
by
The company is owned jointly' the Missouri Pacific Lines and
-V. 131. p. 1568.
the Wabash Ry. It owns 12,590 refrigerator cars.
-Liquidates Several UnderAmerican Republics Corp.
lying Units.-Preaiderrt eraig F. Cullinan Ft1157 47in--up
-sayirhrpart:
letter to the-stockholders;
From the financial statement (see "Chronicle" of Feb. 6, p tge 1015) you
will note th it heavy losses were incurred during the past year. These losses
were due, in large measure, to reduction of inventories, to unprofitable
operations and in liquidating the companies mentioned below under the
severe conditions which existed during the period. As an illustration, while
our net crude oil production for the year declined to 2.141.408 barrels, or
approximately 22% below the previous 10 year average,(a large number of
our properties being subject to proration during the year) the average
price per barrel received declined 671i% from the average received during
the previous 10 years, such price frequently representing less than lifting
cost. The manufacturing plants operated during the year on a basis of
50% normal, or somewhat above average operations in the steel industry.
In spite of these losses and the necessity for omitting payment of the
7% cum, pref. dividend for the year, the current position and outlook for
the future have been materially improved. Ignoring capital stock, surplus,
reserves, investment securities carried at $4,419,237; plant, buildings,
equipment and oil properties carried at $10,850,855 (representing a cost of
$20,145,190 less depletion and depreciation $9,294,334), and considering
only assets and liabilities classed as cash or equiv dent, the annual statement shows such assets exceed such liaoilities by more than 100%, or by
49% after including the unpaid pref. stock dividend. All funded indebtedness (inter-company items omitted) has been eliminated with the exception
of $180,000 of 1st mtge, bonds of an original issue of $300,000 issued by a
subsidiary in connection with a plant purch
Diligent and continuing efforts have been directed toward curtailing
expenses and effecting economies in every way possible. Salaries and wages
have been substantially reduced and personnel curtailed to conform with
the restricted operating conditions, however, in a corporate set-up such as
yours, designed to operate through subsidiaries in various lines and in
rather widely separated localities, such contraction has its limits in the
absence of complete liquidation.
During the year the following changes applied in subsidiaries and Investment securities:
(1) The rolling stock of the Pennsylvania Tank Line was disposed of
to the Pennsylvania-Conley Tank Car Co. for a consideration of netbook
value after outstanding car trust certifictes amounting to $5,055,000 were
assumed by the purchaser.
(2) Contract was entered into (not yet consummated) for the sale of the
Kansas City plant af the Pennsylvania Car Co.
(3) The assets of the Petroleum Supply Co. were disposed of and the
company liquidated.
1374
FINANCIAL CHRONICLE
[VOL. 134.
(4) The Gulf
-Caribbean Steamship Line, Inc., was liquidated.
Digest of Plan of Reorganization.
(5) The Petroleum Protective Association, Inc., inactive for several
Capitalization of the New Compang.—The plan provides for the organizayears, w is liquidated.
(6) As a result of the merger of the Galena Oil Corp. with the Valvoline tion of a new company to acquire, through court proceedings or otherwise,
Oil Co.of Now Jersey. the American Republic Corp. received 5.735 shares, all or such part of the properties of the corporation and the properties or
of the tot al of 40,100 outstanding, of Valvoline common stock in exchange securities of its subsidiary and controlled companies, as the reorganization
committee shall determine. The plan provides
for its holdings in the Galena Oil Corp.
for the capitalization of
The Cullinan family has increased its holdings in corporation stock,from the new company to be substantially as follows:
an original participation of around 25% to the approximate 30% it no
Outstanding.
Authorized.
7% cony, pref. stock ($25 par)
owns.—V. 134, p. 1015.
$3,990,000
$5,000,000
Common stock (no par value)
*600,000 shs.
207,412 shs.
American Service Co.—Debentureholders'Protective Comm
* Of which 30,000 shares are to be
exercise of stock purchase warrants (to reserved for issuance against the
entitling the holders thereof to purchase be delivered to the underwriters)
common
to and incl. April 30 1934; 25,000 shares are to stock at $5.50 per share
officers and employees of the new company, and be reserved for sale to
159,600 shares will be
reserved for issuance upon conversion of the
preferred stock at the rate
of one share of common stock for each share of
preferred stock.
Provisions of Preferred Stock of New
Company—Authorized 200,000 shares,
to be issued not to exceed 159.600 shares in exchange
certificate of incorporation of the new company will for debentures. The
things, substantially as follows with respect to the provide among other
preferred
Disidends.—EntItled to receive when
dividends at rate of $1.75 per share per and as declared by directors,
annum cumulative from Jan. 1
1933 in respect to shares issued in distribution under
the plan or sold with
the approval of the reorganization committee.
Such shares of preferred
stock shall be entitled to dividends up to $1.75 per
for the calendar year 1932, including operations share out of net profits
prior to commencement
of operations of the new company
Conversion Privilege.
--Convertible at the option
share, into common stock of the new company.of the holders share for
Appropriate'provision
will be made for the protection of the conversion
privilege against dilution
of the common stock
Preference to Assets.—Will be preferentially entitled to
all accumulated
unpaid dividends, plus $27.50 per share in any
voluntary liquidation or
dissolution, or plus $25 per share in any involuntary
liquidation or dissolution of the new company.
Redemption.—Redeemable, all or part, on any
upon 30 days'prior notice at $27.50 per share plusdividend payment date
all accumulated unpaid
dividends.
Sinking Fund.—On or before April 1 1934, and on or
before
thereafter, new company, out of its earned surplus or its not each April 1
profits, shall,
through purchase at or less than the redemption price, or by
redemption,'
retire at least 3% of the aggregate number of shares of
preferred stock
which have theretofore been issued.
Voting Rights.—If at any time after Jan. 1 1934 cumulative
dividends on any of the preferred stock shall be in arrears In quarterly
equal to or exceeding $1.75 per share, or if the new company an amount
shall
default for a period of six months in setting aside or applying the be in
sinkng
fund provided for the preferred stock, the holders of the
preferred stock
will for any and all purposes have voting rights at least equal to
the combined voting rights of the stocks of all other classes and,
the holders of the preferred stock will have the right tovoting as a class,
majority
%
of the board of directors and will have exclusive voting elect upon the
power
exchange
Committee Representing 1st Mtge. 15-Year 6% Gold Bonds, sale, lease, of Fundedof assets or dissolution ot the company.
Creation
Indebtedness, &c.—If, after due notice, holders
of
-Year Convertible 7% Gold Notes.—
Series A, and 3
25% of the outstanding shares of the preferred stock dissent in writing,
Hamilton Afton; Kinney Smith Jr., and Phelps Kelley, Chairman, with the new company will not mortgage or pledge any of its assets, or create
or issue any bonds, notes, debentures or other evidences of indebtedness,
Harry R. Messer, Sec., 209 South La Salle St., Chicago, and Poppenhusen,
or guarantee any bonds, notes. debentures or other evidences of indebtedJohnston, Thompson & Cole. Counsel, 11 South La Salle St., Chicago.
The First Union Trust & Savings Bank,38 South Dearborn St., Chicago, ness of any other corporation, or permit any subsidiary company so to do;
provided that the foregoing shall not apply (1) to the making, negotiating,
is depositary.—V. 132. p. 4245.
or incurring, in the ordinary course of business, of any obligations, secured
maturing in
or less from the
-------American Solvents & Chemical Corp. (Del.).—Re- or unsecured, incurring the 12 monthsto the execution date Of making,
negotiating or
or making of conorganization Plan.—A plan and agreement dated as of Feb. tracts in the ordinary coursesame, (2) (3) to the execution, making or
of business,
giving of
or
in the ordinary
15 1932, for the reorganization of the corporation has been (4) to theguaranties of indemnity bondsmortgages or course of business,
execution
purchase money
the
prepared, adopted and promulgated by the reorganization existing mortgage or mortgages on property acquired, orassumption of an
to the refunding
committee, and has been adopted and approved by the or extension thereof, if the aggregate indebtedness secured by such mortgage Cr mortgages shall not exceed 66 2-3% of the cost or fair value of
protective committees representing the following securities:
such property, (5) to the guaranty of indebtedness of any subsidiary
Securities.—American Solvents & Chemical Corp. (Md.) 6 % 10
-year company maturing in 12 months or less, or (6) to the guaranty of
sinking fund gold debentures; General Industrial Alcohol Corp. cony. 13X % of customers given for merchandise sold by the new company or notes
by a
sinking fund debentures; Roseville Commercial Alcohol Corp. (Md.) 20 subsidiary and maturing in 12 months or lessfrom the date of such guaranty.
Issue of Additional Preferred Stock or Stock Equal or Prior Thereto.—New
year sinking fund 6% cony. debentures; American Solvents & Chemical
Corp.
.) $3 cum. cony, preference stock, and American Solvents & company, after consummation of the plan, will not, without the affirmaChemical Corp. (Del.) common stock.
tive vote of the holders of a majority of the preferred stock
The plan also deals with $1,582,458 principal amount of current notes at a meeting duly called (1) increase the number of shares outstanding,
of
of Rossville Commercial Alcohol Corp. (of Del.), an operating subsidiary. stock outstanding, or (2) create stock of any other class rankingpreferred
prior to
Holders of any of the above-mentioned securities who have not hereto- or on a parity with the preferred stock in respect to the payment of divifore deposited their securities may become parties to the plan by deposit- dends or the distribution of assets.
ing their securities with the depositary designated for such securities before
Dividends on Junior Stocks, &c.—So long as any of the preferred stock
the close of business on March 18.
remains outstanding the new company will not: (1) pay any cash (or
The holders of securities listed above to be dealt with under the plan, equivalent) dividends on any class of stock junior to the preferred stock:
who do not so deposit, shall have no right to share in the benefits of Le (2) make any distribution to the holders of any such junior stock except
dividends payable in shares of any stock junior to the preferred stock;
plan and agreement.
Reorganization Committee.—Joseph P. Ripley (Chairman), C. 0. Cornell, (3) apply any funds to the purchase or retirement of any class of stock
Milton O. Cross, Frederic° Loge, Arthur W. Loasby John Nickerson, junior to the preferred stock, in an aggregate amount in mese of 50%
Henry I. Peffer, Davenport Pogue, I. J. Seskis, Leslie L. Vivian, with of such part of net profits and surplus earned by the new company as
Nelson Stuart, Secretary, 22 William St., New York, N. Y., and Davis, would otherwise be applicable to such payment, distribution or application.
Consolidation. Merger or Sale of Assets.—New company shall not consoliPolk, Wardwell, Gardiner & Reed, Counsel, 15 Broad St., New York, N. Y.
Debentureholders' Protective Committee.—Joseph P. Ripley (Chairman), date merge or sell all or substantially all of its assets, without the affirma'
Milton C. Cross, Frederic° Lage, Arthur W. Loasby, John Nickerson. tive vote at a meeting duly called of at least a majority in par value of
Davenport Pogue. Leslie L. Vivian, with Nelson Stuart, Secretary, 22 the then outstanding ipreferred stock, such requirement to be in addition
William St., New York, N. Y., and Davis, Polk, Wardwell, Gardiner & to any requirement of law of the state of incorporation of the new comReed. Counsel, 15 Broad St. New York, N. Y.
City Bank-Farmers pany at the time existing in regard to consolidation, merger or sale of assets.
Amendments.—The provisions relating to the preferred stock
Trust Co., depositary. 22 William
St.. New York, N. Y.
may be
(Chairman), B. W. amended only upon the vote of two-thirds in interest of the preferred stock
Stockholders' Protective Committee.—C. 0. Corne.0
Jones. Henry
I. Proffer, F. A. Rogers, with H. F. Linder, Secretary, 50 at the time outstanding.
The reorganization committee may in ts discretion issue preferred stock
Broad St., New York, and White & Case, Counsel, 14 Wall St., New York,
without par value in lieu and stead of preferred stock with $25
N. Y. Bankers Trust Co., depositary, 16 Wall St., New York, N. Y.
and,in that event,may make any changes necessarily consequent par value
thereupon.
A summary of the plan of reorganization, dated as of
Distribution to Holders of Notes of Operating Subsidiary.
Holders of the $1,582,458 of current notes of Renville
Feb. 15, follows:
Commercial
Alcohol
(of Del.), the operating
The corporation, through wholly owned subsidiaries, is engaged in the promise Corp.notes for $1,384,650 in subsidiary, have agreed to commanufacture and sale of alcohol for industrial purposes. Rossville Com- stock of their new company, together cash and 7,912 shares of common
the
with interest on the cash
mercial Alcohol Corp. (of Del.), all of the stock a which is owned, is the $1,384,650 at the rate
of 5% per annum from Dec. 24 1931, until sum of
subsidiary through which substantially all operations are conducted, except
payment.
Distribution of New Securities.
in California. This operating subsidiary is not to be confused with Rossville Commercial Alcohol Corp.(of Md.), which corporation was the obligor
The plan provides that the securities of the
Alcohol Corp. (Md.) 20-year sinking fund tributed to depositing debenture holders on thenew company shall be disof the Roseville Commercial
following hum
6% convertible debentures, and which corporation is now dissolved, havAmerican Debentures.—For each $1,000 American
debentures: 24 shares
ing sold its assets to the corporation.
of preferred stock and 10 shares of common stock of the
new company,
Operations in 1931 resulted in operating losses and practically exhausted plus $30.88 in cash representing 60% of accrued
the working capital. Defaults have occurred in the payment of interest 1931 through Dec. 31 1931. For each $500 of interest from March 15
American debentures: 12
due on Sept. 15 1931 on American Solvents & Chemical Corp. (Md.) shares of preferred stock and 5 shares of common
stock of the new com61.4% 10-year sinking fund gold debentures, in the payment of interest pany, plus $15.44 in cash representing 60% ofaccrued
interest from March
due on Nov. 1 1931 on General Industrial Alcohol Corp. cony. 63 % sink- 15Generaihrouehtures5
,
l93l t Debgn Dec. 31
F
fund debentures. and In the payment of interest due on Jan. 1 1932
ing
or elCh $1,000 of general
193a
on Bossy Ile Commercial Alcohol Corp. (Md.) 20-year sinking fund 6% preferred stock and 10 shares of common stock of debentures: 24 shares of
the new
convertible debentures.
$26 in cash representing 60% of accrued interest from May company, plus
1 1931.through
The principal, interest and sinking fund of all of the aforesaid deben- Dec. 31 1931.
tures have been assumed by the corporation.
Rossville Debentures.—For each $1,000 of Ressvile debentures:
24 shares
Corporation has also defaulted in certain sinking fund payments due of preferred stock and 10 shares of common stock of
with respect to the debentures, and the above mentioned operating sub- plus $18 in cash representing 60% of accrued interestthe new company,
from July 1 1931,
sidiary is in default as to certain of its current notes which matured Dec. through Dec. 311931.
Distribution of the new securities as outlined above is
24 1931.
Corporation On Feb. 13 1932 filed a voluntary petition in bankruptcy pendent of whether or not subscription rights, hereinafter entirely indedescribed, are
in the District Court of the United States for the Southern District of exercised.
Subscription Rights.
New York. It is exepcted that this action will not disturb operations,
In order to provide a portion of the working capital required
which are carried on wholly by subsidiaries, and also that these proceednew company, the plan provides for the sale of 133,000 shares of for the
ings may be utilized in carrying out a reorganization.
common
The corporation has recently entered into an agreement providing for stock of the new company at a price of $5.50 per share. Polders of
the
cash consideration of $1,651,124. The aggregate debentures and stocks or certificates of deposit therefor, who
the sale of 6 plants for a
assent to
normal annual capacity of the 9 plants to be retained will be more than the plan and agreement and who shall have complied with the
terms
the corporation's 1932 allotment of approximately 15% of the thereof, will be entitled to subscribe for such common stock of the
double
new
present 80,000,000 gallon total allotment for the industry in 1932. Fulfill- company on the following terms:
(1) Debentures.—Holders of debentures of the three issues
ment of the aforementioned agreement, which in the judgment of the
distinctly advantageous to the corporation, above will be entitled to receive for each $1,000 of debentures: referred to
reorganization committee is
Subscription
is subject to certain conditions requiring the prompt reorganization of the rights calling for 20 shares of common stock of the new company
upon
corporation on a sound financial basis. A reorganization is also essential payment of $110. being equivalent to a price of $5.50 for each
in order that the proceeds of the plants to be sold may be available for common stock so subscribed. Holders of American debentures share of
of $500
working capital of the reorganized enterprise.
denomination will be entitled to receive for each $500 of such
debentures
The following committee has been formed to protect the interests of the
holders of the 5
-year 6,34% convertible gold debentures dated Jan. 1 1929.
due Jan. 1 1934: P. D.Stokes, Chairman; B. F. Troxell, and M.L. Baxter,
with W. R. Parker Jr., Sec., 230 S. La Salle St., Chicago, and Cutting.
Moore & Sidley, Counsel, 11 S. La Salle St., Chicago.
The depositary is Continental Illinois Bank & Trust Co., 231 S. La Salle
St., Chicago.
Under date of Dec. 26 last, the company mailed to all known holders
of its funded debt a letter advising of the necessity of the company's default
In payment ofinterest due Jan. 1 1932,including interest on the debentures.
It is anticipated that the March 1 1932 interest on the 7% notes will also
be defaulted.
The company states that the generally unfavorable business situation
throughout the country has been further aggravated in the ice industry
in its territory by increased competition from new plants and by lower
prices resulting from price cutting in important localities. Company has
expended during the past 23.4 years in the neighborhood of $750,000 on
betterments and extensions and the construction and purchase of additional properties in order to maintain its position and prevent even more
serious competition. Due to unstable financial conditions and the company's consequent inability to finance its operations, these expenditures
were a drain on'its working capital *which, together with a decrease in
sales for 1931 of approximately $450,000 below those of 1930. seriously
depleted the company's funds at a season of the year when cash on hand
should be at a maximum. Statements of the company indicate cash on
hand at Dec. 31 last of about $250,000 and net earnings after depreciation.
but before interest, for the past year amounting to approximately $600,000
as compared with annual interest requirements of $675,655 on total funded
debt.
The directors of the company consider a reorganization of the company's
capital structure necessary. The committe has not yet determined upon
the proper solution of the present difficulties nor will it attempt to do so
until it has given the matter thorough consideration. The committee is
now awaiting completion of a detailed report by independent auditors on
the company's financial position and its operations for the past year.
The company has outstanding $6,919,000 first mortgage bonds, series A
and $1,000,000 first mortgage bonds, series B, which said first mortgage
bonds, series B, have been pledged to secure payment of $1,000,000 of
notes which are outstanding and unpaid. The first mortgage bonds of
both series are secured by a first lien on the company's properties and
take precedence over the debentures (of which there are $2,931,000 principal amount outstanding) on any liquidation of the company's assets.
FEB. 20 1932.]
FINANCIAL CHRONICLE
Subscription rights calling for 10 shares of common stock of the new company upon payment of $55, being equivalent to a price of $5.50 for each
share of common stock so subscribed.
-Holders of the issued
(2) 33 Cumulative Convertible Preference Stock.
and outstanding shares of $3 cum. cony. pref. stock of the corporation will
be entitled to receive pro rata in accordance with the number of shares
held: Subscription rights calling for such shares of common stock of the
new company as shall not be subscribed for by holders of the outstanding
debentures under the foregoing provisions, upon payment of a price of
$5.50 for each share of common stock of the new company so subscribed.
-Holders of the issued and outstanding shares of
(3) Common Stock.
common stock of the corporation will be entitled to receive pro rata in
accordance with the number of shares held: Subscription rights calling
for such shares of common stock of the new company as shall not be subscribed for by holders of the debentures or by holders of the $3 cum. cony.
pref. stock under the foregoing provisions, upon payment of a price of
$5.50 for each share of common stock of the new company so subscribed.
The subscription rights have been underwritten for cash at the same
price as that at which the stock is offered to holders of debentures and
preference and common stock of the corporation. For their services in
undertaking this underwriting, the underwriters shall be entitled to receive
stock purchase warrants entitling the holders thereof to purchase an aggregate of 30,000 shares of common stock of the new company, as a whole
or in part, at any time or from time to time, until and including April 30
1934, at 55.50 per share.
Financial Condition of the New Company.
Upon the consummation of the plan there will be paid into the new
company $731.500 cash, being the proceeds of the sale of 133,000 shares
of common stock of the new company under the subscription rights and
underwriting, and the plan contemplates that the agreement for the sale
of 6 plants for a cash consideration of $1,651,123 will be carried out by
the reorganization committee or new company.
Pro Forma Balance Sheet as of Oct. 31 1931.
Assets
Liabilities
$2,439
Secured equipment notes
Cash after deduct. $162,000 for
230,265
exps. of Nov. & Dec. 1931-41,069,751 Accounts payable
Accrued taxes and sundry exCustomers' notes & accts. rec.
152,311
(less allow, for doubtful)__ - 528,861
penses
Deterred liability due Jan. 1
Merchandise inventories, con1933
25,000
tainers, Szis
1,354,911
Cash surrend. value, life insur48,042 7% cony. pref. stock ($25 par) 3,990,000
x Common stock (207,412 abs.
Sundry accounts, claims and
1,140,766
of no par value)
advances, &c
24,767
2,500,000
Capital surplus
Real estate, building, mach. &
604.959
Initial surplus
equipment, at arbitrary reasonable valuation
5.430,000
Patents and goodwill
1
Unexpired insurance premiums,
prepaid expenses, &c
189,407
88,645,741
Total
$8,645,741
Total
x Common stock to be reserved: 159,600 shares for converson of pref.
stock; 30,000 shares for stock purchase warrants for underwriters, and
25,000 shares for sale to officers and employees.
Comparison of Capital Structure and Interest and Dividend Requirements of
the Corporation and the New Company.
The extent to which the new company will be relieved of fixed interest
and dividend charges is indicated in the following comparative table,
showing the capitalization, interest charges and dividend requirements
of the corporation as now capitalized and of the new company as proposed to be capitalized.
1375
purchasable at such price with the amount realizable in respect of the
Standard All-America Trust Shares or Standard American Trust Shares
so surrendered as provided above. Any cash balance remaining may be
applied toward the purchase of the smallest authorized denomination of
Diversified Trustee Shares, series D,at the same price as is provided above
with respect to exchanges.
In addition, a holder of Standard All-America Trust Shares or Standard
American Trust Shares, who accepts the offer of exchange, may, at his
option, purchase a number of Diversified Trustee Shares, series D, which
when added to the number received by him upon such exchange, will
equal the number of Standard All-America Trust Shares or Standard
American Trust Shares surrendered in exchange. These additional shares
may be purchased at a price equal to the offering price in effect at the time,
less an amount equal to 3% of such offering price less accumulations.
In determining the market price of the deposited stocks, the market
prices as evidenced by actual sales on the New York Stock Exchange (or if
any such stocks are not traded in on the New York Stock Exchange, then
on any Exchange upon which stocks are traded in) last current at the
time of the acceptance of the offer of exchange shall be used, provided,
however, that if there shall have been no actual sales on the day of such
acceptance, the last current bid shall be used instead of the last current sale.
This offer will expire on May 1 1932. See also V. 134, p. 1026.
-Earnings.
-American Surety Co. of New York.
1931.
1930.
$9,812,127 $10,238,498
1,515,415
1,732,349
$11,327,541 $11,970,847
6,182.018 6,242,023
438,494
265,682
5,101,879
6,031,880
$188,451
loss$1,152.039
Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Liabilities
$
--$
7,500,000 7.500,000
8,300,000 8,300,000 Capital stock
5,244,346 5,844,716 Surplus and undivided profits_ _ _ 3,394,645 5,667,026
8,251,428 8,981,627
1,028,624 1,408,727 Res. unearn. prem. 6,377,374 7,022,075
Res. conting. claim 6,437,518 5,148,054
2,408,949 2,321.112 Exp. & tax reserve 885.998 1,025,026
91,244 Reserve outstand82,971
ing premium_ _
550.000
450,000
236,041
159,314
100,796 Accts. pay•
330 097
'
Calendar Years
Income from premium
Other income
Total income
Expenses
Taxes
Net losses
Net income
Assets-Real estate
Bonds
Stocks
Cash
Premium in course
of collection_ _ _
Accr'd int. & rents
Reinsur. and other
accts. receivable
Total
25,475.632 27,048,224
-V. 134, p. 678.
Total
25,475,632 27,048,224
....*,American Thermos Bottle Co. Prrrrrert
?
LThe stockholders at the annual meeting to be held Mar. 15 will vi te on a
propal to reduce the par value of the class A shares to $5 from $10)
os
In a letter to the stockholders, E. W. Edwards, Chairman of th board,
and A. E. Payson, President, said the reduction of the par value would
increase surplus and enable the directors to set up such reserves as they
may believe desirable. This move will enable the company to restate its
assets and will not affect the priority of the preferred stock, they said.
V. 133. p. 2270.
• American Woolen Co.
-To Reduce Preferred Stock and
Change Par Value of Common Shares, tilew Directorrc-de:-
New York Stock Exchange of a proposed
The company has notified the reduction in the authorized pref. stock from 600,000 shares to 478,648
Amer. Solvents ct Chem. New Company Giving
shares, and a change in the common stock from 400,000 shares, par $100,
Corp. as Now Cabitalized. Mello Reorganization. to 400,000 shares without par value, with a stated capital of $5 per share,
each present share of common stock to be exchanged for one new share.
Annual
Securities
Annual
Annual Reportfor 1981.
Outstanding
& Div. to Be Out- Div. ReSecurities. Requiremts. standing. quiremts.
Lionel J. Noah, President, Feb. 15 wrote:
This report sets forth in detail the conditions of the company as of
Funded debt
$6,650,000 $417,825
Dec. 31 1931, as shown by the accompanying balance sheet after giving
$3 cum, cony. poi. stock (no Par) 188,000.3shs
. 564,001
effect to:
Common stock (no par)
501,918.1 sits
1.
-Adjustments, as recommended by Patterson, Teele and Dennis in
New company 7% cony, preferred
their audit as of Dec. 31 1930, to cover items applicable to operations of
stock ($25 par)
$3,990,000 $279,300 former years not previously provided for.
New company corn. stock (no par)
207.412 shs.
2.
-Adjustment of plant values referred to below.
The profit and loss statements reflect the operating results of the comTotals
$981,826
$279,300 pany for 1931 compared with 1930.
In accordance with the recommendations of Patterson. Teele and
N
n lliltioO to the above there will be a sub3tautill reduction of Inc. charges
on current borrowings arising from ntroduction of new money as provided under plan. Dennis, who were appointed as auditors at the last stockholders' meeting,
the surplus of $4,787,386, as shown on the statement of Dec. 311930. was
Storage Plant at New Orleans, La.
-It is contemplated that the title of reduced by $1,577,091 to provide reserves to cover operations of the comDunbar Molasses Co. Inc., to a molasses tank storage terminal at New pany in years previous to Dec. 31 1930. This left the surplus account,
'
Orleans, La., will be perfected in consideration of Dunbar Molasses Corpo- as of Dec. 31. $3,210,295.
ration's cancelling a contingent claim for $225,000 liquidated damages
Following a report by Chas. T. Main, Inc., Boston, Mass., on the
against the corporation.
active and inactive plants and properties, the Textile Realty Co. was formed
-The reorganization committee has agreed to cause into which were placed the inactive mills and propsrties for ultimate liquidaMolasses Contract.
the new company, upon consummation of the plan, to enter into a con- tion, and adjustments were made in the book value of the active plants.
tract, the form of which has been agreed upon, to purchase, under certain
These actions as set forth in the surplus account items(b) and (c), decrease
conditions, from Dunbar Molasses Corp. the requirements of molasses of the surplus account by an additional amount of $17,458,596.
the new company until Dec. 31 1933.
The profit before deduction for plant depreciation and inventory reEstimated Earnings.
-It has been estimated by the management, in ductions was $418,843. Depreciation amounted to $1,506,235 and incollaboration with Ernst & Ernst, that if the plan is consummated the ventory reductions were $1,749,434. The inventory reductions resulted
net income for the year 1932. after income taxes and all other charges, from substantial declines in basic raw materials during the first part of the
of the properties and business which it is contemplated will be acquired year and most unseasonable weather conditions and the general economic
under the plan by the new company and its subsidiaries, including the situation during the latter part
estimated results of operations prior to the consummation of the plan,
The company is in a strong cash position. Net current assets are 840,should approximate $750,000. Such estimate is based upon the follow- 769.244. During 1931, the company retired the note indebtedness of the
ing assumptions:
Webster and Shawshoen Mills, totaling $17,000,000 gross, and reduced
(1) The accomplishment at a reasonably early date of a successful Its mortgage indebtedness on its buildings in New York City by 8584,000.
reorganization involving a working capital position of the new company The reduction of
will result in substantial
substantially as shown in the pro forma balance sheet previously given and savings in interest the company's indebtedness
payments.
aft or making reasonable allowance for reorganization expenses, &c.
In keeping with the present management's policy of efficient mill opera(2) The carrying out of the agreement providing for the sale of certain tion, we have installed considerable new machinery in many of our plants
plants of the corporation.
and have made many other necessary manufacturing improvements to
(3) Execution and performance of a contract which Dunbar Molasses modernize our plant operation.
Corp. has agreed to enter into for the supply of the molasses requirements
Condensed Consolidated Profit and Loss Years Ended Dec. 31.
of the new company.
[Company and All Subsidiary Companies Except Textile Realty Co.]
(4) A demand for alcohol justifying the present allotment of 80,000,000
gallons as a total for the industry for 1932, of which the corporation's
:1930.
1931.
1932 allotment is approximately 15%.
Profit before inventory reductions, interest charges
(5) Continuance of sale of alcohol throughout the year at approxiand depredation
$91,126
$781,833
mately the corporation's present schedule of prices.
Reductions in semi-annual inventories to coat or
The estimated net income of $750,000 is equivalent to approximately
market basis, as adjusted
2,712,806
1,749,435
2.7 times the annual dividend requirement of $279,300 on the $3,990,000 Interest on coupon notes, mortgages,&c
362,989
783,570
par value (159,600 shares) of pref, stock which it is provided may be issued
under the plan in exchange for debentures. Deducting the dividend on
Loss before depreciation
$1.330,591 $3.405.251
the preferred stock, the balance of approximately $470,700 is equivalent Prov. for depreciation on buildings, mach., &c_ _ _ 1.506,235
1.492,334
to about $2.27 per share for the 207,412 shares of common stock which
Loss for year, transferred to surplus account_ _ _ $2,836,826 $4,897,584
it is provided may be distributed and issued pursuant to subscription
x For comparison.
rights under the plan.
Condensed Consolidated Surplus Account Year Ended Dec. 31 1931.
Board of Directors of the New Company.
-It is contemplated that the
-Dec. 31 1930 as per annual report
$4,787,386
board of directors of the new company will consist of the following: C. 0. Surplus
Cornell, Joseph F. Dempsey, Arthur W. Loasby, John Nickerson, Victor Deduct: Net adjustments to surplus as of Dec.31 1930, based on
an examination by the auditors duly appointed at the annual
M. O'Shaughnessy, Henry I. Peffer, Davenport Pogue, Joseph P. Ripley,
meeting, for contingencies and other reserves arising from the
and I. J. Scalds. Of the foregoing, five have been designated by the
operations of previous years, and for assets omitted from the
debentureholders' protective committee and the other four have been
balance sheet
1,577,091
designated by the stockholders' protective committee.
-V. 133, p. 3259.
American Trustee Shares Corp.
-Offer of Exchange.
Adjusted surplus at Dec.31 1930
$3,210,295
This corporation, it is announced, will accept Standard All-America Deduct:(a) Loss as adjusted for the year ended Dec.31 1931, deTrust Shares or Standard American Trust Shares at its bid price therefor,
tailed above
2,836,826
computed as below described, and will deliver in respect thereof Diversified
(b) Adjustment of book value of active properties in accordTrustee Shares, series D, at the offering price thereof in effect at the time
ance with report of Chas. T. Main, Inc., July 1 1931, to
acceptance of the offer of exchange, less an amount equal to 3% of
basis of approximate cost leas accrued depreciation- __ - 10,041,769
of the
such offering price less accumulations.
(c) Book value of inactive plants, tenements and miscellaneous
properties transferred to Textile Realty Co., a wholly
For the purpose of such exchange, the bid price of Standard All-America
owned subsidiary-written off
7,416.827
Trust Shares and Standard American Trust Shares will be based upon the
(d) Note issue exp. of prey, years and prem, written oft......
current market prices of the deposited stocks at odd lot prices, less brokerage
134,550
(e) Net additions to reserve for contingencies-rentals under
commissions and less any amounts which are currently being withheld by
leases of vacated premises,&c
500,000
the trustee upon conversions. The bid price so arrived at may be adjusted
(f) Amount written offsundry investments
19,001
to the next lower one-twentieth of a dollar per trust share.
Diversified Trustee Shares, series D, will be delivered only to the extent
Deficit-Dec,31 1931
of the greatest number of such shares (in authorized denominations)
317.738,679
1376
FINANCIAL CHRONICLE
[VOL. 134.
Condensed Consolidated Balance Sheet Dec. 31.
arnsdall Corp.
-To Reclassify Stock.
1931.
1931
1930.
1930.
•
The stockholders at the annual meeting to be held
March 15 will
Assets
, Liabilities,
vote on approving a reclassification of the present class on stock and class
A
Plant & mill llx$
Common stock.. 40.000,000 40,000,000 B stock, par $25, into one class of common
$
stock, par $5, each share to be
tures
x31,331,781 48,750,268 Preferred stock_ 47,864,800 47,864,800 exchanged for one new share.
-V. 133. P. 3260.
Investments_ _ _
287,052 2,212,953 Sub. co. stock.._
300
U.S. Govt. sec_ 6,384,089 7,119,298 Shawsheen notes
5,500,000
Bendix Aviation Corp.
-Temporary Shutdown in Aviatzon
Wool & fabrics,
5,500,000 Brakes
Webster notes_
Division.
raw, wrought,
125,000
Notes payable..
& in process,
The corporation has advised its customers to place orders early for
Reserve for(amnia. 1,203,790
and supplies_ _ 20,815,472 19,801,708 Curr. accts., &c
241,807
620,157 products in its aviation brake division in view of a temporary shutdown in
Cash
that section for the purpose of making certain factory adjustments. The
8,440,266 18,552.864 Mtge. on N. Y.
Accts. rec. (net) 5,368,225 8,868.651
City buildings 1,225,000 1,809,000 shutdown will not exceed 30 days. As soon as the contemplated changes
Bank accepts.. _
603,897 Undiv. prof.. def17,738,679 4,787,386 In machinery placement, &c., have been completed, production will continue in the usual fashion.
Deferred charges
-V. 134. p. 509.
297,004
166,833
Total
72,706,718 106,206,643
72,796,718 106,206,643
Total
x Plant and mill fixtures, office and warehouse buildings, less $40,936,453
Benson'& Hedges.
-Earnings.
-Calendar Years-
Net sales
reserve for depreciation.
-V. Cost of sales
A. G. Pierce and Wheaton Kettredge have resigned as directors.
134, p. 1026.
Gross profit on sales
-New Canadian Other income,rents, discounts, &c_ _ _
Arrow-Hart & Hegeman Electric Co.
1931.
1930.
1929.
$918,740 $1,066,982 $1.235,409
695,087
803.101
903,702
$223,653
21,533
$263,881
23,689
Total earnings
$245,186
$287,569
Oper. exps., incl. selling & adminis.
The Arrow-Hart & Ilegeman (Canada) Ltd., has been formed by the
expenses, rent, taxes, insur., &c_ _
above company and has leased space in Toronto, Canada, for the manu226,332
251,093
facture of electric wiring and switch device for the Canadian and export Interest
11,559
13,148
markets. Equipment is being installed in the new plant and production Depreciation
4,696
5.141
will be commenced shortly. The new company will have an authorized Federal income taxes
567
2,156
capital stock of $100,000, par value $10 per share.
1198.
-V. 134, P.
income
Net
$2,033
$16,031
Dividends paid on preferred stock_ _ _
27,000
Atlantic Ice Mfg. Co.
-Earnings.
36,000
Calendar Years1929.
1928.
1930.
1931.
Net addition
Gross revenue
$598,291 Surplus Jan. 1 to surplus for year._ _ def$24,967 def$19.969
"$800,120
$802,731
s$793.030
101,982
122,479
Operating exps., maint.
Federal income taxes prior years_
528
and taxes, including
Federal taxes
381,831
480,430
514,177
456,946
Surplus Dec. 31
$77,015
$101,982
Earnings per share on 18,000 shares
Income
$216,460
$319.690
$288,554
$336.083
pref. stock (no par)
$0.11
$0.89
Interest and amort_
70,124
103,661
97.334
93,275
Unit.
-
Balance
Depreciation
$238,749
78.813
$216,028
85.558
$195.278
80,273
$146,335
59,829
Balance
Preferred dividends
$159,936
38,556
$130,470
38,517
$115,005
31,674
$86,506
22,130
Bal.avail.for com.stk.
Shares of common stock
outstanding
$121,380
$91,953
$83,331
$64,375
13,482
14,092
14 082
$.91
$4.77
Earnings per share
$6.52
-company sales eliminated. Prveious years include inter-company
* Inter
sales.
-V. 127. p. 1951.
14,189
$8.55
-Annual ReporZ.Baldwin Co., Cincinnati.
AssetsCaah
Notes receivable_
Accts. receivable
Inventories
Mach.,equip. and
,
bids& improv_ _
Prepaid insur., tax
and interest_ _ _ _
Goodwill,leaseh'ds
trade marks, &e.
Balance Sheet Dec. 31.
Liabilities-1930.
1931.
1931.
$17,380
$29,357 Bank loans payable $145,000
52,483
60,092 Trade accept. pay.
14,754
Accts. payable_ _ _ _
171,187
214,848
17,828
497,811 Accrued expenses_
392,290
2,680
Fed'I income taxes
44,351
41,550
accrued
567
Capital stock
x424,028
6.951
7,649 Earned surplus_
77,014
$331,708
21,656
$353,364
268.767
6.083
4,831
8.327
$65.357
36,000
$29.357
93,122
$122,479
$3.63
1930.
$250,000
28,762
42,896
4,285
2,155
424,028
101,982
1
1
Total
a681.873 1854.109
Total
$681,873 $854,109
x Represented by 18,000 shares cum. cony. pref. stock, and 42,000 shares
Lucien Wulsin, President, says in part:
The total volume of business done by the company and its subsidiary
companies, for 1931, exclusive of small goods, amounted to $4,922,870, a
reduction compared with 1930 of 32.1%.
The company s operations for the year show a loss of $663,353 after
deduction for taxes and interest. There have been charged against reserves.
specifically allocated to that purpose, certain non-recurring losses on accounts receivable; and an adjustment in inventory values of $280,416 to
bring same to the basis of present market, was charged direct to surplus.
Notwithstanding the loss for the past year, the company is in a strong
financial position as is evidenced by the ratio of current assets to current
liabilities of more than 23 to 1; and the surplus account, after deduction of
loss from operations and charges for inventory adjustment, amounts to
common stock, both of no par value.
-V. 133, p. 2605.
Cash and U.S.securities
Bills & accts. receivable
Inventories
Mfg. plants(real. est. & bides.)
Machinery and equipment_ _._
1931.
Assets$
Fixed assets
26,588,271
Pats., g'd-will,&c_
1
Cash
622,962
Notes & trade acceptances rec.
17,798
Life lnsur. policies 154,753
Marketable secur_ 549,909
Int. accr'd on inv.
8,811
Corn.stk. acquired
for employees89,976
Accts. receivable
834,062
Inventories
3,248,607
Investments
146,667
Deferred charges
108,069
(Sidney) Blumenthal & Co., Inc. (& Subs.).
-Earns.
Calendar Years-
1931.
c1930.
c1929.
c1928.
$10,059,274 $8.501,740 $18,409,469 $18,678,492
8,326,892 7,429,352 13,253,329 13,393,630
Exp., custom. disc., &c_ 1,370,913 1,220,355 2,149,973 2,015.890
Profit from oper
$361,469 loss$147,966 $3,006,167 $3,268,973
Interest charges, &c_ _
453,571
142,615
153,796
319.075
Federal, &c., taxes
355,176
401,055
Net income
$1,608,629.
los492,102 loss$290,581 $2,497,194 $2,548,843
During the year funded debt was reduced $728.000 through the operation Preferred dividends__ _ _
104,186
175,000
b437.500
*393,750
of the regular retirement provision and through purchases at the market.
Balance
def$196,288 def$465,581 $2,059,694 $2,155,093
177 shares of the pref. stock were purchased during the year at the market,
a Includes 14% on account of arrears. b Includes 10Si% on
in the treasury.
and are now carried
account
of arrears. c Exclusive of Saltex Looms, Inc., and Caromaunt Mills,
Consolidated General Balance Sheet Dec. 31 1931.
Inc.
Liabilities
AssetsBalance Sheet Dec. 31.
$655.375
5,012,978
2,009,417
1,092,853
1,064,670
$9,835,294
Total
-V. 130, p. 3717.
Accounts payable
Reserve for taxes
Deferred credits
Reserves
Funded debt
Preferred stock
Common stock
Surplus
$246,120
83,014
39,733
2,023,965
1,151,500
2,006,600
2,675,732
1,608,628
$9,835,294
Total
-Earnings.
Baltimore Tube Co., Inc.
-Calendar Years
-
Operating loss
Metal invent, written
down
Depreciation
Amort.of def.charge,&c
Federal income taxes_
Sundry contingencies _
$63.866
60,000
51,807
521
$5,657 prol'&394766 prof$378188
69,750
63,969
3.000
80.469
3,000
38.500
20,000
99,811
Net sales
Cost ofsales
Total
1930.
1931.
1930.
$
Liabilities$
4,568,246 Preferred stock._ 1,613 590 1,650,000
10.001 Common stock- - -14,287:194
4,287,193
2,140,730 Saltex Looms, Inc.
Sat mort. bonds. 1,800,000
29,671 Min. int. In Caro
139,152
mount Mills, Inc
32,339
Accounts payable_
88,868
188,755
Dividends payable
25,723
30,898
Reserves
300,000
500,000
Accrued liabilities_
28,200
1,156,081 Surplus
y4,193,973 4,276,972
2,097,427
712,141
80,369
12,369,888 10,933,818
Total
12,369,888 10,933,818
3,190
a After deducting depreciation of $2,344,410. x
40.000 shares of no par value. y
Represented by 239,012
Includes
5,000 and sinking fund and to increase $1,500,000 available for pref. dividend
stated capital, and $142,443
arising from
acquisition of preferred stock.
-V. 133, p. 2932.
Loss
$175.894
$141.776 sur$252.798 sur$230.186
Condensed General Balance Sheet Dec. 31.
Bohn Aluminum & Brass Corp.
-Sales Higher.
1931.
Assets1930.
Liabilities-1931.
1930.
Sales in January were 20% in excess
7% pref.stock....$1,750,000 11,750,000 last quarter of 1931. The company's of the average monthly sales in the
Property, patents,
operations have shown steady imgood-will, dre__ _15,304,137 $5,264,301 Common stock_ _ _ 2,375,000 2,375,000 provement since the low point in
October last year. February releases
47,000 indicate further gain in the
678,497 3 yr.6% gold notes
482,256
Inventories
current month.
-V. 133. p. 484, 2605, 2765.
473,351
320,589 Notes ;‘ accts. pay 308,212
Notes & snots rec. 175,416
Cash in bank & on
hand
Deferred charges_ Total
383,726
3,604
Reserves
450,626 Surplus
17,284
$6,349,140 $6,731,298
Total
-V. 133, p.3096.
1,898,416 1,892.541
17,512
193,406
$6,349,140 $6,731,298
-Earnings.
(The) Bastian-Blessing Co.
Years End. Nov.30-Net profit (after deprec.)
Other income (net)
1931.
$72,972
12,036
1930.
$302,599
23,992
1929.
$757,521
19,004
Total
Estimated Fed.inc. tax..
$85,008
13,200
$326.592
38.700
$776,525
87,200
Net profit
$287,892
$71,808
$689,325
Dividends
194,513
345,000
a305,501
Earns. per sh.on 115,000
abs. com. stock outstanding (no par)...__
$0.62
$2.50
$5.99
a Includes dividendson pref. stocks then outstanding.
General Balance Sheet Nov. 30.
Assets
1931.
Capital assets- _ $456,769
Patents, non-depreciated value
11,263
Cash
167,914
Accts.& notes reo_ y248,492
Inventories
700,677
Mkt'le securities
Cash val. life Ins
Long term rec_
68,235
Invests. (at cost). z128,020
Deferred charges__
18,337
1928.
$479,183
14,478
Henry Hinrichs, Oscar A. Roemer,
Andrew M. Lawrence, Joseph H.
Keilty, Thomas J. Shaughnessy, Peter H. McCue,
Peter Berkey, and
J. Sanford Otis.
The personnel of the company was rearranged as follows: Joseph C.
$493,661 Markley, President;
Henry Hinrichs, General Manager; Oscar A. Roemer.
59,000 Vice-President &
Treasurer; Joseph H. Keilty, Secretary & Asst. Treasurer,
$434,661 and Edmund P. Kennedy, Assistant Secretary.
Representatives of important banking interests were present and apa259,375 proved of re-alignment of
management and commented favorably on the
vitality and long career of the company, which has been in existence
$3.53 since 1848. management takes charge
The new
immediately.
-V. 134, ro• 139
.
Liabilities1930.
1931.
1930.
$473,688 Capital stock
4575,000 $575,000
Accts. payable_ -19,013
25,416
9,915 Credit bal. due
331,625
customers
5,178
83,662
329,188 Dividends payable
753,339 Eat. Fed. taxes...
13,200
38,700
113,187 Accrued liabilities_
20,487
25,012
8,350 Surplus
1,162,303 1,296,052
20,026
Total
11.799.707 12.039,318
Total
$1,799,707 $2,039,318
X Represented by 115,000 no par common shares. y Less reserve for
losses $25,000. z Includes 4,050 shares of company s own stock at cost
S1
( 18.080).
-V.133. p. 4334.
Booth Fisheries Co., Chicago.
-New Management.
-
The expected readjustment in
management of this company, necessitated
by the passing of K. L. Ames, Chairman
President of the corporation, was effected of its board and for many years
on Feb. 11 at a special meeting
of the directors. 1'. L. Smithers, President of
the company, tendered his
resignation with the request that it be immediately
accepted. The resignation of Mr. Smithers was accepted with regret.
A new board of directors was chosen as follows:
Joseph C. Markley.
(H. M.) Byllesby & Co.
-Plans Changes in Capital.
-
The stockholders at their annual meeting on March 7 will be asked to
approve an increase in the authorized pref. stock from 175,000 shares to
1,000,000 shares, a change of the annual cumulative preference of $1.50 and
non-cumulative participating of 50 cents a share to a cumulative annuual
preferfernoctu
pi s
tie oise5dashf t! a shar , and an increase in the liquidating
v ci2n s oar e
in d
$20
The directors also recommend a reduction in the capital of the class A
and class B common shares to $10 a share,in view of the present depreciation
sorfrom
in quoted valuesof securities, and ask that the capital surplus arising a
asstsin
the reduction shall at the discretion of the board be used in whole
as a reserve for realized or unrealized depreciation in capital
will not change the preference of liquidating rights of the stocks, th
us:
announcement states.
-V. 134, p. 139.
Cadillac Motor Car Co.
-Sales Increase.
monthsho_w an
m%
Cadillac-La Salle sales during the first 10 days of this increase
or
increase of 78% over the first 10 days of January and an
FEB. 20 1932.]
1377
FINANCIAL CHRONICLE
over the corresponding period of February last year, according to J. C.
Chick, General Sales Manager.
"Cadillac sales have been exceeding factory estimates since last fall,
and there is every reason to believe that our February total production
will be far ahead of the same month last year," said Mr. Chick.
The Cadillac plants have been operating on full time since November,
and some divisions of the company have been running 24 hours a day,
with three eight-hour shifts.
The payroll ranges around 6,300 employees and compares favorably
with the peak payrolls of 1929.
Orders actually on hand at the Cadillac factory guarantee sustained
activity of almost peak proportions until well into the spring. ("Wall
-V. 133, p. 804.
Street Journal.").
CaIco Chemical Co.
--Expansion.
The company has purchased the alkali blue and iridin violet business
of Zinsser & Co., Hastings-on-Hudson, N. Y. The transaction includes
the equipment, processes, formulas, good-will and other related assets.
For the present, production will continue at the Zimmer plant in Hastings.
and the same exact types will be produced under the same personnel as
heretofore. As soon as a safe reserve stock of all qualities has been accumulated, the equipment will be moved to the main Caleo plant at Bound
Brook, and production will be carried on at that point.
The Caleo company is a subsidiary of the American Cyanamid Co.
("011, Paint and Drug Reporter.").
-V. 132. p. 4416.
Camden (N. J.) Fire Insurance Association.-Report.
William T. Read. President, says in part:
Income from investments during 1931 was 3644.464. which compares
favorably with $643,644 of 1930. Premium income of $5.088.569 is
only 3.06% less than the $5,249,103 received in 1930. Underwriting
gain was $4,023 for the year. Operating income showed a surplus of
$248,486 after paying yearly dividend of $400.000.
Balance Sheet Jan. 1.
1931.
1932.
1932.
1931.
Liabilities
$
$
Assets483,384
338,224 Res. for unearned
Real estate
5,015,393 5,350,275
premiums
Bonds & mortgages 1,892,693 1,979,588
96,626
94,998 Res. for losses In
Int.-Due & seer_
781,073
process of adjust 760.234
Prems. In course of
200,000
804,954 Reserve for tares_ 200,000
754,963
collection
453,652 Res. for mIsceil.
422,298
Cash
89,304
61.575
claims
3,936,495 4,089,628
Bonds.%
5,420,955 5,480,669 Res. for sec. values 2.312,033
8tocks.'
2.000.000 2,000.000
Capital
2,658,178 4,821,060
Net surplus_y
13.007,413 13,241,713
Total
13,007,413 13,241,713
Total
x 'Valuations approved by National Convention of Insurance Com-V. 130, p. 292.
missioners. y On the basis of Dec. 31 actual values.
-Stockholders Increase.
Canada Cement Co., Ltd.
The number of stockholders of this company increased last year by
1,307 to 11,046. The company has developed a new product. Kalicrete,
which is an alkali-resisting cement for use particularly in western Canada.
-V. 134. p. 852.
-Interest Payment.
Cape Girardeau Bridge Co.
The holders of the 1st mtge. 7% bonds have been notified that funds
sufficient to meet the semi-annual interest payment represented by Coupon
No. 7 have been accumulated and this coupon will be paid on presentation at Sturdivant Bank, Cape Girardeau, Mo.-V. 124, p. 652.
has operated the property since Dec. 20 1930. According to statements
furnished to the committee, the gross income for the period from June 25
1930 to Nov. 30 1931 was $189,737, and the operating expenses, including
Insurance, current real estate taxes, trustee's commissions and interest on
trustee's advances, were $176,790. leaving a net income of $12,947 before
State taxes, bond interest, amortization, depreciation or provision for
trustee's legal expenses. Bond interest alone for this period amounted to
approximately $140,000. Girard Trust Co. has advanced $125,000 to
pay real estate taxes for the years 1928 to 1931, inclusive, together with
penalties and interest on delinquent taxes for the years 1928. 1929 and
1930. This advance constitutes a charge against the property prior to
the mortgages.
The Chatham Apartment building is a narrow 16
-story structure located
at the southeast corner of 20th and Walnut Streets, Philadelphia. The
ground floor is devoted to a small lobby and nine stores, and the upper
15 floors are divided into 90 apartments of two-room and four-room units.
The building was completed in the spring of 1927 and for about a year
thereafter was operated as an apartment house. Early in 1928 furniture
was purchased for most of the apartments and since that time the property
has been operated as an apartment hotel. However,because of competition
from other properties, the location and size of the building, and the extremely poor character of the furniture, It was impossible for the owner to
increase the rates sufficiently to operate the property at a profit as an
apartment hotel. The trustee under the first mortgage also has found
it impossible to operate the property at a profit, but has not wished to take
the responsibility of reconverting the property into an apartment house.
In July 1931 the committee filed a suit against the F. H. Smith Co. in
Wilmington, Del., based on fraud in the sale of the 1st & ref. mtge. bonds
of this issue and on the failure of the Smith company properly to apply the
proceeds of the sale of such bonds toward the refunding of the first mortgage
on the property. On Dec. 19 1931 the committee entered into an agreement with the Smith company,pursuant to which such suit has been settled.
In consideration of the dismissal of the committee's suits, the Smith cornPany has assigned to the committee, for the benefit of depositors of bonds,
40% of all of the assets of the company, both tangible and intangible.
The principal tangible assets of the Smith company consist of bonds of
various of the first mortgage issues which were sold by the company. It
is estimated that these first mortgage bonds, which are being deposited
with the committee pursuant to a separate agreement with the Smith
company, have a liquidation value to the Smith company of approximately
$400.000.
Since the Smith company will be occupied chiefly in the recovery of
assets which have been improperly taken from it, and since, as stated above,
the committee will receive 40% of any assets recovered, the agreements
provide that the committee will pay 40% of the expense involved in the
liquidation of the company's assets (other than the bonds now held by the
company). However,the committee's liability on account of such expense
will not, except as to counsel fees, extend beyond Jan. 1 1934, and is limited
to $1,400 a month. Moreover, the committee is obligated to pay its portion of the expense of liquidation only from cash realized by the corn.
mittee on the assets assigned to it by the company.
The agreements described above were negotiated with the new management of the Smith company. In August 1931 the common (voting) stock
of the company was declared void by the Chancery Court of Delaware on
the ground that it had been issued without consideration, and thereafter
the present management was placed in control of the company by the holders
of the preferred stock, approximately $7,250,000 of which is outstanding
in the hands of the public. No one connected with the present management has ever been connected in any way with the former management.
The agreements of settlement with the Smith company were entered
into, after negotiations extending over a period of many weeks, in order to
avoid the expense and delay incident to protracted litigation. In the
opinion of the committee, the agreements represent a fair and equitable
disposition of the claims which the committee asserted against the Smith
-V. 131. P. 661.
company.
-Report for 1931.Central National Corp.
D. Samuel Gottesman, President, states in part:
Pursuant to action taken by the class B stockholders at a special meeting
-Increases Stock.
Chemical Research Corp., Detroit.
held on Jan.29 1932,the capital was reduced from $2,275.000 to $1.137,500,
The company has filed a certificate at Dover, Del., increasing its auand the amount of $1,137,500 thereby made available was, by authoriza- thorized capital stock, no par value,from 720,000 shares to 800,000 shares.
tion of the board of directors, transferred to capital surplus. Balance sheet no par value.
-V. 133, p. 3634.
as of Dec. 31 1931, and operating statement for the year ended that date,
giving effect to these operations, are submitted.
'Chesebrough Mfg. Co. Consol.-Extra Div. of 50c.
Income Account Year Ended Dec. 31 1931.
per share and the
The directors have declared
[Giving effect to reduction in capital and resulting credit to capital usual quarterly dividend of $1 an extra dividend of 50c. common stock,
per share on the $3.000,000
surplus of $1,137,500 and adjustment of book value of securities to market par
$25, both payable Mar. 31 to holders of record Mar. 10. In March,
prices of Dec. 311931.]
June and September 1929, 1930 and 1931 an extra dividend of 50c. Per
$146,516 share was also paid, as compared with an extra of $1 per share on Dec. ao
Income from interest, dividends, commissions, &c
130,255 1929, 1930 and 1931. Extras of 25c. per share were distributed on June 30,
Expenses
2,455 Sept. 29 and Dec. 28 1928.-V. 133, p. 3466.
State franchise tax
$13,807
Balance
-Earnings.
Chicago Electric Mfg. Co.
11,024
Net realized profits on security transactions
Calendar Years1929.
1931.
1930.
$580,766
$592,999 $1,047,808
$24,831 Net sales
Total income
Cost of goods sold,excl. ofdeprec---485.553
896,468
449.692
Amount required to adjust book value of securities owned to
85,791
124,439
91,431
766,030 Selling & gen. exp., excl. of deprec--prices of Dec. 31 1931
$741,199
'Net loss, transferred to undivided profits account
summary of Undivided Profits and Capital Surplus Accounts.
Undivided Profits Account
$741,199
Net loss, as above
7,988
Tax refunds
$733.210
12,500
Remainder
Provision for general reserve
Debit bal. Dec.31 1931,transferred to capital surplus account $745,710
Capital Surplus Account
Balance Jan. 1 1931 (after deduction of deficit Dec. 31 1930$733,423
$312.257)
Amount made available by reduction on capital authorized by
1,137,500
shareholders at special meeting of Jan. 29 1932
Total
Balance transferred from undivided profits account, as above
Balance Dec. 31 1931, as per balance sheet
Balance Sheet Dec. 31 1931.
Assets
Cash
$151,214 $151,214 Due for secur. purchased & accts.
Securities
el:176,613 d2,242,642
Treas.stk. cl. A,
payable
4,910 shares (at
Deferred credits
293,174
293,174 General reserve._ _
cost)
Accts.& notes rec. 521,186
521,186 Class A stock
Furniture & fIxt12,612
12,612 Class B stock
Accruals & def'd
Capital surplus._
debits
5,227
5,227
Profit from opera., before deprec
Income credits
$45,283
6,373
$16,015
7,552
$26.902
9.833
Gross income, before depreciationIncome charges
$51,656
13,697
$23,567
18,775
$36,735
Net inc. for the year, before deprec.
Deprebiation based on cost
Federal income tax
$37.958
35,000
$4,791
28,467
$36,735
Net profit for the year
Surplus at beginning of the year
$2,958 def$23,676
192,214
161,358
$32.373
160,071
$168,538
$192,444
7,180
230
Balance, surplus
Profit & loss charge-loss on equipment retired
$164,317
4.362 •
$1,870,923
745,710
$192,214
$161,358
$164,317
Surplus at end of the year
Comparative Balance Sheet Dec. 31.
$1,125,213
1931.
1931.
Liabilities
1930.
1931.
Assets
3129,480 $215,044 Accts. & accrued
Cash
$18,136
exp. payable--- $20,234
a
U.S. fourth Libly
Class A preference
130.179
Loan bonds_
472.403
x 472,403
stock
1,107
Accrued interest.
y125,000
125,000
34,302 Cl. B corn,stock
$41,319
$41,320 Accts. receivable_ _ z35,323
93,753 do subscr. for
60,961
5,993 Inventories
5,993
25,000
24,500
but not issued._
150,000 Due from subscrib'
150,000
161,358
25,000Earned surplus-- 164,317
to cl. B cap. stk.
24,500
1,000,000 2,000,000
4,835
6,180
137,500
275,000 Deferred charges_
1
1
& pats_
753,743
1,125,213
428,962
Plant & property. 418,722
$2,460,026 $3,226,056
Total
Total
$2,460,026 $3,226,056
a After giving effect to reduction in capital and resulting credit to capital
of $1,137,500 and adjustment of book value of securities to market
surplus
prices of Dec. 31 1931. b Before giving effect to reduction in capital and
surplus, &c. c This item has been adjusted to the market prices prevailing on Dec. 31 1931. d The aggregate market value of these securities
-V. 131. p. 2070.
was $766,030 less than their cost.
$806,455 $801,897
Total
$806,455 $801.897 Total
x Having preference in liquidation of $30 a share and as to earnings
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 $5,600.
-No dividends have been declared or paid on the class A particiNote.
pating cumulative preference stock during the years 1928 to 1931 inclusive.
-V.132. D. 1419.
Chatham Apartment Hotel (The Martinique, Inc.),
'Clark Equipment Co.
-Omits Dividend.
-Report to Depositors.
Philadelphia.
The directors have decided to omit the quarterly dividend
ordinarily
The conunittee for the protection of the holders of bonds sold through payable about March 15 on the common stock, no par value. A distribution
the F. H. Smith Co. (George E. Roosevelt, Chairman), in a recent report of 25 cents per share was made on this issue in each of the two preceding
to depositors of 1st & ref. mtge. 13;4% bonds, states in part:
quarters as against 50 cents per share previously.
-V. 133. P. 3087.
In November 1931 the trustee under the mortgage instituted proceedings to foreclose the mortgage. In these proceedings the question as to
-Accrued Dividend.
Collingwood Terminals, Ltd.
whether the bonds of the first mortgage Issue now held by the 1st & ref.
The directors recently declared a dividend of $1.75 per share on account
determined.
mtge. trustee have been validly canceled will be proceedings It is expected of accumulations on the 7% cum. pref. stock, payable Feb. 27 to holders
within the next of record Feb.
that testimony will be taken in the foreclosure
15.-V. 128. p. 3832.
thereafter.
two months and that a final decree will be entered shortly
a large majority of the bonds
-To Reduce Stated Value of
The committee, which already representsthe foreclosure sale, and unless '•••••• Commercial Credit Co.
to bid at
of the 1st & ref. mtge. issue, plans
Common Stock.
made by another bidder,
a satisfactory bid is bondholders of such issue.to acquire the property on
The stockholders will vote March 10 on approving a proposal to reduce
behalf of depositing
from June 25 1930 to Dec. 20 the capital represented by 1,037,052 shares of common stock, no par
A temporary trustee operated the property
-V.134, p. 1200.
trustee under the first mortgage, value, to $12 per share.
1930, and Girard Trust Co., successor
1378
FINANCIAL CHRONICLE
Commercial Discount Co.
-Earnings.
Earnings for Year Ended Dec. 311931.
Profit for year
Previous surplus
Total surplus
Adjustment of valuation of investment in West American
Insurance Co. due to depreciation of securities
Preferred dividends
Common dividends
Consolidated Retail Stores, In1..-January Sales.93
93
Month of January1930.
19 9
2
$1.034,836 $1,448,122 $1,448,101 $1,359,484
$306,224 Sales
680,752 -V. 134, p. 511, 139.
$986,976
194,126
109,737
81,074
$602,039
Balance Sheet Dec. 31 1931.
Liabilities
Assets
$1,000,000
$636,938 8% preferred stock
Cash
424,810
7% preferred stock
Cash in hands of trustees for
810,740
410 Common stock
redemption of gold notes_
602,039
Installment contracts rec'able. 5,160,540 Surplus
261.941
83,108 Unsearned discount
Sundry notes & accounts rec_ _
Dealers' participation reserves 199,138
Repossessed automobiles. &c.
55,488
14,056 Other reserves
(market value)
..
946,946 6% convertible gold notes_ _ 1,311,000
Investments
2,227.850
Notes payable
Furniture, fixtures and auto67,218
74,780 Accounts payable
mobiles (depreciated)
27.434
Dividends payable
Gold note discount, prepaid
42,710
113,589 Federal Income tax
Interest, Insurance, &c
Balance, surplus
Total
-V. 130, p. 2399.
$7,030,369
$7,030,369
Total
-Earnings.Congoleum-Nairn, Inc.
1929.
1928.
1930.
1931.
Calendar Years$710,628 $2,931,562 $2.208,477
$1,626,387
Operating profits
Add-Interest.roj alties,
585,257
509,870
750,625
536,279
dividends. &c
$2,162,666 $1,220,498 $3,682,187 $2,793,734
Total income
81,296
103,319
109,298
115,298
Interest paid
681,703
878,340
1,057,058
1,006,390
Depreciation
Federal taxes (est.) _ _ _ _
160,000
30,000
302,000
210,000
Bal. avail, for divs__ _ $1,239,667
93,074
Divs. paid-Pref. stock_
659,000
Common dividends
$208,839 $2,213,831 $1,462,046
98,592
104,146
105,658
Balance, surplus
$487,593
$110,247 $2,109,685 $1,356,388
Profit and loss,surplus_ _ 17,724,318 17,961,734 17,851,487 15,741,802
Shares cora, stock out1,641,026
standing (no par)_ _ - _ 1.390,000
1,414,351
1,641,026
$0.08
$1.28
$0.90
$0.82
Earns, per sh. on corn_ _
-Earned surplus Dec. 31 1930, $16,588,434;
Earned Surplus Account.
after dividends for year 1931. $487.593; total. $17,076,027; deduct:
surplus
Excess of purchase cost over average paid in value of 251,026 shares of
common stock retired and canceled, $725,000; appropriated surplus for
sinking fund mortgage bonds due 1942, $50,000; earned surplus Dec. 31
1931, $16,301,018.
Balance Sheet Dec. 31.
1931.
1930.
1930.
1931."
Liabilities$
s
Assets-.
x23,873,965 13,223,468 1st pref. 7% cum*
Fixed assets
1,202,500 1,356,700
1,715,815 2,263,198 stock
Cash
Treasury stock_ _ 1,188.004 2,592,488 Common stock_ y11,650,620 13,754,655
Funded debt
1.090,900 1,473,300
U. S. Govt. and
municip. secure_ 8,344,512 5,676,189 Accts. payable and
accr'd charges_ _ 384,887
301,658
Notes & accts. rec_ 2,078,274 2,595,536
160,000
139,067
4,785,926 7,180,997 Federal taxes
Inventories
217,185 Reserves
1,022,590
858,692
256,828
Sundry debtors_
(merged cos.):
907,673 Surp.
Marketable secure. 742,788
Created by valu6,104
Const. In progress_ 209,915
ation of goodwill
Good-will & trade1,000,864 1,000,864 & trade marks 1,000,000 1,000,000
marks
Approp. surplus 423,300
65,014
82,105
373,300
Deferred debits
Earned surplus_ _ _16,301,018 16,588,434
Total
33.235,816 35.845,806
33,235,816 35,845,806
Total
x Land, buildings and equipment, less reserve for deprec. of 811,026,092.
y 1,390,000 shares of no par value, which includes 121.049 shares acquired
-V. 134, p. 1200.
and held in treasury.
Consolidated Indemnity & Insurance Co.
-Resignation
Rolland R. Rasquin has resigned as President to re-enter the general
practice of law, specializing in surety and casualty insurance matters.
-V. 134, p. 853.
(& Subs.).
-Earnings.Consolidated Laundries Corp.
1931.
1930.
1929.
$9,435,185 $9,994,352 $9,437,793
Net sales
7.789,210 8,236.693 7,802,058
Coat of sales
717.125
708,153
637,543
Depreciation
Calendar Years-
Profit from operations
• Other income
Gross income
Interest
Federal income tax
Net profit
Preferred dividends
Common dividends
$928,849 $1,049,506
94,721
87,520
$998,192
115,406
$1,016,370 $1,144,226 $1,113,598
x361,071
265,842
234,676
31,372
106,838
92,319
$689,375
y38.477
400,747
$771,546
48,708
201,258
[vol.. 134.
$721,155
53,321
Continental Can Co., Inc. Earn
- 3o
lg .ing3.Calendar Years1931.
1928.
1929.
Net earnings
ear
$8,839,454 $12,023,531 $11,902,273 $8,858,691
Depreciation
2,318.755
1,267,895
2,185,437
1.826.770
Res.for taxes & conting_
850,000
900.000
1,100.000
1,107,801
Net income
Pref. dividends (7%)Common dividends
$5,670,699 $8,738,094 $8,967,703 $6.690,797
346,036
11,934
311,912
4,331,592 4,321,988 3,965.687
3,243.276
Surplus
$1,339,107 $4,404.172 $4,690,104 $3,101,485
Previous surplus
16.157,852 12,828,904 8,563,440
7,239,410
Surplus applic. to red.
of pref. stock (net)...
2,387,500
Total surplus
$17.496,959 $17,233,076 $13,253,544 $12,728,395
Non-recurring charges_
51,807
303,268
220,849
Res.for pref. stockhold's
150,000
Res. to write-down book
val. of mtges., sec.,&c.
350,000
Approp.for unemploym't
relief
50,000
Write off book value of
patents & good-will_ _
146,148
Depreciation on patents
15,537
Prem. paid in redemption
of preferred stock_
1,023.417
203,790
Com,stock divs.(100%)
a3,550,000
Profit & loss surplus_ _$17,096,909 $16,157,852 812.828,904 $8,563,440
Shares corn, stock out1,732,545
standing (no par)____ 1,732,985
1,725,045
1,459,991
Earned per share
$5.04
$3.27
$5.02
$4.35
-V. 134, p. 681.
a Being 710,000 shares of no par value.
Continental Clay Products Corp. Reorganization Plan.
A plan of reorganization dated Jan. 19 1932 has been announced by the
reorganization committee, consisting of Harold E. Aul, Chairman; O. P.
Alford, David Van Alstyne Jr., Chester F. Ericson, E. G. Grady and
Sterling G. McNees. William R. Keevers, 111 Broadway, New York.
is Secretary, and Chapman, Snider, Duke and Radebaugh, 55 Cedar St.,
New York, counsel.
Hibernia Trust Co., 57 William St., New York, is depositary.
An introductory statement to the plan states:
Corporation failed to pay the semi-annual interest due Nov. 1 1931 on
its 1st mtge. 6% sinking fund gold bonds. The committee has formulated
the plan, which they believe to be sound and to deal equitably with the
various classes of securities of the corporation, and recommend its acceptance by the bondholders and the prompt deposit with the committee of'
the outstanding bonds of the corporation. If substantially all of the bonds
are promptly deposited, expensive receivership proceedings should be
averted and the business should continue without interruption.
Digest of Plan of Reorganization.
New Company.
-A new company will be organized. Company is toacquire all or such part of the properties of the corporation, including evidences of indebtedness, stocks and other securities and claims belonging
to the corporation as the committee shall determine, and is to assume such
obligations not to be adjusted under the plan, including contingent obligations, as shall be determined by the committee.
The plan may be carried out as the committee shall determine through
corporate votes, by consolidation, merger or leases or through judicial or
other sales or otherwise as the committee shall see fit.
Authorized Capitalization of the New Company.
First mortgage 6% bonds (closed issue)
$530,000
6% cumulative preferred stock
530.000
Class A stock (no par)
20,000 shs.
Common stock (no par)
30,000 shs.
Securities to Be Adjusted.
-There are now outstanding $1,059,500 1st
mtge. 6% sinking fund gold bonds, due May 1 1947, 10,000 shares of 6%
cumulative preferred stock (par $100), and 66,500 shares of common stock
(no par), which are to be adjusted under this plan. The plan makes no
provision for trade creditors of the corporation since all such creditors have
been or will be paid in full in order to preserve the credit of the corporation
and its good will and trade position.
Distribution of Securities of New Company.
(1) The holders of the 1st mtge. 6% sinking fund gold bonds will be
entitled to receive $500 of 1st mtge. 67 bonds, 5 shares of 6% cum. pref.
stock and 5 shares of common stock of the new company for each $1,000
of bonds deposited. Proportionate adjustment will be made for deposited
1st mtge. 67 sinking fund gold bonds in the denomination of $500.
(2) The holders of the shares of cum. pref.stock will be entitled to receive
2 shares of class A stock of the new company for each share of cum. Prof.
stock surrendered.
(3) The holders of the shares of common stock will be entitled to receive
1 share of the common stock of the new company for each 4 shares of common stock surrendered.
The new company will pay all expenses and compensation of the reorganization committee upon consummation of the plan; otherwise, the cor-V. 129.
poration has agreed to pay such expenses and compensation.
p. 2080.
----Continental Motors Corp.-To Exprmfl.The company proposes to purchase the assetslf the Michigan plant of
Vaux Hall Motors Corp. at Grand Rapids according to a Detroit
has been approved by
dispatch. As soon as the purchase arrangeme
the U. S. District Court, orders will be issued to go ahead with production.
With the acquisition of the De Vaux plant, the Continental company
will enter a new field of activities and extend its operations to a point
where it will embrace the entire automotive industry. For more than 20
years, Continental has supplied motors and parts to leading builders of
passenger automobiles and trucks, airplanes, tractors and industrial machines. The company has assets of over $24.000,000, with a cash reserve
of about $2,800,000.
(See also De Vaux Hall Motors Corp. in last week's "Chronicle," page
1201.).-V. 134, p. 681.
$667,834
$521,582
$250,151
Balance, surplus
399,725
402,674
403,962
Shares corn,stock outstanding (no par)
Earnings pershare$1.79
$112c
contingencies. y .6ludes div. payable Feb. 1.
x Includes provision for
-Earned surplus Jan. 1 1931, $992,998; net
Earned Surplus Account.
profit for year 1931, $689,375; other surplus credits. $100,971; total,
$400.747;
$1,783,344. Deduct: Pref. dividends, $38,477; corn. dividends, purchased
purchased route services written off, $150,000; supply routes
Courts Building Corp. (Burnham Bldg.), Chicago.
not capitalized, $87,898; earned surplus Dec. 31 1931, $1,106,222.
Dividend Rate Decreased.
Comparative Consolidated Balance Sheet Dec. 31.
-1931. 1930.
The directors have declared a quarterly dividend of $1.25 a share on the
1930.
1931.
Assets
$33,672 no par $5 pref.stock. The dividend Is reduced in accordance with an amendCash
$599,535 $440,971 Notes payable__ $29,473
460,001 ment of the charter which calls for reduction of the rate from $7 per annum
570,580 Accounts payable_ 410,146
Notes & accts. rec. a482,766
to $5. Payment will be made upon the surrender of the old certificates to
gold
6% ser.
992,252 1st M.
Inventories
877,932
stock of record Dec. 19.-V. 129,P. 1288.
botes of sub. Co.
Mtges.&long term
75,000
75,000
due In 1 year___
notes & accts.reo 326,029
333,844
-Omits Common Dividend.
Crane Co., Chicago.
-The
Purchase money
U.S.& mun. bongs
mtges. payable
on Feb. 16 declared the usual quarterly dividend
with deposit with
164,060 directors
72,110
1 year
In
Dept.of Labor11,029 of 14% on the 7% cum. pref. stock par $100 payable
9,181
at cost
56,904 Divs. payable_ ___
56,904
,
93,760
1(1, B3 March 15 to holders of record March 1, but omitted the
Investments
53,124 Fed'I Income tax__
135,357
7
36,841
int.Notes pay. &
Treasury stock_ _ - 129,630
quarterly dividend ordinarily payable on the same date on
Cony.6X% 10 yr.
Land, bldgs.,mach.
1,894,000 2,072,000 the common stock of $25 par value. On the latter issue,
& delivery equip c6,041,221 6,383,095 gold notes
6% ser.gold
99,462
81,863 1st M.
Deferred charges__
597,000 the company made quarterly distributions of 150. per
notes of sub. Co. 519,000
Purchase route sershare on Sept. 15 and Dec. 15 1931, 25c. on June 15 1931,
450,000 Purchase money
vice
300.000
845,289
mtges. payable- 838,250
1
Good-will
1
3
184,889 31/0. on March 16 1931, and 434c. each quarter from
Res. for contIng- 138,731
588,220 June 15 1929 to and incl. Dec. 15 1930.-V. 134, p. 681.
510,320
Pref. stock
1 :Sti
Common stock_ A3,185,803 3, 01
982,999
Credit Service, Inc.
-To Finance Expansion.
.
Earned surplus_ _ 1,106,222
This corporation, operating small loan banking units in five States,
$8.918,839 $9,362,634 on Feb. 13 announced an expansion program to be financed through the
Total
Total
$8,918,839 $9,362,634
gold debenture bonds by a Nation-wide selling group headed by
a After reserve for doubtful accounts of $79.321. b After reserves of sale of 6%Springer & Co.,
$39,580. c After reserve for depreciation of $3,266,247. d Represented Reinhart, Springer formerly Inc. J. A. Reichart was formerly President
Vice-President of Clarence Hodson & Co., Inc.
and G. J.
by 403,961 no par shares.
Credit
an authorized
debenture issue of $5,000,000
was contingently liable as
Note.
-As at Dec. 31 1931 the corporationthe amount of $43,882.- maturingService, Inc., hasOfferings will goldmade by Reinhart, Springer
Feb. 1 1948.
be
receivable discounted in
endorser of notes
Co., Inc., through dealers in 91 cities in nine States, to finance the
&
V. 133. p. 2272.
FEB. 20 1932.]
FINANCIAL CHRONICLE
current loan demands. It is stated that applications for loans at present
greatly exceed the amount of available loan capital. The bonds are
direct oblisations of the company, chargeable against its entire assets
and have priority over the equity and interests of the holders of the capital
stock. The bonds are secured by collateral securities, judgment notes,
real estate, mortgages, other investments and cash on hand. Interest on
the 6% god bonds is payable quarterly and holders receive profit-sharing
certificates providing a substantial share of net profit in addition to the
regular interest rate. With the payment of the semi-annual profit sharing
coupon on March 1 1932 holders of the bonds will have received 90%
In the past nine years. A market for the bonds is maintained by Credit
Service, Inc., at par less 2% brokerage after one year from purchase.
V. 133, p. 1934.
1379
Second Diversified Standard Securities Ltd. and $11 per share
for Third
Diversified Standard Securities Ltd. Preferred shareholders
Standard Securities Ltd. will therefore receive 7-25th of of Diversified
nfl.,h
f
pref. stock in the new company for each pref. share presently held
while the preferred shareholders of Second Diversified Standard by them,
Securities
Ltd. and Third Diversified Standard Securities Ltd. will each
receive
11-25ths of one share of pref. stock in the new company for
each pref.
share now held by them. A further allowance of class A common
stock of
no par value will be offered the holders of the old pref. shares, on
the
of one new share of class A common stock for each 10 shares of pref. basis
stock
presently held by them.
The holders of the outstanding class A common stock in Second
Diversified Standard Securities Ltd., and Third Diversified Standard
Ltd. and of common stock in Diversified Standard Securities Securities
Ltd. will
Curtiss-Wright Corp.
-New Vice-President.
receive one share of class A common stock of no par value in the new comJohn S. Allard, President of the Curtiss-Wright Flying Service, has pany for each share of class A common stock and common stock, respecbeen appointed Vice-President in Charge of Sales of the Curtiss-Wright tively, now held by them, while the present holders of class B stock in
Second Diversified Standard Securities Ltd. and Third Diversified Standard
-V. 134, p. 1201.
Corp.
Securities Ltd. and founders shares in Diversified Standard Securities
Ltd., will receive one share of the new class B common stock without par
Cushman's Sons, Inc.
-Earnings.
For income statement for 13 weeks ended Jan. 2 1032, see "Earnings value for each two shares of class B stock and founders shares, respectively,
.now held by them.
Department" on a preceding page -V. 133. p. 2934.
The formation of a new company to take over the three present companies will materially benefit the shareholders of each company and will
""...David & Frere, Ltd.
,
-Omits Class A Dividend.
directors have voted to omit the quarterly ordinarily payable about Immediately bring about the following important changes:
The
A large reduction in expenses will be possible as there will be one company
March 15 on the no par value class A stock. Distributions of 25 cents per
share were made on this issue on Sept. 15 and on Dec. 15 1931 as com- Instead of three as at present, and the saving in government fees alone will
amount to over $3,700 annually. Under the present working arrangement
pared with 56 K cents per share previously each quarter.
-V. 133, p. 1620. the three companies pay out annually approximately $8.000 in
trustee
fees and under the new incorporation this large amount can be saved for the
Dayton Rubber Mfg. Co.
-Meeting Postponed.
shareholders. There will be but one set of records instead of three as at
The stockholders' meeting, which was scheduled for Feb. 15 for the present, and the total annual saving in expenses which the formation of the
purpose of approving a plan of recapitalization, has been adjourned to new company can bring about will be in excess of $15,000 per year. This
March 7, for lack of a quorum. A stockholders' protective committee saving will increase the earnings available for dividend distribution purposes.
has been formed and is opposing the recapitalization as proposed by the
Opportunities for increasing the revenue by replacing non-dividend stocks
company. See V. 134. p. 681, 854.
with dividend payers can readily be taken advantage of by the new company, which is not the case at present as the terms of the present trust
De Beers Consolidated Mines, Ltd.
-Closing Down.
- agreements do not always permit of this being done.
It is highly important and in the best interests of each and every shareIt was officially announced on Feb. 18 that the De Beers diamond mines
holder that the investments of all companies be allowed to benefit from
were closing down, a Cape Town dispatch states.
The directors announce that as many men as possible will be kept on half expected appreciation. and this will be best accomplished by adopting the
proposals outlined above. Equally important is the fact that the financial
-V. 134, p. 140.
pay, which many have been on for months.
set-up of the new company, together with the saving in expenses which
can be effected, will make it possible to immediately start the payment of a
De Vaux-Hall Motors Corp.
-Assets Sold.
The sale of the Michigan assets of the corporation to Continental Motors dividend on the new outstanding pref.shares,and this feature alone warrants
the acceptance and approval of the proposed changes.
of Detroit was completed Feb. 18.
That you may find a ready market for your holdings in the new company
A check for $36,000, the balance of the $40,000 cash involved in the transaction, was deposited by Continental with the receivers at the office of Is most important and marketability will be assisted through the policy
which
the referee in bankruptcy and waivers on $250,000 in motor commitments asset" will be maintained, namely, to make public each month the"net
value of the preferred shares and issue a statement of earnings to the
held against De Vaux were signed.
Under the transaction, Continental takes over the manufacture of De shareholders every three months. This procedure will enable brokers in
unlisted securities to actively deal in and maintain a market for these new
Vaux automobiles in Michigan. The Oakland (Calif.) unit of the De Vaux
company still remains in the hands of the receivers.
-V. 134, p. 1201; V. preferred shares.
That Diversified Standard Securities Ltd., Second Diversified Standard
132, p. 3156.
Securities Ltd., and Third Diversified Standard Securities Ltd. should be
allowed every opportunity to recover from the effects of the depreciation
Distributors Group, Inc.
-25 Companies Show 49% which their portfolios have suffered during the past two years is not only
Average Gain in Number of Common Stockholders Since logical but seems practical under the program which has been outlined
above. and no other policy seems to solve the situation so equitably and
Depression Started.
with such promised benefits as does the foregoing proposal. These comAn average increase of 49% in the number of recorded common stock- panies, individually, cannot readjust either their capital set-up or working
holders of 25 leading American corporations between 1929 and 1931 has operations so that the benefits derived therefrom will be nearly as great
just been revealed by a survey made by Distributors Group, Inc. These as will be obtained if the three join together in seeking a remedy. While
25 companies at the close of 1931 listed a total of 2,403,974 individual the proposed basis of exchange on the pref. shares gives you a smaller
stockholders on tl eir books, compared with a total of 1,605.853 at the number of similar shares in the new company the increased callable value.
close of 1929. The largest increases are shown by F. W. Woolworth, the higher dividend rate carried by the pref. shares, together with the
183; Borden Co., 157%; General Electric, 148; and General Foods, allowance of 1-10th of a share of class A stock for each old pref. share, and
135%. The American Telephone & Telegraph Co. reports 644,209 stock- the allotment of share for share to holders of class A common stock, the
'
holders of record on Jan. 1 1932. an increase of 37% during the period next senior security to the pref. stock, give a fair protection to your equity
1929-1931. This Is the largest number of stockholders reported.
In any future appreciation of the company's investments.
The 25 companies are included in the group of 34 common stock under[Signed by W. E. Foster. President of Diversified Standard Securities
lying North American Trust Shares 1955 and 1956. All of the stocks Ltd.: A. E. Middleton Hope, President of Second Diversified Standard
are listed on the Now York Stock Exchange. The market value of all Securities Ltd., and B. M. Hill, President of Third Diversified Standard
outstanding common shares equals approximately 50% of the market Securities Ltd.]
their
value of all common stocks listed there.
Pro Forma Statements of Assets and Liabilities at Market Value as at
The number of stockholders of the individual companies at the close of
Oct. 31 1931.
1931, compared with 1929 follows:
Second
Third
Number of
Number of
Diversified Diversified Diversified
Shareholders
Shareholders
Standard
Standard
Standard
Name of Company1929.
1931.
Increase.
Securities
Securities
Securities
New
American Rad.& Standard San_
19,636
Assets-.
30,674
56
Limited.
Limited.
Limited.
Company.
American Telep. & Teleg
469,801
644.209
37
Cash in bank
$12
$3,530
$4,720
$1,177
American Tobacco
28,537
37.136
30
Cash in trust company__
33
36
642
711
9,482
Borden Co
24.383
157
Secs., held by trust co__
276,657
595,736
131,407
1.003,800
Consolidated Gas
70,667
82,947
17
Sees., held by co
26;763
96,881
38,342
161,986
16,200
Drug, Inc
27,000
66
Declared diva. receiv'le_
330
377
157
865
33,971
E. I. du Pont
51,707
52
Demand loan
88.384
31,360
Eastman Kodak
36,164
15
60,374
General Electric
150,073
148
$303.795
$784,946
$171,726 $1,172.083
17,720
General Foods
41,650
135
Unpaid subs .not valued
20,199
37.415
57,615
General Motors
198.600
295,961
49
Liabilities
Biscuit
National
14.629
25,687
75
Demand loan
$88,384
New York Central RR
52,875
56,635
7
Brokers balances
North American Co
$68,953
31,820
$19,244
$88,197
44,411
39
Dom. inc. tax, 1930_ .... _
193
658
Otis Elevator
4,511
852
7,276
61
Dom. inc. tax, 1931_ __ _
Pennsylvania RR
2,400
400
154,008
80
233,414
2,880
52
Trustees fees
548
Procter & Gamble
584
8,097
333
14,971
1.465
84
Sundry accts. payable_ _
32
Public Service of New Jersey__ _
22,441
32
25,406
13
Sears, Roebuck & Co
14,945
27.700
85
$72,627
$89,525
Standard Brands
$19,657
50,613
$93,426
85,792
69
Standard Oil New Jersey
77,604
117,568
51
Net assets, omitting unUnion Carbide & Carbon
28,780
49,369
71
paid subscriptions_ _ _ _
$214,270
$712,319
United Gas
$152.069 $1,078,658
57,730
84,379
46
United States Steel
120,918
179,572
48
Pref. dive. accumulated_
$86,666
Woolworth
$172,567
$31.644
F. W.
10,544
29,890
183
Shares Issued by Present
Total
1,605.853
2,403,974
49%
Companies
-v. 134, P. 1032.
Preferred
40,000
73,965
15,571
x50.595
Common A
48,273
74,791
15.447
x151,464
Diversified Standard Securities, Ltd.
-Reorganization Common B
75,000
100,000
x112,500
50,000
Plan.- A letter to the shareholders of the Diversified Founders
Subscribed, But Not
Standard Securities, Ltd.; Second Diversified Standard
not Fully Paid
Securities, Ltd., and Third Diversified Standard Securities, Preferred
743
1,392
7939
Ltd., on Jan. 18 stated in part:
Common A
744
1.557
y2.514
Various methods have been studied as to how to reduce to a minimum the
x To be issued by new company. y To be issued when paid.
-V. 134,
operating expenses, increase the revenue and ensure the investments of the p.854.
companies be allowed to benefit from the appreciation in security values
which should take place within the next few years. and in the opinion of
Drug Incorporated (& Subs.).
-Earnings.
-the management these results can only be obtained by the incorporation
Calendar Years-- 11 Mos.End.
of a company which will take over the present assets of all or any two of the
Period1931.
1930.
1929. Dec. 31 '28.
following companies: Diversified Standard Securities Ltd., Second Diver- Gross profit
sified Standard Securities Ltd., and Third Diversified Standard Securities Merch. and oper. exps 166,351,626 $68,553,593 $58,382,263 145,710,073
43,148,136 44,821,713 38.870,862 31,109,052
Ltd.as of Oct. 31 1931. This new company will have an authorized capital
.
of 55.000 shares of non-cum. non-voting pref. stock of no par value, callable
Operating profit
$23,203,490 $23,731,880 $19,511.401 $14,601,021
at $50 per share and pref. as to dive, up to an amount of $2.50 per share Other income incl. return
In any one fiscal year, 160.000 shares of class A common stock of no par
from inv.. less other
which will be preferred as to dividends up to an amount of 50 cents
value
deductions
3.009,077
4,384,935 3,550.029 2,280,712
per share in any one fiscal year over the class B stock, and 112.500 shares of
double voting class B stock of no par value. [The stockholders will vote
Total income
$26,212,567 $28,116,815 $23,061.430 $16,881,734
March 23 on approving the merger.]
Depreciation
2,312,665
1,750,983
2,296,053
1,347.297
The basis of exchange will be to offer one new share of non-cum. non- Interest on funded debt.. 2,150,295 2,220,816
2,345,593
2.112.418
voting pref. stock of no par value, pref. as to diva, up to 12.50 per share Federal tax reserve
2,309.150
2,469,246
1.943,834
1.399,932
in any one fiscal year and callable at $50 per share, for each $25 of the Divs, on stocks of sub,
"net asset" value of the present outstanding pref. stock of each company.
companies outstanding
7,219
7,268
7.478
7,751
and for the purpose of such exchange it is proposed to use the "net asset"
values of Oct. 311931. To these values, it is proposed to add an allowance
Net income
$19,433,238 $21,123,430 117,013,543 $12,014,336
to partially compensate the shareholders for the accumulated dividends Dividends paid
14.005,996 12,792,210
9.872.246
6,521,768
on the old pref. stocks, as well as those to accrue to the date of acquisition
Net surplus Dec. 31._ $5,427,242 $8,331,220 $7,141,297 $5,492,568
by the new company, and an adjustment has been worked out which gives
be so added as $1.65,$1.37 and $1.24. respectively, thereby Shares capital stock outthe amounts to
standing (no par)_ making the pref. stock values used for the purpose of this consolidation as
3,501,499 3,501,499
2,678.713
2,183,990
$5.55
$6•03
$7 per share for Diversified Standard Securities Ltd., $11 per share for Earnings per share
$6.35
$5.50
FINANCIAL CHRONICLE
1380
Consolidated Balance Sheet Dec. 31.
1931.
1930.
[vol.. 134.
-To Change Fiscal Year.Endicott Johnson Corp.
1931.
Assets
16,085,311
Cash
Market. securs_ 10,132,521
Accts. reeelv
9,967,172
Notes and other
392,162
obligations_
Mdse. inventor. 24,507,521
Fixed assets-..x29,955,465
Stocks in other
companies... 36,728,557
Advances and
deferred items 1,474,443
Trademks., good
will, pats., &c. 44,165,745
1930.
The stockholders at the annual meeting to be held on March 7 will vote
to change the company's fiscal year from the calendar year to the 12 months'
$
5,922,497 period ending Nov. 30. The date of the annual meeting will be changed
3.500,000 to the first Monday in February from the first Monday in March as at
3,450 present.
-V. 134, p. 855.
620,833
16,922,393 Accts. payable__ 6,185.330
6,651,472 Notes pay.(sub.) 1,935,000
3,363
10,032,734 Div. payable_ _ 609,024
Acer'd bond int_
-January Sales.
Exchange Buffet Corp.
470,199 Min.int. in sub.
115,000
112,040
26,281,755 companies.....
Decrease.
1932.
1931.
Month of January30,795,749 Real estate mort$414,752
2512,147
$97,395
862,987 Sales
848.174
gages (subs.)-V.134,p. 513,333.
36,070,153 5-yr.5% g. notes 2,000,000 3,000,000
-Comparative Balance Sheet.25-year 5% deb.
Exeter Oil Co., Ltd.
40.000,000 40,000.000
1,610,927 bonds
Dec. 31'31. June 30'31.
Dec. 3131. June 3031. LiabilitiesAssetsRes.for Fed.tax 2,463,407 2,469,246 Current assets-- $156.485 $174,622 Current liabilities_ $99,278 $123,105
Reserve for int.,
42,323,703
17,150 Purchase obliga'ns
87.152
40,323
Investments
advtg., royal5,320
47,734
1,469,094 1.408,577 Deferred credits__
Property
ties, cont., &e. 8,809.546 9,649.301 Franchise
500 Reserves
500
531,127
237,750
Capital stock_ _ _ y85.468.229 85,468,229 Organization exps_
1 Minority interest
1
Earned surplus_ 24,974,783 19,547,541 Prepaid & deferred
in subsidiaries
10,250
834.600
8,994 Class A stock
799,900
12,590
charges
173,408,897 171,159,085
Class B stock
50,000
173,408,897 171,159,085 Total
50,000
Total
20.943
Surplus
311,033
depreciation of $16,404,306. y Represented_by_3,501,x After deducting
-V. 133, p. 1131.
499 no par shares.
$1,838,670 $1,609,844
$1,638,670 $1,609,844 Total
Total
-Time for -V. 133. p. 3098.
Dodge Building (53 Park Place Corp.).
Deposits Extended.-
The committee for the 1st mtge. 63•6% gold loan (Douglas G. Wagner.
over 50% of
Chairman) announces that it has on deposit which bonds the bonds and has
may be deposited.
extended to March 15 1932 the time within
following
is
The committee further states: The committee the vigorouslyunder the
building,
of
the proceedings and anticipates that the sale The bondholders who have
will take place in the near future.
mortgage,
not deposited their bonds should realize that the committee will be a
bidder at the sale and it is probable that if the committee is the successful
bidder, It may purchase the property at a nominal price not indicative of
its intrinsic value. The result would be that the non-depositing bondholders would be entitled to receive only their distributive share of sale
proceeds, after first deducting expenses, costs and delinquent property
taxes. The final net payment to such non-depositing holders, if the foregoing should materialize, might amount to a very small fraction of their
-V. 134, p. 141, 332. 512. ;
present investment.
-New Ship Launched.Eastern Steamship Lines, Inc.
-Receivership.
Fageol Motors Co. (Calif.).
Upon petition of the Waukesha Motor Co. of Wisconsin, acting in its
own and otnor creditors' beh di', Federal Judge Harold Louderbach Feb. 17,
at San Francisco, appointed G. H. Gilbert receiver in equity for the cor-V. 132, p. 2399.
poration and Fageol Motor-Sales Co.
-Sales.
Fashion Park Associates, Inc.
Net sales for January were $1,241.725 as compared with $1,899,366 in
January 1931. This is after elimination of sales between companies reporting and does not include the sales of those companies controlled but
-V. 134, p. 682.
not entirely owned.
-EarningsFederated Metals Corp.(& Subs.).
1928.
1929.
1930.
1931.
Years Ended Nov. 30-216,555,691 $29,512,456 $47,161,506 245,864.658
Net sales
16,542,432 28,415,988 44,008.752 42,984.506
Cost of sales
Selling, adminis. & gen1.113.777 1,387,544 1,438,592 1,476.283
eral expenses
The new 10,000-ton steamship, the Acadia, owned by this corporation, was launched on Feb. 13 at the plant a the Newport News ShipNet operating profit_loss21100,5181°852291.076 11,714.162 21,403,869
building & Drydock Co. The Acadia will be operated during the fall Int. & dive. received de
93,814
and summer seasons between New York and Yarmouth, Nova Scotia.117.176
167,649
155,648
miscellaneous income_
-48
V. 133, p. 3974.
10862944,870 loss$123,427 11.831,338 11,497,683
Total income
-Smaller Dividend.280,000
280.000
263.997
280.000
Interest on bonds
ZElectric Controller & Mfg. Co.
5,308
37.066
45,775
10,410
The directors have declared a quarterly dividend of 75 cents per share Other interest
21,713
22.538
20.752
19.720
common stock, payable April 1 to holders of record March 19. Disc,on bonds written off
on the
92.612
56.883
Previously, the company made regular quarterly distributions of $1.25 Bonus to officers & empl.
11,542
15,964
Corporation insurance.. _
-V.133, p. 963.
per share on this issue.
125,035
Investments written off•
218,307
206,377
2Wi68
231.038
Depreciation
-Omits Common Div.& Walker Dry Goods Co.
90,864
127,226
Federal income tax
dividend usually payable Insurance on officer_
The directors have voted to omit the quarterly
2,493
about March 1 on the outstanding 292,215 shares ofcommon stock, par $25.
the company paid four quarterly dividends of 12% cents
During 1931,
$811,249
loas$1,489,898 loss$676,488
$917,836
Net income
per share on this issue as compared with 50 cents per share previously.- Dividends paid
245.843
184,382
62,460
368,764
V. 134, p. 512
4-Balance, surplus__ _loss$2,552,358loss$1045,252
$671,993
$626.867
-Earnings.Eureka Pipe Line Co.
Bb capital stock out
1928.
1929.
1930.
245,843
249,843
249,843
1931.
249,843
standing (no par)---Calendar Years264,726 Earnings per share
$17.369
$3.29
Nil
Nil
Protit from operation__ $211,662 ' $17.054
50.524
6.378
6,041
Prof. & loss adj. for year
Consolidated Balance Sheet Nov. 30.
1930.
1931.
1931.
1930.
$64,726
$10,676 loss$33.155
$205,621
Net income
AssetsLiabilities-.
$
5
x200,000
5200,000
y200,000
200,000
Dividends
Real estate, plant
Capital stock......z9,220,489 9,220,489
& equipment_ _ _x4,197,232 4,383,475 15-yr. 7% eons%
$5,621 def$189,324 def$233,155 def$135.274
Surplus
572,270 1,216,514 sink, fund gold
2,049.685 2,282,840 Cash
1,865,989 1,860,361
Profit and loss surplus
Marketable sees_
4,000,000 4,000,000
190,437 bonds
Earns, per sh. on 50.000
500,000
208.060 Notes Payable
$0.34
$1.28 Notes& accept. reo 203,042
$0.34
$4.11
shs.cap.stk.(par $100)
10.000
Accts. receivable_
1,954,494 Mtge. payable_
x The dividends paid as shown above were from earnings as follows; Due from officersy1,379,756
Per, money mtge.
surplus at March 1 1913; 1929, from eara ngs prior to 1913.
1928. from
10.000
di employees_
143,485 install. rayable.
10.000
225,778
y According to previous rulings of the U. S. Treasury it is estimated that Cap. stk. in treas. 414,531
338.128 Aces. wages, int.}
of dividends paid during 1930, 4.40% are taxable and 95.60% are non- Treasury bonds
72,065
218,730 {
460.984 and taxes
487,741
taxable.
279,152
211,309 Accts. payable
85.796
Sundries receivable
Treas. J. M. Tussey says:"The tentative obligation under the annuity Inventories
df.654,701
900.525
4,259,111 4,269,113 Surplus
plan can not be definitely stated and so does not show on this report. If Value on life Muir_
13.235
39,899
the company stopped business, such obligations would amount to about Sinking fund
1,067.099
879,405
$2,000,000, but it is expected that operations will continue indefinitely. es Invest,in other cos 206,395
50,286
173,309
155,867
Balance Sheet Dec. 31.
*I Deferred charges
-19367
1931.
Liabilities1931.
Is Assets13,294,517 14,492,232
13,294,517 14,492,232 Total
Total
55,000,000 $5,000,000
.$3,07,500 $4,338,016 Capital stock
Plant
x After deducting 21.622,180 reserve for depreciation. y Mtn' deduct313,839
Other investments 2,422.583 2,322,583 Accounts payable_ 189,799 1,860,361 ing $193,051 reserve for doubtful accounts. a Represented by 249.843
1,865,983
436,224 Profit and loss
Acols receivable__ 318,069
-V. 133, p. 963.
shares of no par value.
77,377
377,631
Cash
$7.055,782 $7,174,200
$7,055,782 $7,174,200 Total
Total
x After depreciation of $7,077,823 -V. 134, p. 1033.
-Earnings.
Eureka Vacuum Cleaner Co.
1929.
1928.
1930.
1931.
Years Eric!, Dec. 31Net sales to customers
$4,296,521 $6,971.406 $10,804.602 $10,099,713
and dealers
Mfg., adm. & sell. costs 4,966,258 7,089.283 y9.120,875 y8,871,982
78,750
77,716
Depreciation
Loss on bad accounts &
350,696
'
prov. for add. losses_
228,704
269,520
387,457
64,945
Mc. digs. against inc_
Provision for Federal in131,300
145,000
come tax and reserve$867.727
$1,163,096loss$584.085 $1,269.207
loss
Net income
1,102.472 1,240,291
551,236
Dividends paid
$372,564
sur.2166,735
Net addition for yr_df$1,163,096 $1,135.321
Profit and loss surplus__ 2,301,862 3,898,406 5,033,726 4.866,991
275,618
275,618
275,618
254,163
8hs.cap.stock outstand.
$3.14
$4.60
Nil
Nil
Earnings per share
y Includes depreciation.
deduct: net loss for
Surplus Account.
-Surplus Jan. 1 1931. 23,898.405;
Year 1931, 21,163,095; provision to reduce carrying value of marketable
securities to indicated value at Dec. 31 1931. $47.539; provision for additional expenses in collection of installment accounts and other expenses in
closing branches, $225,000; provision for possible loss in disposition of
branch furniture and fixtures, $117.129; reduction of 21,455 shares of stock
held in treasury to stated amount_of $4 per share, $43,781; surplus Dec.
31 1931. 12,301,861.
Balance Sheet Dec. 31.
1930.
1931.
Assets1931.
Liabilities-1930.
Cash
$807,773 $900,657 Awls payable tor
$62,383 - $232,881
Marketable secur. 470,474
Purchase,
e 350,000
Notes de Seals ree_ 635,631 2,036.351 Notes payableInvent.% lea
670,603 1,219,105 Additional exp.-In
Misc.sects.& adv.
36,658
117.393 collection of in77,830
Other assets
208,052 stallment accts.
Real est. equip.,&o 1,023,771 1,246,509 & other exp. in
113,205 closing branches 225,000
Prep'd ins., exp.,&o 61,218
isc •
Improv. to leased
Prov. for est. Fed.
90.000
10,545 tax dr for res'ves
prop.,less amort
Res. for canting__ 178,059 w 178,059
Capital stock
a1,016,652 v1,102,472
Surplus
2,301,862 3,898.406
$3.783,957 $5,851,818 Total
$3.783,957 85,851,818
Total
a Represented by 254.163 shares of no par value.
-V. 133. P. 963.
-Earnings.
Fidelity & Guaranty Fire Corp.
Gross premiums
Return premiums
Reinsurance premiums
$5,358,673
1.255,843
1.095.733
Net premiums
Interest on bonds
Interest on bank deposits
Dividends on stocks
Rent from real estate owned
Increase in liabilities on account of reinsurance treaties
Net profit on sale of securities
$3,007.096
116.152
2,480
Total income
Net losses paid, including adjustment expenses
Commission and agency allowances
Field supervisory expenses
Salaries
Taxes, licenses and fees
Other expenses
$3,260,426
1,379.901
763.847
240,426
258,915
123.252
255.997
1
'52
84 531
40.287
9.726
Excess of income over disbursements
1238.084
Balance Sheet Dec. 31 1931.
Liabilities-.
Real estate, home office bldg.._ $218,620 Reserve for outstanding claims $279,658
:Bonds and stocks (convenReserve for unearned premiums 2,377,281
tion valuations)
3,592,620 Reserve for taxes
88.457
Cash on hand and in banks._ 393,313 Res've for all other
65.998
Premiums in course of collec'n. 741,715 Capital stock
1,000,000
Reinsurance recoverable on
1.173.566
Surplus
671
paid losses
34,064
Interest accrued on bonds._
Other assets
3.958
Assets
Total
84.984,961 Total
x Market value of bonds and stocks based on June 30 1931 $4,984,981as
the Committee on Valuation of Securities, National Convention
fixed by
of Insurance Commissioners.
-V. 134. p. 855.
Fireman's Fund Indemnity Co., San Francisco.
Premiums Fall Off.
The company reports a decrease of 7.6% In fire premiums in 1931 as
compared with 1930. Thomas M. Gardiner. Treasurer, and John S.
French, Assistant Secretary, are retiring, the former after 48 Years' service and the latter after 41 years. George Jordan, Manager of the company's marine department at New York, has been elected marine secretary.
The first year of business of Fireman's Fund Indemnity resulted in 21,866,000 premium volume and Occidental Indemnity reported $1,258,000
premium income. ("Wall Street Journal.").
-V. 131, p. 482.
FEB. 20 1932.]
FINANCIAL CHRONICLE
Finance Co. of America at Baltimore.
-Earnings.
-
Calendar YearsGross incl.less chargeouts $476,g20
Operating expenses
172.038
Interest
151.369
Federal income taxes_ _ _
17.111
$578,16
198.327
184,477
5,678
$540,060
156.544
200.607
17.585
$451,813
150,412
156,415
16,755
Net Inc. avail,for diva
Preferred dividends._._
Common dividends
$189,913
14.088
100.000
$165,324
14,613
75,000
$128,231
15.137
60,000
$136.301
19.269
113.250
Added to surplus
$3,782
$75,826
$75,711
$53,093
Common equity-beginning of period
1,501.960
1.430,944
978,944
928,044
Additions during period_
387.250
Deprec. of securities_ _ _ _ Dr129.835
Debit adjust., applic. to
previous years
390
4,810
10,961
2,193
Common equity-end
of period
$1,375,517 $1,501.960 $1,430,944
$978,944
Comparative Balance Sheet Dec. 31.
Assets-.
1931.
1930,
LiablItties1931.
1930.
Cash on hand and
Coll, trust notes...81,414,000 $2,975,000
on deposit
$632,257 $853,202 Accrued interest__
7,848
8.621
Open accts. rec.
7% pref. dive....
3,456
3.104
(guar.)
a1,572,382 2,025,607 7% pref. Cl. A diva
2,108
Sec.& unsec. notes
Common divs__ _ _
25,000
25.000
kr receivable
b853,883 1,757,633 Fed.income taxes_
17,111
5.678
Installment liens
c64.549
173,857 Sundry accts. pay_
19.324
45,976
Industrial liens
d159,197
74,619 Funded debt
483,000
530.500
Sundry accts. rec.
23,195
13,604 Reserves
34,626
85,493
Marketable sec..- 250,382
182,820 7% preferred stock 182,600
197,500
Invest,in affiliated
7% Pref. stk. cl. A 127,840
company
142,265 Common stock_ e1,006.941 1,136,776
Treasury stock_
45,288
36,690 Earned surplus... 368,576
365,184
Sundry securities_
2,077
2,102
Furniture & equip_
1
1
Due purch, of co.'s
stock
58,617
60.977
Prepd. & unamort.
disc.& insurance
30,241
56,008
1381
coupled with delays and litigation. The uncertainties of an extra year
of
receivership operation would increase the dangers of great losses
in attempting to liquidate inventories and accounts.
As the situation exists to-day, in spite of the book values of
the
the company is unable by a margin of many millions of dollars assets,
to realize
funds sufficient to meet its funded debt alone, not to mention
large
unliquidated claims that might accrue if the company went out of items of
business.
It is unreasonable to expect that in one additional year of receivership
operation this wide margin could be made up. On the contrary,
there
appears to be great danger that an additional year of receivership operations
would simply make it that much more difficult for the reorgainzed company
to begin the process of rehabilitation.
Mr. Willys criticizes the new management provided in
it has not had previous experience in the rubber business. the plan because
The Fisk company has had men of good technical experience and the new management
expects to be able to retain the services of such men. What is needed for
the reorganized company is a good executive management. The reorganization committee believe that they have selected men of energy and uprightness who have already shown the ability to carry on a business successfully
under conditions requiring constant vigilance over sales and finances.
Mr. Willys comments on the lack of underwriting of now money. In
the opinion of the reorganization committee, underwriting of new money
is not essential as there will be sufficient working capital without it. The
committee further believes that new money cannot be obtained to-day at
any reasonable cost, and that an additional year of receivership operation
is not likely to make the undertaking more easy of attainment.
In conclusion, the reorganization committee does not believe that
Mr. Willys's suggestion to defer all action for another nine or 10 months is
likely to lead to any sound plan which will prove more satisfactory to th
security holders than the present one, and feel sure that delay can only
work grave injury to the business of the comapny. The reorganization plan
is at present the only concrete plan suggested to avoid the large losses of
liquidation and to offer security holders an opportunity to realize the
potential value of their holdings.
-V. 134. p. 1202.
(George M.) Forman Realty Trust.
-Additional Bonds
Deposited.
-
First mortgage bonds of the 534 Stratford Building deposited with the
George M. Forman Realty Trust or under its control reached 93.9% of the
$1,183,000 outstanding, according to announcement by Porter Fox, one
of the trustees. The bond issue, distributed throughout the United States,
defaulted in interest and principal payments June 1 1930.
Of $981,000
Total
$3,692,069 $5,379,184
Total
$3,692,069 $5,379,184 Chicago, 88% in first mortgage bonds against the 415 Aldine Building.
have been deposited with the George M. Forman Realty
a After deducting reserve due customers as and when accounts are Trust or are under its control. The bonds,
defaulted in interest and prinpaid of $671,495 and reserves for doubtful accounts of $42.320. b After cipal payments April 1 1931.
deducting reserves for doubtful accounts of $7,891. c After deducting
Those depositing Aldine
reserves due to customers of $476, and reserve for doubtful accounts of Trust, which operates 29 bonds receive in exchange income bonds of the
structures financed originally by George M.
$21,353. d After deducting reserve due customers of $43,741 and reserves Forman &
as to interest
for doubtful accounts of $1.186. e Represented by 75,000 no par shares trust plan Co. and all defaultedco-operating and principal payments. The
is to obtain for the
bondholders the maximum reclass A stock and 50,000 no par shares class B stock.
-V. 133, p. 2935.
turns possible on the securities. It made its first interest payment Jan. 1
1932.-V. 133. p. 4336.
Fire Association of Philadelphia.
-New Director.
Charles D. Dickey, of Drexel & Co., has been elected a director of the
Formica Insulation Co.
-Earnings.
Fire Association of Philadelphia, the Victory Insurance Co., the Reliance
Calendar Years1931.
1930.
1929.
1928.
Insurance Co. and the Constitution Indemnity Co.
Net sales
$1,731,247 $2,309,828 $4,095.077 $2,829.621
The annual meetings of stockholders of Fire Association of Philadelphia, Deductions from
100,091
153,277
242,702
193,595
Reliance Insurance Co., and the Victory Insurance Co. will be held on Cost of goods soldsales.,.. 1,204,362
1,508.178
2,492.153
1,852,375
March 16.-V. 134, p. M3.
Gen. & Adminis. expo
290.549
337,914
271.543
224,505
Profit from operations $136,245
First National Stores, Inc.
$310,458 $1,088,679
$559,156
-Earnings.
-8,720
22.246
For income statement for 3 and 9 months ended Dec. 31. see "Earnings Other income (net)
24,660
16.474
Department" oa a preceding page.
Total profit
$144.965
$332,705 $1,113,339
$575,630
Federal Income tax
Four Weeks Ended Jan. 2317,135
38,639
120,950
68,231
1932.
1931.
1930.
Sales
Net profit
$7,714.658 $8.064,348 $8,496,665
$294,066
$992.389
$507.399
The Massachusetts food index number is approximately 17.58% lower Divs. declared & payable 8127,830
315.000
360.000
468.000
than a year ago, indicating increased tonnage sales of approximately 13.24%
Balance, surplus
def$187,170 def$65.934
$524.389
for First National Stores, Inc. for this period. During January 1932, 34
$507,399
retail prices in the corporation's line were increased and 65 were decreased, Earns. per sh. on 180,000
abs. cap. stk. (no par)
$0.71
$1.63
Indicating as a whole a downward trend in prices of the commodities which
$5.52
$2.82
-V. 134, p. 333; V. 133. p. 3974.
it sells.
Balance Sheet Dec. 31.
Assets1931.
1930.
1931.
(M. H.) Fishman Co., Inc.
Liabilities1930.
-Initial Common Dividend.
- Cash
Q$122,636 $196,101 Capital stock and
An initial dividend of 20 cents per share was declared 'in the outstanding Accts.
& notes rec. 176,252
373,793 surplus
b$1.893.413 $2,080.583
75,000 shares of common stock, no par value, payable March 15 to holders Inventories
348,771
352,394 Accounts payable_
36,941
35.127
of record Feb. 29.
45,000
00,000
Pres. Fishman stated:"The present unsettled economic conditions do not Plant & equipnet. 1,232,988 1,207,001 Dividend payable_
Deterred assets._ 122,048
127,362 Acciued expenses_
12,302
10,207
seem to make it advisable for directors to place the common stock on a Formulae,
processReserve for Federal
regular dividend basis. However, due to satisfactory results of operations
es, tce
1
1 income taxes- _
17,135
38,640
in 1931, directors felt justified in authorizing a special dividend of20 cents."
-V. 134, p. 333, 1033.
Total
$2,002,696 $2,256,653
Total
$2,002,696 $2,256,653
a Includes U. S. securities. b Represented by 180.000 no par shares.
""••••Fisk Rubber Co.
-Early Reorganization Urged to Save V. 134,
p. 1034.
Company-Chair
-win-Orrin
-67--Wood- of-Reorganization-ContFox Film Corp.
Initt4e-Believes -Prompt A4ion-Necessary-Answe98
-Los Angeles Studio Activities to Be
Directed by Management Board.
-Reorganization Plan.
of
-
The corporation's studios at Los Angeles, Calif., will be directed by
Expressing the committee's belief that "if the business of the company
a
is to be saved, a reorganization plan should be started promptly," Orrin management board to consist of the general manager, Winfield Sheehan;
G. Wood, chairman of the reorganization committee, in a statement issued the business manager, D. E. McIntire; the general superintendent, Sol M.
Feb. 15 to security holders of the company, in answer to criticisms of the Wurtzel: the comptroller, George Bagnall: the senior associate producer,
reorganization plan by John N. Willys, says that the present reorganiza- Al Beckett; the associate producer, Robert North: and Vice-President
tion plan is the only concrete One suggested to avoid the large losses of Richard A. Rowland of the New York office. Mr. Sheehan will be Chairliquidation and to offer security holders an opportunity to realize the man. W. C. Michel is serving in Mr. Sheehan's place owing to the latter's
absence from the studio at the present time on a three months'sick leave.
potential value of their holdings.
President Edward R. Tinker says: "Through the operation of the manAs to Mr. Willys's suggestion for continuation of the company's receivership for eight or nine months, the committee points out the disadvantages agement board and the production committee, the personnel of all deof such a plan as compared with operation of a sound going business. One partments at the studio will be given opportunity and will be encouraged
of these is "the very real danger of permanently destroying the dealer to make recommendations and suggestions and to contribute whatever
organization of the company." Any substantial delay in reorganization. they may to the excellence of our products."
---V. 134, p. 1034.
the committee believes, would also increase the dangers of great losses in
-Reduces Dividend rate.
attempting to liquidate inventories and accounts. They endorse the *.....Gamewell Co.
The directors have declared a quarterly dividend of 25c, per share on
selection of the new Fisk Rubber management as being men of good executive ability, which is particularly needed for the reorganized company. the common stock, no par value. payable March 15 to holders of record
They answer Mr. Willys' criticism on the lack of underwriting of new March 5. This compares with distributions of 75c. per share made on
money with the statement that this is not essential as there will be sufficient Sept. 15 and Dec. 15 last, and $1.25 per share paid previously each quarter.
working capital without it. Now money, they state, cannot be obtained -V. 133. p. 4165.
to-day at any reasonable cost, and an additional year of receivership
General Bronze Corp.
-Resignation.
operation is unlikely to make the undertaking any easier of attainment.
Julius H. B..r.aes has resigned as President.
-V. 133. p. 1297.
The complete statement follows:
The reorganization committee has read Mr. Willys's letters, the gist of
which seenis to be that instead of reorganizing at the present time the
receivership should be continued for eight or nine months without determining on any ultimate policy of reorganization or liquidation.
The carrying on of any business by receivers is always at a disadvantage
as compared with operation of a sound going business. Dealers do not
like to carry commitments with receivers because of the uncertainty about
the permanence of the business, and it is difficult for them to resist overtures from competitor organizations. Furthermore, receivers find it hard
to obtain as good a price as others for products, because of the general
public feeling that receivers must sell.
Since the receivership began 13 months ago, the management has often
urged the need of terminating the uncertainties of receivership to avoid the
very real danger of permanently destroying the dealer organization of the
company. The reorganization committee concluded that if the business of
the Fisk Rubber Co. is to be saved a reorganization plan should be started
promptly.
Several months are necessary at the minimum to carry through any
plan. If a plan were not started until next October it could hardly be
completed until the last half of 1933. By that time the uncertainties of
receivership operation might cause irreparable damage.
The points made by Mr. Willys relating to the book values of the inventories and accounts receivable and plants have been fully considered by
the reorganization committee. Unfortunately, the values of manufacturing
plants to-day are not at a high figure. No probable purchaser of the Fisk
plants has been found. The reorganization committee do not believe that
an additional year of receivership operation is likely to improve the value
of the plants.
or The value of the inventories and accounts receivable, in the opinion of
,
the reorganization committee, is largely dependent upon reorganizing the
business so that It can be placed upon an established basis. In liquidation,
all estimates furnished forecast extreme shrinkage in these items, in addition to very large liquidation and receivership expenses to be incurred,
General Theatres Equipment, Inc.
-Legality of Loans
Questioned.
The independent committee for the debentures Feb. 12, through
counsel, Robert G. Starr. and Wellman & Wollraan, issued a letter its
to
the debenture holders which reads in part as follows:
"Since the issuance of the debentures, the company has negotiated
loans amounting to millions of dollars, and it is our understanding bank
that
the greater part of all the assets of the corporation have been
pledged
as collateral for these loans. This applies particularly
of the company in the Fox Film Corp., acquired with to the interests
the proceeds of
the sale of these debenture bonds.
"Obviously, the liquidation of the company's interest in Fox Film Corp.
or other securities at this time, to retire bank
loans, would
serious matter, from the standpoint of the debenture holders,be a most
inasmuch
as not only have the dividends from these stocks
of income to the company. in the past, but the been the principal source
future prospects for the
debenture holders recovering any substantial part of their original investment depe .ds in large part upon resumption of such dividends.
"Whether , ch pledges to secure bank
I
made under no trust indenture without loans could legally have been
securing
ratably and equally has bean seriously questioned." the debenture bonds
This committee is composed of Harry S. Durand, New York; Arthur
Peck, Philadelphia, and Conrad H. Poppenhausen, Chicago. Manufacturers Trust Co. is New York depositary.
-V. 134, p. 1204, 1036.
N---Gillette Safety Razor Co.
-Resumes Dividend.
-The
directors on Feb. 18 declared a dividend of 25 cents per share
on the common stock, no par value, payable March 31 to
holders of record March 1. A quarterly distribution of $1
per share was made on this stock on Jan. 1 1931; none since.
-V. 134, p. 334.
FINANCIAL CHRONICLE
1382
-Earnings.
General Printing Ink Corp.
Calendar YearsNet sales
Cost of goods sold
Selling and general expenses
Profit from operations
Other income credits
[VOL. 134.
NHaloid Co.
-Extra Dividend of 25c.
An extra dividend of 25 cents per share has been declared on the common
1930.
1931.
of 25 cents per share,
in addition to the regular quarterly
$8,231,396 89,557.134 stock payable Mar.31 to holders of record dividend An extra payment of
Mar. 15.
5.572.272 both
1 7,349.0221
50 cents per share was made on this issue on Dec. 31 last and one of 25 cents
1
1 2,951,244 per share on Oct. 1 1931.
The usual quarterly dividend of $1.75 per share has been declared on the
$882,374 $1,033,619 preferred stock, payable on the same date.
-V. 133. p. 3637.
111,839
92,376
,
Hamilton Hotel (Rochester Corp.), Washington
$974,750 81,145358
119,369 D. C.
99,404
-To Be Sold at Trustee's Sale.
11,845
8,811
The holders of 1st mtge. 634% bonds of the Rochester Corp., secured by
33.196 the Hamilton Hotel, Washington, D. C., are advised by the protective
51,614
8,855 committee (George E. Roosevelt, Chairman) that the trustee will sell the
2,921
9,651 property at public auction on March 1. The committee, representing a
10.565
substantial majority in principal amount of these bonds, will bid for the
3,299
property at such sale. If the committee is the successful bidder, non2,185 depositing bondholders will not be entitled to share in the benefits of the
13,728
109,800 Purchase but will be entitled only to their proportionate share of the Price
72,000
at which the property is sold at such sale and of the net earnings which
$8.50,557 the trustee has on hand, after deducting therefrom the amount of all prior
$712,408
Net income for year
260,960 charges. Moreover, non-depositing bondholders will not be entitled to
254,312
Preferred dividends
462,940 share in the benefits of the agreement between the F. H. Smith Co. and
440,032
Common dividends
$126 657 the committee.
$18,064
Balance. surplus
&i.18
Deposits of bonds are being made under the terms of a deposit agreement
$2.49
per share on 185,489 shs.com.stock (no par)
Earns.
dated May 28 1930 at Irving Trust Co., New York.
Consolidated Balance Sheet, Dec. 31.
1930.
The committee for the protection of the bonds, in a report
LtabiInks1930.
1931.
Assets$22,044
$3,950
$956,250 $1,121.006 Notes parable-Jan. 28, said in part:
Cash
240,983 to depositors dated
Accounts payable. 152,738
273,278
Notes & accept. reo 191,414
The Hamilton Hotel, which was completed toward the end of 1922, is an
181,147
155,525
Custom.accts. rec. 968.122 1,058,989 Divs. payable_ _ _ _
11-story structure containing 283 hotel rooms. A considerable amount of
31,555 Fed'l income taxes
37,911
Other accts. roc_ _ _
110,876 redecorating and repair work has been done during the last year and the
73,173
465,289 (estimated)--- Market.securities_ 580,344
154,270 hotel Is now in good physical condition.
196.358
Other accruals_
Cash for redemp,
31,022
American Security & Trust Co., the successor trustee, is in possession of
49,304
Reserves
28.320
of pref. stock_ -the property and is operating if for the benefit of the bondholders. Acon acct,
Collections
8,161
Treasury stock_ __
cording to statements furnished to the committee, for the period beginning
10,895 employees'stock
8,933
__
Accr'd Int.
187,209 Nov. 1 1930 and ending Nov. 30 1931, the gross income from rooms was
Inventories
1,418,978 1.814,208 subscriptions_
4,332,200 $301,729, the net income derived from restaurant, valet and similar operaz4,191,000
302,054 $6 pref.stock
307,591
Investments
185,489 tions was $21,459, expenses, including real estate, taxes, insurance and
Common stock... y185,489
Deposits with mu319,958 trustee's commissions, were $233,507, and the net income of the property
113,509
35,704
tual insur., &c__
28,356 Capital surplus_
Prof. & loss surp 1,236,429 1,239,679 was $89,682 before bond interest, amortization, depreciation or fees and
Land, bides., mach,
expenses of the trustee and of its counsel. For such period, interest charges
and equipment.x1,682,856 1,816,624
under the mortgage amounted to approximately $110,000 and amortiza84,621
Deferred charges.- 132,389
tion charges amounted to $32,500.
F. H.
The committee recently entered into an agreement with the action Smith
Total
$6.356,975 87,004,876
Total
$6,356,975 $7,004,876
which
committee relinquished any right of
x After reserve for depreciation of $2.241,019. y Represented by 185.489 Co. pursuant to which the the Smith company in connection with this issue
it might have had against
-V. 133. 1:• 3796.
1
no par shares. a Represented by 42,835 no pax shares.
and the Smith company deposited with the committee $459,500 in principal
amount of bonds of this issue. However, in any distribution made by
-Earnings.- •
Giant Portland Cement Co.
the committee on account of this issue, the bonds so deposited by the Smith
1928.
1929.
1930.
1931.
Calendar Yearscompany will not be entitled to share on a parity with the bonds deposited
Net profit after depreciawill share in such distribution on a reduced basis.
other depositors
$220,321 by indicated below, but extent to which the bonds deposited by the Smith
$87,838
$115,133
tion and taxes__ _ _ -loss 4164,797
As
11,550 company will sharethe such distribution will depend upon the amount
17,205
18,517
Bank,&c.,int.. rents,&c.
in
1231,871 distributed tp other depositors.
5105.043
$133,649
1068$164,797
Total income
Schedule of Distribution.
5,895
2,160
407
Deduct-Int. on bds., &c.
the amount distributed on account of
31,565
10,016
If the amount distributed on account
13,856
Fed'l Inc. tax for year
each $100 in principal amount of bonds
of each $100 in principal amount of
of
Loss on dismantling
deposited by the Smith company will be:
19,540 bonds deposited by depositors other
8.606
7,868
3,306
machinery, &c_ _ _ _
than the Smith company should be:
60% of the amount distributed on
$174,871 (a) not In excess of 60% of the principal
$84.261
$111„518
loss$168,103
Net income
account of each $100 in prin(7%)127.979 (7)131.015 (7)130,998
amount thereof
Pref. dividends paid_
cipal amount of bonds deposited
by other depositors.
$46,754 sur.$43,873
$16,461
$168.103
Balance, deficit
65% of the amount distributed on
(b) in excess of 60%, but less than 65%
Shares com. stock outaccount of each $100 in prin22.083
22,081
22,200
22,200
of the principal amount thereof
-standing (par $50)_
cipal amount of bonds deposited
Nil
$1.99
Nil
Nil
Earnings. per sh.on com.
by other depositors.
x After depreciation of $107,264 and loss on dismantling of machinery
70% of the amount distributed on
to or in excess of 65% but
(c) equal
of $3.306.
account of each $100 in prinless than 70% of the principal
Balance Sheet Dec. 31.
cipal amount of bonds deposited
amount thereof
1930.
1931.
Liabilities-1930.
1931•
by other depositors.
AssetsPreferred stock---$1,627,400 $1,880,000
75% of the amount distributed on
Real estate, bldga..
_ 1,103,981 1,110,000 (d) equal to or in excess of 70% but
806 $2,660,368 Common stock__
account of each 8100 in prinmachinery,&e.-$2,552,
less than 75% of the principal
23,012
10,806
329,050 Accts. payable.212,171
cipal amount of bonds deposited
Cash
amount thereof
50,362 Customers' credit
by other depositors.
Treasury stock.
1,232
715
balances
80% of the amount distributed on
Chicago Board of
equal to or in excess of 75% but
(e)
59,925 Payroll and un59,925
account of each $100 in prinEducat'n notes.
less than 80% of the principal
1,840
1,203
41,034 claimed wages_ _
15,682
cipal amount of bonds deposited
Notes& accts. rec.
amount thereof
14,821
652
Accr. int. & taxes_
by other depositors.
Loaned on collat.
100,000 Reserve for contin85% of the amount distributed on
demand notes_ - 100,000
15,000 CO equal to or in excess of 80% but
9,000
3,202 gencies, &a
1.879
account of each $100 in prinSundry debtors_ _
less than 85% of the principal
596,285
581,813
5,557 Surplus
cipal amount of bonds deposited
Rents & int. rec-9.815
amount thereof
378,214
375,340
by other depositors.
Inventories
8,475
8,153
90% of the amount distributed on
Deferred charges-equal to or in excess of 85% but
(e)
account of each $100 In prinless than 90% of the principal
Total
$3,335,571 $3,642,189
$3,335,571 $3.642,189
cipal amount of bonds deposited
Total
amount thereof
by other depositors.
-v. 132, p. 4069.
95% of the amount distributed on
(h) equal to or in excess of 90% but
account of each $100 in prin-Earnings.
less than 95% of the principal
(Adolf) Gobel, Inc. 3 months ended Jan. 23 see "Earnings Decipal amount of bonds deposited
amount thereof
For income statement for
by other depositors.
-V. 134, p. 1204.
partment" on a preceding page.
100% of the amount distributed on
(I) equal to or in excess of 95% of the
account of each $100 In prin-Suit.
Trading Corp.
thereof
principal amount
Goldman Sachs
cipal amount of bonds deposited
"A stockholders' action seeking account,
The New York "Times"states:
by other depositors.
lost to the corporation through improper
ing for $100,000,000 allegedly ultimate appointment of a receiver for the -V. 132, P. 664.
management, and seeking the
-V.134, p.840.
begun by Eddie Cantor,stage comedian.
-Dividend Dates.
company has been
Harbison-Walker Refractories Co.
-January Sates.
The directors have declared a quarterly dividend of 123c. per share on
Great Atlantic & Pacific Tea Co.
Decrease.
the common stock of no par value, payable Mar. 1 (not March 3 as pre1931.
1932.
Feb. 20.
distributions of
Month of January$68,966,599 $78,814,870 $9,848,291 viously reported) to holders of record on Sept. 1 Quarterly 1 last. See also
and Dec.
Sales
15,379 25c. per share were made on this issue
410,807
395,428
Tonnage sales
V. 134, p. 1205.
-V. 134, P. 1036 683*
.
-Preferred Dividend Deferred.
-Carter Co.
-Balance Sheet Dec. 31.- !Hart
Great Northern Paper Co.
The directors have voted to defer the quarterly dividend due March 1
1930.
1931.
stock, no par value. In each of.the three pre1930.
1931.
on the $2 cum. cony. pref.
$
$
Liabitittes8
217,413 ceding quarters a distribution of 25 cents per share was made on this issue as
AssrtsAccounts payable- 195,892
-V. 134, p. 857.
compared with 50 cents per share previously.
Cash & marketable
Timberland perch.
3,159,051 2,426,155
281,024
securities
obligations,1931 223,750
1,981,182 2,029.996
A.) Hearn & Son, Inc., N. Y.
-New Control, &c.
(James
Accts & notes rec_
435,705
167,494
Tax re erve
Raw materals,supThe New York "Times" of Feb. 19 stated:
Deferred timberl'd
store has passed into the hands of a group of
and manu1,286.250
plies
Control of this department
purchase °beg 1,062,500
factured stock 11,953,003 14,030,669 Capital stock
24,958,250 24,958,250 bankers and cotton textile concerns headed by F. A. Powdrell, chain store
Mill plants & water
20,625,789 22,246,516 and textile executive, it was disclosed on Feb. 18. The new interests,
Surplus
powers, timberwhose identity was not disclosed, will place new capital ranging up to
27,795,317 28,454,818
lands, &c
81,000.000 in the business, according to Mr.Powdrell, who has been elected
Inv.In altIi. & subTreasurer of the store, succeeding Clarkson Cowl.
2,233,679
sidiaries cos_ _ 2,179,928
Reduction in liquid capital of the store by outstanding installment ac248.508
Other Investments. 165,193
counts of customers was the reason ascribed by Mr. Powdrell for new
Deferred Charges...1,332
Interests entering the business. The store, he pointed out, eliminated in47,233,675 49,425,157 stallment sales at the end of last November. As of Dec. 31 the outstand47,233,675 49,425,157 Total
Total
ing installment accounts totaled $1,098,004, which are oeing liquidated
-V. 134, p. 1205.
now at the rate of $100,000 a month, he said.
Mr. Powdrell added that a new slate of officers would be selected within
-Earnings.
Hamilton Brown Shoe Co.
the next two weeks. In the interim Clarkson Cowl continues as Chairman
of the board and Donald Cowl as President.
Earnings for Year Ended Dec. 31 1931.
$2,656,423
In confirming the change of control, Donald Cowl said: "We welcome
Net loss after depreciation, taxes. &c
the entrance of new capital into the business. The arrangements being
Balance Sheet Dec. 31 1931.
put into effect will be a very beneficial thing for the combined interests
LiabuitiesAssets
952,758 of the old and new owners of the store. The Cowls will continue active
$226,987 Accounts payable
5,572 in wi b
p
Cash
the business.'
585.238 Wages accrued
905
owdrell: who is Chairman of the executive committee of the McAccts. & notes receivable
Mr. us ess '
503,497 Due to employees
4,497 Lellan Stores Co., said that the latter company is not participating in
Inventories
credit balance, &e_
205,237 Customers'
Work in process
y4,914,400 the acquisition of control of the Hearn business.
109,680 Capital stock
Miscellaneous assets
1,770,239
The annual sales volume of the Hearn store was unofficially estimated
Deficit
Land, building, machinery,
at between $18,000,000 and $20,000,000. The balance sheet which
x1,556,844
equipment, &c
the store issued on Feb. 2 showed, as of Dec. 31 last, $1.098,004 owing to
20,410
Deferred charges
the store in customers' installment payment accounts, $1,695,543 carried
$3.207.893 in merchandise inventories, and cash on hand of $178.487. The sum of
$3,207.893 Total
Total
was due to merchandise vendors supplying the stnre, a figure
196.576 shares. $1,005,436 Jan. 5 to 5793,178.-V. 124, p. 2796
reduced on
x After depreciation and depletion. y Represented by
132. p.4773.
par $25.-V.
Gross income
Cash discounts on sales
Interest on notes payable. &c
Provision for doubtful accounts
Adjust, of reserve for deferr, income on instal. sales
Idle plant expense-subsidiary company
Amortiz. of improvement to leased prop., &c
Loss on disposal of plant property
Miscellaneous
Provision for Federal income tax
VEIL 20 1932.]
FINANCIAL CHRONICLE
Hinde & Dauch Paper Co.
-Balance Sheet Dec. 31.-
1383
International Cement Corp.
-Dividend Decreased.The directors on Feb. 17 declared a quarterly dividend of
50c. per share on the outstanding 636,171 shares of no
par value common stock, payable March 31 to holders of
record March 11. This compares with a dividend of 75c.
per share paid on Dec. 31 last and quarterly distributions
of $1 per share made from Dec. 31 1923 to and incl. Sept. 30
1931. A 10% stock dividend was also paid on Dec. 31
1924.-V. 133, p. 3797.
International Harvester Co.
-Reduces Quarterly Payment.
-A quarterly dividend of 45 cents per share was
declared on Feb. 18 on the outstanding 4,409,185 shares of
no par value common stock, payable April 15 to holders of
record March 19. This compares with quarterly distributions of 62%c. per share made on this issue from Jan. 15
1929 to and including Jan. 16 1932.-V. 134, p. 858, 684.
1931.
Assets
1930.
Liabilities1931.
1930.
$41,750
Cash
$39,
813 Current liabilities- $263.239 $300,557
Receivables
227,318
644 let mtge. bonds__ 1,363,500 1,425,000
176,
20,550
Life insurance_ _
Capital stock
1,088,853 1,088,853
Inventories
360,343
642,
664 Earned surplus... 945,357 1,252,462
Container MateAppraisal surplus_ 678,630
764,136
13,302
rials, Ltd
InveAments
9,822
Sinking fund
6,274
6,721
Deferred charges-10,292
45,929
Real estate, &c._.x3,659.750 3,910.418
Total
$4,339,680 $4,831,010 Total
$4,339.680 $4,831,010
x After reserves for depreciation of $1,251,075.-V. 132, p. 4070.
Holland Land Co.
-$2 Liquidating Dividend.
-
A liquidating dividend of $2 per share has been declared on the common
stock, payable March 15 to holders of record Feb. 24. A liquidating distribution of $2.50 per share was made on Dec. 4 1931.-V. 133, P. 3637.
Home Title Insurance Co.
-Balance Sheet Dec. 31.-
Ands1931.
1930.
Liabilities1931.
1930.
Bonds and mtges33.628,014 $3,491,069 Capital stock
92,500,000 $2,500,000
Stks. & bds.(marSurplus and profits 1,744,618 2,559,348
ket 9875,479)- 442,883
815,356 Notes payable_ _ _ .. 600,000 1,500,000
Accrued Interest__ 400,700
223,447 Mortgages sold... 114,825
99,305
Real estate, cornAgency account.65,812
60,691
pany use only__ 630,395
641,685 Interest prepaid
75,995
Accts.receivable__
45,148
46,095 Res. for taxes and
Cash
431,430 1,593,096
contingencies
587,320
91,304
Total
95,578,570 $6,810,650 Total
35,578,570 $6,810,650
-V. 134, p. 142.
In a statement, President Alexander Legge said:"The board has adopted
a rate of dividend which it expects to maintain during the year 1932 unless
contingencies occur which cannot be anticipated.'-V. 134, p. 858. 684.
International Nickel Co. of Canada Ltd.
-No Distribution to Be Made on March 31-Dividend Question Again to
'
Come Up Later inYear.-The directors on Feb. 15 determined
to take no action on the quarterly dividend ordinarily payable about March 31 on the outstanding 14,584,025 shares
Houghton & Dutton Co., Boston.
-Creditors' Dividend. of common stock no par value. Record of distributions
The receivers of the company have been authorized by Judge Hammond
in the Superior Court to pay a first dividend in the amount of 20% to made on this issue follows:
1929- 1929.
1930.
1931
Mar. 30. June 29. Sept. 30
-Dec. 31. Mar. 31. June 30. Sept. 30. Dec. 31.
20c.
25c. each quer.
20c.
15c.
15c.
100.
Sc.
creditors. Claims of the latter are allowed to a total of $1,001,975. The
receivers have on hand $425,625. The dividend will absorb $200,300.
-V. 134. P. 515
.
President Robert C.Stanley made the following statement:
Humble Oil & Refining Co.
-Adds to Surplus.
-
President W. S. Farish at the annual meeting of the stockholders stated
that the company would show an addition to surplus of approximately
$3,000,000 after dividends for 1931. This was due primarily to adjustments
in the surplus account.
-V. 132, p. 4600.
Imperial Tobacco Co. of Great Britain & Ireland.
-
The directors have determined to take no action at this time on the
common dividend. Whether or not common dividends can prudently
be paid for the year now current will depend upon developments which
cannot now be foreseen. Later in the year the question will be re-examined
in the light of the then situation and particularly the cash position of the
company as affected by its ability in the meantime to sell its products.
The past action of the directors in maintaining common dividends even
though at decreasing rates constitutes an evidence of their desire to provide income to the stockholders during the present period of depression
and an assurance that dividends will be resumed as soon as it can reasonably
be assured that this will not prejudice their investment.
-V. 134. p. 142,
1037.
Ann. Report Oct. 31 Yrs. 1930-31.
1929-30.
1928-29. 1927-28.
Net after deprec., &c_ _ - £9,886,063 £10,187,045 £9,977,098 £9,599,705
Pensions
250,000
Directors' fees
10,000
10,000
10,000
To general reserves
500,000
500,000
487,925
500,000
Net income
£9,376,063 £9,677,045 /9,479,173 £8,849,705
International Safety Razor Corp.-Bal. Sheet Dec. 31.
Dividends onAssets1931.
1930. I Liabilities1931.
1930.
Pref. A shares (5M %)
272,758
272,758
272,759
272,759 Cash
5247,264 8247,265
Pref. B shares (65')..
315,628
315,628
315,628
315,628 Accts. receivable.. 586,787 8169,521 Capital
40,216
45,823 Accts. payable &
Prof. C shares (10%) - 263,821
263,821
263,821
263,821 Inventories
125,450
98,310! sundry accruals_
Ordinary shares
9,378
62,133
8,435,840
8,810,766
8.619,593
7,787,441 Property account. x148,277
155,063 , Federal income tax
Good-will, tradeSurplus for year
I reserve
47,000
59,000
£88,816
£14,072
£7,370
£210,058
marks, &c
142,317
138,158 Res. for conting__
15,646
17,406
Balance Sheet October 31.
Deferred charges
5,793
6.857 Surplus
229,553
237,929
1931.
193 .
1931.
1930.
Assets-Total
$548,841 $613,733 I Total
$548,841 $613,733
Plant & prop
5,151,425 5,120.021
% pref. shs__ _ 4,969,249 4,959,249
Goodwill & patent
x After deducting reserve for depreciation of $104,292. y Represented
634% pref. sirs_ __ 6,260,469
rights
9,422,681 9,422,582 10% pref. ohs_ ___ 2,638,218 5,260,469 by class A stock $2.40 cum. div. cony., no par value. Authorized and
2,638,218
Investments
10,376,189 10,467,079 Ordinary shares_ _ _37,492,625 37,492,625 issued, 40,000 shares. Less: exchange for class B stock, 38,973 shares.
Loans
2,464,018 2,448.276 Accts. payable, &c.14.562,203
Outstanding, 1 027 shares. Class B stock, no par value, authorized,
Stock in trade_ _ _ _28,123,907 28.945,519 Prey. for pensions_ 233.330 14,470,229 175,000 shares; issued, 173,970.
240,294
Accts. receivable._ 6,320,473 6.602,223 Gen. reserve
Our usual comparative income statement for the year ended Dec. 31
5,600,000 5.000,000
Govt. & other sec_11,246,985 10.000,672 Prof.& loss surplus 7.516,015 7,802,926 was published in 'V. 134, p. 1037.
Corp loans
286,232
200,000
'International Salt Co.
4,772.298 4,667,638
Cash
-Dividend Rate Reduced.
-The
directors on Feb. 17 declared a quarterly dividend of 50e.
per share on the outstanding 240,000 shares of common
stock,
Independence Indemnity Co. of Philadelphia.- March no par value, payable April 1 to holders of record
15. This compares with quarterly distributions
Registrar.
75c. per share made from Oct. 1 1930 to and incl. Jan.of
The Chase National Bank of the City of New York has been appointed
2
1932.
registrar for the capital stock.
-V. 133, p. 810.
Industrial Rayon Corp.
President Edward L. Fuller says in substance:
-Earnings.
Calendar YearsThe
Total
78,162,109 77,864,010
-V. 134, p. 684.
Total
78,162,109 77.864,010
1931.1929.
1928.
Profit from operations__ $1,590,000 $2,561,i77 $2,044,644 $2,254,962
Reserve for depreciation
781.962
771,688
354,946
342,673
Interest charges
19,747
23,324
26,870
35,090
Bond discount
21,834
20,598
20,598
Federal income tax (est.)
104,400
197,000
190,500
203,000
Net profit
$683,891 $1,547,529 $1,451,730 $1,653,602
Prior surplus
6,084,936 4,761,722
3,969,744
1,003,460
Transfer fr. stated cap_ 4,000,000
Excess of sell, price over
of treasury stock_
cost
28,313
4,123
1,349,802
Total surplus
$10,797,140 $6,313.374 $5.421,474 $4,006.864
Miscellaneous credits
1,939
27,205
Miscellaneous deductions
35,440
661,690
64.324
Provision for stock div
571,210
Reduct. in book value
of good-will, &c
3,373,999
Dividends payable
579,996
192,999
Profit & loss surplus_ -x$6,843,146 $6,084,936 $4,761,723 $3,969,744
Shares capital stock outstanding (no par)....
144,999
200,000
190,068
178.623
Earnings per share
$4.71
$7.74
$7.63
$9.25
x Of which $2,170,138 capital surplus and $4,673,007 earned surplus.
Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets-.
Liabilities$
$
1,055,004
Cash
10.860 Capital stock
x7,520,578 12,000,000
Certifs. of depo it. 1,350,000
Debenture gold
U. S.Govt. secur. 650,144 3,279,445
note
230,100
273,600
Notes, accept. and
Accounts payable
accts. receivable 1,327.679
688,782 and accruals_
567,378
667.680
8,093
Accrued int. rec.872 Dividend payable_ 144,999
192,999
Deposit with bank
Provision for Fed5.137
In receivership
7,315 eral taxes
104,400
197.00
Trees'y stock(cost)
z2,971,247 Reserve for plant
Inventories
1,634,913 1,475,393
alterations
5,000
21,289
25,329
Water & insur. dep.
27,326 General continMiscell. accts. rec.
gency reserve_ _ _ 111,661
88,406
22,907
39,114 Minor interest_ _ _ _
and advances_ _
8,153
8,160
Fixed assets, less
Surplus
4 673,007 y6,084,936
depreciation.... 7,254,059 7,538.935
Coed-Will, patent
1 3,374,000
rights, &c
32,008
120,730
Deterred chgs.,&c.
--13,365,276 19,534,070
Total_
Total_ .
13,365,276 19,534,070
x Represented by 200,000 no par shares with a book value of $8,000.000;
$2,170,138; total. $10,170,138; less treasury stock (55,001
capital surplus of
shares at cost), valued at $2,649,560, leaving balance as above $7,520,578.
y Includes paid-in surplus of $1,515,824. z 55,000 treasury shares were
acquired through purchase in connection with which option was granted
the seller to repurchase at $6.83 per share in excess of the purchase price
on or before June 20 1931. Of the other shares in treasury, 7,000 shares
have been sold subsequent to Dec. 31 1930 at a price in excess of cost
133, p. 3099.
above dividend action was taken on account of the more or less
tled conditions of general business and to conserve the cash position unsetof the
company.
While salesso far this year have been rather disappointing,
shows the first quarter of the company's business is usually the experience
poorest of
the year, and it is expected that business will show the usual seasonal
increase, beginning in March or April. If the general situation improves,
naturally resulting in an increased demand for salt, such improvement will
be favorably reflected in the earnings of the company.
-V. 133, p. 2274.
Interstate Hosiery Mills, Inc.
-New Director.-
Howard Ernst, of Ernst & Co., has been elected to the board, thereby
increasing the number of directors from six to seven.
-V.134, P. 1037.
Investment Corp. of Philadelphia.
-Earnings.--Calendar Years- Jan.9'2910
Period1931.
1930. Dec. 31 '29.
Interest and dividends
$69,807
$75,261
$48,904
Profit on securities sold and from
syndicate participations
xloss273,272
39,291
42,600
Total income
loss$203,465
$114,552
$91,505
Admin, and office salaries and exps-22,124
27,242
18,110
Interest paid
4,679
1,259
6,885
Provision for Federal income tax....4,702
3,800
Net profit
Dividends paid
loss$230,268
39,689
$81,350
74,053
$62,710
Balance
def$269,957
$7,297
$62,710
x Net realized profitfrom inception of operations(Jan.9 1929)
to
1930,$81,892;adjustment ofledger value ofinvestment securities at Dec.31
Dec.31
1930 to basis of average cost, $82,944; total, $164,836; net
for the year ended Dec. 31 1931 (computed on basis of realized loss
average cost),
$438,109 (at Dec. 31 1931 the unrealized net losses on securities
and other
market transactions were $922,810, or $49,649 more
amount at the beginning of the year of $873,161,than the corresponding
after allowing
adjustment as at Dec. 31 1930 of the ledger value of investment for the
securities
to the basis of average cost); net loss at Dec. 31 1931
(as above),$273,272.
Balance Sheet Dec. 31.
Assets
1931.
1930.
Liabilities1931.
1930.
Cash
$303,648
$56,401 Provision for FedDivs. receivable..
7,707
11,295 eral tax
$4,500
Unpaidbal.of subUnclaimed diva_ _ $75
75
scrip, to cap.stk
88,071 Capital stock
x500,000 2,000,000
Accts. receivable..
99,001
Capital surplus... 1,745,777
259,904
Stocks(market val.
Earned surplus_ _ _ lass281,844
70,000
$636,838)
1.552,700 2,177,667
Real estate
1,050
1,050
Furn. & llxtures-.
1
1
Total
$1,964,007 $2,334,484
Total
$1,964,007 92,334,485
x Of the 27,000 shares of no par value common stock
authorized, 7,000
shares are reserved against the exercise of warrants, each
holder to subscribe, before Jan. 1 1939, to one share of no par entitling the
value common
stock at $100 per share. All of the warrants had been
issued and were
outstanding Dec. 31 1931.-V. 133, p. 490.
[VOL. 134.
FINANCIAL CHRONICLE
1384
BalanceSheet Dee. 31.
1930.
1931.
1930.
1931.
$
$
Liabilities-$
Assets
$
Deb. 5%% bonds,
Land, buildings,
1,614,000 1,791,000
1942
plant & equip--- 8,882,563 9,027.326
180.000
120,000
841,013 Serial notes
573,202
Cash & accts. ree_ _
279,298
80,925
Current liabilities_
Cement, materials
and supplies__ -- 905.476 1,500,172 Res. for lime kiln
8,099
repairs
228.300
225,300
Investment assets_
7,500,050 7.500,000
89,606 Capital stock
73.689
Deferred charges._
1.337.207 1,936.119
Surplus
-Preferred Dividend Decreased.
-----,International Silver Co.
.The directors on Feb. 17 declared a quar. div. of 1% on
.the outstanding $6,028,5873/ 7% cum. pref. stock, par $100,
payable April 1 to holders of record March 14. The last
0
regular quarterly payment of 1%7 was made on this issue
on Jan. 1 1932.-V. 133, p. 2937.
--Correction.
Investment Trust of New York, Inc.
The Chase National Bank of the City of New York, trustee, will pay a
semi-annual dividend of 17 cents per Collateral Trustee Shares (not 30
cents as erroneously stated last week) on Feb. 28 to holders of record
Jan. 31. During 1931, the following distributions were made on these
shares: 30 cents on Feb. 28 and 24 cents on Aug. 31.-V. 133. P. 967.
-1931
Investors Syndicate.
Totals.
10,660,231 11.686.417
Total
-V.133, p. 2111.
Collections Exceed 1929
Home owners' payments to Investors Syndicate on first mortgage residence loans totaled 85,420;375 during 1931, according to 'a statement
issued by Vice-President E. E. Crabb.
This exceeded by $264,329 the collections for the year 1929, which were
com$5,156,045. It was slightly loss than 1930, when a larger number of
plete liquidations by borrowers increased total collections to $5,638,284.
the
"The remarkable record of collections on these loans, which are on
monthly pay-off plan, is a demonstration of the depression-proof security
as an investment," said Mr. Crabb. "It
of carefully selected homes
suggests that home owners as a class are thriftier, and are loss likely to lose
their jobs during periods of unemployment."
As of Jan. 31, Investors Syndicate had outstanding first mortgages
and first deeds of trust totaling $34,055,676, on 11,880 homes. In 26 cities
of United States and Canada. Average ratio of loans outstanding to
appraised value of property was 45%.
Total loans funded during 1931 were 86,927,291, the report showed:
this compared with $7,315,788.69 in loans funded during 1930.-V. 133,
P• 3263.
10,660,231 11,686,417
Total
-Earnings.
Lehigh Coal & Navigation Co.
1931.
$128.378
2,293,365
1,338,815
171.046
76.135
Calendar YearsCanalrevenue
Railroad rentals
Dividends
Interest
Miscellaneous
1930.
$167.117
2,292,729
1,542,687
162,387
93.258
Total
Canal operation
Texas
Interest
General expenses
$4,007.739 $4,258,178
283,766
228.876
180,000
150,000
1,045,343
1.057,276
214,503
211,377
Net income
Previous surplus
Sundry accounts adjusted
$2,360,209 $2.534,566
10.743,758 10,689.580
189,141
Dr805,726
812,298.241 813,413,286
2,669,528
2.316,078
Total
Dividends
$9,982,163 $10,743,758
Profit and loss surplus
$1.31
$1.22
Earned per share on 1,930,065 (no par) shares
Balance Sheet Dec. 31 (Incl. Sub. Cos.)
Consolidated
1930.
1931.
1930.
1931.
8
Assets8
The company has sent participants in Its Fund A an annual report
Funded debt._ _ 32.268,700 32,501.700
covering the year 1931. This report points out that the actual and esti- Coal lands, min.
50,000
47,000
& market. prop 45,510,135 45,155,549 Mortics. payable
mated earnings for the year, on the securities hold in the Fund on Dec. 31,
472.230
500.036
4.737.327 Notes payable_
approximated 10% on the market value of all the Investment Trust certifi- Canal property_ 3,889,185
outstanding. The value per 100 shares of the Fund Railroad prop'ty 40,498,655 40,111.146 Audited vouchers
cates, series A, then
2,536,486
and payrolls__ 1,461.243
2,070.659
Water property_ 2,077.618
was $517.36 as of the close of the year.
167,193
56,123
865,365 Sundry creditors
891.141
A chart accompanying the report indicates that the performance of the Real estate
1,371,312
3,897,126 Accrued taxes.. _ 1,420.337
3,880.215
8% better than that of the general Investments
Fund during the year was approximately
3,027.625 Matured and ac3,429.485
market for common stocks, notwithstanding that regular distrioutions of Cash
718,185
crued interest
713.740
5,421.054
4,084,705
$976,711 were paid out (in conformity with the terms of the indenture Customers' accts.
Deferred & sus174,283
governing the Fund), against receipts of dividead and interest income of Notes receivable 3,060,010
469,572
pended accts_
511,642
2,882,862
$645,662. This showing was due primarily to chaages in the portfolio of Coal In storage_
y16.240,243 15,443,469
1,104.636 Reserves
974,469
Material & suppl
stocks made because of changing economic conditions.
310.574
294,495
903.058 Minority int.__
640,561
The groups having the largest invested position as of Dec. 31 were the Sundry debtors_
20.784 Capital stock _x32.167,750 32,167,750
14.378
in- Accrued Inc. reo.
merchandising, food products and public utilities. Each shows an the Special dep. for
Capital surplus_ 2,332,351
2,327,797
investment in relation to the list as a whole compared with
creased
606,000 Surplus arising
nurch of equip
year.
previous year end. The tobacco group was alsa increased during the stock Del.& suspended
from appraisal
These four groups accounted for more than one-half of the total
of assets
9,581,296
9,452,562
902,394
890,703
accounts
-V. 133, p. 3469.
holdings.
69.823
92,358
10,311 Surplus approp_
9,430
Sink, fund assets
Profit & loss surp 12.450.316 13.544,588
-Production Lower.
Island Creek Coal Co.
1929.
1930.
1931.
1932.
JanuaryMonth of
Total
110,024,980 111,715,897
110,024,980 111,715.897
Total
531,941
535,983
375,078
285,245
Coal mined (tons)
x Represented by 1.930.065 shares of no par value. y Depretion.
134. p. 516.
$414,148; depreciation and other reserves, $15 321,926; workmen's comInc.-January Sales.pensation insurance, $504.169.-V. 134, p. 856.
Jewel Tea
Decrease.
1931.
1932.
Co.,
4 Weeks Ended Jan.30-Earnings.
Lehigh Navigation Coal Co.
$166,987
$899.926 $1,066,913
Sales
52
1,282
1334
x1930.
Calendar Years
-1931.
Average no,of sales routes
Gross revenue
316.814.729 118,830,844
1206, 1037.
-V. 134, p.
15.025,508 17,001.486
Operating expenses
- Taxes
1.
-Voting Trust Expires March
1,139.462
998.507
(Julius) Kayser & Co.
91.391
80,199
The voting trustees in a letter to the holders of voting trust certificates Sinking fund
219.040
195,108
for shares of the capital stock issued under and pursuant to agreement dated Depletion
832,789
Depreciation
776,181
March 1 1922, state:
15,035
The voting trust established by said agreement expires by limitation of Other deductions
its term on March 1 1932.
$4453,324
$275,808
Net loss for the year
The 000ks of the voting trustees for the transfer of the voting trust certificates issued under the agreement will be permanently closed at 4 p.m. on
x Including operations of Navicoal Corp., a usbsidiary.-V. 132, p. 1431.
Feb. 29 1932.
-Sales Higher.
Lincoln Stores, Inc.
On March 1 1932 the voting trustees will, in exchanff* for and on surrender of voting trust certificates, then outstanding, d ilver at the City
1932,
1931.
Fiscal Year Ended Jan. 31Bank Farmers Trust Co., 22 William St., N. Y. City, certificates of stock Sales
$3,029,288 $2,936,354
to the amount and of the class called for by the voting trust certificates.
-V. 134, p. 335.
Signed by Jules S. Bache, Charles J. Hardy, Stephen J. Leonard,
-V. 134, p. 516.
-Outlook for 1932.
McCall Corp.
William A. Shakman and Elisha Walker, voting trustees.
B. Warner says: "Our forecast indicates that profits
-Export Division Takes Over Entire in President William
Kelvinator Corp.
1932 will be substantially the same as in 1931.
"Our outlook now is for profits of 11.590.000 against $1,603,000 earned
Export Distribution of Liquid Cooler Corp.
Corp., in 1931. Our actual 1931 operations ran only 5% behind our estimate for
IL. H. Wilcox, Manager of the export division of the Kelvinator export that year. This was the first time our results were under our forecast.
announces that effective Feb. 1, his division took over the entire
"Lineage in both Red Book and McCalls is running beyond our forecast.
distribution for all products of the Liquid Cooler Corp., formerly handled Whatever changes there have been since the end of 1931 have been a little
In the export field by Estes Co. of New York.
-V. 134, p. 1038.
adaptable for more hopeful."
The products of the Liquid Cooler Corp. are especially
opening up a wide 4 -McLoughlin Textile Corp. Utica, N. Y.
--Div. Deferred.
beer and beverage cooling, as well as water cooling,
market in the export field.
The directors recently decided to defer the quarterly dividend of 151%
export division
cum. pref. stock.
Shipments are already being made, and the Keivinator
134. p. 1038. due Feb. 1 on the 7% was made on Nov.par 8100. The last quarterly dis-V.
I 1931.
look forward to a rapid expansion of this new department.
tribution on this issue
-Annual Report of
Irving Investors Management Co.
Fund A.
-
-The di-Omits Dividend.
---Kennecott Copper Corp.
rectors on Feb. 15 decided to omit the quarterly dividend
ordinarily payable about April 1 on the outstanding 9,394,705
last the
shares of common stock, no par value. On Jan. 2 as comcompany made a distribution of 12e. per share
pared with 25c. per share on July 1 and on Oct. 1 1931,
50c. per share each quarter from Oct. 1 1930 to and incl.
payApril 1 1931, 75c. per share on July 1 1930, quarterly incl.
ments of $1.25 per share from July 1 1929 to and
April 1 1930 and $1 per share on April 1 1929.-V.133, p.3976.
-Balance Sheet.Laura Secord Candy Shops, Ltd.
Dec. 31' 31 Dec 3030
Assetsx$342,389 $367,579
Fixed assets
1
1
Good-will
138.994
201,287
Cash
1,151,210 1,103.442
Bonds
94,315
82,065
Stocks in assoc. cos
7.051
6,869
Receivables
132,180
87,791
Inventories
4,703
4,908
Prepd.& def.chges
Dec. 31 '31 Dec. 30'30
Liabilities$1,200
Preferred stock903,264
Common stock__ y$904.464
21,311
18,804
Payables
49.000
35.813
Tax reserves
873,493
917,438
Surplus
Total
$1,876,519 $1,848,268
Total
X After deducting depreciation of $380,923.
3100.
-V. 133, p.
no par shares.
$1,876,519 $1,848,268
y Represented by 57,500
-Earnings.
Co.
Lawrence Portland Cement 1931.
1930.
$12,939
83,667
$1,167,703
87.791
1929,
11824.739
141.117
$96,606
Total income
539,626
Deprec., int., amort. & Fed. taxes, &c
def$443,020
Net income
150,000
Dividends
def$593,020
Surplus
Earns, per sh. on 75,000 MI5. capital
Nil
stock (par $100)
$1,255,494
492,192
3965.856
489,131
$763,302
300.000
$476.725
450,000
Calendar Yearsncome from sales
Other income
$463.302
$10.18
(H. R.) Mallinson & Co., Inc.(& Subs.).
-Earnings.
Calendar YearsNet profit on sales
Administration expenses
1931.
1930.
$331,277 10553553.572
436,578
629.192
1929.
3140.964
610,609
1928.
31.897,228
626.803
$1,270.425
30,403
Net operating loss__- _
Other income
$4405,301
11,470
11,182,760
30,071
3469.645
38.956
Total loss
Deduc.,incl. deprec., &c.
Estimated Federal taxes
$3393.831
167,552
$1,152.693
304.215
$430,689 *31,300,828
266.992
327.494
114.000
8561,382 31,456.908
*3919,836
Net loss
$758,183
113.078
66,494
Preferred dividends_
98.483
$561,382 31523.402
n806,758
Balance, deficit
8856.666
200,000
200,000
200,000
'
She, corn. outst.(no par)
200,000
Nil
$4.04
Nil
Nil
Earns, per sh. on corn
• Profit.
Consolidated Balance Sheet Dec. 31.
1930.
1931.
Liabilities1930a
1931.
Assets-.
Pref. stock, 7%. x$1,281,100 S1,284,600
Real estate, equipx$2,224,627 $2,291,908 Common stock (no
&43
ment,
349,519
500,000
a500.000
Par value)
24.020
Cash
714 Notes payable_ _ _ _
2,733
225,000 1,300,000
Notes receivable__
891,809 1.999,676 Accts. payable and
Inventories
accrued accounts 309.205
317,910
370,848
Accts. receivable._ y218,151
57.600 Foreign drafts, Ste.
119,922
82,751
22,560
Securities
1.035,871 1.590,021
53,223 Surplus
Insur., surren. val.
500
1.167
Accrued interest-35.561
25,324
Investments
64.114
24,204
Deferred charges._
- 13,433.928 $5,171,391
Total
$3,433,928 $5,171.391
Total
a 200,000 shares no par value. x Real estate and mill buildings, $1,604,944; machinery and equipment, $2,524.376; total, 14,129319; less depreciation,$1,904,692. y Accounts receivable less allowance for bad debts and discounts. z Authorized issue of pref. stock. $10.000,000; issued. $3,000,000;
acquired for sinking fund,$1,148,000; hold in treasury, 3570,900.-V. 133,
p. 1623.
-Bondholders' Protective Committee.
14,
$26.725. 4Manati Sugar Co.
A receiver was appointed on Feb.9 1932 with the consent of the company,
$6.35 by the U. S. District Court for tho Southern District of New,York.,,The
FEB. 20 1932.]
FINANCIAL CHRONICLE
1385
Balance Sheet Dec. 31.
following cemmittee has been organized to protect the interests of the 1st
1931.
1930.
mtge. 73% sinking fund gold bonds: A. I. Henderson, C. I. Stralen,
1931.
1930.
LiaMlities-Assets
5
B. A. Tompkins, Committee.
$
The committee states: This action makes it extremely important for the Invest. at cost_ _ _x24,678.622 19,002,285 Capital stock _ y126.297,346)19.395,372
of their interests that the bondholders co-operate in united Cash
protection
I 187,199
535,409
712,454 Accum. surplus4
action through the deposit of their bonds with the committee.
Undistributed Inc.
Ctf. of
1,100,000
12,592
111,188
Bondholders who have not already done so are accordingly urged to Specialdeposit_deposit for
Prov.for.accr.taxes
21.881
41,000
deposit their bonds (with Oct. 1 1931 and subsequent interest coupons
pay. of taxes asattached) with the depositary, Bankers Trust Co., 16 Wall St., N.Y. City,
sessed
against
without further delay. Both stamped and unstamped bonds should be
17,789
shareholders ___
deposited.
E. E. Beach, 43 Exchange Plach, New York, is Secretary, and Sullivan
Total
Total
26.331.820 19,714,739
26.331,820 19,714.739
-V. 134. p. 1207.
& Cromwell, counsel.
x Market value $12,426,627. y Represented by 865,044 no par shares.
-V. 134, p. 860.
-Financial
Manufacturers' Finance Co. (& Subs.).
Statement.
Martin-Parry Corp.
-Operations Not Yet Resumed.
V. G. Dunnington, President, says in part:
Several important changes may be noted for the year 1931 as compared
with the preceding year.
Since cornpany discontinued the financing of motor lien and other installment paper, it has been enabled to concentrate on the stimulation of
Its regular accounts receivable business so that the amount outstanding
despite the unparalleled business depression,shows an increase of more than
$1,200.000 for the year.
An important aim of the company during the past year has been the
liquidation of its investment in motor lien and other installment paper,
and the following figures show the favorable change that has taken place:
Outstanding Dec. 31 1930: Motor liens
$6.755,251
Other installment paper
3,541,257
Total
Amount of liquidation, 1931
$10,296,509
9,273,858
Outstanding Dec. 31 1931: Motor liens
$232,541
Other installment paper
790,108
Income Account for Calendar Years (Including Subs.).
Calendar Years1931.
1930.
1929.
1928.
Earned compensation_ _ _
$962,008 $2,668.860 $3,028,436 $2.488,845
Exps. (incl. taxes, &c.)_
364.518
1,196.467
1,178.649 y1,049.250
744,417
Interest paid
181,780
964.395
1,015.793
Res.for losses & conting.
57,490
191,939
178.234
162,039
$533,138
$358.220
$655.759
Net income
$316,058
157,741
157,745
Preferred dividends__ _ _
157,752
157,746
140,280
140,280
z105,207
2d pref. dividends
$235,113
Balance, surplus
$357,738
$53,097
$200,474
Earns, per sh. on 80,000
x$2.94
shs. corn. stk.(no par)
$4.47
$0.23
$2.50
x Par $100. y Including depreciation. z In arrears for quarter ended
Dec. 31 1930.
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Liabilities5
$
Cash
1,277,023 1,739,278 Coll, trust notes__ 1,596.500 1,706,500
Coll.tr.notes(1931)
7,115,000
Open stets, notes
de acceptances 8.606.791 7,344,947 Coll.tr.notes(1935) 3,583,500 3,879,500
4,836
72,287
Installment oblig's 1,022,650 10,296,508 Sundry accts. pay_
Final paym'ts due
let mtge. notes_
700,000
Due from officers
customers
2,558,892 1,622,150
and employees
Res. withheld from
dealers net. tax
on purchase of
048,532
stock
120,701
129.871
643,442
116,290 Reserves
Investments
1,111,594 1.580,161 Preferred stock
2,184,000 2,253,500
2d pref. stock
Furniture and fix1,900,000 2,003,500
Corn,stock (80,000
tures (less de75,254
93,629 shares)
preciation)
1,050,374 1,075,535
Deferred items_
93.960
150.031 Mfr. Fin. Accept.
Corp. stock-900
Total
13,007,974 21.320.847
Total
13,007.974 21,320,847
133, p. 1936.
" Marine Midland Corp.
-Decreases Dividend.
-
The directors have declared a quarterly dividend of 20c. per share on the
common stock, par $10, payable March 31 to holders of record March 1.
From Dec. 31 1929 to and incl. Dec. 311931. the company made regular
quarterly distributions of 30c. per share.
The company reported that it had $19.806,447 cash on hand with no
liabilities. Although as shown by the annual report, the consolidated
operating profits for the year 1931 exceeded by a substantial amount the
dividends paid at the rate of 30c. a quarter, the directors felt that a conservative policy made it advisable to reduce the quarterly dividend for the
-V. 134. P. 860. 1038.
present to 20c. a share.
Massachusetts Investors Trust.
-Earnings.
---
The corporation has issued the following statement:
"Owing to the fact that this corporation has not operated since the
beginning of the fiscal period, no quarterly financial statements will be
published until operations are resumed. -V. 133. p. 3249.
-Dividend Rate Decreased,
"`Mergenthaler Linotype Co.
54
The directors on Feb. 16 declared a quarterly dividend of
75c. per share on the outstanding 256 000 shares of common
stock no par value, payable March 31 to holders of record
March 2. Quarterly distributions of $1.50 per share were
made from Dec. 31 1929 to and incl. Dec. 31 1931. In
addition an extra payment of 25c. per share was made
on Dec. 31 1929 and on March 31 1930.
Joseph T. Mackey, Executive Vice-President and Treasurer, says:
The financial condition of the company is sound in every respect, but
as no definite improvement has as yet been indicated in trade conditions
Immediately affecting the company's business and considering the importance of maintaining a thoroughly liquid position, the directors are
of the opinion that It would be unwise to distribute more than $0.75 Per
share at this time.
In reaching this conclusion the directors were influenced by the fact
that as general business conditions improve and the demand for the company's products increases, the need for credit extension to its customers
will correspondingly increase. Furthermore, for some time past the management nas had under consideration projects for adding to the company's
output certain products entirely outside of the printing and publishing
field, the production of some of which will probably occur in the course
of the current year.
New Directors.
George Hewitt Myers,of Washington, and Harry L. Gage, of Now York,
have been elected directors.
-V. 133. p. 3471.
-Closes Foreign Contract:
Midland Steel Products Co.
The company has completed arrangements with Bones and Friedman,
Vienna, Austria, for the manufacture and sale of Midland Steeldraulic
four-wheel brakes in Europe, it is announced by President E. J. Kulas.
The contract was concluded following negotiatians in Europe and Cleveland between Midland officials and Albert Friedman. President of the
Austrian company. Denes and Friedman is a well-known European
manufacturer and merchandiser of automotive parts, with plants in Austria.
Germany and France. The company, which is known as the Defag Corp.,
represents a number of leading American automotive manufacturers.
President Kulas also announced that the Midland Steel Products Co.
had renewed contracts for 1932 with its largest customer for automobile
-V. 133.
truck frames. Production on this order is getting under way.
P. 2938.
-$75,000,000
Missouri-Kansas Pipe Line Co. (Del.).
Trust Suit.
The company has filed an action in Federal District Court to recover treble
damages of $75,000,000 from H. L. Doherty, individually, and trading as
. L. Doherty & Co.; Standard Oil Co. of N. J., North American Light
& Power Co.; Christy Payne director of Standard Oil Co. of N. J., and
Louis E. Fisher, of Chicago, Vice-President and director of North American
Power. The action is based upon alleged violation of the Sherman antitrust law. Notice of suit was filed but the complaint was not filed. Henry
W. Ryan of 60 West 42nd Street is attorney for the plaintiff company.
V. 133, p. 298.
(The) Mobile Press, Mobile, Ala.
-Acquisition.
-
See Mobile Register 8s News
-Item Co., Inc., below.
Mobile Register & News-Item Co., Inc.
-Sate.
-
The Mobile "Press" has purchased the Mobile "Register" and "News
Calendar Yearsc1931.
1929.
1930.
Dividends from securities
-Item" with the "Press" and
8468,652 Item," resulting in the merger of the "News
$899,640
$716,255
-Item."
Interest on call loans
109,394 the abandonment of the "News
15,405
stock (Bars. distributed in lieu
Sale of
R. B. Chandler, publisher of the Mobile "Press," an afternoon paper,
ofcash
45,623 becomes publisher of the Mobile "Register" a morning paper. . 130.
51.832
61.299
-V.
Interest on bank deposits
13,229
8,108
6,022 p. 4064.
Total income
$629,692
$964.701
$801,067
aTrustees compensation incl. services
Mohawk Carpet Mills, Inc.
-Earnings.
of State Street Trust Co.,agent_ _ _ _
57,882
48,401
35,973
Calendar Years1931.
1930.
1929,
Transfer agent
25,158
10,766
10,027 Gross profits on trading
54,362.395 $3,750,403 $5.007,370
Printing, statistical and miscellaneous
15,097
7,067
3,609 Depreciation
801,887
638,714
592,098
Legal services
4,739
180
355 Credits, allowances and discounts_ _ _ 1,414,546
1,462,110
Reserved for accrued taxes on income_
35,435
39,812
38.389 Selling, gen. & admin. expenses
1,760,588
2,143,536
2,242,970
Original issue tax stamps
2,165 Int. & miscellaneous charges net_
74,700
105,821
207,346
Income tras. to accumulated surplus_
16,912
15,699 Provision for Federal income taxes
152,813
Balance of income avail, for disNet profit
tribution in dividends
$310,673loss$599,779 $1,812,140
$826,389
$677,929
$523,475
Undistributed income Jan. 1
450,000
1,725,000
111,168
107.199
65,244 Dividends paid
Accrued divs, received on stock of
Massachusetts Investors Trust sold
Balance. surplus
$87,140
6.034
$310.673de1$1049,779
43,849
24,250
Total surplus
$943,591
$828,977
8612.969 Earns, per share on 600,000 she, cap.
stock (no par)
Nil
$0.50
$3.02
Dividends paid
914,933
b717.809
505,769
Portion of compensation of trustees.. _
Balance Sheet Dec. 31.
6.590
Undistributed income Dec. 31
1931.
1930.
1931.
1930.
$22,068
$111.168
$107,200
Assets
Liabilities$
$
a 6% of income receipts from Oct. 15 1929 to Oct. 15 1930. b Does not
Capital stock-y15,000.000 15,000.000
Include stock dividends paid in January and July 1930. c Includes United Land. bldg., equipment, &c
x12,353.850 12,919,978 Notes payable_
500,000
Investors, Inc. for the period from Oct. 20 1931 to Dec. 30 1931.
Prepayments
66.933
206,460 Accounts payable- 387,289
294,573
Depreciation of Assets.
Cash & call money 199,161
363,675 Accruals
17,922
94,441
Realized net loss from sales of securities for the year 1931
37,930
55,
$1.961.962 Market securities_
000 Surplus
5,947,350 5,781.928
Unrealized depreciation of securities owned (excess of cost over
Acc ts receivable._ 1,605,938 1,770,729
value):
market
Inventories
7,432,499 5,757,599
At Dec.31 1931 (adjusted for dividends declared)
12.251,995 Cos.stk. acquired_ 146,250
97,500
At Dec.31 1930
4,546,586
Total
21.832,562 21,170,941
Total
21,832,562 21,170,941
Increase in unrealized depreciation during the year 1931
$7,705,409
x After depreciation. y Represented by 600,000 no par shares.
-V. 133.
Statement of Receipts and Charges on Principal Account Year End. Dec. 31.
P. 1136.
[Including United Investors, Inc. for the period from Oct. 20 1931
Mohawk Mining Co.
to Dec. 30 1931.)
-Liquidation Considered.
President L. P. Yandell states the company produced copper in 1931
Balance in capital stock account Dec. 31 1930
$19.395.372
at 7.038 cents a pound, the lowest annual average cost in the company's
Receipts from new shares issued (449,298 94-100 shares, incl.
11,225 11-100 shares as stock distributions)
10,145,320 history, but, due to lower wages and absence of development charges,
present costs are below 6.ai cents. The company is reported to be storing
Amount paid for shares purchased and retired (77.777 72-100
shares at 1% less than net asset values at dates of purchase) Dr1.427,537 its copper, awaiting better prices, and is operating six-days a week to keep
down mining costs.
NMI
Mr. Yandell says that "for the past several months the directors have
$28,113,155
Total
1,961,963 been giving serious thought to the desirability of liquidating the company's
Net lass from sales of securities
6.199 affairs. Their reasons are chiefly the uncertainty surrounding the present
Federal stamp tax paid on new shares issued
9,718 situation of and future outlook for the business of mining copper, together
Expenses in connection with acquisition of United Investors, Inc
9,544 with the short remaining life of company's mine. Engineers estimate this
Additional income taxes for years 1929 and 1930
remaining life to be two years from Jan. 1 1932, at present maximum
Balance in "accumulated surplus" Dec. 31 1930 ($167.199)
production rate, followed by one or two years of declining production."
$5,061 apportioned to shares issued as stock distribution
minus
Cr162,139
The company mined 448,564 tons of rock in 1931 and produced 18,680.200
Jan. 20 1931
C22,067 pounds of mineral estimated to contain 13,100,000 pounds of colaPer,
Appropriations to principal from income voted by the trustees
making the yield 29,508 pounds of copper a ton of rock treated. The cost
$26,309,938 a ton of rock hoisted was 81.633.-V. 133, p. 2609.
Balance of principal Dec.31 1931
[Vol,. 124.
FINANCIAL CHRONICLE
1386
-EarningsMount Royal Hotel Co., Ltd.
Calendar YearsOperating Profit
Interest, amortiz., &c
Other deductions
Depreciation
Income tax
1931.
$583.679
257.227
200,000
1928.
1929.
1930.
$804,821 $1,045,035 $1,011,298
x300,398
x228,015
281,186
41,395
220,000
321,070
321,000
27,500
32,000
$463,400
$422,555
Net profit
$202,635
$126,452
Preferred dividends --(3%)204,771(2%)136,514(6%)409,542(8%)409,542
Balance, surplus
Previous surplus
Total
Depreciation
Surplus adj. prior years_
def$78,319
85,185
$66,121
5,039
$13,013
75.435
$53,858
25,027
$6.866
$71,160
$78,885
Cr4,865
Cr14,025
*88,448
80,000
Dr3,409
Dr3,450
*75,435
$5,039
$85,185
Profit & loss surplus_ $11,732
x After deducting $38,459 amount of interest received, discount earned
and dividends received in 1929 and $24,260 in 1928.
Balance Sheet Dec. 31.
1930.
1931.
1930. I
1931.
$
$
I Liabilities
Assets
$
185,808
115,534
53,057 Accounts payable
97,521
Cash
200,000 Accrued int, and
141,146
Call loans
48,007
51,267
other charges__
Dom. Govt. bonds
1,109
1,186
Unclaimed wages_
& other market3,560,000 3,680,000
397,892 Funded debt
able securities
436,105
Notes & accts. rec_
78,658 6% cum. pref.stk_ 6,809.500 6,807,700
82,868
16,700
15,000
Accr'd Int. recelv_
5,342 8% cum. pref. stk..
6,237
1,300
1,200
Inventories
51,620 8% cony. deben-_
37,698
85.186
11,732
Prepaid oper. exp.
70.102
70,601 Surplus
Other Investments
57,025
57,025
Land,bleigs.,equIPment, &c
x8,175,496 8,379,714
Claim in litigation
60,768
75,768
Deferred charges... 500,450
555,930
Good-will
900,000
900,000
Total
10,565,419 10,825,608
10,565.419 10.825,608
Total
x After depreciation of $1,945,006 -V. 134, p. 1208.
(F. E.) Myers & Bro. Co.
-Earnings.
For income statement for quarter ended Jan. 31 see "Earnings Department" on a preceding page.
-V. 133, p. 3799.
-To Change Capital.
'`Nashetwena. Mills, New Bedford.
---..
Capital reorganization of this company has been recommended by the
directors and will be voted upon at the annual meeting of stockholders to
be held on Feb. 23.
The directors recommend that the 75,000 shares of stock be changed
from $100 par value to no par value, and that the capital be reduced by
charging to surplus account the amount of the stock dividend p.ael in 1923.
-V. 132, p. 4074.
No reduction in the number of shares is contemplated.
-Registrar, &c.
National Distillers Products Corp.
The Bankers Trust Co. has been appointed transfer agent and the Chase
National Bank of the City of New York NEI registrar for the $40 par value
-V. 134. P. 1208.
preferred stock.
-Earnings.
National Republic Investment Trust.
Years Ended Dec. 31Interest and dividends received
Trading and syndicate profits
1931.
$213,324
1930.
$286,692
45,283
Total income
Operating expenses and interest
Loss on sale of securities
$213,324
37.301
197,614
$331,975
49,280
def$21,592
225,000
$282,695
275,000
Balance
Profit on own shares purchased
def$246,592
379,152
surS7,695
241,863
Balance,surplus
Depreciation of listed securities
Depreciation of other assets
Reserves
*132,560
559,173
140,694
100,000
*249,558
1,013,734
84,225
$667,307
$848,401
Net income
Preferred dividends
Deduct from surplus
Balance Sheet Dec. 31.
1932.
1931.
Liabilities
$14,300 Net worth
$4,371
33,525 Bills payable
21,600
546,464 1,735,020 Reserves
Assets.
&tour loans
Cash dr.
Ltst.bds.at market
List.stks.at market
Miceli. bank Mks.
32,416
40,780
at market
Shares Nat. Rep.
Bancorp. at cost 3,230,076 3,230,076
156,250
Miscell. assets_
1931.
1930.
$3,579,927 $4,869,951
340,000
155,000
100,000
$3,834,927 85,209,951
Total
$3,834,927 $5,209,951
Total
x Represented by 100,000 shares cum. cony. pref. stock, lass 28,939
shs. (1930 16.957 she.) held in treasury and 280,000 shs. common stock,
less 26,404 shs. (1930 16,957 shs.) held in treasury, both of no par value.
V. 134, p. 861. 687.
-Adopts 13-Period Fiscal Year.
National Tea Co.
-period fiscal-year
Effective Jan. 1 1932, the company has adopted a 13
or the purposes of accounting and in the future will report its sales on this
basis instead of by 12 calendar months as in the past.
For the first period of four weeks and one day ending Jan. 30 1932, the
consolidated sales of the company were $5,747,427, while the sales for the
equivalent period in 1931 amounted to $6,578,159 or a decrease of 12.6%
of which 3.6% is due to reduction in the number of stores operated.
The sales for the calendar month of January 1931, amounted to $6,788.235.-V. 134. p. 1208.
-Earnings.
National Transit Co.(& Subs.).
1931.
Calendar YearsRev,from pipe lines, &c. $2,558,261
772,361
Divs., int. & misc. inc- _
1928.
1929.
1930.
93,450,512 $4,402,431 $3,418,712
370,638
351,858
276.845
$3,330,622 $3,727,357 84,754,289 $3,789,349
Total
Oper.exp., depr.,tax.&c. 2,742,266 3,117.957 3.853,827 2,599,664
Net income
Dividends paid (8%)_ _ _
$609,401
$900,462 $1,189,685
*588,356
509,000 (8)509,032 (12)763,512(68)4326,512
Nation-Wide Securities Co.
-Dividends Paid in 1931
on Series B Units.
During the year 1931 there were no changes in the composition of trust
units.
Following is a statement of the net income and disbursements applicable
to a trust unit during the calendar year 1931:
$251.07
Balance undistributed at Jan. 1 1931
Less adjustment to the increased number of trust units outstanding Jan. 15 1931, the compensating amount having been
included in payments to the trustee by the depositor on de33.16
posit of the additional trust units
Balance
Receipts
Cash dividends
Interest on cash balances
Proceeds of the sale of stock dividends and subscription rights_
Amount paid to trustee on deposit ofadditional units,to equalize
the per-share accumulations distributable to all trust shares
outstanding on succeeding record dates for distributions
$217.91
738.22
.91
117.80
158.60
$1,233.44
Total
Disbursements
Transfer charges, &c
20.78
$1,212.66
Distributions to Certificate Holders
Feb. 2 1931
May 1 1931
Aug. 1 1931
Nov. 2 1931
330.00
270.00
240.00
210.00
$162.66
Balance undistributed at Dec. 31 1931
To assist the holders of trust certificates, series B, in the preparation of
their Federal income tax returns, covering the calendar year 1931, the
company advises that the moneys received during 1931 by the stockholders
on the regular distribution dates of the trust are taxable as follows:
Divs. on
Stocks of
Domestic
Return of
Corporations
Capital
Subject to
Distribution
Non-Tamble.
Deductions.
Surtax Only.
(Per Share)
Date8.0688
8.0105
Feb. 2
8.0517
8.11
.0341
.0057
May 1
.09
.0616
.0162
.0006
.0644
Aug. 1
.08
.0142
.0050
.0608
Nov. 2
.07
9.35
Total ___
-V. 134, p. 687.
8.0218
8.2385
8.1333
-Postpones Common Dividends.
eptune Meter Co.
The directors on Feb. 17 announced that "owing to the uncertainty of
business for the ensuing months, with the consequent inability to gauge
probable demands upon the company's cash position, they have decided
to postpone action on dividends due lobe declared on the class A and class B
common stocks." Three months ago the company reduced the dividend
on its common stock from 50c. to 30c. a share, the latter amount being
payable on Dec. 15 1931.-V. 134, p. 687
-Dividend Omitted.
"
.. "-Nevada Consolidated Copper Co.
The directors on Feb. 15 voted to omit the quarterly dividend
usually payable about March 31 on the outstanding 4,857,248
shares of capital stock, no par value. On Dec. 31 last
the company made a distribution of 10c. per share as compared with 20c. per share on Sept. 30 1931 and 25c. per
share each quarter from Sept. 30 1930 to and incl. June 30
1931. Record of dividends paid since and incl. June 30 1926
follows:
1926.
87;4c.
1927.
$1.50
1928.
,
$1.6234
1929.
$3
1930.
$1.624'
1931.
soc
--President D. C. Jackling'
1931 Dividends Tax-Free.
Feb. 16, in a notice to the stockholders, says:
With respect to the distributions made by this company to its stock
holders during the year 1931, the company is advised that the Treasury
Department will consider such distributions as having been made out of
earnings or profits accumulated, or increase in value of property accrued,
before March 1 1913, and therefore tax-free distributions to the stockholders, in accordance with Section 115(b) of the Revenue Act of 1928.V. 133, p. 3978.
-Quarterly Report.
Nevada Consolidated Copper Co.
For income statement for 3 and 12 months ended Dec. 31 see "Earnings
Department" on a preceding page.
D. C. Jackling, President, says in part:
The following summary covers the combined results of company's operations in Nevada, Arizona and New Mexico for the fourth quarter of the
calendar and fiscal year 1931.
The net production of copper from all sources for the fourth quarter,
compared to that for the third quarter, is shown in the following tabulation:
Net Lbs. Copper. Average Monthly
Produced.
Production.
32,775,501
10,925,167
Fourth quarter
32,389,553
10,796,518
Third quarter
The total quantity of company ores milled and smelted during the quarter
was 1,473,269 tons. Of this total 1,470,694 tons was concentrating ore,
averaging 1.34% copper, and 2,575 tons was direct smelting ores. In
addition to company ores, 100,206 tons of custom ore was milled or smelted
at the Nevada plants. The average daily tonnage of company ores milled
at all concentrators was 16,986, as compared to 16,796 tons per day for
the preceding quarter.
The average recovery in the form of concentrates from all company
material milled during the period was 88.77% of the total copper contained
therein, corresponding to 23.26 pounds of copper per ton treated, as compared to a recovery of 85.92% and 21.68 pounds per ton for the previous
quarter.
The net cost per pound of copper produced, after crediting revenue from
gold and silver and other miscellaneous earnings and income from subsidiaries, was 7.40 cents, as compared with 7.96 cents for the third quarter.
These costs include all operating and general charges of every kind except
-V. 133, p. 3978.
depreciation and reserve for Federal taxes.
-Proposes to Disposes of New
Newmarket Mfg. Co.
Hampshire Property.
Charles Walcott, Treasurer, in a let:er to the stockholders abcompanying
the notice of the annual meeting c a their attention to Article 3 of the
notice, which provides in substan for the approval by the stockholders
of the sale of all or part of the property of the corporation, real or personal,
in New Hampshire.
82.34
$1.19
$1.77
$1.15
Treasurer Walcott, in his letter, says: "After mature consideration your
directors are unanimously of the opinion that manufacturing operations
Balance Sheet Dec. 31.
can be carried on more economically and efficiently. They are concentrated
1930.
1931.
1930.
1931.
at Lowell instead of being divided between the plant at Lowell and the
$
Liabilities-$
$
Assetsplant at Newmarket as is the present practice. To that end it is the purpose
6.362,500 8.362.500 of directors, as favorable opportunities occur, to move from Newmarket to
Capital stock
Invest. In plant Se
850
850 Lowell
15,417,231 4,267,919 Minority Interest.
equipment
part of the machinery now in the Newmarket plant and to dispose
Ins., ann.
Res, fund invest_ _ 4,610,003 5,544,115 Rm. for
as well as the buildings, land and water power
of
dr casualties___ - 1.657,326 1.836,800 in the remaining machinery and on such conditions as the directors may
Def. assets Jr adNewmarket at such times
120,195 Other reserves_ _ _ _ 1,023,527 1,339,767 deem advisable."
128,533
justed debits.. _ _
-V. 130, p. 4432.
1,035
1,085
468,526 Mln.Int. In surplus
348,599
Cash
Accts. & notes rec. 742,394 1,205,284 Surplus liabilities_ 3,308,590 3,229.184 •
-To Change Par Value.
202,339
226,700 •••.North American Aviation, Inc.
1.309,408 2,108.505 Current
Inventories
The stockholders at the annual meeting to be held on March 9 will vote
Res. for Invent. &
on approving a change in the authorized capital stock from 6,000,000
GY.2.17.658
bad debts
shares of no par value (with a fixed capital of $12.50 per share) to 6,000,000
12,558,166 12,996,887 shares of $5 par value,. each present share to be exchanged for one new
Total
12,556,186 12,998,887
Total
share.
-V. 134. 13• 519
.
After reserves for depreciation of 36,756,001.-V 133, p.4169.
Balance, surplus
Earns. per sh.on 509.000
she. cap. stk. (par
$12.50)
$49,356
$100,369
$136,950de1$3136,827
FEB. 20 1932.]
FINANCIAL CHRONICLE
-Earnings.
New York Auction Co., Inc.
Calendar Years1931.
1930.
$283,344
Total income from operations
x$307,194
51.004
Selling expenses
57,295
Administrative and general expenses..
231,540
208,667
Miscellaneous charges
Provision for bad and doubtful sects249,993
2.285
Interest on mortgage debt
30,732
29,850
Other charges
4,155
556
Provision for Federal income tax
Dividends
1929.
$599,814
82,550
326,091
35,514
17,397
143,865
Surplus for period
$14,832 def$290,372
def$5,616
Earns, per sh. on 95.847 abs. (no Par)
Nil
$1.44
$0.15
x Includes other income of $1,872.
Balance Sheet December 31.
Assets1931.
193 .
Liabilities-1931.
1930.
Cash
$108,170
$48,562 Notes payable to
Adv. to shippers &
$300,000 $325,000
bank
accts. receivable 834,018
676,813 Accounts payable_ 208,899
Notes receivable__
7,582
9,284
18,620 Vouchers payable_
8,239
Misc.accts. receiv.
7,815
6,027 Miscellaneous_ _ _ _
8,550
4,098
Inventory__
Mdse.
16.694
33.988 Res. for deprec. of
Land, buildings &
fixed assets_
97.003
71,440
equipment
1504,221
490,951 Res.for bad debts_ 100,000
125,000
Furn.,fixtures, &c. 22,396
20,210 Miscell. reserves-1,123
285
prepayments sunCapital stock
y823,467
808.571
dry charges- 46,593
48,299
Total
81,547,488 $1,343,471
Total
$1,547,488 $1,343,471
x After deducting mortgages payable of $487,600. y Represented by
95,847 shares, no par value.
-V. 132. p. 1238.
Ohio Electric Mfg. Co.
-Div. Action Deferred.
-
Action on the quarterly dividend ordinarily payable about March 15 on
the capital stock has been deferred until March 16. Quarterly distributions of 10 cents each were made on Sept. 15 and Dec. 15 last as compared
with 20 cents per share in each of the first two quarters of 1931 and 40 cents
-V. 133, p. 1776.
per share previously.
Overbrook Arms Apartments (Warren Apartment
Co.), Philadelphia.
-Report to Stockholders.
The committee for the protection of the holders of bonds sold through
the F. H. Smith Co. (George E. Roosevelt, Chairman) in a recent report
to depositors of 1st mtge.7% bonds said in part:
A final decree has been entered in the proceedings instituted to foreclose
the mortgage securing these bonds. The committee, representing a large
majority of the bonds, plans to bid for the property at the foreclosure sale,
and unless a satisfactory bid is made by another bidder, to acquire the
property on behalf of depositing bondholders.
A temporary trustee operated the property from June 24 1930 to Dec. 20
1930 and Integrity Trust Co., the successor trustee, has operated the
property since Dec. 20 1930. According to statements furnished to the
committee, the gross income for the period from June 24 1930 to Sept. 30
1931 was $95,307 and the operating expenses, including insurance, current
real estate taxes and trustee's commissions, were $88,380, leaving a net
income of $6,926, before State taxes, interest on trustee's advances, bond
interest, amortization, depreciation or fees and expenses of the trustee and
of its counsel. For such period, interest and amortization charges under
the mortgage amounted to approximately $80,000.
Real estate taxes for the year 1931, aggregating approximately $18,000,
together with penalties thereon, are delinquent and unpaid. Moreover,
the successor trustee has advanced approximately $55,800 to pay water
rents for the years 1929 and 1930 and real estate taxes for the years 1928
to 1930,inclusive, together with the accrued penalties and interest thereon.
Such advances and the accrued interest thereon, the amount of the delinquent taxes and the fees and expenses of the trustee and of its counsel
constitute charges against the property prior to the bonds.
The committee recently entered into an agreement with the F. 11. Smith
Co. pursuant to which the committee relinquished any right of action
which it might have had against the Smith company in connection with
this issue and the Smith company deposited with the committee $75,200
of bonds of this issue. However, in any distribution made by the committee on account of this issue, the bonds so deposited by the Smith company will not be entitled to share on a parity with the bonds deposited by
other depositors but will share in such distribution on a reduced basis.
As indicated below, the extent to which the bonds deposited by the Smith
company will share in such distribution will depend upon the amount distributed to other depositors.
Schedule of Distribution.
If the amount distributed on acthe amount distributed on account of
each $100 in principal amount of bonds
count of each $100 in principal amount
of bonds deposited by depositors other
deposited by the Smith company will be:
than the Smith company should be:
(a) not In excess of 50% of the prin-.
40% of the amount distributed on
deal amount thereof
account of each $100 in principal amount of bonds deposited
by other depositors.
(b) in excess of 50%, but less than
45% of the amount distributed on
55% of the principal amount
account of each $100 in printhereof
cipal amount of bonds deposited
by other depositors.
(c) equal to or in excess of 55% but
50% of the amount distributed on
less than 60% of the principal
account of each 8100 in prinamount thereof
cipal amount of bonds deposited
by other depositors.
(d) equal to or In excess of 60% but
55% of the amount distributed on
less than 65% of the principal
account of each $100 in prinamount thereof
cipal amount of bonds deposited
by other depositors.
60% of the amount distributed on
(0) equal to or In excess of 65% but
less than 70% of the principal
account of each $100 In prinamount thereof
cipal amount of bonds deposited
by other depositors.
in
equal to
of
(1) less thanor75%excessthe 70% but 65% of the amount distributed on
of
principal
account of each $100 In printhereof
amount
cipal amount of bonds deposited
by other depositors.
in
(g) equal to or80%excess of 75% but
70% of the amount distributed on
less than
of the principal
account of each $IN in prinamount thereof
cipal amount of bonds deposited
by other depositors.
(h) equal to or in excess of 80% but
75% of the amount distributed on
less than 85% of the principal
account of each $100 in prinamount thereof
cipal amount of bonds deposited
by other depositors.
80% of the amount distributed on
(I) equal to or in excess of 85% but
less than 90% of the principal
account of each $100 in prinamount thereof
cipal amount of bonds deposited
by other depositors.
equal to or in excess of 90% but
85% of the amount distributed on
less than 95% of the principal
account of each $100 in prinamount thereof
cipal amount of bonds deposited
by other depositors.
90% of the amount distributed on
(5) equal to or in excess of 95% but
less than 100% of the principal
account of each $100 in prinamount thereof
cipal amount of bonds deposited
by other depositors.
100% of the amount distributed on
(1) equal to or in excess of 100% of
account of each $100 in printhe principal amount thereof
cipal amount of bonds deposited
by other depositors.
-V. 132, p. 670.
1387
The committee is asking debenture holders to deposit their debentures
with City Bank Farmers Trust Co., New York, depositary, at their earliest
convenience in order that it may act effectively. Copies of the protective
agreement dated Feb. 11932,are obtainable from Nelson Stuart, Secretary
of the committee, 22 William St.
-V. 131, IL 487.
Oxford Paper Co.
-Preferred Dividend Deferred.
-
The directors have voted to defer the regular quarterly dividend of
$1.50 per share due March 1 on the series A $6cum.pref. stock, no par value.
The last quarterly payment on this issue was made on Dec. 1 1931.-V. 134,
p. 519.
Pacific Investing Corp.
-Earnings.
Calendar Years1931.
1930.
Interest and dividends_ - $362,457
$511,894
Prof.from sales ofsecs _loss3,681,144 loss419,404
Total income
def$3,318,687
Invest. research fees_ ___.
53,442
Pees of transfer agents,
trustees, &c
16,068
General expenses,including salaries and taxes_
35,768
Interest on debentures
226,729
Federal income tax
1929.
$704,595
1.164,333
1928.
$671,312
1,199,175
$92,489 $1,868,928 $1,870,487
65,916
59.665
14,776
17,512
16.453
4,181
48,850
262,324
32,225
262,559
136,244
17,926
231,314
145,049
Net income
loss$3,650.695 loss$302,112 $1,361.783 $1,457,239
1st pref. dividends
171,228
348.645
360.000
342,083
2nd pref. dividends120.483
180.000
166,115
Surplus for period- -def$3,821,923 def$771,240
$821.783
$949,041
Note.
-The above statement does not include general and organization
expenses, $98,097 charged to the special reserve account during the period
from April 15 1927 to April 30 1929.
Balance Sheet December 31.
Assets1931.
1930.
Liabilities1931.
1930.
Cash and call loans 4302,052 $1,923,715 Divs, and accrued
Investment securs.
Interest
$210,183
(at cost)
a8,502,58711,969,952 Accr'd exps.& tax.
82,375
Divs. receivable
8,465
42.848 20-year 5% gold
Accrued Interest_ _
19,306
debentures
4,598
3,600.000 5,000,000
Furn. & fixtures
610,080
211,033 1st pref. stock
c2,283,040 2,283,040
Deferred charges._ 536,362
656,438 2nd pref. stock... d26,774
26,774
Common stock_ _ _ e128,700
128,700
Purchase warrants
f400
400
Earned surplus... 3.337,565 7,159,487
Total
Total
89.378,854 814808,585
$9,378,854 314808,585
* Cash only. a Market value, $4.604,638. b Face value, $18,000.
c 57,076 no par shares. d 26,774 no par shares. e 127,829 no par shares.
f The purchase warrants shown above are for toe purchase of 800 shares
of common stock at $10 a share. In addition there were outstanding at
Dec. 31 1931 warrants entitling the holders to purchase 105,641 shares of
common stock, on or before April 15 1937, at $10 a share. The company
is also under contract to issue on or before April 15 1932 similar warrants
for the purchase of 10,000 shares at $10 a share.
-V. 133, p. 4169.
''.Paraffine Companies, Inc.
-Dividend Decreased.
The directors have declared a cash dividend of 50c. per share on the
common stock, payable Mar. 27 to holders of record Mar. 17. This compares with 754. per share paid on Dec. 28 last, while from Dec. 27 1928 to
and incl. Sept. 28 1931 quarterly distributions of $1 per share were made
on this issue. A semi-annual stock dividend was also paid on June 27
and Dec. 27 1929 and on June 27 1930. while an extra cash dividend of 25c.
per share was distributed on Dec. 27 1928.
Earnings.
For Income statement for 6 months ended Dec. 31 see "Earnings Department" on a preceding page.
-V. 133, p. 4170.
Pennsylvania Investing Co.
-Defers Class A Div.
-
The directors recently decided to defer the quarttrly dividend of 623.
cents per share due March 1 on the $2.50 cum. class A stock, no par value.
The last regular quarterly payment on this issue was made on Dec. 1 1931.
V. 132, p. 3164.
Peoples Drug Stores, Inc.
-January Sales.0
.
Month of January1932.
Sales
81.379,541
-Ir. 134. p. 337; V. 133, p. 3266.
1931.
1929.
$1.430.890 $1,295.692 $1,110,936
Pet Milk Co.
-No Common Dividend.
-
The directors declared the usual quarterly dividend of
on the pref. stock, payable April 1 to holders of record $1.75 per share
March 11, but
omitted dividend action on the common stock.
A distribution of 254. per share was made on the latter issue on Jan. 1
last, the first payment since April 1 1931, when a quarterly dividend of
37;1c. per share was paid.
-V. 133, p. 3473.
Philadelphia Storage Battery Co.
-Television Permit.
-
The Federal Radio Commission has granted the company a permit to
construct a television station for experimental purposes. The R. C. A.
Victor Co., Inc. opposed the application.
-V. 132, p. 1051.
Phillips Petroleum Co.
-Resignation.
J. S. Dewar, Vice-President in charge of production, has resigned,
effective March 1 to enter business for himself.
-V.134, p. 519.
Phoenix Brass Fittings Corp.
-Successor Trustee.
-
Empire Trust Co. has been appointed successor trustee for the Bret
% convertible gold bonds of the corporation.
Phoenix Securities Corp.
-Plans Write-Down of Stated
Value of Preferred Stock.
The stockholders have been called to vote on March 14 on a proposed
reduction in the stated value of the preferred stock from the present figure
of $25 a share to $10 a share, leaving the liquidating value of the preferred
stock of $50 and the cumulative dividend of $3 a share unchanged. The
present charter provision preventing payment of dividends upon the common stock, unless the net asset value of the preferred stock is $50 a share
will likewise continue unchanged.
-V. 133. p. 2446.
Pictorial Review Co., N. Y.
-Resignation, &c.
-
The company on Feb. 18 announced the resignation of George S. Fowler
as its President and as a director and the election as Vice-President and a
director of Milton J. Israel, for many years in charge of the pattern department, which arrangement will continue.
-V.134, p. 863.
Pond Creek Pocahontas Co.
-January Output.
Month of January-.
Coal production (tons)
-V. 134, p. 519.
197 .
8 !688
3
1931.
84,673
1930.
66.216
Potrero Sugar Co.
-Mexican Sugar Crop Begins.
-
Harvesting of the 1932 Mexican sugar crop which began last month gives
Indications of a considerably smeller production than in 1931, according to
President Ellsworth Bunker, who states that, "last year a,xnit 225.000
tons of plantation white and refined sugar were produced, and 26,000 tons
of raw sugar were exported to the west coast of the United States and
England. It is expected that this year there will be little, if
export of
raw or refined sugar as the entire production will probably any,
be needed for
domestic Mexican consumption. The Mexican market is protected by a
tariff of about three cents per pound. The present price of sugar in Mexico
Is about twice the world market price.
-Protection Committee.
----Old Ben Coal Corp.
"Among the mills which have started grinding are those of
Organization of a protective committee to represent the interests of the Sugar Co., on the east coast, and the United Sugar Co. on thethe Potrero
west coast,
10
-year 7 % debentures, due Aug. 1 1934. has been announced. Stanley both of which are under American ownership. The Potrero Sugar Co.,
A. Russell is chairman, the other members being T. Johnson Ward and which has been operating continuously in Mexico since 1908, expects to
Kenneth J. Hanau. The company defaulted on the semi-annual interest produce this year In the neighborhood of 20.000 tons of refined granul tted
on these debentures, due Feb. 1, and two semi-annual payments due the and cube sugars which will be the largest crop in its history."
-V. 134.
p. 1042.
sinking fund for the debentures are also in arrears.
1388
FINANCIAL CHRONICLE
Powdrell & Alexander, Inc.
-Earnings.
-
[VOL. 134.
tribution of its funds, and would, therefore, be unthinkable to the great
body of stockholders.
Even if it be assumed, however, that the lines of the company could
be abandoned and that the approximately $14 per share of its other assets
could be converted into cash and distributed in a comparatively short time,
the amount of such distribution should be contrasted not with the greatly
depressed present prices of the common stock
$247,805 on a "when, as and if issued" basis, but with of Sinclair or of Consolidated
prices in more normal times,
52,500 or at least with prices bearing some more
reasonable relationship to actu156,250 alities than the prices now obtaining. Or, to
put it another way,if market
are to be
criterion, the comparison should be with
$39,055 quotationswhich the used as a a well diversified
stock of
at
consolidated enterprise
50 000 prices sell with general business conditions reasonably improved.
would
$.91
In any event, as a practical matter, liquidation is not possible. Any
such liquidation would require the approval of the holders of two-thirds
in amount of the stock of the company. This approval, of course, would
1930.
$600,000 be impossible to obtain, as the great majority of stockholders would not
141,863 agree to the sacrifices necessarily involved in such liquidation. This is
all the more certain, in view of the fact that already more than a majority
46,199 of the stockholders, holding more than a majority of the stock of the
1,951 company, have sent in their proxies to be voted in favor of the proposed
17,591 consolidation.
The choice, therefore, is not between liquidation and the proposed
19,235 consolidation. It is, on the contrary, between the continuance of the
66,000 company in separate operation and consolidation as proposed.
Consolidated Income Statementfor 11 Months Ended Nov.3 1931.
0
26,499
$10,267,994
490,900 Operating revenue
Miscellaneous revenue
71,544
2,079,995
312,023
Total
$10,339,538
1,483
Operating expenses
*11,420,515
Taxes,except income tax
1,304,825
Calendar YearsCross sales
Expenses
Taxes
1928.
1931.
1930.
1929.
$6,0.7,720 $5,997,181 $6,822,257 $5,886.378
5.603,144
6,06.,433
5,86..462
6,269,460
34,429
68,914
11,359
Net profit
Preferred dividends_
Common dividends
det$47,713
31,852
153,209
$124,360
35,214
237.067
$483,883
57.298
237,234
$189,3o1
Surplus for year.... _def$2.32,774
_
$147,921
55.788
Shs. com. outst.(no Par)
55,788
55.788
$7.64
$1.59
Nil
Earnings Per snare
Balance Sheet Dec. 31.
1931.
Liabilities
Assets-1930.
1931.
Cash
$225,301 $231,615 Notes payable__ - $835,000
54,393
1,383 Accts. payable-Notes & accep.ree.
687,395 Salaries, wages &
Accts. receivable
703,675
25,290
comm. accrued_
519
Other receivables8,603
1,071,018 1.347,330 Accrued interest__
Inventories
10,393
49.011 Other current liab_
Mtges. & notes ree
20,389
State & Fed. inc.
Cash daps. pend.
1,400
taxes
claim
32,887
Mortgage payable
Boston Chamber of
855 Res. for pref. cap.
855 _
Commerce
13
stock s. 1
Plants & properties 1,396.825 1;411,720
418,800
24,079 Preferred stock
21.391
Organization exp_
36,777 Common stock- y2,079,995
33,804
Prepaid Insurance_
100,333
4,128 Earned surplus__ _
4,696
Prepaid interest
Capital surplus.
Cotton futures &
1.582
3,283
prepaid expenses
5,645
4.592
Adv. to salesmen_
$3,525,61 $3,803,740
Total
83.525,617 $3,803,740
Total
x After depreciation of $479,144. y Represented by 55,788 share
-V.134, p. 1042.
,no par).
Pipe Line Co.
-President Urges Stockholders to
Approve Merger with Sinclair.
-
Operating deficit
Non-operating income
Balance, deficit
Income deductions
Income tax,including tax on interest received on refunds
$2,385,803
1,911,509
$474,293
39,020
34,000
Net loss
$547,314
Income tax refundsfor years 1915 to 1928,with interest thereon_ 3,670.531
Balance, to surplus
$3,123,217
Surplus, Dec. 31 1930
29,469,879
Miscellaneous profit and loss credits
10,167
Total surplus
$32,603,263
Dividends
6,075,000
Surplus, Nov. 30 1931
$26,528,263
* Includes $4,961,937 depreciation expense.
Consolidated Balance Sheet Nov. 30 1931.
Assets
LiabljitiesReal est., pipe lines & equip_ a$68,510,760 Accounts payable
3120,548
Other investments
364.303 State & other taxes accrued_
1,277.033
Cash
12.833,494 Unadlusted credits
58,141
U.S. Govt. &e., securities
14.152.041 Capital stook, authorized &
Accounts receivable
2,106,689
Issued, 4.050,000 shares of
President Gates in his letter says in part:
Inventories
2,033,590
$25 par value each
101,250,0r0
Surplus
26,528.263
Asshown by the statement below, the operating deficit for the 11 months Notes rec.from Prairie 011 St
Gas Co
28,500.000
ending Nov. 30 1931, was $2,385,803 and the net loss, before the non733,109
recurring items of income tax refunds and back interest thereon mentioned Deferred & unadJust. Items_
below, was $547,313. It is estimated that the net loss for December was
Total
$129,233,986
Total
$129,233,986
about $120,000, making a total net loss, before such non-recurring items,
a After accrued depreciation of $48,375,025.
of close to $670.000 for the year. During the year the company obtained
income tax refunds for the years 1915 to 1928, inclusive, which together
New Group to Fight Proposed Merger,
with interest thereon, amounted to $3,670,531. Accordingly, after diviDetermined efforts to block the consolidation of the Prairie Pipe Line
dends of $6,075,000 paid during the year, the net reduction in surplus at
the Prairie 011 & Gas Co. with the Sinclair Consolidated Oil Corp.
end of the year was approximately $3,060,000.
Co. and
the
This serious decline in operating revenue is directly attributable to the on the basis of the terms approved by the officials of the two Prairie comchanges in the oil industry. Briefly, these changes have been as follows: panies were taken Feb. 17 with the formation of stockholders' protective
companies, formerly customers of company, have, as a committees. The committee representing Prairie Pipe Line Co.
Large refining
stockresult of the great overproduction of crude oil, developed their own crude holders is composed of Williams Roy Carney, Pres. of Scandia Coal
Co..
product on and built or acquired interests in pipe lines covering the same Chicago: C. R. Armstrong, Pres. of Lockhaven (Pa.) Trust Co.: Courtney
company, and have, by transporting their crude oil C. Davis, Chicago attorney and Kirk D. Holland, Federal
territory as those of
Tax Counsellor,
requirements over their own lines, greatly reduced the volume of business Chicago, Mr. Carney, Quintin Johnstone Jr. and C. E. Singletary, repreof company. These developments have been in line with the general trend sent the stockholders of the Prairie Gas & 011 Co.
In the case of the Prairie Pipe Line Co., the committee charges that
In the industry towards fully integrated and well balanced units engaged
in all branches of the oil business.
the stockholders are offered Junior stock burdened with debt for senior
The outlook for company in the future, on the basis of separate operation, stock which has no debts. The committee adds that if the directors of
Is even less promising than it was in 1931. In January of this year de- the Prairie Pipe Line Co. would first declare a dividend of $12 a share
liveries of crude over the lines of company averaged only approximately the proposal to exchange the stock for Sinclair Consolidated stock on a
60,000 barrels per day, as compared with a daily average of about 86,000 basis of 1.4 shares of Sinclair for each share of Prairie Pipe would then
barrels in 1931, 164,000 barrels in 1930, and 215,000 barrels in 1929. The be equitable. The message to stockholders adds:
result for 1931 and the outlook for the future, under separate operation,
"To illustrate the unreasonableness of the terms and the extent of what
confirm directors in the view that company must either acquire production we believe to be the confiscation of our property; we could donate the
and construct or acquire refining and marketing facilities, in order to entire fixed assets of the company amounting to $68,000,000, plus a 510,lines, or combine its properties and business 000,000 cash bonus to Sinclair and sell the remaining current liquid assets,
provide business for its pipe
with those of other companies having such production and facilities, if divide the proceeds, and distribute $12 per share, which is about $5 per
you are to have the opportunity of maintaining the value of your invest- share more than the stock offered. It may be pointed out that your
ment. Directors are more strongly than ever of the opinion that com- stock has only a present market value of approximately $7 per share.
bination is the only practicable course and that the combination of the That would be all it is worth provided the officers are permitted to donate
properties of company with those of The Prairie Oil & Gas Co. and Sinclair the company's cash assets to support the $67.000,000 funded debt and a
Consolidated Oil Corp. is the most economical and promising one that preferred stock issue of 814.000,000 in the new proposed consolidation and
give a junior stock in exchange for a senior stock.
could be effected.
"We should expect the general public to lose confidence in the security
Some stockholders have asked whether the company might not, in view
of the current depression, purchase the producing, refining and marketing of our stock when it is proposed by our officers to transfer the cash assets
facilities required to round out its operations, on terms more advantageous of our company to support the heavy indebtedness and preferred issues
consolidation, of the Sinclair Consolidated Corp. without an adequate
to the stockholders than those provided in the proposed
consideration."
The message sent to stockholders of the Prairie Oil & Gas Co.
and, have suggested that while construction of the re4uired facilities would
charges
be prohibitive in cost and uneconomical, purchase at bargain prices might that for a share foe share exchange of stock with the Sinclair Consolidated
be possible. The answer is that, as a practical matter, such acquisition Oil Corp., Prairie stockholders are asked to take stock in a company ennot possible. In order to develop the kind of unit required cumbered by a bonded debt of $67,000.000 and a preferred stock issue of
Of facilities is
to compete effectively with other units in the industry, in other words, $14,000,000, while the Prairie Oil & Gas Co. Is debt-free and has current
to develop a unit like the consolidated enterprise now proposed, company liquid assets, after deducting all liabilities, of $25,565,915, plus net fixed
would have to acquire large imoduction and reserves of crude oil in the assets of $71,556,064.
"We could donate the entire fixed assets of the company amounting to
Mid-Continent area, and well equipped and modern refineries properly
located to serve a broad distributing system, as well as such a system. It $71,556,064, or approximately $28 a share, plus a $10,000,000 cash bonus
is apparent at once that company could not, even in these times, purchase to Sinclair and sell the remaining current liquid assets, divide the proceeds
such facilities, for the simple reason that the facilities which would be and distribute $10 a share, which is about $5 a share more than the stock
required are now owned either by fully integrated units or by a few large offered," the committee says.
The meetings at which stockholders will vote on the proposed consolicompanies and cannot be obtained by outright purchase. The only practicable way, therefore, for company to acquire the required facilities is by dation will take place in Independence, Kans., on March 1. The stockholders are advised by the committees to vote against the merger until
a combination with other companies having such facilities.
There have also been some inquiries as to whether company could not such time as the terms of consolidation are revised on a more favorable
be liquidated with more advantage to the stockholders than may be expected basis for the holders of stock of the two Prairie companies.
from the proposed consolidation. This question is prompted by a comPresident Gates Replies to Opponents of Deal With Sinclair
parison of the present depressed market price of the common stock of the
Sinclair company with the amount which it has been presumed could be Claims 71% of Proxies.
distributed in the liquidation of company. Sueh a comparison loses sight
Replying to opponents of the proposed merger, W. F. Gates, President,
of several factors, a proper consideration of which shows that liquidation
to stockholders of his company in which
Is not feasible, and, that, in any event, the greater advantage is promised sent Feb. 18 a letter of the company's stock had approved the he announced
that more than 71%
consolidatiOn.
by the proposed consolidation.
send proxies favoring the merger,since the laws of Kansas
He urged
Liquidation would occasion a tremendous loss of intrinsic values. It where thethem to is incorporated, requires approval by 80% of the
company
stock.
would mean the termination of the business as a going concern, with all
the sacrifices that such termination would entail. It would require conMinority in Kansas Suit Asks Court to Enjoin Holding
siderable time and involve many difficulties. Company is a common
Meeting to Vote on Plan.
carrier. Its pipe lines are laid upon prvate rights-of
-way, upon public
Representatives of minority stockholders' groups opposing the merger
and Indian lands, and along and across public highways. 'file liquidation
ofsuch carriers and the suspension of their service to shippers are surrounded announced Feb. 18, through Murray B. Kostin, attorney, of 11 West 42d
by unusual complications and limitations. During the time required to St. N. Y. City, that an injunction suit in equity had been instituted in the
complete the necessary steps, the operating expenses of the company, United States District Court of Kansas with a view to restraining the
although they might be reduced, would continue, and taxes, liquidation directors from holding the proposed stockholders' meeting, which is schedexpenses and other charges would accrue, so that a considerable portion uled for March 1 at which action is to be taken on the merger. Mr.
of its surplus assets would inevitably be required in the process of liqui- Kestin said minority groups of stockholders had joined forces in filing the
dation and could not be distributed with safety pending its completion. suit, through their attorneys, Hyland, Stinson, Mag & Thomson of Kansas
In view of the depressed condition of business generally and the recent City, Mo., and Well, Gotschal & Mange's of New York. A hearing will be
construction of pipe lines by other companies, it would be practically held Feb. 26 in Federal Court at Fort Scott, Kan.
impossible to find a purchaser for the system of company as a whole. II
Replying to the charges in the suit Mr. Gates said:
purchasers could be found for parts of the system, it would be only at
bargain prices, and the disposition of the remainder of the lines at any price
A stockholder alleging that he holds 1,000 shares brought an action in
would become imperative because of the necessity of avoiding the expenses the Federal Court in Kansas to try to prevent the consolidation, making
incident to the removal of lines from leases and easements expiring upon unfounded allegations and seeking by this means to thwart the will of the
the suspension of service. Any attempt to abandon part or all of the lines mat majority of the stockholders. He asks that the meeting of the stairof the company would result in continuing liabilities, preventing the dis- holders to be held on March 1 be enjoined.
In a letter to stockholders urging approval of the proposed consolidation
of that company with the Prairie Oil & Gas Co. and the Sinclair Consolidated Oil Corp., W. P. Gates, President, states that liquidation of the
company's assets was not possible and that the only choice available was
between the continued operation of the company as a separate unit and the
proposed merger.
Mr. Gates declared that the outlook for the company this year is even
less promising than it was in 1931, when the net loss before non-recurring
credits was $670,000. He says the proposed merger Is the most economical
and most promising solution of the company's problems.
The letter is a reply to several protests from stockholders against the
merger. C. R. Armstrong, President of the Lock Haven (Pa.) Trust Co.,
has announced that he intends to oppose the consolidation at the stockholders' meeting on March 1 unless his objections were answered satisfactorily. He says he owns or represents 7,000 shares of Prairie Pipe Line
stock.
FEB. 20 1932.]
FINANCIAL CHRONICLE
1389
The allegations of this stockholder will, of course, be met at the proper New York State annual franchise taxes, and for the preferred stockholders
sale
in transfer taxes. In the case of
time and place, and in connection with the request that the meeting of the a saving stock, this saving would amount the99% or transfer of 100 shares
of the transfer taxes at
to
stockholders be enjoined the company will take the position, which it is of pref.
advised is a sound one, that the consolidation is a matter on which the stock- present payable. in respect of the common stock were approved at the
Similar changes
should have the right to express themselves. No stockholder
holders
should permit the filing of this action to delay him in sending in his proxy. 1931 annual meeting of stockholders. See also V. 134. p. 1211.
134, p. 1210, 1042.
-Earnings.
St. Joseph Lead Co.(& Subs.).
-Extra Dividend of $3 per Share.
"‘Quaker Oats Co.
"
-.
The directors on Feb. 19 declared an extra cash dividend
of $3 per share and the regular quarterly dividend of $1 per
share on the outstanding 702,000 shares of common stock,
no par value, both payable April 15 to holders of record
April 1. An extra of $3 per share was also paid on this
issue on April 15 last year, while two years ago extra dividends
of $4 per share in cash and 20% in stock were paid on this
issue.
[See also record of common dividends since 1907 in the
"Industrial Number" of the "Railway and Industrial
Compendium" of Dec. 10 1931, page 219.1-V. 132, p. 2602.
-Smaller Dividend.kipw•Raybestos-Manhattan Inc.
1930.
1929.
1928.'"4
1931.
Calendar Years$1,974.486 $5,809,486 811,954,769 37,815,039
352,266
Int.& exp. on fund. debt
3,533,675
2.826,151
Depletion & deprec__ - - 3,036,2913,885,534
390,314
883,939
455,624
Federal taxes
71,153
42,289
23,646
4,719
Appllc, to min. int., &c_
loss$1,409,326 $1,509,991 87,466,002 84.490,973
Net loss
5.851,400
x975,236
5,851,377
y1,755,419
Dividends (cash)
$534,755 $1,614,602df$1.360,404
Balance, surplus_ __def$3,164,745
Shares of capital stock
1.950,568
1,950,462
1,950.460
outstanding (par $10) 1,950,465
$3.83
$2.29
$0.73
Nil
Earns. per sh. on cap.stk.
payable Mar. 20 1931. Previously
x Being dividend of 50c. per share
the company declared dividends one year in advance (which were charged
against the year's earnings in which declared) but failed to dose in Dec.1930.
y Includes three quarterly dividends of 25c. each paid June, Sept. and Dec.
1931 and 15c. dividend payable Mar. 21 1932. a After writing off development and exploration expenses on properties abandoned and including inThe directors on Feb. 17 declared a quarterly dividend of 25c. per share terest, dividends and miscellaneous income (amounting to 8163,297 in 1931.)
on the outstanding 676.012 shares of common stock, no par value, payable
Consolidated Balance Sheet (Incl. Subsidiaries), Dec. 31.
Mar. 15 to holders of record Feb. 29. Distributions of 40c. each were
1931.
1930.
1030.
1931.
made on Sept. 15 and Dec. 15 last as compared with 65c. per share quar$
LiaWitirs$
$
Assets$
terly from Dec. 16 1929 to and incl. June 15 1931.
Capital stock_ .._c19,504,050 19,504,620
Ore reserve & min468
439
a12,696,723 14,689,556 Scrip
rights
lag
-January Sales.
(Daniel) Reeves, Inc.
123,538
Bldgs. & equip_ _613,740,480 13,807,725 MM.int,sub. cos_ 103,934
1930.
1931.
1932.
Month of January8,567.300
229,385 Funded debt
Railway construe_ 207,055
82,932.008 $3,401,091 8.3,605,390
Sales
2,000,000
2 897,975 2,857,579 Notes payable__
Investments
-V. 134, p. 337; V. 133. P. 3979.
2,450,604 2,257.006 Accts.& wage pay. 1,485,812 1,422,211
Cash
975,231
Divs. payable_,... 292,570
-To Pay $1 in Marketable sec. &
Riverhead (L. I.) Bond & Mortgage Co.
386,490
142,330 Federal taxes
2,026,000
call loans
Liquidation.
Accts.receivable__ 1.598,417 1.064,683 Deferred credits_ _ 126,369
About 800 stockholders of the company will, it is said, receive $1 a share Inventories
6,830,981 6,443,316 Reserve for contln766,821 1,128,961
242,149 geneles, &c
427,215
as their first dividend in liquidation. For the purpose of enabling the Deferred charges
12,027,557 15,192,209
Surplus
trustees to make a proper distribution of the dividend declared the transfer
books of the corporation have been closed as of Feb. 15 and are to remain
42,875,451 40,733,728
Total
42,875,451 40,733,728
closed up to March 15.
Total
Those in charge of winding up the affairs of the company are Charles W.
a After depletion of $29,962,124. Is After depreciation of $8.043,196.
Ludlam, Amzi Burt, Elwood G. Lewis, G. Edwin Bartow, Peter J. Herman,
Par value $10.-V. 133, p. 4340.
William Richter Jr., Henry Hendall, John Brennan and Shepherd Scudder.
-V. 131, p. 4065.
-January Sales.-'
Sears, Roebuck & Co.
1929.
1930.
1931.
- 4 Weeks End. Jan. 29- 1932.
-Earnings.
Riverside & Dan River Cotton Mills, Inc.
$19,008,449 823.042,271 826,820.165 $24,501,008
Sales
Earnings for Year Ended Dec. 31 1931.
$10,959,657 -V. 134, p. 1211, 864.
Income from sales, rents, &c
249,135
Discounts,reserves
Second Diversified Standard Securities, Ltd.-Pro9,115,042
Raw material, labor, expense, &c
704.816 posed Reorganitation.'Depreciation
807,331
Net decrease stock in process and finished goods on hand
See Diversified Standard Securities, Ltd., above.
-Defers Preferred Dividend.
583.332 'Shippers' Car Line Corp.
13,247
The directors have decided to defer the quarterly dividend of $1.75 per
par $100. The last regular
share due Feb. 28 on the 7% cum. pref. stock,
$06,579 quarterly payment on this issue was made on Nov.301931.-V. 133. p.495.
Profitfrom goods sold
-Other income (net)
Total net profit
Surplus Dec. 313930
Surplus Dec. 31 1932
a Income
86.013,689
$6,110,268
Balance Sheet Dec. 31.
1931.
1931.
1930.
Liabilities-Assets$
$
$
Preferred stock__ 7.500,000
Real estate & machlnery
32,041,179 31.890.832 Common stock_ 7,500,000
Inventories
1,900,000
2.320.015 2,933,267 Bills payable
Deprec. reserve_ _ _14,068,377
Stooks owned In
100,000 Bal. credit profit
other companies 110,041
673,334 and loss account 6,110,269
644,624
Cash
Bills and accounts
1,885,156 14129,154
receivable
77.631
Prepaid items__ _
1930.
$
7,600,000
7,500,000
2,000,000
13,712,899
-Extra Dividends.
Sioux City Stock Yards Co.
The directors recently declared an extra dividend of $1 per share on the
preferred and common stocks, both payable Feb. 1 to holders of record
Jan. 29, and the regular quarterly dividends of 50c. per share on both
issues payable Feb. 15 to holders of record Feb. 12. Extras of $2 per
share were paid on Oct. 31 1931.-V. 133. p. 3267.
-Stockholders' Protective Com"•••••Snider Packing Corp.
mittee Claims to Have Enough Proxies to Block Reorganization.
The stockholders' protective committee, of which Louis Bauer is chairman, in a letter forwarded to all stockholders Feb. 15. claimed that it
already has proxies for sufficient shares to prevent "through legal process"
the consummation of the reorganization plan sponsored by the reorganization committee of which Clifton M.Miller of White, Weld & Co.is chairman.
of the reAt the same time
protective group denied
Total
37,078,646 36,726,588 organization body inthe letter of Feb. 8, stating the allegation
37.078,646 36,726.588
Total
that Mr. Bauer and his
its
-V. 132, p. 4781.
associates were not stockholders in the corporation.
"The facts are that every member of the stockholders' protective com-Earnings.
Riverside Silk Mills, Ltd.
mittee Is and has been a substantial stockholder of record for many years
1929.
1928.
1930.
1931.
Calendar Yearswith the exception of David D. Urdang, the hired Secretary, and J. Arthur
3424,423
$331,294 Adler. counsel. The members of the committee are all responsible business
$484,584
Surplus at begin, of year $468,664
Net prof. after prov. for
and professional men whose good faith and integrity in this matter cannot
159,425 be impugned."
130,162
54.079
55,086
deprec.& Fed.inc.tax.
Dr
Dr.21,296
ts
Adjustments
The protective group's letter charges further "that not one of the individuals who constitute the so-called redrganization committee, to wit: Clifton
$554,585
$469,423 Ai. Miller, chairman; W. S. Mann, George E. Warren and Burt C. Olney,
$538,663
$523.003
Total surplus
60,000
share dividend_
60.000
45,000 are stockholders of record with the exception of Mr. Olney, who holds 31
Class A
60.000
10.000
10,000
Class B share dividend_
common shares and is Vice-President of your company. This then is the
group owning a combined total of 31 shares of stock who are sponsoring the
$424,423 proposed plan and who arbitrarily are demanding the consent to this
$484,585
$468.663
Surplus at end of year $463,003
plan by the stockholders under threat of forcing a receivership if they fail
Balance Sheet Dec. 31.
to consent."
1931.
1930.
Liabillites1931.
1930,
Assets-.
The letter points out that Mr. Miller and Mr. Warren of the reorganiza$21,456
$4,188 Bank loan
$40,000
Cash
Accounts receiv___ 145.177
7,676 tion committee are, in addition, members of the protective committee of
190,868 Accounts payable_ $53,397
5,022
14,574 noteholders which is supporting the reorganization. The plan of reorganizaAccrued wagm__ Inventory, merch.
15,000
15.000 tion is described as "taking away 100% of control from the preferred and
and supplies.._. 158.794
135,980 Dividend payable_
common stockholders, giving them in return one-third of the stock of the
Prepaid insurance.
3,500Provision for Fed3,5J0
3,859
eral income tax2,958 new company, the balance of two-thirds representing control of the new
Real estate and
building, maCapital stook
y300,000
300,000 company being given to the noteholders as a bonus in addition to giving
ehinery & equip. x511,356
463,003
514,335 Surplus
468,664 them collateral security in the form of first mortgage notes of the new
-V. 134. p. 1211.
company for their notes."
Total
$840,282 $848,873
Total
$840,282 $848,873
-Preferred Dividend.
Solvay American Investment Corp.
x After depreciation of $143,246. y Ropresented by 30,000 no par class
The New York Stock Exchange, having received notice that the preferred
-V. 133, P. 136.
A shares and 20,000 no par class B shares.
Committee on Securities ruled that
stock has not been impaired, the
transactions in this stock on Feb. 17 1932 shall be ex the regular quarterly
Royal Weaving Co.-.-Earnings.-V. 134, P. 339, 1211.
dividend of 81.3735 per share.
,
Calendar Years1931.
1929.
1930.
1928.
Net sales
53,450.320 $5,206,994 $7,324,898 87,607.584
-Earnings.
Southern Pipe Line Co.
prof. after all chgs- 1085341,679 loss750.350
Net
763 045
674.613
Dividends paid
22%%
6%
11%
10%
Income Account for Calendar Years.
1928.
1929.
Balance Sheet Dec. 31.
1930.
1931.
$204.849
Operating income
$133,082
Liabilities1931.
1930.
Not
54,082
42,286
Real est. & bldgs. $953,942 $952,723 Capital stock
$2.500,000 $2,500,000 Rentals and interest...
available
2,545,933 2,486,506 Surplus
Machinery
2,596,418 3,167,377
Total income
$175,368
$258.931
717,729
337,171 Reserve for depreCash
15,349
3,640
2,231
2,476
ciation Sc taxes_ 2,297,689 2.220,829 Adjust. to profit & lossNotes reeeivable
144,213 Contingent diset_
Lite insurance...._ 144,943
57
74
Profits for year
$123.990 loss$1,442
$179,008
$243.581
1,643,843 1.991,899
Merchandise
Dividends
200.000
200.000
522,509 1,973,292
Aeols receivable
500,000
et:8. of deposit_
$123,990 Ica 1,442
Surplus
$43,581
def$20.992
308,900
Bonds
/i4,951
Previous surplus
,
274.578
583,720
540,138
54,134
Treasury stock
3453,509
Total surplus
8398,568
$562,728
$583,720
Adjustment
x141,570
Y178.931
$7,394,164 $7,888,280 Total
Total
87.354.164 87.1388.280
$274,578
Balance, surplus
$540,138
$562,728
$583,720
-V. 131, p. 689.
Earns, per sh.on 100,000
Nil
$1.23
52.43
$1.79
-To Reduce Capital.
Second National Investors Corp.
- 811S.(par $10) of
x On
previous year's operations and incident to the sale of
President Fred Y. Presley in explaining the proposal to reduce the stated Portions account
of company's line at above the depreciated value. y Tax adjustvalue of the preferred stock stated:
ments principal years.
The directors at a meeting held on Dec. 4 1931 declared it advisable
Balance Sheet Dec. 31.
to submit to holders of pref. and of common stock for their approval at
Assets1931.
1930.
1931.
Lfairafftes1930.
annual meeting of stockholders proposals to reduce the capital of the
the
$1,000,000 51.000,000
x$898.423 $943,180 Capital stock
by the shares of $5 cony. pref. stock, from $10 to Plant
corporation, represented
421,413
investments
858,588 Cap.stk.red. acct. 410,419
per share, and to amend the charter to change the shares of $5 cony. Other receivable__ 910,099
$11
16,411
792
70,815
63,794 Accounts payable_
shares of $5 cony. Acne
pref. stock without par value into the same number ofnot
593,720
110,223
142,363 Profit and loss.,... 662,729
affect the pref- Cash
pref. stock with a par value of $1 per share. This will of the
pref. stock,
value upon liquidation or the redemption price
erence
Total
Total
$1,989,559 $2,005,925
$1,989,559 $2,005,925
which will remain at $100 per share.
x After depreciation amounting to $1.184.635.-V. 134. p. 1013. V. 132,
The purpose of these proposed changes is to effect for the corporation,
circumstances, a substantial saving in both Delaware and 9. 870.
under certain
6,013,688
1390
FINANCIAL CHRONICLE
South West Pennsylvania Pipe Lines.
-Earnings.
Calendar YearsProfit
Dividends
1931.
a$155,581
140,000
Balance, surplus
Previous surplus
Total surplus
Adjustments
1930.
$113,684
140,000
$15,581 loss$26,316
421,486
395,154
$410,735
83
$395,170
17
1929.
$176,698
140,000
1928.
$340,317
560,000
$36,698 loss$219,683
639,887
387,521
$424,219
2,732
$420,204
32,683
$387,521
$421,487
Profit & loss, surplus_ $410,652
$395,153
35.000
35,000
Shs. outstand'g (par $50)
35,000
35 000
$9.72
$5.04
Earned per share
$3.25
$4.44
a After adding rentals and interest of $81,303 (1930, $80,159)•
Comparative Balance Sheet Dec. 31.
1930.
1931.
Liabilities1930.
Assets1931.
81,750,000 81,750,000
Plant
41,495,058 $1,645,993 Capital stock
Other investments y1,483,915 1,483,915 Capital stock re'
duction account 1,226.737 1,228,302
Accounts rocas ,
112,905
36,797
141,129 Accounts payable_
143,201
able
395,154
215,323 Profit and loss_ _ _ _ 410,652
302,014
Cash
$3,424,187 $3,486,360
Total
83,424,187 83.486,360
Total
x After deducting $2,912,813 depreciation. y Includes $867,579 railroad
U. S. Govt. securities and $5,000 1st mtge. 613.-V. 134,
bonds, $611,336
p. 1044.
-Exchange Offer.
Standard All-America Corp.
-V. 134, p. 1044.
See American Trustee Share Corp. above.
-Exchange Offer.
Standard American Corp.
-V. 134, p. 1044.
See American Trustee Share Corp. above.
-Earnings.
Standard Cap 8c Seal Corp.
Calendar YearsNet profit after all charges
Dividends paid
.931.
$648,366
597,400
1930.
$709,497
573,800
[Vol,. 134.
tribution on a reduced basis. As indicated below, the extent to which the
bonds deposited by the Smith company will share in such distribution
will depend upon the amount distributed to other depositors.
Schedule of Settlement.
If the amount distributed on acthe amount distributed on account
of each $100 in principal amount
count of each $100 in principal amount
bonds deposited by the Smith Cornof bonds deposited by depositors other
pany will be:
than the Smith Company should be:
50% of the amount distributed on
(a) not in excess of 70% of the prinaccount of each 8100 in principal amount thereof
cipal amount of bonds deposited by other depositors.
55% of the amount distributed on
(b) in excess of 70%, but less than 75%
account of each $100 in prinof the principal amount thereof
cipal amount of bonds deposited by other depositors.
(c) equal to or -in excess of 75% but
60% of the amount distributed on
account of each $100 in prinless than 80% of the principal
cipal amount of bonds deamount thereof
posited by other depositors.
65% of the amount distributed on
(d) equal to or in excess of 80% but
account of each 8100 in prinless than 85% of the principal
cipal amount of bonds deamount thereof
Posited by other depositors.
(e) equal to or in excess of 85% but
70% of the amount distributed on
less than 90% of the principal
account of each $100 in prinamount thereof
cipal amount of bonds deposited by other depositors.
75% of the amount distributed on
(.0 equal to or in excess of 90% but
less than 95% of the principal
account of each $100 in prinamount thereof
cipal amount of bonds dePosited by other depositors.
100% of the amount distributed on
(a) equal to or in excess of 95% of
the principal amount thereof
account of each $100 In principal amount of bonds deposited by other depositors.
- 132, p. 675.
V.
Stinson Aircraft Corp.
-New President.-
L. B. Manning, Vice-President of the Cord Corp., has been elected
Balar ce, surplus
850,966
$135.697 President of Stinson Aircraft Corp.
-V. 132, p. 144.
Ear:s. per sn. on 206,000 stis. cap. stk. (no par)...
$3.44
$3.15
Baer & Fuller Co.
-Smaller Dividend.
BalanceSheet Dec. 31.
The directors have declared a quarterly dividend of 12c. a share on
Assets
1931.
1930.
Liabilities1930.
1931.
the common stock, payable March 1 to holders of record Feb. 15. During
Cash & call loans_ $315,916 $555,356 Accts. payable_ __ $29,700
$38,145
1931 the company paid four quarterly dividends of 20c. per share, as
Notes receivable_ _
5,991
11,403 Accr. taxes, wages,
-V. 133, p. .39.
Accts.receivable__ 259,400
arc
271,531
20,013
19,503 compared with 373c. per share previously.
Mdse. Inventories_ 276,615
284,269 DINT, Unclaimed
3,498
3,879
Stromberg-Carlson Telephone Mfg. Co.
-Omits Div.
N. Y. C. 90
-day
Res. for Fed. Inc.
The directors have decided to omit the quarterly dividend ordinarily
rev. bills
250,145
90,054
tax
95,510
payable about March 1 on the common stock. In preceding quarters
Amts, due from
Res. for officers' &
regular quarterly distributions of 25c. per share were made on this issue.
closed banks._ _
82,945
employees' Spec.
V.
Prepaid insur., &c.
3,671
compenS. plan
42,141
3,319
22,349 - 132, p. 4079.
Machines leased to
Reserves for invenSun Life Assurance Co. of Canada.
-Annual Report.
dairies
12,284
274,095
235,737
tory. arc
Capital Stock
Land, bidgs., max1,133,000 1,133,000 The annual report for 1931, presented Feb. 9 at the annual
453,497 Surplus
625,942
574,976
chin. St equipm't 432,429
meeting held at Montreal, is of special interest. The com43,140
84,532
Patents
$1,944,350 81.899,645
Total
$1,944,350 81,899,645
Total
-V. 133, p. 4172.
x Represented by 206,000 no par snares.
Standard Oil Co. (Nebraska),-Emnings, &c.President A. H. Richardson, Feb. 2. in a letter to the stockholders, says:
During the year 1931 ending Dec. 31 the company earned on the outstanding shares of capital stock $1.30 per share after all operating expenses,
including depreciation, taxes and reserve for income tax. [In 1930 the
company earned approximately $3.25 per share.] During this period of
1931 the company paid $2 dividends, the difference between the amount
earned and the amount paid being chargeable to surplus account.
At the annual meeting held on Jan. 11 1932 the stockholders authorized
a revision of the annuities and benefits plan and authorized the underwriting of the plan.
In anticipation cf this revision and in order to vroperly fund this underwriting, a transfer of funds was made from surplus account to reserve for
annuities under date of Dec. 31 1931.
In revising the annuities and benefits plan the obligation of the company to its employees under the old plan has been fully met up to Jan. 31
1932. Beginning Feb. 1 1932 the company and the employees each contribute currently approximately one-half of the amount necessary to set
up the proper funding from which annuities will be paid on retirement.
Under this new plan the cost to the company for annuities is materially
reduced.
The directors on this date, Feb. 2, have declared a quarterly dividend
of 50 cents per share on the outstanding stock, as they will feel justified
under present conditions in drawing reasonable amounts from surplus for
dividend purposes if current earnings do not cover same. See also V. 134,
P. 1211.
Standard Utilities, Inc.
-Smaller Distribution.
The directors have declared a quarterly dividend of 2c. per share on the
common stock, no par value, payable Mar. 1 to holders of record Feb. 19.
A distribution of 4c. per share was made on this issue on Dec. 1 last, an
compared with 7c. per share on Sept. 1 and 1216c. per share previously.
V. 133, p. 3476.
-Officers and Directors.
Sterling Securities Corp.
At a meeting of directors, the following new officers were elected: Hugh
It. Johnston, President and Treasurer; Melvin E. Sawin, Vice-President;
John W. Donaldson. Vice-President; Oswald L. Johnston, Secretary; Fred
C. Hemberger. Asst. Secretary and )tsst. Treasurer.
The board of directors is composed of the following: E. K. Hall,L.Boyd
Hatch, Charles Hayden, Hugh It. Johnston, Oswald L. Johnston, R.
Parker Kuhn, Floyd B. Odium, J. F. Schoellkopf, Jr.. Louis Stewart Sr..
Edward B. Twombly, Ernest Stauffen Jr., Melvin E. Sawin.-Y. 134,
D. 1044.
Stanley Arms Apartments (Stanley Corp.), Washing
ton, D. C.
-Report to Depositors.
pany has large holdings of bonds and stocks of the leading'
corporations of the United States, and for years has specialized in investments in public utilities. During the past year
the amount of new business secured in the United States was
not far short of $300,000,000, out of a total of $527,000,000
of new paid-for business. The financial statement, which
reveals strength and progress, puts an end to rumors circulated from time to time in 1931 that the Sun Life was
liquidating United States securities. The portfolio, as
compared with last year, is practically intact, except for
the addition of many millions of Government and other
bonds purchased during the year. The reserves of the
company have also been calculated on the same conservative
basis as last year.
The high spots of the year show a gain of over $36,000,000 in assets.
$26,000,000 paid or allotted during 1931 in dividends to policyholders,
over $93,000,000 in total payments to policyholders and beneficiaries,
an increase of $12,000,000 over 1930; nearly $528,000,000 of new business;
-mark.
and assurances in force passing the $3,000,000,000
President T. B. Macaulay's message was a characteristic one of courage
and conservative optimism. He declared in no uncertain terms that he
had not lost one bit of enthusiasm for the future of this great continent,
that prosperity would return just as surely as to-morrow's sun will rise.
Life insurance as an institution had proved a great bulwark during the
depression. It had been tested as never before and had emerged with
flying colors. It bad rendered a great service to policyholders in a time
of need.
Life insurance companies, he pointed out, are least affected by de
pressions, for life insurance is essentially a long-term proposition and its
investments must of necessity be made to cover a period of years. Life
companies are more concerned, therefore, with the earning power of their
investments than with market values, for the companies do not have to
realize to meet their obligations. In this connection the income of the
Sun Life during 1931 was in excess by $60,000,000 over disbursements.
Market values, during abnormal perio, are no test of the actual values.
This had been recognized by the National Convention of Insurance Superintendents of the United States and the Department of Insurance of
Canada. It was the quality of the investments of life companies that
counted. The interest earned by the Sun Life last year was 5.13 and the
amount of overdue interest was exceedingly small. In regard to the
future, Mr. Macaulay declared that prosperity will most certainly return.
The future is bright and recovery will come perhaps sooner than expected.
The report, always of great interest, contains many noteworthy features
In the life insurance world. Perhaps the most encouraging is the tremendous
growth in assurances in force, indicating the low lapse ratio and the general
excellence of the business on the books of the Sun Life.
The year 1931 will, it is hoped, go down in history as the low point of
the depression, the most severe of the last hundred years; yet, in spite
of the terrific upheaveal in business conditions, the Sun Life was able to
make forward moves, maintaining its position not only as Canada's largest
company, but its premier place as the largest company in the British
Empire writing ordinary business. The Sun Life practically circles the
globe, maintaining active branches throughout the United States and
Canada, most British countries, and in many foreign lands as well. In
this connection it is interesting to note that the company secured over
$100,000,000 of paid-for business in Canada, approximately $291,000,000
in the United States, over $50.000,000 in Great Britain, and $85,000,000
from the rest of the world, making total now business secured during the
year 1931 over $527,000,000. The amount of new business secured,although
ranking very high under present conditions, shows a decrease over the
two previous high-record years, but, whom compared with 1928, shows
an increase of practically $100,000,000. As a matter of fact, the statement
shows notable advances in practically every department. The total income
of the company for the year was just a trifle short of $290,000,000, an
increase of over $10,000,000.
Since the organization of the company 61 years ago, nearly $600.000,000
have been paid to policyholders or beneficiaries, while, during the year
just closed, the Sun Life paid out well over $93,000,000; of this amount
over $68,000,000 was paid to living policyholders in matured endowments,
annuities, dividends, &c., indicating in no uncertain terms the modern
trend of insurance. The assets at the end of the year totalled over $624.000,000, an increase for the year of over $36,000,000, while the surplus
and contingency reserve stands at over $21,000,000.
The committee for the protection of the holders of bonds sold through
the F. H. Smith Co. (George E. Roosevelt. Chairman) in a report to
depositors of 1st mtge. 7% bonds states in part:
The committee, representing a large majority of the bonds has requested
American Security & Trust Co., the successor trustee, to sell the Stanley
Arms property at public auction. The committee plans to bid for the
property at the trustee's sale and, unless a satisfactory bid is made by
another bidder, to acquire the property on behalf of depositing bondholders.
Samuel J. Henry, formerly trustee under the mortgage, operated the
property from May 5 1930 to Dec. 31 1930, and American Security &
Trust Co., the successor trustee, has been operating the property since
Jan. 1 1931. According to statements furnished to the committee, the total
receipts for the period beginning May 5 1930 and ending Dec. 31 1931 were
$33,027 and the disbursements were $32,919. These disbursements were
made for the following purposes: $9.374 for ordinary operating expenses;
$6,036 for redecorating, replacements and maintenance; $807 for premiums
on insurance policies; $3,602 for payments on account of the purchase and
installation of electric refrigerators; $10,216 to pay current and delinquent
taxes on the property; $207 for interest on trustee's advances; $500 for
commissions of Samuel J. Henry, trustee; $596 for commissions of Munsey
Trust Co., which operated the property for Samuel J. Henry trustee;
$306 to the attorney of Samuel J. Henry, trustee; $629 for commissions of
American Security & Trust Co., successor trustee: $615 to the attorneys of
American Security & Trust Co.. and $25 for a title report. For such period,
interest charges under the mortgage amounted to approximately $15,000
and amortization charges amounted to approximately $8,000.
The committee recently entered into an agreement with the F. H.
In referring to the year's business, the directors' report
Smith Co. pursuant to which the committee relinquished any right of
action which it might have had against the Smith company in connection reads:
with this issue and the Smith company deposited with the commttee
"The trade
any dis$16.600 in principal amount of bonds of this issue. However, inbonds so wide businessreaction which began in 1929 developed into a major worlddepression in 1930 which has continued with increasing
tribution made by the committee on account of thisjissue, the
months.
deposited by the Smith company will not be entitled to share on a parity severity throughout the past year,reaching an acute stage in recent and has
with the bonds deposited by other depositors but will share in such dis- The great contraction in business has left no industry unaffected
FINANCIAL CHRONICLE
FEB. 20 1932.]
placed a severe strain upon even the most powerful financial institutions.
It is a high tribute to the business of life assurance and to the fundamental
soundness of the principles upon which it is based, that the companies have
met, promptly and without embarrassment, every obligation imposed on
them under the contracts into which they have entered. Their prestige has
been enhanced and they have deserved the high measure of public confidence accorded to them.
"For many years past the company has been outstanding for the persistency of its business, and this record has been fully maintained. Having
regard to the financial pressure under which many policyholders, in common with the public generally ,are laboring, this provides impressive
evidence of the high value placed by our policyholders on their contracts.
and testifies to a confidence in the company of which we are deeply appreciative."
The Sun Life's growth is told in the following table:
Insurance
Total net
Payments to
in Force.
Policyholders.
Assets.
Income.
$3,051,077,066 $197,140.162 $93,235,849 $624,804,455
1931
2,863,701,579 186,662,316
81,274,581 588,733,631
1930
1929
69,174,892 568,197,954
2,401,237,036 172,857,771
1,896,915,934 144.747,393
1928
49.920,797 488,958.706
1,487,990,680 102,774,503
1927
42.224,249 401,305.884
1926
78,972,906
38,576,463 345,251.714
1,256,490,115
1,021,097,101
1925
69,147,413
35,441,582 303.056,145
871.636,457
1924
31,881,639 274,130.407
62,245,681
Makes New Appointments.
President T. B. Macaulay announces the following promotions: Arthur
B. Wood, heretofore Vice-President and Chief Actuary, to be Vice-President
and Managing Director; E. A. Macnutt, heretofore Treasurer, to be Vice-President and Treasurer; Geo. W.Bourke, Assistant Actuary to be Actuary;
J. J. Cooper, J. B. Mahon and C. D. Rutherford to be Associate Actuaries.
-V. 133, P. 16 7.
2
Superior Steel Corp.
-Earnings.
For income statement for 3 and 12 months ended Dec. 31 see "Earnings
Department" on a preceding page.
-V. 133. p. 2942.
Texas Corp.
-Dividend Rate Ho2ved.-The directors on
Feb. 16 declared a quarterly dividend of 25c. per share on
the outstanding $246,278,775 capital stock, par $25, payable
April 1 to holders of record March 4. This compares with
a distribution of 50c. per share made in each of the three
preceding quarters and 75c. per share made quarterly from
Jan. 1 1927 to and incl. April 11931. In addition, a 10%
stock dividend was also paid on April 2 1927.-V. 132,
p. 3904.
Texas Gulf Sulphur Co.
-Annual Dividend Rate on
Common Stock Decreased to $2 from $3.
-The directors on
Feb. 18 declared a quarterly dividend of 50 cents per share
on the outstanding 2,540,000 shares of common stock, no
par value, payable March 15 to holders of record March 1.
In each of the three preceding quarters a distribution of
75 cents per share was made on this issue, as compared
with $1 per share each quarter from Dec. 15 1926 to and incl.
March 16 1931.-V. 133, p. 2776.
Texas Gulf Sulphur Co.
-Earnings.
-Calendar Years1931.
1929.
1930.
1928.
Gross income
$18,213,806 $25,815,550 $29,883,243 $26,083,612
Cost of sales, &c., exp.
incl. Federal taxes_ _ _ _ 9,271,204 11,843,466 13,635,765 11,565,993
Balance, surplus
Previous surplus
Total surplus
Dividends paid
Rate
$8,942,602 $13,972,085 $16,247,478 $14.517,619
25,200,642 21,388,561 15,301,082 10,943,463
$34,143,247 $35,360,646 $31,548,560 $25,461,082
8,255,000 10,160,000 10,160,000 10,160,000
($3.25)
($4.00)
($4.00)
($4.00)
Total surplus, incl.
depletion reserve_ $25,888,247 $25,200,646 $21,388,560 $15,301,082
Earns, per sh. on 2,540,000 ails. (no Par) cal).
$3.52
stock
$5.50
$6.40
$5.72
-V. 133, p. 2776.
Third Diversified Standard Securities, Ltd.
-Proposed
Reorganization.
Diversified Standard Securities, Ltd., above.
See
-V. 134, p. 866.
Thompson-Starret Co., Inc.
-Earnings.
For income statement for 3 and 9 months ended Jan. 28 see "Earnings
Department" on a preceding page.
-V. 133, p. 3980.
Underwood Elliott Fisher Co.(& Subs.).
-Earnings.
Consolidated Income Statement Calendar Years.
1931.
1930.
1929.
1928.
$2,163,272 $5,149,596 $8,953,713 $6,304,092
3,666
91,445
671,652
723.067
699,492
713,752
90,559
414,951
887,179
644,556
Net income for year-- $1,401,061 $4,011,578 $7,363,377 $4,854,339
Pref. stock dividends--195,536
201,964
339,675
385,980
Balance, surplus
$1,205,525 $3,809,614 $7,023,702 $4,468,359
Shs. corn. stk. outstand.
674,648
(no par)
685,648
696,835
660,515
Earnings per share
$1.79
$5.56
$10.08
$6.77
x After deduct. mfg.,selling & gen. expenses and all other charges.
Consolidated Statement of Surplus Dec. 31.
1931.
1930.
1929.
Balance, Jan. 1
$13,501,905 $13,641,751 $12,375,448
1,401,060
Net income for year
4,011,578
7,363,377
x Net income
Interest
Depreciation
Prov.for Fed.tax
Total surplus
$14,902,965 $17,653,329 $19.738,825
Preferred dividends
195,536
201,964
339,675
2,907,529
Common dividends
3,455,240
2,956,404
Proms. of pref. stock purchased or
13.028
25,127
retired
174,406
Adjust. of treas. corn, stock acquired
In 1929 to nominal value per share
665,098 Cr126,588
carried in capital stock account_
126,588
98,345
Adj.offixed assets applic. to prior yrs.
Adj. of add'l treas. stk. to carrying
Cr1,191
value
Prov.for renting. in respect of invest.
500,000
in non-consol. affil.-sub.cos
Amount written-off patents, develop497,336
2,000,000
ment,good-will,&c
$11,122,965 $13,501,905 $13,641.751
xBalance Dec.31
x Including special surplus capital reserve used in retirement of pref.
stock $2,200,000 in 1931; $2,100,000 in 1930 and $2,000,000 in 1929.134, p. 1213.
-V.
-Rights.
Twentieth Century Depositor Corp.
been granted
The corporation announces that rights have to additional to holders of
subscribe
shares to the
20th Century Fixed Trust shares to
of the March 1 distribution, which is 30 cents per trust share.
full extent
holders as of Feb. 15, and will
The rights are exercisable on March 1 to new shares may be purchased is
expire on March 15. The price at which when such rights are exercised.
the price current
10 cents per share under
1391
The March 1 distribution is 30 cents per trust share payable to shareholders of record as of Feb. 15. The distribution includes 15.9 cents from
the reserve fund.
The shares of the trust are 1-1,000th participating interest in a unit
consisting of two shares each of 28 underlying stocks, including 13 industrials, four utilities, seven railroads, four oils and a reserve fund.
-V. 133,
P. 3477.
Unexcelled Mfg. Co., Inc.
-Dividend Decreased.
-
The directors have declared a quarterly dividend of 10c. per share on the
outstanding $1,500,000 capital stock, par $10, payable March 1 to holders
of record Feb. 20. Previously the company paid quarterly dividends of
173.c. per share.
-V. 132, p. 1243.
Ungerleider Financial Corp.
-Earnings.
Dividends
Interest
Syndicate participation and sundry sales
$100,820
202.991
438
Total income
Operating expenses
$304,249
122,918
Net income before allowing for shrinkage in market value of
investments or loss on sales of securities
$181.331
Restoration to surplus of Dec. 31 1930 balance of reserves
provided for loss on sales of securities
1,505,789
Paid-in surplus
2,500.000
Capital surplus resulting from reacquisition of corporation's
capital stock
929,576
Total surplus
$5,116,695
Operating deficit, Jan. 1 1931
3,207,842
Loss on sales of securities in 1931, on basis of average cost
1,125,878
Excess of cost of sec. over market val, thereof at Dec.31 1931.. 1,808,602
Provision for possible shrinkage in other assets
252,500
Prov. for Fed. inc. & State franchise taxes for prior periods
95,534
Expenditures arising out of sales of corporation's capital stock
In prior years
16,069
Deficit, Dec. 31 1931
$1,389,730
Balance Sheet As at Dec. 31.
1931.
1930.
1931.
1930.
Assetsmammies$
Due to brokers...130,812
Invest'ts (at cost
or market)
4.460,184 a5,422,325 Prey, for Federal
Cash & Ws,of dep 2,979,107 2,524,688
taxes,&c
95,534
Accts. receivable__
53,378
Securities sold and
Corn. stk. sold to
not delivered_
31,817
Issuing company 218,000
Accruals & miscell.
29,858
44,189
Balance with brokCapital stock_ _ _ _b9.772.800 9,776,000
Capital surplus_ de11,389,730
226,234
ers in connection
with securities to
be delivered_
94,571
Notes and loans re622,540
ceivable, less res 877,514
c1,158,339
Synd.advances
Divs.deci.& int.rec
52,332
49,974
Miscell. receivables
554
205,802
1
Furniture & fixtures
8,639,072 10,078,220
Total
Total
8,639,072 10,078,220
a Market value, $5,425,043. b Capital stock-no par value (authorized
3.000.000 shs.) issued 250,000 shs. (at assigned value of $40 per sh.). $10,000,000: less in treasury (5,680 shs.), $237,200: outstanding (244,320 shs.),
$9.772,800. c Participations in and advance to underwriting syndicate,
less reserve, $732,923; syndicate advances secured by collateral and
guaranty, $425,416.-V. 133. P. 3268.
Union Storage Co.
-Earnings.-
.
Calendar YearsNet income
Dividends
1931.
1930.
$42,706
$50,830
35,000 (10)35,000
Balance, surplus
Previous surplus
$7,706
337,015
$15,830
416,829
$3,675
413,154
def$997
414,151
$344,721
10,067
$432,659
x95,644
$416,829
$413,153
Total surplus
Depreciation
1929.
1928.
$38,675
$41,003
(10)35,000 (12)42,000
Profit & loss surplus$334,654
$337,015
$416,829
$413,153
Shares capital stock outstanding (par $25)14,000
14.000
14,000
Earns, per sh, before tax
$2.76
$3.63
$2.93
x Includes depreciation, $10,962; cost of replacements, $64.265; reserve
for contingencies, $10,000 and adjustments, $10,417.
Balance Sheet Dec. 31.
Assets
1931.
1930.
1930.
Liabilities1931.
Fixed assets
$608,851 $609,538 Capital stock
$350,000 $350,000
Cash
17,684
11,415 Accounts payable_
5,322
10,623
Liberty bonds.. _
5,100
111,612
5,100 Notes rediscounted 158,217
Accrued charges_
5,764
4,966 Payments on red'sNotes receivable.. 226,601
36,102
191,479
counted notes_ _
30,536
Trade accts.reedy.
26,607
46,086
38,006 Reserves
21,716
Unexp. ins. prem.
334,653
337,015
815
999 Surplus
Total
$910,902
-V. 132, p. 1243.
$881,501
Total
$910,902
$861,501
Union Tobacco Co.
-Earnings.
Calendar YearsIncome-Dividends and interest
Salaries, rents, interest, &c., expenses
1931.
$90,598
31,267
1930.
I ,814
.530
Net income
Loss on sale of securities
Other expenses
$59,331
loss$8.716
375,032
56.257
Total
Credits
-Revaluation of securities
Other credits
$59,331
$440,006
143,750
169.846
Surplus for the year
Surplus, Jan. 1
$61.196 def$126,409
14,365
140,775
1,865
Surplus Dec. 31 1930
$75,561
$14,365
Comparative Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets$
Liabilities$
$
Cash
$19,134
$36,667 Notes payable....$325,000 $400.000
Stocks of other cos. 9,595,908 9,595,761 Accounts payable_
853
1,012
No. Va. Corp-Accrued interest__
14,881
Subscrip.to pref.
Reserve for claims,
(see contra).1.000,000 1.000.000
tax.,conting.,&c. 112,271
115,058
Accounts receirle
Pref, stock subser.
(less reserve)._
418
821
10,000 sits. (see
Mach.,furniture &
1.000,000 1,600,000
contra)
fixtures (less rePref. 7% stock-- 4,000,000 4,000,000
serve)
413
762 Class A stock
X4,314,O0 4,314.900
Common stock... 7763,916
783.716
Surplus
75,561
14,365
Res.for Unit. Prof.
Shar.coupons,ko
8,490
10,177
Accrued underwriting fee-pref.stk.
14,583
Total
10,615.872 10,633,812
Total
10,615,873 10,633,812
x 176,496 shares (no par value) with a declared value of $25 per share
less $3,900 shares in treasury. y763,916 no par shares, declared value
$1 per share.
Note.
-No dividends have been declared on the ou.standing preferred
77 cumulative stock issued at various dates subsequent to Oct. 7 1929.
2._
-V.132, p. 3168.
(VoL. 134.
FINANCIAL CHRONICLE
1392
-To Vote
-Omits Div. -N(Hiram) Walker-Gooderham & Worts, Inc.
--Union Natural Gas Co. of Canada, Ltd.
--dividend usually
The directors have voted to omit the quarterly 10 last, quarterly paid on Reorganization Plan.
dis-
about March 10. On June 10, Sept. 10 and Dec.
A special meeting of the shareholders has been called for March 4 to
tributions of 25c. per share were made, as compared with 35c. per share consider a plan for the reorganization of the capital stock.
regular and Sc. per share extra in each of the two preceding quarters.
It is proposed to consolidate three of each four existing common shares
V. 132, p. 3905.
-V. 133.
held into one cumul. div. red, preference share of no par value.
p.3802.
-Reduces Dividends.
,
----- United Elastic Corp.
A quarterly dividend of 25c. per share has been declared on the common "N Waltham Watch Co.
-Omits Preferred Dividends.
‘
stock, no par value, payable March 24 to holders of record March 10. This
The directors at a recent meeting voted to take no action on the, quarterly
compares with 40c. per share paid each quarter from Sept. 24 1930 to and dividends due Jan. 1 on the 7% cum. prior pref. stock and on the 6%
incl. Dec. 24 1931.-V. 131, P. 1114
.
non-cum. pref. stock, both of $100 par value.
The last regular quarterly dividend paid on the prior pref. stock was on
-Earnings.
United Electric Coal Cos.
Oct. 1 1931. A year ago the dividend on the 6% pref. stock was cut from
For income statement for 3 and 6 months ended Jan. 31 see "Earnings $6 to $2 annually with the reduced dividend for the full 1931 year declared
-V. 134. p. 1213.
Department" on a preceding page.
early in February. The last payment on the latter issue was made on
Oct. 1 1931.-V 132, p. 3188.
-New Director.
United Fruit Co.
-V."--Warner Bros. Pictures, Inc.
-Receivership.
P. H. Saunders of New Orleans has been elected to the directorate
The petition for a receiver filed in Delaware Chancery Court by Jules
134, p. 500, 148.
Endler has been dismissed at the request of the attorneys for Mr. Endler.
- Attorney for the company held Endler was not a stockholder. SimulUnited States Electric Light & Power Shares, Inc.
behalf of
Distributions on Series B Shares in 1931 Totaled 40 per Unit. taneously another petition was filed by the same attorneys on petition
is substantially a copy of the
to one Marinus T. V. Newcastle. It
Total distributions from 1931 on series II trust certificates amountedap- heretofore filed on behalf of Endler.
$840 per unit, or. on the basis of the units outstanding during 1931,
The complete denial heretofore made by the company of all the allegaproximately 31.300.000.
tions contained in the petition filed on behalf of Endler will be immediately
=Statement of net income and disbursements during 1931 shows that there repeated
t
i he
per1g. petition now filed on behalf of Newcastle,
lairw
j
that receipts per
were no changes in the composition of trust units and
1
unit amounted to $935.91, including an undistributed balance on Jan.of
there was an undistributed balance '
1931 of $165.24. As of Dec.31 1931
-Smaller Dividend.
-----Westfield (Mass.) Mfg. Co.
$84.54 per unit.
directors recently declared a quarterly dividend of 25 eta. per sh.
Series 13 trust units consist of 394 shares in 44 public utility companies. onThe capital stock, payable Fob. 15 to holders ofrecord Feb. 10. Previously
the
-V. 134, p. 522, 1045.
the company made regular quarterly payments of 50 cents per share.
Walker
In connection with halving of the dividend, President W. C.
-Dividend Reduced.
- United States Envelope Co.
states:"This rate was determined upon for the reason that directors deemed
A semi-annual dividend of 2% has been declared on the outstanding it wise to conserve the resources of the company in view of general busi$2,625,000 common stock, par $100, payable March 1 to holders of record ness conditions. Net earnings of the company for the 12 months ended
Feb. 15. This compares with semi-annual payments of 4% previously Dec. 31 1931 have been more than double this rate.
change
made on this issue.
"Last year stockholders voted to amend the by-laws so as to
An extra cash distribution of 4% was also made on March 2 1931 and on the fiscal year to correspond with the calendar year. and earnings for
March 1 1930. 1929 and 1928.-V. 133, p. 2279.
ended Dec. 31 1931, exceeded the dividend disthis period. 16 months
-V. 130. p. 4263.
bursements for that period."
-Earnings.
United States Foil Co.
Years Ended Dec. 31Earns, after expenses of management
Federal income taxes
1931.
$739,899
Operating income
Other income
3739,899
Total income
Previous surplus
Total surplus
Preferred dividends
Common dividends
$739,899
3,824,791
34.564,690
47.747
329,896
1930.
$942.191
1929.
$1,451.849
69.715
$4,187,047
Balance
Earnings per share on 659,992 shares
$2.02
$1.44
$1.05
of cora, stock outstanding (no par)
Comparative Balance Sheet Dec. 31.
1930.
1931.
Ltattlities1930.
1931.
Assets$775,000
Securities at cost_S6,840,101 37,651.145 Notes payable210,505 Unpaid cap. stock
115,300
Cash
475,857
80,208 subscriptions
70,056
Notes & accts. rec.
9,537
Accts. payable_ ___ $9,160
5,165
Deferred charges_
94,436
94,336
Dividends payable
14,483
2,225
Accr. int. & taxes_
rtes. for coating.,
415,674
415,674
&c
682,100
7% pref stock_.... 682,100
1,649,980 1,649,980
Common stock
4,187,047 3,824,791
Surplus
$7,040,522 $7,941,858
Total
-V. 132, p. 4260.
Total
37,040,522 37,941,858
-Div. Rate Reduced.
United States Playing Card Co.
The directors have declared a quarterly dividend of 50 cents per share
on the common stock, par $10, payable April 1 to holders of record March
21. This compares with quarterly distributions of 62% cents per share
made on this issue from April 1 1931 to and incl. Jan. 2 1932, and $1 per
-V. 133. p. 4174.
share previously each quarter.
-$947,308 Tax Credit.
United States Steel Corp.
An award of income tax credit of $947,308 has been made to the corvaluations of the opening and
poration for 1932. Revision of the reportedthe over
assessment being cut
closing inventories resulted in $524,559 of
off, $3$0,564 from the allowance of additional deductions for business ex-V.134, p.1213.
for depletion and the rest for minor reasons.
penses,$55.193
-The directors
-Dividend Omission.
• Utah Copper Co.
on Feb. 15 decided to omit the quarterly dividend ordinarily
payable about March 31 on the outstanding $16,244,900
common stock, par $10. During 1931 the following dis31
tributions were made on this issue: $2 per share on March on
share
$1.50 per share on June 30 and on Sept. 30; $1 per
Dec. 31. Record of payments made Is given below:
'29.'30"31.
'26.'27.'28.
'16.'17.'18.'19.'20.'21.'22.'23.'24.'25. 523i 60 80 160 100 60
60 25 20 40 40 4234
Reg -- 47' 70 140
40
- -50 x5 ----- ------------ ---- 23.
Extra..
- 134 p
it Paid in July 1917 for Red Cross distribution.
-Earnings.
Viking Pump Co.
Calendar Years
Gross profits on sales
Selling and general expense
Other expenses, net
Provision for Federal income taxes
1931.
$361,492
170,563
9,706
20,950
1930.
$568,417
162.500
10,880
46.602
Net income after taxes
Preferred dividends
1160.272
82,491
$348,435
90,266
$258.169
$77,781
Balance for common stock
$2.58
$0.78
Earns, per sh. on 100.000 Ms.corn. stk.(no par)_ x After depreciation.
Balance Sheet Dec. 31.
1930.
1931.
Liabilities
Assets1930.
1931.
$22,826
payable_ $10,301
Cash
$139,831 $250,723 Accountssalaries__
26,669
13,230
172,355 Accrued
Gov. & /nun. bds_ 217,158
54,724
23,288
81,548 Provision for taxes
84,388
Accts. & notes rec_
663
203
Other curr. Habits_
256,053
258,659
Inventories
235,244
304,461
1,600 Res, for depreen.
600
Investment
640,652
x599,837
Capital stock
and
Land, bides.
518,950
500,837
737,449 Surplus
751.523
equipment
1
1
Patents
_
31,452,159 31,499,729
Total
31,452,159 $1,499,729
Total
and
x Represented by 32,317 no par shares cumulative preferred stock
-V. 133. p. 1141.
100,000 shares no par common stock.
-Dividend Deferred.
‘"----• Virginia-Carolina Chemical Corp.
-The directors have voted to defer the usual quarterly
4
dividend of 13 % due March 1 on the 7% cum. red. prior
pref. stock, par $100. The last quarterly payment on this
issue was made on Dec. 1 1931.-V. 133, p. 1628.
-Stockholders Inc.
Westinghouse Electric & Mfg. Co.
The company recently mailed dividend checks payable to 53.079 stockholders. This is an increase of 4,624 in the number of stockholders during
the past 12 months.
3942,191 $1,382,134
The total number of preferred and common stockholders of this company
56,101
by quarters this year and last year follows:
Third Quar. Fourth Quar.
First Quar. Second Quar.
Period$998,292 11,382,134 5:3.079
51,621
50,647
49,332
2.777,343 1931
3.451,738
48.455
45.158
44.533
43.528
1930
payment of
$4,450,031 34.159,477
-These totals are taken on the date of record for the
Note.
47,747 dividends payable in these respective quarters, the fourth quarter of 1931
47,747
659,992 being the number of stockholders of record Jan. 18 1932 to whom the divi•
577,493
-V. 134. p. 1046.
dend of Jan. 30 1932 was payable.
$.3,824,791 $3,451,738
-Sale.
Whitman Mills of New Bedford.
The Textile Machinery & Supply Co.of Fall River, with a bid of 3140,300,
...
has been awarded all equipment machinery and furnishings of Whitman
Mills. sold at a sheriff's sale to help satisfy a judgment in favor of the First
-V. 133, p. 1466.
National Bank of Boston and three Now Bedford banks.
-January Sales.
Winn & Lovett Grocery Co.
1932.
Month of January$467,105
Sales
-V.134, p.341; V.133.11. 3981.
1931.
$465,212
1930.
$513,081
1929.
$516,258
-New Officers.
Worthington Pump & Machinery Corp.
C. E. Wilson, General Sales Manager, has been appointed Vice-President
In charge of industrial relations. Clarence E. Searle, formerly general
representative in charge of sales of the Allis-Chalmers Mfg. Co., has been
appointed Vice-President in charge of sales. William If. Baumes has
retired as Treasurer of the company, and Charles N. Barney, Secretary
and General Counsel, has been made Secretary-Treasurer and General
Counsel.
-V. 134. p. 1046.
CURRENT
NOTICES.
Crouse & Co., Detroit, announce that Philip Kimball Watson,formelli
a
Vice-President of the Guardian Detroit Co. and Manager of the B6
Department of the Bank of Detroit. has been admitted as a general partner.
John Hendrick Bangs. Jr., formerly with Watling, Lerchen & Hayes,
Robert Lockhart Wilbur, formerly with the First National Bank, and
Reginald MacArthur, formerly of Guardian Detroit Co., have become
associated with the firm.
-Announcement is made of the formation of O'Connor. Perko & Zink,
a new corporation, to deal in investment securities. composed of three men
formerly associated with Otis & Co.'s Investment Department for periods
ranging from 11 to 13 years. Ray M.O'Connor, John F. Perko, and Wilbur
H. Zink are officers of the corporation with offices located in thrUnion
Trust Building, Cleveland.
-Goodwin-Beach & Riley,'members Hartford Stock Exchange. announce
that William M. Richards, formerly with Gilbert Ellett & Co.. has become
associated with their New York office in the bank and insurance stock department.
New York Depositor Corp., sponsor of Trusteed New York City
Bank Stocks, has preparedifor distribution an analytical comparison of 21
leading New York City banks and trust companies.
-H. F. McConnell & Co., members:of the New York Stock Exchange,
announce that John K. Harden, member of the New York Curb Exchange,
has been admitted as a general partner.
-J. G. Fisher, formerly with Pearsons-Taft Co., has become associated
with Poor's Management Corp. as Western Sales Manager with offices at
208 South LaSalle Street, Chicago.
11-A. C. Wood, Jr. & Co.. Philadelphia. announce that John S. Costa,
formerly of BidcUe, Costa dr Co.. has become associated with theni
bond department.
Miss Margaret G. Lynch, formerly Treasurer of the Metropolitan
Advertising Co., has become associatea with the Hudson Advertising Co, as
Vice-President.
-J. F. Woolley Jr., formerly manager of the bond denartment of Huth
& Co., has become associated with Samuel Bros. in their trading department.
-Holt, Rose7& Troster, 74 Trinity Place, N. Y.. announce that John
W. James is associated with them in charge of their railroad bond department.
-.Tames Talcott, Inc., has been appointed factor for the Hertz & Morgan
Silk Co., Inc., New York City, manufacturers of silks.
E.
- M. McLaughlin, formerly with Emanuel & Co., is now associated
with Leach Bros., Inc., as Manager of their municipal department.
-A.0. Slaughter, Anderson & Fox have opened an office in the Empire
State Building, Fifth Ave. at 34th St. (phone Chickening 4-5250).
1393
FINANCIAL CHRONICLE
FEB. 20 1932.]
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-METALS
-DRY GOODS
-WOOL-ETC.
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. 19 1932.
-Spot trade was quiet with Brazilian unCOFFEE.
changed at 734c. for No. 7 Rio and 9 to 94c. for No. 4
Santos but mild grades were a little lower. Trujillo, 103
%
to 1034c.; fair to good Cucuta, 113( to 113c.; prime to
choice, 12 to 130.; washed, 1134 to 12c.; Ocana, 1034 to
110.; Buearamanga, Natural, 1134 to 120.; washed, 12 to
1234c.; Honda, Tolima and Giradot, 1134 to 113c.; Medellin
%
%
1234 to 123c.; Manizales, 1134 to 123 c.; Mexican washed,
1434 to 1534c.; Ankola, 26 to 34e.; Mandheling, 27 to 320.;
genuine Java, 23 to 24c.; Robusta washed, 83( to 834o.;
Mocha, 1334 to 1434c.; Harm, 1234 to 13c.; Abyssinian,
93 to 934c.; Guatemala Bourbon, 10 to 1034c. On the 15th
cost and freight offerings were moderate with prompt Santos
Bourbon 2s offered at 9.55c.; 2-3s, 9.20 to 9.60c.; 3s at 8.90
to 9.45c.; 3-4s at 8.95 to 9.25e.; 3-5s at 8.80 to 9.00c.; 4-5s
at 8.70 to 8.850.; 5-6s at 8.45 to 8.65e.; 6s at 8.30 to 8.55c.;
7s at 8.25c.; Peaberry 2-3s at 9.20c.; 3s at 8.95 to 9.15c. and
4s at 8.80 to 9.10c.; Victoria 8s were here at 6.90c. On the
16th cost and freight were quiet but steady; prompt shipment,
Santos Bourbon 2-38 were offered at 9.20 to 9.60c.; 3s at
8.90 to 9.45c.; 3-4s at 8.95 to 9.25c.; 3-5s at 8.80 to 9.000.;
4-5s at 8.70 to 8.850.; 5-68 at 8.45 to 8.65c.; Os at 8.30 to
8.550.; Is at 8.250.; Peaberry 2-3s at 9.20c.; 3s at 8.95c.;
and 4s at 8.80 to 9.1004 Rio 7s were offered at 6.90c. and
7-8s at 6.750.; Victoria 5s at 7.25c.; 5-6s Peaberrys at
7.25c. and 7-8s at 6.80c. Mild grades on New York were in
rather better demand and Mc. higher. On the 17th cost and
freight offers were steady but quiet; prompt shipment,
Santos Bourbon 2s were here at 9.600.; 2-3s at 9.25 to 9.60c.;
35 at 8.90 to 9.250.; 3-4s at 8.95 to 9.15c.; 3-5s at 8.75 to
8.95c.; 4-5s at 8.60 to 8.85c.; 5-6s at 8.35 to 8.65c.; Os at
$.30 to 8.40c.; 7s at 8.25c.; 7-8s at 8.10e.; Peaberry 3s at
8.95c.; 4s at 8.80 to 9.10c.; Rio 7s at 6.90c. and 7-8s at
6.75c.; Victoria 7-8s in a prompt position were offered at
6.75c.
On the 17th a Comtelburo cable from Rio de Janeiro to
the Coffee Exchange said: "Federal Government up to
Feb. 13 paid for 9,730,000 bags coffee valued at 577,000
contos." To-day for prompt shipment, they included,
Santos Bourbon 2s at 9.60c.; 2-3s at 9.30 to 9.60c.; 3s at
8.90 to 9.45c.; 3-4s at 8.95 to 9.25c.; 3-5s at 8.80 to 9c.;
4-5s at 8.65 to 8.85c.; 5-6s at 8.50 to 8.6504 6s at 8.40 to
8.550.; 6-7s at 8.40c.; 7s at 8.25e. On the 15th inst. Rio
futures opened 3 to 5 points higher and closed 3 points off
to 3 up with sales of 9,000 bags; Santos futures opened 3 to
12 points higher and closed unchanged to 1 point higher with
sales of 11,000 bags. On the 16th inst. Rio futures here
closed 1 to 5 points net lower. Sales, 14,000 bags. Santos
futures closed 3 to 7 points net lower; sales, 16,000 bags.
The trade and Europe sold partly realizing and partly hedging. March Rio advanced 5 points an exception that proved
the rule of lower prices. Some call attention to the fact as
it seems to them that Brazil is not destroying 1,000,000 bags
a month as it set out to do.
On the 17th inst. Rio futures here closed unchanged to
2 points off; sales 5,000 bags; Santos futures opened 2 points
off to 4 up and closed 1 to 3 lower; sales 4,000 bags. The
world's visible supply on Feb. 1 was 37,259,510 bags, against
37,245,599 on Jan. 1 and 32,134,234 at the beginning of
February 1930, according to the New York Coffee & Sugar
Exchange. This includes coffee stored in interior warehouses in Brazil and also that owned and controlled by the
Government at Sao Paulo. The report stated that 1,001,000
bags of the present Santos crop were moved from plantations
to interior warehouses in January, making the total moved
the crop year 15,419,350 bags,
for the seven months 9f . .
against 8,085,330 in a similar period of the preceding crop
year and 15,218,119 bags two years ago. On the 18th inst.
Rio futures here closed unchanged to 11 points lower; sales
estimated at 8,000 bags; Santos futures closed 6 to 9 points
lower; sales 19,000 bags. The trade bought March Rio
preparatory to accepting delivery, it is supposed. In other
months liquidation told with spot coffee dull. To-day Rio
futures here declined at one time 2 to 5 points and Santos
1 to 4 points in a dull market. The ending was 10 lower
to 2 points higher on Rio future with sales of 14,000 bags
and 5 to 7 lower on Santos with sales of 16,000 bags. Final
prices show an advance on March Rio of 9 points, but other
months are 6 to 22 points lower for the week.
Rio coffee prices closed as follows:
Spot unofficial
March
May
7
6.22
6.17
_ I July
September
December
Santos coffee prices closed as follows:
Spot unofficial
March
May
IJuly
9%
September
8.15
8.31 nom December
R:1R2'
6.20 ©nom
8.41
8.49Onom
8.57 ©nom
COCOA to-day ended 1 point lower to 2 higher with sales
of 213 lots. Final prices show an advance for the week of
24 to 26 points. On the 18th early prices here were 3 to 5
points higher. Liverpool futures at 1:30 p.m. were net unchanged to 3d. lower; Liverpool spot opened unchanged to
3d. higher. London spot opened 6d. higher. Local licensed
warehouse stocks on Feb. 17 totaled 233,557 bags against
231,076 on Feb. 16 and 203,461 last year.
SUGAR.
-Spot raws on the 15th inst. were 1 to 3e. with
sales of 4,350 tons of Porto Rico loading Feb. 19,51,000 bags
prompt Feb. 23 and 4,100 tons prompt, all at 3e. Refined
was quiet at 4.150. On the 13th inst. futures advanced
6 to 8 points on what looked like better prospects of an
agreement between Cuba and Java to reduce crops to a total
that would mean something. The reports seemed to show
that Java was willing to restrict exports of the 1932 crop
and would probably further reduce her plantings for 1933 to
1,250,000 tons. Havana cabled, too, that producers had
definitely voted against a crop of 3,061,000, and it was supposed that the crop would be fixed either at 2,300,000 or
would be unrestricted. Big Cuban connections bought
heavily, too. Shorts covered freely. Commission houses
bought. All this accounted for rallies of 10 to 12 points
above recent lows. About 13,000 bags Porto Rico prompt
sold at 2.94c., with 3c. generally asked later and lc. C. & f.
Refined, 4.15c. Receipts at United States Atlantic ports
for the week were 38,394 tons against 42,768 in the previous
week and 72,711 in the same week last year; meltings, 42,627
tons against 39,917 in previous week and 54,279 in same week
last year; importers, stocks, 90,214 tons, against 91,230 in
previous week and 167,608 in same week last year; refiners'
stocks, 59,590 tons against 62,807 in previous week and 94,343 in same week last year; total stocks, 149,804 tons against
154,037 in previous week and 261,951 tons in the same week
last year. Havana cabled: The Sugar Institute is reported
to have received a cable request from Francis Powel, Chairman of the International Sugar Council at The Hague_, that
.
,
the issuance of the Presidential decree fixing the 1932 Cuban
sugar crop be delayed for several days so that Cuba and
Java may come to an understanding. Futures on the 15th
inst. were active and 1 to 8 points higher. Large Wall
Street and Cuban interests bought after selling heavily
recently. Shorts covered freely. Later realizing and hedge
selling caused a reaction which left final prices unchanged to
3 points higher after sales of 35,100 tons.
On Feb. 15 London was steady over our holiday and at
the opening on Feb. 15 was 1 to 1 Md. higher than at Thursday's closing; Liverpool rose M point on some positions;
others unchanged. On the 15th Havana cabled the weekly
sugar statistics as follows: Arrivals, 122,091 tons; exports,
45,471; stocks, 908,959 tons. The exports were distributed
as follows: To New York, 13,481 tons; Philadelphia, 9,983;
Boston, 7,037; New Orleans, 4,537; Savannah, 5,762; Brunswick, 1,137; Charleston, 1,137; Wilmington, 1,137; Norfolk,
1,201; interior United States, 59. Centrals grinding, 116.
The Sugar Institute, Inc. stated the total melt and total
deliveries of thirteen United States refiners up to and including the week ended Feb. 6 1932 and same period for 1931:
Melt
-1932
-Jan. 1 to Feb. 6, 320,000 long tons; 1931
Jan. 1 to Feb. 7, 345,000 long tons. Deliveries-1932
-Jan. 1 to Feb.6,280,000 long tons; 1931-Jan. 1 to Feb.7330,000 long tons. On the 16th inst. futures opened unchanged to 2 points higher, closing 2 to 4 points net lower
with sales of 48,500 tons. Wall Street and Cuban interests
were the largest sellers it was said partly hedging against
Philippine sales. The trade and other producing interests
sold: 34,000 bags of Cuban now loading sold at 0.97c.;
4,000 tons of Cuban prompt at 0.96c. c.&f., and 5,000 tons
of Philippines Feb.
-March shipment at 2.99c. to 3.01c.
Closing spot quotations were 0.950. to 2.950. On the 16th
Havana cabled: "From • Jan. 1 to Feb. 6, Cuba exported
160,016 tons of raw sugar of which 155,732 went to the
United States, against 135,868 and 124,201 respectively for
the same period in 1931." London opened easy, 134 to Md.
off. Liverpool opened quiet and 34d. lower.
,
On the 17th inst. futures opened 1 to 3 points higher and
closed unchanged to 1 point up with sales of 36,150 tons.
On the 17th Meinrath Co. of Chicago,estimated the beet
sugar crop of the United States for 1931-32 at 1,024,492.
long tons against 1,077,912 in 1930-31 and 909,179 in 1929.
On the 17th London opened steady and unchanged to Md.
off. Liverpool opened quiet at unchanged to %d. off.
British refined fell 3d. A cable from the British Indian
Government to Willett & Gray in which the present sugar
crop of British India as officially estimated at 3,880,000
tons compares with 3,218,000 tons for the preceding crop.
London reported a sale of old crop Cubas at 6s. 6d., with
probably more obtainable at that price. Private advices
indicate that some Cuban centrals have ground half their
crop already. It is stated that exports of refined sugar,
including shipments to the Insular possessions, from the
:United States during 1931 totaled 51,441 long tons a decrease of approximately 32%,from 1930. Exports of refined
sugar from the United States have been steadily falling.
The figures for the past decade are as follows: 1931, 51,441
king tons; 1930, 75,169 long tons; 1929, 95,754 long tons;
1928, 116,109 long tons; 1927, 126,138 long tons;
1926, 108,464 long tons; 1925, 352,154 long tons; 1924,
214,967 long tons; 1923, 207,435 long tons; and 1922 no less
than 836,100 long tons. On the 18th inst. futures closed
1 to 3 points higher with sales of 23,850 tons. Private advices
stated that the International Sugar Concil had cabled Cuba
that Java had agreed to a 1933 crop of 1,350,000 tons if
Cuba would out her 1932 production to 2,350,000 tons, and
that European countries and Peru would reduce their export
quotas for the next two years caused the rise. Sales included
15,000 bags of Cuba and 18,700 tons of duty free in various
arrivals at 2.97c. up to 3c. Early in the day on operator
paid le. for 15,000 bags Cuba loading March 1. Philadelphia bought 4,100 tons of Porto Rico loading Feb. 27 at
2.980. and later 2,000 tons of Philippines due March 20 at
30.; 4,100 tons of Porto Rico loading Feb. 24 sold at 2.97c.
and 8,500 tons of Philippines late Feb. and early March
arrival at 2.97c.
On the 18th private cables said that the Brussels conference had cabled Cuba that Java accepts the limitation of her
1933 production to 1,350,000 tons if Cuba reduces her 1932
crop to 2,350,000 tons. European countries and Peru
accept reduced total of 1932-33 exports totals by 15%.
Java refuses to reduce her 1932 export quotas by 30%.
However, if Cuba accepts the foregoing proposition, Java
promises to re-examine her 1932 quotas and give Cuba some
satisfaction. London cables reported sales of two cargoes at
4
2d. Small sales at 6s 63 d. London opened 3.4d. to
6s 73'
34d. higher. Liverpool opened steady and unchanged to
Md. higher. Brussels cabled the New York News Bureau:
"The International Sugar Council has apportioned Java
1,350,000 tons of the 1933 sugar crop and Cuba 2,350,000
tons. Exports of other countries have been reduced 15%
below previous seasons. To-day futures steadied after
early liquidation slackened. Cuba sold at one time. Some
bought near months and sold the distant with large Cuban
• interests selling near months and buying the far off deliveries.
The ending was at a decline of 4 points for the day. Final
prices are 2 to 5 points lower for the week. To-day London
opened steady at 3d. decline to %d. advance. Liverpool
-opened steady and unchanged to Md. higher. It is stated
that 121 Cuban mills are grinding.
Closing quotations follow:
.
•••••11
Spot unofficial
March
May
July
1.00 --_ September
0.90 0.91 December
___ January
0.97
1.04 ---
1.10 ® --1.15 ®
1.17401.18
advanced 22 to 25
LARD. On the 13th inst. futures
points. Hogs rose 10c. Liverpool was steady and un45,200
changed. Hog receipts at Western points were 5.65c.;
against 34,200 a year ago. Prime Western, 5.55 to Brazil,
4
8
Refined Continent, 57/c.; South America, 61 c.; points.
15
/
675c. On the 15th inst. futures declined 10 to at Western
Hogs closed weak and grain was off. Hog receipts Liverpool
points were 134,200 against 141,500 a week ago. Saturday
on
lard was 3d. to is. 3d. higher. Exports of lard Liverpool.
to
from New York were 4,321,000 lbs. mostly9,070,000 lbs.
Last week the total from New York was markets fell.
against 5,123,000 the week before. Cash to Continent,
Prime Western was 5.35 to 5.45e.; Refined the 16th inst.
%
53/ie.; South America,53 c.; Brazil,6Mc. On and grain up
prices closed 2 to 10 points higher with stocks with prime
and shorts covering. Cash lard was higher /sc.; South
Western, 5.40 to 5.50c.; refined Continent, 55
inst. futures
/
4
America, 57 c. and Brazil, 65sc. On the 17th with smaller
closed 5 points off to 3 up. Hogs were firm
receipts and a better demand. Chicago received only
19,000; at Western points 88,900 against 110,900 last year.
Liverpool lard was unchanged to 3d. higher. Exports of
lard from New York were 1,287,000 lbs. to Hull, New
Castle and Hamburg. Cash prime Western, 5.40 to 5.50c.
On the 18th inst. futures declined 3 to 10 points and hogs
100. Cash lard was dull and lower at 5.30 to 5.40c.for prime
Western. Hog receipts at the West were 96,000 against
93,800 last year. Exports of lard from New York were
1,223,000 lbs. to London, Hamburg and Naples. Refined
Continent was 53/2 to 53/sc.; South America, 53/c.; Brazil
in kegs, 63/sc. To-day futures declined 5 to 10 points. Final
prices show a rise for the week of 5 points on March and a
decline of 2 points net on May and July.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Sat.
Mon.
Tues.
4.90
5.00
5.00
5.05
5.10
5.02
March
5.00
5.05
6.05
5.15
5.25
5.15
May
5.22
5.27
5.27
5.35
5.42
5.35
July
[voL. 134.
FINANCIAL CHRONICLE
1394
Season's High and When Made- I Season's Low and When Made
March
6.97
4.67
Feb. 10 1932
March
Nov. 14 1931 May
7.00
4.80
Feb. 10 1932
May
Feb. 1 1932 July
Feb. 10 1932
5.50
5.00
July
PORK quiet; mess, $16.50; family, $19; fat backs, $15 to
$18. Ribs, Chicago,. cash, 5.75c., basis of 50 to 60 lbs.
average. Beef quiet, mess nominal; packet nominal;family,
$14 to 15.25; extra India mess, nominal; No. 1 canned
corned beef, $2; No. 2, $4.25; six pounds, South America,
$11; pickled beef tongues, $60 to $65. Cut meats, dull;
pickled hams, 14 to 16 lbs., 10c.; 10 to 12 lbs., 103/2c.; clear
bellies, 10 to 12 lbs., 83.c.; 8 to 10 lbs., 83/2c.; 6 to 8 lbs.,
4
833.; bellies, clear dry salted, boxed, 18 to 20 lbs., 73c.;
20. Butter, lower grades to higher than
14 to 16 lbs., 7y
extra, 183/2 to 233/2c. Cheese, flats, 113/2 to 180.; daisies,
123. to 1534c.; Young America, 123/2 to 173/2c.; lower grades
10 to 113/2c. Eggs, medium to premium marks, 143/2 to 20c.
-Linseed was offered at 2 points concessions from
OILS.
the 6.4o. carlot basis and it was even intimated that 6.1c.
could be done. The Argentine market was %c. higher up
to noon and May at Duluth was Mc. lower during the
morning. Demand was small. Cocoanut, Manila coast
4
4
tanks, 334 to 33/2c.; tanks, New York, 33 to 37 3. Corn,
crude tanks f.o.b. Western mills, 3% to 338c. Chinawood,
/
N. Y. drums, carlots spot 73/2 to 7%c.; tanks, 63/2 to 63c.;
4
Pacific Coast tanks, 63/2 to 63 c. Soya bean, Western mills,
%
3c.;carlot delivered, N.Y.,43/2c.; L.c.I.,5 to 5Me. Edible,
olive, 1.65 to 2.15c. Lard, prime, 93e.; extra strained
winter, N. Y., 7c, Cod, Newfoundland, 28 to 300. Turpentine, 39 to 450. Rosin, $3.25 to $6.35. Cottonseed oil
sales to-day, including switches, 7 contracts. Crude S. E.,
33‘c. bid. Prices closed as follows:
Spot
nbruary
March
May
July
4.00
4.00
August
4.35(84.38 September
4.47(3(4.51
4.59(84.63
4.60404.70
4.70(04.73
-Demand for gasoline has fallen off
PETROLEUM.
somewhat of late. Unfavorable weather has tended to
reduce consumption. For above 65 octane rating 6 to 63/20.
was quoted in tank cars at refineries while for below 65 octane
the price was 534 to 53(c., same basis. Heating oils were in
better demand with grade C bunker fuel oil steady at 60c.
Diesel oil was quiet at $1.30 refinery. Kerosene was also
in better demand with 41-43 water white steady, 53.i to
53/2c. in tank cars refineries. Lubricating oils were a little
more active and steadier.
Tables of prices usually appearing here will be found on an earlier page in
our department of "Business Indications." in an article entitled "Petroleum
and Its Products."
-On the 13th inst. prices advanced 10 to 15
RUBBER.
points with sales of 450 tons, with stocks and other commodities higher and shorts a bit nervous. No. 1 standard contract closed with March 4.12 to 4.150.; May 4.25 to 4.30c.;
July 4.38c.; Sept. 4.50e.; Dec.,4.68c.; new' A"Feb., 4.05c.;
March 4.12c.; April 4.18c.; May 4.250.; no sales. Outside
prices: Plantation R. S. sheets, spot and Feb., 4 to 43/2c.;
March 4 1-16 to 43413.; April-June 4 5-1604 July-Sept.,
4
-Dec., 43c.; spot first latex thick 43c.; thin
4
43/2c.; Oct.
pale latex 430.; clean thin brown No. 2 3 13-16c.; rolled
4
4
brown crepe 3Mc.; No. 2 amber 37 c.; No. 3 3 13-160.;
%
No. 4 33 c. On the 13th it was stated that the consumption of crude rubber by manufacturers in the United States
for Jan. amounted to 27,962 long tons, against 21,400 for
Dec., an increase of 30.6%, which is about seasonal, according to the Rubber Manufacturers' Association. Imports
of crude rubber in Jan. were 31,298 long tons, a decrease of
39.7% under Dec. and 15.6 below Jail. a year ago. On the
15th inst. futures declined 2 to 10 points on pessimistic talk
by Dutch interests about the likelihood of restriction. No. 1
standard contract ended with March at 4.05c.; May 4.16c.;
July 4.29 to 4.300.; sales, 420 tons; new "A" Feb., 3.98e.;
March 4.050.; April 4.10c.; sales, 20 tons. Outside prices:
Spot and Feb., 4 to 43/sc. On the 15th London opened
1-16d. to 34d. advance; at 2:35 p.m. quiet unchanged to
1-16d. advance; Feb., 2 11-16d.; March, 2 11-16d.; April,
2 13-16d. London closed quiet and unchanged to 1-16d. up;
Feb., 2 11-16d.; March, 2 11-16d. Singapore closed 1-16d.
to %d. advance; Feb., 23/2d.; April-June, 2 9-16d.; JulySept., 23d. In London stocks Feb. 13, 67.824 tons, an
increase of 414 tons over the preceding week. In Liverpool
stock increased 719 tons to 59,874 tons.
January consumption of crude rubber unexpectedly rose
to 27,962 long tons, the Rubber Manufacturers Association
reported Saturday, comparedwith 21,409 tons during Dec.
and with 36,669 tons during Jan. last year. The Jan.
increase over Dec., due to seasonal resumption in the tire
manufacturing industry, was 30.6%. Manufacturers had
not figured consumption below 24,000 or in excess of 25,000
tons for the month, although some uncertainty surrounds
the estimates owing to the plans of one large tire manufacturer. On the 16th inst. prices declined 10 to 13 points but
recovered some of the loss later on. The sales of No. 1
standard were 930 tons closing with March, 3.98c.; July,
4.20 to 4.21c.; Sept., 4.31c.; Oct., 4.37c.; Dec., 4.50c.;
New"A"Feb.,3.910.; Mar.,3.98c. Outside prices weakened;
4
Spot, Feb. and March, 3 15-16c. to 4c.; April-June, 41 c.;
-Dec., 4 9-16c.; Spot first latex,
July-Sept., 4 5-1604 Oct.
%
%
thick,48 c.; Thin pale latex, 43 c.;clean, thin brown, No.2,
3
3%c.; rolled brown crepe, 3 7-160.; No. 2 amber, 3 13-160.
Supplies of crepe in New York are believed to be small
though production of these grades is not believed to have been
much reduced in the East. Dealers'stocks of crepe in Malaya
FEB. 20 1932.]
FINANCIAL CHRONICLE
totaled 13,889 tons at the end of Jan., as compared with
12,100 tons at the end of Dec., 11,700 tons at the Nov.,
and 12,229 tons at the close of Jan. 1931. On the 16th
London opened at 1-16d. to Md. decline; at 2:39 p.m. was
%
quiet, 1-16d. to Md. off; Feb. and March, 25 d.; April,
2 11-16d. London closed dull, 1-16d. to Md. decline.
%
%
Feb. and March, 25 d.; April, 2 11-16d.; April-June, 23 d.;
Singapore closed dull and 1-16d: to Md. lower; Feb.,
4
23 d.; April-June,2Md.;July-Sept.,25 d. On the 17th inst.
%
prices closed unchanged to 4 points higher after an early
rise of 3 to 10 points. London advanced 1-16d. The sales
here were 500 tons of No. 1 standard. There were none of
new"A." No.1 standard closed with March, 3.90c.; May,
4.10c.; July, 4.22c.; Sept. 4.310.; Dec., 4.54c.; Jan., 4.63
New"A"Feb.,3.92c.; March,3.990.; April, 4.04c. Outside
prices: Spot and Feb., 3 15-16 to 4c.• March, 3 15-16 to
4 1-16c.; April-June, 4 3-16c.; July-Sept., 43/sc.; Oct.
-Dec.
'
4%c.
On the 17th London opened 1-16d. off; at 2:37 p.m. was
quiet and unchanged to 1-16d. up; Feb., 2 11-16d.; March,
2 11-16d.; April, 2,Icl. London closed quiet unchanged to
3
Md. up; Feb., 2 11-16d.; March, 2 11-16d.; April, 23 d.;
%
April-June,2W.;July-Sept., 2Md. Singapore closed quiet
and 1-16d. to Md. off; Feb., 23.4d.; April-June, 2 7-16d.,
and July-Sept., 2 9-16d. On the 18th inst. prices fell to
new lows; actual dropped below 4c. Futures declined 5 to
8 points; No. 1 standard closed with March 3.93c.; May,
4.02 to 4.050.; July, 4.15 to 4.18c.; Oct., 4.320.; Dec., 4.48
to 4.50c.; sales, 410 tons; new "A" contract, Feb., 3.86c.;
March, 3.93c.• April, 3.97c.; May, 4.02c.; June, 4.08c.;
no sales. Outside prices: Spot, Feb. and March, 3M to
3 15-16c.; April-June, 4 1-160.• July-Sept., 4 5-16c.; Oct.Dec., 4 9-16c.; spot first latex, thick, 4%c.; thin pale latex,
'
4%c.; clean thin brown No. 2, 33 c.; rolled brown crepe,
%
%
33'c.; No. 2 amber, 3 13-16c.; No. 3, 33 c.; Paras, upriver
fine spot, 5 to 53jc. On the 18th London opened at 1-16d.
decline to 1-16d. advance; at 2:36 p.m. was quiet unchanged
to Md. decline; Feb., 258d.; March, 2%d.; April, 2 1146d.
/
London closed dull at 1-16d. to Md. decline; Feb. 2 9-16d.;
Singapore
March, 2%d.; April and April-June, 2 11-16d. '
2
closed 1-16 to Md. up; Feb., 23sd.; April-June, 23/d.;
/
July-Sept., 258d.
/
To-day May and July sold down early to new lows but
rallied later with the stock market and London higher. No.1
standard contract ended 4 to 9 points higher with sales of
52 lots, with March at 3.970.; May, 4.09c.; July, 4.230.
Final prices are 2 to 5 points lower than a week ago. To-day
London closed 1-16 to Md. higher; Feb.
-March, 2 11-16d.;
April and April-June,2Vid. Unofficial estimate of Malayan
shipments for the first half of February totals 21,000 tons
and 43,000 tons for the full month. Actual shipments in
January were 42,638 tons and in Febuary last year, 41,951
tons were shipped. Singapore closed quiet at Md. decline;
March, 2%d.; April-June, 2%d.; July-Sept., 2Md. Unofficial estimate of rubber stocks in Great Britain for the
week ended Feb. 20 are: London, 850 tons decrease and
Liverpool, 350 tons decrease.
HIDES.
-On the 13th inst. prices closed 30 to 45 points
higher with sales of 1,480,000 lbs., closing with March 5.75c.;
May, 6.25c.;- June, 6.50c.; Sept., 7.29c. and Dec., 7.90c.
On the 15th inst. prices ended 5 points fower to 15 higher.
Early prices were unchanged to 21 points higher. Later,
profit-taking caused a reaction. Spot sales reported included
group sales estimated quantity 350,000, Nov.
-Dec.
-Jan.
takeoff, consisting of the following grades: Heavy native
steers at 63'c.; butt branded steers at 63.c.; heavy Texas
steers, 63'c.; Colorado steers, 6c.; light native cows, 6c.;
branded cows, 53'c.; 3,000 light native cows, Nov., 6c.;
2,000 heavy native steers, Nov.,6Mc.;2,000 Colorado steers,
-Dec., 6c.; 4,000 frigorifico steers, Feb., 73'c. The
Nov.
sales of futures here were 3,120,000 lbs., closing with March
5.70 to 5.850.; June, 6.64 to 6.70c.; Sept., 7.42 to 7.50e.
Outside prices: Common dry Cucuta, 10c.; Orinoeos, and
Santa Marta, 83'c.; Central America, 7c.; Maracaibo,
Ecuador and Savanillas, 7Me.; native steers (packer hides),
63c.; Chicago light native cows, Oct.
-Dec., 6c.; New York
City calfskin, 9-12s, $1.35; 7-9s, 75c.• 5-7s, 55 to 60c.
16th inst. prices closed 5 points lower to 10 higher
On the
'
with sales of 2,160,000 lbs. Spot hides were more active
common dry and country hides. New York City calfas to
skins are in better demand. Sales reported included group
sale, estimated quantity 50,000 to 75,000, Nov.-Dec.,Jan.
takeoff; at Chicago light native cows, Cc.; Colorado steers,
60.; heavy native steers, 63..c.; heavy Texas steers, 63.c.;
butt branded steers, 63/ic.; branded cows, 53/ic. At New
York, group sale, estimated quantity 10,000, Nov.
-Dec.
takeoff; butt branded steers, 63.c.; heavy native steers,
8,000 frigorifico steers, Feb., 73/i to 7 3-16c.; 2,000
63.c.;
frigorifico light steers, Feb., 6 13-16c. Closing prices for
futures were with March at 5.65 to 5.85c.; June, 6.68 to
6.75c.; Sept., 7.50c.; Dec., 8.10c. to 8.20c. New York City
calfskins, 9-12s, 1.35c.; 7-92s, 75c.; 5-7s, 55 to 60c.
On the 17th inst. prices closed 15 to 30 points lower,closing
with March 5.40 to 5.65c.; May,6.150.; June, 6.50 to 6.55e.;
July, 6.75c.; Sept. 7.25 to 7.30c.; Dec., 7.85 to 8.05c.
Sales included 43,060 extra light native steers, Jan., at 60.;
-Nov.
-Dec., at 63/ic.; and
3,000 butt branded steers, Oct.
4,000 frigorifico steers, Jan., at 73c. On the 18th inst.
prices closed 5 points lower to 10 higher; sales, 2,080,000 lbs.;
closing with March,5.41 to 5.50c.; May,5.750.; June,6.450.;
1395
July, 6.75c.; Sept., 7.30e.; Dec., 7.95 to 8.10c' Argentine
frigorifico were a little more active. Sales included 8,000
frigorifico steers, Feb., at 73.c.; 2,500 frigorifico light steers,
Feb., at 73'c.; at New York, 2,100 butt branded steers,
Dec., at 63ic.; and 3,500 Colorado steers, Dec., at 6c.
To-day futures ended unchanged to 41 points lower with
sales of 36 lots. March closed at 5 to 5.30c.; May, 604
June, 6.45 to 6.50e.; Sept., 7.30c.; Dec., 7.90 to 8c. Final
prices show a decline for the week of 43 points.
OCEAN FREIGHTS.
-At one time cotton and time
charters were active.
CHARTERS.
-Grain booked included a total of more than 20 loads on
Lincoln's Birthday and perhaps a little less than on Saturday; 5 loads spot
Hamburg, Sc.; 12 loads Hamburg, Sc.; 50 loads, French Atlantic,Feb.,9c.;
40 loads Marseilles, Feb.
10 loads Rotterdam, Feb., 5c. and
-March,
15 loads Antwerp, Feb., 5c.; 10c.•'
25 loads Antwerp, Rotterdam, French
Atlantic and Marseilles at respectively, 5%., 6 9 and 10c.; 5 loads Copenhagen. Sc.; 5 loads Baltimore-Liverpool. Is. 6d.; 5 loads French Atlantic,
8c.; 20 loads corn Gulf
-Bremen, 10c. Wheat.-vancouver, March, United
Kingdom, Continent, 25s. 6d. Tankers.
-Prompt California-Japan, 27c.;
Aruba crude, Feb., to Teneriffe. 55. 9d.; crude or fuel, Black Sea, Feb.,
Dakar, 55. 10d.' crude, or gas oil, Constanza-Ceuta, March. 15-31, 6s.
Time.
-Prompt round West Indies, 65 to 75c.; West Indies round 55c.
'
Sugar.
-Santo Domingo, second half March, United Kingdom-Continent,
15s.; Feb., Cuba, United Kingdom, Continent, 5,500 tons 5 loads, at
15s. 6d.; early April, Cuba. United Kingdom, Continent, 14s. 3d. Grain.
-22,000 qrs. New York, early March, Bayonne and Antwerp., 93ic.
COAL.
-Prices have been firm but recent abnormally
high temperatures of course hurt business. Still the retail
demand for anthracite has been steady and circular prices
were firm. In the West bituminous screenings and slack
have also had a fair demand. High grades were the best
sustained. Prime steam slack was quoted at 90c. with
none under it. By-product sold at $1 to $1.25. Increased
movement of smokeless domestic sizes has been something
of a feature. Of late with colder weather trade has been
better in the East.
TOBACCO has been in fair demand here for this season
of the year. Hartford wired: "Large sales of Havana seed
long light seconds have been recorded in the local market
during the past week. Waitt & Bond and the General Cigar
Co. were the principal buyers. Transactions reported account for several thousand cases." Mayfield, Ky., to the
"U. S. Tobacco Journal": "Sales for the past week in the
various Southern tobacco growing sections were as follows:
At Mayfield, 973,450 lbs., at an. average of $3.22, or 12c.
higher than the preceding week. At Paducah, 318,840 lbs.,
averaging $3.23, or 74c. lower than last week. At Murray,
204,415 lbs. at an average of $4.38, or 45c. lower. At
Hopkinsville, 1,094,030 lbs. of dark, at an average of $5.32,
and 1,165,050 lbs. of Burley at an average of $3.54. Burley
was $1.30 and dark,4c.lower. At Clarksville, 1,745,765 lbs.,
average, $6.40, 59c. lower than last week. At Springfield,
775,710 lbs., averaging $7.35, or 14c. higher. At Owensboro, 2,084,900 lbs. of dark tobacco, averaging $4.57, and
624,765 pounds of Burley at an average of $6.32. Dark,
870. and Burley, 32c. higher. At Henderson, 943,595 lbs.,
averaging $3.15, or 39c. higher. The One Sucker District
(Bowling Green, Franklin, Russellville and Scottsville) sold
1,799,200 lbs. of dark tobacco at an average of .01, or
58c. higher. At Lynchburg, 477,922 lbs., at an average
of $5.21, or 36c. higher. At Blackstone, 501,795 lbs.,
averaging $7.50, or $1.81 higher. At Farmville, 517,000 lbs.,
at an average of $4.43, or 80c. higher. At Oxford, N. C.,
584,196 lbs. at an average of $5.85. Total sales for the
season to date are 22,717,166 lbs. at an average of .83.
The low average of $5.85 per hundred was due more to the
large amount of low grade, bringing from 50c. to $1 as the
types, cutters and fillers, from 5c. to 50c. are about as strong
as any time during the season, due largely to the fact that
very little high grade leaf is now being offered.
Louisville,
Ky., wired: "Production in Kentucky in 1931 was 502,565,000 lbs., or 35% increase over the 372,151,000 lbs. produced
in the State in 1930, and 53% more than the average annual
production of the State. With approximately 21,000,000
lbs. of tobacco pledged the organization committee of the
Western Dark Fired Growers' Association definitely, decided
at a meeting at Murray, Ky., Feb. 1, to incorporate under
the laws of Kentucky and establish headquarters here."
Loans from the $50,000,000 fund authorized by the Reconstruction Finance Corporation Act for financing tobacco and
cotton planting will be made on acreage not more than 65%
of the acreage planted to these crops in 1931.
SILVER.
-On the 13th inst. prices closed 21 to 38 points
higher with March 30.50 to 30.650.; May, 30.90 to 31.07c.;
July, 31.26c.; September, 31.58 to 31.75c.; October, 31.70
to 31.800.; December, 32.05c.; sales 575,000 ounces. On
the 15th inst. futures closed unchanged to 24 points higher
with sales of 2,500,000 ounces, closing with March 30.50
to 30.85c.; May, 31 to 31.20c.; July, 31.50c.; August, 31.60
to 31.95c. On the 15th inst. the trading in silver futures
here at the National Metal Exchange was the largest this
far this year, following an advance in commercial bar silver
of Vic. per ounce to 303 c. Also, it was announced that the
1
House of Representatives had granted an appropriation to
its Committee on Coinage, Weights and Measures to make a
study of the silver problem. Nine months were traded in
on the 15th. It was an unusually broad market. A feature
was a trading in a 1933 month for the first time. On the
16th inst. prices closed 25 points lower to 6 higher; sales
1,325,000 ounces. Closing prices were with March at 30.50
to 30.75c.; May at 31.06; July, 31.25 to 31.50c.; September,
31.55e., and December, 32.05 to 32.12c. On the 17th inst.
prices closed 28 to 42 points lower; sales 950,000 ounces;
1396
closing: March, 30.22 to 30.400.; May, 30.64c.•, July, 30.90
to 31.10c.;August,31 to 31.20c.;September,31.15 to 31.3504
October, 31.30 to 31.50c.; December, 31.700. On the 18th
inst. prices closed 15 to 30 points higher; sales 150,000
ounces. The ending was with March at 30.38 to 30.47c.;
May,30.85 to 30.92c.; July, 31.150. To-day futures closed
30 to 35 points higher with sales of 700,000 ounces and
March at 30.70 to 30.85c.; May, 31.20c.; July, 31.450.;
October, 31.90 to 32c.; December, 32.25c. Final prices are
45 to 56 points higher than a week ago.
-Sales for export on the 15th inst. exceeded
COPPER.
7,000,000 lbs., the largest business for one day in several
/
weeks. The export price was 63sc. Some sellers advanced
rethe domestic price, however, to 63'c., but no sales were the
off and on
ported at this level. Later on export sales felltime in several
18th inst. were only 303 tons. This is the first Prices were
days that the total has fallen below 1,000 tons.6% to 63/c.
2
/
unchanged at 65sc. c.i.f. European ports, and
for domestic account. London on the 18th inst. advanced
up 7s. 6d.
2s. 6d. on spot standard to £38 17s. 6d.; futures of electroprice
to £38 5s.; sales, 700 tons futures; the bid 10s. to £42 10s.;
lytic unchanged at £41 10s., asked price, off
at the second London session that day standard dropped
7s. 6d. with sales of 350 tons of futures. On the 18th inst.
futures here closed unchanged; no sales; March ended at
5.30c.; May at 5.50c.; July,5.70c.; Sept., 5.900.; Dec.,6.050.
To-day futures here closed unchanged with May at 5.50 to
5.70c.; July, 5.70c.; Sept., 5.90c.; Dec., 6.050.; sales,50 tons.
TIN was dull with spot Straits here 22.20 to 223,4c. At
the first 89139i011 in London on the 18th inst. prices were unchanged to 5s. higher while at the second session standard
tin dropped 5s.• sales, 680 tons. On the 18th inst. futures
here closed unchanged; no sales; March ended at 22.30c.;
May, 22.600.; July, 22.95c.; Sept., 23.35c.; Dec., 23.95c.
To-day futures here closed 30 points lower with March 22c.,
May, 22.30c.; July, 22.65c.; Sept., 23.05c.; sales, 80 tons.
LEAD was in smaller demand but prices remained unchanged at 3.750. for New York and 3.550. East St. Louis.
In London on the 18th inst. prices were unchanged to £15
for spot and futures; sales, 100 tons of spot and 200 futures.
. ZINC was rather quiet and steady at 2.825 to 2.85c. East
St. Louis. Most of the sales were made at the lower price.
In London on the 18th inst. spot dropped Is. 3d. to £14
7s. 6d.; futures unchanged to £14 15s.; sales, 400 tons spot
and 500 futures.
STEEL has remained quiet. The average rate of operabe none too sure
tion is stated as 27%. Some profess to higher prices have
late
that even this rate will continue. Of asked of $2 to $4 per
been asked. That is an advance is
ton in bars,
ton on steel sheets. The advance of $2 per
plates and shapes, which was tried in the Chicago district
a few weeks ago, did not succeed as Pittsburgh balked at
trying it. It remains to be seen what the automobile companies will do. Wrought iron pipe has been reduced about
in a
$4 per ton. Iron and steel scrap lows.sense the barometer
of the trade, are dull at the recent
-There is a frank acknowledgment of the proPIG IRON.
trade. Only, small lots are
tracted monotonous dullness of largely nominal. They are
traded in. Prices are therefore
in a sense untested.
-In Boston prices have been reported firm but
WOOL.
prices:
with business smaller. Boston 23c.; fine clothing, 18% to ne.
;
fine delaine.
Ohio & Pennsylvania % blood clothing, 19 to 20c.; % combing, 23c.;
combing. 23c.;
% blood
22c.; Territory clean basis, fine
:
%
clothing, 21c.; X combing, 21% to
French combing, 63 to 55e. fine,
staple. 57 to 58c.; fine, fine medium,blood staple, 47 to 50c.; % blood,
48 to 51c.; % clean basis, fine 12 months, 54 to
fine medium, clothing, to 42c.; Texas,
40
53 to 55c.; X blood,46 to 48c.; fall. 36 to 38c.; Pulled, scoured basis, A
56c.. fine 8 months, to
38 to 40c.; Mohair, original Texas adult,
clean,
super, 48 to 50c.; B,4348 47c.; C.spring kid, 40 to 44c.; Australian56-58
4,
22 to 254c.; fall, kid, to 52c.;
New Zealand clean, bond,
34 to 36c.; 114s combing, 30 to 32c.; 25 to 27c.
48-50s,
28 to 30c.; 50-56s. 28 to 30c.;
report on Feb. 15 as follows:
Boston wired a government
finer Western wools last
"Weakness in prices of 64s and
confined largely to the short
week was not marked and was50c. scoured basis, is the low
French combing staple, about 64s and finer wools, free of
point at about short combing
volume. Receipts of
defect can be obtained in substantial week ended Feb. 13,
domestic wool at Boston during the
with 462,800 lbs.
amounted to 2,245,900 lbs. as compared
government report from
during the previous week." A
wools except short
Boston on Feb. 1,7 said: "Most domestic
lines are very quiet.
combing 64s r'-id fiiier grades of WesternShort combing and
Prices • isnerally show little change. are selling at about
clothing U4s and finer western wools
Occasional offerthe same prices that prevailed last week. wools are availings of semi-bright 48-50s, combing fleece but the volume
able at slightly lower than last week's prices, Melbourne on
At
of such offerings appears to be limited."
readily. Compared
Feb. 16 a good selection mostly sold
except on lambs
with sales on Jan. 28 prices were unchanged 17, 16,100 bales
were neglected. At Napier on Feb.
which
tive selection of crossoffered and 12,600 sold. RepresentaContinental and Japabreds, but no merinos. Yorkshire,
Wellington sales
nese buying was liberal. Compared withFine and medium
on Feb. 11 prices were par to 5% lower. on crossbreds: 50crossbreds were wanted. Prices realized
4% to 7d.;
/
565, 630. to 81 141.; 48-50s, 6 to 8d.; 46-48s,
on Feb.
A
44-46s, 33 to 630.;40-44s, 3 to 43 d. In Sydney
Fol.. 134.
FINANCIAL CHRONICLE
18 auctions closed. A good selection met with brisk competition from Japan, the Continent and Yorkshire. Compared with opening rates prices were slightly higher for wellgrown average type merino fleece and skirtings and also
comeback greasy and comeback greasy and crossbreds, but
good style merino fleeces of fine quality were irregular and
occasionally lower. The sixth series will extend from March
7 to April 14 and offerings will total 116,000 bales.
-To-day prices closed 10 points higher
WOOL TOPS.
with February to January incl. 38.500. Boston spot unchanged to 72.50c. Roubaix-Tourcoing unchanged to 20
higher; sales 136,400 lbs. Antwerp, unchanged to %d.
lower; sales 62,000 lbs.
-On the 17th inst. prices closed 3 to 5 points
SILK.
lower; sales 670 bales, closing with February 1.62c.; March,
1.650.; May and Sept., 1.7143.; July and August, 1.70 to
1.71c. To-day futures ended unchanged to 2 points lower
with sales of 1,310 bales; March, 1.63 to 1.650.; May, June,
July and Sept., 1.70c. Final prices show a decline for the
week of 4 to 8 points.
COTTON
Friday Night, Feb. 19 1932.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
175,417 bales, against 249,848 bales last week and 223,645
bales the previous week, making the total receipts since
Aug. 1 1931, 7,984,485 bales, against 7,562,765 bales for
the same period of 1930. showing an increase since Aug. 1
1931 of 421,720 bales.
Total.
Mon. Tues. Wed. Thurs. Fri.
Sat.
Receipts at5.821 7,965 13,747 '7,772 4,454 3,901 43.660
Galveston
7,838 7.838
Texas City
5,515 8,840 7.278 7,028 4,492 17,013 50,166
Houston
120 1,105
52
324
352
121
136
Corpus Christi.._
171 __-171
Beaumont
New Orleans........ 2,905 3,095 14,644 1,684 22,043 5.121 49,492
314 1,246 9.179
839
Mobile494 1,087 5,199
927
Pensacola
160
160
Jacksonville -------------------- -995 _ 'Sig 5,434
1,3
1,
Savannah
2.139 ------------2,139
Brunswick
8224 1,00488 1,284
13
73
Charleston
-_-_ 2.139 2,139
-Lake Charles_ __ _ -569
115
ig'i __,_
i55
iii
5i
Wilmington
282
30
76
23
18
102
33
Norfolk
53
Boston
819
giO
Baltimore
Potals this week_ 16.781 21.684 45.032 18.013 33.7111 39124111711 417
The following table shows the week's total receipts, the
total since Aug. 1 1931 and stocks to-night, compared with
last year:
1931-32.
Receipts to
Feb. 19.
1930-31.
Stock.
This Since Aug This SinceAug
Week. 1 1931. Week. 1 1930.
1931.
1932.
43.660 1,988.965 17,287 1,277,421 9)5,409 618,784
Galveston
7,838 196,313 1,037 107.585 68,306 43.903
Texas City
50,166 2,902,692 22,261 2,699,072 1,561,411 1,398,491
Houston
Corpus Christi_ __ 1,105 417,280 1,778 566,072 79,588 80,608
22,594
171 17,086
Beaumont
49,492 1.387.785 38,926 1,160,407 1,127,577 791,833
New Orleans
Gulfport
9,179 352,047 13,038 481,888 234,731 224,577
Mobile
927 50,042 1,030 54,255
Pensacola
1,336
469 16,994
160 24,717
Jacksonville
5,434 274.162 9,iAL 619,070 295,296 344,691
Savannah
49,050
2,139 27,694
Brunswick
1,284 97,854 2,064 264,831 139,728 170,317
Charleston
Lake Charles_ --- 2,139 126,225 2.729 53.893 62,412
569 43,152 1.651 54,236 22,284 18,705
Wilmington
282 57,925 1,497 134,406 67.450 93,827
Norfolk
Newport News_
1,125 208,195 228,533
New York
2,887
802 13,019
748 ---53
Boston
1,305
2,593
255 15,527
819 19.797
Baltimore
5.213
5,313
12
Philadelphia
1711.417 7.984.484 113.438 7.5412 7RA 4 RIR 2(1(1 .1. A95 ni n
Totals
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1931-32. 1930-31. 1929-30. 1928-29. 1927-28. 1926-27.
- 43,660 17,287 12,054 22.904 29,571 47,073
Galveston50.166 22,261 17,460 20,866 11,560 48,005
Houston
New Orleans_ 49,492 38,926 26,359 26,120 23,180 61,084
3,288
4,865
4,476
3,053
9.179 13,038
Mobile
1,419
1.803
3,750 20,437
9,885
5.434
Savannah..-_
__ _
2,139
Brunswick
201
355
1,145 10,046
2,064
1,284
Charleston.._ _
543
2,910
561
1,176
1,651
569
Wilmington _
1.034
693
8,053
1,395
1,497
282
Norfolk
NewportNews
8,109
6,829
3,528
1.376
1,810
13,212
All others_
Total this wk.. 175.417 113.438 65,886 80.860 75,323 210,193
filnce Aug.1_ 7.984,485 7,562,765 7,289,189 8,014.272 6.962,693 10503063
The exports for the week ending this evening reach a total
of 206,935 bales, of which 24,160 were to Great Britain,
13,564 to France, 34,162 to Germany, 14,175 to Italy, nil
to Russia, 106,244 to Japan and China and 14,610 to other
destinations. In the corresponding week last year total
exports were 122,616 bales. For the season to date aggregate
exports have been 5,519,368 bales, against 4,730,7019 bales
in the same period of the previous season. Below are_the
exports for the week.
Receipts at
FINANCIAL CHRONICLE
FEB. 20 1932.]
SI
1397
the six months ended Jan. 31 is 2,631,272 against 2,460,250
for the same period last year. Exports for the six months
ended Jan. 31 were 4,954,472 running bales against 4,479,357
Total.
Italy.
last year. The quantity of cotton held in consuming estab6,825 60,601
28,912
9,247 4,404 7,122 4,091
Galveston
lishments on Jan. 31 was 1,637,139 bales against 1,630,543
42,976 5,507 68,206
6,606 8,674 4,443
Houston
1,245 11,057 on Dec. 31 1931 and 1,617,840 on Jan. 31 1931. The total
1,371
2,134 2,146 1,978 2,183
Texas City
171 held hi public storage and compresses was 10,032,322 bales
6
165
Beaumont
150 20,362
13.981
428 3,983 1,820
New Orleans- _ _
250 6,410 against 10,425,945 bales on Dec. 31 and 7,938,877 on Jan. 31
1,638
4,522
Mobile
281 last year. Exports of American cotton during January were
Y.-.
281
Jacksonville_ _ _ 927
5
922
Pensacola
14 7,620 919,338 running bales, excluding linters, against 1,189,089
2,471
5,135
Savannah
2,139 in December 1931 and 532,821 in January last year. The
2,13
Brunswick
12,359
4,862
2,671
4,82
Charleston
Agricultural Economics on grade and
352 report of the Bureau of
18
170
Norfolk
65 staple of cotton ginned prior to Jan. 16 showed that of the
65
New York
543 9,985
8,942
tho
Los Angles
16,002,300 bales to that date, 15,991,400,
5,200 total ginnings of
5,200
San Francisco_
1,200 or 99.9%, were American upland. Of this 14,633,700 bales,
fioo
Lake Charles_ _ _
or 91.5%, were tenderable under the United States Cotton
106,244 14,610 206,935
24,160 13,584 34,162 14,175
Total
Futures Act, compared with 11,538,100, or 85%, last year.
28,938 17,834 122,616 The total untenderable was 1,357,700, or 8.5%, compared
Total 1931_ _ _ 11,632 30,722 22,981 10,509
29,239 14,936 108,951
19,430 15,250 16,537 13,559
Total 1930
with 2,040,100, or 15%, last year.
On the 15th inst. prices advanced 8 to 10 points early,
Exported to
I
From
Aug. 1 19
with stocks higher at first and the trade, the Continent and
'Japan&
Feb. 19 .932. Greati
the Japanese apparently buying as well as Wall Street.
Total.
France.' many. I Italy. 1 Russia. China. Other.
44
Exportsfr,nn- Britain.'
Speculation was active. Liverpool advices were rather
184,957 58,406 170,354128,944 . - 711,546192429 1,446,636 stimulating, with the Continent buying and scattered shorts
Galveston
.
165,408 132,485 431,746160,3071- -802.719247,321 1,939,986
Houston_
98,417 covering. Alexandria was 10 to 18 points higher. Worth
16,011 6,760 29,480 6,126 ..- _ 32,839 7,201
Texas CitY--_ 129,415 32,334 300,171 Street was firmer. Manchester reported cloths firm, with
71,354 12,980 24,718 29,37
Corpus C trist
14,048
50 --------1,532
7,070 1,480:
3,916
Beautnon
-.211,306 45.116 616,952 home demand sustained and apparently a good demand from
New Oneans. 129,415 30,335' 97,859102,921
75,105 4,834 --136,531 7,150 295,988 other quarters. Later most of the advance was lost as
70,268 2,100
Mobile_ - ___
9,054
5,165 ------------122
3,767. ____
JaeksonvlIle__
705 66,642 stocks reacted and the South, New Orleans, "wire" houses,
____ 5,304
,
10.146
Pensacola
62,476
125 62,874, 750 _.-- 162,639 5,712 294,580 local traders, Liverpool and apparently co-operatives sold.
Savannah
50 36,091
____
31,374
4,167. ____
-------- ---5
Bruitswic k..377 112,313 The largest buying later was said to be by American, Euro___
____ 20,324
36,341
40,1711
____
Chariest°a__
--------1,458
21,080 pean and Far Eastern mills. In the Mississippi Valley heavy
8,072 11,5
Wilmington....I
--------6,45
8
42 29 010
Norfolk_
conditions worse in the Yazoo delta
22:421 rains fell, making flood
16974 1,99
,
12 M,
.
New YorI:::
1,513 in Mississippi.
____ 1,34
____
____
42
____
126
Boston_ 8
8
Baltimor
On the 16th inst. prices declined 3 to 5 points at first, with
____
__ 118,742 3,265 136,312
11,135
150
3,020
Los Angeles...
34,806 stocks lower, and Southern and other selling. The co-opera766
-___
__-_ 33,490
100
San Franmisco
380 tives may have been selling. Later came a net advance of
380
Seattle_
I
--------7,557 42,956
18,837 5,713
3,478, 7,371
Lake Ch mles.
some 6 to 10 points as wheat jumped 2 to 3c. and stocks
____ 2388387572,356 5,519,364 rallied. The trade, Japan, Liverpool, the Continent, Wall
Total_ .--- 791,244 252,3931,064,245450,739
Street, and "wire" houses bought. The outside public buyTotal 1930-31 859,346 791,641 1,236,220 357,393 29,279961,287495,543 K,730,709
-----.0- Atnolnono Inn no nAnno, 092 mqn nail 107 922 ing was larger. Some in Chicago have an idea that someTotal 19
markets
-It has never been our practice to include in the thing special will be done for commodities. Spot
NOTE -Exports to Canada.
above table reports of cotton shipments to Canada, the reason being that virtually
were active and strong. Liverpool was higher than due,
all the cotton destined to the Dominion comes overland and it is impossible to
spot demand. Bombay bought, and
give returns concerning the same from week to week, while reports from the custom and there was a good
districts on the Canadian border arc always very slow in coming to hand. In view, there was calling by mills offsetting hedge selling and some
however, of the numerous inquiries we are receiving regarding the matter, we will
good buying orders under the
say that for the month of January the exports to the Dominion the present season liquidation. Here there was
have been 14,209 bales. In the corresponding month of the preceding season the market from domestic and European sources. World conexports were 14,010 bales. For the six months ended Jan. 31 1932 there were
sumption of all kinds of cotton in the first half of the current
105,050 bales exported, as against 125,763 bales for the six months of 1930-31.
cotton season was approximately 11,475,000 bales, compared
In addition to above exports, our telegrams to-night also with 10,939,000 in the same period last season, according to
give us the following amounts of cotton on shipboard, not the New York Cotton Exchange Service, The world used
cleared, at the ports named:
about 536,000 more bales of all growths of cotton in the first
half of this season than in the same period last season, or
On Shipboard Not Cleared for
on the basis of 1,072,000 increase in the full season. ConGerOther
CoastLeaving
Great
sumption of American cotton is tentatively put at 5,975,000
Total.
Stock.
- Britain France. many. Foreign wise.
Feb. 19 at
bales in the first half of this season against 5,377,000 last
Galveston
7,000 3,000 5,500 44,000 2,000 61,500 843,909 season, an increase of 598,000 bales. Consumption of foreign
New Orleans_ _ 20,260 3,627 4,031 27,837 4,141 59,896 1,067,681 growths, on the other hand, is estimated
at 5,500,000 bales
1,000 294,296
1,000
Savannah
139,728 in the first half of this season against 5,562,000 last season,
Oharleston-29,300 -WO 33.372 201,359 a decrease of 62,000 bales. Hence all of the increase this
2:gB 1.047
Mobile
67,450
Norfolk
1,000 45,000 1,995,115 season over last season is in American cotton.
2,000 2,000 4,000 36,000
Other ports*-Manchester had a better demand for both yarns and cloths,
Total 1932_. 31,785 9,674 14,531 137,137 7,641 200,768 4,609,538
Total 1931
13,580 7,689 9,199 51,654 5,058 87,180 3,937,830 with larger buying by India. East Indian mills are doing
Total1930
23,252 12,456 15,490 65.276 4,989 121,463 2,091,998 a better business this year in a higher quality of goods that
* Estimated.
is usually produced in India. Indian mills are buying
Speculation in cotton for future delivery has been more American cotton to meet this demand. Recently a cargo of
active, partly for outside account, at rising prices, under the 12,000 bales of American cotton shipped to Shanghai was
spur of advancing stock and grain markets and talk of diverted to India, where Indian mills were very glad to
coming inflation, with which foreign cotton markets seem get it. Worth Street was quiet but firm.
much impressed. India, China and Japan have all, it seems,
On the 17th inst. prices ended 3 points off, though they
been buying in this country, Spot markets have been active advanced early 6 to 8 points, with stocks and grain higher
and rising. The South continued to offer, as a rule, very for a time,strong Liverpool cables, small offerings, and much
sparingly. American cotton still has preference in the Far fixing of prices by the Continent and Far East. If coEast because of light crops and high prices in that quarter operatives sold future here they are supposed to have bought
spot cotton at the South. The Glass Credit bill was adof the globe. The tone here shows more snap.
On the 13th inst. prices advanced 15 to 20 points, with vanced. Liverpool was higher on general buying, covering,
stocks and grain higher, speculation more active, the trade, calling, and a good spot demand. Manchester reported a
home and foreign interests buying, and nervous shorts cov- large inquiry for cloths and fair sales of yarns. Cloths here
ering freely. Back of it all was the proposed extension of were in better demand, and firm, and it was reported that
the Federal Reserve Act which might add $2,500,000,000 to 90% of the mills had agreed to avoid overproduction. Inthe currency resources of the United States. It is taken to ferentially this seemed to some to mean that there is to be a
mean inflation and higher prices for commodities. Spot cut in production by these mills of possibly 20 to 25%. The
cotton was in sharp demand at advancing prices. Fall River Spartanburg, S. C., program, announced on Jan. 29, provided
had a better tone. Manchester reported larger buying of for production that should not exceed 90% or 50 hours per
cloth by South America and Africa and a fair business with week for day running mills; a rate of 80% for mills running
India and Egypt. London cabled that rather important on a 44
-hour day and 50
-hour night schedule per week, and a
orders for munitions were being received from China and rate of 75% for mills running more than 105 hours per
Japan by British firms. Worth Street was firm, with a week. But in the later trading a sharp reaction in stocks and
moderate business. Here Japanese interests were supposed grain hit cotton, Prices reacted noticeably. There was not
to be buying, and also Liverpool and the Continent. Liver- a little liquidation, and some thought the co-operatives sold
pool advanced 15 to 16 points on the 13th inst. on covering more or less March and July. Some hedging sales took place.
and Bombay and Continental trade buying and good calling. New Orleans and local traders sold. It was said that mills
Bombay was closed for a holiday. On the other hand, co- were forced to name very low prices to get rid of some
operative interests were credited with selling 12,000 to goods. Percale dresses are selling here, it is said, at as
15,000 bales, mostly July. The South sold rather more low as 50c., and others at prices hitherto unknown. But
freely; New Orleans and local interests were sellers. But cotton futures did not give way much. Europe and the
what selling there was fell flat. It was apparently a new Orient kept on buying. Foreign spinners, it seems, fear inkind of market. Offerings were snapped up quick, The flation in this country. Japanese interests also in New
Census Bureau put the consumption of all growths in this Orleans were said to be taking all the spot offerings and
country in January at 435,337 bales against 415,517 in De- that the interior was selling very little. Also there is said
cember 1931 and 450,117 in January 1931. Consumption for to be a large spot short interest in March. General rains
Exported to
-
Week Ended
Great
I Get
Feb. 19 1932.
Exportsfrom
- Britain. France. many.
at
Japan&
Russia. China. Other.
.,IP.. ____ ____
FINANCIAL CHRONICLE
[Vol.. 134.
fell especially in the Mississippi Valley. The forecast was
FUTURES.
-The highest, lowest and closing prices at
mostly for cloudy or showery weather. It is not wanted. New York for the past week have been as follows:
Mild weather continued to favor the survival of the weevil.
Saturday, Monday,
On the 18th inst. prices advanced some 10 to 15 points,
Tuesday, Wednesday, Thursday,
Friday,
Feb. 13.
Feb. 15.
Feb. 16.
Feb. 17.
Feb. 18.
Feb. 19.
led by March in a new high for the present movement. One
of the causes was good buying by Liverpool. That was a Feb.
Range__- 6.81- 6.81
new feature. Continental and Far Eastern mills also bought
Closing_ 6.65- 6.70- 6.76- 6.73- 6.87- 6.91 -freely. So did the domestic trade. Liverpool's spot sales !larchRange__ 6.71- 6.77 6.70- 6.81 6.69- 6.80 6.75- 6.87 6.78- 6.91 6.90- 7.00
were larger. The spot demand there was good all during
Closing_ 6.71- 6.73 6.73- 6.74 6.79- 6.80 6.76- 6.77 6.90- 6.91 6.94- 6.97
the week. Also the Bank of England rate of discount was twit--ange__
reduced 1% to 5%. Hedging and realizing by Manchester
Closing_ 6.81 - 6.83
6.89- 6.85- 6.99- 7.02in Liverpool were offset by covering. Spot markets in lay
Range.... 6.89- 6.97 6.88- 7.00 6.88- 7.00 6.93- 7.05 6.97- 7.08 7.08- 7.18
this country were rising under the spur of a continued good
Closing_ 6.91- 6.93 6.93- 6.94 6.99- 6.95- 6.96 7.08- 7.11- 7.12
demand. The basis was reported the best of the season. rune
Range..
- 7.00- 7.00
Augusta, Ga., reported that % inch middling sold even with
Closing- 6.99- 7.02- 7.07- 7.03- 7.16- 7.19New York and March. Worth Street had a good business rulyRange__ 7.06- 7.12 7.05- 7.15 7.05- 7.17 7.10- 7.23 7.12- 7.25 7.24- 7.35
in print cloths, partly for delivery in May and June at firm
Closing_ 7.07- 7.09 7.09- 7.10 7.16- 7.17 7.12- 7.13 7.24- 7.25 7.27- 7.29
prices, which in some cases were higher. Stress was laid lug.
Range....
on the agreement of 90% of the print cloth mills to keep
.
Closing_ 7.15- 7.16- 7.24- 7.20- 7.32- 7.36production down to the requirements of trade. Rains again
occurred in the South and the forecast was for showers.
Range_
Closing_ 7.22- 7.23- 7.32- 7.27- 7.40- 7.44Manchester reported a large business in cloth, with home
and East Indian buyers with the English bank rate lower.
Range.. 7.28- 7.34 7.27- 7.38 7.28- 7.40 7.34- 7.47 7.36- 7.49 7.48- 7.59
Closing_ 7.30- 7.30- 7.31 7.40- 7.35- 7.37 7.48- 7.49 7.53Liverpool closed 6 to 8 points net higher, with a much better
tone. London cabled that the reduction in the bank rate Vov.Range.significant as a reversal of the
Closing_ 7.38- 7.32- 7.48- 7.44 ---- 7.56 --- 7.62 ---was both welcome and
British deflation policy. Montgomery, Ala., advices stated )ec.Range__ 7.44- 7.51 7.44- 7.55 7.45- 7.57 7.52- 7.63 7.54- 7.66 7.65- 7.77
only has the recent excess of rainy and wet weather
that not
Closing_ 7.46- 7.47 7.47- 7.57- 7.54- 7.65- 7.68 7.71delayed preparations for the next crop but also stringent 'an.
Range.... 7.51- 7.57 7.51- 7.60 7.52- 7.64 7.57- 7.70 7.59- 7.74 7.71- 7.84
financial conditions. Cotton acreage reduction by legislaClosing.. 7.55- 7.55- 7.64- 7.61 - 7.73- 7.64 7.77tion having failed, the extent of curtailment will be deterRange of future prices at New York for week ending
mined by the farmers; and in turn by merchants and banks.
Since cotton is the principal money crop of the South, the Feb. 19 1932 and since trading began on each option:
grower will strive to produce as much as conditions permit Option
forRange for Week.
Range Since Beginning of Option.
at the lowest possible cost. The movement back to the farms
has resulted in the largest supply of arm labor for many Feb. 1932... 6.81 Feb. 15 6.81 Feb. 15 6.25 Nov.30 1931 6.98 Nov. 10 1931
Mar. 1932._ 6.69 Feb. 16 7.00 Feb. 19 5.76 Oct. 6 1931 11.59 Apr. 6 1931
years and a substantial increase in the number of farmers. Apr. 1932
6.80 Nov. 4 1931 6.99 Nov. 6 1931
The sales of mules and horses is considerably less than last May 1932__ 6.88 Feb. 15 7.18 Feb. 19 5.96 Oct. 5 1931 11.40 June 27 1931
1932__
Feb.
Nov.23
9.74
year. Mild weather has continued this month, with only June 1932_ 7.00 Feb. 15 7.00 Feb. 15 6.62 Oct. 5 1931 9.15 July 27 1931
July
7.05 Feb. 15 7.35
19 6.15
1931
Aug. 1 1931
6.67 Nov. 27 1931 7.57 Oct. 30 1931
few freezes in any part of the belt during the entire winter, Aug. 1932Sept. 1932
5
7.68
1931
but it is too early to foretell the weevil damage. As far as Oct. 1932__ 7.27 Feb. 15 7.59 Feb. 19 6.75 Jan. 10 1932 7.67 Oct. 30 1931
8.67 Dec.
1931
Nov. 9
spot cotton is concerned the market is called a sellers' one, Nov. 1932
7.32 Feb. 11 1932 7.32 Feb. 11 1932
Feb.
Feb. 19
Jan.
despite the existing large supply and the strong holding Dec. 1932_ 7.44 Feb. 13 7.77 Feb. 19 6.96 Feb. 5 1932 7.77 Feb. 19 1932
Jan. 1933._ 7.51
13 7.84
7.23
10 1932 7.84 Feb. 19 1932
movement remains an oustanding feature of this season. A
New York Cotton Exchange "seat" sold at $14,000, an adTHE VISIBLE SUPPLY OF COTTON to-night, as made
vance of $1,000.
up by cable and telegraph, is as follows: Foreign stocks as
To-day prices advanced 10 points, with a good demand well as afloat are this week's returns, and consequently
reported from spinners in this country, Bombay, Shanghai, all foreign figures are brought down to Thursday evening.
Japan, England and the Continent. Chinese and Japanese But to make the total the complete figures for to-night
interests were said to be buying spot cotton at the South. (Friday) we add the item of exports from the United States,
Dallas wired that the Southern Cotton Co. estimates the including in it the exports of Friday only.
quantity of American cotton to go to the Orient this season
Feb. 191932.
1931.
1930.
1929.
Liverpool
bales- 658,000 888,000 921,000 970,000
at 3,500,000 bales. Mills in the Orient, it is stated, are Stock at London
Stock at
demanding American cotton of every grade and staple in- Stock at Manchester
175,000 210,000 113,000
91,000
stead of Egyptian, Indian and Chinese cotton. Egyptian
Total Great Britain
833,000 1,098,000 1,034,000 1,061,000
cotton at the prevailing basis, it is stated, is comparatively Stock at Hamburg
high. Indian cotton is, it seems, on a decidedly higher basis Stock at Bremen
310,000 539,000 496,000 607,000
Havre
175,000 357,000 295,000 249,000
on account of the unusual smallness of the crop and the Stock at Rotterdam
Stock at
8,000
12,000
25,000
16,000
large domestic need which causes a larger use of American Stock at Barcelona
93,000 111,000 106,000
80,000
70,000
99,000
Genoa
67,000
61,000
staple cotton. Bombay and Osaka advices state that Japa- Stock at Ghent
Stock at
nese mills have decided to use mostly American cotton. Stock at Antwerp
Chinese cotton is impracticably high, as the crop is only one702,000 1,086,000 975,000 1,013,000
Total Continental stocks
third of an ordinary year. Even the staple is less, and cotton
Total European stocks
for mattresses is higher than American cotton. This report India cotton afloat for Europe 1,535,000 2,184,000 2,009,000 2,074,000
56.000 186,000
162,000
comes from Shanghai, Tientsin and Japan. Here the buying American cotton afloat for Europe 375.000 247,000 226,000 483,000
33,700
91,000
by the Continent and the Far East was noticeably heavy. EgyptBrazil,&c.,afloatforEurope 696,000 82,000 86,000 96,000
Stock in Alexandria, Egypt
695,000 473,000 439,000
The Southern and co-operative selling fell off. Stocks Stock in Bombay, India
509,000 965,000 1,314,000 1,109,000
4,810,306 4,025,010 2,213,461 2,051,438
advanced. That helped. Worth Street was more active Stock in U. S. ports
Stock in U. S. interior
and firm, with sales for May and June delivery. Charlotte, U. S. exports to-day towns-2,080,961 1,556,997 1.306,632 936,027
46,323
9,293
973
N. C. advices were more cheerful as to the statistical position
Total visible supply
10,199.590 9,950,300 7,966,066 7,350,466
of gray goods and the feeling in the trade, with a recent
Of the above, totals of American and other descriptions are as follows:
Improvement in business. Liverpool was higher than due,
American
Liverpool stock
302,000 492,000 435,000 697,000
with Bombay a large buyer and some calling offsetting sell- Manchester
89,000 104,000
76.000
69,000
ing by Manchester and the Continent. Manchester reported Continental stock
654,000 966,000 879,000 945,000
stock
375,000 247,000 337,000 483,000
a fair business in cloths with the Continent, South America American afloat for Europe
port stocks
4,810,306 4,025,010 2,213.461 2,051,439
and Africa. Tattersall said: "Trade outlook is better; U. S. interior stocks
U. S.
2,080.961 1,556,997 1,306,632 936,027
46.323
9,293
973
larger cloth sales for India and several minor outlets; China U. S. exports to-day
business at a standstill and shipments suspended. Some
Total American
8,357,590 7.400,300 5,248,066 5,181,456
East Indian, Brazil, &c.
manufacturers are increasing order lists. Yarn sales are
Liverpool stock
356,000 396,000 486.000 273,000
larger, but prices are very poor." Part of the early advance London stock
was lost, closing 3 to 6 points net higher. Speculation was Manchester stock
86,000 106,000
37,000
22,000
48,000 120.000
96,000
68,000
Continental stock
active. Outsiders bought to some extent. Final prices closed Indian afloat for Europe
56,000 186.000 226,000 162,000
32 to 39 points higher than a week ago. Spot cotton ended Egypt, Brazil, dec., afloat
91,000
82,000
86,000
96,000
696,000 695,000 473,000 439,000
at 7.05c. for middling, an advance for the week of 35 Stock in Alexandria, Egypt
509,000 965,000 1,314,000 1,109,000
Stock in Bombay. India
points.
1,842,000 2,550,000 2,718,000 2,169.000
Total East India, &c
The official quotations for middling upland cotton in the
8,357,590 7,400,300 5,248,066 5,181,466
Total American
New York market each day for the past week has been:
Total visible supply
Mon. Tues. Wed. Thurs. Fri. Middling uplands, Liverpool__ _ 10,199,590 9,950,300 7,966,066 7,350,466
_
5.950.
6.04d.
8.47d. 10.49d.
7.05
6.85 6.95 6.90 7.05
7.05c. 11.00c. 15.30c. 20.25c.
Middling uplands, New York........
8.95d. 10.40d.
14.35d. 19.10d.
Egypt, good Sakel, Liverpool_ _ _
MARKET AND SALES AT NEW YORK.
Peruvian, rough good, Liverpool_
13.75d. 14.50d.
5.80d.
4.91d.
6.30d.
9.00d.
Broach, fine, Liverpool
5.93d.
Tinnevelly, good, Liverpool
5.76d.
7.65d. 10.10d.
SALES.
Futures
• Market
Spot Market
Continental imports for past week have been 78,000 bales.
Spot. Contr'ct Total.
Closed.
Closed.
above figures for 1932
Feb. 13 to Feb. 19Middling upland
Sat.
6.85
Saturday- -- Steady, 15 pts. adv.. Barely steady- _
Monday _- _ Steady, unchanged_ Steady
Tuesday __- Steady, 10 pts. adv.. Very steady _
Wednesday_ Steady, 5 pts. dec.. _ Steady
Thursday _ _ Steady, 15 pts. adv.. Very steady Friday
Steady, unchanged _ Very steady --Total week_
Since Aug. 1
800
800
1.000
600
400
800
1:666
600
400
800
3,600
3,600
98,901 so,6645 178,901
-
show a decrease from last
The
week of 26,183 bales, a gain of 249,290 from '1931, an
of 2,233,524 bales over 1930, and a gain of
increase
2,849,124 bales over 1929.
AT THE INTERIOR TOWNS the movement
-that is,
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. 19 1932.
Receipts.
Towns.
I
Ship-
Stocks
;as
Week..
Week. I Season.
Ala.,Birming m
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest City
Helena
Hope
Jonesboro_ _ _
Little Rock-Newport_ Pine Bluff.-N1 alnut Ridge
Ga., Albany_Athens
Atlanta
Augusta
Columbus.- _
Macon
Rome
La., Shreveport
Miss,Clarksdale
Columbus._
Greenwood_
Meridian._ _
Natchez
Vicksburg.- _
Yazoo City-Mo.. St. Louis.
N.C.,Greensb'o
Oklahoma
15 towns°._ _
S.C.,Greenville
,Mempbis
Tenn.
Texas, Abilene.
Austin
Brenham_ _ _ _
Dallas
Paris
Robstown _ _
San Antonio_
Texarkana
Waco
19.
Movement to Feb. 20 1931.
I ShipI ments.
Season. I Week.
Receipts.
Week. I
Stocks
Feb.
20.
89,199
28,152
63,888
95,357
76,448
13,650
40,984
31,721
25,811
96,796
27,374
81,973
23,626
7,342
40,521
175,149
294,792
46,770
86,077
20,561
104,761
110,282
24,515
137.982
58,554
11,474
34,703
32,665
173,723
37,749
1,981 31,992
60 15,034
1,202 64.957
3,537 65,775
1,690 28,170
639 8.793
985 26,718
546 7,061
120 3,704
2,173 46,327
3151 6,875
2,0921 29,492
200, 4,260
1311 3,827
200 30,160
2,099151.306
3,561110,472
100 18,650
1,175 34,245
200 15,777
1,093 80,146
2,358 48,747
319 13,730
3,177 70,470
691 25,698
190 8,421
907 17,469
760 15,710
3,857 16,751
848 34,390
7,693 584,788 12,288 84,787 1,475 526,011
6,000 116.420 3,000 77,594 5,196 115,163
44,456 1,627,083 45,545462,697 25,107 1,105,994
67 26,316
953 1.138
822 52,869
97 24,473
166 4,317
117 27,083
42 19,235
599 8,156
18,151
641
701 138,83
1.419 134,961 3,211 34,756
41 63,156
92.519 3,593 16.930
1,72
54,661
- 75 1,443
31,079
308 23,636
16,412
164 1,157
98
380 32,677
1,100 58,797 1,372 17,819
193 60,113
352 77,346
9S6 19,791
4,847 59,734
2,823 67,472
34,130 341,636
331
1651
910
1711
206 5.939
1,050117.853
3,688
1
2681 10,930
1,531
41
840 5,331
1,043 6,515
1,431
67,757
4 11,869
427 37.395
616 79,493
110,188
3,33
895 30,808
1,574 69,846
259 57.203
103 20,203
2,098 162.170
1,069 44,991
2,383 151,002
444 45,411
5,253
1650 31.229
2,199 58,776
1.647 165,424
1,484 53,941
659 29,371
26
11.931
1,951 105,555
4,741 175,759
78 21,029
747 165,845
25,652
115 11,991
439 40.173
37 46,347
2.807 108,402
16,035
391
1.939 33,230
362 8,573
564 65.904
2.940 80.484
2,659 56.564
524 19,324
3,970 52,354
720 17,567
136 5,568
4.794, 72,677
6211 21,067
2,336 63,137
1,3441 13,190
51 4,372
800 38,895
2,845154,488
1.508129,787
1,416 29.023
520 37.070
1751 10,158
4,658106,306
3,948 101,873
262, 15,084
2,590107,886
---- 28,785
ss 8,445
1,322 20,590
738 24,611
892
2.661
196 22,672
1,039
46
186
378
136
31
40
200
70
791
87
432
34
1,700
2,630
4,804
250
1,885
55
132
238
167
159
162
36
42
17
3,932
1,719
Total, 56 towns 98.0364,798,557 119.526 080661 65,0104.281,868183,61 1556997
•Includes the combined totals of 15 towns in Oklahoma.
The above total shows that the interior stocks have
tiecreased during the week 22,029 bales and are to-night
523,964 bales more than at the same time last year. The
receipts at all towns have been 43,046 bales more than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS:
The quotations for middling upland at New York on
Feb. 19 for each of the past 32 years have been as follows:
1932
1931
1930
1929
1928
1927
1926
1925
7.05c.11924
11.20c.11923
15.40c.11922
20.26c.11921
18.50c.11920
14.10c.11919
20.75c.11918
24.65c.11917
30.80c.11916
28.65c.11915
18.50c.11914
13.20c.11913
39.20c.11912
25.90c.11911
32.00c.11910
16.30c.11909
11.45c.11908
8.55c.11907
12.95c.11906
12.60c.11905
10.50c.I1904
14.10c.11903
14.50c.11902
9.85c.11901
11.40c.
11.00c.
11.10c.
8.15c.
14.50c.
10.05c.
8.81c.
9.25c
•
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:
Feb. 19ShippedVia St. Louis
Via Mounds, 8zc
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
----1931-32- -Since
Week. Aug. 1.
113,917
2,661
21,594
446
458
6,020
564
3,957 108.981
18,785 284,598
Total gross overland
26,413
Deduct Shipments
Overland to N.Y., Boston, &c_ __
862
Between interior towns
387
Inland,, &c.,from South
3,676
Total to be deducted
1399
FINANCIAL CHRONICLE
FEB. 20 1932.]
4,925
----1930-31---Since
Week. Aug. 1.
3,857 170,974
43,368
705
1,322
12,871
266
3,442 111,377
20,425 316,626
535,568
28,695
656,538
20,802
8,006
155,018
255
345
4,223
17.466
8,886
178.138
183,826
4,823
204.490
Closing Quotations for Middling Cotton on
Week Ended
Feb. 19.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth.._ _
6.75
6.76
6.40
6.80
6.80
6.85
6.69
6.15
6.75
6.04
6.30
6.30
6.70
6.67
6.30
6.74
6.75
6.85
6.63
6.05
6.65
5.98
6.25
6.25
6.70
6.70
6.30
6.63
6.73
6.75
6.63
6.05
6.65
5.93
6.20
6.75
6.72
6.40
6.76
6.85
6.95
6.69
.6.10
6.70
6.01
6.30
6.30
6.90
6.87
6.55
6.90
6.98
6.95
6.88
6.25
6.85
6.15
6.45
6.45
6.90
6.87
6.60
7.00
7.05
6.94
6.30
6.90
6.19
6.50
6.50
-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. 13.
Monday,
Feb. 15.
Tuesday. Wednesday, Thursday,
Feb. 18.
Feb. 17.
Feb. 16.
Friday,
Feb. 19.
February _
March._ 6.75-6.72- 6.80- 6.81 6.77- 6.91- 6.92 6.94April
6.92- 6.92- 6.99- 7.00 6.96- 6.97 7.09- 7.10 7.11 May
June
7.08- 7.09- 7.16- 7.17 7.12 Bld. 7.24- 7.25 7.27July
August -September
7.28 ---- 7.25- 7.26 7.34- 7.35 7.34 ---- 7.45 ---- 7.48 ---October
November
December. 7.41 Bld. 7.41 Bid 7.51- 7.51- 7.52 7.65- 7.64- 7.47 Bid 7.56- 7.57 Bid. 7.71 Bid. 7.69 Bid,
January'33
February Tone
Steady.
Steady.
Quiet,
Steady.
Steady.
Steady.
Spot
Steady.
51rni.
Steady.
Steady.
Wand',
fita.do
rir4Inna
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on
ON HAND, &c., IN JANUARY.
Feb. 13 by the Census Bureau, will be found in an earlier
part of our paper in the department headed "Indications
of Business Activity."
CENSUS REPORT ON COTTONSEED OIL PRODUC-Persons interested in this
TION DURING JANUARY.
report will find it in the department headed "Indications
of Business Activity" on earlier pages.
-Edward Percy
DEATH OF EDWARD P. WALKER.
Walker died at his residence, 430 W. 116th St., Thursday
evening, Feb. 18. He was prominent in the cotton trade
and recently celebrated his 50th anniversary as a member
of the New York Cotton Exchange. He was the third
oldest member of the New York Cotton Exchange. He was
a member of the New York Yacht Club and a member of
the India House. He was head of E. P. Walker Co. & at
60 Beaver St. He was 73 years old. Funeral services will
be held at 10 a. m. Monday, Feb. 22, at the Church of
Notre Dame, 114th St. and Morning Side Drive. He is
survived by his wife, Mary E. Walker, and a son, Edward
Percy Walker Jr.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that considerable rain
has fallen during the week in many sections of the cotton
belt. Fields have been mostly too wet and muddy for
farm work.
-Ground is too wet for farm work. Some
Memphis, Tenn.
cotton still remaining in fields. The river is 38.7 feet above
zero gauge and rising.
Thermometer
Rain Rainfall.
2 days 1.42 in. high 76 low 61 mean 69
4 days 2.13 in. high 76 low 34 mean 55
high 82 low 60 mean 71
2 days 0.18 in. high 78 low 54 mean 66
5 days 2.62 in. high 68 low 38 mean 53
5 days 0.78 in. high 80 low 46 mean 63
4 days 0.48 in. high 80 low 54 mean 67
5 days 4.10 in. high 76 low 28 mean 52
4 days 1.43 in. high 78 low 44 mean 66
low __ mean 71
3 days 0.88 in. high
2 days 0.26 in. high 75 low 55 mean 67
2 days 0.12 in. high 78 low 49 mean 64
7 days 0.03 in. high 74 low 48 mean 60
7 days 1.07 in. high 67 low 39 mean 50
4 days 2.84 in. high 65 low 37 mean 48
Galveston_, Texas
Abilene. Texas
Brownsville, Texas
Corpus Christi, Texas
Dallas, Texas
Del Rio, Texas
Houston. Texas
Palestine, Texas
San Antonio, Texas
New Orleans, La
Mobile, Ala
Savannah, Oa
Charleston, S. C
Charlotte, N.0
Memphis, Tenn
The following statement we have also received by telegraph, showing the height of rivers at the points named at
The foregoing shows the week's net overland movement 8 a. m. of the dates given:
Feb. 19 1931. Feb. 20 1931.
this year has been 21,488 bales, against 23,872 bales for
Feet.
Feet.
1.8
17.9
Above zero of gauge..
the week last year, and that for the season to date the New Orleans
9.9
38.7
Above zero of gaugeMemphis
aggregate net overland exhibits a decrease from a year ago Nashville
17.6
29.7
Above zero of gauge19.0
25.3
Above zero of gauge_
of 100,306 bales.
Shreveport
Leaving total net overland*-_-21,488
351,742
23,872
452,048
* Including movement by rail to Canada.
-1931-30-- -----1930-29----In Sigh and Spinners'
Since
Since
Takings.
Aug. 1.
Week.
Week.
Aug. 1.
Receipts at ports to Feb. 19
175,417 7,984,485 113,438 7,562,765
Net overland to Feb. 19
23,872
21,488
351,742
452,048
Southern consumption to Feb. 19 90,000 2,610,000
85,000 2,345,000
Total marketed
286,905 10,946,227 222,310 10,359,813
Interior stocks in excess
*22,029 1,290,934 *31.765
995,302
Excess of Southern mill takings
over consumption to Jan. 31
____
628,334
414,027
Came into sight during week---264,876
Total Insight Feb. 19
12,865,495
North.spinn's'takings to Feb. 19. 21.148
636,091
190,545
---- 11,769,142
15,705
668,575
* Decrease.
a These figures are consumption; takings not available.
Movement into sight in previous years:
Week-Feb. 21
1930
-Feb. 22
1929
-Feb. 23
1928
Ba es.
Since Aug. I171,33811929-30
189,66911928-29
162,79911927-28
Bales.
12,683,929
13,030,669
11,550,905
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Vicksburg
Above zero of gauge_
13.5
50.1
RECEIPTS FROM THE PLANTATIONS.
Week
Bade
Receipts at Ports.
1931.
1930. 11929.
Stocks at Interior Towns.
1931.
I
1930.
1929.
Miro% Plantations
1931.
458.232448,230503,270 1,750,43011,503.734 1,305.221 44.1
1930.
1929.
558,72 899.783
Nov.
103,664 397,831403,514 1,905,108 1.592,117 1,848,824559,202 485,71 446,617
411,409
417,118 372.279350.357 2,052,038 1.684,197 1.409.376 564.048 464.
20.. 402,386 338,3711262,509 2.176,891 1,712,633 1,441.290 527,23 368,807 294,423
27._ 317.628 298,028 268,195 2.200.307 1,770,72 1.448.310 341.044 358,1 275.215
Dec.4.. 312.183 255.569 282.747 2,209,00211.797,998 1.451,947 320,878 282,842 285.78
227,112 222,908 281,398 2,205,7131,815.747 1,461,857223,823 240,657 291,308
18...283,317 210.864260.772 2.214,853,1.811.062 1.476.699 . 206.179275,614
204.101
24.. 191,637 161.383 187.7862.217,262,1,800.744 1.493,015 164.046 151.0656
Ill_ 218,440 122,877 164,364 2.219.5631.777,081 1.476.971 2.20,7411 98.714 138,320
1930. iiii 1931. 1930.
1932. I 1931
Jan.
1932. 1931. 1930.
8-- 353,609115,570 137,6992.206,968 1,750,8591.477.345 341,014 89.348138,073
15_.274,657 106,805104,523 2,198.054 1,725.164 I,458,83365.743 81.110 84,011
22._ 241,478 80,428, 98,388 2,175,407 1,696,148 1.432,387218.831 51,412 73.942
29._ 280,442 115,045; 87,594 2.158,461 1,658,372 I,403,101263,496 77.269 58,314
Feb.
5__ 228,645105.953 82,277,2,123.94411,627,316 1,311.825 189.128 74,897 34,791
12._ 249,848108,106153,5062,102,990 1.588.7621.326,078228,894 67.552 23,972
19._ 175,417 113,438 65,886 2,080,961 1,556,997 I.306.632153,388 81.673 46,440
FINANCIAL CHRONICLE
[VOL. 134.
The above statement shows: (1) That the total receipts
This Since
This Since
This Since
Export (Bales)from the plantations since Aug. 1 1931 are 9,208,763 bales;
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
in 1930 were 8,547,280 bales, and in 1929 were 8,361,898
To Liverpool
134,468 3.000 90,079 4,000 106,242
bales. (2) That although the receipts at the outports the
To Manchester, &c
8,000 105,228 6,000 77,129 4,000 106,677
To Contin't & India
32,000 366,026 18.000 343,514 13,000 304,851
past week were 175,417 bales, the actual movement from
To America
14,834 1,000 8,401
-_-- 69,418
plantations was 153,388 bales, stock at interior towns
Total exports
40,000620,556 28.000519.123 21,000 587.188
having decreased 22,029 bales during the week. Last year
Note.
-A cantar is 99 lbs Egyptian ba es weigh about 750 lbs
receipts from the plantations for the week were 81,673
This statement shows that the receipts for the week ended Feb. 17 were
bales and for 1930 they were 46,440 bales.
60,000 canters and the foreign shipments 40,000 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
SHIPPING NEWS.
previous page, the
The following brief but comprehensive statement indicates exports of cotton from -As shown on a the past week have
the United States
at a glance the world's supply of cotton for the week and reached 206 935 bales. The shipments in detail, as made
)
since Aug. 1 for the last two seasons from all sources from up from mail and telegraphic reports, are as follows:
which statistics are obtainable; also the takings or amounts
Bales.
GALVESTON-To Rotterdam-Feb. 11-Ivar, 1,363_ _ -Feb. 16
gone out of sight for the like period:
Effingham,36
Cotton Takings,
Week and Season.
1931-30.
Week.
1930-29.
Season.
Week.
Season.
Visible supply Feb. 12
9,900.721
10225773
Visible supply April 28
6,892,094
5.302,014
American in sight to Feb. 19-- - 264.876 12.865.495 190,545 11,769,142
Bombay receipts to Feb. 18_ --63,000
832,000 148,000 1,896,000
Other India ship'ts to Feb. 18-5,000
216,000
30,000
347.000
Alexandria receipts to Feb. 18...
12,000 1,138,000
55.000 1.110,900
Othersupply to Feb. 195b
15,000
357.000
20,000
429,000
Total supply
Deduct
Visible supply, Feb. 19
10585649 22.300,589 10344266 20,854,056
10199590 10,199,590 9,950,300 9,950,300
Total takings to Feb. 19 a
386.059 12.100,999 393,966 10,903,756
Of which American
311,059 9,023,999 209.966 7,775,856
Of which other
75.000 3,077,000 184,000 3,127.900
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, Sm.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills. 2,610.000 bales in 1931-32 and 2,345,000 bales in 1930 -31
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 9,490,999 bales in 1931-32 and 8,558,756 bales in
1930-31, of which 6,413,999 bales and 5,430,856 bales American.
Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all Indian ports for the week and for the season from
Aug. 1, as cabled, for three years have been as follows:
1931-32.
Fe . 18.
,
Receipts al
-
1930-31.
1929-30.
Week.
63,000
Bombay
Since
Aug. 1.
Since
Aug. 1.
832,000 148,000 1,896,000 113,000 2,117,000
Week.
Great
Great Conti- Japan&
Britain. neat. China. Tota1.1 Britain.
Bombay
1931-32_ _ 3,000 Inv 6,000 12,000
77.000 95,000
1930-311929-30_ - 5,666 27:000 79.000111,000
Other India5,000
1931-32- - 1,1)00 4,000
30,000
1930-31 _ _ 4,000 26,000
12,000
.
1929-30_ _ 1,000 11,000
Total all
1931-32_ _
1930-31._
1929-30_ _
Since
Aug. 1.
Since August 1.
For the Week.
Exports
from-
Week.
Conti- Japan &
China.
nent.
Total.
14,000 96,000 590,000 700,000
84,000 415,000 1,038.000 1,537,000
45,000 452,000 812,000 1,309,000
58,000 158,000
89,000 258,000
71,000 343,000
216,000
347,000
414,000
4,000 7.000 6,000 17,000 72,000 254,000 590,000 916,000
4,000 44,000 77,000125.000 173,000 673,000 1,038,000 1,884.000
6,000 38,000 79.000123,000 116,000 795,000 812,0001.723,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
85,000 bales. Exports from all India ports record a decrease
of 108,000 bales during the week, and since Aug. 1 show a
decrease of 968,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
yarns is firm and in cloths steady. Demand for India is
good. We give prices to-day below and leave those of
previous weeks of this and last year for comparison:
1930.
1931.
32s Cop
Twist.
d,
018.30-Nov.
6._
1E_
20.27Dee.4-.-11____
11__
24.._
81._
Jan.8---15.....
22____
29____
Feb.
5........
12____
19____
d.
814 Lb. Shirt- Cotton
lags, Common hfiddep 32s Cop
Upeds. Twist.
to Finest.
s.d.
s. d.
834 Lb. Shirt- Cotton
tags, Common iliddrg
Upreis.
to Finest.
d.
d.
s.d.
a,
6 0
2
6.24
d.
d.
88t010
0 611
4
4.97
93010%
9 010%
83401034
83401034
SU 01034
0
0
0
0
0
0
©
0
4
4
4
4
5.12
5.06
4.89
4.90
93401014
98401034
9)4(5)10)4
931@103(
6
6
6
6
0
0
0
(4)
2
2
2
2
6.03
5.98
5.98
5.91
83401034
934©11
83401034
854,741034
884/41034
0
0
0
0
0
0
0
0
0
62)
4
4
4
4
4
5.14
5.21
5.20
5.30
5.39
9 ©10
884(8 934
851® 934
8340 9%
834E9 934
6
5
5
6
5
©
0
0
0
40
2
1
1
1
1
5.70
5.43
6.32
5.31
5.33
08 4
08 4
08 4
0g4
6.33
6.41
5.52
dm
816@
83.40
834@
8540
5
5
4
4
09 1
I& 9 1
090
09 0
5.40
5.41
6.63
6.63
1 @84
1 08 4
1 0 84
5.58
5.59
5.95
874(5 974
9 010
4 090
4 @9 0
5.72
5.85
193 .
0
8,101034
0
83101034
0
83401034
1
834 v1034
834@1034
83101014
9 0104
193
934
931
914
934
1,399
To Barcelona
-Feb. 16
-Cody, 2,879
2,879
To Copenhagen
-Feb. 11-Ivar,81
81
To Bremen-Feb. 11-Kelkheim, 1,636..-Feb. 13-Waban,
.Feb.
3.156___Feb. 17
-Dittmar Keel, 2,330
7.122
To Japan-Feb. 11-Dagfred, 9,081_ _ _Feb. 13--Guldborg.
4,525; Feb. 17-Foylebank, 14,437; Irisbank, 869
28.912
To Liverpool
-Feb. 13
-Colo--Norwegian, 1,158_ _ _Feb. 16
rado Springs, 3,323
4,481
To Manchester
-Feb.13
-Norwegian,1,435
Feb. 16
-Colorado Springs, 3,331
4,766
To Genoa-Feb, 15
-Marina 0., 1,667---Feb. 16
-Chester
Valley, 1,297
2.964
To Havre-Feb. 16
-Bruxelles, 1,500
Feb. 15
-Lowther
Castle, 1,240_ _ _Feb. 17
-Effingham, 1,254
3,994
To Dunkirk-Feb. 16
-Bruxelles, 310___Feb. 17
-Effingham.
100
410
To Ghent
-Feb. 15
-Lowther Castle, 2,343... Feb. 17
-Effingham,73
2,416
To Antwerp-Feb. 15
-Lowther Castle, 50
50
To Naples
250
-Feb.16
-Chester Valley,250
To Venice-Feb.16
777
-Chester Valley,777
To Trieste-Feb. 16
100
-Chester Valley, 100
NEW ORLEANS
42&
-To Dunkirk-Feb. 11-Talisman,428
To Bremen-Feb. 15
3,626
-West Chatala, 3,626
To Gothenburg-Feb. 11-Talisman, 357
357
To Japan-Feb. 10-Foylebank, 8,096---Feb. 13
-Dryden,
1,485; Jersey City, 3,900
13,481
To Cape Town-Feb. 12
50
-Isonzo. 50
To China-Feb. 13
500
-Dryden, 500
To Genoa-Feb. 13
1,570
-Ida Zo, 1,570
To Naples
250
-Feb. 13
-Ida Zo, 250
100
To Lapaz-Feb. 12
-Suriname, 100
1,100
MOBILE-To Genoa-Feb.8
-Chester Valley, 1.100
538
To Venice-Feb.8
-Chester Valley, 538
2,592
To Liverpool-Feb. 8
-Tactician, 2,592
1,930
To Manchester-Feb. 8
-Tactician, 1.930
.250
To Barcelona-Feb. 13-Aldecoa,250
1,300
-Feb. 11-Tulsa, 1,300
CHARLESTON-To Liverpool
1,371
To Manchester-Feb. 11-Tulsa, 1,371
4,862
To Japan-Feb. 15-Kwansai Maru, 4,862
4,510
To Bremen-Feb. 17-Schoharie, 4,510
316
To Hamburg
-Feb. 17-Schoharie, 316
NORFOLK
-To Bremen-Feb.13
-City of Havre, 182
182
To Liverpool
50
-Feb. 19
-Bellflower, 50
To Manchester
-Feb.19
120
-Bellflower, 120
PENSACOLA-To Bremen
922
-Feb. 12
-Hastings, 922
To Rotterdam-Feb.12
5
-Hastings,5
SAVANNAH-To Liverpool
-Feb.13
3,444
-Tulsa,3,444
To Manchester
-Feb. 12
1,691
-Tulsa, 1,691
To Bremen-Feb. 15-Schoharie, 2,391
2,391
To Hamburg
80
-Feb. 15-Schoharie,80
To Rotterdam-Feb.15-Schoharie 14
14
HOUSTON-To Havre-Feb. 13
-Bruxelles, 2.746; Effingham,
4,957
2.211
To Barcelona-Feb.17
2,038
-Cody,2,038
To Dunkirk
Fob. 18
-Talisman,
-Bruxelles, 675
-Feb. 13
1,649
974
83
To Ghent
-Feb.13
-Bruxelles,33;Effingham,50
To Genoa-Feb.13
-Chester Valley,902; Marina 0,2,774
3,676
398
To Venice-Feb.13
-Chester Valley, 398
369
To Flume-Feb.12
-Chester Valley,369
To Rotterdam-Feb. 13-Ivar, 1,100; Effingham, 9_ _ _Feb. 17
1,455
-Breedojk 346
33
To Gothenburg-Feb. 18
-Talisman, 338
-Talisman,
To Copenhagen
-Feb. 13-Ivar, 619 -Feb. 18
961
-342_
To Gydnia-Feb.18
700
-Talisman.700
To Antwerp-Feb. 13
50
-Effingham, 50
To Bremen
-Feb. 13-Ditmar Keel, 5,264- __Feb. 15Waban, 3,072
8.336
To Japan-Feb. 15-Irisbank, 13,366; Rio de Janeiro Maru,
1,545; Wasaborg, 16,586- - _Feb. 16-Dagfred, 11,398
42,895
To China
-Rio de Janeiro Marti, 81
81
-Feb. 15
To Maracaibo-Feb, 11-Genevieve, 20
20
-Stella Lykes, 200
To Porto Colombia-Feb. 15
200
BRUNSWICK
-To Bremen-Feb. 10-Schoharle, 2,139
2,139
LOS ANGELES
-Tacoma, 500
-To Bremen-Feb. 12
500
-Golden
To Japan-Feb. 12-Kwanto Maru, 2,850_ _ _Feb. 15
7,742
Dragon, 2,900; President Adams, 1,992
-Pleasantville, 1,200
1.200
To China
-Feb. 12
-President Adams,543
543
To India-Feb.15
65
-City of Kobe,65
-To India-Feb.15
NEW YORK
4,500
_ T_ ---,4,500
SAN FRANCISCO-To Japan-700
To China-_ _ _ _1- _ -, 700
-West(Metals, 165
165
BEAMIONT-To Bremen-Feb.8
6
Rotterdam-Feb. 11-Effingham, 6
To
-Tulsa,281
281
-Feb.16
Liverpool
JACKSONVILLE-To
1,200
-To Bremen-Feb. 12-Waban, 1,200
LAKE CHARLES
-Colorado Springs, 16---16
-Feb. 16
-To Liverpool
TEXAS CITY
-Colorado springs. 2,118
2,118
To Manchester-Feb. 16
..4
.Feb, -Effingham,
-Bruxelles, 1,754.._Feb. 17
To Havre-Feb. 16
2,031
277
115
To Dunkirk-Bruxelles, 115
-Effingham, 200_ _ _Feb. 16
-Bruxelles,17
217
-Feb. 17
To Ghent
-Effingham, 373
373
To Rotterdam-Feb. 17
-Effingham, 655
655
To Barcelona-Feb. 16
1,728
To Bremen-Fob. 11-Kelkhelm, 1,728
250
Hamburg-Feb. 11-Kelkheim, 250
To
-Chester Valley, 2,183
2,183
To Genoa-Feb. 16
1,371
To Japan-Feb. 17-Irisbank, 1,371
6.04
ag@iox 4 0 90
206,935
-Current rates for cotton from
COTTON FREIGHTS.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS
furnished by Lambert & Barrows, Inc., are
now receive weekly a cable of the movements of cotton at New York, as
quotations bein in cents per pound:
Alexandria, Egypt. The following are the receipts and as follows,
High StandHigh StandHigh StandDensity. ard.
shipments for the past week and for the corresponding week
Density. era.
Density. ard.
Liverpool .450. .600. Stockholm .600. .750. Shanghai
of the previous two years:
.500. .650. Bombay
.40o. .550.
.600. Trieste
Alexandria, Egypt,
Feb. 17.
Receipts (Cantors)
This week
Since Aug. 1
1931-30.
1930-29.
1929-28.
60,000
5,674,798
110,000
5.396,028
190,000
6,305,660
Manchester .450.
Antwerp .450. .600.
.310. .460.
Havre
Rotterdam .450. .600.
.400. .550.
Genoa
.500. .650.
Oslo
•Rate la open. .
Fiume
Lisbon
Oporto
Barcelona
Jan=
.500.
.450.
.600.
.350.
•
.650.
.600.
.750.
.500.
•
Bremen
Hamburg
Piraeus
Salonica
Venice
.450.
.450.
.750.
.75o.
.500.
.600.
.60c.
.900.
.900.
.650.
FINANCIAL CHRONICLE
FEB. 20 1932.]
1401
-By cable from Liverpool we have the fol- cold weather in Europe and heavy covering on this side
LIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port: partly on stop orders. Export business was small where
Feb. 12. Feb. 19. there was any at all. It was rumored in Chicago once more
Jan. 29. Feb. 5.
Sales of the week
that President Hoover "might" announce a change in his
Of which American
attitude on prohibition. That helped to advance prices.
Sales for export
49.000 After the close, the Farm Board denied that it was to sell to
58,000
51.000
55.000
Forwarded
707,000 699.000 667,000 658.000 China. It was rumored, however, that the Grain StabilizaTotal stocks
330,000 319,000 303,000 302,000
Of which American
42.000 tion Corporation would issue a favorable statement of some
18,000
42,000
38,000
Total imports
26,000
7,000
12,000
35,000
Of which American
118,000 157.000 168,000 181,000 sort.
Amount afloat
115,000 114,000
64,000 104,000
/
Of which American
On the 17th inst. prices fell I% to 1503. with export
The tone of the Liverpool market for spots and futures demand small, no mention of prohibition, stocks lower after
prices of an early rise and heavy selling especially by the East.
each day of the past week and the daily closing
The technical position was weaker. The recent bullish
spot cotton have been as follows:
aggressiveness was gone. On the 18th inst. prices ended
Friday.
!Wednesday. Thursday.
Saturday. Monday. Tuesday.
Soot.
lc. higher on a better technical position. 'Trading has
broadened. Professionals have recently been buying. The
Market,A fair
business
Good
Good
Good
Good
12:15 1 Moderate
rise in the stock market in New York and San Francisco had
doing.
demand.
inquiry.
Inquiry.
P.M.
demand. inquiry.
some effect. So had a move against short selling at the
e
l ....4
5.95d. New York Stock Exchange and a rumor that Germany will
5.87d.
5.82d.
5.73d.
5.73d.
5.72d.
Mid.Upl'ds
reduce its import duty on wheat. Export sales were estiSales
mated at 300,000 to 400,000 bushels. Some thought the
Firm,
Quiet but
Firm,
Futures.1 Steady,
Steady, Quiet but
sales were really larger. It was rumored that Germany and
to 6 to 8 pts. st'dy, 3 to 5 to 7 pts
1 to 3 pts 1 to 4 pts st'dy, 2
Market
France had bought hard winter as well as Manitoba. .
advance. advance. 3 pts. dec. advance. 5 pts. dec advance.
opened
To-day prices % to %c. higher with stocks advancing
Steady,
Firm,
Firm,
Quiet but
Firm.
Quiet.
Market,
much of the day, export sales estimated at 750,000 to 1,4
15 to 16 pts 1 to 3 pts. st'dy, 1 pt 12 to 14 pts 6 to 8 pts 2 to 9 pts
decline. adv.to 1 pt advance. advance, advance.
advance,
P. M.
000,000 bushels, higher cables than due, and sentiment more
decline.
bullish generally. New high levels were reached on this
Prices of futures at Liverpool for each day are given below: movement. Winnipeg was noticeably strong and closed
3
4 to lc. higher. The market took very heavy liquidation
Fri.
Wed. I Thurs. I
•
TvLins.
Sat. I Mon.
unusually well. Final prices show a rise for the week of
,
Feb. 13
to
112.1512.3012.15 4.0012.15 4.00 12.15 4 00 12.15 4.0012.151 4.00 3 to 4c.
m.
yet.. 19. 'p. m.p. m. p. m. p. m. p.m. p. m.P. m.p.m. n. m.o. m•
WHEAT AT NEW YORK.
d.
New Contract
February
March
April
May
June
July
August
September- - - - -October
November_
December
January (1933) -February
1
d.
d.
5.43 5.43
5.41 5.41
5.40 5.41
5.40 5.41
5.40 5.41
5.41 5.42
5.42 5.43
5.43 5.45
5.45 5.47
5.47 5.40
5.51 5.53
5.52 5.54
5.54 5.56
d.
5.40
5.38
5.371
5.37
5.37
6.38
5.39
d.
5.43
.
5.39
5.39
5.39
5.4
5.41
5.41 5.42
5.43 5.4
5.48 5.48
5.49 5.
5.51 5.51
5.53 5.53
d.
5.41
5.39
5.38
5.38
5.38
5.38
5.3
5.41
5.43
5.45
5.48
5.
5.52
I
5.52
5.50
5.48
5.4
5.48
5.4
5.
5.51
5.53
5.5
5.59
5.81
5.83
d.
d.
5.55 5.57,
5.53 5.55
5.51 5.53
5.51' 5.52
5.51 5.52
5.51 5.52
5.52 5.53
5.53 5.54
5.55 5.55
5.57 5.57
5.61 5.60
5.63 5.62
5.65 5.64
BREADSTUFFS
DAILY CLOSING PRICES OF BONDED
d. I d.
d.
Sat. Mon. Tues. Wed. Thurs. Fri.
5.63, 5.65 5.65 May
6034 5934 6034 6034 603. 613
5.611 5.65 5.65 July
6134 6034 6134 6134 6134 6234
5.59, 5.63 5.64
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
5.591 5.64 5.64
5 59 5.64 5.64
Sat. Mon. Tues. Wed. Thurs. Fri.
7574 7634
5.59, 5.85 5.65 No. 2 red
7534 74% 7634 75
5.60 5.67 5.67
OF WHEAT FUTURES IN CHICAGO.
5.61 5.68 5.88 DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. Fri.
5.62 5.70 5.70
5734 5854 59
59
58% 57
5.64 5.72 5.72 March
6234 60$ 61% 6234
60
61
5.67 5.78 5.76 May
63%
63
60% 63% 61
61%,
5.69 5.78 5.78 July
64% 65%
63% 62% 64% 63
5.71 5.80 5.80 September.
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
1(
66% 65% 61
May
68,4
67% 68
68
67
68
July
68% 69% 70%
69% 68% 69
October
66% 66% 67
Friday Night, Feb. 19 1932.
season's Low and When Made1931
Season's High and When MadeFLOUR prices advanced 10c. early in the week with a March
Oct. 5
47%
Nov. 9 1931 March
71%
Oct. 5 1931
48%
rather better demand. On the 15th inst. prices declined May
Nov. 9 1931 May
73
Oct. 5 1931
Nov. 7 1931 July49
7354
10e. On the 16th inst. prices advanced 10 to 15e. On July
Jan. 4 1932
5534
Jan 18 1932 September
the 17th inst. Millfeed prices were advanced $1.00 to $1.25 September 6254
a ton by leading sellers and some interests maintained that
INDIAN CORN has as usual taken its cue largely from
they were sold up for the balance of February and all of wheat. One drawback is the dullness of the cash trade.
March. The Department of Commerce reports showed But the cash basis is steady. Corn badly needs a sharp cash
that American mills ground about 11,200,000 bushels of demand. On the 13th inst. prices advanced 13% to 13%c.
durum wheat in 1931 against 14,340,000 in 1930. There with wheat up and country offerings smaller than expected.
was 2,410,000 barrels Semolina and 620,000 barrels durum The drawback was the lack of a sharp cash demand. On
7
flour produced in 1931. After allowing for export there the 15th inst. prices closed % to /03. lower with wheat
was 2,357,000 barrels Semolina and 585,000 barrels flour leading the way, the technical position a little weaker and
On the 16th inst. prices closed
home consumption.
available for
shipping demand still small.
The speculation
WHEAT has been more active with stocks higher and talk le. higher inspired by the rise in wheat. 115,000 bushels.
of inflation growing louder. The Secretary of the Treasury however was not active. The country sold the market was
estimates the maximum new currency at $3,500,000,000 It had little if any effect. On the 17th inst. on stop orders
fixed by the gold reserve. The export demand has been under the thumb of wheat and selling partly business was
1%e. net. Shipping
somewhat better of late. There is a severe drouth in India. sent prices down 13% to 32,000 bushels to arrive.
Germany may increase its import duty. The bull side is dull. The country sold
On the 18th inst., prices closed % to %c. higher after a
more popular. On the 13th inst. prices advanced 2 to
bushels.
sold
23%e. on the Glass credit bill, rising stocks and cotton and slight early decline. The country small. 28,000
To-day prices
big trading for both sides of the account. Prices were at Shorts covered. Cash trade was
was a
the highest since Nov. 21 1931 and purchases by Europe, closed Xo. lower to 3%43. higher. March liquidation with
moreover, jumped to 3,000,000 bushels, mostly Manitoba weak feature. Esrly prices, however, were stronger, was
but including some hard winter. Moreover,foreign markets wheat and stocks higher. The Eastern cash demand
Chicago where
were higher. They really showed relatively more snap than small, but the cash basis was steadier at bushels. Final
American markets. Liverpool advanced 1 to 1%d. and there were purchases to arrive of 100,000
Buenos Aires made people prick up their ears for Argentine prices show a rise for the week of % to 1 %O.
offerings to Europe had recently been so heavy as to be
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
depressing. And some European crop reports were un5134
5134 50% 5134 5054 51
favorable. The weather was too dry in Australia. The No.2 yellow
CORN FUTURES IN CHICAGO.
quota of foreign wheat allowed French mills was increased DAILY CLOSING PRICES OF Sat. Mon. Tues. Wed. Thurs. Fri.
36%
5% and the total now amounts to 20%. Outsiders bought March
36% 37
37g 361 37
39, 4034 40%
41
40
41
more freely at Chicago. It looked more like former times. May
42% 4334
42
43
42
43
July
On the 15th inst., prices closed X to 13%c. lower owing to September
44 4 4351 437/, 4434
43
44
.14
,
-4--mip.adealitiofts -4341114114;14110 4.444;4a decline in stocks and realizing after the recent advance. mamh
Season s Low and When Made
Season's High and When MadeOct. 5 1931
34
Export sales were about 500,000 bushels. Liverpool was
Nov. 9 1931 March
51%
Oct. 5 1931
36
July%
Nov. 9 1931 May
May
53
firm, but the drop in the stock market, the smallness of the July
Oct. 7 1931
38
Nov. 9 1931
55
Feb. 10 1932
export business and the favorable weather were the cardinal September 4534
4034
Jan. 18 1932 September
factors. There was an increase in stocks of wheat afloat
OATS have been strengthened by the rise in corn, but the
to 57,000,000 against 40,000,000 a month ago and 51,000,000 trading has been uneventful. On the 13th inst., prices
last year. World shipments for the week were 15,950,000 advanced X to lc. in sympathy with corn and with trading
bushels, of which North America contributed 5,247,000 unusually active. On the 15th inst., prices declined % to
bushels and out of an estimated total of 519,000,000 bushels %c. in answer to a decline in corn. On the 16th inst.,
there now remain tor export in North America 310,000,000 prices advanced X to Mc., in response to the rise in wheat.
bushels. Stocks of wheat at Liverpool were 3,304,000 On the 17th inst., prices closed % to %e.lower, owing mainly
bushels or about 500,000 bushels less than a week ago. to the decline in corn. Oats followed corn downward,
Cables from Italy reported a good snowfall. India reported however, with no great readiness. On the 28th inst., prices
the weather dry, but this had little effect.
closed Xc. higher in small trading. To-day prices ended
On the 16th inst., prices advanced 23% to 33%03. from the 3i, to %c. higher, moving for the most part, with other grain.
low of the.day, owing to rumors that the Farm Board would Final prices show a rise for the week of % to le.
sell 30,000,000 bushels of wheat to China on long credits,
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Fri.
Wed. Thurs.
Tues.
rumors also that internal troubles had broken out in Russia,
Sal.
Mon.
'
Eastern or Wall Street buying in Chicago, continued No.f2 white_ -3634-37%3631-36 3634-37 36"36% 36'36% 36 -36%
good
1402
FINANCIAL CHRONICLE
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat, Mon. Tues. Wed. Thurs. Fri.
34% 344
% ---- ---- ---25% 25% 25%
26% 25% 26
25% 25% 25% 25% 25% 26
25% 25% 26
25%
-- 26%
OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
32,% 31% 32% 32
32% 32
July
32% 31% 32
32% 32
317
Season's High and When MadeSeason's Lou) and When Made
March
31
23%
Oct. 6 1931
Nov. 10 1931 March
May
31
23
Oct. 5 1931
Nov. 10 1931 May
July
31
22%
Oct. 5 1931
Nov. 10 1931 July
September
Feb 10 1932
26
24
Feb. 19 1932 September
March
May
July
September
DAILY CLOSING PRICES OF
RYE has followed the advance in wheIt in only a sluggish
fashion as trading has been light and export business absent.
On the 13th inst. prices advanced M to 1Uc. in company
with wheat and speculation the most active for some time
past. On the 15th inst. prices fell 1 to 1M with wheat off
3c.
and export business in rye still absent. On the 16th inst.
prices advanced 1% to 13 0. moving up with wheat though
/
export business was still lacking. On the 17th inst. prices
closed 13/i to 13 0. lower. Much of the trading was in
/
spreads. On the 18th inst. prices ended M to 5
Ac. up with
little speculation but with the effect of the rally in wheat
plain enough. To-day prices ended %c. higher owing to a
rise in wheat but with trading light. Final prices show
an advance for the week of M to 13/c.
2
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat, Mon. Tues. Wed. Thurs. Fri.
March
44% -__ 43% 43%
43
44
May
47% 46% 47% 46
46% 46%
July
481 47% 49% 47% 48% 48%
September
Season's High and When MadeSeason's Low and When Made
March
82
Sept. 3 1931
Nov. 9 1931 March
38
May
63
Nov. 9 1931 May
Oct. 5 1931
389(
July
Nov. 9 1931 July
63
41%
Dec. 10 1931
September
Jan. 16 1932
46%
50
Jan. 18 1932 September
Closing quotations were as follows:
GRAIN.
Wheat, New YorkOats. New York
36%(5365/
No. 2 white
No. 2 red, cif, new
76%
35%035
No. 3 white
Manitoba No.1.f.o.b. N.Y_ 82%
Rye No. 2. f.o.b. bond
627
Chicago. No. 1
Corn, New York46
51% Barley
No. 2 yellow, all rail
No.2, L.& R.. N.Y.,corn., 57%
W
No. 3 yellow, all rail
Chicago. cash
42@59
FLOUR
Spring pat high protein 14.85 $5.20 Rye flour patents
4.30114.70
4.701Seminola, bbl., Nos. 1-2 6.15
4.50
Spring patents
6.90
4.60 Oats goods
4.35
Clears first spring
1.85
1.90
Soft winter straighta_.... 3.50
3.75 Corn flour
1.60
1.55
4.10 Barley goods
Hard winter straighta- 3.90
winter patents___ 4.20
Hard
Coarse
4.70
3.20@ __-3.45 3 85
Hard winter clears
Fancy pearl. Nos. 2,
5.95
Fancy Minn. patents._ 5.25
4 and 7
6.15@ 6.50
5.25
City mills
5 95
For other tables usually given here, see page 1326.
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Feb. 13 foltow:
Receipts at-
Wheat. I Corn.
Flour.
Oats.
Barley.
Rye.
bls.196Ibs.bush.60 lbs.bush.56 lbs.bush.32 lbs. bush.48114.bush.5e185.
New York_ _ _
Portland, Me_
PhuladelphlaBaltimore_ _ _ _
Newport New
Norfolk
New Orleans•
Galveston_ _
Halifax
Boston
E. St. John
W.St. John
137,000
000
,
39,000
13,000
2,000
1,000
42,000
ii.000l
I
134,000
31,000,
80,000
31,000
1,
7,0001
30,000
3,000
28,000
9,000
278.000,
135,0001
5,000
873,0001
Total wk. '32 271,000
Since Jan.1'32 2,069,000 5,469,000
84,000
741,000
57,000
458,000
279,000
574.000
111,000
100,000
25,000
9.000
370,000 1,841,0001
482,000
587,000
217,000
47,000
Since Jan.1'31 2,637,000 10,145,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through Mils of lading.
Week 193L_,
The exports from the several seaboard ports for the week
ending Saturday, Feb. 13 1932, are shown in the annexed
•
Exports fromNew York
Portland, Me
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
St. John, N. B
Halifax
Flour.
Corn.
Wheat.
Bushels.
Rye.
Oats.
Barley.
Bushels. Barrels. Bushels. Bushels. Bushels.
32,880
1,000
552,000
8,000
60,000
2,000
1,000
23,000
2,000
7,000
1,000
5,000
3,000
160,000
919,000
413,000
Total week 1932__ 2,112,000
Same week 1931_ _ _ 2,209,000
.
23,000
26,000
1,000
1,000
1,000
65,880
254.864
25.000
• •
•
The destmat on of these exports for the week anG sin
July. 1 1931 is as below:
Exports for Wee
and Since
Jtey Ito
-
Corn.
Wheat.
Flour.
Week
Feb. 13
Week
July 1
Week
Feb. 13
Since
July 1
Week
Feb. 13
Since
July 1
1932.
1931.
1932.
1931.
1932.
1931.
Bushels. Bushels. Bushels.
Barrels. Barrels. Bushels.
20,000
United Kingdom 49,915 1,938,998
1,000
.
56.000 28,207,000
51,000
22,000
Continent
5,510 1,334,091 1,753,000 86,362.000
8,000
So.& Cent.Amer
190,453
285,000 8,506,000
West Indies
- 7,000
Brit. No.Am.Co
Other countries . 3,455
291,914
962
189,447
4,000
14,000
33,000
117,000
2,289,000
Total i032._ --- 65,880 3,923,863 2,112,000 105.571.000
Total 1931
.254.864 7.924.697 2.209.000 131,137,000
23,000
112,000
26,000
186,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Feb. 13, were as follows:
GRAIN STOCKS.
Wheat,
Corn,
Oats,
bush,
bush,
bush,
3,234,000
1,419,000
2,585,000
6,363,000
515,000
2,532,000
2,702,000
6,674.000
15,698,000
5,171,000
3,949,000
190,000
290,000
21,129,000
1,070,000
6,147,000
18,193,000
29,558,000
1,663,000
6,630,000
32,628,000
1,922,000
5,591,000
6,183,000
66,000
1,454,000
18,891,000
3,000
Rye,
bush.
Barley,
bush.
70,000
82,000
35,000
3,000
64,000
23,000
82,000
82,000
1,000
222,000
557,000
3,237,000 1,086,000
110,000
510,000
225,000
237,000
583,000
18,000
63,000
8,100,000 3,228,000
280,000
278,000
442,000
112,000 2,081,000
40,000 3,666,000
78,000
160,000
1,081,000
676,000
184,000
104,000
3,000
331,000
11,000
32,000
390,000
10,000
9,000
24,000
138,000
52,000
1,264,000
166,000
8,000
1,000
6,000
31,000
9,000
5,000
1,000
18.000
56,000
2,046,000
246,000
1,139,000
210,000
417,000
1,714,000
358,000
3,720,000 2,064,000
1,000
18,000
5,000
3,000
53,000
157,000
580,000
813,000
733,000
570,000
21,000
24,000
Total Feb. 13 1932.__202,427,000 15,846,000 16,296,000 9,318,000
Total Feb. 6 1932_203,846,000 14,308,000 16,109,000 9,326,000 3.800,000
Total Feb. 14 1931_194,503,000 17,188,000 22,497,000 14,251,000 4,000000
10,187,000
Nob -Bonded grain not included above: Oats, New York, 2,000
2,000 bushels, against 60,000 bushels in 1931. Barley, New York, bushels; tote!
1,000 bushels
New York afloat, 63,000; Buffalo, 101,000; Buffalo afloat, 465,000; Duluth,
total, 633,000 bushels, against 1,264,000 bushels in 1931. Wheat, New 3,000
York
1,731,000 bushels; New York afloat, 2,995,000; Baltimore, 98,000; Buffalo, 3,574,000; Buffalo afloat, 10,002,000; Duluth, 1,000; Toledo afloat, 340,000; total, 18,741,000 bushels, against 18,390,000 bushels in 1931.
Canadian
Montreal
3,657,000
1,634,000 1,166,000 1.010,000
2,705,000 7,453,000 2,913,000
114,000
1,562,000
106,000
578,000
Ft. William & Pt. Arthur 50,541,000
71,000
" afloat
7,937,000
Other Canadian
Total Feb. 13 1932..__ 62,206,000
6,015,000 8,725,000
Total Feb. 6 1932___ 62,135,000
6,290.000 8,660,000
Total Feb. 14 1931_ __ 62,342,000
5,762,000 10,478,000
Summary
202,427,000 15,846,000 16,296,000 9,318,000
American
62,206,000
Canadian
6,015.000 8,725,000
4,501,000
4,524,000
22,421,000
3,800,000
4,501,000
1932....264,633,000 15.846,000 22,311,000 18,043,000 8,301,000
Total Feb. 13
Total Feb. 6 1932_265,981,000 14,308,000 22,399,000 17,986,000 8,524,000
Total Feb. 14 1931___256.845,000 17,188,000 28,259,000 24.729,000 32,608,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Feb. 12, and since July 1 1931 and 1930.
Wheat.
Corn.
Week
Feb. 12
Since
July 1
Since
July 1
Week
Feb. 12
Since
July 1
1931.
1931.
1930.
1932.
1931.
1930.
Bushels.
Exports.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels,
Since
July 1
North Amer_ 5,247,000 208,441,000247,029,000
8,000 1,681,000, 1,144,000
Black Sea...
440,000 104,680,000 86,718,000 1,394.000 16,989,000 26,085,000
Argentina_ __ 4,014,000 60,988,000 41,651,000 3,291,000 269,574,000 157,546,000
Australia _
5,729,00 85,439,000 63,424.000
India
800,000 8,984,021
0th. countr's
94,000 15,343,000 34,089,000
520,000 23,270,000 30,504,000
15,950,000483,418.000478,910.000 4,787,000303,567,000218,864,00
Total
WEATHER REPORT FOR THE WEEK ENDED
FEB. 17.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Feb. 17,follows:
At the beginning of
week the weather
12,000
2,000
23,000
15,000
90,000
125,00ff
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
"
afloat
Toledo
"
afloat
Detroit
Chicago
' afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louts
Kansas City
Wichita
Hutchinson
St.Joseph, Mo
Peoria
Indianapolis
Omaha
[vol.. 134.
was moderately cold in
the
more eastern States, but at tho same time there was a sharp reactionthe
to
warmer weather in the Northwest, and by Feb. 10 temperatures were
much higher in the interior valleys, with a good many stations reporting
the warmest weather ever experienced in February on that and the
lowing day. The latter part of the period was again about normally folcold
in the East, but decidedly warmer weather had set in over the more northwestern States. On the 9th rainfall was rather general
eastern States and also in the far West, and was frequentover the more
valleys and Northeast about the middle of the week; near in the interior
or snows were widespread from the Atlantic Ocean to the its close rains
Great Plains.
Notwithstanding the cooler weather the latter part of
shows that the weekly mean temperatures were againthe week, Chart I
markedly above
normal everywhere east of the Rocky Mountains, except in a
limited area
of the Northwest. It was one of the warmest February
in the central and southern portions of the country, with weeks of record
the temperature
averaging from 10 to as much as 15 degrees above
normal. The persistence of abnormally high temperatures over the eastern
half of the United
States during the present winter is most remarkable
first in December having had decidedly abnormal--every week since the
warmth in this area.
There was also a continuation of the winter's
characteristic distribution of
temperature, in that it was colder than normal in the
Northwest and the
more western States.
In Atlantic coast districts freezing temperatures
the week farther south than Virginia, while in the did not extend during
of freezing reached only to southern Illinois and interior States the line
considerable area of the Northwest had subzero northern Oklahoma. A
temperatures, with Havre,
Mont.. reporting the lowest for the week-22 degrees.
In Gulf sections
the minima were around 60 degrees.
Chart II shows that further heavy rains occurred in
portions of the country, extending from central Virginia the south-central
and North Carolina westward to northeastern Texas and eastern
Oklahoma. The heaviest
falls
-2 to more than 3 inches
-were reported from eastern Arkansas, western Tennessee and the northern portions of
Mississippi and Alabama.
Moderate rains or snows occurred from the central
valleys northward.
and substantial amounts were reported from most places
in the far southwest, especially in much of Arizona and in
southern California. very
little rain fell in the south Atlantic and immediate
Gulf sections.
With regard to the effect of the weather on
agriculture during the past
weeks, reports show but little change. In the
south Atlantic and Gulf
sections, where rainfall was light, conditions were
and preparations for spring planting made good favorable for farm work
too oiry for plowing and for winter crops, however,progress. It continued
on
Florida Peninsula and all vegetation was unfavorably most uplands of the
affected; citrus leaves
are wilting and fruit is dropping. In other
was unusually rapid for the season of the portions of the South growth
year, but further rains maintained a saturated condition of the soil and very
sible in many northern and central cotton beltlittle field work was Posdistricts. Some spring
gardens were planted as far north as Arkansas, and a
few scattered peach
blossoms reported as far north as southern North
Carolina.
In the middle Atlantic area outside operations
made mostly favorable
advance and all winter crops good growth. In
soil continued mostly too wet for field operations,the central valleys the
with but little yilowing
accomplished, while subsiding floods from lowlands show some damage
to grain fields. In the Northwest snow cover continues, extending as far
south as much of Iowa and considerable portions of Kansas. In this area
the persistence of snow, preventing grazing and
much feeding, together with cold weather in some sections, necessitating
has been unusually hard
on livestock, especially as feed is scarce in many places. It also remained
unfavorable for stock in many far western sections, with further extensiv
reports of shrinkage and some leases.
FEB. 20 1932.]
FINANCIAL CHRONICLE
In the far Southwest the water situation is unusually favorable, with
has been
the mountain snowpack mostly good. Above-normal rainfall additional
the rule this winter, especially in southern California, where
substantial amounts occurred during the past week.
SMALL GRAINS.—Progress and condition of winter wheat remain
largely unchanged in the main belt. There was practically no heaving noted
in the Ohio Valley, but in the southern portions of Michigan and Wisconsin
freezing and thawing caused some injury. Condition of wheat in the
Southwest Is still fair to good, with much greening in the eastern twothirds of Kansas. A good snow cover remains in northern portionsfrom South
Dakota westward to the Pacific grain areas; in the latter section there
was no further damage, due to a good snow blanket, although locally the
cover melted and added to the soil moisture.
Grains continue to make rapid progress in the South and most of the
East, with jointing reported from parts of Maryland. Some seeding of
spring oats has been done in Southern States, while plowing and preparation of soil advanced.
1403
observers think it probable that producers, with their backs
against a strong strong statistical position, may be able to
fight effectively for profitable prices in coming months.
Rayon prices, which, in the course of the depression, have
suffered recurrent drastic unsettlement just as have other
textiles, are estimated to be well enough entranched to resist
further demoralization unless general conditions become
worse. One of the greatest weaknesses in the rayon industry
at present, continually decried but infinitely difficult to
eradicate, is the persistent offering of substandard merchandise of that description, which confuses the public and impairs its confidence in rayons.
The Weather Bureau furnishes the following resume of
DOMESTIC COTTON GOODS.—Cotton goods sentiment
the conditions in the different States:
has responded to news that more than 90% of print cloths
temperatures and light to modVirginia.—Richmond: Above-normal
curtailment, in varying degrees,
erate precipitation favorable for farm work and growth of winter crops. producers are committed to
Wheat, truck, and pastures good to excellent. Plowing continues and according to the number of hours weekly they operate, but
to fruit
some plant beds made. Continued high temperatures dangerous
which, in the aggregate is estimated to represent about
trees, but no damage reported as yet.
Noth Carolina.—Raleigh: Very mild, followed by drop to normal near enough curtailment to bring production within a reasonably
end of week; rain on two days. Some plowing, though mostly too wet. safe distance of demand, and to the optimistic expectations
Hardy truck and strawberries advanced. Peach buds swelling and some
of the influence of the new Federal Reserve bill on unsatisscattered bloom in south. Pastures good.
South Carolina.—Columbia: Mild, with some showers, but rainfall light factory credit conditions in particular, and sentiment at
on coast. Favorable for winter cereals, truck, and pastures. Plowing
slow up-State account wet soil. Tobacco bedding progressing. Planting large. Thus cotton goods have manifested a firm underpotatoes on lower elevations. Unfavorable for much hog butchering.
tone, with occasional further price advances on top of those
Georgia—Atlanta: Abnormally warm weather no freezing temperatures.
Considerable precipitation over northern half interfered with farm work, recently registered. Business has been characterized by
but light over southern half where preparations for spring planting made none of that extravagant activity which has sometimes folgood progress. Cereals, truck, and pastures made rapid growth. Many
developments, being of an orderly,
ornamental shrubs failed to pass through usual dormant stage. Fruit buds lowed other constructive
steady, and encouragingly broad scope which in total reached
only slightly developed.
north Friday and
Florida.—Jacksonville: Except showers in extreme
proportions. Print cloths, carded broadcloths, drills
Saturday, week was rainless and unusually warm. Large areas of uplands good
on peninsula too dry to plow. Oats fair to poor. Strawberries and all truck and sheetings have all been substantial participants, and
unfavorably affected. Planting corn on lowlands increased. Planting noticeably better activity in fine goods also materialized.
melons continues in north and west; early stands. Tobacco seed beds good.
The statistical report of the Association of Cotton Textile
Citrus leaves wilting and fruit dropping. Too warm to kill hogs.
Alabama.—Montgomery: Temperatures decidedly above normal; fre- Merchants for January revealed that sales for the month
quent, scattered rains, locally heavy. Farm work good advance in some
sharp resouthern counties, but little accomplished elsewhere. Tombigbee and were more than 45% ahead of production, with a
Warrior Rivers in flood at close. Fall-planted oats continue good progress; duction in stocks on hand (12.5%), and an even more suband condition of truck and vegetables
some spring oats sown. Progress
unfilled orders (21.5%), which, in the
excellent in coast region; fair to good elsewhere. Pastures and ranges stantial increase in
remaining show improvement. Fruit trees budding locally in south and Association's words, "confirm optimistic predictions of the
central.
years." While this indication of underMississippi.—Vicksburg: Mostly cloudy and unseasonably warm, with best start in many
rapid advance of vegetation continuing. Precipitation mostly light in lying strength in the market, coupled with the curtailment
south third, but moderate to heavy elsewhere, causing renewed overflow plans which will act to preserve that conditions, is not the
in portions of recently-flooded Delta counties. Seasonal farm activities
basis of any extravagant anticipation of general sustained
fair to good progress in south, but mostly poor elsewhere.
Louistana.—Now Orleans: Temperatures again decidedly above normal
active buying of goods from now on, great encouragement is
soil to dry, and farm operations
with light to moderate rainfall, allowed
manifest that the
made good progress. Much plowing and preparation done and truck and nevertheless derived from the feeling now
potato planting extensive. Oats and cane made good progress. Floods groundwork has been laid for further noteworthy improvecontinue on northeastern lowlands.
future. Thus far
rms.—Houston: Warm,with light to moderate precipitation. Prepara- ment in the price structure in the near
tion of soil made good progress, except to eastward of Brazos River where buyers have given indication of no emphatic confidence of
started
still mostly too wet. Planting corn, potatoes, and spring gardens
consistently to resist the temptain south; also some spring oats sown. Fruit trees abnormally advanced. the ability of the market
Progress and condition of pastures, wheat, oats, truck, and citrus good. tion to offer concessions during periods of quiet, and it is
Strawberries ripening in south.
sellers to change their minds about that by
Oklahoma.—Oklahoma City: Warm and mostly cloudy; occasional, naturally up to
moderate to heavy, rains unfavorable for field work, but some plowing maintaining values over a period of time and thus giving
and planting oats in drier areas. Progress of winter grains fair to good: sceptical buyers an opportunity of becoming convinced that
condition of wheat mostly very good, except fair in extreme northwest
a fundamental change for the better has taken place. Many
where needing additional moisture. Fruit buds swelling.
Arkansas.—Little Rock: Temperatures high first of week, but moderate observers voice confidence that this will be effectively
latter portion, with freezing in some northern localities on 14th. Rainfall
moderate in northwest, but heavy elsewhere; deficient sunshine. Weather achieved, and see good reasons for hoping that the time
very favorable for growth of crops. Some plowing done and some oats is not far distant now when cotton goods will be sufficiently
sown. Gardens being planted in most portions.
Tennessee.—Nashville: Mostly light to moderate rains and continued reinforced to make a counter attack on buyers' present idea
mild weather favored winter grains. Wheat progressing rapidly and other of prices. While improvement in those cotton goods which
grains making good advance. Condition of stock generally good.
Kentucky—Louisville: Moderate rainfall. Temperatures high first half are consumed in industrial uses remains lacking, it is thought
stimulating growth, but near normal last half, with checking effect. Con- that the date of real betterment has been brought nearer by
siderable wheat much oversize. Some tobacco plant beds sown, but mostly the new Federal Reserve bill, with the stimulus to credit
too wet. Soil draining out better; subsiding floods reveal some damage
it portends, and the help that will thus be afforded to indus(meadows and grains.
trial units which have been forced to be sparing of purchases because of their small supply of credit. Print cloths
THE DRY GOODS TRADE
27-inch 64x60's constructions are quoted at 2%c., and 28-inch
New York, Friday Night, Feb. 19 1932.
64x60's at 3c, Gray goods 39-inch 68x72's constructions are
Textile markets have continued to reflect a gradual but quoted at 4%c., and 39-inch 80x80's at 5%c.
well-sustained improvement in sentiment, growing out of
WOOLEN GOODS.—Preparations for Easter, now but six
the general return of hopefulness in business channels consequent upon the elaborate and expeditiously organized pro- weeks in the offing, are reflected in the substantial movegram of financial reinforcement emanating from Washing- ment of women's wear fabrics now moving out of woolens
ton, and otherwise fostered by the co-operative efforts now and worsteds markets. Prices are very steady, and some
apparent in every textile field, in some degree, to restrict orders for coatings, for immediate delivery, have necessiproduction and discourage forced selling and the other trade tated the acquiescence of buyers in slightly higher prices.
abuses derived therefrom which have been collectively re- Coatings comprise the main part of the current movement,
sponsible for what has been termed a needless demoralization with dress goods somewhat less active than might have been
suitings, similarly, are
of prices in the past year and more. In the past few weeks expected at this time. Men's wear total activity
somewhat
a very gradual but measurably firmer tendency in prices selling in an irregular manner, with
A few mills
has materialized even in those markets which have not less than was in evidence last year at this time.
benefited by a heavy seasonal increase in buying, and while have booken substantial business in men's wear goods, but
buyers have shown little disposition to depart from the preva- not at satisfactory prices, it is reported, and there is a
lent hand-to-mouth habit of ordering, there is every reason growing belief that activity in the latter will not develop
to believe that they are beginning to have some faith in volume until after Easter. Topcoatings are being bought
current quotations. The improvement so far registered rep- in fairly good volume. While prices on men's wear goods
resents, in the main, merely a halt to deflation which it is are still subject to concessions in a number of quarters,
hoped will prove the beginning of permanent stabilization. which makes current prices uncertain, stocks are scarce,
However, although the trade as a whole remains in an and a distinct shortage, especially in light colored goods, is
unprofitable position, with every possibility of continuing widely expected.
FOREIGN DRY GOODS.—An encouraging development
in that condition for some time to come, the trade appears
to be "knuckling down" to the task of stabilizing a weakened in local linen markets is the slight but material improvemarket, at whatever cost, as a necessary preliminary of the ment in the demand for damask tablecloths in the household
genuine revival which must ultimately come, provided the linens department, which have long suffered from a decline
whole world is not headed for the chaos envisaged by croak- in formal family life, and home-entertaining, which is now
ing pessimists. Cotton goods, displaying further strengthen- considered to be again on the ascendant. Another factor
ing of values, are benefiting especially from the prospects contributing to the improvement cited is the fact that prices
of concerted regulation of production, notably of print cloths, are now below pre-war levels. Dress goods continue to be
and the revelation of a decided improvement in the statis- called for, and buyers find difficulty in some instances in
tical position. Silk producers, responding to accumulated getting needed fabrics which are very frequently wanted
dissatisfaction with conditions in their line, and a growing for immediate delivery. Burlaps, reflecting firmness at Calbelief that strong efforts can do much toward relieving them, cutta, have advanced on speculative operations based upon
are co-operating in that respect and much hope is expressed developments in the Far East. The local market, however,
quiet, with business confined to small fill-in lots.
of early constructive results. A growing tendency to limit continued
production is already said to be finding reflection, and some Light weights are quoted at 3.40c., and heavies at 4.55c.
1404
FINANCIAL CHRONICLE
#talte anti. Trig pepartutent
(
NEWS ITEMS
Connecticut.—Changes in List of Legal Investments for
Savings Banks.—Under date of Feb. 15 the State Bank
Commissioner announced the following changes in the list
of securities considered legal investments for savings banks
in the State:
Additions.
New York Central Electric Corp..first 5s,1950.
New York Edison Co.,fisrt & refunding,series 0,5s, 1951.
Deductions. •
Central of Georgia Ry., all issues including Equipment Trusts.
Great Northern System, all issues including Equipment Trusts.
Virginian Railway Co.. all issues including Equipment Trusts.
Waco, Texas.
Wichita Falls, Texas.
[VOL. 134.
"37 1 'we Favors Diversion Plan.
5 717,
The conference developed a marked preference for the relief plan which
calls for returning to the counties the entire weight tax collected from
motorists, either with special consideration given to the demands of the
McNitt bill providing State aid for townships or without such consideration.
The conferees brushed aside with a barrage of objections the sub-committees first recommendation of loans up to $2,000,000 a year from the Highway Fund to the distressed counties. North Michigan spokesmen saw
in this proposal the fading of their hopes for new highway construction this
year and they insisted such expansion is vital to their growing resort business.
It was brought out that the relief plan most favored, that of returning
to the counties the entire weight tax, in its application would cut from
$16,500,000 to $8,500,000 the revenue available for new construction on
State account, other commitments of the State's $42,000.000 of highway
revenue being fixed. Additional allowance of $2,000,000 of township
highway aid might reduce this amount to $6,500,000.
Ayres Points to Danger.
Clarence L. Ayres, of Detroit, Chairman of Governor Bruckner's Commission of Inquiry Into Local Taxation, brought out however, that the
aggregate of highway expenditures by all units of Government was $75,000.000 in 1930.and this did not include city paving.
"Unless the State can devise a plan for elieving real estate, ultimately
it is going to own every farm and cottage." he decl trod. "We are paying
too much taxes now and can't even consider an additional levy.
"I am unalterably opposed to the grab bag system by which counties
come to Lansing to get allotments for new roads. We should also set an
example by not going to the Federal Government for highway appropriations which must be matched by Michigan dollars."
Florida.—Municipal Bondholders' Protective Committee
Calls for Deposit of Bonds.—The following notice, issued on
Feb. 17, announces the commencement of formal action to
New York City.—Final Assessed Valuation Put at 319,arrive at a settlement of the bond default situations in this
State which are not now covered by individual committees, 977,096,315—Increase of 14,580,301 Over 1931.—Accordby means of a call for the deposit of bonds of 18 cities and ing to final figures made public on Feb. 15 by James J.
towns:
Sexton, President of the Department of Taxes and AssessThe Florida Municipal Bondholders' Protective Committee, organized ments, the taxable realty and personal property is assessed
under the sponsorship of the Municipal Securities Association, Jackson
vile, Fla., is issuing its first call for deposit of bonds in connection with at $19,977,096,315 for 1932, an increase of $814,580,301
plans which have been worked out for 18 Florida municipalities. The over last year's figures. This record figure was arrived at
Committee has instructed the depositaries to accept deposits of bonds of
despite the unprecedented total of 77,654 applications for
the following cities and towns:
City of Panama City including towns of St. Andrews and Millville, City reductions on which hearings were held during the past ten
of Clearwater, Town of Frostproof, City of Palmetto, and City of Punta
relief.
Gorda—the Atlantic National Bank of Jacksonville, depositary; City of weeks, of which it is estimated that 70% were granted
Sarasota including town of Sarasota Heights. City of Clermont, City of The taxable realty was assessed at $19,616,935,429, while
Cocoa City of Melbourne, City of Tarpon Springs—the Barnett National
amounted to $360,160,886.
Bank, Jacksonville. depositary; City of Fort Pierce, Town of Groveland, the personal property assessment
Town of Gulfport,City of Manatee.City of Titusville—the Florida National The total figure was exclusive of $5,000,000,000 in tax-exBank of Jacksonville, depositary.
empt real estate. It is stated that the increase in valuaThe call is made under the deposit agreement dated Jan. 2, and supplemental agreements made in respect of the various individual municipalities tions was obtained from new buildings erected in 1931 and
whose bonds are in default. A careful study indicated that a single bond- from the expiration of tax exemptions on property now
holders' protective committee was more practical and less expensive than
separate committees for each defaulted issue would be. Broad general as subject to taxation. Mr. Sexton estimated the assessed
well as specific powers are conferred on the committee. Holders are asked valuations of new buildings at about $450,000,000 and the
to communicate with Harry A. Dunn, Secretary of the committee, at 115 valuations of the formerly exempt property at $700,000,000.
Broadway New York, or at Second National Bank Building, Toledo.
Ohio. Members of the committee are: R. E. Crummer, C. T. Diehl, John The tentative total for this year was placed at $19,296,S. Harris, A. S. iluyck, and B.J. Van Ingen. The committee has the active 985,571 last October (V. 133, p. 2461), and the figure as
advice and assistance of a National advisory committee consisting of R. E.
Olds, banker and automobile manufacturer, Detroit; Harry C. Davis, finally approved for last year was $19,162,516,014. The total
Treasurer, the W. P. Chrysler Bldg. Corp.. New York; W A. Fraser,
personal property assessment valuation will be one
President, Woodmen of the World. Omaha; Luman W. Goodenough, of real and
Goodenough. Voorhies. Long & Ryan, Detroit; the Hon. Henry J. Alien, of the three factors in determining the 1932 basic tax rate
former United States Senator, Wichita, Kansas;5. J Shambaugh,President next month. The othOr factors are the city budget of
Royal Union Life insurance Co., Des Moines; and E. J. Marshall, of Marshall, Melhorn, Marlar & Martin, Toledo. Counsel are Thomson, Wood & over $631,000,000 (V. 1?.3, p. 3122) and the amount the
Hoffman. New York.
city receives from the State as its share of tax money?.
None of the 18 municipalities listed above has been represented by separate bondholders' committees, which fact is expected to greatly facilitate The following official table shows in detail the increases in
and expedite the work of the State-wide committee in arriving at prompt the valuations for 1932 through comparison with the 1931
and economical solutions of the respective default problems. The import,.
ance of immediate deposit of bonds to avert serious losses is emphasized figures:
by the committee.SH
-
—
—illinois.—Special Session Adiourns Without Passing Cook
County Tax Relief Bills.—A special dispatch from Chicago to
the New York "Times" of Feb. 18 reports that the special
session of the Legislature voted to adjourn on Feb. 17, thus
postponing action until April 19,after the Spring primaries, on
five bills calling for the funding of Cook County's unpaid
taxes. It is stated that just before the Legislature adjourned
Mayor Cermak of Chicago threatened to close the City
Hall, the schools and other essential departments unless
immediate legislative relief was provided for the city's
financial difficulties. According to report the county's
delinquent taxes will amount to $690,000,000 on May 1,
of which sum a large portion has been spent in advance,
while $45,000,000 in salaries and wages remains unpaid to
public employees of Chicago.
Insurance Companies Authorized to Invest in Tax-Anticipation Warrants.—Governor Emmerson is said to have recently
signed three bills (House, Nos. 66, 67 and 68) of the first
special session of the Legislature, authorizing insurance
companies to invest in tax-anticipation warrants (see V. 133,
p. 3121).
Michigan.—Special Legislative Session to Be Called to
Act on Covert Road Debt Relief.—It was announced on Feb.
15 by Governor Wilber M.Brucker that he will convene the
Legislature in special session shortly in order to deal with the
relieving of counties from the heavy taxes levied upon them
through their covert road bonds debts—V. 134, p. 884.
We quote in part as follows from a Lansing dispatch to the
Detroit "Free-Press" of Feb. 16:
Gov. Wilber M. Brucker will convene the Michigan Legislature in extraordinary session to seek means of relieving tax-oppressed Counties of
their Covert road debts.
His decision, reached late Monday after exhaustive discussion of highway
and general taxation problems, was revealed to the second State-wide
Covert Debt Conference attended by nearly 150 persons. Governor
indicate
Brucker did not fix the date of the special session, nor did heproolems
whether other matters will be included in its call. Pressing
seeking legislative relief will be canvassed during the next few days, he
indicated, and the formal call will be forthcoming within two weeks.
Gas Tax Out.
The executive declared he is not convinced of the necessity of raising
any additional taxes in solving the Covert debt problems, thus ruling out
of consideration the proposed increase of one cent in the gasoline tax.
The conference had expressed in no uncertain terms its opposition to
this additional levy and the determination that any readjustments made
should be both equitable as between counties and must relieve general
property of highway burdens.
"I recognize there is a necessity for some relief, and, while probably
the problem is most pressing in Macomb, Oakland, Berrien and Monroe
Counties, it must be settled also with due consideration for the sparsely
settled districts of the State, so that they need not be deprived of proper
highway facilities," the Governor said.
REAL ESTATE.
Net Increase.
Manhattan—
1932.
1931.
R
Real estate
$9,485,832,565 $9,597,305,165 $111,472,600
233,558,950Dec.1,233,500
234,792,450
Real estate of corporation._
13,145.766
310,566,772
323,712,538
Franchises
Total
The Bronx—
Real estate
Real estate of corporation
Franchises
Total
Brooklyn—
Real estate
Real estate of corporation
Franchises
$10.031,191,787 $10,154,576,653 $123,384,866
$1,911,674,692 $2,027,866,946 $116,192,254
59,540,950
710,250
58,830,700
88,306,833 • 9,234,478
79,072,355
$2,049,577,747 $2,175,714,729 $126,136,982
$4,078,304,515 $4,317,139,291 $238,834,776
61,184,550
60,978,800 Dec.205,780
154,846,236
171,213,407
16,367,171
$4,294,335.301 $4,549,331,498 $254,996.197
Total
Queens—
$1,994,144,560 $2,261,269,920 $267,125.360
Real estate
56,564,950
Real estate of corporation-58.446,550
1,881,600
73,108.668
Franchises
79.170,120
6,061.452
$2,123,818,178 $2,398,886,590 $275,068,412
Total
Richmond—
$291,556,035
$321,152,095 $29,596,060
Real estate
6,933,900
6,977,900
Real estate of corporation..
44,000
8,753,976
10,295,964
Franchises
1,541,988
$307,243,911
$338,425,959 $31,182,048
RECAPITULATION OF REAL ESTATE.
Net Increase.
1932.
1931.
•
$17,761,512,367 $18,524,733,417 $763,221,050
Real estate
1,196,600
419.503,150
418,306.550
Real estate of corporation-626,348.007
672,698,862 46,350,855
Franchises
Total
$18,806,166,924 $19,616,935,429 $810,768,505
RECAPITULATION OF PERSONAL ESTATE.
1931.
1932.
Net Increase.
Manhattan
$234,390,200
$216,655,350Dec17,734,850
24,607,850
The Bronx
31,225,900
6,618,050
80,100,200
Brooklyn
93,004,150
12,903,950
15,179.990
Queens
17,425,836
2,245,846
Richmond
2,070,850
1,849,650 Dec.221.200
Total
Total
8356,349.090
$3,811,796
$360,160,886
RECAPITULATION OF REAL ESTATE AND PERSONAL ESTATE.
1931.
1932.
Net Increase.
Manhattan
$10,265,581,987 810,371,232,003 $105,650,016
The Bronx
2,074,185,597
2,206,940,629 132,755,032
Brooklyn
4,374,435,601
4,642.335,648 267,900,147
Queens
2,138,998,168
2,416.312,426 277,314,258
Richmond
309,314,761
30,960,848
340,275,609
Total
$19,162,516,014 819,977,096,315 $814,580,301
When the tentative assessed valuations were made public
last October as noted above, the total increase over 1931 was
estimated at $1,117,165,654, which figure included an estimated total of $625,000,000 in special franchise and personal
property assessments to be added to the taxable real estate,
whereas the final figures of Feb. 15 set the total increase at
$814,580,301. The factors involved in this reduction were
exemptions amounting to $445,578,540; reductions.by the
tax department of $305,307,995; parsonage exemptions of
$1,655,400; exemptions of clagymen's salaries of $4490,700,
FEB. 20 1932.]
1405
FINANCIAL CHRONICLE
and pension exemptions of $1,046,735. The total exemptions 18 towns and four cities of the county, is taken from the
and reductions reached $354,079,370. The city also benefited New York "Herald Tribune" of Feb. 16:
The Westchester County Board of Supervisors received the new tax
by an increase of $46,350,855 in assessed valuations on equalization table from committee this afternoon and will conduct a hearspecial franchises and increases by the tax department of ing on it Thursday. The new table indicates that the true value of real
$1,331,366, giving a combined increase of $47,682,221. By estate in the county is now $2,193,950,318, although the assessed valuation
subtracting the net decrease from the tentative increase of Is $1,809,494,810.$6,000,000 in taxes would be collected by the county this
Approximately
tank). The higher
year under
percentage allotted
last October the final increase of 14,580,301 is obtained. munity, thethe new is the percentage of the caunty tax which it to a compays.
smaller
the
the table are
Bitter
Jersey.—Governor Moore Recommends 1932 Budget of The firstprotests againstdissatisfaction expected to be made at the hearing.
New
came from Supervisor William C.
indication of
Cut from Requested Figure.—In Duell, of the Town of Greenburgh. which received a new rating of 74%,
$27,189,702.—$9,375,462
r
his budget message presented to the Legislature on Feb. 15, 10% lower than last year. figures in Greenburgh that justify such a ratassessment
Governor A. Harry Moore recommended expenditures of ing,"here are nosaid. "I think the equalization committee may have conMr. Duell
$27,189,702.94 to finance the State Government during the siderable difficulty in having the table adopted Thursday."
The table follows:
fiscal year beginning July 1, according to press reports from
This Year. Last Year,
This Year. Last Year. Community.
Community.
Trenton on that date. In accordance with the program of Bedford
78
82
North Castle
87
85
80
78
North Salem
67
71
retrenchment and drastic economy—he advocated in his Cortlandt
85
83
Ossining
84
84
inaugural address (V. 134, p. 703), Governor Moore cut Bastohester
77
67
Pelham
84
74
Greenburgh
85
85
Poundridge
85
86
$9,375,462 from the departmental requests and succeeded Harrison
83
86
Rye
81
dropping this budget, the first in the history of the State Lewisboro ____ 81
in
58
60
Somers
75
75
Mamaroneck
90
90
White Plains
be presented by a newly inaugurated Governor, to a figure Mount Pleasant__ 80
79
to
87
87
Yonkers
Mount Vernon._
80
80
about $6,483,000 less than the total sum appropriated for New Castle
80
80
Yorktown
87
84
the current fiscal year. The Governor pointed out in his New Rochelle_ __ _ 82
82
The ratings of Westchester's four cities, White Plains, Yonkers, Mount
message that if his recommendations were followed, an
Vernon and New Rochelle, are the same as
impending deficit of $731,282 would be overcome without Chairman of the Equalization Committee,last year. Benjamin I. Taylor.
said the State Tax Commission
having recourse to new sources of revenue.
had asked that cities be dealt with leniently because the property values in
cities had suffered more than in other communities.
New York State.—Bills Introduced in Legislature to
Broaden Municipal Financing Restrictions.—Several bills
have recently been introduced in the Legislature, following
BOND PROPOSALS AND NEGOTIATIONS.
the proposed legislation for the creation of a public credit
corporation—V. 134, p. 1226, providing for the liberalization
ABERDEEN SCHOOL DISTRICT (P. 0. Aberdeen), Grays Harbor
will be received until
of the statutes now in force which govern the bond and bond County, Wash.—BOND OFFERING.—Sealed bids of Education, for the
Crary, Secretary of the Board
March 11 by
anticipation financing of cities, counties and special districts purchase of anE. B.of $137,000 school funding bonds. Interest rate is not
issue
in the State. One of the more important of these bills, to exceed 6%, payable semi-annually. Dated March 26 1932. These
introduced by Senator Westall of Westchester County, bonds were voted at an election held on Feb. 6 by a count of 2.598 to 704.
0. Decatur), Ind.—BOND SALE.—The
provides for the amendment of Section 9 of the General ofADAMS COUNTY (P. ditch construction bonds offered on Feb. issue
15—
coupon
Municipal Law governing the sale of municipal and school V.$4,866.35 6% awarded at a price of par to a local investor, the only
134, p. 881—was
sales, bidder. Dated Dec. 12 1931.
district bonds, so as to provide authority for private
ARIZONA, State of (P. 0. Phoenix).—OFFERING DETAILS.—
within a period of 30 days after a duly advertised public
connection with the offering scheduled for Feb. 27 of the $1,500,000 not
sale legally conducted had been unsuccessful. A proposed In exceed 57 tax anticipation notes—V. 134, p. 1227—we are informed as
to
amendment of the general city law, which is Chapter 21 of follows by it Simms, State Treasurer:
the Consolidated Laws, as amended in 1930, would give to
Be: State of Arizona Tax Anticipation Bonds.
Gentlemen:
cities a similar authority.
The State of Arizona will, on or about Feb. 20, offer for sale about $1.27 1932,
be
Text of Railroad Bond Investment Bill.—The following is 500,000 Tax Anticipation Bonds, bids toand opened about Feb.1932. It
duo about July 7
1932,
bonds to
the text of the bill that was passed by the Legislature on Is not ourbe dated about March 7 specific interest rate but the same will
intention to call for any
Jan. 20 and approved by Governor Roosevelt on Jan. 26— not exceed 5% and we will call for bids on an open interest rate.
These bonds are secured by the second installment of 1931 taxes, which
V. 134, p. 881—as Chapter 5 of the Laws of 1932, providing
call for bids. The taxes securing this issue
a moratorium of a year on the removt 1 of railroad bonds from has been levied previous to this March and delinquent the first Monday
will be due the first Monday in
in May. The Arizona Statute authorizing the issuance of such securities
the list of legal investments:
leading bond attorneys in the country.
An Act to amend the oanking law. in relation to investments by savings
banks in bonds and obligations of railroad corparations.
The People of the State of New York, represented in Senate and Assembly
do enact as.follows:
Section 1. Section 239 of chapter 369 of the laws of 1914, entitled "An
Act in relation to banking corporations, and individuals, partnerships.
unincorporated associations and corporations under the supervision of
the banking department,constituting chapter two of the consolidated laws,"
Is hereby amended by inserting therein a new subdivision, to be subdivision
7-a, to read as follows:
7-a. Wherever in subdivision seven of this section a number of fiscal
years is mentioned, fiscal years beginning or ending in the year 1931 shall
be excluded from the count if the inclusion of such year or years would
render the security of any railroad ineligible for investment, and all railroad securities which were eligible for investment by savings banks on Jan1 1931, or have become eligible for such investment since that date or shall
hereafter, prior to April 1 1933 become eligible for such investmeat, shall
continue to be eligible for such investment until April 1 1933; provided,
however, that the securities of a railroad company which has defaulted
during the year 1931 or which shall have defaulted prior to April 1 1933,
in the payment of matured principal or interest on any of its mortgage
or funded indebtedness shall not be eligible for such investment.
Section 2. This Act shall take effect immediately.
New York State.—Appeals Court Ruling on State Redistricting to Be Taken to U. S. Supreme Court.—Albany
dispatches on Feb. 15 reported that the Republican legislative leaders had decided to appeal to the U.S.Supreme Court
the decision handed down on Feb. 9 by the State Court of
Appeals to the effect that the measure adopted by legislative
resolution in 1931, reapportioning the State's representation in Congress, is invalid (V. 134, p. 1227). In voiding
the measure, which had been forced through the State
Legislature as a concurrent resolution, the Court of Appeals
held that any change in reapportionment, to be valid, must
bear the signature of the Governor.
South Carolina.—State Control of Local Government
Financing Proposed.—Bills have been introduced in the Legislature recently, proposing that the State emulate North
Carolina in the taking over of control of all local government
financing. By the terms of these proposed measures all
bond issues of counties, municipalities and special districts
in the State would be submitted to the State Sinking Fund
Commission for approval. During the past few years
several States have enacted legislation similar to these proposed bills.
$5,500,000 Highway Note Bill Signed by Governor.—A bill
has recently been passed by the Legislature and signed by
Governor Blackwood authorizing the State Highway Department to issue $5,500,000 in short-term notes. It is
stated that the notes are to bear 6% interest and will mature
in 1 year. These notes, it is said, will be used to place the
State in funds for the payment of contractural obligations
on road projects.
Westchester County, N. Y.—New Tax Schedule Raises
Value of Realty to $2,193,950,318.—The following article on
the Westchester tax equalization table, determining what
share of the 1932 county taxes is to be paid by each of the
has been passed upon by some of the
and in addition to this it is important to note that the State of Arizona
has never defaulted in the payment of interest or principal on any of its
obligations.
Also pie Ise note that Arizona paid $1,000,000 of the last issue of Tax
Anticipation Bonds due January 6 1932, on Nov. 11 1931 and paid $420,000
of same issue on Nov. 19 1931, leaving only $780,000 of a $2,200,000 issue
to be paid on due date which balance was paid on January 6 1932.
The tax levy for the fiscal year amounts to $6.409,928 and there has been
collected to date on same $3,263,641.61 leaving a balance of $3,146,286.39.
which collection will be ample to retire these bonds to be sold as we are only
selling about 48% of tho balance of the tax levy for the fiscal period and the
delinquency should not be over 30% of the balance.
The State's bonded indebtedness as of Jan. 11 1932 amounts to $268,000.
The County bonded indebtedness as of Jan. 11 1932 refunded by the State.
which is a direct charge against counties, amounts to $1,202,551.72. Total
bonded indebtedness, $1,470,551.72. Amount in redemption fund to
apply on above, $16.350. Assessed valuation for fiscal year. $674,729,235.
ASH TOWNSHIP SCHOOL DISTRICT NO. 17 (P. 0. Carleton)
Monroe County, Mich.—BOND OFFERINO.-0. J. Williams, Secretary
of the Board of Education, will receive sealed bids until 12 m. on Feb. 23.
for the purchase of $45,000 5 % school bonds, to mature $1,500 annually
on Feb. 15 from 19:33 to 1962, incl. Interest is payaole in February and
August. A certified check for $1,000 must accompany each proposal.
(These bonds were voted at an election on Jan. 25, toe report of which
appeared under the caption, Carleton &noel District, Mich. in V. 134.
1
1: • 882.)
ATLANTIC CITY, Atlantic County, N. J.—BOND OFFERING.—
The Director of the Department of Revenue and Finance will receive
sealed bids until until 12 M.on Feb. 25 for the purchase of $1,200,000 tax
revenue bonds of 1930 and $755.000 revenue bonds of 1931. Dated March
14 1932 and due on Aug. 8 1932. Rate of int., to be named by bidder,
Is not to exceed 6%.
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.—BOND OFFERING.—E. L. Johnson, County Treasurer, will receive sealed bids until
11 a.m. onFeb. 23.for the purchase of $1,650,000 not to exceed 6% interest
coupon or registered tax revenue bonds. Dated March 1 1932. Denom.
$5,000, or $1,000 at option of purchaser. Due Sept. 1 as follows: $500,000
in 1933 and 1934, and $650,000 in 193e. Rate of interee, to oe expressed
In a multiple of one one-hundredta of 1% and must oe the same for all of
the oonds. Principal and interest (March and September) are payable
at the office of the County Treasurer. These bonds are being issued
against delinquent taxes for the year 1931. A certified check for 2% of the
amount of bonds bid for, payable to the order of the above-mentioned
official, must accompany each proposal. The approving opinion of Clay,
Dillon & Vandewater, of New York. will be furnished tne successful bidder.
The report of the Board of Chosen Freeholders.as of Dec. 31 1931 contains the following statistics:
Liabilities.
$4,668,000.00
Bonded indebtedness
429.000.00
Tax revenue notes
725,000.00
Tan anticipation notes
63.775.55
Emergency notes
1,610,980.61
State taxes unpaid
$7.496,756.16
Assets.
Cash
Sinking fund assets
Unpaid taxes
Deductions
__et debt_
$123,311.17
311,062.76
_ 2,868,315.29
$3,302,689.22
$4,194,066.94
BABYLON,Suffolk County, N. Y.—BOND ELECTION.—An election
has aeen called for March 15 at which time a vote will be taken on tkproposal
to issue $50.000 in bonds for street improvement purposes.
RAT DWIN TOWNSHIP (P. O. Mount OliverStion Pittsburgh)
Allegheny County, Pa.—BONDS NOT SOLD.—The188110 of $100,000
Feb.
" t ei er
orD51.!ecl'nF
8
31-932
r
n p 53 - , fnere 13, a o bire
3I, s:.113 boV..a: ot t bearsninteds were gcei
Due Feb. 1 as follows: $25,000 in 1042 and 1947, and $30,000 in 1052. *
V
1406
FINANCIAL CHRONICLE
[voL. 134.
BARNEGAT CITY, Ocean County, N. J.
-BONDS NOT SOLD.
-The
Tax Levy and Collection.
Issue of $27,400 6% coupon or registered water bonds offered on Feb. 151931-1932.
1930-1931.
1929-1930.
V. 134, p. 704
-was not sold, as no bids were received. Dated Oct. 1 1931. Levy
$31.297,857.28 $32,560,616.13 $31,920,233.56
Due on Oct. 1 from 1943 to 1969 incl.
Collected
27,541.356.50* 32,190,347.28 31,715.626.51
BASTROP COUNTY ROAD DISTRICT NO. 25 (P. O. Bastrop),
Unpaid
Tex.
$3,756,500.78*
-PRICE PAID.
$370,268.85
-The $5,000 issue of 5% semi-ann. road bonds that
$204,607.05
was purchased by the various county funds
1928-1929.
1927-1928.
-V. 134, p. 538
-was awarded Levy
at par. Due $500 from Nov. 10 1932 to 1941 incl.
$27,875,714.56 $29,699,967.15
Collected
27,658,046.02
29,615.970.18
BAY CITY, Bay County, Mich.
-BOND SALE.
-The $90,000 6%
special assessment bonds offered on Feb. 15-V. 134, p. 1228
Unpaid
-were
$217,668.64
$83,996.97
awarded at a price of par to tho Peoples Commercial & Savings Bank of
Bay City. Dated Feb. 1 1932 and due on Feb. 1 1937. Stranahan,
* The fiscal year is from July 1 to June 30. Taxpayers may pay oneHarris & Co.of Toledo,submitted a 15
-day option bid at a price of 100.07. half of city taxes during month of July, without penalty; second half is
payable during December, without penalty. Sale of unpaid taxes will
BAY CITY, Matagorda County., Tex.
-PRICE PAID.
-The $156,000
Issue of 53 % sem-annl. funding bonds that was jointly purchased by take place about May 24 1932.
,
5
the B. F. Dittmar Co. of San Antonio, and H. E. Burt & Co. of Houston
BRUNSWICK,Frederick County, Md.-BOND OFFERING.-William
-V. 134, p. 161
-was awarded at a price of 95.50, a basis of about 6.11%. R. Thompson, City Treasurer, will receive sealed bids until 8 p. m. on
March 1 for the purchase of $60,000
Due from 1932 to 1950.
% coupon water bonds. Dated
March 1
Denom. $1,000. Due March 1 1962. Int. is payable
-The Direc- In March 1932.September.
-BOND OFFERING.
BAYONNE, Hudson County, N. J.
and
Bonds are registerable as to prin. only. A
tor of Revenue and Finance will receive sealed bids until March 15 for the certified check for 5% of the par
value of the bonds bid for, payable to the
purchase of $1,027,000 43,454 or 5% coupon or registered bonds, divided order of the Mayor and Council,
must accompany each proposal.
as follows:
(This issue was previously offered on Oct. 6, at which time no bids were
$617,000 general impt. bonds. Due April 1 as follows: $20,000 from 1934 received.
-V. 133, P. 2957.)
to 1958 incl., $30.000 from 1959 to 1961 incl. and $27,000 in 1962.
BURLINGTON, Skagit County, Wash.
319,000 library construction bonds. Due April 1 as follows: $10,000 from
-BONDS NOT SOLD.
-The
1934 to 1956 hacl., $15,000 from 1957 to 1961 incl. and $14,000 two issues of not to exceed 6% semi-ann. water bonds aggregating $40,090
In 1962.
offered on Feb. 17-V. 134, p. 1061-were not sold, as there were no
bids
91,000 school bonds. Due April 1 as follows: $3,000 from 1934 to 1958 received.
incl. and $4,000 from 1959 to 1962 incl.
BONDS RE
-OFFERED.
-Sealed bids will be received until April 6
Each issue is dated April 1 1932. Denom. $1,000. Interest is payable Charles Callahan, Town Clerk, for the purchase of the above two issuesby
of
In April and October. Legality to be approved by Hawkins. Delafield & water bonds aggregating $40,000, as follows:
Longfellow of New York.
$25,000 revenue bonds. Due as follows:$500, 1934 to 1939;$1,000, 1940 to
1943;81,500,1944 to 1948;$2,000, 1949to 1952,and $2.500 in 1953.
BEACON, Dutchess County, N. Y.
-CERTIFICATE SALE.
- 15,000 general
obligation bonds. Due as follows: $500, 1934 to 1943.
Paving certificates of indebtedness to the amount of $108,000 were sold
and $1,000, 1944 to 1953, all inclusive.
Feb. 15 as 58 at a price of par as follows:
Int. rite is not to exceed 6%, payable J. & J. Denom. $500. Dated
$50,000 to the Matteawan Savings Bank of Beacon.
Jan. 11932. Prin. and int. payable at the fiscal agency of the State in New
40,000 to the Mechanics Savings Bank of Beacon.
York or at the office of the Town Treasurer. A certified check for 5%
18,000 to the Poughkeepsie Savings Bank of Poughkeepsie.
The certificates are dated Feb. 1 1932 and mature $10,800 on Feb. I of the mount bid, payable to the Town Tretsurer, is required.
from 1933 to 1942 incl. Denom.$1,000 and $800. Prin. and int.(F.& A.)
CALHOUN COUNTY (P. 0. Anniston), Ala.
NOT
are payable at the Matteawan National Bank, Beacon, or at the Chase -The $76,000 issue of not to exceed 6% semi -BONDS houseSOLD.
-arm. court
bonds
National Bank of New York. Legality approved by Clay, Dillon & offered on Feb. 15-V. 134, p. 1228
-was not sold as all the bids received
Vandewater of New York.
were rejected. It is stated that the bonds may be disposed of at private
sale. Dated Feb. 1 1932. Due from Feb. 1 1935 to 1962 incl.
BEAVERTON, Washington County, Ore.
-BONDS NOT SOLD.
The $10,000 issue of 6% coup uo semi-annual refunding bonds offered on
CAMPBELL CITY SCHOOL DISTRICT, Mahoning County, Ohio.
Jan.25-V. 134,p.705
-was not sold as there were no bids received. Dated -BOND OFFERING.
-George E. Prokop, Clerk of the Board of EducaJan. 21932. Due on Jan. 2 1942 and optional on Jan. 21933.
tion, will receive sealed bids until 12 m. on March 7 for the purchase of
$43,000 6% refunding bonds.
BEDFORD, Lawrence County, Ind.
-MATURITY.
-The issue of Due Oct. 1 as follows: $3.000 in Dated March 15 1932. Denom. 81,000.
1933 and 1934; $4.000. 1935; $3,000, 1936
$12,500 4%% fire station construction bonds sold at a price of par recently and 1937; $4,000.
1938; $3,000 in 1939 and 1940; 84,000, 1941; $3,000 in
to the Stone City Bank, of Bedford-V. 134, p. 1228
-matures in 1948.
1942 and 1943; $4,000 in 1944. and $3,000 in 1945. Interest is
semi-annually in April and October. Bids for the bonds to bear payable
BENTON COUNTY (P. O. Camden), Tenn.
-BONDS NOT SOLD.
interest
The $34,000 issue of not to exceed 6% semi-ann. refunding bonds offered at a rate other than 6%, expressed in a multiple of
of 1%, will also be
-was not sold, according to the Clerk of the considered. A certified check for $2,000, payable to the order of the aboveon Feb. 8-V. 134, p. 705
mentioned individual as Treasurer of the Board of Education, must acCounty Court. Due $2,000 from July 1 1933 to 1949, incl.
company each proposal.
BENTON HARBOR, Berrien County, Mich.
-ADDITIONAL
CAPE MAY COUNTY (P. 0. Cape May, C. H.), N. J.
INFORMATION.
-The issue of $54,000 special assessment bonds purchased
-BOND SALE.
-The issue of $50,000 series No. 2 coupon or registered Seashore road
recently by the sinking fund commissioners
-V. 134, p. 1061-bears int.
at the rate of 4Y6% and was sold at a price of par. Dated Feb. 1 1932. bonds offered on Feb. 17-V. 134, P. 1061-was awarded as 6s, at a price
of par, to the First National Bank of Cape May, the only bidder. Dated
Due $6,000 annually from 1934 to 1942, Incl.
Jan. 11932. Due $5,000 on Jan. 1 from 1934 to 1943 incl.
BEXLEY (P. 0. Columbus) Franklin County, Ohio.
-ADDICARBON COUNTY (P. 0. Price), Utah.
-The two issues of special assessment storm
TIONAL INFORMATION.
-BOND REDEMPTION.
sewer construction and street improvement bonds, aggregating $59,325 It is reported that the County Commissioners have authorized recently
the retirement of $153,000 in road bonds.
purchased by the BancOhlo Securities Co. of Columbus
recently
-V. 134,
-were taken as 6s, at a price of par. The company also purchased
p. I228
CARROLL, Carroll County, lowa.-BOND SALE.
-The $4,400 issue
as 6s, at a price of par, an additional issue of $3,570 special assessment of 5% registered sewer improvement
bonds offered
on Feb. 8
Improvement bonds.
(V. 134, p. 1061) was purchased at par by the Carroll for sale State Bank
County
of Carroll. Denom. $500. Dated Jan. 2 1932. Due on Nov.
BOSTON, Suffolk County, Mass.
-BOND SALE.
-A group headed
1 1940.
by the First National Old Colony Corp. of Boston has purchased an issue Interest payable M. & N.
of $2,000,000 43I% traffic tunnel bonds at a price of par. Dated March 1
CASPER, Natrona County, Wyo.-BONDS AND WARRANTS
1932. Due March 1 1982; optional in 1952.
CALLED.
-It is reported that the City Treasurer called for payment on
BOSTON, Suffolk County, Mass.
-TEMPORARY LOAN.
-The First Feb. 1. various paving district bonds and sidewalk and sanitary district
Bank and the National Shawmut Bank, both of Boston. jointly, warrants.
National
purchased on Feb. 15 a $2,000,000 temporary loan at 5.75% interest rate
CATTARAUGUS COUNTY (P.O.
-BOND SALE.
basis, payable at maturity. The loan is dated Feb. 16 1932 and matures -The $150.000 coupon or registeredSalamanca), N. Y.
refunding highway bonds offered
on Oct. 1 1932.
on Feb. 17-V. 134, p. 1228
-were awarded as 5.30s to Prudden & Co. of
New York at par plus a premium of $100,equal to a price of 100.066, a basis
BOUND BROOK, Somerset County, N. J.
-BOND OFFERING.
Everest L. Belli, Borough Clerk, will receive sealed bids until 8 p. m. on of about 5.29%. Dated Feb. 151932. Due on Feb. 15 as follows: $5,000
March I for the purchase of $75,000 not to exceed 6% interest coupon or from 1933 to 1942 incl. and $50,000 in 1943 and 1944.
registered general improvement bonds. Dated Feb. 1 1932. Denom.
Bids received at the sale were as follows:
$1,000. Due Feb. 1 as follows: k5,000 from 1934 to 1936 incl. and 86.000
BidderInt. Rate.
Rate Bid.
from 1937 to 1946 incl. Rate of interest to be expressed in a multiple o
Prudden & Co.(successful bidders)
5.30%
100.06
h of 1%. Principal and interest (February and August) are payable at Batchelder & Co
5.40%
100.32
National Bank. Bound Brook, or at the Chase National Bank, Halsey, Stuart & Co
the First
5.75%
100.45
New York. No more bonds are to be awarded than will produce a premium First National Bank (Salamanca)
5.75%
100.629
of $1,000 over $75,000. A certified check for 2% of the amount of bonds
CEDAR GROVE TOWNSHIP (P. 0. Cedar Grove), Essex County,
bid for, payable to the order of the borough, must accompany each proposal. N. J.
-BONDS NOT SOLD.
-The three issues of 6% coupon or registered
The approving opinion of Caldwell & Raymond of New York will be fur- bonds,
aggregating $86,000 offered on Feb. 15-V. 134, P.
nished the successful bidder. (These bonds were previously offered on not sold,
1061-were
as no bids were received.
-day option for their
Dec. 29, at which time no bids were received. A 30
Purchase granted B. J. Van Ingen & Co. of New York was not exercised
CENTRAL OREGON IRRIGATION DISTRICT (P. O.
Redmond),
-V.134, p. 1228.)
Deschutes County, Ore.
-BONDS NOT SOLD.
-The 8135,000 issue of
6%
-BOND REDEMP- not semi-annual irrigation bonds offered on Feb. 9 (V. 134, ri• 538) was
BOX ELDER COUNTY (P. 0. Brigham), Utah.
sold, according to
Education is reported to have forwarded Jan. 1 1932. Due fromthe Secretary of the Board of Directors. Dated
TION.
-The County Board of
Jan. 1 1937 to 1947.
to the Harris Trust & Savings Bank ofChicago a check for $200,000 to
It is now reported that these bonds have since
been exchanged for
retire that amount of 4A % bonds that was issued in 1912.
warrants outstanding.
-TEMPORARY LOAN.
BRIDGEWATER, Plymouth County, Mass.
CENTRALIA POOR DISTRICT (Conyngham Township), P.
O.
-The Second National Bank of Boston purchased on Feb. 18 a 835,000 Centralia, Pa.
-W,A. Reilly, District Secretary, reports
tax anticipation loan at 6% discount basis. Due on Nov. 10 1932. The that the First -BOND SALE.
National Bank of Centralia recently purchased an issue of
Bridgewater Trust Co. bid on a 6.10% basis.
$44.500 funding bonds. The Department of Internal Affairs at Harris-The two burg has approved of the issue.
-BOND DETAILS.
BRISTOL, Sullivan County, Tenn.
Issues of improvement bonds aggregating $14,000. that were purchased by
CHICAGO WEST PARK DISTRICT, Cook County, III.
-were awarded as 5s, and AUTHORIZED.
the Bank of Bristol, at par
-BONDS
-V. 133. p. 4188
-R. J. Daly, Secretary of
mature as follows:
sioners, reports that the bill adopted by the the Board of Park Commis$6.000 Edgemont Ave. bonds. Duo 31.000 from Dec. 1 1932 to 1937 incl. authorizing the Park Commissioners to issue State Legislature on Feb. 3,
8,000 Ninth Street bonds. Due $1.000 from Dec. 1 1932 to 1939 incl.
approval of the electorate, does not become $4,000,000 bonds without the
effective until July I 1932.
-The four
-OFFERED.
-BONDS RE
BUFFALO, Erie County, N. Y.
CLARKE COUNTY (P. 0. Vancouver), Wash.
-BOND SALE.
Issues of coupon or registered bonds aggregating $4,790.000. offered at not The $82,500 issue of funding bonds offered
for sale on Feb. 13-V. 134,
- II•882
to exceed 5% interest on Feb. 10 at which time no bids were received
-waspurchased by the State of Washngton, as 5 Ms, at par. There
V. 134, p. 1228
at 11 a. m. on Feb. 24. was no other bid.
-are being re-advertised for award
In this instance the rate of interest for the 83,000,000 home relief bonds,
due Feb. 151935. has been advanced to a limit of 6%, while that for the
CLEVELAND HEIGHTS, Cuyahoga County, Ohio.
-BOND
$1,790,000 serial bonds is limited to 5%, as fixed originally. Bidder.to -Charles C. Frazine, Director of Finance, reports that an issue of SALE.
$6,300
name the rates of interest expressed in a
of X or 1-10th of 1%. 6% street improvement bonds has been purchased at a price of par for
and a single rate must be named for the short-term issue and the serial Investment by the sinking fund commission. Due Oct. 1 as
follows:
bonds. The city reserves the right to make award of the bonds on the basis $300 in 1933; $1,000 in 1934 and 1936; $1,000 from 1938 to 1940, incl.,
of the issue of $3.000.000 to one bidder and the $1,790,000 serial bonds to and $1,000 in 1942.
another bidder. A certified check for 2% of the amount of bonds bid for,
payable to the order of William A. Eckert, City Comptroller, who will
COATESVILLE, Chester County, Pa.
-BOND SALE.
-W,E. Greenreceive the bids, must accompany each proposal. Further information wood, City Solicitor, reports that $265.000 sewage disposal plant conregarding the bonds will be found in-V. 134, p. 1061.
struction bonds were sold recently as 434s, at a price of par, as follows:
$200,000 to the State Employees' Retirement Board, $40,000 to the city
Financial Statement (Jan. 31 1932)•
sinking fund, and $25,000 to the Local Trust Fund. These bonds are part
Assessed Valuation-Real property
$1,077,628,775.00 of an issue of $375,000 offered as 4s on Sept. 23, at which time no bids
Special franchise
37.330,230.00 were received. Subsequently, a block of $110,000 was purchased as
Personal
5,222,000.00 at a price of par, by Singer, Deane & Scribner of Pittsburgh.
-V. 133,
p.4188.
Total assessed valuation
$1,120,181,005.00
-Water
Bonded debt
Dalhart), Tex.
$17.727,020.28
DALLAM COUNTY (P. 0.
-BONDS VOTED.
-At the
Various
-the voters are reported to have
79,093,985.88 election held on Feb. 11-V. 134. p.882
approved the issuance of $360,000 in highway bonds.
Total bonded debt
$96,821,006.16
Sinking funds (not deducted above)
DALLAS COUNTY (P. 0. Dallas), Tex.
-Water
-WARRANT OFFERING.
$5,813,879.50
Various
4,296,209.13 It is reported that sealed bids will be received until March 7, by the County
Judge, for the purchase of an issue of $100,000 jail warrants. These
Total sinking funds
$10,110,088.63 warrants were offered for sale without success on Feb. 1-V. 134, p. 1062.
FEB. 20 1932.]
FINANCIAL CHRONICLE
1407
-E. E.
ELBRIDGE WATER DISTRICT NO. I (P. 0. Jordan), Onondaga
DAYTON, Montgomery County, Ohio.
-BOND OFFERING.
-BOND OFFERING.
-Wilbur J. Howe, Town Clerk, will
Hagerman, Secretary of the Board of Sinking Fund Trustees, will receive County, N. Y.
sealed bids until 12 m.on Feb.24 for the purchase of $95,000 bonds, divided receive sealed bids at the Jordan National Bank until 7:30 p.m. on Feb. 20
for the purchase of $13,500 not to exceed 6% interest coupon or registered
as follows:
water bonds. Dated Feb. 1 1932. Denom. $500. Due $500 on Feb. 1
$46,000 4 % series H sewage disposal plant bonds (issued outside of tax from 1936 to 1962, incl. Rate of interest to be expressed in a multiple of
limitations). Original issue was $50,000. Dated May 15 1929.
X of 1%. Principal nad interest (Feb. and Aug.) are payable at the
Due $2,000 on Sept. 1 from 1932 to 1954 incl.
at
19,000 5% public lands and building bonds (issued inside of tax limita- Jordan National Bank orfor the Central Hanover Bank & Trust Co., New
2% must accompany each proposal. Legality
tions). Original issue was $31,500. Dated Dec. 15 1926. Due York. A certified check
Sept. 1 as follows:$3,000 from 1932 to 1936 incl. and $4,000 in 1937. to be approved by Hawkins, Delafield & Longfellow of New York.
17,000 4X% fire alarm system bonds (issued inside of tax limitations).
ELK CITY, Beckham County, Okla.
-BOND OFFERING.
-It is
Original issue was $25,000. Dated Aug. 1 1926. Due Sept. 1 as
reported that sealed bids will be received until Feb. 23 by the City Clerk
follows: $2,000 from 1932 to 1938 incl. and $3,000 in 1939.
13,000 5% motor vehicle bonds (issued inside of tax limitations). Original for the purchase of a $25,000 issue of sewage disposal plant bonds. (These
Issue was $16,000. Dated May 1 1930. Due Oct. 1 as follows: bonds were voted at an election held on Feb. 3-V. 134, p. 1229.)
$3,000 from 1932 to 1934 incl. and $4,000 in 1935.
FALLS COUNTY ROAD DISTRICT NO.9 (P. 0. Marlin), Texas.
The Board is permitted to sell the bonds below par. Separate bids
-At the election held on Feb. 6 (V. 134, p. 539) it is
apon each issue are preferred and the award will be made to the highest BONDS VOTED.
bidder upon each issue, unless bidders present a bid for "all or none," reported that the voters approved the issuance of $450,000 in 5% road
bonds.
which is higher than the combined bids of the separate bids received.
If individual bids are submitted, a certified check for 3% of the par
-NOTES NOT SOLD.
value of the issue must accompany each proposal. However, if an "all or
FERNDALE, Oakland County, Mich.
none" offer is presented, the certified check must be for 3% of the total R.0. Wolter, City Clerk, reports that no bids were received at the offering
amount of bonds in the offering. Checks should be made payable to the on Feb. 16 a $25,000 69" tax anticipation notes of 1931. Dated March I
order of the Secretary. Legality of the bonds has been approved by Squires, 1932. Due Sept. 30 1932. Principal and interest (June and Sept. 30)
Sanders & Dempsey of Cleveland.
payable at the Highland Park State Bank, Highland Park. Offering of the
Treasurer and the legal
DECATUR, Macon County, 111.
-It is notes was made subject to the approval of the State
-BONDS AUTHORIZED.
of Detroit. City agreed to
reported that the City Council on Feb. 8 voted to issue $500,000 water opinion of Miller, Canfield, Paddock & Stone, notes.
bonds notwithstanding the fact that action has been instituted pay for the legal opinion and the printing of the
revenue
In the Circuit Court seeking to restrain that body from issuing the serurities
-The
-NOTES AUTHORIZED.
FERNDALE,Oakland County, Mich.
DEDHAM, Norfolk County, Mass.
-TEMPORARY LOAN.
-The city commission has approved of an issue of $10,000 delinquent tax anticipaMerchants National Bank of Boston purchased on Feb. 17 an $80,000 tem- tion notes, which will be offered for investment locally. Denominations
porary loan at 5.49% discount basis. Due on Nov.8 1932. Bids received from $5 to $50.
at the sale were as follows:
-Discount
Basis.
Bidder
-BOND OFFERING.
FORT DODGE, Webster County, Iowa.
Merchants National Bank (successful bidder)
5.49V Sealed bids will be received until 10 a.m. on Feb. 26 by D. J. Coughlin,
Grafton Co
5.57
City Clerk, for the purchase of a $10,000 issue of water works bonds.
H. W. Briggs & Co
5.65
Interest rate is not to exceed 5%, payable semi-annually. Due from
Day Trust Co
5.68
March 1 1935 to 1937, incl. The approving opinion of Chapman & Cutler
Shawmut Corporation
5.857 of Chicago will be furnished. (These bonds were offered for sale without
0
6.00% success on Feb. 9 and Feb. 15. On the latter date there were no satisfacDedham National Bank
-The Sinking Fund Commis- tory bids received and the Council adjourned the sale to the above date.)
-BOND SALE.
DELAWARE (State of).
sion of the State was the only bidder at the offering on Feb. 11 of $1,000,000
-LOAN OFFERING.
-It is
FORT WORTH, Tarrant County, Tex.
47 highway bonds (V. 134, p. 705) and was awarded the issue at a price
Bank,
composed of the Fort Worth
of°
par. Dated Jan. 1 1932. Due in 40 years; optional at a price of 105 reported that a syndicatethe Continental National Bank,National Stockand the
the First National Bank,
on any interest payment date after ono year.
yards National Bank, all of Forth Worth, has offered the City a loan of
-BONDS AND WARRANTS $400,000, maturing in 3 months and bearing 6% interest, to tide the City
DENVER (City and County), Colo.
CALLED.
-It is announced by Wm. F. McGlone, Manager of Revenues, over the low tax collection period extending to June 1.
that he is calling for payment on Feb. 29, on which date interest shall cease,
various storm sewer, sanitary sewer, impt., surfacing, alley paving and
-We
-BONDS APPROVED.
FORT WORTH, Tarrant County, Tex.
street paving bonds.
take the following from the Dallas"News"of Feb. 12 regarding the $100,000
-V. 134, p. 706:
-BELATED BOND SALEREPORT Issue of street impt, bonds that was recentlj authorized. will be determined
DESHLER,Henry County, Ohio.
can be sold locally
"Whether Fort Worth
-The $30,000 6% coupon first mortgage municipal electric light and heat- when the city attempts tocity bonds a $100,000 issue of street improvement
dispose of
-were awarded
ing plant system bonds offered on Oct. 20-V. 133, P. 2463
bonds approved Wednesday by State Attorney General's Office.
at a price of par and accrued interest to the Worthington Engine Co. Dated
"The money raised by the issue is to go to finance the widening of ThrockOct. 1 1931. Due $1,000 each month from Jan. 1 1932 to July 1 1934, with
the option reserved to the Village to redeem any or all of the bonds prior morton Street.
"City Manager George D. Fairtrace already has received a number of
to their stated maturities.
inquiries from local investors concerning the bonds and anticipates no
-We (five difficulty in their disposal. The issue will boar 4%% interest."
DES MOINES, Polk County, lowa.-BOND DETAILS.
the following additional information from the Des Moines "Register' of
-BOND DEFAULT REPORT.
FOSTORIA, Seneca County, Ohio.
Feb. 12 in connection with the sale of the $100,000 airport bonds as 4%s at
par (V. 134, p. 1062):
Gerald D. King, City Auditor, is reported to have stated that on Sept. 1
"Chapman & Cutler, Chicago bond attorneys, Thursday notified the 1931 default occurred on $11,450 principal and interest on city bonds held
city legal department of their approval of the new issue of $125,000 in by the State Teachers Retirement Fund and the State Tax Commission.
airport bonds issued at 454 %. The bonds, Mayor Crouch said, will be These bodies have agreed to a refunding of the debts. Tax delinquencies
delivered at once to McMurray, Hill & Co., investment brokers, of Des were cited as the reason for the default.
Moines, and Truman Jones, former owner of the airport tract, purchasers.
FRANKLIN LAKES (P. 0. Cantpgaw) Bergen County, N. J.
DETROIT, Wayne County, Mich.
-LOANS TO CITY RESUMED.
-Delbert Teter, Borough Clerk, will receive sealed
Announcement has been made that banking interests in New York and BOND OFFERING.
Chicago will continue financing the operations of the city through the bids until 8:15 p.m. on Feb. 29, for the purchase of $12,500 4%, 5. 5
purchase of tax anticipation loans, in accordance with the terms of an 5%,5% or 6% coupon or registered road bonds. Dated March 1 19 .
agreement reached last Summer when the bankers agreed to loan $20,000,000 Denom. $500. Due March 1 as follows: $LOW from 1933 to 1937, incl..
and Detroit banks and industrial concerns pledged an additional $20,000,000 and $1,500 from 1938 to 1942, incl. Principal and interest (March and
reports the Detroit "Free Press" of Feb. 12. The bankers, it is said, sus- September) are payable at the First National Bank, Wyckoff. No more
pended additional purchases about two weeks ago, alleging that the city had bonds are to be awarded than will produce a premium of $500 over the
violated its agreement in the matter of balancing income and expenditures. amount of the issue. A certified check for 2% of the amount of bonds bid
However, the city council adopted a program of further economies and for, payable to the order of the Bcrough, must accompany each proposal.
retrenchment, and resumption of the loans was made on Feb. 15 when a The approving opinion of Reed, Hoyt & Washburn, of New York, will be
sum of $5,000,000 was advanced to meet current salaries and expenses. furnished the successful bidder.
The city also received an extension until June 1 of a loan of $7,500,000 that
FRELINGHUYSEN TOWNSHIP (P. 0. Johnsonburg), Warren
became due on Feb. 16. The institutions concerned in the financing are
-BOND OFFERING.
-Attention is called to the official
the Bankers Trust Co., Chase National Bank, National City Bank, Guar- County, N. J.
advertisement on page 1412 of this section, of the proposed sale at public
anty Trust Co., and the Continental Illinois Bank & Trust Co.
auction at 2 p. m. on March 5 of $27,000 4%% road improvement bonds.
It is further reported that the city will apply to the Reconstruction
Finance Corp. for a loan of between $5,000,000 and $8,000,000 from which Dated April 11932. Denom.$500. Due April 1 as follows:$2,000 from 1933
1945 incl., and $1,000
taxpayers in turn may borrow to pay their city bills. It is said that the to certified check for 27 in 1946. Interest is to be payable semi-annually.
A
of the amount of bonds
accompany
plan has the approval of Mayor and Governor of the State, Wilbur M. each proposal. Bonds will berready for delivery on bid for must at the First
April 1 1932
Brucker.
National Bank, Blairstown. The Township Clerk is Lundy Armstrong, and
EAST RUTHERFORD, Bergen County, N. J.
-BONDS TO BE SOLD further information regarding the offering may be obtained from Claude E.
LOCALLY.
-Mayor Karl Zimmermann has stated that he will urge citi- Cook, Township Attorney, 101 Sherrer Bldg., Hackettstown, N. J.
the community to subscribe for the purchase of an issue of $106,000
zens of
public improvement bonds. The Borough has sold an issue of $25,000 tax
-BOND SALE.
-The $8,000 557
GLADSTONE, Delta County, Mich.
anticipation notes to the East Rutherford National Bank. The total sewer construction bonds offered on Feb. 8-V. 134, p. 1062
-were awarded
assessed valuation for 1932 remains at the same figure as in 1931, being to the Gladstone State Saving's Bank and the First National Bank, both of
$7,443,775.
Gladstone, jointly, the only bidders, at par plus a premium of $40, equal to
a price of
a basis of about 4.84%. Dated Feb. 15 1932. Due
EAST WH1TELAND TOWNSHIP SCHOOL DISTRICT (P. 0. $1,000 from 1933 to 1940 inclusive.
100.50,
Malvern), Chester County, Pa.
-BOND ELECTION.
-An election will
be held on March 15 to permit of the consideration of a proposal calling
-The
-TEMPORARY LOAN
GLOUCESTER, Essex County, Mass
for the issuance of $39,000 in bonds for school building construction purMerchants National Bank, of Boston, purchased on Feb. 18 a $150.000
poses.
temporary loan at 5%% discount basis According to City Treasurer
EVERETT, Middlesex County, Mass.
-FINANCIAL STATEMENT. Reed, similar loans to the amount of $900,000 were negotiated in 1931 at
-As a means of informing investors in the city's obligations and the an interest cost of $10,223. To date this year, $325,000 of loans have
municipal investment public generally of the financial status of the muni- been sold the interest charges on which aggregate $23,071. The sharp
cipality, City Treasurer William E.Emerton has issued the following state- advance in the cost of the borrowing reflects the marked change that has
ment of condition as of Feb. 1 1932:
occurred in the short-term money market. Whereas up to about Sept.
of 1931 municipalities in New England borrowed on temporary loans at
Condensed Debt Statement, Feb. 1 1932.
rates from 1 jj to 3 %,since that time loans of similar character, if marGross debt divided as follows:
keted at all, have been at rates of from 5 to 6%.
Inside Statutory Limit.
Outside Statutory Limit.
General
-- $21,000
School
$905,000
-BOND
GRAYS HARBOR COUNTY (P. 0. Montesano), Wash.
Additional dept. equip-government_1,000
Sewer and surface
-Dr. 125,000
-It is reported that sealed bids will be received until March 14,
Prot. persons and prop_ 19,000
Water
119,000 OFFERING.
-Dr
Sewer,surface
376,900
Hospital
325,000 by the County Treasurer, for the purchase of an issue of $173,000 refunding
bonds.
Highway
469,000
School
569,000
GREAT FALLS, Cascade County, Mont.
-MATURITY.
-The
Libraries
6,000
$36,000 issue of 5%% south side sewer bonds that was purchased at par by
Recreation
33,500
the city sinking fund-V. 134, p. 1062
-is due on Jan. 1 as follows: $1,000.
Refunding
11,000
1933;$5,000, 1934;$10,000, 1935and 1937;$7,000. 1938,and 53.000 in 1939.
$1,506,400
$1,474,000
GREAT NECK
County, N. Y.
Gross Debt Feb. 1 1932
$2,980,400.00 -BOND SALE. ESTATES(P.O. Great Neck), Nassau
-The three issues of
bonds aggregating
Less: Sinking funds
175,085.61 $44,000 offered on Feb. 15-V. 134, coupon or registered as 6s, at a price
883
-were awarded
P.
of par, to Rutter & Co., of New York, the only bidder. Award consisted of:
Net bonded debt Feb. 1 1932
$2,805,314.39
$25,000 park bonds. Due Feb. 1 as follows: $2,000 from 1934 to 1944 incl.,
Financial Statement, Feb. 1 1932.
and 33,000 in 1945.
$74,553,800
Average valuation three years
11,000 series A. street improvement bonds. Due Feb. 1 as follows: $2,000
Borrowing capacity Feb. 1 1932 for bond issue
409,869
from 1933 to 1936 incl., and $3,000 in 1937.
capacity for revenue notes 1932
Borrowing
2,899,245
8,000 series B street improvement bonds. Due $1,000 Feb. 1 from 1933
to 1940 incl.
Taxes, Feb. 1 1932.
Each issue is dated Feb. 1 1932.
% Collected. Uncollected.
$2,176,877.85
99.3%
$14,869.26
Tax levy 1929
GREEN BAY, Brown County Wis.-BONDS
-At
2,476,731.11
97.2%
68,389.70 a meeting held on Feb.5 the City Council authorized AUTHORIZED.
Tax lays 1930
,
'
$20,000
2,554,481.01
75.6%
621,128.96 in not to exceed 8% bridge construction bonds. the issuance of1 1932.
Tax levy 1931
Dated May
Due in 1933.
Ism
$704,387.92
GREGG COUNTY(P.O. Longview),Tex.
-BOND ELECTION,
-It Is
Tax rate per $1,000 1929, $29.20; 1930, $33.80; 1931, $32.90. Assessed
value of all property for taxation 1931, $78,341,384. Tax is assessed at a reported that an election will be held on March 15 in order to have the
voters pass on the proposed issuance of $1,500,000 in improvement bonds.
fair cash value on April 1 and payable Oct. 1 of each fiscal year.
full and
1408
FINANCIAL CHRONICLE
[voL. 134.
HAMPDEN COUNTY (P. 0. Springfield), Mass.
-TEMPORARY Since Feb. 3 56,000 more have been issued. The board is
LOAN -The Day Trust Co., of Boston, purchased on Feb. 17
within about
days of being on
tax anticipation loan at 5.74% discount basis. The loan maturesa $100.000 60 bonds, $20,000 a cash basis. The board now has outstanding $140,000
on Nov.8
of which will be retired on July I 1932. The school tax
1932 and was bid for at a 5.90% basis by the Third National Bank, of in is $1.875,
rate
one of the lowest among Illinois cities of comparable, size.
Springfield.
More than 97% of the taxes levied in Elgin
were collected in 1931. This is said to be the Township for the year. 1930
HARRIS COUNTY (P.O. Houston), Tex.
highest percentage of collec-FINANCIALREPORT.
The following report of financial conditions in the county is taken from a tions in any Illinois township.
recent issue et' the Houston "Post".
KENDALL SCHOOL DISTRICT (P. 0. Bellingham) Whatcom
,
Harris County closed the year 1931 with a cash balance of $758,373 on County, Wash.
deposit in Houston banks, according to the annual report of County Auditor for sale on Jan. -BOND SALE-The $2,100 issue of school bonds offered
27-V. 134.P.884
-was purchased by the State of WashingH. L. Washburn, released Monday.
ton, as 6s, at par. Due serially in 10 Years.
Total revenues collected by the county during 1931, including bond
KEWAUNEE, Kewaunee County,
funds and balances carried forward from 1930, were $5,802,770, the report
-The 520.000
issue of 5% semi-ann. electric light plantWis.-BOND SALE.
states. Expenditures during the year totaled $5,044,407.
bonds that was recently authorized
-is now reported to have been purchased by local investors.
Assets of the county at the year's close totaled $31,218,720, according to -V.134, p. 540
the report. Bonded indebtedness of the county on the same date was
KLAMATH FALLS, Klamath County, Ore.
-BOND SALE-The
$11,843,000.
two issues of bonds aggregating $45,548.88, offered for
sale on Feb. 15Value of all county property and real estate, including buildings, was V. 134. p. 706-were
awarded
$25,790,000. according to the report. Inventory value of county supplies as follows: $36,248.88 sewer, to the contractors. The issues are divided
and $9,300 street improvement bonds. Dated
and equipment totaled $589.497. The 1931 budget carried a total of July 1 1931.
Due in 10 years, optional after one year.
52,908,697, figures in the report reveal.
The annual report will not be printed this year, as the county is econo- I LAKE COUNTY (P. 0. Poison), Mont.
-Sealed
mizing on all expenses, Mr. Washburn stated. It is hoped by the close of bids will be received, according to report, -BOND OFFERING.
by 0. H. Peltier, Clerk, of the
1932 to combine the report for 1931 and the 1932 report and print them in Board of County Commissioners, until
10 a. m. March 7 for the purchase
book form, he said.
of a $50,000 issue of refunding
Int. rate is not to exceed 6%.
Carry out economy plans, only two copies of the annual report have payable J. & J. Dated Jan. 1 bonds. A
1932.
certified check for 5250.,must
been made, Mr. Washburn stated, one to be filed with Commissioners' accompany the bid.
court and the other retained by his office.
LATROBE, Westmoreland County, Pa.
-BOND REPORT.
HARTFORD, Van Buren County, Mich.
-BOND ELECT1ON.-At an Flickinger, President of the School Board, reports that an issue -W!H.
of 550,000
election to be held on March 14 the voters will pass upon a proposal to issue current operating expense bonds will
probably be sold to the State Retire$48,500 434% electric light system bonds, to mature $4,500 on Jan. 1 in ment Board at Harrisburg. Due $25,000 on
Dec. 1 in 1932 and 1933.
1935 and $4,000 on Jan. 1 from 1936 to 1946 incl. (This issue was previously
LEE CENTER FIRE DISTRICT NO. I (P. 0. Lee Center), Oneida
adopted at an election on March 9 1931, which was invalidated by the
County, N. Y.
circuit court
-DISTRICT PROCEEDINGS VALIDATED.-A bill has
.-V. 133. p. 3818.)
been signed by Governor Roosevelt legalizing the proceedings in a resolution
HAVERFORD TOWNSHIP (P. 0. Upper Darby) Delaware County, adopted by the County Board of
Supervisors
Pa.
-MATURITY.
-The $145,000 414% funding bonds sold at a price for the establishment of the Fire District and on July 15 1931, providing
the
$6,000 6%
of par as reported in V. 134. p. 1229
-mature on Jan. 15 1952. Drexel & district bonds. Dated Nov. 1 1931. Denom.$200. issuance of1 as follows:
Due May
Co. of Philadelphia, purchased a block of $85,000, while the trustee of $200 in 1932;$400 from
1933 to 1945 incl., and $600 in 1946.4
an estate purchased the remaining $60,000.
LEETONIA, Columbiana County, Ohio.
-BOND OFFERING.
-Eva
HAVERHILL, Essex County, Mass.
-TEMPORARY LOAN.
-The S. G. Ashley, Village Clerk, will receive sealed bids until 12 M. on Mar. 5
National Shawinut Bank, of Boston, purchased on Feb. 17 a
for the purchase of $11,000 6% fire hall station bonds. Dated April 1
temporary loan at 6% discount basis, the proceeds to be used $250,000 1932. Denom. $1,000. Due
to meet
Oct. 1 as follows: $1,000 from 1933 to
maturing notes.
1941, incl., and $2,000 in 1942. Interest is payable semi-annually in
April and Oct
bonds to bear interest at a rate other than
HAVERHILL, Essex County, Mass.
-TEMPORARY LOAN.
-A loan 6%. expressed inBids for theof
a multiple
of $50,000 has been purchased by Jackson & Curtis at 6.10% discount
14 of 1%. will also be considered. A certi
basis, and the amount will be applied to the payment„of $218,000 notes fled check for $200, payable to the order of the Village, must accompany
each proposal. Successful bidder may obtain the legal opinion of Squire,
maturing during February
Sanders & Dempsey, of Cleveland. at his own expense.
HICKORY, Catawba County, N. C.
-Sealed
-NOTES OFFERED.
LEHIGH COUNTY (P. 0. Allentown), Pa.
-BOND OFFERING.
bids wore received until Feb. 16. by Chas. M. Johnson, Director of Local
Government, at his office in Raleigh, for the purchase of a $15,000 issue Barry M. Schoenly, County Comptroller, will receive sealed bids until
1 p. in. on March 1 for the purchase of $600,000 43.4 or 434% coupon or
of notes.
registered county bonds. Dated March 1 1932. Denom. $1,000. Due
HOLLAND, Ottawa County, Mich.
-BOND SALE.
-The following March 1 as follows: $18,000 in
$20.000. 1934
iffilleS of coupon bonds aggregating $65,000 offered on Feb. 12-V. 134 $23,000, 1937; $24,000 in 19381933;1939: 426.000. and 1935: 521,000. 1936:
and
p. 1229- were awarded as 4145 to Stranahan. Harris & Co. of Toledo, at 1942; 530,000, 1943; 532,000, 1944: 533,000, 1945;1940: $28.000. 1941 and
434,000, 1946; 536,000.
a discount of 55,735, equal to a price of 91.17. a basis of about 5.82%!
1947: 538,000, 1948: 540.000. 1949. $42,000, 1950: $44,000 in 1951, and
$40.000 cemetery bonds. Due $2,000 on Aug. 1 from 1932 to 1951 incl.
$39,000 in 1952. Single rate of interest to apply to all of the bonds. Bidders
25,000 North River Ave. inapt. bonds. Due $2,000 and $3,000 alternately may, however, bid in the alternative for said bonds maturing on the dates
on Aug. 1 from 1932 to 1941 incl.
above set forth but with the option of the
Each issue is dated Dec. 1 1931. Bids received at the sale were as follows: said bonds on any interest paying date on or County to redeem any or all of
after March 1 1937. A
BidderInt. Rate.
Amount Bid. check for 2% of the amount bid for, payable to the order of the certified
County,
Stranahan, Harris & Co. (Successful bidders)
559,265.00 muct accompany each proposal. These bonds are issued subject to the
434%
First Detroit Co., Detroit
59,163.00 favorable opinion of Townsend. Elliott & Munson. of Philadelphia.
414%
First State Bank and the Holland City State Bank,
LENOIR COUNTY (P. 0. Kinston), N. C.
jointly
43.4%
-ADDITIONAL IN58,911.00
FORMATION.
-We are informed by the County Auditor that the $200,000
HOLYOKE, Hampden County, Mass.
-TEMPORARY LOAN-The issue of 534% coupon current obligation retirement
bonds that was purFirst National Bank of Boston has purchased at 65" discount a block of chased at par by Stranahan, Harris &
Co.. Inc. of Toledo
-V. 134,11a•
$200,000 of an issue of $300.000 notes, due on Nov. 10 1932. City Treas- 1063
-was sold on July 1 1931. Duo from 1932 to 1963.
urer Bonvouloir says that he expects to sell the remaining $100.000 localiv.spe
LIBERTY COUNTY (P. 0. Hineaville), Ga.-BOND ELECTION
HOUSTON, Harris County, Tex.
-BOND SALE.
-A $10,000 issue of POSTPONED.
-We are now
paving bonds is reported to have been purchased by the Gulf Bitulithic for Feb. 10-V. 134, p. 706informed that the election which was scheduled
-in order to vote on the issuance of $50,000
Co. of Houston, the contractor.
in road bonds, was postponed to a later date.
HOUSTON SCHOOL DISTRICT (P. 0. Houston), Harris County,
Tex.
SALE-Two issues of 5% school bonds aggregating $337,000
LINDEN, Union County, N. J.
-BOND
-BOND OFFERING.-Thomasill.
are reported to have been purchased by an undisclosed investor, at a price Sullivan, City Clerk, will receive sealed bids until 8 p. m. on March 1 for
the purchase of $741,000 434% coupon or registered bonds, divided as
of 97.00, a basis of about 5.63%. The issues are as follows:
follows:
$12.000 school bonds. Due from 1933 to 1936.
25,000 school bonds. Due from 1934 to 1947.
$344,000 5Thool bonds. Due March 1 as follows: $7,000 from 1933to 1- 40
9
IDAHO, State of (P. 0. Boise).
-CONTEMPLATED NOTE SALE.
- 289,000 incl., and $9.000 from 1941 to 1972 inclusive.
general impt. bonds. Due March 1 as follows: $7.000 from 1933
Is is reported that the State Treasurer will offer for sale about March 15
to 1935 incl.; $8,000 from 1936 to 1956 incl., and $10,000 from
an issue of treasury notes in the amount of from $1,500,000 to $1,750.000
1957 to 1966 inclusive.
to finance the State during the tax collection period.
108.000 emergency bonds. Due March 1 as follows: 514,000 from 1934
ILLINOIS (State of).
-$6.000,000 NOTES SOLD.
to 1940 incl., and $10,000 in 1941.
-It was reported
114
on Feb. 19 that subscriptions had been received for $6,000,000 notes of
Each issue is dated March 1 1932. If the bids received do not permit
the $18,750,000 6% revenue issue being offered "over the counter" at a of the award of the bonds at 411% interest, then higher interest rate tenders
price of par-V. 134, p. 1229. The notes are to mature on or after Dec. 1 will be considered on the following basis: In the case of the issues of school
1932. Orders for the notes are being received by a syndicate of Chicago and improvement bonds,the rate must be expressed in a multiple of y, of 1%
banks and investment houses.
and must be the same for both issues. The rate for the emergency issue is
to be expressed in a multiple of one one-hundredths of 1% and must be the
JACKSON, Madison County, Tenn.
-BOND SALE CANCELLED.
- same for all of the bonds. In either instance,
however, the rate is not to
We are officially informed that $75.000 of railroad aid bonds that were due
on Feb. 15, have been paid off and the city officials decided to withdraw exceed 6%. Principal and semi-annual interest (March and Sept.) are
payable at the Linden Trust Co.,
from the market the $65.000 issue of not to exceed 6% semi-ann. II. and than will produce a premium Linden. No more bonds are to be awarded
of $1,000
N. W. railroad refunding bonds, scheduled for Feb. 11-V.I134, p. 883. A certified check for 2% of the amount of over the amount of each issue.
bonds bid for, payable
Dated Feb. 15 1932. Due from Feb. 15 1934 to 1942.
of the City, must accompany each proposal. The approvingto the order
opinion of'
Caldwell & Raymond,of New York, will be furnished the successful bidder.
JACKSON, Teton County, Wyo.-CONTEMPLATED BOND SALE.
-It is reported that arrangements have been completed by the.,Town
311.'hezeii. Assessed Valuations.
Council for issuing $30,000 in 6% water works refunding„bonds.
Real property10
$48,530,038
Personal property 1931
14,992,836
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND OFFERING.
peels E. Barber, County Treasurer, will receive sealed bids until 2 p.m.
Total assessed valuations
$63,522,874
on Feb. 23, for the purchase of $7,200
% road improvement bonds. Less: Exemptions
352,300
Dated Jan. 15 1932. Denom. $360. Due $360 July 15 1933; $3360 Jan.
and July 15 from 1934 to 1942. incl., and $360 Jan. 15 1943.
Net taxable value
463,170.540
Bonded Debt.
; JOHNSON COUNTY (P.0. Iowa City), Iowa.
-BOND OFFERING.
It is reported that sealed bids will be received until 2 p. m. on Feb. 22, by School bonds (Including this issue)
32,617,500
Chas. L. Berry, County Treasurer, for the purchase of a $14,255.16 issue General bonds (including this issue)
1,956,500
Assessment bonds
7
of funding bonds. Int, rate is not to exceed 55 . payable semi-annually.
427,000
Dated Jan. 1 1932. Due from 1933 to 1935. The approving opinion of
Chapman & Cutler of Chicago, will be furnished.
$ 5.001,000
Other Obligations
JOPLIN, Jasper County, Mo.-BOND ELECTION.
-An election will Tax revenue bonds 1931
200,000
be held on At.a•ch 4 in order to have the voters pass on the proposed issuance Emergency relief bonds
108,000
of $100,000 in bonds divided as follows: $10,000 fire equipment; $10,000 Assessment improvement temporary loans
282,575
market square Unlit.;$10,000 viaduct repair,and $70,000 storm sewer bonds.
Gross debt
KANSAS CITY, Wyandotte County, Kan.
-BOND SALE-On
$5,591,575
Deductions
Feb. 16 a $68,468 issue of 5% semi-ann. bridge bonds was offered for sale
without success as all the bids received were rejected. It is stated that the Special assessments levied and uncollected
$461.447
bonds were later sold privately to the Municipal Light Department's Sinking funds and funds on hand
243.409
Taxes outstanding-Year 1929, $1,342; 1930, $72,867; 1931.
Sinking Fund,'it par.
5312,319
386,528
KNOX COUNTY (P. 0. Vincennes), Ind.
-BOND SALE.
-The
Total
$1,091,384
$10,387.54 6% drainage bonds offered on Feb. 2-V. 134, p. 706
-were
Net debt
awarded at a price of par to the Keene Construction Co., of Sullivan.
$4.500,191
Dated Jan. 5 1932. Due Jan. 5 as follows: $1,027.54 In 1933, and $1.040
The city holds tax title liens acquired at annual tax sales to the amount
from 1934 to 1942 incl.
of $99,954 at Jan. 31 1932 against which there are no obligations outKANE AND COOK COUNTIES UNION SCHOOL" DISTRICT standing. Percentage of net debt as computed under New Jersey statutes
1932. Tax
NO.46 (P.0. Elgin), Ill.
-BOND OFFERING.
-Willard Beebe, Secretary .5.22% at Jan. 1 51.903,946. levy, year 1929, $1,690,519. year 1930.
Tax rate (unlimited) per $1,000, year
of the Board of Education. will receive sealed bids until 7 p.m. on Feb. 23, $1.806,304; 1931,
for the purchase of $3150,000 434% school building construction bonds. 1931, $30.30. State and county taxes for year 1931 were paid in full. -The
Dated July 1 1931. Due July 1 as follows: $12.000 in 1934 and 1935; full faith and credit of the Cit3 of Linden are irrevocably pledged to the
of
$15,000 in 1936; 517.000 in 1937 and 1938; $5.000 in 1939, and $36,000 in payment of principal and interest of its debt. Legal opinionThe Messrs.
former
Caldwell
1940 and 1941. Principal and semi-annual interest payable at the Elgin Township& Raymond, New York City, will be furnished. as the City
and the former Borough of Linden were incorporated
City Banking Co., Elgin. A certified check for 2% of the total bid, payable
of Linden in 1925. Population (1930 Census), 21.206. Area 12.36 sq.
to the order of the Township School Treasurer, must accompany each
proposal. The District will furnish the printed bonds and the approving
LONDON, Laurel County, Ky.-BOND SALE-The $2.700 (not
opinion of Chapman & Cutler, of Chicago. In connection with the financial $3,400) issue of 6% coupon street impt. bonds, offered for sale on Feb. 1
condition of the District, the official call for bids says:
-was purchased by the Lexington Quarry Co. of Lexington
-V.134,p. 540
The Board of Education did not issue any anticipation warrants against at par. Denom. $100. Dated Feb. 1 1932. Due in from I to 10 years.
the 1931 taxes until Feb. 3 1932, when $42,000 of warrants were issued. Interest payable on Jan. 1.
FEB. 20 1932.]
FINANCIAL CHRONICLE
1409
MOLINE, Rock Island County, III.
LORAIN COUNTY (P. 0. Elyria), Ohio
-BOND SALE
-The $403.- I
-BOND OFFERING.
-Sealed bids
750 tuberculosis hospital note redemption bonds offered on Feb. 18- addressed to the City Clerk will be received until March 1 for the purchase
V. 134. p. 1063-were awarded as 6s to Stranahan. Harris & Co., of of $350,000 municipal water works extension and improvement bonds,
Toledo, and the McDonald Callahan Richards Co., of Cleveland, Jointly, which were voted at an election on Jan. 26.-V. 134, p. 885.
at par plus a premium of 21,002, equal to a price of 100.26,a basis of about
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BONDS NOT
5.96%. The bonds are dated March 1 1932 and mature on April and SOLD.
-The issue of $520,000 5% geaeral construction bonds offered on
Oct. 1 from 1933 to 1950, inclusive.
Feb. 16-V. 134, p. 1064-was not sold, as no bids were received. Dated
-BONDS A U THOR/ZED. Feb. 1 1932. Due as follows: $15,000 from 1938 to 1947 inci.; $25,000 from
LOS ANGELES,Los Angeles County,Calif.
-Following the request of the Water and Power Commission, the City 1948 to 1957 incl., and $60,000 in 1958 and 1959.
Council adopted an ordinance at a meeting held on Feb. 9 authorizing the
MORGAN COUNTY
-BOND OFFERING.
issuance of $1,600,000 of the :138,800,000 water bonds that were voted In -Lewis Sartor, County (P. 0. Martinsville), Ind.
Auditor, will receive
May 1930. These bonds are part of the $3,000,000 issue that was offered March 7 for the purchase of $6,576.72 6%sealed bids until 10 a.m. on
drain improvement bonds.
for sale without success on Feb. 2.-V. 134, p. 1230.
One bond for $726:72, others for $650. Due one bond annually on June 1
-Abel R. from 1933 to 1942, incl. Interest is payable semi-annually.
LOWELL, Middlesex County, Mass.
-LOAN OFFERING.
Campbell, City Treasurer, will receive sealed bids until 11 a. m. on Feb. 25
MORTON INDEPENDENT SCHOOL DISTRICT (P. 0. Morton)
for the purchase at discount basis of a $1,000,000 temporary loan. Dated Cochrane County, Tex.
-BOND OFFERING.
-Sealed bids will b reMarch 3 1932. Denoms. to suit purchaser. Payable March 3 1933 at the ceived until March 1, by the Secretary of the Board of
Education, for the
as to
First National Bank, of Boston. The notes will be authenticated
genuineness and validity by tho aforementioned Bank, under advice of purchase of a $97,000 issue of 6% semi-ann. school bonds.
Ropes, Gray, Boyden & Perkins, of Boston. Bid to indicate denoms. = MOSIER, Vasco County, Ore.
-BONDS NOT SOLD.
-The $16,000
desired.
Issue of not to exceed 6% semi-annual water bonds offered on Feb. 10
-was not sold, as there were no bids received. Dated
-BONDS -V. 134, p. 1064
MAMARONECK (Village of), Westchester County, N. Y.
PUBLICLY OFFERED.
-George B. Gibbons & Co., Inc., of New York Jan. 1 1932. Due from Jan. 1 1933 to 1952 inclusive.
are offering for public investment $252,000 6% Various municipal purposes
MULTNOMAH COUNTY JOINT SCHOOL DISTRICT NO. 42
bonds at prices to yield 5.507
-Sealed bids will be received
-BOND OFFERING.
0. Dated Dec. 1 1931. Part of a total (P. 0. Sylvan), Ore.
issue of $422,000, and due on Dec. 1 from 1933 to 1970 incl. Prin. and until 8 p. in. on Feb. 25 by Elida Barren, District Clerk, for the purchase
int. (J. & D.) payable at the Guaranty Trust Co., New York. Legal of a $15,000 issue of school bonds. Int. rate is not to exceed 69', payable
opinion of Clay, Dillon & Vandewater of New York.
J. & D. Dated March 1 1932. Due on Dec. 1 as follows: $500, 1935
-The and 1936; $1.000. 1937 to 1942; 51,500, 1943 to 1946, and $2,000 in 1947.
MANCHESTER, Essex County, Mass.
-TEMPORARY LOAN.
Treasurer. These bonds
of tax anticipa- Prin. and int, payable at the office of the CountyA certified check for $200
Manchester Trust Co. purchased on Feb. 18 a $50,000 Issue
an
tion notes at 5.47% discount basis. The loan matures on Nov. 2 1932 were authorized atthe election held on Dec. 12.
must accompany
bid.
and was bid for by the following:
Discount Basis.
Bidder-BOND SALE.
-John Nuveen
MUSKEGON,Muskegon County,Mich.
Manchter Trust Co. (successful bidder)
es
& Co., of Chicago, recently informed the city commission that an issue of
B. W. Briggs & Co
5.48%
$150.000 storm water sewer bonds will be purchased by an insurance com5.68%
Day Trust Co
pany and that an issue of $100,000 emergency relief bonds would be placed
5.72%
Merchants National Bank of Boston
shortly. The bankers agreed to act as agents in the matter of finding pur5.75%
Blake Bros (plus $1.65 premium)
chasers for the bonds after they had been unsuccessfully offered on Jan.22.MANDAN SPECIAL SCHOOL DISTRICT (P. 0. Mandan), Morton V. 134, p. 885.
-Sealed bids will be re- ry MUSKEGON HEIGHTS SCHOOL DISTRICT, Mich.
County, N. Dak.-CERTIFICATE OFFERING.
-BONDS REceived until 4 p. m. on Feb. 24 by J. H. Noakes, District Clerk, for the pur- OFFERED.
-The issue of $75,000 school bonds previously offered on Jan.
chase of a $25,000 Issue of certificates of indebtedness. Interest rate is 29, at which time no bids were received-V. 134. p. 1064-1s being renot to exceed 7%. Due on March 1 as follows: 214,000 in 1932 and $11. advertised for award on Feb. 26. Sealed bids should be addressed to
000 in 1933. A certified check for 2% of the bid is required.
W. R. Booker, Superintendent of Schools.
OF-BOND
MANHATTAN BEACH, Los Angeles County, Calif.
MUSKOGEE COUNTY (P. 0. Muskogee), Okla.
-PROPOSED
-Sealed bids will be received, according to report, by the City ISSUANCE.
FERING.
-The County Commissioners are reported to have adopted
Clerk until 8 p. m. on March 3 for the purchase of a $15,000 issue of recently a resolution authorizing the issuance of $250,000 in highway oonds.
boulevard bonds.
These bonds are said to be part of an issue of $1,500.000 authorized in 1928.
-P. L.
-BOND OFFERING.
MANSFIELD, Richland County, Ohio.
-BOND OFFERING-TEMPORARY
NEWARK, Essex County, N. J.
until 1 p. m. on March 4 FINANCING ACCOMPLISHED.
Kelley, City Auditor, will receive sealed bids
-John Howe, Director of the Departfor the purchase of $13,500 not to exceed 6% interest water works system ment of Revenue and Finance, will receive sealed bids until 11 a. m. on
Improvement bonds. Dated Feb. 1 1932. One bond for $500. others Feb. 23 for the purchase of $5,000,000
% coupon or registered bonds.
for $1,000. Due as follows: $500 April 1 and 51,000 Oct. 1 1933, and divided as follows:
$1,000 April 1 and Oct. 1 from 1934 to 1939 incl. Int, payable in April $2,000,000 public improvement bonds. Due March 1 as fellows: 840,000
and October. A certified check for 2% of the amount of bonds bid for
from 1933 to 1952 incl. and $60,000 from 1953 to 1972 incl.
must accompany each proposal.
E1,000,000 Haynes Ave. bridge bonds. Due March 1 as follows: $30,000
- .1.ut
l. $35,000 from 1948 to 1957 incl. and
-BOND OFFERING.
from 1933 to 1947
MARION COUNTY (P.O. Indianapolis),Ind.
inc.
$40.000 from 1958 to 1962 incl.
Charles A. Grossart, County Auditor, will receive sealed bids until 10 a. m.
on March 2 for the purchase of 284,500 not to exceed 51i% bonds, issued apoc000 sewer bonds. Due March 1 as follows: $20,000 from 1933 to
to refund obligations of the county, maturing before April 15 1932. The
- 1957 incl.. $25,000 from 1958 to 1967 incl. and $30.000 from
bonds will be dated March 1 1932. One bond for $500. others for $1,000.
- LI" 1968 to 1972 inch.
Due Jan. 1 as follows: $28,000 in 1934 and 1935 and $28,500 in 1936.
600,000 city building bonds. Due March I as follows: $20,000 from
Principal and semi-annual interest (January and July) are payable at the
1933 to 1947 hid. and $25,000 from 1948 to 1959 incl.
office of the County Treasurer. A certified check for 3% of the par value A- 500,000 Port Newarkimprovement bonds. Due March 1 as follows:
of the bonds bid for, payable to the order of the Board of County Commis1933 to 1952 incl. and $15,000 from 1953 to
sioners, must accompany each proposal. No conditional bid will be accepted and the opinion as to the validity of the bonds is to be furnished by rw Each issue is dated March 1 1932. (These bonds were previously menthe successful bidder.
tioned in V. 134, p. 1230.) Principal and semi-annual Interest (March and
the bids
MAVERICK COUNTY (P. 0. Eagle Pass), Tex.
-BONDS REGIS- September) are payable at the National State Bank, Newark. If
proposals
TERED.
-On Feb. 12 a $300,000 issue of 6% improvement, series B, submitted do not permit of the award of the issues as 41.is, then of Ji of
will be considered based on a higher rate, expressed in a mudiple
bonds was registered by the State Comptroller. Denom. $1,000. Due
1%. No more bonds are to be awarded than will produce a premium of
serially.
$1,000 over the amount of each Issue. The bonds will be prepared under
MAYFIELD'HEIGHTS (P. 0. Cleveland), Cuyahoga County, Ohio. the supervision of the Continental Bank & Trust Co. New York, which
-PRICE PAID.
-The Ohio Municipal Advisory Council paid a price of will certify as to the genuineness of the signatures of the officials and the
par for the Issue of $32,000 6% special assessment refunding bonds sold seal impressed thereon. A certified check for 2% of the amount of bonds
recently
-V. 134. p. 1063.
bid for, payable to the order of the above-mentioned official, must accom-BOND REPORT. pany each proposal. Legality to be approved by Reed. Hoyt & WasnMENOMINEE COUNTY (P.0. Menominee), Mich.
burn of New York.
-The Board of County Supervisors recently approved of an agreement
TEMPORARY FINANCING ACCOMPLISHED.
-In addition to the
with the First National Bank of Menominee whereby the county may
borrow up to $125.000 against delinquent taxes, repayable at 6% interest authorization of the offering of the above described bonds. the City Commission on Feb. .5 approved of the sale of $6.000.000 6% tax anticipation
by March 15 1932.
notes, due on June 1 1932, to eight Newark insurance companies and banks
-BONDS NOT as follows: Prudential Insurance Co., $3,000.000. Mutual Benefit Life
MENTOR-ON-THE-LAKE, Lake County, Ohio.
..SOLD.
-Paul F. Yost. Village Clerk, reports that the issue of $5,408.83 InsuranceCo., $1,000,000; Fidelity Union Trust Co. $1,000.000; J. S.
Co.
8% improvement bonds offered on Sept. 24 last-V. 133, P. 1956-was Rippel & Co., 2500,000; Howard Savings Institution, '
2200,000; West Side
not sold, as no bids were received. Dated Oct. 1 1931. Due on Oct. 1 Trust Co. 2100.000: National Newark & Essex Banking Co,. $100.000.
from 1933 to 1942 inclusive.
and $100,000 to the Merchants & Newark Trust Co. The city also arranged
MICHIGAN CITY, La Porte County,Ind.
-OFFERED.
- for the renewal of $1,000,000 street opening bonds held by the Fidelity
-BONDSRE
The issue of $16.000 4% municipal building construction bonds offered on Union Trust Co.. J. S. Rippel & Co. and Lie New Jersey National Bank &
Oct. 29-V. 133, p. 3125-at which time no bids were received. is being re- Trust Co., and approved of a resolution authorizing the "over-the-counter-recently signed
advertised for award at 10 a. m. on Feb. 23. Sealed bids should be ad- sale of $2,000.000 bonds, as provided in the "Otto
-V. 134, p. 1226.
dressed to A. R. Couden, City Comptroller. Dated Oct. 1 1931. Denom. by Governor A. Harry Moore
$1,000. Due on July 1 as follows:$1,000 from 1933 to 1946 incl. and $2,000 FINANCIAL STATEMENT AS OF FEB. 10 1932 AS OFFICIALLY
In 1947. Interest is payable semi-annually in January and July. A cerREPORTED).
tified check for $200 must accompany each proposal.
$734,533,056.00
Assessed valuation of real property, 1932
MIDDLETOWN, Butler County, Ohio.
-0. 11. Assessed valuation of personal property, 1932
191,087.450.00
-BOND OFFERING.
Campbell. City Auditor, will receive sealed bids until 12 m. (Eastern
standard time) on March 8 for the purchase of $6.300 6% special assess5925.620,506.00
Total assessed valuation, 1932
ment impt. bonds. Dated March 1 1932. Denom. $700. Due $700 Bonded debt evidenced by permanent bonds, including the
on Sept. 1 from 1933 to 1941 incl. Prin. and semi-ann. int. (M. & S.)
Issues now offered for sale: (1) water bonds. $22,893,000;
are payable at the office of the City Treasurer. Bids for the bonds to
(2) school bonds, $21,301,200; (3) other bonds, $62,5106,255,200.00
bear int. at a rate other than 60 expressed in a multiple of 34 of
7.
061.000, total
will also be considered. A certified check for $75. Payable to the order Indebtedness evidenced by temporary obligations other
of the City Treasurer, must accompany each proposal. The proceedings
than obligations to be funded by issues now offered for
leading up to the Issuing of these bonds have been under the supervision
sale: (1) temporary improvement bonds for general pruof Peck, Shaffer & Williams, Cincinnati, whose opinion as to the validity
poses, $200,000: (2) temporary improvement bonds for
will be furnished to the purchaser without charge. Purchasers are relocal improvements, $9.300,000: (3) tax revenue bonds
quired to satisfy themselves as to the validity of these bonds prior to the
issued against taxes of 1931, 86.875,000; (4) other obligabidding therefor. and only unconditional bids shall be considered.
17,925,000.00
tions, $1,550,000; total
MINNEAPOLIS, Hennepin County, Minn.
-BOND OFFERING.
We are informed that bath sealed and auction bids will be received until Gross indebtedness evidenced by negotiable bonds or other
$124,180,200.00
obligations
11 a. m. on March 9, by the Sesretary of the Board of Estimate and Taxation, for the purchase of an issue of $1,482,030 impt. bonds. The total Deductions from such gross indebtedness:
22,893,000.00
(1) Water bonds, Included above
issue is divided as follows: $503.009 water main; 252,000 meter building;
(2) Funds on hand derived from special assessments, ap$320,000 park fronting, and $300,000 public relief bonds. These bonds
plicable to payment of bonded indebtedness
1,845,526.87
were authorized on Feb. 10 by the Board of Estimate and Taxation, the
(3) Collected taxes levied for the year 1931, now on hand
issuance was approved on Feb. 16.
and pledged by law to the payment of tax revenue
MISSISSIPPI, State of (P. O. Jackson).
-NOTE OFFERING.
610,086.18
-It is
bonds described above
announced by I.. S. May, State Treasurer, that the Bond Commission
(4) Uncollected taxes levied for 1931, believed collectible,
will offer for sale at noon on Feb. 24 a 22.590,000 issue of refunding notes.
and pledged by law for the payment of tax revenue
6,264.913.82
Int. rate is not to exceed 6%. Denoin. $5,009. Dated March 1 1932.
bonds included above, exceeding
Due 90 days after date. Payable at the office of the State Treasurer or
(5) Sinking funds now on hand and held for the payment
11,576,858.50
at the National City Bank in New York. Legality to be approved by
of bonds other than water bonds
Thomson, Wood & Hoffman of Now York or some other recognized bond
(6) Appropriations made in budget for current fiscal year
2,135.490.15
attorney. The notes are stated to bs direct obligations of the State. The
for payment of bonded debt, not yet met
notes will be sold for not loss than par and accrued interest. Bidders may
$ 45.325.875.52
Total deductions
bid for all or any part. A certified check equal to 5% of the bid is required.
MISSOURI,IState of (P. 0. Jefferson City).-B9WO OFFERING
- Net bonded debt
$ 78.854,324.48
Sealed bids will be sc.sivai uatil Mar.8, by I.,. D.Thompson. StateAuditor,
The city's population according to the 1930 United States census, is
for the purchase of a $2,500,099 issue of 4)i% sent annual road, series 442,842.
Dated Mar. 1 1932. Otte on Aar. 1 as follows: 21,090.000 in
S bonds.
The city's sinking fund held for the payment of water bonds now amounts
1948 and 1919, and $599,009 in 1950. Delivery to be on or bsfore Mar. 15. to $2,706,741.42. The amount of special assessments heretofore levied for
-NOTES AUTHORIZED.
-The local improvements, now unpaid. is $1,565.360.68.
MOBILE, Mobile County, Ala.
The city's fiscal year Is the calendar year. Taxes levied on so-called
Board of Commissioners on Feb. 10 adopted ordinances providing for the
class railroad- property are collected by
renewal of $125,000 in 5% promissory notes, issued and sold in anticipation "second December 15th. One-half of other taxes the State and paid to the
levied is payable without
sale of $50.000 water works series B, and $100,000 sewer series A City on
of the
interest or penalty on or before June 1st. and the remaining half is payable
four months from date.
bonds. Dated,Feb. 12 1932. Due
.
Bvi alfrom
1410
FINANCIAL CHRONICLE
[VoL. 134.
without interest or penalty on or before Dec. 1. The city is required by law
OREGON, State of (P. 0. Salem).
-BOND OFFERING.
to collect State and county taxes as well as city taxes.
-It is announced by Roy A. Klein, Acting Secretary of the State
The total amount of State, county and city taxes, levied for 1930. was mission, that
Highway Comsealed bids will
$35,085,417.42: the total amount of such taxes which were collected on or nomah County Court House be received by the Commission at the Multin Portland for the purchase of an issue of
before Jan. 15 1931 was $26,759,018.52,or 76.27% of the total ofsuch taxes. $1,000,000 highway
bonds. Int. rate is not to exceed 60
The total amount of State, county and city taxes levied for 1931 was
7.
such denominations as the purchaser may desire. Denom.
$35,536,864.57; the total amount of such taxes which were collected on or $1,000 each or Due on Oct. 1
Dated
April 1 1932.
1932. Prin. and int. payade
before Jan. 15 1932 was $26,066.752.28,or 73.35% of the total ofsuch taxes. Treasurer's office
State
or at the fiscal agent of toe State in New at the City.
The aggregate amounts of the taxes levied for State, county and city The approving
York
opinion of Storey, Thorndike, Palmer & Dodge of Boston
purposes upon property within the city for the years 1928, 1929, 1930 and will be furnished. Purchase price
to be paid in New York City on date of
1931 were,respectively.$32,625,046.84,834,052.085.57,$35.085.417.42 and delivery of bonds at Portland.
These bonds are issued under authority
$35,538,864.57. The amounts of such taxes still uncollected are, respec- of Sections 44801 and 44810 incl.,
Chapter VIII. Oregon Code 1930.
VIII.,
tively, $418,315.66, $632,199.26, $3,291,573.33, and $9,417,307.30.
Accrued interest from date of April 1
will be added
There are no outstanding bonds or notes issued in anticipation of 1932 to the amount of the successful bid. 1932 to date
A certified check for 5% of the par
taxes.
value of the bonds, payable to the State Highway Commission,
must
accompany the bid.
NEBRASKA (State of),
-PROPOSED ROAD BOND AMENDMENT.
-We quote in part as folows from the Omega "News
OSHKOSH, Winnebago County, Wis.-BOND OFFERING.
-Bee" of Feo. 11
-Sealed
regardiag a proposed constitutional amendment to issue 40,000,000 in bids will be received until 10:30 a.m. on March 7 by H. W. Witte,
City
road paving bonds:
Treasurer, for the purchase of a $250,000 issue of 5% sewage system bonds.
Denom. $1,000. Dated Feb. 10 1931. Due $50,000 from Feb. 10 1938
PROPOSED ROAD BOND AMENDMENT.
-Nebraska Good Roads As- to 1942, incl. Prin. and int. (F. & A.) payable
at the office of the City
sociation directors decided here Wednesday afternoon to request a state Treasurer. A certified
check for
vote on a proposed constitutional amendment to sanction a $30,000,000 urer, is required. (These bonds5% of the bid, payable to the City Treaswere authorized by the City Council on
bond issue for paving.
Feb. 4-V. 134, p. 1231.)
They recommended else; that a state highway commission be created
OTERO COUNTY SCHOOL DISTRICT NO. 26 (P. 0. Fowler),
by another amendment to administer the paving program.
-BOND DESCRIPTION.
The annual meeting of the association was set for Oct. 12 at Kearney. Colo.
-The $40,000 issue of 414% school rePetitions will be circulated to place the bond issue and the highway funding bonds that was purchased by Heath, Larson & Co. of Denver
commission proposition on the ballot at the fall election. The debentures -V. 134, p. 1231-was awarded for a premium of $65, equal to 100.16,
would be paid from gasoline tax and motor vehicle license revenues, and a basis of about 4.48%. Due as follows: $1,000, 1932 to 1941: $1,500.
not be a lien on property. Advocates of the plan estimate the $30,000,000 1942 to 1948: $2,000, 1947 to 1951, and $2,500, 1952 to 1956, all inclusive.
would construct 1,300 to 1,500 miles of road in five years.
OTTUMWA, Wapello County, Iowa.
-PRICE PAID.
-The $42,000
NEWARK CITY SCHOOL DISTRICT (P. 0. Newark), Licking issue of funding bonds that was purchased by Geo. M.Bechtel & Co. of
-BOND OFFERING.
County, Ohio.
-L. T. Rees, Clerk-Treasurer of the Davenport (V. 134, p. 1231) was awarded as 5s at par.
Board of Education, will receive sealed bids until 7 p. m. on March 7 for
PARSHALL SCHOOL DISTRICT NO.3(P.
the purchase of $29,700 6% school bonds. Dated March 1 1932. One bond County, N. Dak.-BELATED BOND SALE. 0. Parshall), Mountrail
-We are informed by the
for $700, others for $LOW. Due Oct. 1 as follows: $2,700 in 1933, and District Clerk that the $8,000 (not $10,000) issue
$3,000 from 1934 to 1942 incl. Principal and semi-annual interest (April ficates of indebtedness offered for sale on Sept. of general expense certi-was
and Oct.) are payable at the Licking Bank & Trust Co., Newark. Bids for purchased at par by the Bank of North Dakota 16-V. 133, p. 1958
of Bismarck.
the bonds to bear interest at a rate other than 6%, expressed in a multiple
PATERSON, Passaic County, N. J.
of % of 1%, will also be considered. Split rate bids will not be considered.
-NOTE SALE PLANNED.
A certified check for $300, payable to the order of the above-mentioned The city plans to sell $500,000 tax anticipation notes and $144,000 temofficial, must accompany each proposal. The approving opinion of Squire, porary inapt. notes shortly.
,
Sanders & Dempsey, of Cleveland, will be furnished the successful bidder.
PHILADELPHIA, Pa.
-VALUATION REDUCTIONS AFFECT BOR(A like amount of bonds was awarded as 5).is on Dec. 7 to the BancOhio ROWING CAPACITY-Because
Securities Co., of Columbus, at 100.32, a basis of about 5.44%.-V. 134, estate assessments and of personalof a reduction of $18.551,120 in real
property returns of $254,108,882, anp. 4005.)
nounced by the Board of Revision of Taxes on Feb. 13, the borrowing
capacity of the city was reduced to "minus" $12,500,000, according to the
-BOND SALE.
NEW HYDE PARK, Nassau County, N. Y.
-Adam Philadelphia
"Ledger" of the following day. In order to correct the situaB. Richert, Village Clerk, informs us that the firm of Waschman & Waasell
of New York submitted the only bid at the offering on Feb. 10 of $24,000 tion, City Comptroller Hadley announced that he would petition the City
Council
coupon or registered real property bonds and was awarded the issue as 6s, 000,000.to cancel authorized but unissued dty loans amounting to $20,Such action, according to the Comptroller, would strengthen
at a price of 100.029, a basis of about 5.99%. Dated Feb. 1 1932. De- the
city's
nom. $1,000. Due $1,000 on Feb. 1 from 1934 to 1957, incl. Principal be needed credit and insure a sufficient margin for future loans that may
this year for municipal purposes. Cancellation of the unissued
and interest (Feb. and Aug.) are payable at the Bank of New Hyde Park loans
or at the Chase National Bank of New York. Legality approved by Clay, all themust be ratified by the electorate at the April 26 primary, since
loans were originally created by popular vote. The total of assessed
Vandewater of N. Y. City.
Dillon &
valuations for 1932, as announced by the Board of Revision, is $4,495,819,-WATER COMMISSION TO DEFER 147, of which $3,454.008,026 is real estate and $1,041,811,121 personal
NEW JERSEY (State of).
-The State Water Policy Commission announced property.
BOND FINANCING.
on Feb. 10 that no bond financing would be undertaken while the present unSALE OF BONDS DISCONTINUED.
favorable economic conditions exist. This action is in line with the recom- $15,000,000 434% bonds that the city has -Further sales of the issue of
been offering
mendation contained in Governor A. Harry Moore's inaugural address that a at a price of par since Oct. 26-V. 133 p. 2961-and of"over-the-counter"
which $12,340,500
strict policy of retrenchment and economy be followed in the matter of have been subscribed for, have been discontinued upon the advice
of City
public improvements and departmental activities (V. 134, p. 703). It is Comptroller Hadley, who advised the Mayor that the city's
borrowing
that the Governor favors the abolition of the Commission and the capacity had been exhausted because of the decrease in
said
the assessed valuatransference of its functions to the Board of Conservation and Develop- tion figures, referred to in the paragraph immediately above.
This latest
ment.
development was reported in the "Wall Street Journal" of Feb. 17.
PHILADELPHIA, Neshoba County, Miss.
NEWTOWN SCHOOL DISTRICT, Bucks County, Pa.
-BOND
-BONDS AUTHORIZED.
SALE.
-The issue of $22,000 4.%% coupon (registerable as to principal) -The City Council is reported to have recently approved the issuance
-was awarded to the of $163,000 in bonds to refund street hnpt. district obligations due shortly.
school bonds offered on Dec. 24-V, 133, P. 4005
First National Bank & Trust Co. of Newtown at a price of par. Dated
POINT MARION SCHOOL DISTRICT, Fayette County, pa .
1931. Due Oct. 1 as follows: 81,000 from 1934 to 1980 inclusive BOND SALE.
Oct. 1
-The issue of $14,000 507 coupon funding bonds for
and $2,000 in 1961.
no bids were received at the offering on Dec. 14 (V. 133, p. 4192) haswhich
since
-NO IMMEDIATE PUBLIC FINANCING been )purchased by the First National Bank of Point Marion. Dated
NEW YORK, N. Y.
CONTEMPLATED. In response to published reports that the city is Dec. 1 1931. Due Doc. 1 as follows: $2,000 in 1936 and $3,000 in 1940.
considering the early public offering of a further portion of the $200,000,000 1944, 1948 and 1951.
-year corporate stock notes authorized by the Legislature, of
6% 3 to 5
POLK COUNTY (P. 0. Crookston), Minn.
-BOND SALE CON-V. 134, p. 708
-Comptrol- TEMPLATED.
which $100,000,000 were marketed in January
-At a meeting held on Feb. 10 the County
ler Charles C. Berry in a letter received by H. C. Sylvester Jr., Vice-Presi- ported to have voted to sell $30,600 in 414% ditch refundingBoard is rebonds.
National City Co., on Feb. 15stated that "under present market
dent of the
PONTIAC, Oakland County, Mich.
-BONDS NOT SOLD.
conditions the city has no intention of attempting a sale of any kind of
-The issue
city securities." Ttds announcement is said to have improved the quota- of 865,000 refunding bonds offered at not to exceed 8% int. on Feb. 9--was not sold, as no bids wore received. Dated Feb. 1
tions on all city obligations particularly on those of the $100,000,000 stock V. 134, p. 1065
notes mentioned above, which closed on February 15 at 9914 bid and 100X 1932. Due Feb. 1 as follows:.$10,000 in 1933, and $11,000 from 1934
compared with previous prices of 9914 and 100. On Friday to 1938 incl.
asked, as
night (Feb. 19) the quotations were from 10014 to 10014, according to
PORTLAND, Multnomah County, Ore.
-BOND SALE.
maturity. These notes, it will be remembered, were sold to investors at $300,000 issue of 5% semi-annual emergency relief fund bonds -GI the
a price of par.
sale on Feb. 17(V. 134, p. 1065), a block of$270.000 was awardedoffered for
as follows:
-BOND SALE.
-The State Teach- $250,000 to the City Treasurer for the sinking fund account, at par.
NILES, Trumbull County, Ohio.
20,000 to Mr. Abe Tichner of Portland for a premium of 81, equal to
ers' Retirement Board at Columbus has purchased an issue of $12,720 6%
100.005.
Poor relief bonds at a price of par. Due Oct. 1 as follows: $2,000 from
1933 to 1937 incl. and $2,720 in 1938. (This corrects the report given
POTTSTOWN SCHOOL DISTRICT, Montgomery County, Pa.
BOND SALE.
In V. 134. P. 1064.)
-The $425,000 coupon school bonds offered on Feb. 15
-were awarded as 4348 to a syndicate composed of the
-BONDS NOT SOLD. -V. 134, p. 888
NORTH OLMSTED, Cuyahoga County, Ohio.
-The issue of $18,250 8% motor vehicle and municipal garage construc- Citizens National Bank & Trust Co., the National Bank of Pottstown,
failed of award National Iron Bank, and the Security Trust Co., all of Pottstown, at par
tion bonds originally offered without success on Dec. 14,
-no bids having been sub- plus a premium of $1,190, equal to a price of 100.28, a basis of about 4.73%
at the re-offering on Feb. 15-V. 134, p. 885
Dated Dec. 1
mitted. The issue is dated Jan. 1 1932 and matures on Oct. 1 from 1933 1951 and 1956 1931. Due Dec. 1 as follows: $70,000 in 1938, 1941, 1946.
and $75,000 in 1981.
to 1939, inclusive.
-The
QUINCY, Norfolk County, Mass.
NORTH PLATTE, Lincoln County, Neb.-BOND DETAILS.
-TEMPORARY LOAN.
-The
$51,000 (not $50,000) issue of 5%% semi-ann. Paving District No. 38 First National Bank of Boston has purchased a $200,000 tax anticipation
bonds that was purchased at par by the Omaha National Bank of Omaha loan due in October at an interest rate described by City Treasurer Newell
assatisfactory.
-is described as follows:
-V. 134, p. 1230
$41,500 district paving bonds. Due in 1942: optional at any time.
RADNOR TOWNSHIP (P. 0. Wayne), Delaware County, Pa.
$9,500 intersection paving bonds. Due in 1942, optional after 5 years BOND OFFERING.
-Mrs. L. W. Hummel, Secretary of the Board
from date.
missioners, will receive sealed bids until 7:30 p.m. on March 14of Com-BOND SALE.
-The $75,000 purchase of 8250.000 4, 414. 434 or 43407 coupon sewer bonds. for the
OLEAN, Cattaraugas County, N. Y.
Dated
coupon or registered public health bonds offered on Feb. 16-V. 134. P• April 1 1932. Denom. 81.000. Due April 1 as follows: $60,000 in 1942
1231-were awarded as 5145 to Prudden & Co., of New York, at par plus and 1947 and $65,000 in 1952 and 1957. Single rate of interest to apply
a premium of $185, equal to a price of 100.24, a basis of about 5.72%• to all of the bonds. Interest is payable in April and October. These
Dated March 1 1932. Due March 1 as follows: $3.000 from 1933 to 1937 bonds are part of an issue of $500,000 authorized by the voters. A certified check for $1,000 must accompany each proposal. The
incl., and $4,000 from 1938 to 1952 inclusive.
approving
opinion of Townsend, Elliott & Munson of Philadelphia and Futz, Erwin,
Bids received at the sale were as follows:
Premium. Resser & Fronefield of Media will be furnished the successful bidder.
Int. Rate.
Bidder-.
$185.00 Sale of the bonds Is subject to the approval of the issue by the Department
%
Prudden & Co. (successful bidder)
6
315.00 of Internal Affairs at Harrisburg.
Batchelder & Co
285.00
6 o
A. C. Allyn & Co
RAPIDES PARISH SCHOOL DISTRICT NO.26 (P. 0. Alexandria),
-TEMPORARY BORROWING.
- La.
ORANGE, Essex County, N. J.
-BOND ELECTION.
-It is reported that an election will be held
order to pay the semi-monthly municipal payroll of $18,000, of which March 21 in order to have the voters pass on the proposed issuance on
In
of
$3,000 was available, the city was obliged on Feb. 15 to borrow from a $5,000 in school bonds.
local bank the difference of $15,000. Comptroller Coughtry attributed the
borrowing to the fact that delinquent 1931 taxes as of
REEDSBURG, Sauk County, Wis.-BOND SALE.
necessity of the
-The $50,000
Jan. 1 amounted to 8688,500, and that the city has not received school In 4% hospital bonds that was voted on Feb. 2(V. 134, p. 1231) is reported
funds of approximately $168,000 which were due in December. However, to have been purchased by the City Utility Commission. Due $2,500
from May 11933 to 1952, inclusive.
Mr. Coughtry added, the city has yet to pay its county tax of $135,000.
-BOND SALE.
-The
ORANGE COUNTY (P. 0. Goshen), N. Y.
ROCHESTER, Monroe County, N. Y.
-NOTE SALE.
-G. F. Argetcoupon or registered bonds offered at public auction on singer, City Comptroller, reports that the $2,442,500 notes offered on
Issue of $400,000
-was awarded as 5.20s, at a price of par, to the Feb. 18 were awarded at 6% interest, at a price of par, as follows:
Feb. 16-V. 134, p. 1064
Newburgh Savings Bank, of Newburgh. Dated March 1 1932. Due $1,400,000 to a syndicate of local banks.
$20,000 on March 1 from 1936 to 1955 inclusive.
1,000,000 to the Central Hanover Bank & Trust Co., New York.
-At a referendum on Feb. 16 the proposal
LIGHTING PLANT SOLD.
42,500 to Sage, Wolcott & Steele, of Rochester.
The notes are dated Feb. 25 1932 and will mature on Sept. 14 1932to sell the municipally-operated street lighting plant to the Public Service
Electric & Gas Co. at Its offer of 8231.000 was approved by a vote of Payable at the Central Hanover Bank & Trust Co., New York. Legality
"News" of the following day. approved by Reed, Hoyt & Washburn, of New York,
2,630 to 2,498. according to the Newark
Voting was extremely light, as the city's normal registration is about
ROCHESTER SCHOOL DISTRICT, Beaver County, Pa.-BOND
16.000 voters. In commenting on the outcome of the election, Mayor
ea
Murray said: "By their vote the citizens have saved the city many thou- SALE-The State Teachers' Retirement Board at Lansing h p rchased
u
at p d• and accrued interest an issue of $15,000 4X % coupon school bonds
a hool
sands of dollars during the next twenty years."
FEB. 20 1932.1
FINANCIAL CHRONICLE
bids
This issue was offered on Jan. 11 (V. 134, p. 359). at which time noincl.,
were received. Due Jan. 15 as follows: .1,000 from 1940 ta 1948,
and $2,000 from 1949 to 1951, incl.
-No
-NOTES NOT SOLD.
ST. JOSEPH, Berrien County, Mich.
bids were received at the offering on Feb. 8 of an issue of $25,000 tax anticipation notes. the rate for which was optional with the bidder (V. 134,
p. 1065). Dated Feb. 1 1932 and due on Sept. 30 1932.
-NOTE OFFERST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-Fred T. Crowe, County Auditor, will receive sealed bids until
ING.
poor relief notes.
10 am. on Feb. 23 for the purchase of $350,000 6% to suit purchaser.
Due $175,000 on May and Nov. 15 in 1933. Denotns.
check for 3% of the par value of the notes bid for, payable to
A certified
the order of the Board of County Commissioners, must accompany each
proposal. The approving opinion of Matson, Ross, McCord & Clifford
of Indianapolis will be furnished by the county.
-FINANCIAL STATEST. LOUIS COUNTY (P. 0. Clayton), M0.
-The following official information is furnished in connection with
MENT.
offering on Feb. 24 of the $1,500,000 road bonds (V. 134, p. 1231):
the
Bonds issued under Article 5. Chapter 42, R. S. of Mo., 1929, and
authorized by election held on June 23 1928. Election carried 13SP more
than two-thirds majority.
$191.610,624.00
Assessed valuation of county. June 1 1925
206,583,586.00
Assessed valuation of county, June 1 1926
219,634,094.50
Assessed valuation of county, June 1 1927
230,872,981.50
Assessed valuation of county, June 1 1928
252.666,179.00
Assessed valuation of county, June 1 1929
258.706,894.00
Assessed valuation of county. June 1 1930
450,000,000.00
Estimated actual value of county
12,074,000.00
Total bonded indebtedness of county (voted)
None
Floating debt (outstanding warrants), Jan. 15 1932
8,652.000.00
Total county bonds outstanding Jan. 15 1932
1.022,117.41
Cash on hand in sinking funds Jan. 15 1932
Population, 1930 Census. 211.593.
-A note
-TEMPORARY FINANCING.
SALEM, Essex County, Mass.
issue of $150,000, due on Oct. 18 1932, has been sold to the First National
Colony Corp. of Boston at 69' discount basis, and the city has arOld
ranged for the renewal of a loan of $300,000 that matured on Feb. 18.
-The
SALT LAKE CITY, Salt Lake County Utah.-BOND SALE.
'
City Treasurer informs us that an issue of 5100,000 436% coupon storm
bonds was purchased on Jan. 15 by a San Francisco bond house at
sewer
a price of 98.00, a basis of about 4.71%. Denom. $1,000. Dated Dec. 15
1931. Due $25,000 from Dec. 15 1942 to 1945, incl. Interest payable
on June and Dec. 15.
-Raymond J.
-BOND OFFERING.
SCOTIA Clinton County, N. Y.
Ballert, Village Clerk, will receive sealed bids until 8 p. m. on March 2
for the purchase of $95,000 not to exceed 6% interest coupon or registered
bonds, divided as follows:
$86,000 street impt. bonds. Dated July 1 1931. Denoms. $1,000 and
$500. Due July 1 as follows: $8,500 from 1932 to 1939 incl.,
and $9,000 in 1940 and 1941.
9,000 water bonds. Dated Feb. 1 1931. Denom. $1,000. Due $1,000
on Feb. 1 from 1936 to 1944 incl.
Rate of interest to be expressed in a multiple of X or 1-10th of 1% and
must be the same for all of the bonds. Prin, and semi-ann. int. are payable
at the Glenville Bank, Scotia. A certified check for $2,000, payable to
the order of the Village, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater, of New York, will be furnished the
successful bidder.
Financial Statement (as Officially Reported).
The assessed valuation of the real estate in the Village of Scotia, N. Y.,
as appears on the last (1931) assessment roll is as follows:
$13,182,872
Real estate assessed by local assessors
Special franchises
399,855
Total
$13,582,727
Total bonded debt of the village as of March 1 1931 and including this
issue is $1,054,250. Included in the above total indebtedness is $311,900
incurred to provide for the supply of water. Also included in the above
total indebtedness is $380,050 issued for local improvements chargeable
against the abutting property. The sum of $89.399.88 has been borrowed
on temporary notes which will be retired by the proceeds of this bond
sale. Total net debt of the village is not more than $362,300. There are
no unpaid judgments of record against the village.
Village of Scotia incorporated 1904. Population: 1910, 2,957; 1915,
3,790; 1920, 4,358; 1925, 5,562; 1930, 7,409. Tax rate per $1,000: 1927.
$10; 1928, $9.90; 1929, $9.20; 1930, $9; 1931. $9.50.
-BOND OFFERING.
SEA BRIGHT, Monmouth County, N. J.
Sealed bids will be received by the Borough Clerk until Feb. 24 for the
purchase of an issue of $30,000 school bonds.
1411
and Sept.) are payable at the Chase National Bank, New York. A certified
check for 2% of the amount of the bonds, payable to the order of the School
District, must accompany each proposal.
SOUTHOLD UNION FREE SCHOOL DISTRICT NO. 10 (P. 0.
Greenport), Suffolk County, N. Y.
-BONDS NOT SOLD.
-The issue
of $550,000 coupon or registered school bonds offered at not to exceed 67
Interest on Feb. 10 (V. 134, p. 709) was not sold, as no bids were received.
The bonds are dated Dec. 30 1931 and mature on June 30 from 1935 to
1970, inclusive.
SOUTH PLAINFIELD, Middlesex County, N. J.
-BOND OFFERING.
-Charles Carone, Borough Clerk, will receive sealed bids until 8
p m. on Feb. 29 for the purchase of $150,000 not to exceed 6% interest
bonds, divided as follows:
$81,000 tax anticipation bonds. Due Dec. 30 1932. Interest payable at
maturity and bonds will be issued in bearer form.
43,000 tax revenue bonds of 1930. Due Aug. 1 as follows: $14,000 in
1933, and $29,000 in 1934. Interest payable in Feb. and Aug.
Bonds will be issued in coupon or registered form.
26,000 tax revenue bonds of 1929. Due Aug. 1 1933. Interest payable
in Feb. and Aug. Bonds will be issued in coupon or registered form.
Each issue is dated Feb. 1 1932. Tax revenue bonds will be in denoms.
of 31,000, while the denoms. of the tax anticipation bonds will be optional
with the bidder. Principal and interest on all of the bonds are payable
at the First National Bank, South Plainfield. Rate of interest to be
expressed in a multiple of one one-hundredth of 1% and must be.the same
for all of the bonds. A certified check for $3,000 payable to the order
of the Borough, is required. The approving opinion of Clay, Dillon &
Vandewater, of New York, will be furnished the successful bidder.
STAMFORD (City of), Fairfield County, Conn.
-NO BIDS.
-Joseph
P. Zone, City Treasurer, reports that no bids were received at the offering on Feb. 16 of a $500,000 temporary loan. Bids were asked on a discount basis
-V. 134, p. 1232. Dated Feb. 18 1932. The loan was to
mature in amounts of $100,000 on the following dates: Oct. 10, Oct. 31.
Nov. 10, Nov. 30 and Dec. 12 1932. Legality approved by Storey, Thorndike, Palmer & Dodge, of Boston.
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
-CERTIFICATES
PARTIALLY SOLD.
-At the offering on Feb. 11 of $100,000 registered
certificates of indebtedness, award was made of $58,000 worth as 6s, at a
price of par, as follows: $25,000 to the Union Savings Bank, Patchogue;
Long Island State Bank & Trust Co., Riverhead, $10,000; Suffolk County
Trust Co., Riverhead. $10,000; First National Bank, Southampton, $5,000.
and $2,000 each to the Babylon National Bank & Trust Co., Hampton
Bays National Bank, the Bank of Amityville, and the First National
Bank & Trust Co., of Amityville. The certificates are dated Feb. 1 1932
and mature on Feb. 1 1934. Principal and Interest (Feb. and Aug.) are
payable at the County Treasurer's office. Legality approved by Clay.
Dillon & Vandewater, of New York. County Treasurer Ellis T. Terry
advises us that he will receive sealed bids until 2 p. m. on Feb. 25 for the
purchase of the remaining $42,000 certificates. Bidder to name a rate of
interest not in excess of 69'.
Financial Statement.
1931 assessed value of real property incl. special franchise_ 4290,089,905
Assessed value of personal property
263,900
Total
$290,353,805
Estimated actual value of property (real, personal and special
franchise)
771,061A15
County Tax Rate per $100.-1924, $.34; 1925. $.34; 1926, $.30; 1927.
$.30; 1928, $45; 1929, $44; 1930, $.49; 1931, $.475.
Statement of Indebtedness as of Feb. 1 1932.
I
Bonded debt, exclusive of this issue
$4,498,761
None
Sinking fund cash and investments
Net bonded debt
$4,498,761
No water bonds outstanding. Population, census of 1930, 160,871.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-BONDS NOT SOLD.
The three issues of 6% road improvement and bridge improvement bonds
totaling $107,925, offered on Feb. 17-V. 134, p. 1066
-were not sold, as
no bids wore received.
-We are
SUTHERLIN, Douglas County, Ore.
-BOND EXCHANGE.
now informed by the City Recorder that the $30,000 issue of 6% semi-ann.
refunding impt. bonds offered for sale without success on Feb. 1-V. 134,
-was taken in exchange on Feb. 11 by the holders of the old issue
P. 1066
of water bonds. Dated Feb. 1 1932. Due from Feb. 1 1935 to 1945 incl.
SWISSVALE, Allegheny County, Pa.
-B. B.
-BOND OFFERING.
Caldwell, Borough Secretary, will receive sealed bids until 8:30 p. m. on
March 8 for the purchase of $85,000 45 and 5% borough bonds. Dated
,
1
March 1 1932. Denom. $1,000. Duo March 1 as follow: $5,000 in
1936 and 1937, in 1942 and 1943 and in 1945; also $20.000 from 1946 to
1948 incl. Interest is payaole semi-annually in March and September.
A certified check for $1,000, payaole to the order of the Borough Treasurer.
must accompany each proposal. The approving opinion of Burgwin.
Scully & Burgwin of Pittsburgh will be furnished the successful bidder.
Purchaser to pay for the printing of the bonds. Sale is subject to the approval of the issue by the Department of Internal Affairs at Harrisburg.
SYRACUSE, Onondaga County, N. Y.
-BOND SALE.
-A syndicate
composed of the Guaranty Co. of New York, the National City Co.and the
Marine Trust Co. of Buffalo was the successful bidder at the offering on
Feb. 19 of $2,082,000 coupon or registered bonds
-V. 134, p. 1232
paying a price of 100.01 for the bonds as 6s. the net interest cost of the
oorrowing being about 5.99%. Induced in the award were:
$873.000 series B welfare bonds. Due March 1 1935.
723.000 series A welfare bonds. Due March 1 as follows: 6144,000 in
1933 slid 1934 and $145,000 from 1935 to 1937 incl.
486,000 reveaue ands. Due March 1 as follows: $97,000 from 1933 to
1936 incl. and $98,000 in 1937.
Each issue is dated March 1 1932. Principal and semi-annual interest
(March and September)are payable at the Chase National Bank,New York.
Legality to be approved by Caldwell & Raymond of Now York.
Financial Statement.
Assessed valuation taxable property
$388,786,603.00
Actual valuation taxable praperty (est.)
500,000,000.00
Assessed valuation real property
373,314,128.00
Assessed valuation special franchises
15,387,200.00
Bonded debt, including above issues
35,594,603.16
Water bonds, included in aoove (exempt deat)
,625.00
Local improvement bolds, incl. in &bove (exempt debt)--4,494,000.00
Tax anticipation loans4.065.000.00
Local issessment loans
1,981.153.19
Bond anticipation loans
400,000.00
Population: Census 1930, 209,326.
TAUNTON, Bristol County, Mass.
-TEMPORARY LOAN.
-The
Shawmut Corp. of Boston has purchased an issue of $200,000 tax anticipation notes at 6% discount basis.
TEXAS, State of (P. 0. Austin).
-BONDS REGISTERED.
-The following minor issues of bonds were registered by the State Comptroller
during the week ending Feb. 13:
$5,000 5% Bastrop County Road Dist. No.5,series of 1931 bonds. Denom.
$500. Due serially.
1,000 536% Burleson County funding, series of 1931 bonds. Denom.
$1,000. Due on April 1 1941.
6,000 53-i% Bandera County general funding bonds. Denom. $500,
Due serially.
TORONTO, Jefferson County, Ohio.
-BONDS NOT SOLD.
-The
issue of $20.276.43 6% street improvement )ends offered on Feb. 16V. 134, p. 886
-was not sold, as n3 bids were received. An effort will be
made to sell the issue privately. Dated Jan. 1 1932. Due oa Sept. 1
from 1933 to 1940 inclusive.
TOWNSEND, Broadwater County, Mont.
-BOND OFFERING.
Sealed bids will be received until 8 p. m.on March 7, by Cecile Zimmerman.
Town Clerk, for the purchase of a $13,903.17 issue of improvement bonds.
Int. rate is not to exceed 6%, playable semi-annually. No bid.for less than
par will be accepted. Dated May 2 1932. A certified check for
$1,000 will
be accepted.
SEATTLE, King County, Wash.
-BOND OFFERING.
-Sealed bids
will be received by H. W. Carroll, City Comptroller, until noon on Feb. 19,
for the purchase of an $85,000 issue of coupon or registered bridge bonds.
Int. rate is not to exceed 6%, payable semi-annually. Denom. $1,000.
Dated March 1 1932. Due annually commencing with the second year and
ending with the 30th year after said date of issue in such amounts, as nearly
as practicable, to be specified by the City Council by resolution, as will,
together with interest on all outstanding bonds of the same series, be met
by an equal annual tax levy for the payment of such bonds and interest.
Prin. and int. payable at the City Treasurer's office or at the fiscal agency
of the State In New York City. The approving opinion of Thomson, Wood
& Hoffman of New York, will be furnished. Bids to be on blank forms
furnished by the City Comptroller. The bonds will be delivered in Seattle,
New York City, Chicago, Boston or Cincinnati, at the option of the purchaser. A certified check for 5% of the bid is required. (The preliminary
offering report appeared in V. 134, p. 1065.)
SEATTLE, King County, Wash.
-BOND OFFERING.
-Sealed bids
will be received until noon on March 11 by H. W.Carroll, City Comptroller,
for the purchase of a $300,000 issue of sewer bonds. Interest rate is not to
exceed 6%, payable semi-annually. These bonds are part of a $2,125,000
issue N oted on March 9 1926. A certified check for 5% must accompany
the bid.
SEATTLE, King County, Wash.
-BONDS NOT SOLD.
-The $3,000,000 issue of not to exceed 6% semi-annual municipal light and power,
Series IJ-3, bonds offered for sale on Feb. 5 (V. 134. p. 1065), was not sold
as there were no bids received, according to the City Comptroller.
SHULLSBURG, Lafayette County, Wis.-BOND OFFERING.
Sealed bids will be received until March 1 by V. G. Jackson, City Clerk,
for the purchase of a $10,000 Issue of 5% semi-annual sewage disposal
bonds. Denom. $500. Due $2,000 from 1933 to 1937, incl. Bids must
be filed with the City Clerk on or before 6 p.m. A certified check for not
less than 10% of the amount bid, payable to the city, is required.
SILVERTON, Briscoe County, Tex.
-BONDS REGISTERED.
-A
$40,500 issue of 53i% funding series of 1931 bonds was registered by the
State Comptroller on Feb.8. Venom.$1,000, one for $500. Due serially.
SLEEPY HOLE MAGISTERIAL DISTRICT NO. 5 (P. 0. Suffolk),
Nansemond County, Va.-BOND SALE.
-The $14,000 issue of refunding bands offered on Feb. 5(V. 134, p. 542) W48 purchased by the Farmers
Bank of Nansemond as 5s at par. Duo on Jan. 1 as follows: $2,000. 1937:
$5,000, 1938 and 1939, and $2,000 ia 1940.
SNYDER COUNTY (P.O. Middleburg), Pa.-BONDSALE.-M. M.
Freeman & Co. of Philadelphia are reported to have recently purchased an
issue of $100,000 5% funding indebtedness bonds at par plus aioremium of
$100, equal to a price of 100.10, a basis of about 4.99%. Due serially
in 20 years.
SOUTHAMPTON UNION FREE SCHOOL DISTRICT NO. 6 (P. 0.
Southampton), Suffolk County, N. Y.
-BOND OFFERING.
-Ida P.
Fordham, District Clerk, will receive sealed bids until 3:30 p. m. on Feb.29
for the purchase of $410,000 5% coupon or registered school bonds. Dated
March 11932. Denom. $1,000. Due March 1 as follows: $5,000 in 1937;
TRAVERSE CITY, Grand Traverse County, Mich.
$6,000, 1938; $7,000, 1939; $8,000, 1940; $9,000, 1941; $10,000, 1942;
-BOND
$15,000, 1943; $18,000, 1944; $25,000 from 1945 to 1950 incl., and 526,000 The $245,000 coupon sewage disposal plant construction bonds SALE.
offered on
from 1951 to 1957 incl. Bids will be considered based on interest rates other Feb. 8-V. 134, p. 709
-were awarded to Braun, Bosworth &
than 5%, but not to exceed 6%. Principal and semi-annual interest (March Toledo, at par plus a premium of $365, a block of $140,000 beingCo, of
sol awl
1412
FINANCIAL CHRONICLE
544s, while the remaining $105,000 were sold as 6s. The city received a
Price of 100.14 for the issue. The bonds are dated Jan. 2 1932 and mature
July 1 as follows: $5,000 from 1934 to 1938, incl.: $7,000, 1939 to 1943;
19.000, 1944 to 1948: 812,000, 1949 to 1953: $15,000 from 1954 to 1958,
incl., and $5,000 in 1939. C. W. McNear & Co., of Chicago, bidding for
the issue as 6s, offered par plus a premium of $1,402.25, while Stranahan,
Harris & Co.. of Toledo, bid for a block of $60,200 bonds as 6s.
TUSCALOOSA, Tuscaloosa County, Ala.
-BOND ELECTION-It
is reported that an election will be hold on March 14 in order to have the
voters pass on the proposed issuance of $75 000 in water works bonds.
VERDE RIVER IRRIGATION AND POWER DISTRICT (P. 0.
Phoenix), Maricopa County, Ariz.
-BOND REPORT.
-In response to
our query regarding the disposal of the $13,500,000 6% coupon hydroelectric power installation and irrigation bonds that were offered for private
sale in Oct.
-V. 133, p. 2468
-we are informed as follows by Wm. H. Bartlett, Secretary of the District, under date of Feb. 9:
"Replying to your request, under date of Feb. 5 1932 for information
regarding the disposition of our Bonds in the amount of $13,500,000, 6%
non-taxable, voted in 1923.
-These Bonds have not yet been sold. They have been validated by the
Supreme Court of the State of Arizona. Efforts to sell these bonds will not
be made until the financial situation clears.
1:5"A very unfortunate automobile accident in November caused the death
of our General Manager and Chief Engineer, John G. Bailhache. No
successor as yet has been appointed by the board of directors."
IF VINCENNES, Knox County, Ind.
-LOAN NOT SOLD.
-At the
offering on Feb. 13 of $70,000 not to exceed 6% interest temporary loan
notes or warrants
-V. 134. p. 1066
-no bids were received. The notes are
to mature $35,000 on July 1 1932 and $35,000 on Dec. 31 1932.
VIRGINIA, State of (P. 0. Richmond).
-CONTEMPLATED BOND
ISSUE.
-We are informed that a bill has been introduced in the Legislature
providing for the refunding of $2,445.000 in Riddleberger bonds.
P'WALLA WALLA, Walla Walla County, Wash.
-BOND REPORT.
We are informed by Ray Appling, City Clerk, on Feb. 13, that no decision
has as yet been reached regarding the award of the $123,900 issue of flood
control funding bonds offered on Jan. 27,the sale of which has been pending
-V.134, 9.887.
WALTHAM, Middlesex County, Mass.
-ADDITIONAL NOTES
SOLD.
-The remaining $100,000 tax anticipation notes of the issue of
$250,000 offered on Jan. 27, of which $150,000 were purchased at 6%
discount basis by the Waltham Watch Co.
-V. 134. P. 1066
-have been
sold as follows:
$65,000 to the Judson L. Thomson Manufacturing Co. at 6%. Due Nov.
11932.
35,000 to Faxon, Gade & Co., of Boston, at 6.15%. of which $25,000
mature on Nov. 28 1932 and $10,000 on Dec. 1 1932.
WAPELLO CONSOLIDATED SCHOOL DISTRICT (P.O. Wapello),
Louisa County, lowa.-BOND SALE.
-A $15,000 issue of 5% semi-ann.
refunding bonds is reported to have been purchased recently by Geo. M.
Bechtel & Co. of Davenport. Due from 1933 to 1950.
WATERFORD TOWNSHIP (P. 0. Pontiac, R. No. 7), Oakland
County, Mich.
-NOTE SALE.
-C. G. Richardson, Township Clerk,
reports that the First National Bank & Trust Co., of Pontiac, has purchased
the issue of $13,840 6% delinquent tax notes, due on or before July 1 1932.
recently approved by the State Loan Board, at Lansing.
WAUNETA, Chase County, Neb.-BOND DETAILS.
-The $6 000
Issue of water works system bonds that was sold recently
-V.134 lo• 887
was purchased by the Wauneta Falls Bank of Wauneta as 55 at par. Coupon bonds dated July 1 1931. Duo in 20 years and optional after 10 years.
Interest payable J. & J.
pr. WELLESLEY, Norfolk County, Mass.
-BOND SALE.
-Jackson &
Curtis of Boston purchased on Feb. 17 a total of $60 000 coupon bonds as
Was at a price of 100.177 a basis of about 4.72%. The bonds are dated
March 1 1932 and comprise a $30 000 water extension issue and a $30 000
sewer issue. Due $3 000 annually. Bids submitted at the sale were
as follows:
-Interest
Rate.
RateBid
Bidder
4h'%
Jackson & Curtis (successful bidders)
100.177
5
Wellesley National Bank
100.682
5
First National Old Colony Corp
100.645
a
F. S. Moseley & Co
100.264
W.O. Gay & Co
100.38
5 to
National City Co
100.31
Chase Harris Forbes Corp
5%
100.27
Wellesley Trust Co
57
100.06
Day Trust Co
5°2
100.25
NOTICE OF SALE.
[voL. 134.
WAYNE COUNTY (P. 0. Corydon), Iowa.
-BOND OFFERING.
Bids will be received until 1:30 p.m. on Feb. 23. by Harley Condra, County
Auditor, for the purchase of an $8,500 issue of funding bonds.
WESTFIELD, Hampden County, Mass.
-LOAN OFFERING,
R. P. McCarthy, City Treasurer, will receive sealed bids until 11 a.m. on
Feta. 25 tar the purchase at discount of a $100,000 temporary loan. Dated
Fes). 25 1932. Denom. $25,000. 310,000 and 85.000. Payable on Nov. 10
1932 at the First National Bank of Boston. The notes will be authenticated as to genuineness and validity by the aforementioned bank under
advice of Ropes, Gray, Boyden & Perkins of Boston.
WEST LINN, Clackamas County, Ore.
-BOND SALE.
-The $19 077.02 issue of6% coupon semi-annual impt. bonds offered for sale on Jan.27
-V. 134 p. 710-was purchased at par by local investors. Dated Dec. 1
1931. Due on Dec. 1 1941 and optional on Dec. 1 1932.
WEST WILDWOOD (P. 0. Wildwood), Cape May County, N. J.
BONDS NOT SOLD.
-The issue of $24 000 6% coupon or registered improvement bonds offered on Feb. 15-V. 134 p. 1066
-was not sold as
no bids were received. Dated Dec. 1 1931. Due Dec. 1 as follows:
$11 000 in 1933 and $13,000 in 1934.
WILLISTOWN SCHOOL DISTRICT (P. 0. Edgemont), Delaware
County, Pa.
-BOND ELECTION-The District Clerk informs us that
an election has been called for Mar. 15 to permit of the consideration of a
Proposed $74,000 school building construction bond issue, which would
mature in 30 years.
YOUNG COUNTY (P. 0. Graham), Tex.
-BONDS REGISTERED.
The State Comptroller on Feb. 11 registered a $75,000 issue of 531% court
house refunding bonds. Denom. $1,000. Due serially.
CANADA, its Provinces and Municipalities.
ALMAVILLEt Que.-BOND SALE.
-.T. Beaunder, Secretary-Treasurer,
reports that an issue of $27,000 6% improvement bonds was awarded on
Feb. 8 to the Corporation de Prets, of Quebec, at a price of 95, a basis of
about 7.11%. Due serially.
BARRIE, Ont.-BOND SALE.-Gairdner & Co. of Toronto, recently
purchased three issues of 5% improvement bonds, aggregating $59.569 at
a price of 94, the net interest cost being about 5.91%.
BRITISH COLUMBIA (Province of).
-BOND ISSUE OVERSUBSCRIBED.-Publie offering of $5,000,000 6% coupon (registerable as to
principal) ponds was made on Feb. 18 by a syndicate of Canadian banks and
investment houses at a price of 95.25 and accrued interest, to yield 6.50%,
and on the following day it was announced that the issue had been four
times oversuoscribed. The bonds are dated Feb. 15 1932 and mature
Feb. 15 1947. Prin. and int. (Feb. and Aug. 15) payable in lawful money
of Canada at the Guardian Bank of Commerce in Victoria. Vancouver,
Winnipeg, Toronto, Montreal and Halifax. Legal opinion of E. G. Long
of Toronto. Proceeds of the loan will be used to redeem Treasury bills
originally issued for highway and bridge canstruction and other general
purposes. A sinking fund will be established, it is stated, sufficient to
retire the issue at maturity.
The group responsible for the distribution of the issue consisted of the
following members:
The Canadian Bank of Commerce; Bank of Montreal; The Royal Bank
of Canada; Dominion Securities Corp., Ltd.; Wood, Gundy & Co.. Ltd.;
A. E. Ames & Co., Ltd.; The Bank of Nova Scotia; Fry, Mills, Spence &
Co., Ltd.; It. A. Daly & Co., Ltd.; Imperial Bank of Canada; Hanson
Bros., Inc.; McLeod, Young, Weir & Co., Ltd.; The Dominion Bank;
Bell, Gouinlock & Co., Ltd.; Matthews & Co.; The B ank of Toronto:
Royal Securities Corp., Ltd., and Nesbitt, Thomson & Co., Ltd.
ETOBICOKE TOWNSHIP (P. 0. Islington), Ont.-BONDS NOT
SOLD.
-9. Barratt, Township Clerk, reports that the five issues of 6%
improvement bonds, aggregating $112,415 offered on Fob. 8 were not
sold, as tho bids submitted were rejected. The bonds were to mature
annually in from five to 30 years.
PEEL COUNTY (P. 0. Brampton), Ont.-BOND OFFERING.
David Wilson, County Clerk, will receive sealed bids until 12 m.on Feb. 20
for the purchase of $122,000 6% bonds, divided as follows:
$65,000 road and bridge construction bonds. Due in 15 annual installments
as to principal and interest.
57.000 highway construction bonds. Due in 15 annual installments a
to principal and interest.
Legality to be approved by Long & Daly of Toronto.
-BOND ISSUE PLANNED.
ST. JOHN, N. B.
-It is reported that the
city will soon make public offering of an issue of $1,000.000 in bonds.
FINANCIAL
S27,000
Township of Frelinghuysen
County of Warren,
New Jersey
4 2%
Road Improvement Bonds
Notice is hereby given that the Township of
Frellnghuysen, in the County of Warren, New
Jersey, will sell at public auction on Saturday.
March 5th, 1932, at two o'clock in the afternoon
of said day at Johnsonburg School House, in
Johnsonburg, N. J., Road Improvement Bonds
in the matter of the construction of the Yellow
Frame-Blairstown road in the amount of $27,000
in denominations of $500 each, with interest at
four and one-half per centum (431%) per annum,
payable semi-annually, to be dated April 1st,
1932, and maturing $2,000 annually, April 1st,
1933 to 1945 inclusive, and $1.000 on April 1st,
1946: principal and interest payable In gold coin
of the United States of America of the present
standard of weight and fineness.
Bidders will be required to deposit a certified
check for two per centum of the amount of bonds
bid for, drawn upon an incorporated bank or
trust company, to secure the municipality against
loss resulting from the failure of the bidder to
comply with the terms of bid.
The right is hereby reserved to reject any or
all bids, and unless all bids are rejected said bonds
will be sold to the bidder or bidders complying
with the terms of said bonds and offering to pay
not less than such sum and to take therefor the
least amount of bonds, commencing with the first
maturity and stated in a multiple of One Thousand
Dollars.
The bonds will be ready for delivery on April
1st, 1932, at The First National Bank, Blairstown, N. J., and the successful bidder or bidders
shall take and pay the balance due thereon in
cash. Checks, however, will be received, but only
for collection, and bonds will not be delivered
until payment is advised by the depository Bank.
LUNDY ARMSTRONG,
Township Clerk, Johns° aburg, N. J.
For further information write Claude E. Cook,
Township Attorney, No. 101 Sherrer Building,
Hackettstown, N. J.
Cotton
FriendshipAdvertising-A large part of the cotton business is done
through personal friendship-the same sort
of mutual faith which is necessary to every
business.
BUT
-did you ever stop to think of the large
part played by consistent publicity in developing the initial introduction?
An advertisementin the"Chronicle"will help
you form new friendships among the people
constituting the "backbone" of the World's
Cotton Industry.
@FedFRASER